DALLAS, TX / ACCESS Newswire / May 22, 2026 / Messier 42 LLC (“M42”), a private leading global artificial intelligence technology and digital transformation company, today announced that M42’s wholly owned subsidiary, Fairfax National Security Solutions LLC (“Fairfax”), has entered into a teaming arrangement with Epirus Inc. Under the agreement, Fairfax is expected to drive the compliant marketing and sales of select Epirus advanced counter-drone technologies to approved U.S. and allied government customers. M42 believes the agreement represents an important step in expanding Fairfax’s role as an international defense channel.
This agreement highlights the strategic importance of M42’s previously announced agreement to acquire a minority interest in Epirus, a high-growth defense technology company developing advanced counter-drone systems, including the Leonidas family of solid-state, software-defined, high-power microwave systems.
Epirus’ Leonidas platform is designed as a solid-state, high-power microwave system that uses advanced electronics and software-defined capabilities for counter-drone applications. This technology is designed to address the rapidly expanding threat posed by drones across military, homeland security, critical infrastructure, and allied defense environments.
Fairfax will serve as a compliant international channel to support the introduction, engagement, and potential sale of select Epirus counter-drone solutions into approved foreign markets. Fairfax is registered with the U.S. government as an exporter of defense training, equipment, and related defense services and solutions under the Arms Export Control Act and International Traffic in Arms Regulations, enabling participation in U.S. government and approved allied defense programs.
“Unmanned or drone systems are changing the character of modern conflict, creating an urgent need for scalable, sophisticated, and highly adaptable defensive capabilities,” said Patrick M. Walsh, Admiral, US Navy (ret), former Vice Chief of Naval Operations, former Commander, US Pacific Fleet, and a member of M42’s Advisory Board. “M42’s strategy brings together advanced technology, national security expertise, regulatory discipline, and allied-market access at a time when governments are seeking practical and affordable solutions to emerging drone threats. By combining Epirus’ leading counter-drone technology with Fairfax’s defense advisory and international compliance capabilities, M42 is positioning itself to support allied partners in addressing one of the most important defense challenges of our time.”
M42 believes the combination of Epirus’ technology with Fairfax’s national security and compliance infrastructure will create a significant long-term strategic opportunity. M42 expects Fairfax to play a central role in supporting disciplined, compliant, and targeted international engagement with approved allied governments and defense stakeholders.
“This is exactly the type of opportunity M42 was built to pursue,” said a spokesperson for M42. “The global defense environment is moving quickly, and the need for advanced counter-drone capabilities is no longer theoretical. Through our relationship with Epirus and our acquisition of Fairfax, M42 is bringing together leading technology, trusted national security leadership, and a compliant international defense platform. We believe this combination has the potential to become a meaningful contributor to M42’s long-term growth and free cash flow profile, while supporting allied governments in addressing urgent and evolving security needs.”
M42 previously announced its agreement to acquire a minority interest in Epirus in October 2025. The Company also announced its agreement to acquire Fairfax in March 2026 as part of the expansion of its Defense and National Security Unit.
About M42
M42 is a global leader in technology solutions and digital transformation, providing innovative services across various industries. As a syndicate leveraging AI for justice, truth and fairness, M42 combines deep expertise in artificial intelligence, cloud computing, and cybersecurity to drive growth and efficiency for its clients worldwide.
Forward Looking Statements
This document contains certain forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Forward-looking statements, including those related to M42, are statements that are based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond M42’s control. Except as required by law, M42 does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Vancouver, British Columbia–(Newsfile Corp. – April 29, 2026) – Sage Potash Corp. (TSXV: SAGE) (OTCQB: SGPTF) (“Sage Potash” or the “Company”) is pleased to announce continued progress on its previously announced drill program (see news release dated April 07, 2026) at its Sage Plain potash project located in the Paradox basin, southwestern Utah.
Through its drilling management consultant, Westrock Energy Services (USA) Inc., the company has selected Drake Well Service Inc. (“Drake”) to complete the drilling program anticipated to commence in Q2 2026. Located in Farmington New Mexico, Drake is a privately owned service provider with over 60 years of experience in the region in which the Sage Potash claims are located. Among its range of services, Drake provides large rigs used in oilfield well drilling which are the same type of rigs required for accessing the Paradox potash deposits. Drake owns and operates an extensive array of equipment and has the appropriate drilling rig to complete the program in a safe and efficient manner. Drake was selected based on their local reputation for excellent work and commitment to safety. Drake will procure services from about 25 various service providers to deliver the project.
“Sage Potash has completed a comprehensive review of drilling contractors, and we are impressed with Drake’s reputation, equipment availability and their experience in delivering quality programs, dependable service and their commitment to safety. We look forward to working with Drake Well Service along with our management company Westrock and we are confident that they will deliver good value for Sage Potash,” said Pat Varas, Chief Executive Officer of Sage Potash.
Westrock has completed a detailed drilling plan and will provide oversight of all stages of the program. Site construction and mobilization is scheduled to start at the end of May with drilling commencing in early June. Three weeks have been scheduled to complete the drilling and core recovery with demobilization complete by the end of June. An updated resource estimate is anticipated in mid Q3 2026.
The Paradox Basin contains extensive potash deposits including the high-grade Cycle 18 Upper and Lower beds at depths of 2,100 meters (6,890 feet) at the Company’s project site. As noted in the April 07, 2026 press release, the planned drilling program will target these potash beds and is designed to confirm the project contains one of the most prospective solution mining targets in the United States. Results of the drilling program are anticipated to expand the project’s mineral resource, improve the resource classification to advance the project by providing key inputs for continued engineering and development.
About Sage Potash Corp.
Sage Potash Corp. (TSXV: SAGE) (OTCQB: SGPTF) is dedicated to the development of its flagship Sage Plain Potash Project, located in the Paradox Basin, Utah. With a large and high-grade resource base, the Company is advancing toward its goal of establishing a secure and sustainable domestic potash production platform in the United States. Sage Potash is committed to food security, environmental stewardship, and creating value for shareholders and stakeholders alike.
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.
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this news release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information in this news release includes, but is not limited to, statements with respect to future events or future performance of Sage Potash, including the satisfactory design and supervision of the Company’s upcoming drill program by Westrock, the achievement of positive results of the drill program, the achievement of targeting Cycle 18 horizons and continuous core recovery, the achievement of satisfactory potash evaluation and hydrogeological testing in the drill program, and the timing of the commencement of the drill program. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’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 risk factors set out under the heading “Risk Factors and Uncertainties” in the Company’s Management’s Discussion & Analysis available for review under the Company’s profile at www.sedarplus.ca. Such forward-looking information represents management’s best judgement based on information currently available. No forward-looking statement 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.
Vancouver, British Columbia–(Newsfile Corp. – May 21, 2026) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY0) (“Riverside” or the “Company“), with partner Questcorp, the Company has completed an expanded aeromagnetic drone survey at the La Union Project in Sonora, Mexico. The new data refines the drill targets and improves understanding of district-scale geologic structures. Together with property-wide structural mapping and the high-grade Phase 2 sampling results announced May 5, 2026, this information is being used to finalize drill targets ahead of the fully permitted summer 2026 drill program.
Drill roads and pads are being prepared this week, and arrangements with the drilling contractor are progressing rapidly. The geophysics provides greater conviction in the scale of the potential feeder structures and the robust magnetic sources at depth, supporting both the Carbonate-hosted Replacement Deposit targets and the Sediment-hosted, Carlin-like stratigraphic targets discussed below.
Highlights
Expanded drone aeromagnetic survey adds 145 flight lines (193 km) plus 55 km divided into 20 tie lines, for 248 km of total drone coverage building on the 2025 baseline dataset all done with 100m line spacing for quality definition.
Improved imaging of structures beneath post-mineral cover, including the new northwest-trending structures identified by spring 2026 field mapping as a potential ore control creates new drill targets.
Integrates structural mapping with detailed 1:1,000 geologic field mapping of target areas and district-scale 1:5,000 geologic mapping to characterize interpretations at depth that may be associated with mineralization.
An Induced Polarization (IP) geophysical survey is planned to commence shortly as a further input into Phase 2 drill targeting with planned 5 IP lines that will be done concurrent with drilling the first targets and sets up for continued drilling in Phase 2.
Drill roads and pads beginning to be built for upcoming Phase 2 drill program.
“The expanded aeromagnetic survey provides a much clearer view of the La Union Project’s structural framework at depth. Combined with the high-grade sampling results released earlier this month, we now have the data in hand to refine our Phase 2 drill targets with greater conviction,” said John-Mark Staude, President and CEO of Riverside Resources Inc. “The program is progressing well, and our teams are preparing for the launch of drilling in the near term. We are also expanding the drill targets in areas where high-grade gold and base metals were previously mined, and where geophysics can now image potential source targets at depth.”
Survey Overview
The survey was flown with a magnetometer suspended beneath a drone along parallel flight lines, with tie lines flown perpendicular to level the dataset. The expanded grid extends magnetic coverage across the property in all directions relative to the 2025 baseline survey, providing district-wide imaging of structural features and magnetic bodies at depth. The 2025 dataset was a key input into planning the Phase 1 drillholes; the expanded 2026 dataset will allow these structures to be traced more confidently beneath post-mineral cover and build a more complete exploration model for Union.
Photo: Drone operator with an airborne magnetometer at Union, Sonora preparing for drone take off.
Figure 1: Map showing 100m spaced flight lines (black) and 500m tie lines (blue) relative to the colored data 2025 AeroMag survey that now has been expanded.
The aeromagnetic data is being integrated with the property-wide structural reinterpretation, surface and underground sampling, and the planned IP survey to finalize drill targets. With permits in hand, site access secured, and a drill contractor and geophysical service provider contracted, Riverside and Questcorp remain on track for drill mobilization at the La Union Project in the coming weeks.
Qualified Person
The technical content of this news release has been reviewed and approved by Freeman Smith, P.Geo. (British Columbia), a qualified person under National Instrument 43-101 who is non-independent and the Vice President Exploration for the Company.
About the Union Project
The Union Project is located in northwestern Sonora and shows district-scale carbonate replacement deposit (CRD) mineralization. The project hosts historical mining areas and multiple exploration targets associated with gold, silver, zinc and lead mineralization within carbonates and structurally controlled settings. Riverside operates the project through its Mexican subsidiary while advancing exploration in partnership with Questcorp.
About Riverside Resources Inc.: Riverside is a well-funded exploration company driven by value generation and discovery. The Company has a strong balance sheet with over C$5,000,000 cash, no debt and tight share structure with a strong portfolio of gold-silver, copper, and REE assets and royalties in North America. Further information about Riverside is available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
In a Landmark Moment for Web3, a Layer 1 Blockchain Infrastructure Company Enters the Public Markets Through a Diversified Holding Company
DALLAS, TX / ACCESS Newswire / May 19, 2026 / AIAI Holdings Corporation (NASDAQ:AIAI) (“Ai2” or the “Company”), an AI-enabled diversified holding company utilizing Transformational AI to enhance portfolio performance, today is highlighting Constellation Network, one of its portfolio of companies.
Constellation Network is a technology company that includes a Layer 1 blockchain used for powering enterprise data solutions and AI. Constellation’s reach of products extends to retail intelligence, U.S. defense, AI security, and consumer applications in Web3. This technology enables AIAI to expand its portfolio into blockchain-enabled infrastructure designed to support trusted data environments for artificial intelligence, enterprise systems, and next-generation digital applications.
Why This Matters
As artificial intelligence adoption accelerates across industries, the need for transparent, traceable, and auditable data infrastructure continues to grow. The acquisition of Constellation Network signals a fundamental shift in how institutional markets view blockchain technology – from speculative digital assets to mission-critical infrastructure.
Constellation’s protocol provides:
Cryptographically secured data validation is designed to make data interactions more transparent, traceable, and auditable.
A Digital Evidence framework powering verified training data and AI agent operations at scale.
Enterprise-grade blockchain infrastructure with existing relationships across the data and AI ecosystem, including Common Crawl.
A proven Layer 1 protocol purpose-built for the convergence of AI and decentralized data integrity.
The acquisition marks a defining milestone. Based on the Company’s review of the market, AIAI believes Constellation Network may be among the first Layer 1 blockchain infrastructure companies to become part of a diversified public holding company listed on the NASDAQ Global Market.
“Constellation is not a speculative technology asset. It is infrastructure for trusted data,” said Todd Furniss, CEO and co-founder of AIAI Holdings Corporation. “As AI becomes more deeply embedded in business operations, the ability to validate data, verify digital evidence, and create transparent audit trails becomes increasingly important. Constellation gives AIAI a differentiated blockchain infrastructure platform that we believe can play a meaningful role in the future of AI-enabled enterprise systems while also creating potential opportunities to embed trusted data validation capabilities across AIAI’s portfolio companies.”
AIAI Holdings Corporation began trading on the NASDAQ Global Market under the ticker symbol “AIAI” on May 14, 2026.
About AIAI Holdings Corporation
AIAI Holdings Corporation (Ai2) (NASDAQ:AIAI) is an AI-enabled diversified holding company that acquires and grows companies across multiple industries. We expect to drive revenue and earnings growth throughout our portfolio by applying exclusively licensed Transformational AI to enhance operational efficiency and financial performance.
Ai2 is building a next-generation model for technology-enabled business operations, which is expected to create sustainable value for shareholders through the strategic integration of artificial intelligence across diverse industries.
About Constellation Network
Constellation is an innovative technology company that includes a native Layer 1 blockchain used for powering enterprise data solutions and AI. Constellation’s reach of products extends to retail intelligence, defense, AI security, and consumer applications in Web3. More can be found at https://constellationnetwork.io/.
This press release contains “forward-looking statements” or “forward-looking information” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and plans of the Company. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations, intentions, beliefs, plans, objectives, goals, strategies, future events or performance, and underlying assumptions. Forward-looking statements are often identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “would,” “could,” “should”, “estimate,” “plan,” “predict,” “project,” “estimate”, or “continue,” or similar expressions, including the negative of these terms or other comparable terminology.
Forward-looking statements are based on the Company’s current expectations regarding its strategy, plans, intentions, performance, or future occurrences or results, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of known and unknown risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results, performance, or achievements to materially differ from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to our lack of operating history, our ability to attract new investments, our failure to manage growth effectively, our acquisition activities may pose risks that could harm our business, and our licensed AI may not perform up to the expected standards, as well as general business and economic conditions, competitive pressures, regulatory changes, technological developments, and other factors identified in the Company’s most recent filings with the U.S. Securities and Exchange Commission, including our Registration Statement on Form S-1, which are available for review at www.sec.gov. Furthermore, the Company operates in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results.
The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any intention to, and, except as may be required by law, undertake no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter become aware. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
For years, Chairman John P. Rochon, Ph.D., largely remained outside the spotlight. Inside investment circles, however, his name never disappeared. Known for decades of mergers and acquisitions leadership, long-duration value creation strategies, and a career spanning more than 350 transactions, Rochon quietly built a reputation as an operator who preferred building enterprise value over building headlines.
Now, he is stepping back into the public arena with the launch of AIAI Holdings Corporation, also known as Ai2, which began trading on the NASDAQ Global Market under the ticker symbol “AIAI.”
The company aims to redefine what an AI company can become. Unlike many artificial intelligence firms flooding the market today, AIAI is not attempting to sell chatbots, subscriptions, or generic software licenses.
Ai2 is a closely held public Nasdaq company, meaning it trades on a public exchange while maintaining concentrated control over major strategic decisions. That structure is central to Rochon’s ability to carry forward the M&A discipline behind Richmont’s decades-long acquisition strategy.
Rochon’s vision is significantly more ambitious:
Acquire companies Implement AI internally Increase enterprise performance Compound long-term value
In many ways, insiders are already quietly referring to the concept as: “An AI-powered Berkshire Hathaway.”
A Different Kind of AI Company
Most AI companies today monetize software directly. AIAI Holdings is pursuing an entirely different strategy.
According to my conversation with Matthew Selinger, the company is structured as a diversified holding company designed to acquire and scale businesses through the deployment of its proprietary “Transformational AI” platform, known internally as TAI.
The company describes the platform as integrating:
psychometric intelligence
generative AI
agentic AI
advanced analytics
and more than 180 branches of mathematics and science
The objective is not simply automation. It is operational transformation.
“We’re not out selling AI,” Selinger explained in our interview discussing the launch. “We are acquiring companies, implementing AI on those companies, increasing operational performance, and harvesting that enterprise value.”
That distinction may prove critical. Rather than licensing its systems outward, AIAI intends to retain all AI-generated value creation internally, a structure the company refers to as “captive monetization.” In theory, that means shareholders participate directly in the margin expansion, efficiency gains, and growth acceleration generated by the platform itself.
The Great Wealth Transfer Meets Artificial Intelligence
At the center of Rochon’s strategy is a macroeconomic reality few firms are discussing publicly at scale: America’s generational ownership transition. The company believes a historic opportunity is emerging as millions of business owners approach retirement without clear succession strategies in place.
The company points specifically to:
more than $3.8 trillion in private equity backlog,
constrained liquidity markets,
longer private equity hold periods,
and accelerating “boomer business transitions.”
Against that backdrop, AIAI believes it can provide something increasingly rare: liquidity without disruption.
Instead of dismantling acquired companies, leadership repeatedly emphasizes retaining management teams, preserving culture, and using AI to enhance, not replace, human operators.
“We’re not buying companies to strip them down,” Selinger said. “We want to keep management. We want to help companies implement AI and grow stronger.”
That approach differs meaningfully from many traditional private equity models focused primarily on aggressive cost reduction.
The CURA Thesis
Perhaps the most compelling intellectual framework within the company’s strategy is what AIAI calls “CURA.”
CURA stands for:
Complex
Urgent
Administrative
The company believes AI creates the greatest enterprise advantage in industries where human cognition begins reaching operational limits.
Examples include:
emergency dispatch systems,
healthcare routing,
insurance claims processing,
procurement,
logistics,
dynamic pricing,
cybersecurity,
and high-volume enterprise decision environments.
Leadership describes these sectors as environments where “human performance degrades most” because of complexity, urgency, and volume.
That thesis appears to shape the company’s acquisition roadmap moving forward.
A Leadership Team Built for Scale
The company’s executive bench and board composition immediately stand out. Todd Furniss, AIAI’s CEO, brings more than 25 years of operational, consulting, and private equity experience across healthcare and business services. Furniss previously founded gTC Group and co-founded PlumTree Partners, while holding leadership roles at Everest Group and EDS.
The company also recruited Michael Sandoval, former Microsoft executive, inventor, mathematician, and AI scientist, who is helping architect the company’s evolving AI framework. According to individuals close to the company, Sandoval’s integration into the platform substantially expanded AIAI’s mathematical and enterprise capabilities.
Rounding out the team are Stephanie Liebman, who served as Chief Accounting Officer and Senior Vice President of Finance Operations at HP Inc., and Ken Betts, who has served as a partner most recently at Egan Nelson and before that Winston & Strawn and Skadden Arps.
The broader board reflects a deliberate attempt to bridge:
artificial intelligence
defense
infrastructure
finance
healthcare
cybersecurity
and national security expertise
Among the independent directors are:
Special Technology Advisor and Fellow to the FBI Dr. Melvin Greer
Aligned Data Centers CEO Andrew Schaap
Dr. Doohi Lee
Former Ambassador to the OECD, Jeanne Phillips
Brigadier General Tom Cosentino
Former Chairman of Vail Health Eric Affeldt
Hon. Don Remy, former Deputy Secretary of the U.S. Department of Veterans Affairs
The composition suggests the company is positioning itself far beyond consumer AI applications.
From AI Theory to Enterprise Implementation
Unlike many AI narratives centered on speculation, AIAI’s model depends on proving measurable operational outcomes. The company states that acquisition candidates will generally include businesses with:
more than $100 million in revenue,
EBITDA margins above 5%,
high cash conversion,
strong management teams,
and willingness to adopt AI-driven operational systems.
Leadership says implementation will not follow a “one-size-fits-all” model. Instead, the process begins diagnostically: identifying EBITDA pain points, operational inefficiencies, workflow bottlenecks, and opportunities for AI-enhanced optimization.
Examples discussed by company representatives include:
construction bidding optimization
predictive maintenance
operational safety systems
fraud detection
enterprise workflow automation
and customer acquisition intelligence
The company argues that AI’s true value may not simply come from cutting costs, but from new, innovative service offerings and unlocking entirely new layers of operational scale.
Bringing Light to Darkness
Beyond the public company narrative lies another dimension of Rochon’s long-standing interests: AI-enabled intelligence systems. Individuals familiar with the broader Rochon ecosystem describe a multi-decade focus on psychometric AI, behavioral analytics, and identifying malicious actors through advanced intelligence methodologies.
One organization connected to those efforts is Skull Games, a veteran-led anti-human trafficking organization supported by Rochon that utilizes open-source intelligence and behavioral tracking to identify child predators and trafficking networks. The organization works closely with former special operations personnel and law enforcement partners.
Associates describe the mission as “bringing light to darkness.” That phrase has reportedly become closely associated with Rochon’s broader philosophy around AI deployment itself.
Rochon’s broader ecosystem also includes M42, a private AI-focused entity connected to the Rochon family office that has publicly discussed AI applications involving justice, intelligence, and human behavior analysis. While AIAI Holdings itself remains focused on enterprise acquisition and operational transformation, these adjacent initiatives reveal the broader worldview influencing Rochon’s long-term vision.
The Road Ahead
AIAI Holdings launched publicly with six initial portfolio companies spanning:
construction
healthcare
AI research
blockchain
digital infrastructure
and media-related operations
Leadership emphasizes this is only the beginning. Executives say the current portfolio does not reflect the eventual scale or composition of the company they intend to build. “We have a robust acquisition pipeline,” one company representative said during launch discussions. “The companies you’ll see coming forward will dramatically change the composition of the company over time.”
For investors, the opportunity and the risk now become execution. The market has heard countless AI promises. AIAI Holdings is making a different bet: that AI’s greatest value may not come from selling software, but from owning the companies transformed by it.
Amplifying Intelligence and Redefining Success by Launching a New Era of Real-World AI Implementation
DALLAS, TX / ACCESS Newswire / May 14, 2026 / AIAI Holdings Corporation (NASDAQ:AIAI) (“Ai2” or the “Company”), an AI-enabled diversified holding company utilizing Transformational AI to enhance portfolio performance, today announced that its Class A common shares have begun trading on the NASDAQ Global Market under the ticker symbol “AIAI.”
“It’s an exciting day for us to debut on NASDAQ,” said CEO and co-founder Todd Furniss. “Through this listing, we are introducing a new paradigm for acquisition, implementation, and optimization. We have assembled a world-class Board of Directors and management team with deep expertise in artificial intelligence, mergers and acquisitions, and operational excellence. We are leaving pilots and theory behind and are launching a new era of implemented AI.
“Our initial portfolio spans healthcare, infrastructure, natural resources, financial services, and technology, and we are actively seeking organizations that share our vision to amplify intelligence and redefine success.
“We believe in building up, not rolling up. By integrating AI directly into the enterprises we own and operate, Ai2 captures value at the operational and enterprise levels. AI-driven improvements increase revenue, enhance cash flow, strengthen margins, and increase enterprise value, creating long-term benefits for all shareholders. Further, our focus on innovation will allow us to make profound impacts on the industries we serve.
“With our NASDAQ listing now in place, we are focused on advancing a disciplined acquisition strategy and evaluating a robust pipeline of potential opportunities to expand and strengthen our portfolio over time,” added Furniss. “Our objective is to identify businesses where Transformational AI can be applied in a practical and measurable way to enhance operations, improve financial performance and support long-term shareholder value creation. In this model, AI is more than software; it becomes a core value-creation engine embedded into the foundation of the enterprise.”
RBW Capital Partners was an advisor to the Company on the listing.
About AIAI Holdings Corporation
AIAI Holdings Corporation (Ai2) (NASDAQ:AIAI) is an AI-enabled diversified holding company that acquires and grows companies across multiple industries. We expect to drive revenue and earnings growth throughout our portfolio by applying exclusively licensed Transformational AI to enhance operational efficiency and financial performance.
Ai2 is building a next-generation model for technology-enabled business operations, which is expected to create sustainable value for shareholders through the strategic integration of artificial intelligence across diverse industries.
This press release contains “forward-looking statements” or “forward-looking information” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and plans of the Company. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations, intentions, beliefs, plans, objectives, goals, strategies, future events or performance, and underlying assumptions. Forward-looking statements are often identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “would,” “could,” “should”, “estimate,” “plan,” “predict,” “project,” “estimate”, or “continue,” or similar expressions, including the negative of these terms or other comparable terminology.
Forward-looking statements are based on the Company’s current expectations regarding its strategy, plans, intentions, performance, or future occurrences or results, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of known and unknown risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results, performance, or achievements to materially differ from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to our lack of operating history, our ability to attract new investments, our failure to manage growth effectively, our acquisition activities may pose risks that could harm our business, and our licensed AI may not perform up to the expected standards, as well as general business and economic conditions, competitive pressures, regulatory changes, technological developments, and other factors identified in the Company’s most recent filings with the U.S. Securities and Exchange Commission, including our Registration Statement on Form S-1, which are available for review at www.sec.gov. Furthermore, the Company operates in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results.
The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any intention to, and, except as may be required by law, undertake no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter become aware. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Edmonton, Alberta–(Newsfile Corp. – May 13, 2026) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce a private placement offering of Units, FT Units, and CMFT Units for gross proceeds of up to $1.08 Million if fully subscribed.
Private Placement Offering
The Offering consists of up to 12,307,693 Units and up to 3,076,924 of any combination of Units, FT Units and CMFT Units.
Each Unit, priced at $0.065 per Unit, shall consist of one common share of the Company (“Common Share”) and one Common Share purchase warrant entitling the warrant holder to purchase an additional Common Share for $0.12 and expiring on the earlier of a) 30 days following written notice by the Company to the warrant holder that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.18 per Common Share for 10 consecutive trading days; and (b) 36 months (3 years) from the date of issuance (“Unit Warrant”).
Each FT Unit, priced at $0.08 per FT Unit, shall consist of one Common Share and one half of one Common Share purchase warrant (“FT Unit Warrant”), each of which shall be issued as a “flow through share” for the purposes of the Income Tax Act (Canada). Each whole FT Unit Warrant shall entitle the holder to purchase an additional Common Share for $0.12 and expiring on the earlier of a) 30 days following written notice by the Company to the warrant holder that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.18 per Common Share for 10 consecutive trading days; and (b) 36 months (3 years) from the date of issuance.
Each CMFT Unit, priced at $0.09 per CMFT Unit, shall consist of one Common Share and one half of one Common Share purchase warrant (“CMFT Unit Warrant”), each of which shall be issued as a “flow through share” for the purposes of the Income Tax Act (Canada). Each whole CMFT Unit Warrant shall entitle the holder to purchase an additional Common Share for $0.12 and expiring on the earlier of a) 30 days following written notice by the Company to the warrant holder that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.18 per Common Share for 10 consecutive trading days; and (b) 36 months (3 years) from the date of issuance.
The Offering is being offered to qualified subscribers in the Provinces of Alberta, British Columbia and Ontario and in other jurisdictions as the Company may in its discretion determine, in reliance upon exemptions from the registration and prospectus requirements of applicable securities legislation.
The Company intends to use the proceeds of the sales of the Units for general working capital, mineral rights acquisition, any proceeds from the FT Units for exploration of the Company’s mineral properties, and any proceeds from the CMFT Units for the exploration of the Company’s mineral properties specifically targeting critical minerals (as defined by the Income Tax Act (Canada)). The maximum gross proceeds of the Offering range from $1,000,000 to $1,076,923 depending on the combination of unit types sold. There is no minimum to the Offering.
In connection with the Offering, the Company may pay finders fees payable in any combination of cash, and Warrants to registered broker dealers, limited market dealers or arm’s length persons in accordance with the policies of the TSX Venture Exchange (the “Exchange”) and applicable securities legislation and regulations. The Common Shares and any Common Shares issued on exercise of the Warrants are subject to restrictions on trading until four months and one day from the date of issuance in accordance with the policies of the Exchange.
The Offering is subject to acceptance of the TSX Venture Exchange.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Toronto, Ontario–(Newsfile Corp. – May 12, 2026) – Coyote Copper Mines Inc. (TSXV: CCMM) (“CCMM” or the “Corporation”) is pleased to report the completion and preliminary interpretation of its integrated geophysical and hyperspectral program at the Copper Springs and Gibson claim packages in Arizona.
The results collectively point toward the potential presence of a large, well-developed porphyry copper system, with geophysical signatures that may exceed the scale typically observed in comparable global deposits. This work completes a major component of CCMM’s 2026 exploration plan, which included drone magnetics, hyperspectral satellite imaging, CSEM, MT, 3D IP surveys, and soil geochemistry, as well as geological mapping, sampling, and relogging of historical drill core.
“A Potentially Large Porphyry System Emerging From the Data”
In CCMM’S press releases dated April 9, and April 16, 2026, CCMM outlined its exploration plans.
CCMM initiated a multi-disciplinary exploration program including:
Hyperspectral Satellite Surveys
Drone Magnetic Surveys
MT and 3D IP geophysical surveys
Relogging of historical drill core
Soil Sampling
Mapping, logging, and chip sampling
Channel sampling
Drill permits
Drilling
The purpose of this preliminary work was to help us optimize the drill locations.
CEO Dan Weir commented: “The geophysical information has returned results better than we expected. The Drone Magnetics are showing a massive magnetic low, and the 3D MT-IP geophysics are showing a ‘Donut shape’ around the Magnetic low.”
Weir added: “Many large mining companies look for donut-shaped geophysical anomalies. Normally the donut shapes are 2-3 km in size; we are interpreting an anomaly that is much larger.”
This observation is significant. In global porphyry exploration, donut anomalies of 2-3 km are associated with major copper systems, such as those in Chile, Peru, and the southwestern United States. CCMM’s anomaly appears to exceed this scale, suggesting the potential for a large mineralized footprint.
Controlled-Source Electromagnetic (CSEM) and Magnetotelluric (MT) with 3D Induced Polarization (IP) Inversion
In the picture above you can see the classic Donut shaped pattern, present on CCMM’s projects. The L shapes are locations of the transmitters, and the crosses were the receivers. It is the IP Inversion, depth slice being shown at 800m elevation.
IP Inversion Results From Surface – Indication of a second Donut shape to the east
What is a “Donut” Geophysical Anomaly? Also known as the “BHP Donut”
Large Donut = Large Alteration System = Potential for Large Tonnage. A donut anomaly may represent the alteration halo around a porphyry centre.
“Why the Size of the Donut Matters”
The larger the halo, the potential for a larger hydrothermal system that produced it.
At Copper Springs and Gibson:
The magnetic low indicates magnetite-destructive phyllic alteration. (Source: “A ‘donut’ shaped magnetic low often represents magnetite-destructive alteration… around a central core.”)
The surrounding IP chargeability highs and resistivity lows indicate sulphide-rich shells typical of porphyry copper systems.
The scale of the anomaly exceeds the 2-3 km diameter commonly referenced in BHP’s global exploration work.
BHP has used this technique to identify potential targets in regions like Chile (e.g., the Cristal Project near Arica), where a 2-3km donut feature was identified in 2012-2014, signaling a potential buried porphyry.
Serbian Project (Timok): Exploration targets similar to the Majdanpek porphyry copper deposit in Serbia, linked to BHP’s interests, included a donut-shaped high IP chargeability anomaly, which is a key indicator for a pyrite shell.
Please note: The information disclosed concerning BHP’s results is not necessarily indicative to the mineralization found on CMM’s properties.
This combination is consistent with large, multi-phase porphyry systems capable of hosting significant copper endowments.
Multi-Dataset Confirmation Increases Confidence in Scale, The donut signature is not coming from a single dataset.
It is separately confirmed by Drone Magnetics: A large, coherent magnetic low sits at the centre of the project area and centered inside the west donut.
CSEM & MT: Deep conductivity contrasts outline the same geometry at depth.
Hyperspectral Satellite Imaging: A propylitic halo surrounds a potassic core-exactly the alteration architecture expected in large porphyry systems.
When multiple geophysical and geological datasets align on the same geometry, the probability of a significant mineralized system increases substantially.
Geological Mapping Confirms a Multi-Kilometre Hydrothermal System:
These features are consistent with the upper and lateral portions of a porphyry system, and their distribution corresponds to the geophysical footprint of the eastern donut.
Depth Advantage:
Targets Begin at Surface, unlike the adjacent Resolution Mine where mineralization begins at ~1,200 m depth. CCMM’s targets begin at or near surface, significantly reducing:
– Drilling costs – Time to discovery – Capital intensity of early exploration
This is a rare advantage in a Tier-1 porphyry district.
In summary, the geophysical surveys outline the following:
Drone Magnetics- A large, coherent magnetic low sits at the centre of the project area.
3D IP (Chargeability & Resistivity)- A ring-shaped chargeability high surrounds the magnetic low.
CSEM & MT- Deep conductivity contrasts outline the same geometry at depth.
Hyperspectral Satellite Imaging- A propylitic halo surrounds a potassic core-exactly the alteration architecture expected in large porphyry systems.
When multiple geophysical and geological datasets align on the same geometry, the probability of a significant mineralized system increases substantially.
What this means for the Investor:
1. The scale of the anomaly suggests a potentially large porphyry system. Large porphyry systems globally exhibit similar multi-kilometre donut signatures.
2. Multiple datasets confirm the same geometry. This reduces exploration risk and increases confidence.
3. Targets begin at surface. This accelerates the path to discovery and reduces cost.
4. CCMM controls the land package surrounding the anomaly. This provides full exposure to the upside.
Integrated Geophysical Program – Summary of Technical Parameters
CSEM, MT, and 3D IP (Zonge + Deep Blue Geophysics)
– 59 receiver stations, 7 transmitter dipoles – Broadband acquisition from 0.01-1,024 Hz – Joint 3D inversion using DeepBlueEM3D – High-resolution resistivity and chargeability volumes – Clear donut geometry confirmed at dept
Drone Magnetics
– 650 line-km over 33 km² – 50 m line spacing – Large magnetic low at centre of anomaly
Deep Blue employed its proprietary DeepBlueEM2D code to conduct 2D Spectral IP inversions of two legacy SIP profiles collected by Zonge in 2007. This provided a 2D model of resistivity and chargeability beneath each profile.
QUALIFIED PERSON
Michael N. Feinstein, PhD, CPG, is the “Qualified Person” under National Instrument 43-101-Standards of Disclosure for Mineral Projects, and he has reviewed and approved the scientific and technical disclosure contained in this press release. Michael is independent of the Issuer.
Zonge International completed the field work for the CSEM/SIP
Zonge International Acquired CSEM/SIP and broadband MT data on the Copper Springs Project on a 3D grid. Vector stations of Ex, Ey were planned and setup at 59 stations. Roughly half of the stations measured Hx, Hy magnetic fields. 14 transmitter dipoles are planned to be read from 7 transmitter locations.
The transmitted signal was a 100-percent duty-cycle square wave. Initial base frequencies were 0.125, 1, 8, and 64 Hz. Total read time was approximately 2 hours per transmitter dipole.
All MT data was acquired from 0.01-1,024Hz, the data was collected before and after the CSEM/SIP reads. All data was acquired at 4096 samples per second.
A distant remote reference site was deployed. The remote site was deployed away from powerlines, pipelines, and other cultural electromagnetic sources to the extent possible. A location to the SE of the grid was chosen.
ZONGE surveyed the station locations and wire path using Garmin 64s Handheld GPS.
All acquired field data was checked through a QA/QC review and processed daily using the Zonge CSEM and MT Processing workflow. The data was processed in two large batches. One about halfway through the project and once at the end.
Instrumentation consisted of ZONGE broadband ZEN receivers. Magnetic field data was acquired with ZONGE ANT-4 low frequency broadband induction feedback coils. There will be spare receivers on site if possible. The receiver electrodes will consist of rusted steel plates.
The source for the CSEM/SIP data was a Zonge GGT-10, 10 KVA transmitter system. Multiple systems were utilized to minimize delays between transmitter reads If 90% of the source-receiver combinations and 90% of the MT soundings were successfully acquired without equipment failure or operator error.
Zonge Engineering – Drone Magnetic Survey
Zonge covered an area of 33 km2, with lines-oriented east-west at 50-meter line spacing. The approximate total coverage is 650 line-km.
Magnetic data was acquired using a Drone-based magnetometer system. The magnetic system comprises a Geometrics MagArrow cesium vapor total-field scalar magnetometer. The platform is a battery-operated DJI Matrice 300 RTK quad-copter. The magnetometer will be attached to the drone using 3-meter suspension cables. GPS positions and total field intensity data are recorded continuously at a sample rate of 1000 Hz and reduced to 10 Hz during post-processing. Drone speed will be set between 8 and 9 m/s, depending on the terrain. The 10 Hz data sampling interval, acquired at a speed of 9 m/s, yields approximately 1 m data points along flight lines. Flight altitude will be 50m AGL. The line locations are subject to change based on flight logistics, terrain, ground access, and the UAV’s line of visual sight.
Flight paths were planned using Universal Ground Control Station terrain following software and uploaded to the UAV prior to each flight. Elevation data for flight altitude control will be sampled from USGS LiDAR terrain data.
High winds or sudden gusts of wind can cause a pendulum motion in the tow cable, which could set the sensor out of proper orientation. The Geometrics MagArrow has two Micro-Fabricated Atomic Magnetometer (MFAM) sensors ensuring that when one sensor is in its dead zone the other is at its optimum orientation. This avoids reading dropouts during the survey. The MagArrow has a 5nT heading error, which will be compensated for by flying a calibration flight. Data was compensated using software developed by Geometrics.
A base magnetometer recorded continuously at a fixed ground location to allow for diurnal corrections.
Copper Springs Project May 2007 Zonge Engineering 2D IP
250-meter dipoles were used to collect dipole-dipole frequency domain CRIP data on the two CRIP lines completed at Copper Springs. CRIP data collected in a series of receiver transmitter dipole combinations create a pseudo-depth plot referred to as a “pseudosection” (n = 1 is a shallow reading; n = 6 is the deepest). The rule is: The greater the “n” space number, the greater the depth of investigation. Resistivities are calculated from voltage measurements and the array geometry. With this dipole-dipole array it ispossible to electrically image features to depths of 750 meters with the TS2DIP inversion software developed by Zonge. Basic complex resistivity data (CRIP) were collected at 0.125 Hz. The current-controlled waveform produced by the GGT series transmitter at 0.125 Hz approximates an idealizedsquare wave. Deconvolution of the Fourier transform of digitized time-series voltage with an idealized current produces complex resistivity data. This allows four harmonic components to be calculated at the fundamental frequency of 0.125 Hz (0.375, 0.625, 0.875 and 1.125 Hz), providing a total of five measured frequencies per stack. Multiple stacks were collected at each setup.
Dipole-dipole voltage and phase data are displayed as “Apparent Resistivity”, “Raw Phase at 0.125 Hz” and “Three-frequency DC corrected Phase” (3-Pt DC Phase). Multifrequency resistivity and phase data obtained from this single frequency transmitted square wave signal provide sufficient bandwidth to correct “Raw Phase” data for array-based electromagnetic coupling. Induced polarization (IP) is determined from these corrected phase values. Other than differences due to electromagnetic (EM) coupling, phase isdirectly related to “induced polarization IP”. The “Three-frequency DC” (direct current) phase correction is based on a quadratic equation defined by three frequencies: the phase at 0.125 Hz (fundamental frequency)along with the third and fifth harmonic phase data. The “zero” frequency intercept defines a phase value that approximates the IP response. Since the contribution of electromagnetic coupling is theoretically “zero” at “zero” frequency, this results in a reasonably accurate measure of induced polarization IP.
Electromagnetic (EM) coupling levels encountered at Copper Springs were not unusual. EM coupling is proportional to frequency: CRIP data were collected at 0.125 Hz. EM coupling is proportional to the square of the dipole length: while the 250 meter dipole lengths used at Copper Springs will produce electromagnetic coupling, resistivities are reasonably high. EM coupling is inversely proportional to the survey resistivities: the moderately high resistivities encountered at Copper Springs produce minimal EM coupling. A comparison between “Raw Phase at 0.125 Hz” and “Three-frequency DC corrected Phase” (3-Pt DC Phase) pseudosections indicates the degree of the EM coupling present.
Deep Blue Geophysics – Interpretation of Zonge’s Data
Deep Blue Geophysics LLC (Deep Blue) completed specialized Data Quality Assurance/Quality Control (QAQC) and advanced 3D inversion services, for CCMM. This project focused on the integration of broadband Controlled-Source Electromagnetic (CSEM) and Magnetotelluric (MT) data collected by Zonge at the Copper Springs site.
Deep Blue performed a rigorous audit of all Zonge deliverables to ensure the highest data integrity before modeling. This included:
CSEM Analysis: Inspection of response data for each transmitter-receiver pair to ensure signal quality.
MT Analysis: Systematic review of MT response data for each receiver station to identify and mitigate environmental noise or artifacts.
Joint 3D Spectral IP Inversion Deep Blue employed proprietary DeepBlueEM3D platform to conduct a sophisticated 3D Spectral IP inversion, providing a 3D model of resistivity and chargeability. This workflow integrates the CSEM and MT data to provide a unified subsurface model.
Integrated Dataset: Zonge CSEM and MT data was collected at approximately 59 receiver stations using 7 transmitter dipoles
Modeling Parameters: Inversions utilized a frequency range of 0.125 Hz to 1000 Hz to resolve spectral IP (resistivity amplitude and phase).
Staged Modeling Workflow: 1. Stand-alone 3D inversion of MT data. 2. Stand-alone 3D inversion of CSEM data. 3. Joint 3D inversion of the combined MT-CSEM dataset.
Objective: Interpretation & Drill Targeting Following the inversion process, Deep Blue collaborated with Coyote Copper Mines to interpret the 3D volumes. This phase ensures that geophysical anomalies are cross-referenced with geological context to provide prioritized recommendations for future drill-hole locations.
HyperSpectral – Satellite Survey by Earth Daily (EDA)
EDA’s Base Earth Composites (BEC) are unique multispectral datasets that have been specifically engineered to provide the best quality and data coverage over any AOI across the globe.
ASTER data, considered the workhorse of remote sensing (RS) mineral exploration, is used as the base of our Fused BEC data, contributing 6 bands of SWIR data (30 m) to the composite. This is combined with 9 bands from the Sentinel-2 multispectral (MS) dataset to provide better coverage (more bands) and higher resolution (10/20 resolution predominately) over the VNIR.
EDA’s FUSED BEC’s are particularly valued for greenfields exploration, as they provide early indications of mineral alteration (mapping mineral groups as indices, band ratios and (R,G,B) images at a regional scale). This results in the generation of RS maps that may target alteration.
Airborne hyperspectral data (i.e. from USGS or other suppliers), such as AVIRIS Classic is a great source of mineral mapping data, with 224 bands of continuous data with a good medium spatial resolution of 15 m.
New spaceborne hyperspectral data (i.e. PRISMA or EnMap sensors), with hundreds of bands over the VNIR-SWIR provide the capability of mineral species mapping, despite their 30 m spatial resolution. This can be a huge advantage as you have much more confidence that targeted alteration is the ‘right’ composition for the deposit type you are targeting.
Data from the Bare Earth Composite (BEC) multispectral data products will provide insights on compositional variability across the Copper Springs project area. All data will be masked for water, vegetation, snow, cloud, cloud-shadow and topographic shadow (if needed), to eliminate the potential for false-positives. A suite of compositional mapping products from the BEC data will be generated for Fe-oxides, hydrothermal minerals, clays, micas, phyllosilicates and carbonates over the project AOI, and will be used to provide generalized guidance on alteration and lithology compositional characteristics across the AOI (Table 1). Additional processing will be undertaken using transforms like PCA and MNF to map any lithology or significant compositional differences across the study area.
ASTER Emissivity data is also available and will be checked in case it is helpful for highlighting the presence of silicates (i.e. quartz), but it does have limitations at a spatial resolution of 90 m, and there may be gaps in coverage in the north. Lastly, available DEM datasets (including those from AG) will be used to provide elevation and hillshade products to combine with selected BEC products as is found to be useful for visualization.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statement Regarding Forward Looking Information
This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Corporation.
Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding the commencement of trading of the Resulting Issuer Shares, the business plans and expectations of the Corporation and expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Corporation including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects management’s current beliefs and is based on information currently available to them and on assumptions they believe to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to receipt of final listing approval from the Exchange, together with the factors referenced in this news release and Filing Statement, including, but not limited to, those set forth in the Filing Statement under the caption “Risk Factors”. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Corporation disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Corporation has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Corporation does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Gold Reclaims Monetary Leadership: Gold has overtaken U.S. dollar reserves globally, reinforcing its role as the primary neutral reserve asset amid eroding confidence in the dollar system.
Structural Demand Anchors Gold: Despite limited marginal buying, central banks continue to accumulate gold on dips, stabilizing prices and reinforcing a long-term floor.
Dollar System Strain Supports Precious Metals: Erosion of petrodollar recycling, rising fiscal dominance, and increased financial intervention are structurally bullish for gold and supportive for silver.
Silver Demand Shifts to Energy Security: Silver is increasingly driven by solar and energy infrastructure demand, making it less cyclical and more tied to long-term policy priorities.
Precious Metals as Strategic Assets: Gold is emerging as a barometer of global monetary trust, while silver is becoming a critical input for resilient energy systems, elevating both beyond traditional commodity roles.
Silver ETFs** (Total Known Holdings ETSITOTL Index Bloomberg)
791.26
798.20
-5.70
-0.71%
-8.24%
Back to August levels, silver was <$40.
Gold ETFs** (Total Known Holdings ETFGTOTL Index Bloomberg)
98.78
97.89
0.89
0.91%
-0.16%
Gold ETF holdings have been flat since October.
Source: Bloomberg and Sprott Asset Management LP. Data as of April 30, 2026. * BPS stands for basis points. **Bloomberg Indices measure ETF holdings; the ETFGTOTL is the Bloomberg Total Known ETF Holdings of Gold Index; the ETSITOTL is the Bloomberg Total Known ETF Holdings of Silver Index.
Gold Market: Buying the Dip
During April, spot gold fell $50.21 per ounce (or -1.08%) to close the month at $4,617.85. After a volatile first quarter dominated by the outbreak of the U.S.–Iran war and the closure of the Strait of Hormuz, gold traded within a comparatively narrow range of roughly $4,500–$4,800, as shown in Figure 1.
Figure 1. Gold Holds the Line (2024-2026)
Source: Bloomberg. Gold spot price, $/oz. Data as of 5/3/2026. The 14-day RSI (relative strength index) is a momentum oscillator that measures the speed and change of price movements over a 14-day period, ranging from 0 to 100. Levels above 70 indicate overbought conditions, while levels below 30 indicate oversold conditions. Included for illustrative purposes only. Past performance is no guarantee of future results.
Oil prices were volatile in April amid the Strait of Hormuz being effectively closed. Brent crude surged above $115 per barrel (bbl) at times, and is up over 57% year-to-date (as of 4/30/2026). The oil shock reasserted the need for U.S. dollars during global liquidity drains. A stronger dollar early in the month tightened global financial conditions, pressured emerging markets, increased funding stress and forced deleveraging across risk assets.
At the same time, the gold market lacked persistent marginal buyers. Gulf oil producers, deprived of revenue by the collapse in export volumes, could not recycle surpluses into gold. Emerging-market central banks and related entities facing sharply higher oil import bills are likely to have slowed or paused discretionary gold buying. Investment fund positioning, as seen in Commodity Futures Trading Commission (CFTC) data and ETF holdings,7 was flat. Yet gold stabilized around the $4,500 to $4,800 range. While there was no material new buying, there were no sellers either. A brief dip below $4,500 was quickly absorbed by central bank buyers and Chinese traders, evidenced by a surge in the Shanghai gold premium.
Gold price weakness has been met with sovereign accumulation, not capitulation.
World Gold Council (WGC) data indicates that central bank demand remained a structural pillar for gold during the first quarter. Net official-sector purchases totaled 244 tonnes. This was the fastest buying pace in over a year and above the five-year average (see Figure 2). Poland, Uzbekistan and China led the buying, using the March price correction as an entry point. Sellers, including Turkey, Russia and Azerbaijan, shed an estimated 115 tonnes for idiosyncratic reasons (e.g., currency defense, budget financing and rebalancing), but buyers overwhelmingly offset this. The buying pattern remains familiar: price weakness is met with sovereign accumulation, not capitulation. Much of the buying is undisclosed and absent from IMF data, so the WGC’s 244-tonne figure is likely to underestimate the official sector’s true appetite.
Figure 2. Central Banks’ Net Gold Buying (2016-2026)
Sources: Metals Focus, World Gold Council. Central bank gold purchase in tonnes per quarter. Data through 1Q 2026. Included for illustrative purposes only. Past performance is no guarantee of future results.
The broad equity market, as measured by the S&P 500 Index, had one of its strongest monthly returns on record in April. In a very unusual price action, the sharp rebound in equities was amplified by mechanical flows. Ceasefire headlines dampened volatility, triggering Commodity Trading Advisor (CTA) re-risking and volatility target re-leveraging,8 even as left-tail risk9 from the Strait of Hormuz closure continues to build. One explanation is that the market has become desensitized to geopolitical stress. Another is that the powerful AI-focused earnings momentum in 1Q26 outweighed the looming worst-case oil supply fear scenario.
Either way, markets soared to new all-time highs. The speed and magnitude of the rally were driven primarily by over-hedged positions and by flow mechanics, as implied volatility went from steep backwardation to a normal curve,10 forcing rapid re-risking. The bullish11 surge in equities stood out amid yields testing their highs, oil prices rising well above $100, and the Strait of Hormuz still closed with no visible end in sight.
Testing the Limits of a Debt-Dependent System
Several forces are converging to weaken the structural foundations of dollar‑based reserve management. They include the erosion of petrodollar recycling, the entrenchment of fiscal dominance11 and the repurposing of USD swap lines as asset‑price stabilizers.12 As a result, gold’s role is being reinforced as the only major reserve asset that sits outside the system.
Petrodollar Under Siege
In the short term, the U.S.-Iran war is a regional conflict. In the long term, it is a confrontation over the foundations of the global monetary order. At its heart are U.S. efforts to preserve the petrodollar system. It is this system that underwrites U.S. financial dominance and enables it to sustain unprecedented levels of sovereign debt.
Over the past decade, confidence in the U.S.-centric financial system has steadily eroded. This is largely a reaction to the way the U.S. has weaponized the dollar by imposing sanctions, freezing foreign reserves and politicizing dollar settlement. It has forced many countries to reassess their exposure to U.S. assets. The Iran conflict represents an escalation of this trend, from financial pressure to the physical control of energy flows and maritime chokepoints, and has significant implications for gold.
Gold stands apart. It does not depend on shipping lanes or require permission to settle, and it cannot be frozen or boarded.
The petrodollar is more than a currency convention; it is a geopolitical enforcement mechanism. By compelling global energy trade to settle in U.S. dollars, the U.S. ensures persistent external demand for its currency and, critically, its sovereign debt. As long as major energy importers were forced to pay for imports in U.S. dollars, the U.S. could finance its deficits. This system is now under strain. China, Russia and other non-aligned states have accelerated efforts to bypass dollar settlement, increase bilateral trade and rebuild reserves outside the U.S. Treasury market. Gold has reemerged as the preferred neutral reserve asset since it is immune to sanctions, counterparty risk, and political conditionality.
Financial tools alone are no longer sufficient. The freezing of Russian reserves after the Ukraine conflict marked a structural break in the post–Cold War order. For many central bank reserve managers, U.S. dollar assets are not neutral financial instruments but contingent on political claims. Rather than relying solely on sanctions, the U.S. is increasingly trying to enforce compliance by controlling physical infrastructure such as ports, pipelines and maritime chokepoints.
The Strait of Hormuz, the Red Sea and the Strait of Malacca are chokepoints through which the monetary order is transmitted. Control over these routes determines which economies function smoothly and which face acute resource stress. By shaping access to these arteries, the U.S. can indirectly control balance-of-payments dynamics across Europe and Asia. Energy importers confronted with constrained supply must accept higher prices, liquidate reserves, or increase borrowing, often in U.S. dollars. Gold stands apart. It does not depend on shipping lanes or require permission to settle, and it cannot be frozen or boarded.
From Reserve Assets to Risk Assets
Periods of geopolitical stress in the Middle East inevitably revive comparisons to the 1970s oil shocks and the birth of the petrodollar system. It is tempting to assume that higher oil prices will again translate into large, recycled petrodollar surpluses being used to underpin U.S. assets. But this historical pattern may be eroding.
Petrodollars once anchored U.S. markets. Now that link is breaking, boosting volatility and strengthening gold.
Unlike the 1970s or even the 2002-2013 commodity boom, most Gulf exporters are not capturing large windfall surpluses from higher oil prices. For one thing, the Hormuz closure constrains export volumes. For another, fiscal and balance-of-payments breakevens are higher, and domestic spending commitments are far larger. Saudi Arabia now requires oil prices near the high $90s to avoid a current account deficit. At reduced export volumes, it becomes a net borrower rather than a surplus recycler of capital.
Instead, the biggest winners from higher oil prices are a diffuse group of non-Gulf exporters: Russia, Kazakhstan, Nigeria and North America. Their flows are fragmented, politically constrained and far less likely to be recycled into U.S. financial assets in a coordinated way. The classic mechanism that once anchored demand for Treasuries—surplus Gulf capital seeking a home—no longer operates at scale. The result is a world in which oil prices can rise without triggering a corresponding increase in structural U.S. dollar demand.
In the early petrodollar era, reserve accumulation played an outsized role in global capital flows. Today, dollar demand has migrated from the reserve channel to the risk-asset channel. It is now U.S. equities that dominate global market capitalization, not petrodollar recycling. This makes U.S. dollar dominance more financially driven and more cyclical, rather than mechanically reinforced through commodity pricing. Crucially, it also means U.S. dollar strength is no longer guaranteed during periods of geopolitical stress if those shocks undermine confidence in U.S. policy, asset valuations or global stability.
The erosion of petrodollar recycling is constructive for gold because it removes or constrains a key mechanism for channeling global surplus savings into U.S. dollar assets. When energy shocks no longer generate predictable flows into Treasuries, the burden of adjustment shifts elsewhere—to higher real volatility, greater use of balance sheets and wider risk premia. This regime is structurally supportive of gold. Gold sits outside the system of chokepoints and financial coercion and performs well when confidence in monetary recycling mechanisms weakens.
Raising the Stakes for Fiscal Dominance
The U.S. is firmly in a regime of fiscal dominance. Persistent multi-trillion-dollar deficits require continual Treasury issuance. Maintaining liquidity in the Treasury market increasingly depends on central bank accommodation. Even without a crisis, this implies continuous, gradual monetary debasement as the U.S. Federal Reserve’s balance sheet expands alongside nominal gross domestic product (GDP) and the banking system’s needs.
Gold has now overtaken Treasuries as the largest component of global reserves for the first time in decades.
Geopolitical shocks raise the stakes. Energy-importing creditor nations may be forced to sell U.S. Treasuries to fund energy and food imports if prices remain elevated. That selling pressure does not need to be catastrophic to matter; it simply increases the likelihood that the Fed will serve as the buyer of last resort more frequently. The base case remains a gradual printing regime (quantitative easing, QE, lite or reserve management purchases).13 However, the right-tail risk of larger interventions has increased and will further rise if the Strait of Hormuz remains closed.
Bloomberg reports that U.S. dollar-denominated reserves, adjusted for valuation effects, are now lower than gold reserves in the global central banking system for the first time since the IMF started publishing this data in the late 1990s (see Figure 3). Global central banks, in aggregate, stopped accumulating U.S. Treasuries roughly 12 years ago and have steadily increased their gold reserves instead. Gold has now overtaken Treasuries as the largest component of global reserves for the first time in decades. This milestone reflects risk management in a world where the fiscal trajectory of the issuer of the world’s reserve currency has itself become a source of concern.
Figure 3. Gold Tops Global Reserves (2000-2025)
Source: Bloomberg. Global USD-denominated reserve assets in tonnes, on a quarterly basis, adjusted for valuation effects. Data through end-March 2025. Included for illustrative purposes only. Past performance is no guarantee of future results.
To be clear, the U.S. dollar system is not collapsing overnight. It is eroding under the weight of debt, deficits and global fragmentation as each crisis chips away at confidence. The dollar remains central, but its share of global trust is slowly declining. Gold sits at the intersection of that transition—under no government’s control, immune to sanctions and increasingly relevant as a reserve asset in a fragmented world.
Defending Assets, not Liquidity
One of April’s most revealing developments was the United Arab Emirates’ (UAE) informal request for a USD swap line. It made the request not because it was running out of dollars, but because the war had exposed the fragility of U.S.-dollar-dependent economies, even with strong balance sheets. U.S. Treasury Secretary Scott Bessent confirmed that numerous Gulf and Asian allies have made similar requests. He publicly stated that extending permanent swap lines could be “a major first step in creating new U.S. dollar funding centers in the Gulf and Asia.”
This development marks an important shift in the function of USD swap lines. These were traditionally deployed during crisis events as liquidity backstops to prevent panic selling and keep global funding markets functioning, like during the 2008-2009 global financial crisis and the 2020 COVID pandemic. Now, the swap lines are increasingly being used as asset-price stabilizers. The UAE’s request is framed to help it meet dollar funding needs without liquidating U.S. equities or Treasuries. It signals financial-asset demand rather than underlying currency confidence.
Japan is the clearest precedent. The Bank of Japan has repeatedly tapped U.S. dollar liquidity to defend the yen’s value from exceeding 160 yen per U.S. dollar, despite domestic inflation running well above its policy rate. In short, currency stability is effectively subordinated to financial market stability. The same logic is expected to extend to other USD-dependent markets. USD swap lines are being used to prevent forced selling of U.S. assets, keeping global portfolios long U.S. dollar assets.
On the U.S. side, the U.S. Treasury is buying back long-dated debt while simultaneously issuing more Treasury bills. At the same time, the Fed is absorbing T-bills through QE-lite or reserve management purchase (RMP) programs. Together, these function as an internal recycling mechanism designed to cap duration risk and suppress financial stress. They indicate that fiscal and monetary operations are converging. This framework explicitly ties the stability of the U.S. dollar to that of U.S. stock and bond markets, thereby establishing a financialized currency regime.
As the petrodollar system increasingly relies on physical coercion rather than voluntary participation, its long-term stability weakens, and gold stands to benefit.
The risks are clear. When a currency is anchored to asset prices and leverage, failure can manifest simultaneously in equities, bonds and the currency. If these swap lines were ever politically weaponized, or if the asset prices they are designed to protect correct sharply, the eventual unwind may become systemic rather than localized.
The Iran conflict further underscores a critical shift: Geopolitical risk has moved from the margins to the core of the monetary system. Energy, currency and security have become intertwined. As the petrodollar system increasingly relies on physical coercion rather than voluntary participation, its long-term stability weakens. This is another step in the convergence of structural forces. These include the limits of a debt-dependent system, oil as a stress transmission mechanism, the erosion of sovereign bond safety, the financialization of currency defense and the slow fracture of the petrodollar regime.
These dynamics point to a world in which gold is absorbing the diminishing store-of-value function of sovereign debt. Gold represents the neutral escape valve. It is the clearest expression of distrust in a system in which currencies are used to defend financial markets globally rather than as a store of value. Gold’s sustained strength over the past several years reflects a continuing, cumulative reassessment of confidence in the global monetary order. In a system defined by rising sovereign debt, weaponized finance and deteriorating fiscal optionality, gold is increasingly functioning as the market’s barometer of systemic trust.
Silver Market: Security Over Cycles
Spot silver fell $1.42 per ounce (or -1.89%) in April to close the month at $73.75. This followed a volatile first quarter, dominated by extreme options-related selling and the outbreak of the U.S.-Iran war. During April, by contrast, silver traded within a comparatively narrow range of roughly $71 to $80, its narrowest for the year, as volatility calmed (see Figure 4).
Figure 5. Silver’s Narrow Range (2024-2026)
Source: Bloomberg. Silver spot price, $/oz. Data as of 5/3/2026. The 14-day RSI (relative strength index) is a momentum oscillator that measures the speed and change of price movements over a 14-day period, ranging from 0 to 100. Levels above 70 indicate overbought conditions, while levels below 30 indicate oversold conditions. Included for illustrative purposes only. Past performance is no guarantee of future results.
Silver’s long-term outlook is increasingly being shaped by the global reordering of energy security rather than by traditional cyclical industrial demand. Historically, major energy shocks have accelerated investment in renewables. This time, however, the shift is occurring amid geopolitical fragmentation and the breakdown of global supply chains. As a result, solar power is no longer framed primarily as a decarbonization solution, but as a matter of national security and system resilience.
Silver is becoming a more strategic input into resilient energy systems.
Solar remains the fastest-growing renewable technology globally. Distributed generation and storage become strategic assets as governments seek energy systems that are less exposed to fuel imports, maritime chokepoints and geopolitical coercion. Silver’s role in photovoltaic cells embeds it directly into these long-term infrastructure decisions.
These structural forces act to raise silver’s long-term floor price. They embed demand into policy-driven investment cycles that are relatively insensitive to near-term price volatility. Energy security becomes a planning constraint rather than a cost variable, and demand becomes less discretionary. Solar deployment decisions are increasingly made to reduce vulnerability. That distinction matters for silver because it reduces the probability of sustained demand destruction during downturns.
The U.S.-Iran war has raised the specter of prolonged energy price shocks and triggered sharp front-loading of global solar demand. In March, China’s solar panel exports surged to record levels as buyers moved to secure supply ahead of expected disruptions. Rising prices drove up export values even faster, reflecting precautionary behavior rather than optimism, a hallmark of security-driven demand.
China imported a record 836 tonnes of silver in March, well above both recent levels and long-term averages (see Figure 5). Market commentary highlighted strong retail demand and solar-related consumption ahead of policy changes, reinforcing the view that buyers were pulling forward demand.
Figure 5. China Buys More Silver (2009-2026)
Source: Bloomberg. China silver imports in tonnes. Data through end-March 2026. Included for illustrative purposes only. Past performance is no guarantee of future results.
Southeast Asia and Africa also sharply increased silver imports, reflecting heightened concern around energy access, price volatility and supply reliability. In many of these regions, solar and battery systems are not marginal additions to existing grids, but core components of future energy stability.
The impending removal of China’s export tax rebate14 accelerated shipments and reinforced front-loading behavior. While such bursts of activity can fade, the underlying drivers remain intact. Once inventories are built and systems deployed, silver demand becomes embedded in infrastructure rather than discretionary consumption. Silver is increasingly tied to system resilience rather than cyclical growth, reinforced by physical deployment into infrastructure that is difficult to substitute and politically difficult to reverse.
Silver’s role is evolving; it remains volatile but is becoming less of a high-beta industrial metal. Energy insecurity, geopolitical fragmentation and policy-driven front-loading are quietly resetting the long-term demand profile. In this environment, silver is becoming a more strategic input into resilient energy systems. The near-term path may remain uneven, but the longer-term signal is that silver demand is becoming anchored by security considerations rather than growth cycles, raising the structural demand floor.
Footnotes
1
Gold bullion is measured by the Bloomberg GOLDS Comdty Index.
2
Silver bullion is measured by the Bloomberg Silver (XAG Curncy) U.S. dollar spot rate.
3
The NYSE Arca Gold Miners Index (GDM) is a rules-based index designed to measure the performance of highly capitalized companies in the gold mining industry.
4
The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index distributed by Bloomberg Indices.
5
The U.S. Dollar Index (USDX, DXY, DX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners’ currencies.
6
The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
7
CFTC data and ETF holdings refer to indicators of investor positioning based on reports from the Commodity Futures Trading Commission showing futures and options positions, and assets held in exchange-traded funds (ETFs). Together they provide insight into speculative and institutional demand for a given asset.
8
CTA re-risking and volatility target re-leveraging refers to systematic trading flows in which commodity trading advisors (CTAs) rebuild positions after reducing risk, while volatility-targeting strategies increase leverage as market volatility declines, amplifying exposure to underlying assets.
9
Left tail risk refers to the probability of extreme, negative investment returns (large losses), while right tail risk represents the chance of extreme, positive returns (unexpected high gains).
10
Steep backwardation refers to a market condition where futures prices are significantly lower than expected spot prices, resulting in a sharply downward-sloping curve. In contrast, a normal curve, or contango, occurs when futures prices are higher than spot prices, leading to an upward-sloping curve. Steep backwardation indicates immediate demand for a commodity, while a normal curve suggests a premium for future delivery.
11
Bullish is the sentiment that market prices will rise.
12
Fiscal dominance is a macroeconomic condition where government fiscal pressures, such as high public debt and deficits, dictate or constrain a country’s monetary policy. In this scenario, the central bank may prioritize financing government needs over controlling inflation, often leading to higher inflation rates.
13
Refers to using central bank dollar liquidity facilities—such as those provided by the Federal Reserve to other central banks—not only to ease funding shortages but also to indirectly support financial markets by reducing forced asset sales and dampening price volatility during periods of stress.
14
Quantitative easing-lite or reserve management purchases (RMPs) refer to central bank asset purchases—such as those conducted by the Federal Reserve—that expand the balance sheet for technical liquidity or reserve-management purposes rather than for macroeconomic stimulus, as in full-scale quantitative easing.
15
China’s export tax rebate for solar products, specifically photovoltaic products, was eliminated starting April 1, 2026, which means manufacturers can no longer reclaim any portion of the value-added tax (VAT) on these exports. This change is expected to increase export costs and prices for solar products internationally.
Outcrop Sample Assays up to 1,280 g/t Silver at Mule and 76.12% Barite at Langtry
VANCOUVER, British Columbia, May 11, 2026 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF) is pleased to report results from its ground geological mapping and sampling program (the “Program”), including assay results, at the Calico Silver Project (“Calico” or the “Project”) located in San Bernardino County, California (see news release dated December 11, 2025). The Program conducted mapping, sampling and geophysical anomaly checks across the Project, and identified multiple mineralized occurrences returning assays with highly anomalous silver, gold, barite and zinc values across several key areas.
Program activities included systematic infill rock sampling at Burcham gold prospect (located within the Waterloo Property), and regional scale assessment of the Mule Property. The Mule Property assessment included geological mapping and outcrop sampling along the Calico fault trend, soil geochemistry surveys, and outcrop sampling within the lithostratigraphic unit known as the Pickhandle Formation Volcanics (“Pickhandle”) (refer to Figure 1). Ground-truthing of historic induced polarization (“IP”) anomalies within Langtry and Waterloo was also conducted.
Surface Sampling Program Highlights
Mule Property:
High-grade silver (“Ag”) values up to 1,280 grams per tonne (“g/t”) Ag identified at the Mule Property within the Pickhandle.
Program results support that the Pickhandle unit at Mule is a host of high-grade silver and barite veins and thus is a target that warrants systematic follow-up.
Burcham Mine Area (Waterloo Property):
Multiple highly anomalous gold (“Au”) results at Burcham, including assay results of 4.85 g/t, 3.70 g/t, and 3.59 g/t Au.
High-grade zinc values up to 30.0% zinc (“Zn”) confirmed in specularite manto zones.
Waterloo Property & Langtry Property:
Sampling of the Lower Barstow-Pickhandle contact, within the northeast portion of Waterloo, returned moderate silver assays, including 149 g/t Ag, 139 g/t Ag, and 80.7 g/t Ag.
Highly elevated barite assays of up to 27.78% and 76.12% BaSO4 were observed at Langtry and 35.68% BaSO4 at Waterloo. Barite comprises part of the Mineral Resource Estimate at Waterloo, whereas less is known about the occurrence of barite at Langtry. These results confirm that anomalous barite mineralization is present at Langtry.
“This exploration field program has advanced our understanding of the potential for additional significant mineralization at Calico,” said Ross McElroy, President and CEO of Apollo Silver. “Encouraging gold and silver results, including high-grade silver at the Mule Property, along with elevated barite values at Langtry, reinforce our confidence in the upside prospectivity for additional discoveries at Calico.”
Figure 1: Location of the Sampling and Mapping Program, Calico
Location of the Sampling and Mapping Program, Calico
Next Steps
The Company continues to advance the Project through both exploration and project development initiatives. The initiation of a Preliminary Economic Assessment (“PEA”) study for the Project, expected to be completed in Q3 2026, was previously announced (see news release dated March 18, 2026).
The Project development work for 2026 includes a 4,500m HQ large diameter drill program to collect material and data to support advanced level metallurgical and geotechnical work as well as a 1,000m NQ diameter exploration drill program to test the Burcham gold potential with the goal of expanding the gold resource.
Drilling was originally anticipated to begin in Q1 2026; however, the Company is currently awaiting receipt of final permits, now expected to be received in Q2. Due to seasonal high temperature constraints that limit drilling operations in the region, particularly during the months of July and August, drilling activities have been rescheduled and expected to commence in Q3, following the summer period.
While the upcoming metallurgical and geotechnical drilling program is not required for the PEA, it is designed to generate additional data that is intended to support a future anticipated Pre-Feasibility Study (“PFS”). Apollo anticipates providing further updates on permitting advancements and other operational developments as they occur.
Technical Summary and Analytical Methods
A total of 245 rock samples were collected across the Project in December 2025, together with 893 soil samples from the Burcham mine area of the Waterloo Property and the Mule Property. Refer to Figures 1 and 2. All rock and 522 soil samples were submitted to ALS Global-Geochemistry in Reno (“ALS Reno”), Nevada for gold and multi-element analysis. Soil samples were collected at 25 m spacing, with lines separated by 200 m.
Mule Property
The objective of the sampling and mapping at the Mule Property was to evaluate the potential for gold associated with the Calico Fault and for the potential of the Upper Barstow Formation to host silver, similar to that observed at Waterloo. The highest silver values of the Program were obtained from the Pickhandle Formation volcanic rocks within the Mule Property. Select samples from historical workings returned up to 1,280 g/t Ag (J423690) and 221 g/t Ag (J423689). These highly anomalous samples were associated with felsic volcanic tuffs hosting dark purple barite veinlets. The assay results confirm that the Pickhandle Formation volcanics at Mule Property is an important exploration target that warrants systematic follow-up.
Soil geochemical sampling conducted in the Upper Barstow Formation stratigraphic unit of the Mule Property returned broadly subdued precious and base metal values and failed to define discrete surface anomalies of sufficient contrast to justify additional soil follow-up at this stage.
Figure 2: Rock Outcrop Sampling
Rock Outcrop Sampling
Burcham Mine Area (Waterloo Property)
Sampling and mapping in the Burcham area was conducted to verify previously mapped manto features, collect additional outcrop rock samples, and to improve geological understanding of the Burcham Mine area with the aim to better define drilling targets. Infill rock sampling at Burcham returned multiple anomalous gold and zinc assay results. Significant gold values of 4.85 g/t, 3.70 g/t, 3.59 g/t, 2.61 g/t and 1.87 g/t Au were obtained from samples J423544, J423623, J423543, J423738, and J423597, respectively. Lead (“Pb”) anomalies were also identified, with selected samples returning between 0.50% and 1.88% Pb (J423622 and J423623). At Waterloo, Pb is associated with Au mineralization and can be used as pathfinder for gold.
Previously documented specularite mantos (see news release dated May 20, 2025) were revisited, sampled and returned elevated zinc concentrations of up to 30.00% Zn (J423618), 27.60% Zn (J423625), 18.4% Zn (J423624) and 15.5% Zn (J423617), with limited associated precious metal content. Individual manto horizons were not able to be traced continuously beyond approximately 50 m along strike, indicating structurally complex or discontinuous deposit geometry.
Rock sampling along the Calico Fault trend in Burcham identified a localized zone of intense silicification approximately 200 m west of the Burcham mine. This zone returned silver values ranging from 14.35 to 30.80 g/t, while the base metal values along the fault were low to moderate.
Geophysical Anomalies Ground-Truthing
Ground-truthing of the 2021 IP geophysical survey at Langtry returned isolated elevated silver values within the Barstow sediments, including 76.70 g/t Ag (J423572). However, no significant surface alteration or Pickhandle-hosted mineralization was identified to account for those anomalies. Elevated barite values of up to 27.78% and 76.12% barite (sample J423568 and J423516) confirms the presence of barite mineralization at Langtry.
At Waterloo, sampling of the Lower Barstow-Pickhandle stratigraphic contact returned higher grade silver results, including 149 g/t Ag (J423538), 139 g/t Ag (J423588), and 80.7 g/t Ag (J423534), with one sample returning 35.68% barite (J423532). The IP anomalies at both Langtry and Waterloo are interpreted to originate at depth, and drill testing of the highest-priority targets is warranted.
Surface sampling, by their nature, are selective samples and may not necessarily indicate true underlying mineralization.
Table 1: Rock Sampling Results of Selected Samples1
Sample ID
Easting
Northing
Elevation (m)
Gold(g/t)
Silver(g/t)
Barite (%)
Lead (%)
Zinc (%)
Area
J423516
508257
3870297
785
na
12.50
76.12
0.00
0.00
Langtry
J423568
508360
3870376
773
na
37.00
27.78
0.01
0.00
Langtry
J423572
508265
3870305
785
na
76.70
22.77
0.01
0.00
Langtry
J423741
514256
3867572
785
0.00
78.50
1.27
0.00
0.01
Mule
J423689
513923
3867752
795
0.00
221.00
0.33
0.00
0.02
Mule
J423690
513923
3867751
795
0.00
1,280.00
0.12
0.00
0.03
Mule
J423532
510096
3868597
777
0.01
46.00
35.68
0.06
0.01
Waterloo
J423588
510474
3868190
769
0.00
139.00
21.24
0.05
0.34
Waterloo
J423534
510113
3868578
782
0.00
80.70
4.66
0.03
0.21
Waterloo
J423538
510469
3868173
758
0.00
149.00
2.12
0.24
0.27
Waterloo
J423625
511521
3867444
748
0.17
6.89
0.09
0.31
27.60
Waterloo
J423617
511491
3867386
728
0.21
3.34
0.09
0.00
15.50
Waterloo
J423624
511508
3867462
754
0.19
2.23
0.07
0.06
18.40
Waterloo
J423590
511272
3867667
778
1.30
9.53
0.12
0.43
0.07
Waterloo, Burcham
J423623
511498
3867519
771
3.70
14.80
0.05
1.88
0.26
Waterloo, Burcham
J423544
511524
3867418
735
4.85
12.20
0.05
0.71
0.22
Waterloo, Burcham
J423597
511311
3867500
736
1.87
10.05
0.04
0.17
0.03
Waterloo, Burcham
J423738
511307
3867482
731
2.61
17.55
0.03
0.49
0.09
Waterloo, Burcham
J423543
511524
3867418
735
3.59
18.50
0.02
0.97
0.07
Waterloo, Burcham
J423618
511492
3867385
728
0.06
0.42
0.02
0.00
30.00
Waterloo, Burcham
J423622
511440
3867540
777
0.52
7.60
0.02
0.50
0.23
Waterloo, Burcham
Notes: Samples > 75 g/t Ag, > 1 g/t Au, > 25% BaSO4, >15% Zn and > 0.50% Pb are presented in the table above.
1 surface sampling, by their nature, are selective samples and may not necessarily indicate true underlying mineralization
Sampling Procedures and Quality Assurance
Rock and soil sampling was conducted by Palliser Exploration of North Vancouver, BC, in accordance with standard industry practice. Channel, interval and chip, and grab samples were collected from outcrop and subcrop exposures, with sample intervals recorded in the field and unique identification numbers assigned. All samples were photographed, securely stored in Barstow, California, and shipped to ALS Reno for preparation and gold analysis. Prepared pulps were subsequently shipped to ALS Global-Laboratory in Vancouver (“ALS Vancouver”), British Columbia, for multi-element analysis.
Sample preparation at ALS Reno followed the Prep-31 protocol, including crushing to better than 70% passing a 2 mm screen and pulverizing to better than 85% passing 75 microns. Multi-element analysis for 48 elements was completed using ICP-MS following a four-acid digestion (ME-MS61). Over-range copper, lead and zinc values were reanalyzed using a four-acid digestion and ICP-AES finish. Gold analysis was completed by fire assay with atomic absorption finish (Au-AA23), with gravimetric finish (Au-GRA21) applied to over-limit samples. Gold fire assays were completed at ALS Reno, with all other analyses conducted at ALS Vancouver.
The Company’s Qualified Person (“QP”) is of the opinion that the sample preparation, analytical, and security procedures followed are sufficient and reliable. The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data reported herein.
Qualified Person
The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo’s Director, Mineral Resources. Ms. Lépine is a registered professional geologist in British Columbia and a QP as defined by NI 43-101 and is not independent of the Company.
ABOUT CALICO PROJECT
The Calico Project is a large silver project located in San Bernardino County, California, approximately 9 miles northeast of the city of Barstow, in a region known as the historic Calico Silver Mining District. The Project is comprised of 525 mineral claims (2 unpatented mill site claims, 474 unpatented lode mining claims, 29 fee lands claims and 20 patented lode mining claims) in three separate properties (Langtry, Waterloo and Mule) totaling 8,419 acres. The majority of the mineral resources are located on private land with vested mining rights. The Mule Property is an exploration-stage exploration target with no current mineral resources defined.
Apollo Silver’s Calico Project hosts one of the largest undeveloped primary silver resources in the United States. The 2025 Mineral Resource Estimate for Calico contains 125 million ounces of silver in the Measured and Indicated category within 55 million tonnes grading 71 g/t silver, and 58 million ounces of silver in the Inferred category within 25 million tonnes grading 71 g/t silver.1
In addition, the Project contains significant critical mineral resources in barite and zinc, alongside its substantial silver resource, positioning Calico as a source of multiple minerals considered important to domestic supply chains. The deposit hosts an Indicated Resource of 2.7 million tonnes of barite and 354 million pounds of zinc within 36 million tonnes grading 7.4% barite and 0.45% zinc, and an Inferred Resource of 0.65 million tonnes of barite and 258 million pounds of zinc within 17 million tonnes grading 3.9% barite and 0.71% zinc.1
ABOUT APOLLO SILVER CORP.
Apollo Silver is advancing the second largest undeveloped primary silver project in the US. The Calico Silver 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.
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 relating to the anticipated advancement of the Calico Project; the completion and results of metallurgical, geotechnical and exploration programs; the interpretation of geophysical survey results; the identification of new exploration targets; and the timing and potential completion of a preliminary economic assessment (“PEA”) and subsequent pre-feasibility study (“PFS”), including the Company’s ability to obtain required permits and commence planned drilling 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 manner; 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.
1 For more information, please see the news release dated September 4 and October 16, 2025, and the N.I. 43-101 Technical Report titled “NI 43-101 Technical Report and Mineral Resource Estimate for the Calico Silver Project, San Bernardino County, California, USA,” dated October 16, 2025 (with an effective date of June 30, 2025). 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. 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.
Photos accompanying this announcement are available at
