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Elemental Royalty Delivers Strong Quarterly Performance

Denver, Colorado–(Newsfile Corp. – November 10, 2026) – Elemental Royalty Corporation (NASDAQ: ELE) (TSX: ELE) (“Elemental” or the “Company”) is pleased to report results for the three and nine months ended September 30, 2026. For the quarter, Elemental delivered revenue of US$20.8 million, quarterly GEOs1 of 4,861, and adjusted EBITDA1 of US$16.6 million.

Q3 2026 Financial Highlights

  • Quarterly revenue of US$20.8 million, up 203% compared to revenue in Q3 2025;
  • Quarterly revenue plus attributable share of Caserones1 of US$20.8 million, up 153% compared to Q3 2025;
  • Gold Equivalent Ounces (“GEOs”) of 4,861 for Q3 2026 (2,362 in Q3 2025), and record 15,092 GEOs for Q3 year to date 2026 (10,136 in 2025);
  • Adjusted EBITDA1 of US$16.6 million, up 168% compared to adjusted EBITDA in Q3 2025;
  • Adjusted operating cash flow1 of US$13.2 million, up 162% compared to the comparative period;
  • Cash and cash equivalentsof US$23.0 million as of September 30, 2026; and
  • On track to meet updated GEO and revenue guidance of 19,500-22,000 GEOs for 2026, driven by significant contributions from Karlawinda, Bonikro, Timok, and Caserones.

Frederick Bell, Elemental Chief Executive Officer, commented: “Elemental delivered another strong quarter, reflecting the strength of our expanded portfolio, robust commodity prices and solid contributions from our key producing assets. Our performance reflects the increasing quality and maturity of the portfolio, with a growing base of cash-generating assets providing both resilience and a platform for further investment.

The third quarter also marked important milestones in our growth strategy, underpinned by the acquisition of Vizsla Royalties and our recently announced streaming and royalty acquisitions. Together, these transactions further strengthen our portfolio, adding exposure to producing assets and development projects with material growth potential. Importantly, we continue to see substantial embedded growth across the portfolio, supported by expansion projects, exploration success and investment by established operators, providing opportunities to increase future cash flow without additional capital commitments from Elemental.

Our recently announced strategic divestment of the royalty generation business represents the next stage of Elemental’s evolution, creating a simpler, leaner and more focused royalty and streaming company, while retaining exposure to the long-term upside of the generation model. Looking ahead, our focus remains on growing the portfolio through accretive acquisitions while maintaining a lean and efficient corporate structure. Increasing cash flow from our producing assets, together with our enhanced financial flexibility puts us in a strong position to fund future growth, reduce leverage and minimize shareholder dilution. Our priority is to translate this growth into increasing cash flow and value per share, building a larger, higher-quality business and delivering sustainable long-term returns for shareholders.”

Investor Webinar

An investor webinar will be held on Wednesday November 11, 2026, starting at 10am Eastern Time, to discuss these results, followed by a question-and-answer session.

To register for the investor webcast, please click the link below:

https://app.webinar.net/8jl4N8ZKpGo

A replay of the event will be available on the Elemental website following the presentation.

Summary of Financial Highlights for the Period Ended September 30, 2026 and 2025:

Three months ended September 30,Nine months ended September 30,
(In thousands of US dollars, except GEOs)2026202520262025
Statement of Income
   Revenue$20,813$6,863$68,923$27,596
   General and administrative expense$5,965$2,782$17,154$6,625
   Royalty generation expense, net$1,408$–$3,925$–
   Net income$3,753$1,373$8,434$4,981
    
Statement of Cash Flows    
   Cash flows from operating activities$13,191$4,014$43,217$19,608
    
Non-IFRS Financial Measures1    
   Revenue plus attributable share of Caserones$20,813$8,216$68,923$31,974
   Adjusted cash flows from operating activities$13,191$5,030$43,217$22,734
   Adjusted EBITDA$16,617$6,190$51,795$26,445
   GEOs sold4,8612,36215,09210,136

Outlook

2026 Original Guidance2026 Updated GuidanceQ3 YTD 2026 Results
GEO Sales from existing portfolio17,000 to 21,00018,000 to 20,50015,092
Revenue from existing portfolio$76.5 to $94.5 million$80.5 to $90.5 millionUS$68.9 million

Elemental has updated its 2026 guidance for its existing portfolio to 18,000 – 20,500 GEOs, compared to guidance of 17,000 – 21,000 GEOs reported in Q2 2026.

In addition, the Company expects an economic contribution equivalent to approximately 1,500 GEOs from the Orion portfolio for the period August 1 to December 31, 2026, bringing total expected contributions to 19,500 – 22,000 GEOs on an economic basis. Under the terms of the Orion acquisition, Elemental is entitled to all royalty and stream economics from August 1, 2026. However, for financial reporting purposes, the Company will only recognize revenue and GEOs generated subsequent to the closing date of the acquisition on October 26, 2026.

Based on performance during the first three quarters of 2026 and current expectations for the underlying assets, the Company remains on track to achieve its updated 2026 GEO sales guidance. The Company’s updated guidance assumes a commodity price of $4,000/oz gold and $6.00/lb copper for the remaining three months of 2026.

Guidance in 2026 is based on public forecasts, other disclosure by the owners and operators of our assets, historical performance, and management’s understanding of the underlying producing assets.

Key Strategic Developments

During the third quarter and subsequent to quarter-end, Elemental continued to execute its growth strategy through significant royalty and streaming acquisitions, portfolio optimization and initiatives to strengthen its financial flexibility. Key developments included:

  • Acquisition of Vizsla Royalties: Completed the acquisition of Vizsla Royalties in September 2026, adding a life-of-mine 2.0%-3.5% net smelter return (“NSR”) royalty over the Panuco silver-gold project in Mexico, which is expected to become a cornerstone asset within Elemental’s portfolio.
  • Orion Portfolio Acquisition: Announced the acquisition of a portfolio of five precious metals streams and royalties from funds managed by Orion Mine Finance for total consideration of US$290 million. Subsequent to quarter-end, the Company completed the acquisition of four of the five assets, significantly increasing its exposure to producing and development-stage assets with substantial growth potential. The remaining asset is expected to close in the first quarter of 2027.
  • Strategic Divestment of Royalty Generation Business: Announced a proposed divestment of the Company’s royalty generation business to Carlin East, representing an important step toward a more streamlined, cash-flow-focused royalty and streaming business, with an anticipated reduction in corporate general and administrative expenses of more than 25%.
  • Expanded Credit Facility: Subsequent to quarter-end, increased the Company’s revolving credit facility from US$150 million to US$250 million, with an additional US$50 million accordion feature, providing greater financial flexibility to support acquisitions and future growth.
  • Chapi Royalty Expansion and Quilla Investment: Completed a US$25 million strategic investment package comprising an additional 1.0% NSR royalty on the Chapi copper project in Peru and an equity investment in Quilla Resources, increasing Elemental’s royalty exposure to the project and supporting its future expansion.
  • Shareholder Returns: Continued returning capital to shareholders through the quarterly dividend of US$0.03 per share and share repurchases under the Company’s normal course issuer bid (“NCIB”), reinforcing its commitment to shareholder returns alongside portfolio growth.

Asset update

Cornerstone and Key Producing Assets

Caserones – Copper and Molybdenum – Effective 1.304% NSR

  • Effective revenue from Caserones of US$3.1 million and US$16.6 million for the three and nine months ended September 30, 2026 respectively.
  • Copper production for the three and nine months ended September 30, 2026 was 15,015 and 87,531 tonnes, respectively.
  • During the third quarter of 2026, production was significantly impacted by severe winter storms, resulting in prolonged power outages and approximately 30 days of operational suspensions. The impacts continued into the fourth quarter, with snowmelt affecting haulage rates and ore deliveries to the mill. As a result, Lundin Mining reduced its 2026 copper production guidance to 105,000-115,000 tonnes, noting that the production shortfall is expected to be recovered during 2027.

Karlawinda – Gold – 2% NSR

  • Royalty revenue from Karlawinda of US$2.9 million and US$8.8 million for the three and nine months ended September 30, 2026 respectively.
  • Gold production for the three and nine months ended September 30, 2026 was 31,218 ounces and 90,013 ounces, respectively.
  • Capricorn completed construction and commissioning of the expanded processing plant, which commenced continuous operations in September 2026, increasing capacity to approximately 6.5 Mtpa and targeting annual gold production of 150,000 ounces.
  • Capricorn announced an increase in Mineral Reserves at Karlawinda, supporting an approximately 10-year mine life at the expanded processing capacity.
  • Together with ongoing mining activities and regional exploration, these developments support stable production and incremental upside over time, and increased royalty revenue for Elemental.

Timok – Copper and Gold – 0.3625% NSR

  • Royalty revenue from Timok of US$2.6 million and US$7.0 million for the three and nine months ended September 30, 2026 respectively.
  • Expansion and optimization activities continue at the Upper Zone, including advancement of multi-level mining, while Phase 1 of the Lower Zone remains on track, including shaft and conveyor decline development.
  • Exploration drilling at the Malka Golaja Project is progressing as planned, with preliminary works and infrastructure development underway.

Bonikro – Gold – Up to 4.5% NSR, capped at 560,000 ounces

  • Royalty revenue from Bonikro of US$5.3 million and US$16.4 million for the three and nine months ended September 30, 2026 respectively.
  • Gold production for the three and nine months ended September 30, 2026 was 28,643 and 89,598 ounces, respectively.
  • As at the end of the period, there were approximately 256,000 ounces remaining on the Bonikro capped royalty of 560,000 ounces.

Leeville – Gold – 1.0% GSR

  • Royalty revenue from Leeville of US$1.6 million and US$5.8 million for the three and nine months ended September 30, 2026 respectively.
  • Gold sales for the three and nine months ended September 30, 2026 were 37,259 ounces and 126,390 ounces, respectively.

Development Assets

Panuco – Silver – 2.0% – 3.5% NSR – Feasibility Study

  • Elemental’s acquisition of Vizsla Royalties, and the underlying royalty on the Panuco Silver Project closed during the quarter.
  • Recent progress has centered on engineering, procurement and strengthening the development team, including the August appointment of Luis Lázaro as President, Mexico, to oversee permitting, construction and operations. EPCM and mine design contracts have been awarded, while key permit applications remain under review.
  • Vizsla Silver is targeting first silver production in H2 2028, subject to outstanding permitting and environmental approvals.

Laverton – Gold – 2.0% – 4.0% GRR – Resource Development

  • Genesis continued to advance exploration and development activities across the Laverton district, targeting increased future production and optimization of processing capacity.
  • Genesis announced a proposed merger with Vault Minerals, expected to close in November 2026, subject to approvals. The combined portfolio will undergo a strategic review focused on operational synergies, accelerated development and expanded exploration, with an updated strategic plan targeted for Q2 2027.

Diablillos – Silver and Gold – 1.0% NSR – Feasibility Study

  • AbraSilver continued advancing the Diablillos silver-gold project toward construction, completing a C$50.0 million financing and awarding an engineering contract to Worley, supporting a final investment decision targeted for Q2 2027.
  • Exploration drilling continued across Diablillos, with positive results from the Oculto deposit highlighting opportunities for future resource expansion.

Cactus & Parks/Salyer – Copper – 0.50% – 0.54% NSR – Pre-Feasibility Study

  • Hudbay continued advancing the Cactus copper project following its June 2026 acquisition of Arizona Sonoran, integrating the project into its broader Arizona development strategy alongside Copper World.
  • Hudbay plans to spend approximately $30 million at Cactus in the second half of 2026 on engineering, exploration and site de-risking activities, with an updated Pre-Feasibility Study targeted for the second half of 2027.

Viscaria – Copper – 0.5% – 1.0% NSR – Mine Development

  • Viscaria continued advancing construction and development of the Viscaria copper project, securing agreements with Sandvik and Metso for key mining services and processing equipment.
  • Subsequent to the quarter, the Viscaria project was granted strategic status by the European Union, recognizing its importance to Europe’s critical raw materials supply chain, as development progresses toward copper production.

Western Queen – Gold – 2.5% NSR; 2.0% GSR on other metals – Scoping Study

  • Rumble continued advancing the Western Queen gold project, including mine planning, permitting and preparations for pit dewatering and underground development, with a Feasibility Study and potential decision to mine targeted for Q4 2026.
  • Subsequent to the quarter, Rumble released an updated Mineral Resource Estimate and Scoping Study, outlining production of 115,000 ounces over approximately four years, more than double the previous study, with underground mining expected to commence in December 2027.
  • The updated mine plan incorporates only 30% of total resources, with ongoing infill drilling and exploration offering opportunities to expand resources and extend the mine life. 

Third Quarter 2026 Performance by Asset

The following table is a summary of GEOs1 sold and revenue plus attributable share of Caserones 1 for the third quarter of 2026 and 2025:

 GEOs Sold Revenue (in thousands of US dollars)
 2026 2025 20262025
   
Ballarat 214 179 $918$622
Bonikro 1,229 741 5,2612,578
Caserones2 718 – 3,074–
Gediktepe 136 – 584–
Karlawinda 676 613 2,8932,131
Korali-Sud – 301 –1,047
Leeville 368 – 1,573–
Timok 601 – 2,573–
Other producing royalties 605 139 2,590485
Advanced royalty payments 29 – 125–
Total royalty revenue 4,576 1,973 $19,591$6,863
     
Option, property and other revenue 285 – 1,222–
Caserones (before reclassification)2 – 389 –1,353
Revenue plus attributable share of Caserones1 4,861 2,362 $20,813$8,216

Had the Orion transaction closed on August 1, 2026, the effective date from which the Company is entitled to the economic benefits of the acquired assets, the Kouroussa stream would have contributed an additional $1.5 million in revenue and 353 GEOs during the quarter ended September 30, 2026. For accounting purposes, this revenue will be treated as a reduction of the purchase price rather than recognized as revenue.

Year to Date 2026 Performance by Asset

The following table is a summary of GEOs1 sold and revenue plus attributable share of Caserones1 for the first nine months of 2026 and 2025:

 GEOs Sold Revenue (in thousands of US dollars)
 2026 2025 20262025
   
Ballarat 588 530 $2,683$1,709
Bonikro 3,594 2,482 16,4208,000
Caserones2 3,587 – 16,564–
Gediktepe 493 – 2,278–
Karlawinda 1,937 1,915 8,8116,158
Korali-Sud – 3,372 –10,208
Leeville 1,259 – 5,759–
Timok 1,551 – 7,042–
Other producing royalties 1,560 475 7,0321,521
Advanced royalty payments 65 – 293–
Total royalty revenue 14,634 8,774 $66,882$27,596
     
Option, property and other revenue 458 – 2,041–
Caserones (before reclassification)2 – 1,362 –4,378
Revenue plus attributable share of Caserones1 15,092 10,136 $68,923$31,974

Qualified Person

Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and consultant of the Company, has reviewed, verified, and approved the above technical disclosure.

About Elemental Royalty Corporation

Elemental is a mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of approximately 20 producing assets and more than 260 royalties, anchored by cornerstone assets and operated by world-class mining partners. The Company’s disciplined capital allocation and investment strategy combines immediate cash flow with significant embedded growth, providing a differentiated pathway to long-term value creation. Elemental benefits from a high-quality and diversified asset base, strong organic growth potential and sector-leading management expertise.

Elemental Royalty trades on NASDAQ and on the TSX under the ticker symbol “ELE”.

For further information, contact:

Frederick Bell
Chief Executive Officer
info@elementalroyalty.com		Tara Vivian-Neal
Investor Relations
investor@elementalroyalty.com

 
www.elementalroyalty.com

Phone: +1 (604) 688-6390

NASDAQ: ELE | TSX: ELE | ISIN: CA28620K1066 | CUSIP: 28620K 

Cautionary note regarding forward-looking statements

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

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

Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental to control or predict, that may cause Elemental’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the impact of general business and economic conditions, the absence of control over the mining operations from which Elemental will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Elemental’s expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental for the year ended December 31, 2025. Elemental undertakes no obligation to update forward-looking statements and information except as required by applicable law. Such forward-looking statements and information represents management’s best judgment based on information currently available. No forward-looking statement or information can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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

Notes

Royalty revenue received carries no direct cash cost of sales: distributions from associates related to Elemental’s effective royalty on Caserones were received net of Chilean taxes and have no other costs.

  1. Refer to the “Non-IFRS financial measures” section below or on page 24 of the Q3 2026 MD&A for more information on each non-IFRS financial measure. These non-IFRS measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements to which the measures relate and might not be comparable to similar financial measures disclosed by other issuers.
  2. Effective November 13, 2025, the Company discontinued accounting for SLM California as an investment in associate and began recognizing its share of revenue from the Caserones royalty directly, rather than as a share of profit from associate.

Non-IFRS Financial Measures

The Company has included performance measures which are non-IFRS and are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. The non-IFRS measures do not have any standard meaning under IFRS Accounting Standards and other companies may calculate measures differently.

Caserones Reclassification

Effective November 13, 2025, the shareholders of SLM California executed an amendment to the entity’s shareholder agreement, resulting in the Company reassessing the classification of its interest in SLM California, which holds the Company’s Caserones royalty. As a result of the amendment to the shareholder agreement, the Company determined that the revised arrangement constituted a joint operation in accordance with IFRS 11 Joint Arrangements. Consequently, on November 13, 2025, the Company discontinued equity accounting under IAS 28 Investments in Associates and Joint Ventures and began recognizing its proportionate share of the assets, liabilities, revenues, and expenses of SLM California as a joint operation. As a result, there are no adjustments in the current period related to the reclassification for revenue plus attributable share of Caserones, depletion plus attributable share of Caserones or tax expense plus attributable share of Caserones.

Reconciliation of Adjusted EBITDA:

The following is the reconciliation of adjusted EBITDA:

Three months ended September 30,Nine months ended September 30,
(In thousands of dollars)2026202520262025
Net income for the period$3,753$1,373$8,434$4,981
Project evaluation and transaction related expenses1236328091,068
Interest Income(482)(239)(1,139)(344)
Interest and finance expenses320103880338
Tax expense plus attributable share of Caserones2,7276809,6143,848
Depletion plus attributable share of Caserones6,6452,89223,40112,659
Depreciation51–159–
Losses (gains) on revaluation of financial instruments2,187(6)3,65520
Share-based compensation1,2016784,9701,991
Losses on disposals92773351,884
Impairment charges––677–
Adjusted EBITDA$16,617$6,190$51,795$26,445

The presentation of this non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Other companies may calculate these non-IFRS measures differently.

Reconciliation of Revenue, Depletion and Tax expense plus Attributable Share of Caserones:

Revenue plus attributable share of Caserones is a non-IFRS financial measure, which is defined as including gross royalty revenue from associated entities holding royalty interests related to Elemental’s effective royalty on the Caserones copper mine. Management uses revenue plus attributable share of Caserones to evaluate the underlying operating performance of the Company for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as revenue, investors may use revenue plus attributable share of Caserones to evaluate the results of the underlying business, particularly as the revenue plus attributable share of Caserones may not typically be included in operating results. Management believes that revenue plus attributable share of Caserones is a useful measure of the Company performance because it adjusts for items which management believes reflect the Company’s core operating results from period to period. Revenue plus attributable share of Caserones is intended to provide additional information to investors and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

Depletion plus attributable share of Caserones and tax expense plus attributable share of Caserones are non-IFRS measures which include depletion and tax expense from the Caserones royalty asset respectively, consistent with the recognition of revenue plus attributable share of Caserones as described above.

The following is the reconciliation of revenue plus attributable share of Caserones:

Three months ended September 30,Nine months ended September 30,
(In thousands of dollars)2026202520262025
Revenue$20,813$6,863$68,923$27,596
Royalty revenue related to Caserones–1,353–4,378
Revenue plus attributable share of Caserones$20,813$8,216$68,923$31,974

The following is the reconciliation of depletion plus attributable share of Caserones:

Three months ended September 30,Nine months ended September 30,
(In thousands of dollars)2026202520262025
Depletion of royalties$(6,645)$(2,449)$(23,401)$(11,452)
Depletion related to Caserones–(443)–(1,207)
Depletion plus attributable share of Caserones$(6,645)$(2,892)$(23,401)$(12,659)

The following is the reconciliation of tax expense plus attributable share of Caserones:

Three months ended September 30,Nine months ended September 30,
(In thousands of dollars)2026202520262025
Tax expense$(2,727)$(315)$(9,614)$(2,666)
Tax expense related to Caserones–(365)–(1,182)
Tax expense plus attributable share of Caserones$(2,727)$(680)$(9,614)$(3,848)

Reconciliation of Adjusted Cash Flows from Operating Activities:

Adjusted cash flows from operating activities is a non-IFRS measure which includes dividends from the Caserones royalty asset.

The following is the reconciliation of adjusted cash flows from operating activities:

Three months ended September 30,Nine months ended September 30,
(In thousands of dollars)2026202520262025
Cash provided by operating activities$13,191$4,014$43,217$19,608
Caserones royalty distributions–1,016–3,126
Adjusted cash flows from operating activities$13,191$5,030$43,217$22,734

Reconciliation of Gold Equivalent Ounces Sold:

Elemental’s revenue plus attributable share of Caserones is converted to an attributable gold equivalent ounce, or GEO, basis by dividing the revenue plus attributable share of Caserones by the average gold price for the same respective period. The presentation of this non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Other companies may calculate these non-IFRS measures differently.

The following is the reconciliation of gold equivalent ounces sold:

Three months ended September 30,Nine months ended September 30,
2026202520262025
Revenue plus attributable share of Caserones (in $000s)$20,813$8,216$68,923$31,974
Average gold price$4,282$3,478$4,567$3,154
Total GEOs4,8612,36215,09210,136
info

Source: Elemental Royalty Corporation

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First Breach Plans to Integrate Onboard AI Computing into CQS and LRS Drone Platforms

Mission computer and dedicated AI processor planned as standard across both platforms, supporting onboard data processing and simplified assembly.

HAGERSTOWN, MD / ACCESS Newswire / November 10, 2026 / First Breach Inc. (NASDAQ:FBDT) (“First Breach” or the “Company”), an American-made defense technologies company focused on vertically integrated ammunition production and next-generation unmanned aerial systems, today announced plans to integrate Hellbender, Inc.’s Mission Compute Carrier (“MCC”) into its Close Quarters Strike (“CQS”) and Long Range Strike (“LRS”) drone platforms. The planned configuration will make a mission computer and dedicated artificial intelligence processor standard components of both platforms, supporting perception, navigation, and mission software.

“Autonomy is not a feature you bolt on after the fact. It needs to be considered from the start,” said Jeffrey Low, Co-Founder and Chief Executive Officer of First Breach. “A common computing architecture gives us a foundation for advancing both platforms while streamlining the components and assembly processes needed for planned production.”

The planned hardware includes a Raspberry Pi Compute Module 5 mission computer and a dedicated Hailo-8 artificial intelligence processor. These components are intended to process compatible camera and sensor data aboard the aircraft, reducing the need to transmit that data elsewhere for processing. The MCC connects directly to Hellbender’s flight controller through board-to-board connectors, an architecture designed to reduce interconnecting cables, simplify assembly, and limit potential connection-related failure points.

Following the Company’s previously announced autonomous-flight milestone, the planned MCC integration is intended to provide onboard computing capacity for further perception, navigation, and mission-software development.

First Breach continues to target completion of its initial prototypes in the fourth quarter of 2026 and plans to begin scaling production in the second quarter of 2027. As manufacturing operations expand, the Company is targeting production capacity of more than 2,500 drones per week. The timing and pace of that expansion remain subject to development, testing, and manufacturing readiness.

About First Breach

First Breach Inc. is an ISO 9001:2015 certified, American-made defense technologies company focused on manufacturing match-grade ammunition components, finished ammunition, and developing next-generation unmanned aerial systems for commercial, law enforcement, and military markets. The Company manufactures its products in-house at its Hagerstown, Maryland facility, where it produces brass cups, casings, projectiles, lead cores, lead wire, and completed ammunition with rigorous quality control standards. First Breach is also advancing its drone strategy through the development of U.S.-made unmanned systems, leveraging advanced engineering, robotics, ISR and sensor technologies, and precision manufacturing capabilities to address evolving defense, homeland security, law enforcement, and commercial requirements across domestic and international markets.

For more information, please visit: First Breach Inc.

About Hellbender

Hellbender, Inc. is a Pittsburgh-based engineering and advanced manufacturing company specializing in physical AI, computer vision, drones, robotics, electronics design, and automated manufacturing. Operating from approximately 90,000 square feet of facilities, the company provides integrated product development capabilities spanning engineering, prototyping, printed circuit board assembly, advanced sensor integration, robotic manufacturing, and production testing. More than 25% of Hellbender’s workforce consists of military veterans, supporting its commitment to American manufacturing and technical innovation.

For more information, please visit: Hellbender

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and include statements regarding the Company’s expectations, beliefs, plans, objectives, strategies, future events, future performance, business prospects, growth initiatives, acquisitions, market opportunities, capital resources, operational objectives, and other statements that are predictive in nature. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions, although not all forward-looking statements contain these identifying words.

Forward-looking statements are based on management’s current expectations, assumptions, and beliefs regarding future developments and their potential effect on the Company. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements.

Factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in economic, business, market, competitive, regulatory, technological, legal, and geopolitical conditions; the Company’s ability to execute its business strategy; access to capital and financing; customer demand; industry developments; and other risks and uncertainties described from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the Company undertakes no obligation to update, revise, or publicly disclose any revisions to any forward-looking statements to reflect events, circumstances, or changes in expectations occurring after the date of this press release.

Investor Relations

Frank Pogubila
Partner
Integrous Communications
Phone: 951.946.5288
Email: fpogubila@integcom.us
Website: www.firstbreach.com

For additional company updates, follow First Breach on LinkedIn, X, and Facebook.

SOURCE: First Breach

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Base Metals Energy Exclusive Interviews Junior Mining Precious Metals

Why Gold Chain Could Be Worth Watching Right Now

Joining us today is Derek Macpherson, President & CEO of West Point Gold (TSX Venture Exchange ticker symbol for West Point Gold.), to discuss the company’s aggressive exploration strategy, balance sheet strength, and near-term catalysts at the flagship Gold Chain Project in Arizona.

As physical gold market fundamentals remain robust, institutional investors are increasingly focused on asset quality, jurisdiction, unencumbered ownership, and real drill scale. In this interview, Derek outlines how West Point Gold aligns with these key investment criteria.

Key Discussion Highlights

  • Treasury Strength & Capital Discipline: How WPG’s capital structure and funding support their extensive 30,000-metre drill program without near-term equity dilution.
  • 100% Unencumbered Control: The strategic impact of securing clean project ownership and optimizing long-term project economics.
  • Gold Chain Exploration Scale: Updates on structural continuity, broad high-grade breccia zones, and depth extensions across their permitted footprint.
  • Upcoming Catalysts: What to expect as compiled drill data moves toward upcoming resource calculation milestones.
  • Tier-1 Jurisdiction: Overview of operating in premier North American mining districts with strong infrastructure.

Company Overview & Tickers

  • Company Name: West Point Gold Corp.
  • Flagship Project: Gold Chain Project (Oatman District, Arizona)
  • TSX Venture Exchange: WPG
  • OTCQX: WPGCF
  • Official Website: westpointgold.com

Disclosure: West Point Gold Corp. is a paid sponsor of Proven and Probable. Always perform your own due diligence before making investment decisions.

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Base Metals Blog Energy Junior Mining Precious Metals Project Generators

Riverside Resources and Questcorp Prepare Phase 2B Exploration Drill Program at La Union Project, Sonora

VANCOUVER, British Columbia, Nov. 06, 2026 (GLOBE NEWSWIRE) — Riverside Resources Inc. (“Riverside” or the “Company“) (TSX-V: RRI) (OTCQB: RVSDF) (FSE: 5YY0), is pleased to announce that its next phase of drilling at La Union Project, Sonora is fully funded and planned to begin soon. The rainy season has ended, and road work and drill pad construction are underway to prepare for the program. Riverside is the operator, and Questcorp Mining Inc. is the option partner (see news release dated May 6, 2025). The new Phase 2B program is planned to use reverse circulation (“RC”) drilling. RC drilling can advance holes faster than core drilling and collects larger sample volumes. Core drilling so far has not intersected water, so the RC holes can likely be drilled mostly dry, which may improve speed and cost efficiency. The program will mainly target Luis Hill and the Union Mine. Phase 2A core drilling, with results reported on September 9, 2026, intersected gold mineralization at Union and the Union Mine. Phase 2B will build on those results at the Union Mine and will test the sediment-hosted gold mineralization and the IP conductor unit at Luis Hill.

Immediate work on road access, logistics, field sampling and target review is progressing, and Phase 2B is expected to begin in November 2026.

Phase 2B Planned Actions

  • Approximately 600 m of RC drilling planned in two holes of approximately 300 m each.
  • Luis Hill: one hole to test the Induced Polarization (“IP”) chargeability anomaly extending over 1 km along strike, which coincides with the sediment-hosted gold mineralization identified in Phase 1 drilling and remains open along strike and at depth.
  • Union Mine: one hole to follow up on a projected extension of the structure were chip-channel (“channel“) sampling yielded 20.2 g/t Au and 226 g/t Ag with 2.7% Zn in 30 m long continuous from the Union Mine (news release, January 22, 2026).
  • Change in drilling method: RC drilling is intended to increase penetration rates and improve access to targets at depth and will be evaluated as a more cost-effective method for future drill programs at Union.
  • Drilling managed by Riverside as operator, with exploration funded by Questcorp under the option agreement.

“The Phase 2A exploration program outlined a large IP target at Luis Hill and continuity of mineralization at Union. Phase 2B plans to test both of these targets with RC drilling. We expect RC drilling to advance more efficiently through the faulted ground encountered during core drilling. If the RC drilling performs as planned, it will give us a more cost-effective way to drill at Union and provide the option to run larger programs in the future,” said John-Mark Staude, President and CEO of Riverside Resources.

Map of La Union Project showing the planned Phase 2B drill holes at Luis Hill (Upper Right) and Union Mine (Lower Right) targets, with 2025 and 2026 drill collars.
Map of La Union Project showing the planned Phase 2B drill holes at Luis Hill (Upper Right) and Union Mine (Lower Right) targets, with 2025 and 2026 drill collars.

Figure 1: Map of La Union Project showing the planned Phase 2B drill holes at Luis Hill (Upper Right) and Union Mine (Lower Right) targets, with 2025 and 2026 drill collars.

Change to RC Drilling

Seven diamond drill holes totaling 530.1 metres were completed during Phase 2A. Significant faulting within the targeted formations slowed core drilling and limited progress and recovery in several holes, and hole UND26-018 at Luis Hill was terminated at 70 m before reaching its planned 150 m target depth. RC drilling is intended to increase penetration rates and improve access to priority targets, while preserving the option to use diamond core where detailed geological information is required. Results from Phase 2B will be used to assess the use of RC drilling in future programs at the project.

Luis Hill Target

Luis Hill hosts sediment-hosted gold mineralization identified in the upper part of the Clemente Formation during Phase 1 drilling (see news release, January 22, 2026). Riverside’s geology team has mapped the stratigraphy and structure northward for over 2 km and identified cross-cutting feeder structures as targets. The IP survey completed in 2026 delineated a chargeability anomaly at Luis Hill extending over 1 km along strike that coincides with the sediment-hosted gold mineralization from Phase 1 and remains open along strike and at depth. Phase 2A hole UND26-018 was drilled above the anomaly but did not reach target depth. The Phase 2B hole is planned to test a geophysical anomaly with a near-vertical, 350 m deep drill hole.

Union Mine Target

Phase 2A hole UND26-013 at the Union Mine intersected the continuity of the historic Sproul manto mine near the past underground mining, with anomalous Pb and Zn values indicating proximity to the replacement body. Similarly, rock chip-channel sampling returned 30 m grading 20.2 g/t Au, 226 g/t Ag and 2.7% Zn along the access wall to the upper part of the Union Mine. The structure is hosted in the Clemente Formation, a major carbonate replacement deposit (“CRD”) host unit, with potential for sediment-hosted gold in the reactive shales above and below the host carbonate. The Phase 2B hole in the Union Mine Target is planned to test the continuity of the structure at an 80 m step-out along strike, supported by the ground magnetic geophysics of the project.

Qualified Person & QA/QC

The scientific and technical data contained in this news release pertaining to the Project was reviewed and approved by Julian Manco, P.Geo., a non-independent qualified person to Riverside Resources Inc., who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Riverside Resources Inc.

Riverside is a well-funded exploration company driven by value generation and discovery. The Company has a solid balance sheet with no debt and fewer than 95M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

“John-Mark Staude”
Dr. John-Mark Staude, President & CEO

For additional information contact:

John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com		Eric Negraeff
Corporate Communications
Riverside Resources Inc.
Eric@rivres.com
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information can be identified by words such as “expect”, “estimate”, “intend”, “anticipate”, “believe”, “plan”, “could” and similar expressions. Forward-looking information in this news release includes, but is not limited to, statements regarding the mobilization of the drill rig and the timing of Phase 2B drilling; the planned number, location and length of drill holes; the expected performance and cost of reverse circulation drilling compared with core drilling; the potential for larger drill programs in the future; the interpretation of geophysical and drilling data at the Luis Hill and Union Norte targets; and the timing of reporting results.

Forward-looking information is based on assumptions that management considers reasonable, including the availability of drilling contractors, equipment and personnel; weather and ground conditions; continued access to the Project and maintenance of required permits; and continued funding under the option agreement with Questcorp. Forward-looking information involves known and unknown risks and uncertainties, including drilling and operational risks, delays, unexpected ground conditions, the possibility that RC drilling does not achieve the expected penetration rates or cost savings, the interpretation of exploration results and other geological data, the availability of funds, changes in metal prices, and other risks identified in Riverside’s public filings available on SEDAR+ at www.sedarplus.ca. Actual results may differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this news release. Riverside does not undertake to update forward-looking information except as required by applicable securities laws.

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b1a2f9b-f069-4b80-b183-9df301b1515c.

Categories
Base Metals Breaking Energy Junior Mining Precious Metals Project Generators

Paraguay seizes major digital bank tied to president, leaving millions of customers in limbo

ASUNCIÓN, Paraguay (AP) — Paraguay’s central bank seized a major digital lender with close ties to President Santiago Peña on Tuesday, fueling a political crisis and threatening the country’s burgeoning reputation as a regional haven for investors. The takeover left millions of customers’ savings and hundreds of millions of dollars in public funds in limbo.

The central bank’s board voted unanimously late Monday to put Ueno Bank into resolution and hand its management to officials charged with assessing its finances and protecting its assets, the regulator said Tuesday. The move came after Ueno’s solvency ratio, a measure of its capital against its risk-weighted assets, fell below half the legal minimum. Resolution allows regulators to transfer a failing bank’s deposits to other institutions before liquidating its remaining assets.

The bank says it has about 3 million customers, equivalent to roughly 60% of the adult population of the South American country, and manages $800 million to $850 million in public money. That includes about $380 million invested by Paraguay’s state pension and health fund.

Prosecutors ordered the arrest of eight people, including Ueno President Juan Manuel Gustale and chief executive Federico Miguel Vázquez Villasanti, as part of an investigation into suspected breach of trust and other offenses. By Tuesday afternoon, another two bank directors had been taken into custody, prosecutors said.

Peña, who canceled a planned trip to an international summit in Spain late Monday, said that he had asked central bank chief Carlos Carvallo to resign and had agreed with congressional leaders to fast-track legislation expediting payouts to depositors and guaranteeing the return of public money. He vowed to hold whoever was behind the collapse accountable.

Source: https://apnews.com/article/paraguay-ueno-digital-bank-seizure-santiago-pena-9d7521ddee45a185d2618c7e09a243a3

Categories
Base Metals Emx Royalty Junior Mining Precious Metals Project Generators

Elemental Royalty to Release Q3 2026 Results on November 10, 2026

Denver, Colorado–(Newsfile Corp. – November 3, 2026) – Elemental Royalty Corporation (NASDAQ: ELE) (TSX: ELE) (“Elemental“) will release its Q3 2026 results after market close on Tuesday, November 10, 2026.

An investor webcast will be held on Wednesday, November 11, 2026, starting at 10:00 a.m. Eastern Time to discuss these results, followed by a question-and-answer session.

To register for the webcast, please follow the link below:

https://app.webinar.net/8jl4N8ZKpGo

A recording of the presentation will be available on the Elemental website following the presentation.

For further information contact:

Elemental Royalty Corporation:
Frederick BellTara Vivian-Neal,
CEOInvestor Relations
info@elementalroyalty.cominvestor@elementalroyalty.com
www.elementalroyalty.com
Phone: +1 (604) 688-6390

NASDAQ: ELE | TSX: ELE | ISIN: CA28620K1066 | CUSIP: 28620K

About Elemental Royalty Corporation.
Elemental is a mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of approximately 20 producing assets and more than 260 royalties, anchored by cornerstone assets and operated by world-class mining partners. The Company’s disciplined capital allocation and investment strategy combines immediate cash flow with significant embedded growth, providing a differentiated pathway to long-term value creation. Elemental benefits from a high-quality and diversified asset base, strong organic growth potential and sector-leading management expertise.

Elemental trades on Nasdaq and on the Toronto Stock Exchange under the ticker Symbol “ELE”.

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

Forward-looking statements and information include, but are not limited to, statements regarding future royalties and future consideration payments or issuances of shares, or other statements that are not statements of fact. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies.

Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental to control or predict, that may cause Elemental’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the impact of general business and economic conditions, the absence of control over the mining operations from which Elemental will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Elemental’s expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental for the year ended December 31, 2025. Elemental undertakes no obligation to update forward-looking statements and information except as required by applicable law. Such forward-looking statements and information represent management’s best judgment based on information currently available. No forward-looking statement or information can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Neither the Nasdaq Stock Market LLC, or the TSX, or its Regulation Service Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322224

Categories
Base Metals Energy Junior Mining Precious Metals Project Generators

Grizzly Discoveries advances multiple high-potential targets as exploration momentum builds

Junior explorers are often challenged with demonstrating both geological prospectivity and a clear path to discovery.

Over the course of 2026, Grizzly Discoveries (USOTC:GZDIF) (TSXV:GZD) has been steadily advancing several targets within its Greenwood Critical Minerals Project in British Columbia, generating a growing body of exploration data that points to the presence of large-scale mineralizing systems across multiple areas.

This article is disseminated in partnership with Grizzly Discoveries Inc. It is intended to inform investors and should not be taken as a recommendation or financial advice.

Recent drilling, geophysical surveys, trenching and surface sampling programs have significantly expanded the company’s understanding of the Sappho, Motherlode, and Midway targets. While all of these projects remain at the exploration stage, the latest results provide investors with a clearer picture of why Grizzly continues to focus capital and technical resources on the district.

Sappho emerges as a key critical minerals target

Among the most notable developments this year has been the company’s drilling campaign at the Sappho Critical Minerals Target.

When we last featured Grizzly, we covered the company’s work between late April and mid-May 2026, when the team completed seven diamond drill holes totalling 1,485 metres to follow up encouraging historical drilling, surface sampling, magnetic survey data and recently completed induced polarization (IP) work.

According to assay results received from ALS Global, all seven drill holes intersected anomalous polymetallic mineralization containing varying combinations of copper, gold, silver, cobalt, nickel, zinc and platinum group elements. The mineralization is associated with garnet-pyroxene skarn alteration containing pyrite and chalcopyrite, features commonly associated with large hydrothermal systems.

Several intercepts stand out:

  • Hole 26SPDD002 returned 0.357% copper equivalent (CuEq) over 44.55 metres, including copper, gold, platinum and palladium values.
  • Hole 26SPDD005 returned 1.0% CuEq over 13.68 metres, including 0.255% copper, 0.057% nickel, 498 ppb gold, 6 g/t silver, 119 ppb platinum and 60 ppb palladium.

What’s important to note here is that management views the drilling results as confirmation that the Main Sappho Skarn area hosts widespread mineralization across a sizeable footprint measuring approximately 250 by 350 metres at surface.

“The excellent new drilling results along with anomalous ground magnetics and now IP has outlined multiple and significant new targets across the Sappho Project,” the company’s President and CEO, Brian “Griz” Testo, explained in a media release. “I am excited to see what the next phase of drilling might show us – Grizzly will continue to refine these targets to the drill-ready stage.”

Sappho geology, rock and soil sampling 2026 with IP lines and planned drillhole locations. (Source: Grizzly Discoveries Inc.)
Sappho geology, rock and soil sampling 2026 with IP lines and planned drillhole locations. (Source: Grizzly Discoveries Inc.)

The larger opportunity may lie nearby

For many investors, the most intriguing aspect of the Sappho story may not be the drill results themselves, but what remains untested.

Recent Phase 1 and 2 IP surveys totalling more than 12 line-kilometres identified a significant chargeability anomaly located approximately 250 to 300 metres southeast of the main skarn zone. The core of the IP chargeability anomaly ranges from 30 mV/V up to 105+ mV/V in intensity. Geologists interpret the anomaly as potentially representing disseminated sulphide mineralization associated with a porphyry-style system.

Porphyry deposits are particularly attractive exploration targets because they can host large tonnages of copper, gold and other critical metals. While a porphyry discovery is far from guaranteed, Grizzly’s geological team believes the strength and scale of the chargeability anomaly justify additional drilling.

The company is currently permitting new drill locations designed specifically to test the anomaly, while additional geological mapping, surface sampling and geophysical work continue.

Further support for the target comes from historical exploration. Surface rock samples collected throughout the broader Sappho area have returned copper grades exceeding 1%, including values as high as 9.06% copper, while several samples yielded anomalous platinum and palladium values reaching multi-gram-per-tonne levels. Grizzly Discoveries’ prospectors were excited to come across an old adit on the Sappho project while conducting exploration work:

Grizzly Discoveries' prospectors discover old adit (Source: Grizzly Discoveries Inc.)
Grizzly Discoveries’ prospectors discover old adit (Source: Grizzly Discoveries Inc.)

(Click to play video)

Motherlode displays district-scale potential

While Sappho has attracted considerable attention, the Motherlode Critical Minerals Target continues to emerge as another significant growth opportunity.

Phase 2 IP surveys completed during the spring of 2026 identified at least five discrete chargeability anomalies, with four of these containing core responses ranging from 30 to 52 millivolts per volt. Several anomalies occur near the historical Greyhound, Sunset and Motherlode pits.

Of particular interest is the scale of some of these targets. According to the company, several anomalies currently measure approximately one kilometre by 500 metres and remain open for expansion.

The anomalies also correlate with encouraging geochemical signatures. Numerous rock and soil samples collected around the target areas have returned elevated copper and gold values, including samples grading above 1% copper and others containing up to 20 g/t gold.

The geological setting further supports exploration potential. The Motherlode area sits along the eastern margin of the Toroda Graben, a structurally complex corridor that hosts multiple historical mines and mineral occurrences. The region has experienced repeated intrusive events and hydrothermal activity, conditions that often contribute to the formation of skarn and porphyry systems.

Management has begun permitting drill sites designed to test these newly identified targets, positioning Motherlode as a key focus of upcoming exploration programs.

Building on a significant historical mining legacy

Motherlode also benefits from an extensive mining history.

The project includes 13 Crown Grants covering more than 300 acres near Greenwood, British Columbia. Historical records indicate that the Motherlode Mine produced approximately:

  • 76.98 million pounds of copper
  • 173,319 ounces of gold
  • 688,203 ounces of silver

While historical production does not guarantee future discoveries, it demonstrates that the district is capable of hosting economically significant mineral systems.

More recent exploration by Grizzly has also identified widespread anomalous mineralization. Hundreds of rock samples collected across the project have returned elevated copper, gold and silver values, which support the interpretation that mineralized systems extend well beyond the boundaries of historical workings.

Motherlode and other active exploration areas 2026 (Source: Grizzly Discoveries Inc.)
Motherlode and other active exploration areas 2026 (Source: Grizzly Discoveries Inc.)

Midway adds precious metals exposure

A third area attracting increased attention is the Midway Precious Metals and Critical Minerals Target.

Trenching completed in June 2026 returned several high-grade precious metal results, including samples grading up to:

  • 22.8 g/t gold
  • 1,120 g/t silver

Additional trenching produced gold values reaching 2.7 g/t in areas adjacent to historical workings.

Meanwhile, follow-up prospecting near the Sappho chargeability anomaly yielded quartz float samples containing up to 4.73 g/t gold, providing another indication that significant mineralizing fluids operated within the broader district.

The Midway area has already produced impressive historical sampling results. Previous work identified rock samples containing up to 70.8 g/t gold and as much as 2,140 g/t silver, demonstrating the area’s potential for high-grade precious metals mineralization.

Main Midway vein structure and mineralization (Source: Grizzly Discoveries Inc.)
Main Midway vein structure and mineralization (Source: Grizzly Discoveries Inc.)

Trenching during June 2026 has extended the known surface extent of the Main Midway vein structure and mineralization (pictured above).

Multiple catalysts ahead

One of the notable aspects of Grizzly’s 2026 exploration strategy is the number of active targets advancing simultaneously.

Ongoing work includes:

  • Additional surface exploration and prospecting.
  • Expanded IP, magnetic and electromagnetic surveys.
  • Drill permitting at Sappho and Motherlode.
  • Follow-up evaluation of newly discovered sulphide showings and chargeability anomalies.

Investors often look for companies with multiple opportunities for discovery rather than dependence on a single target. Grizzly’s Greenwood Project appears to offer that diversification, with copper, gold, silver, nickel, and platinum group elements represented across several distinct exploration areas.

A strengthened financial position

During July 2026, Grizzly announced the exercise of outstanding warrants resulting in gross proceeds of approximately C$59,167 and the issuance of 1,183,335 common shares. In October 2026, the company closed on a private placement by the issuance of 1,000,000 units, 325,000 FT units and 4,866,668 CMFT units for gross proceeds of $359,875. Following the transaction, the company reported 240,313,037 common shares outstanding.

The private placement and warrant exercise provides an indication of ongoing shareholder participation while adding capital to support exploration activities.

Why investors are taking a closer look

Grizzly Discoveries enters the latter part of 2026 with several exploration programs generating encouraging results across the Greenwood Project. The combination of widespread polymetallic mineralization at Sappho, newly defined chargeability anomalies at Motherlode, and high-grade precious metal results at Midway provides multiple avenues for potential value creation.

The company’s work continues to outline evidence of large hydrothermal systems that may be associated with skarn and porphyry-style mineralization, while upcoming drilling programs will provide the next major test of these geological models. Although exploration success can never be guaranteed and mineral projects carry significant risk, Grizzly has assembled a substantial dataset that continues to support further investigation across its flagship properties.

While exploration outcomes remain uncertain by nature, Grizzly’s systematic approach and expanding technical dataset position it as a company increasingly followed by investors seeking leverage to metals fundamental to both energy transition and monetary protection.

To get a deeper understanding of the company’s assets, exploration strategy, share structure and long-term growth objectives, review Grizzly Discoveries’ corporate presentation before making any investment decision.

Sponsored Article: InvestorsHub.com Inc. dba The Market Link has been compensated SECURITIES: valued at $1,050 by Grizzly Discoveries Inc. (USOTC:GZDIF) for the publication and distribution of this content. This is not independent editorial content. For full compensation disclosure visit investorshub.advfn.com/boards/disclaimer.aspx

Categories
Base Metals Copper Bullet Mines Energy Junior Mining Precious Metals

Coyote Copper Mines Inc. Enters into Option Agreement to Acquire Historic Gibson Mine, Including 223.85 Acres of Patented Mining Claims

Toronto, Ontario–(Newsfile Corp. – November 3, 2026) – Coyote Copper Mines Inc. (TSXV: CCMM) (the “Corporation”) is pleased to announce that it has entered into an option agreement (the “Option Agreement”) which gives the Corporation the option, (“Option”) to acquire 223.85 acres of patented mining claims known as the Gibson Mine (“Gibson Mine” or the “Property”) from the Franciscan Friars of California (“Friars”). The Friars obtained the Property through a donation that was made in 1969.

The key highlights of the Gibson Mine include:

  • Copper Production: 17.2 million lbs of copper recovered from 55,750 short tons of ore 1903-1969.
  • June 1907: approximately 80 tons/day shipped to Old Dominion at over 25% Cu.
  • Pasquale Vein: Level 4 Five stopes supplied ore shipments assaying 16 to 18% Cu in 1912.
  • Mine Development: Six levels and about 26,000 ft (7.9 km) of workings.
  • Operating History: A 150 ton/day concentrator opened in 1919. Intermittent leach recovery continued into the early 1990s.

The Corporation’s current 1,100 BLM mining claims, comprising approximately 22,086 acres (~89.4 km2), surround the 223.85 acres that make up the Gibson Mine.

Dan Weir, CEO, commented, “High grade copper veins and deposits are an integral part of the Globe Miami copper area. The presence of the high-grade Gibson copper veins in the vicinity of the large “Donut Target” makes the Gibson acquisition very compelling, just like the high-grade Magma Mine which sits above the Resolution Mine. In addition, patented mining claims give Coyote Copper title to the surface and mineral rights outright. The Corporation would benefit from significantly streamlined permitting for exploration drilling on its own titled land and would have the right to construct permanent surface infrastructure — including core storage facilities and field offices.”

Historical records indicate that production at the Gibson Mine during its main period of operation (1906–1918) totaled approximately 12 million pounds of copper and 3,500 oz. of silver (Elsing and Heineman, 1936, p. 92). Between 1918 and 1950, small-scale production was also recorded – approximately 260,000 pounds of copper were recovered from ore sorted from the mine dumps (U.S. Bureau of Mines, 1937–1953). The site was mined intermittently from the 1960s through the 1990s by solution mining of the historic workings. No production data for this period has been identified. The foregoing historical production figures are not NI 43-101 compliant mineral resource or reserve estimates, have not been verified by a Qualified Person, and should not be relied upon as an indication of the current or future mineral resource potential of the property.

The following description was taken from the Gibson Structural Corridor (“GSC”) – Page 89 of the Corporations NI 43-101 Technical report dated November 23, 2025 (refer to the Corporation Website) at www.coyotecopper.com:

“High-grade copper ores (20 to 40% copper) were localized along the sub-parallel Summit and Pasquale veins, which cut the Pinal Schist. Located approximately 300 feet apart, both veins strike N25º E and can be traced over a distance of approximately 6,500 feet. Dipping approximately 55º to the northwest, the Summit vein is concordant with bedding and foliation of the schist. It was characterized by lens-like ore shoots, ranging from 0.7 to 1.25 feet in thickness. The Pasquale vein occupies a 35º northwest-dipping, 5 to 10-foot thick fault zone that clearly cuts across bedding and ranged from a few inches to 3 feet in thickness (Peterson, 1963).“

Figure 1. The Gibson Mine location map, located within the western segment of Copper Springs Project, Coyote Copper Mines Inc.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8516/322213_coyotecopperone.jpg

Figure 2. The Gibson Mine outlining the surface and underground infrastructure of the Summit and Pasquale Copper Veins.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8516/322213_52dd3da614b0e97c_007full.jpg

In August 2025, the Corporation collected ten samples across the Gibson Structural Corridor (GSC), comprising of six bedrock samples from areas of observed copper oxide mineralization and structural zones and four selective grab samples from historic ore piles in the West Gibson area. The grab samples from historic ore piles were collected to characterize the nature of historic mineralization and are not representative of the overall mineralization on the property.

Across all ten samples, copper values ranged from 0.091% to 22.41%. Silver values ranged from below detection to 69.3 g/t. Grab samples are selective by nature and may not be representative of the mineralization hosted on the property.

The four selective grab samples from the West Gibson zone returned copper grades ranging from approximately 10% to 22% Cu. These were select grab samples, collected from historic ore piles to characterize the mineralization. Quartz-chalcopyrite veining, massive chalcopyrite and associated hematite are observed in relation to a set of thin mineralized porphyritic dike sets which is parallel to the primary Gibson mine structure. Silver values in these samples ranged from 10.6 to 69.3 g/t.

SampleEastingNorthingElevation_mWidth_mCu_percentAg_ppmMo_ppm
1939401503536368875615271.20.090.19
1939402503538368875615271.50.160.117
1939403503541368875515271.10.320.114
19394045034503688662150019.2852.323
19394055034503688661150013.9620.520
19394065034503688660150022.4169.331
19394075034373688624151510.0110.69
1939408504612368789314782.10.8712
1939409504612368789614771.30.90.92
1939410504601368793014731.20.661.82
Min0.090.12
Max22.4169.331
Avg6.8715.713

Figure 3. Selected surface grab sample 1939405 from the Gibson Mine, 1.6m, with geochemical sample results in chart.

To view an enhanced version of this graphic, please visit:
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History of the Mine

All information in this section is derived from historical sources and prior third-party reports. It does not constitute a current NI 43-101 mineral resource or reserve estimate and has not been independently verified by the Corporation’s Qualified Person.

The Gibson copper mine is in the headwaters of Pinto Creek and is approximately 7.5 miles southwest of Miami, Arizona.

Chalcocite enrichment played an important role in developing the high-grade copper ores localized along the Summit and Pasquale veins (Peterson, 1963). Underlying primary sulfide mineralization along these structural zones is characterized by massive chalcopyrite with considerable bornite in a quartz gangue lesser amounts of calcite and minor amounts of specular hematite and gypsum (Stevens, 1911).

The Gibson Mine was a copper-silver producer operating primarily from 1906 to 1918 with intermittent production continuing through 1975. The mine was hosted on 16 patented and 53 unpatented claims and was operated by several successive owners including the Gibson Consolidated Copper Co. as the primary producer.

Mineralization comprised multiple veins hosted in the Pinal Schist with the Summit and Pasquale veins being the most prominent. Total historical production is estimated at approximately 12,500,000 pounds of copper and 3,500 oz. of silver (Sources: Arizona Bureau of Mines; U.S. Bureau of Mines, 1937–53.).

A Historical Resource for the Gibson mine is referenced in USGS MRDS Record #10104088, taken from K.R. Long, 1995 compilation of Porphyry Copper Deposits.

Coyote Copper’s initial target of 35-45 million tons grading 0.3% – 0.5% is based on the historical resource.

The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource

Terms of the Option Agreement

Subject to the right of the Corporation to terminate the option Agreement at any time. The Corporation is required to make the following payments (the “Payments”) to the Friars for an aggregate price of US$1.4 million after the effective date of the Option Agreement (the “Effective Date”).

The Payments are as follows:

  • $500,000 within 14 days of the Effective Date;
  • $200,000 on or before the first anniversary after the Effective Date;
  • $200,000 on or before the second anniversary after the Effective Date;
  • $200,000 on or before the third anniversary after the Effective Date;
  • $300,000 on or before the fourth anniversary after the Effective Date.

For a total aggregate price of US$1.4 million.

The Corporation shall have the right to exercise the Option at any time after the Effective Date by giving the Friars at least ten (10) days prior written notice of such early exercise of the Option and by paying to the Friars all Payments not yet paid.

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. Mr. Feinstein is independent of the Corporation.

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 of the Company have not been and are not expected to 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 absent registration or an applicable exemption from registration requirements.

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 foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information in this news release includes, without limitation, statements regarding, planned exploration activities including drilling, permitting for exploration, environmental remediation outcomes, and the potential for mineral resource delineation on the property. Forward-looking information is based on currently available 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 reflects 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, those risk factors applicable to mineral exploration companies, including risks related to title to mineral properties, environmental liabilities, permitting delays, exploration results, and commodity prices. 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.

For more information, please contact:

Dan Weir
CEO, Coyote Copper Mines Inc.
DanWeir@CoyoteCopper.com
Tel: +1-416-720-0754

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322213

Categories
Base Metals Blog Energy Junior Mining Precious Metals Project Generators

Davion Healthcare PLC Agrees $13.5 Million Acquisition of Profitable US Home Healthcare Business

First in a planned programme of acquisitions to expand Davion’s revenues, earnings and healthcare operations

DUBLIN, Oct. 29, 2026 (GLOBE NEWSWIRE) — Davion Healthcare Plc (NASDAQ: DAVI) (“Davion” or the “Group”), a developer of non-invasive health monitoring technologies, announces that it has entered into an agreement dated 27 October 2026 to acquire Healthcare Stat Homecare Inc. (“HSH”), a Pennsylvania-incorporated provider of home healthcare services based in Philadelphia.

The total consideration is $13.5 million, comprising $8 million in cash and $5.5 million in Davion shares issued at an agreed value of $13 per share. Completion is expected on or before 31 December 2026, subject to the terms of the acquisition agreement.

HSH is an established, revenue-generating and profitable healthcare services business. For the year ended 31 December 2025, HSH reported gross receipts of approximately $11.6 million and ordinary business income of approximately $1.9 million (unaudited). The acquisition is expected to provide Davion with an established operating business and an additional source of revenue and earnings following completion.

The proposed acquisition represents the first in a planned programme of acquisitions of established, revenue-generating and profitable healthcare businesses over the coming year. This strategy is intended to complement Davion’s existing portfolio of proprietary healthcare technologies, broaden its commercial operations and build a more diversified healthcare group.

HSH provides skilled nursing, home health aide and rehabilitation services to patients in Philadelphia and surrounding areas. Its clinical programmes include wound care, lymphedema management, dementia and diabetes care, telehealth and rehabilitation. Its workforce includes registered nurses, licensed practical nurses, home health aides, physical and occupational therapists and social workers.

HSH provides care to patients of all ages, from children to the elderly, helping individuals remain in their own homes rather than requiring residential or institutional care. According to its website, HSH holds JCAHO accreditation and Medicare and Medicaid certifications, is fully insured and bonded, and accepts major insurance plans.

The acquisition would also extend Davion’s activities beyond the development and commercialisation of healthcare products into the delivery of care in patients’ homes. It could provide opportunities to evaluate the use of Davion’s non-invasive monitoring technologies in home healthcare, including wound monitoring and preventative care. Any integration or deployment plans will be developed following completion.

Glenn Williams, Chief Executive Officer of Davion, commented:

“HSH is an established and profitable business that will bring meaningful revenues and earnings to Davion, while giving us a direct presence in home healthcare and opportunities to introduce our monitoring and diagnostic technologies closer to patients. Importantly, this is the first in a planned programme of acquisitions of revenue-generating, profitable healthcare businesses over the coming year, as we look to build a broader and more diversified Group combining our proprietary technologies with established operating businesses. We look forward to working with HSH’s management to support its existing operations and explore opportunities to integrate our technologies into the delivery of care at home.”

Manilal Mathai, Co-owner and Chief Executive Officer of HSH, added:

“We share Davion’s commitment to improving care for patients outside hospital settings. Joining forces would give us an opportunity to combine HSH’s home healthcare experience with Davion’s technology-led approach, while continuing to focus on the quality and continuity of care we provide to patients and families.”

Media Enquiries

Rosewood Communications
+44 (0) 20 7653 8702
davion@rosewoodpr.co.uk

Investor Relations Inquiries

Mark Komonoski
Partner
Integrous Communications
Toll Free: 877-255-8483
Mobile: 403-470-8384

About Davion Healthcare Plc

Davion Healthcare Plc is a next-generation digital healthcare company developing proprietary, non-invasive health monitoring technologies designed to support the early identification of medical anomalies outside traditional clinical environments.

The Company’s flagship product, BreastCheck, is an FDA-registered at-home breast health screening test designed to identify potential abnormalities through changes in breast temperature. Davion’s broader portfolio includes technologies addressing circulation and foot health, testicular health, skin anomalies, wound monitoring, blood pressure and other areas of preventive healthcare.

Davion’s growth strategy combines the development and commercialisation of its proprietary technologies with complementary acquisitions intended to expand the Group’s product portfolio and commercial, manufacturing and distribution capabilities.

Further information is available at www.davionhealthcare.com.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, those identified by words such as “believes,” “will,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “projects” and similar expressions.

The statements in this release are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in these forward-looking statements.

Numerous factors could cause or contribute to such differences, including, but not limited to, the results of product evaluations, studies, regulatory reviews and commercial adoption and/or other studies, clinical trials, the challenges inherent in new product development initiatives, the impact of any competitive products, the Company’s ability to license and protect its intellectual property, its ability to raise additional capital in the future, changes in government policy and/or regulation, potential litigation by or against the Company, any governmental review of its products or practices, and other risks discussed from time to time in the Company’s filings with the Securities and Exchange Commission.

The Company undertakes no obligation to update any forward-looking statements, or any information contained in this press release or in other public disclosures, at any time, except as required by applicable law.

The investing public is reminded that only announcements or information about Davion Healthcare Plc disseminated by the Company and bearing its name are considered official.

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

David Cole Spent 40 Years Learning How to Own a Mine Someone Else Pays to Build

A mineral royalty is a very small sentence with a very long future. It may promise one percent of a mine’s revenue, perhaps two, in exchange for a claim once sold or capital once supplied. The percentage looks modest. The calendar does not. Years of drilling, engineering, permits and construction can pass before the first payment arrives. David Cole has built his working life around that gap – the suspense between what a geologist sees and what the rest of the world is prepared to finance.

Cole is an economic geologist by training, a founder by temperament and a capital allocator by repetition. He spent 17 years at Newmont Mining, then co-founded the company that became EMX Royalty in 2003. More than two decades later, EMX had grown from a single-asset explorer with a C$3.3 million market capitalization into a portfolio of more than 250 mineral assets across six continents. In November 2025, EMX merged with Elemental Altus. Cole became chief executive of the combined Elemental Royalty Corporation.

The corporate summary is tidy. The method behind it is boots, maps, contracts and long waits. Cole’s memorable description of his early exploration work is “the pointy end of the stick” – the place where uncertainty is still fresh, the field data is incomplete, and a persuasive geological idea can change the value of a patch of ground.

17years at Newmont in technical and management roles

250+mineral assets held by EMX before the merger

6continents across the EMX portfolio

The education of a geological optimist

Cole has traced his interest in geology back to childhood gold panning with his grandfather. The adult version of that curiosity acquired degrees from Fort Lewis College and Colorado State University, where he earned a master’s in geology and studied under economic geologist Tommy Thompson. Then Newmont supplied the roaming postgraduate course.

His assignments crossed Nevada, Southeast Asia, South America, Europe and Central Asia. His work included contributions associated with the Carlin Trend, Yanacocha and Minahasa mines. He later established and managed Newmont’s exploration programs in Turkey while looking for early-stage acquisition targets in Eastern Europe. The point was not travel for its own sake. Each jurisdiction offered another lesson in what makes a discovery valuable – and in how easily that value can be consumed by the cost of proving, permitting and building it.

Cole has said his passion was always “value creation through the discovery process.” Yet he was also fascinated by which parts of mining made money and which merely consumed it. He watched Franco-Nevada’s royalty model grow from mineral interests on Nevada’s Carlin Trend. The arrangement had an appealing asymmetry: exposure to what a mine produced, without employing everybody or paying every bill required to produce it.

“My passion has always been value creation through the discovery process.”David M. Cole

Sell the prospect. Keep the tail.

When Cole helped form Eurasian Minerals in 2003, the company began as an explorer. Its eventual name, EMX Royalty Corporation, made the evolving strategy plain. EMX would acquire promising mineral rights, assemble and improve the geological evidence, and invite a partner to take the project forward. The partner would supply the increasingly serious capital. EMX would receive payments, sometimes shares, and retain a royalty on future production.

The royalty-generation loop

01 / FindAcquire prospective mineral rights

02 / ProveBuild the geological case

03 / PartnerSell or option the project

04 / KeepRetain a production royalty

Cole calls this royalty generation an organic growth strategy. It asks a geological team to be good at more than geology. A prospect has to be credible, but it also has to be marketable. “First and foremost is geological prospectiveness,” he has said. Next comes the probability of selling the asset. Staking ground is easy enough. Turning it into a royalty that another company will spend money to advance is the trick.

The attraction becomes clear when costs rise. Once a project is sold, exploration spending, development studies and construction bills sit on the counterparty’s side of the table. The royalty holder keeps exposure to higher commodity prices and to fresh discoveries on the property. In Cole’s preferred word, it keeps optionality. A mine can deepen, a district can widen, a metal price can climb. The royalty is still there, waiting in the paperwork.

David Cole, right, in conversation with interviewer Devan Murugan at the 2025 PDAC conference in Toronto
At PDAC 2025, Cole sits at the right of the frame and talks royalties with Devan Murugan. The little globe between them is almost too neat: his portfolio argument has always been geographic.

A cheque with comic timing

Patience is delightful after it pays. Before it pays, patience is an excellent way to discover how shareholders sound when they are annoyed. The Malmyzh copper-gold project supplied Cole with both phases.

EMX identified IG Copper and its project in Russia’s Far East as a strategic investment and put roughly US$13 million into the company over time. In 2018, Russian Copper Company bought Malmyzh for US$200 million. EMX received an initial US$65 million distribution. Then, with the relief of a geologist who had finally become a cashier, Cole observed that the cheque “did not bounce.”

He joked that the deal had done wonders for his personality. For years, impatient investors had challenged the wait. Once the money was in the bank, people approached him to shake hands and announce how good it was to see him. The geology had not suddenly changed. Neither had the strategy. Cash had simply made the old conviction sociable.

“You can imagine facing impatient shareholders for years and then when you finally crystallize a big investment and the money is in the bank, they come up and shake your hand.”David M. Cole, after the Malmyzh sale

Malmyzh was not a royalty-generation template in every detail. It was a strategic investment and a lesson in company building. It still revealed Cole’s taste for situations where technical judgment and patient capital could meet. He also co-founded Standard Uranium. Energy Metals Corporation acquired it, and Uranium One later acquired Energy Metals for US$1.8 billion. The outcomes were different; the recurring instrument was an informed claim on mineral potential.

Four turns of the map

1980s-2003

Newmont – exploration and management work across several continents.

2003

Co-founds Eurasian Minerals, the company later renamed EMX Royalty.

2018

The Malmyzh sale brings EMX an initial US$65 million distribution.

2025

EMX merges with Elemental Altus; Cole becomes CEO of Elemental Royalty.

The portfolio becomes the product

A single mine is vulnerable to nearly everything specific: one ore body, one government, one engineering plan, one operator. Cole’s answer was accumulation across metals, countries and stages of development. EMX mixed generated royalties with acquired royalties and strategic investments. Some assets produced cash. Some were being drilled. Others remained geological possibilities with contracts attached.

That variety turns the portfolio itself into the product. The early-stage interests offer discovery potential. Producing royalties offer current revenue. Copper, gold and other metals do not move in perfect unison. Projects advance on their own calendars. No spreadsheet abolishes mining risk, but many unrelated chances can alter its shape.

Cole also emphasizes people. Technical judgment decides which ground deserves attention. Commercial judgment decides how to transact it. Rick Rule, a long-time natural-resource investor, has publicly credited Cole with hiring, motivating and retaining strong geologists. That skill matters because royalty generation is not passive at the start. Before the percentage can sit quietly, a team has to find the opportunity, organize the data and persuade a counterparty to care.

Preserve the upside

A handoff does not have to be an exit. A retained royalty keeps a contractual connection to future success.

Move the heavy bill

The operator funds the expensive steps while the royalty holder remains exposed to production and discovery.

Make expertise transact

Good technical work becomes more valuable when it improves the structure and terms of a deal.

Fund the waiting

Long-cycle conviction needs a portfolio and balance sheet capable of surviving an indifferent calendar.

A larger vessel for the same idea

The November 2025 merger joined EMX with Elemental Altus and installed Cole as CEO of the combined Elemental Royalty Corporation. The transaction expanded the portfolio, paired EMX’s royalty-generation pipeline with Elemental Altus’s producing and acquired royalties, and brought a US$100 million investment from Tether. In February 2026, Cole joined the leadership team to ring the Nasdaq Opening Bell. The scene was several worlds away from a field geologist studying rock, though the enterprise on display still rested on observations that began there.

The new job changes the scale more than the philosophy. Cole has framed the combined company as a broader platform spanning current and future revenue-generating assets. Greater scale can lower dependence on any single mine and provide more capital for acquisitions. It can also create a management test familiar to every collector of assets: a bigger cabinet is useful only if the contents remain intelligible.

Cole’s career suggests he likes intelligible systems. Look first at the geology. Decide whether somebody will want the project. Arrange the deal so success still matters after control changes hands. Repeat without pretending the calendar is yours to command.

Mining works at heavy scale – trucks, pits, mills, balance sheets – yet Cole’s chosen unit is a percentage point. That is the playful paradox of the royalty business. The physical work grows while the owner of a small contractual slice can remain comparatively light. The rocks do not become less stubborn. The capital burden simply moves.

For founders outside mining, the useful part is not the commodity forecast. It is the structure. What can be handed to a better-funded partner? What piece of future value can be kept? Which expertise earns a durable claim rather than a one-time fee? And can the business survive long enough for one percent to become interesting?

Cole has spent four decades asking versions of those questions, first in the field, then in the boardroom. His answer is written across a map of mineral rights: find carefully, transact deliberately, and allow time to reveal how valuable the tiny sentence on the page may become.

Source: https://yespress.io/david-cole