February 17, 2026 – Denver, Colorado: Elemental Royalty Corporation (“Elemental” or “the Company”) (TSX-V: ELE, NASDAQ: ELE) is pleased to announce that its Board of Directors has approved an inaugural dividend policy (the “Dividend Policy”). In accordance with the Policy, Elemental expects to declare an annual cash dividend to its shareholders of US$0.12 per Elemental common share, to be paid in quarterly instalments of US$0.03 per share, with the record date for the inaugural dividend to be paid at the end of the first calendar quarter of 2026, and at the end of each calendar quarter following for subsequent dividends.
The Company is also pleased to announce that it anticipates that qualifying registered shareholders will be able to elect to receive their dividend in the form of Tether Gold XAU₮ tokens, of par value to the dividend price, thereby providing Elemental shareholders with direct ownership of physical gold through their investment in gold royalties.
Highlights
Maiden Dividend Policy approved by the Board of Directors
Expected annual cash dividend of US$0.12 per Elemental share, paid quarterly
Anticipated that qualifying registered shareholders will be able to elect that their cash dividends be invested in Tether Gold’s XAU₮ token
The Dividend to shareholders is supported by Elemental’s strong projected revenue and cash flow growth profile in 2026 and beyond
Further information on how shareholders may elect to receive the dividend or dividend in kind, will be provided in due course
David M. Cole, Chief Executive Officer of Elemental Royalty, commented: “The approval of this dividend policy marks an important milestone in Elemental’s strategic trajectory and reflects our confidence in the strength and momentum of the business; we believe this is the right time to introduce a sustainable, long-term, dividend. The decision to offer investors a dividend in kind, in the form of Tether Gold, further differentiates Elemental as a forward-thinking, growth-oriented investment.”
Stefan Wenger, Chief Financial Officer of Elemental Royalty Corporation, commented: “Our inaugural dividend is underpinned by Elemental’s strong balance sheet and future revenue outlook in the near and longer-term: as of December 31, 2025, we had approximately US$53 million of cash and no debt, providing substantial financial flexibility as we continue to invest in growth. We will continue to maintain a disciplined approach to capital allocation, balancing returning capital to shareholders through a progressive dividend which we intend to maintain, or even increase, without compromising on our strategy of accretive growth through the acquisition and generation of precious metals streams and royalties.”
Juan Sartori, Executive Chairman of Elemental Royalty Corporation, commented: “We believe the initiation of this dividend policy is a world first for a royalty company: we anticipate enabling qualifying shareholders to elect to have their cash dividend invested in the purchase of the Tether XAU₮ token, thereby facilitating for shareholders greater exposure to physical gold through Tether Gold’s stablecoin and retaining real long-term value storage via a practical mechanism for gold-denominated investment returns.”
For almost three decades, Justin Tolman has crafted a career defined by a pioneering spirit and a talent for problem solving. His work has been shaped by a willingness to push into the unknown and be comfortable doing uncomfortable things in pursuit of potential opportunity. The search for buried metals has long driven humanity to explore, settle and ultimately tame some of Earth’s inhospitable places. Tolman’s professional journey reflects that same instinct: a belief that rewards are often found beyond the well-worn path.
Tolman is a third-generation miner who grew up in mining towns. He knew he would be a geologist by his teen years when he realized you could combine a love of the outdoors with the challenge of making discoveries in emerging frontiers. But the path to turning rocks into money is not a straight one.
“Economic geology is a lifelong pursuit focused on the art of turning rocks into value.” —Tolman
Tolman started working in the mining industry after high school, working elbow-deep in grease at a coal mine in Australia before and between pursuing studies at James Cook University. Since then, he has taken on roles at multiple mines and projects, gaining exposure to underground and open-cut operations, greenfield and brownfield exploration,1 learning and applying geochemistry, geophysics and geostatistics. A recurring theme was always trying to look at an enterprise from as many angles as possible. From engineers to metalworkers, Tolman sought collaboration with every team member, building a foundation of practical knowledge and a deep understanding of the mining sector.
Tolman examining artisanal workings underground at the site of a high-grade silver and gold development project in Jalisco, Mexico.
This early foundation laid the groundwork for Tolman’s later career, which increasingly involved corporate development and the valuation of mining properties, blending traditional financial analysis and leveraging his MBA from La Trobe in Australia. Over the years, the push for new challenges led Tolman to relocate himself and his family multiple times across three continents. He has held leadership positions at both multinational mining companies and small entrepreneurial explorers, giving him a broad perspective on the mining industry.
Throughout his education and career, Tolman learned that economic geology is far more than an academic pursuit. It is the art and science of turning (often incomplete) geological data into measurable economic outcomes. At its core, economic geology is about evaluating an ore deposit and determining whether it can generate tangible value. For Tolman, the insight that ultimately drives investment decisions is an analytical framework, derived from rigorous geologic study and bolstered by high-quality fieldwork. That distinction—between understanding geology and applying it to capital allocation—is what separates theory from actionable advantage.
Economic geologists live in two worlds simultaneously as they apply a business or finance lens to a sector that often operates on the edges of civilization. A spirit of exploration is what built the mining industry, and it continues to drive it today. Economic geologists are responsible for identifying resources, conducting economic evaluations and assessing risks. With global demand for materials set to double by 2040,2 the role of economic geologists is likely to grow in importance. This journey from discovery to production begins with assessing not only what lies in the ground but also whether it can be developed responsibly and profitably.
Tolman exploring early-stage, emerging copper discoveries in the Democratic Republic of the Congo.
First on the Scene: Identifying Mining Resources
Most exploration and new mineral discoveries are pioneering activities conducted in remote places worldwide. If a discovery is of sufficient importance, a mine will be developed, with infrastructure around it, providing jobs and resources for a growing community. This is where balance comes into play. Responsible mining companies strive to both unlock natural resources and support areas that are experiencing new growth and development.
“Mineral discoveries contribute more than raw resources. The investment in infrastructure like roads, power, ports and services follows; later, ancillary services can spring up, and over time, new communities take shape, pushing civilization forwards.” — Tolman
Emerging regions present both opportunities and challenges, but when development is approached responsibly, Tolman believes the benefits far outweigh the risks. There are examples of success, particularly this century, of meaningful engagement with First Nations and local stakeholders in resource-rich countries like Canada, Australia and Chile, with well-developed mining industries, setting a high standard. These collaborative models are now being adopted globally, demonstrating how inclusive practices can drive sustainable progress.
Tolman reviewing a zinc-silver-tin discovery being delineated in the Andes in Central Peru with local geologists.
Geologists often serve as the mining industry’s front line, first venturing into new regions to identify and conceptualize potential targets. Their role extends beyond technical expertise and they often serve as ambassadors for what follows: engaging with local communities, tribal leaders and stakeholders to build trust and clarify intentions. Success depends on cultural sensitivity and effective communication; without it, projects can falter before they begin.
“If you minimize your environmental impact, treat stakeholders with respect and operate with quality governance, that’s simply a formula for good business. It is not something we needed a new acronym for.” —Tolman
While mining can bring transformative benefits, such as living wages and career opportunities in areas where employment is scarce, it is important to acknowledge that resources are finite. The goal is to ensure that, by the time extraction ends, sustainable businesses and transferable skills have been established, creating lasting opportunities beyond the mine’s life. Increasingly, the mining industry is focused on fostering these outcomes through local enterprise development and skill-building initiatives.
Turning Raw Geology into Real-World Value
The work at the mine site and in the community is just the beginning. Once a mining resource has been identified, the project’s viability must be continually assessed through modeling and planning. Mine development and production are not quick processes. On average, it takes 15 to 20 years from discovery to production.3
Once data from drilling, mapping and sampling are collected, 3-D models of the mine are created, and resources are classified. This leads to the planning of the mine and the infrastructure surrounding it. Capital expenditures (CAPEX) and operating expenditures (OPEX) are determined, followed by revenue projection, financial modeling and analysis.
Tolman and crew examining core samples from the Platreef platinum-palladium-nickel mine in South Africa just ahead of first production after years of delineation and development.
Pressure Testing Scenarios
Mining projects rarely unfold as planned. Geology varies, geopolitical conditions shift, permitting timelines slip, costs escalate and commodity prices swing. Because of this, economic geologists pressure-test multiple scenarios before committing capital. Their evaluations funnel into “stage-gates” that determine whether a mining project is viable and investable. Even with this research, fewer than 1% of exploration projects reach production.4
Is there a deposit?
At the ground level, an economic geologist needs to confirm whether mineralization exists in meaningful quantity, quality and continuity. This includes extensive analysis, assessments and evaluation of any uncertainties.
Can it be mined?
If the deposit exists, the ability for it to be mined needs to be appraised. Economic geologists and a variety of other professionals work collaboratively to determine which type of mine could be developed (open pit, underground or hybrid), mitigate geotechnical and metallurgical risks, and identify infrastructure requirements.
Can it make money?
For this step, economic geologists work with engineers and analysts to determine the project’s feasibility, including its sensitivity to commodity prices, estimated position on the cost curve, expected margins and potential complexities.
Can it be permitted and sustained?
Even if the project is deemed viable and profitable, it can still face many hurdles. Permitting timelines, environmental constraints, community engagement risks and jurisdictional stability can all affect a mine’s long-term sustainability.
Where Geology Meets Capital and Meaningful Differentiation
While identifying promising deposits is critical, fieldwork alone is not enough when investing in mining equities. Geological insights must be translated into actionable investment intelligence. Tolman is convinced that blending economic geology with mining equity investing provides clear and meaningful differentiation. By grounding investment decisions in first principles geological analysis,5 independent views can be formed regarding a project’s potential rather than relying on company narratives or sell-side interpretations.
This discipline may allow promising discoveries to be identified earlier than peers, often well before they are appreciated by the broader market, creating potential opportunities for more attractive entry points. Equally important, geological expertise helps surface fatal flaws and material risks that may be overlooked by the average market participant, likely enabling downside exposure to be managed. Additionally, economic geologists’ bird’s-eye view of the industry allows them to interpret growing trends that can drive long-term market positioning.
While most financial professionals feel at home in the boardroom, Justin Tolman is equally comfortable with his boots on the ground. His work in the field spans continents, commodities and a variety of economic conditions. Tolman has been deeply involved in every layer of resource exploration, from identifying mineralization to assessing resources and determining whether they can be economically extracted. So, when it comes to investing, he and the investment team at Sprott bridge macro and micro: connecting top-down commodity fundamentals to bottom-up asset-level realities through a perspective shaped by years of hands-on geological and commercial experience.
At Sprott, Tolman applies his expertise as an economic geologist to translate field data into investment insight. He integrates analysis of macroeconomic forces shaping commodity markets with evaluation of individual mining companies to inform portfolio construction and capital allocation. His work focuses on identifying and supporting new mine development opportunities, with the aim of generating value for clients while contributing to the growth of local economies and communities.
“I have spent my career moving across the world, working in mines, doing exploration, valuing projects and helping make discoveries in multiple continents. I’ve stopped counting, but I have lived, worked and undertaken project reviews in more than 40 countries. This ‘renaissance geologist’ experience has given me deep insight into what it takes to succeed in this industry. This is a valuable tool when evaluating potential mining and metals investments, helping to efficiently and effectively evaluate new companies, teams and projects.” —Tolman
Tolman in the Cote d’Ivoire holding a freshly poured gold bar from a new gold mine.
About Justin Tolman, BSc (Hons), MBA
Managing Partner, Sprott Inc. & Senior Portfolio Manager and Economic Geologist, Sprott Asset Management USA, Inc.
Justin Tolman joined Sprott in 2018 as an economic geologist. He specializes in project and company evaluations. Tolman is a Portfolio Manager for Sprott Gold Equity Fund, Senior Portfolio Manager, Economic Geologist, of Sprott Concentrated M&A Strategy, and Portfolio Manager of Sprott Active Gold & Silver Miners ETF (GBUG) and Sprott Active Metals & Miners ETF (METL). For the two decades prior to joining Sprott, Tolman held a series of increasingly senior roles with global mining and exploration companies, including Newmont, New Gold, Exeter Resources and MIM Holdings, managing programs and leading discovery teams across the globe. Mr. Tolman holds a BSc with 1st Class Honors in Economic Geology from James Cook University (Queensland) and an MBA from La Trobe University (Victoria). He is a fellow of the Society of Economic Geologists and the Australian Institute of Geoscientists, and a registered Professional Geologist with the Association of Professional Geoscientists of Ontario (APGO).
Vancouver, British Columbia–(Newsfile Corp. – February 10, 2026) – Minaurum Silver Inc. (TSXV: MGG) (OTCQX: MMRGF)(“Minaurum”) is pleased to report results from the first holes of its Phase 2, 50,000-meter resource-expansion drill program at the Alamos Silver Project (“Alamos”) in Sonora, Mexico. The program is targeting the Europa, Promontorio, and Travesia vein zones and has returned multiple high-grade silver intersections (Table 1, Figures 1-4).
Highlights include:
12.35 m of 408 g/t silver equivalent (“AgEq”), including 3.20 m of 1,277 g/t AgEq (Hole AL25-163)
2.35 m of 374 g/t AgEq (Hole AL25-153)
“Hole AL25-163 confirms the continuity of high-grade silver mineralization well beyond the current inferred resource in the Europa Vein Zone,” said Darrell Rader, President and CEO of Minaurum Silver. “Stepping out 250 metres and intersecting strong grades and widths demonstrates the scale of the system. With the mineralization remaining open both down dip and along strike, these results support our strategy to significantly expand the Alamos resource with continued drilling.”
Europa Vein Zone
The defined resource of the Europa vein zone occupies about 1 km of its surface-traced 3-km strike length. Recent assay results extend high-grade mineralization along strike, particularly the 1 km extension to the south at Europa. Hole AL25-163 intersected a significant wide interval of 12.35 m zone averaging 408 g/t AgEq, including 3.20 m of 1,277 g/t AgEq (1,032 g/t Ag, 0.278 g/t Au, 0.692% Cu, 5.477% Pb, 2.379% Zn). Hole AL25-154 returned 1.05 m of 231 g/t AgEq, including 0.25 m of 700 g/t AgEq (355 g/t Ag, 1.86 g/t Au, 1.45% Cu, 0.77% Pb, 1.89% Zn) (See Table 1, Figures 2 and 3).
Figure 1. Plan view showing locations of Travesia, Quintera, Promontorio, and Europa vein zones. Click to enlarge.
Figure 3. Cross section of Europa and Nueva Europa vein zones, showing hole AL25-163. EV=volcanic rocks, CZ=marble and skarn, GR=granodiorite. Click to enlarge.
Table 1. Assay Highlights for Europa Vein Zone – Europe Sur, Europa and Europa Norte. Hole locations are shown in Figure 2 and 3.
Weight-averaged silver-equivalent grades are based on 1) October 1, 2025 Long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast: Ag $29.73/tr oz, Au $2,646/tr oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb; 2) Metallurgical recovery assumptions:88.3% for Ag, 88.5% for Au, 75.5% for Cu, 83% for Pb, and 75% for Zn; and 3) Refinery payable assumptions: 95% for Ag, 95% for Au, 96.5% for Cu, 95% for Pb, and 85% for Zn.
EUROPA SUR
Hole
From (m)
To (m)
Interval (m)
Ag g/t
Au g/t
Cu %
Pb %
Zn %
AgEq g/t
AL25-154
99.50
100.65
1.15
95
0.01
0.19
0.32
1.11
143
131.55
131.75
0.20
349
0.05
0.31
0.48
1.58
425
220.20
221.25
1.05
132
0.45
0.44
0.25
0.69
231
including
220.20
220.45
0.25
355
1.86
1.45
0.67
1.89
700
263.70
265.20
1.50
4
0.87
0.01
0.02
0.20
89
AL25-155
174.25
175.35
1.10
57
0.09
0.12
0.74
1.59
125
AL25-156
440.30
441.00
0.70
35
0.00
0.09
0.40
1.13
75
AL25-157
245.10
248.45
3.35
43
0.02
0.11
0.30
0.90
80
including
247.15
248.10
0.95
107
0.07
0.16
0.89
2.22
193
AL25-158
45.75
47.30
1.55
41
0.00
0.02
0.12
0.11
49
AL25-163
280.20
292.55
12.35
318
0.09
0.35
1.60
0.90
408
including
280.20
287.20
7.00
523
0.14
0.44
2.78
1.36
659
which includes
280.20
283.40
3.20
1032
0.27
0.69
5.47
2.37
1277
and
285.80
287.20
1.40
149
0.05
0.38
0.90
0.68
220
and
289.80
292.55
2.75
85
0.02
0.39
0.05
0.42
132
AL25-164
121.45
123.00
1.55
41.2
0.00
0.02
0.08
0.03
46
AL25-166
255.35
255.70
0.35
46.4
0.00
0.23
0.47
1.19
102
280.30
281.35
1.05
110
0.05
0.85
0.14
0.36
199
including
281.00
281.35
0.35
155
0.12
2.41
0.31
0.92
402
AL25-167
289.40
289.75
0.35
64
0.02
0.18
0.10
0.75
101
298.35
298.85
0.50
236
0.05
0.27
0.78
1.77
318
EUROPA
Hole
From (m)
To (m)
Interval (m)
Ag g/t
Au g/t
Cu %
Pb %
Zn %
AgEq g/t
AL25-150
368
370.25
2.25
107
0.02
0.20
1.61
1.55
193
including
368.5
369.05
0.55
272
0.03
0.26
4.72
1.84
432
AL25-152
161.5
166.1
4.6
77
0.07
0.32
0.39
1.15
144
including
164.5
165.45
0.95
90
0.11
0.63
0.49
1.74
202
AL25-153
129.05
131.4
2.35
240
0.06
0.70
1.76
1.46
374
including
130.85
131.4
0.55
487
0.16
0.95
4.25
2.09
714
AL25-164
121.45
123.00
1.55
41.2
0.00
0.02
0.08
0.03
46
EUROPA NORTE
HoleID
From (m)
To (m)
Interval (m)
Ag g/t
Au g/t
Cu %
Pb %
Zn %
AgEq g/t
AL25-162
450.00
450.40
0.40
48
0.01
0.17
0.47
0.68
88
Promontorio Vein Zone
The 1 km-long Promontorio vein zone consists of multiple veins including the Veta Grande and Veta Las Guijas veins. Drilling to date at Promontorio and Promontorio Sur has intersected mineralization in epithermal vein-hosted cutting volcanic and intrusive rocks in addition to skarn/carbonate-replacement (CRD) mineralization hosted by limestone in the footwall of the vein zones. Hole AL25-159 continued mineralization and intersected 4.40 m of 154 g/t AgEq including 1.35 m of 189 g/t AgEq in an epithermal vein (Table 2, Figure 4).
Travesia – La Quintera Vein Zones
The Travesia vein zone lies to the north of the Promontorio zone and continues north in the hanging wall of the La Quintera vein zone. Hole AL25-165 aimed at the Travesia and La Quintera vein zones in the northern part of the Travesia-Quintera zone, and intersected narrow but encouraging mineralization of 0.95 m of 148 g/t AgEq, including 0.40 m of 221 g/t AgEq in the extension of the Travesia vein.
Figure 4. Longitudinal section of Travesia-Promontorio vein zones, showing locations of highlighted mineralized intersections. Click to enlarge.
Table 2. Assay Highlights for Travesia-Promontorio Vein Zone. Hole locations are shown in Figure 4.
Weight-averaged silver-equivalent grades are based on October 1, 2025 Long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast: Ag $29.73/tr oz, Au $2,646/tr oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb. Metallurgical recovery assumptions applied are 88.3% for Ag, 88.5% for Au, 75.5% for Cu, 83% for Pb, and 75% for Zn. Refinery payable assumptions applied are 95% for Ag, 95% for Au, 96.5% for Cu, 95% for Pb, and 85% for Zn.
PROMONTORIO
Hole
From (m)
To (m)
Interval (m)
Ag g/t
Au g/t
Cu %
Pb %
Zn %
AgEq g/t
AL25-151
390.85
391.35
0.5
32
0.00
0.03
0.23
0.02
40
AL25-159
102.35
106.75
4.40
28
0.04
0.32
1.03
3.43
154
including
104.60
105.95
1.35
35
0.03
0.37
1.01
4.62
189
AL25-161
182.30
182.80
0.50
96.3
0.16
0.18
0.22
0.63
145
AL25-162
450.00
450.40
0.40
48
0.01
0.17
0.47
0.68
88
TRAVESIA
Hole
From (m)
To (m)
Interval (m)
Ag g/t
Au g/t
Cu %
Pb %
Zn %
AgEq g/t
AL25-165
72.80
73.75
0.95
105
0.00
0.37
0.23
0.24
148
Share Issuance Update
The Company wishes to clarify its news release filed on December 11, 2025 and material change report filed on December 18, 2025. The aggregate number of units issued pursuant to the Company’s brokered private placement which closed on December 11, 2025 was understated by one unit and the Company now wishes to correct this disclosure to reference a total of 69,444,443 units (previously disclosed as 69,444,442 units). In addition, insider participation was understated by one unit and should be corrected to a total of 191,223 units (previously disclosed as 191,222 units). Please refer to the Company’s December 11, 2025 news release for additional details relating to the private placement.
Minaurum Silver Inc. (TSXV: MGG) (OTCQX: MMRGF) (FSE: 78M) is focused on advancing and expanding its high-grade, 100% owned, production-permitted Alamos Silver Project in southern Sonora, Mexico. The Alamos Project hosts a National Instrument 43-101-compliant inferred mineral resource of 55 million ounces of silver equivalent, grading 320 g/t AgEq. Led by a team of proven silver-mine builders with a track record of advancing projects from discovery through development, Minaurum has assembled a strong pipeline of exploration and development assets across Mexico and the United States.
ON BEHALF OF THE BOARD
“Darrell A. Rader“
Darrell A. Rader President and CEO
For more information, please contact: Sunny Pannu – Investor Relations and Corporate Development Manager (778) 330 0994 or via email at pannu@minaurum.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Data review and verification: Stephen R. Maynard, Vice President of Exploration of Minaurum and a Qualified Person (QP) as defined by National Instrument 43-101, reviewed and verified the assay data, and has approved the disclosure in this News Release. Verification was done by visual inspection of core samples and comparison to assay results. Assay results have not been checked by re-analysis. No factors were identified that could materially affect the accuracy or reliability of the data presented in this news release.
Analytical Procedures and Quality Assurance/Quality Control: Preparation and assaying of drilling samples from Minaurum’s Alamos project are done with strict adherence to a Quality Assurance/Quality Control (QA/QC) protocol. Core samples are sawed in half and then bagged in a secure facility near the site and then shipped either by a licensed courieror by Company personnel to ALS Minerals’ preparation facility in Hermosillo, Sonora, Mexico. ALS prepares the samples, crushing them to 70% less than 2mm, splitting off 250g, and pulverizing the split to more than 85% passing 75 microns. The resulting sample pulps are prepared in Hermosillo, and then shipped to Vancouver for chemical analysis by ALS Minerals. In Vancouver, the pulps are analyzed for gold by fire assay and ICP/AES on a 30-gram charge. In addition, analyses are done for silver, copper, lead, and zinc using 4-acid digestion and ICP analysis. Samples with silver values greater than 100 g/t; and copper, lead, or zinc values greater than 10,000 ppm (1%) are re-analyzed using 4-acid digestion and atomic absorption spectrometry (AAS).
Quality-control (QC) samples are inserted in the sample stream every 20 samples on average, and thus represent 5% of the total samples. QC samples include standards, blanks, and duplicate samples. Standards are pulps that have been prepared by a third-party laboratory; they have gold, silver, and base-metal values that are established by an extensive analytical process in which several commercial labs (including ALS Minerals) participate. Standards test the calibration of the analytical equipment. Blanks are rock material known from prior sampling to contain less than 0.005 ppm gold; they test the sample preparation procedure for cross-sample contamination. In the case of duplicates, the sample interval is cut in half and then quartered. The first quarter is the original sample, the second becomes the duplicate. Duplicate samples provide a test of the reproducibility of assays in the same drilled interval. When final assays are received, QC sample results are inspected for deviation from accepted values. To date, QC sample analytical results have fallen in acceptable ranges on the Alamos project.
When final assays are received, QC sample results are inspected for deviation from accepted values by the QP. To date, QC sample analytical results have fallen in acceptable ranges on the Alamos project.
ALS Minerals is independent of Minaurum Silver and is independent of the Qualified Person.
Cautionary Note Regarding Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
In making the forward-looking information in this release, Minaurum has applied certain factors and assumptions that are based on Minaurum’s current beliefs as well as assumptions made by and information currently available to Minaurum. Although Minaurum considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information.
Readers are cautioned not to place undue reliance on forward-looking information. Minaurum does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by law.
Edmonton, Alberta–(Newsfile Corp. – February 4, 2026) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that a crew from Peter E. Walcott and Associates has mobilized to Greenwood to commence an Induced Polarization (IP) program in early 2026 to follow up excellent prior results from both surface sampling and historical drilling at the Sappho Critical Minerals Target (Figure 1). In light of the current escalating metal prices for critical minerals/metals including copper (Cu), platinum (Pt), palladium (Pd), gold (Au) and silver (Ag), the Sappho Skarn/Porphyry Target warrants follow-up exploration including drilling. Three lines of IP are planned prior to the commencement of drilling. The drilling is slated to begin approximately mid-February.
Highlights
The Geological Setting is the East Fault Contact of the Toroda Graben with numerous pyroxenite-monzonite-diorite (older) and younger QFP-diorite (Tertiary) intrusions into intermediate-mafic volcanics along with a complex magnetic feature at the Sappho CG area (Figure 1).
The East and West Faults of the Toroda Graben likely played a role in controlling the Au-Ag mineralization for the Buckhorn Skarn and Mine to the southwest and the Cu-Au-Ag mineralization for the Motherlode/Greyhound skarns to the north (Figure 2).
Skarn and porphyry style alteration and mineralization along with Cu-PGE’s-Au-Ag are observed in outcrop and drill core along with a complex magnetic signature in the Main Sappho CG area.
Five (5) new sulphide showings were discovered during 2022 field work, with 4 of the 5 showings yielding rock grab samples with >1% copper (Cu) up to as high as 7.25% Cu (Figure 1 and see Grizzly news release dated November 3rd, 2022).
A total of 17 rock grab samples returned values >1% Cu up to 9.06% Cu, many also with anomalous gold (Au), silver (Ag), platinum (Pt) and palladium (Pd).
A total of 11 samples have yielded >500 parts per billion (ppb) Pt and Pd up to 4.64 grams per tonne (g/t) Pt and up to 2.28 g/t Pd.
The Sappho area is being targeted for copper-gold skarn and porphyry type targets associated with a Jurassic alkalic intrusive complex and several younger diorite intrusions (Figure 1). A total of five new showings of copper oxide mineralization were found during the 2022 program (Figure 1). Previous surface sampling and drilling by Grizzly has yielded significant anomalous copper, gold, silver along with platinum and palladium. Numerous historical and new rock grab samples have yielded greater than 1% Cu, 1 g/t Au, 1 g/t Ag, 1 g/t Pt and 1 g/t Pd (Figure 1).
Historical 2010 drilling by the Company (4 core holes) yielded up to 0.31% Cu, 0.75 g/t Au, 0.34 g/t Pt, 0.39 g/t Pd and 6.57 g/t Ag over 6.5 m core length in skarn at Sappho (in hole 10SP03), including a 1 m core length intersections of 3.82 g/t Au and 199 g/t Ag, and in a separate sample 1.83 g/t Pt and 2.09 g/t Pd across 1 m – these results all are associated with >1% Cu in those samples. These higher grade zones were contained within a 63.5 m core length zone logged as a pyroxene – sulphide skarn with a grade approaching 0.7% copper equivalent derived from current metal prices for Cu, Au, Ag, Pt and Pd. Drillhole 10SP03 targeted a magnetic anomaly and had no indications of surface mineralization at the time of drilling. One of the new 2022 showings has been found proximal to drillhole 10SP03 and the targeted magnetic anomaly.
Figure 1: Sappho Rock Sampling Summary 2026 and Planned IP and Drillhole Locations.
Brian “Griz” Testo, President & CEO of Grizzly Discoveries, states, “New results are providing significant targets indicated by high-grade copper samples at surface. Anomalous ground magnetics has also outlined multiple new targets across the Sappho Project. I am excited to see what IP might indicate – Grizzly will continue to refine these targets to the drill ready stage for anticipated drilling in the next month and potentially identifying some new discoveries.”
The Company is continuing with surface exploration in the Greenwood area. Crews from APEX Geoscience Ltd. completed soil and rock sampling in August through to October and the exploration work is ongoing. Work including prospecting, rock and soil sampling has been conducted at targets in the Rock Creek area, the Midway area, the Copper Mountain area, the Overlander-Attwood area and the Sappho area to date (Figure 2). Additional groundwork including ground geophysical surveys are being planned and will comprise IP, magnetics and Loupe electromagnetics (EM) for the Sappho, the Midway and Motherlode areas (Figure 2).
Rock (>200 samples) and soil sampling results from the 2025 fieldwork are pending and will be released as they are received.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
QUALIFIED PERSON STATEMENT
The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is a non-independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
Vancouver, British Columbia, February 02, 2026 – Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF) is pleased to announce that it has received acceptance into the U.S. Defense Industrial Base Consortium (“DIBC”), a U.S. Department of Defense-supported initiative designed to support collaboration across industry, academia, and government in advancing solutions relevant to U.S. defense and national security priorities.
The DIBC focuses on strategic and critical materials and technologies essential to U.S. national security, including initiatives to improve the resilience and security of domestic critical mineral supply chains that support defense and industrial applications[1].
Apollo Silver’s U.S.-based Calico Project hosts significant silver mineralization alongside barite and zinc, which are classified as critical minerals on the USGS List of Critical Minerals and play important roles in industrial, infrastructure, and defense-related applications.
As a member of the DIBC, Apollo Silver joins a network of traditional and non-traditional defense contractors, research institutions, and federal agencies working to advance innovation at speed. Membership provides the Company with opportunities to engage in federally sponsored initiatives related to critical materials supply chains, including the mining and processing of silver, zinc, and barite.
“Apollo Silver’s acceptance into the DIBC reflects the growing strategic importance of U.S.-based critical mineral assets, including silver, following its inclusion on the USGS List of Critical Minerals in November 2025,” said Ross McElroy, President and CEO of Apollo Silver. “With one of the largest undeveloped primary silver assets in the United States and meaningful exposure to industrial critical minerals such as barite and zinc, we believe Apollo Silver is well positioned to align with U.S. priorities focused on supply-chain security, industrial resilience, and national defense.”
About Apollo Silver Corp.
Apollo Silver is advancing the second largest undeveloped primary silver projects in the US. The Calico Project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the U.S. energy, industrial and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo is well positioned to advance the assets and deliver value through exploration and development.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the expected benefits of the Company’s acceptance into the U.S. Defense Industrial Base Consortium (“DIBC”), the Company’s ability to maintain its membership in the DIBC and pursue opportunities arising therefrom, and the advancement and development potential of the Company’s projects, including the Calico Project and the Cinco de Mayo Project. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with the Company’s ability to maintain DIBC membership and realize anticipated benefits therefrom; changes in government priorities, programs, funding or procurement processes; the risk that membership in the DIBC does not result in any specific contracts, funding, or other opportunities; risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Apollo Silver: Capitalized, Strategically Backed, and Positioned for the Next Silver Cycle
In a recent episode of Proven and Probable, host Maurice Jackson spoke with Ross McElroy President and CEO of Apollo Silver, to discuss the company’s latest financing, strategic shareholder support, and its growth strategy amid a strengthening silver market.
Apollo Silver recently completed a $27.5 million financing, increasing its treasury to nearly $60 million. The raise was led primarily by strategic investors and insiders, most notably Eric Sprott and Jupiter Asset Management, Apollo Silver’s two largest shareholders. Their continued participation and increased ownership underscore strong institutional confidence in the company’s assets, leadership, and execution capability.
The majority of the capital will be deployed at Apollo Silver’s Calico Project in San Bernardino County, California, one of the largest primary silver deposits in the United States. Calico hosts an updated mineral resource totaling approximately 125 million ounces of silver in the Measured and Indicated category, with an additional 58 million ounces inferred. Planned work includes advanced metallurgical testing, geotechnical studies, recovery optimization, mine planning, and exploration across an expanded land package.
Mr. McElroy addressed investor concerns regarding California as a mining jurisdiction, emphasizing that San Bernardino County is mining-friendly, with a long history of active mining operations and strong local support for responsible resource development.
In addition to Calico, Apollo Silver controls the Cinco de Mayo Project in Chihuahua, Mexico, a high-grade carbonate replacement deposit originally discovered by MAG Silver. The project hosts a substantial historic resource and significant expansion potential. Should Apollo Silver secure a long-term access agreement with the local community, Cinco de Mayo has the potential to become a company-making flagship asset, given its scale, grade, and jurisdiction.
The conversation also explored silver’s evolving role as both a precious and industrial metal, particularly following its designation as a U.S. critical mineral. With rising demand from solar energy, electronics, defense applications, and persistent global supply deficits, Apollo Silver is positioning itself to benefit from favorable long-term market fundamentals.
With a strong balance sheet, top-tier shareholders, two world-class silver assets in stable jurisdictions, and an experienced management team, Apollo Silver enters the coming year with multiple catalysts and a clear path forward.
Hong Kong billionaire Cheah Cheng Hye has quietly turned a quarter of his fortune into gold, betting that in an era of sanctions, seizures, and geopolitical shocks, nothing beats metal you can touch.
“If you have the physical gold in the warehouse or in your bank safe, nobody owes you anything,” he told Bloomberg News last week.
While he didn’t confirm his family office’s performance and holdings, a source told Bloomberg that precious metals make up about 25% of the $1.4 billion portfolio.
The 71-year-old Cheah, who built Value Partners Group into a multibillion-dollar Hong Kong asset manager, is an outlier in the world of ultrahigh-net-worth investing, with the UBS Global Family Office Report 2025 putting the average allocation to gold and other precious metals at just 2% in 2024. Nevertheless, the billionaire urged investors to rethink their mix altogether, advocating a portfolio split of 60% equities, 20% bonds, and 20% precious metals, led by gold.
Cheah’s interview with Bloomberg took place after the gold boom of 2025, when a series of geopolitical shocks encouraged investors to seek safety in the yellow bars, but before gold set another new record, rocketing past $5,000 per ounce for the first time ever on Jan. 24.
As Fortune’s Jim Edwards noted shortly before this new milestone, the Trump “TACO trade” has been driving up the price of gold as central banks hoard bullion to hedge against the dollar. JPMorgan analysts wrote in mid-2025 that more gold increases could be coming if—and when—foreign investors continue shifting away from Treasury bonds.
Hong Kong billionaire Cheah Cheng Hye
‘Vault flight’ and distrust of the West
Behind the gold rush is Cheah’s conviction that global finance has entered what he calls a period of massive “vault flight.” The freezing of Russian assets after the 2022 invasion of Ukraine, and more recent tensions involving Venezuela and Iran, have convinced him that politically exposed money is safer closer to home. Wealthy Asian families, he argued, are increasingly repatriating funds to insulate themselves from U.S. sanctions or potential asset seizures.
For those investors, he said, physical bullion is the preferred refuge. Cheah’s holdings are backed by gold stored in a Hong Kong government warehouse at the city’s airport, and he insists Asia‑based wealth should favor metal in vaults over “paper gold” such as purely synthetic products. His mantra—that nobody owes you anything if you hold the metal yourself—captures both skepticism about Western financial plumbing and a deeply conservative instinct about security.
Cheah’s gold pivot is also institutional. Frustrated by Western vault arrangements after he began buying in 2008, he helped launch the Value Gold ETF in 2010, designed to store physical bullion at Hong Kong’s airport facility. He remains the fund’s largest holder, with a stake worth about 1.3 billion Hong Kong dollars, or roughly $167 million, people familiar with the matter told Bloomberg.
Cheah’s bullish stance has been buttressed by markets. Entering 2026, gold, silver, copper, and tin have all hit record highs, buoyed by expectations of Federal Reserve easing, political pressure from President Donald Trump’s administration, and persistent geopolitical tensions. Silver, which he also favors, has roughly tripled over the past year, far outpacing even gold’s gains.
While Cheah may be an outlier among ultrahigh-net-worth investors, more big names in finance are coming around to his viewpoint as well. JPMorgan CEO Jamie Dimon, for instance, told Fortune in November that it was “semi-rational” for the first time in his life to have gold in one’s portfolio. That same month, “bond king” Jeffrey Gundlach said that gold had become a “real asset class” that was no longer limited to “survivalists” or “crazy speculators.” Instead, he said, people were allocating “real money because it’s real value.” Gundlach suggested maintaining an allocation, perhaps around 15% of a portfolio, because it was consolidating somewhat.
Cheah began his career as a financial journalist with the Asian Wall Street Journal and Far Eastern Economic Review, before establishing the Hong Kong/China equities research department at Morgan Grenfell Group in Hong Kong, where he was also head of research and a proprietary trader.
Vancouver, British Columbia–(Newsfile Corp. – January 28, 2026) – Minaurum Silver Inc. (TSXV: MGG) (OTCQX: MMRGF) (“Minaurum” or the “Company”) is pleased to announce the completion of an Inferred Mineral Resource Estimate (“Resource Estimate”) at its 100%-owned Alamos Silver Project (“Alamos”) located in Sonora, Mexico.
Highlights:
High Grade Inferred Mineral Resource: Resource Estimate of 5.37 million tonnes (Mt) grading 202 g/t silver, 0.21 g/t gold, 0.43% copper, 0.97% lead, and 2.01% zinc, or 320 g/t silver equivalent (“AgEq“) and containing 34.8 million ounces (“Moz”) of silver; 35,640 ounces of gold; 51.0 million pounds of copper; 115 million pounds of lead; and 238 million pounds of zinc; or 55.2 Moz AgEq (Table 1).
Conservative Assumptions Showcase Robust Mineralization: Calculations include smelter and processing deductions typically associated with more advanced resource estimates. Sensitivity analysis further indicates that the resource remains resilient at higher cut-off grades than 150 g/t AgEq, emphasizing the high-grade nature of the mineralization. (Table 2).
Growth Potential: The Resource Estimate encompasses portions of the Promontorio, Travesia, and Europa vein zones-three of the twenty-six vein zones identified at Alamos. The resource is open along strike and at depth, offering significant potential for expansion through the ongoing Phase II 50,000 m resource expansion drill program.
The Resource Estimate, completed by Independent Mining Consultants, Inc., is based on a total database of 104 drill holes, totaling 35,888.15 metres and 10,194 samples. The Resource Estimate is classified as an Inferred Mineral Resource in accordance with CIM Definition Standards, with an effective date of January 8, 2026.
“Our inferred resource estimate of 55 million ounces of AgEq, defined across portions of just three of the 26 identified vein zones at Alamos, represents a major milestone for Minaurum,” stated Darrell Rader, President and CEO of Minaurum Silver. “The estimate establishes Alamos as a high-grade silver district with a rare combination of grade and width, with each of the vein zones included remaining open for expansion. Our next step is to aggressively grow the resource through the ongoing Phase II 50,000-metre resource expansion drilling program. I would like to thank the entire Minaurum team, along with our contractors and local communities, for their contributions to this achievement.”
The Resource Estimate conforms with the requirements of NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). The Resource Estimate is entirely classified as Inferred Mineral Resources. Inferred Mineral Resources have been estimated from geological evidence and limited sampling and have a lower level of confidence than Measured and Indicated Mineral Resources and must not be converted to Mineral Reserves. There is no certainty that Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources.
Weight-averaged silver-equivalent (“AgEq”) grades are based on the October 1, 2025 long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast, using metal prices of US$29.73/oz Ag, US$2,646/oz Au, US$4.34/lb Cu, US$0.92/lb Pb, and US$1.21/lb Zn. Metal recovery assumptions, based on comparable projects, are 88.3% Ag, 75.0% Au, 75.5% Cu, 83.1% Pb, and 75.5% Zn. Assumed refinery payables are 95% Ag, 95% Au, 96.5% Cu, 95% Pb, and 85% Zn.
The Resource Estimate is reported at a cut-off grade of 150 g/t AgEq.
Unit cost assumptions are $50/t mining, $30.22/t for processing and G&A, and $19.50/t for smelting and refining.
Bulk density values applied are 2.72 t/m³ for the Promontorio and Travesía zone veins and 2.63 t/m³ for the Europa zone veins.
The Resource Estimate is reported on a 100% project basis and reflects reasonable prospects for eventual economic extraction.
The effective date of the Resource Estimate is January 8, 2026.
There are no known legal, political, environmental, or other risks that, to the knowledge of the Qualified Persons, could materially affect the potential development of the Mineral Resources.
All figures are rounded to reflect the relative accuracy of the Resource Estimate. Totals may not sum exactly due to rounding.
The Resource Estimate lies in portions of the 3 veins of the 26 identified veins in the Alamos district, roughly 2 kilometres of approximately 30 known kilometres of cumulative vein strike length (Figures 1-3).
Figure 1. Alamos Silver Project Vein Zones – 55.2 Moz AgEq grading 320 g/t AgEq lies on Promontorio, Travesia, and Europa vein zones located within the black boxed outlines.
Drill hole spacing within the modeled vein domains averages approximately 80 metres, with locally tighter spacing in higher-grade portions of the Promontorio vein zone. Most of the resource occurs in unmined zones, with partially mined-out areas in the Promontorio vein zone. Interpreted void volumes associated with historical mining have been deducted from the Resource Estimate based on interpretations of historical longitudinal sections, mine maps, and drill hole data. The resource remains open in along strike and down dip on both the Promontorio and Europa vein zones. Multiple other veins in the district have high-grade intercepts that await potential resource definition.
Figure 2. Travesia-Promontorio vein zone longitudinal section. Dotted line indicates the outline of the geological model used in calculating resources. This vein zone comprises 28.7 Moz AgEq grading 276 g/t AgEq. Click to enlarge.
Figure 3. Europa vein zone longitudinal section. Dotted line indicates the outline of the geological model used in calculating resources. This vein zone comprises 26.5 Moz AgEq grading 386 g/t AgEq. Click to enlarge.
The Alamos Project Resource Estimate is based on the following key assumptions and parameters: specific gravity values of 2.72 for the Promontorio and Travesia veins and 2.63 for the Europa vein, derived from Minaurum’s test work based on 151 wax-coated density measurements; vein domains were modelled to reflect the interpreted vein geology, including vein continuity, thickness, and structural controls; all assays were composited to 1 metre, and grade capping was applied on a vein-by-vein basis, with silver grades capped at up to 3,000 g/t; a 5 m along strike × 1 m across strike × 2.5 m high block size was selected based on geological constraints and potential future mining methods; and block grades for gold, silver, copper, lead, and zinc were estimated using inverse distance squared interpolation; mineral resources were classified as Inferred in accordance with CIM Definition Standards, based on geological confidence, drill hole spacing, sample support, and search criteria. Additional details of the estimation methodology and classification criteria will be provided in the supporting technical report to be filed on the Company’s profile on SEDAR+.
A technical report prepared by IMC in accordance with NI 43-101 will be filed on the Company’s profile at www.sedarplus.ca within 45 days of the date of this press release.
Phase II – Resource Expansion Drill Program Minaurum is currently conducting a 50,000-metre core drilling program aimed at expanding the resource at Europa and Promontorio-Travesia, while also completing step-out and in-fill drilling to further evaluate high-grade intercepts in additional vein zones across the Alamos district, including at San Jose, Quintera, Promontorio Sur, Pulpito-Cotera, and Minas Nuevas.
Minaurum intends to provide an updated resource estimate in the second half of 2026. There is no certainty that the Inferred Mineral Resources will be converted to the Measured and Indicated categories through further drilling.
National Instrument 43-101 Disclosure Qualified Assurance Program and Quality Control Measures (“QA/QC”)
Minaurum has implemented QA/QC protocols including insertion of duplicate, blank and standard samples in all drill holes and underground sampling. Ninety-two percent of drill samples were submitted directly to the ALS Chemex in Hermosillo, Mexico, for preparation and sent to ALS Chemex in North Vancouver, BC, Canada, for analysis. During 2024, the Company sent drill samples to ActLabs’ facility in Zacatecas, Mexico, for preparation and analysis there, amounting to 8% of the total drill samples. Additional duplicate test work has been conducted on mineralized samples to assess variability of coarse reject and pulp samples. An IMC independent qualified person visited the Alamos project on 2 occasions, the 3-5th of September 2024, and the 18th of November 2025. IMC has reviewed the QA/QC work completed by Minaurum and believes the database is reliable for estimating Mineral Resources.
Qualified Person The Mineral Resources for the Alamos Project disclosed in this news release have been estimated by Michael G. Hester, FAusIMMVice President of Independent Mining Consultants, Inc. and independent of Minaurum. Mr. Hester is a Qualified Person as defined in NI 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by CIM council, as amended. Mr. Hester has read and approved the contents of this press release as it pertains to the disclosed mineral resource estimate.
Minaurum Silver Inc. (TSXV: MGG) (OTCQX: MMRGF) (FSE: 78M) is an Americas-focused explorer concentrating on the high-grade 100% owned, production-permitted Alamos silver project in southern Sonora, Mexico and the Lone Mountain CRD Project in Nevada, USA. Minaurum is managed by one of the strongest technical and finance teams and will continue its founders’ legacy of creating shareholder value by acquiring and developing a pipeline of Tier-One precious-and base metal projects.
ON BEHALF OF THE BOARD
“Darrell A. Rader“
Darrell A. Rader President and CEO
For more information, please contact: Sunny Pannu – Investor Relations and Corporate Development Manager (778) 330 0994 or via email at pannu@minaurum.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Data review and verification: Stephen R. Maynard, Vice President of Exploration of Minaurum and a Qualified Person (QP) as defined by National Instrument 43-101, reviewed and verified the assay data, and has approved the disclosure in this news release. Verification was done by visual inspection of core samples and comparison to assay results. Assay results have not been checked by re-analysis. No factors were identified that could materially affect the accuracy or reliability of the data presented in this news release.
Analytical Procedures and Quality Assurance/Quality Control: Preparation and assaying of drilling samples from Minaurum’s Alamos project are done with strict adherence to a Quality Assurance/Quality Control (QA/QC) protocol. Core samples are sawed in half and then bagged in a secure facility near the site and then shipped either by a licensed courior by Company personnel to ALS Minerals’ preparation facility in Hermosillo, Sonora, Mexico. ALS prepares the samples, crushing them to 70% less than 2mm, splitting off 250g, and pulverizing the split to more than 85% passing 75 microns. The resulting sample pulps are prepared in Hermosillo and then shipped to Vancouver for chemical analysis by ALS Minerals. In Vancouver, the pulps are analyzed for gold by fire assay and ICP/AES on a 30-gram charge. In addition, analyses are done for silver, copper, lead, and zinc using 4-acid digestion and ICP analysis. Samples with silver values greater than 100 g/t; and copper, lead, or zinc values greater than 10,000 ppm (1%) are re-analyzed using 4-acid digestion and atomic absorption spectrometry (AAS).
Quality-control (QC) samples are inserted in the sample stream every 20 samples on average, and thus represent 5% of the total samples. QC samples include standards, blanks, and duplicate samples. Standards are pulps that have been prepared by a third-party laboratory; they have gold, silver, and base-metal values that are established by an extensive analytical process in which several commercial labs (including ALS Minerals) participate. Standards test the calibration of the analytical equipment. Blanks are rock material known from prior sampling to contain less than 0.005 ppm gold; they test the sample preparation procedure for cross-sample contamination. In the case of duplicates, the sample interval is cut in half and then quartered. The first quarter is the original sample, the second becomes the duplicate. Duplicate samples provide a test of the reproducibility of assays in the same drilled interval. When final assays are received, QC sample results are inspected for deviation from accepted values. To date, QC sample analytical results have fallen in acceptable ranges on the Alamos project.
When final assays are received, QC sample results are inspected for deviation from accepted values by the QP. To date, QC sample analytical results have fallen in acceptable ranges on the Alamos project.
ALS Minerals is independent of Minaurum Silver and is independent of the Qualified Person.
Cautionary Note Regarding Forward Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the Resource Estimate; the ongoing Phase II 50,000 m resource expansion drill program; and the completion of an updated resource estimate in the second half of 2026. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
In making the forward-looking information in this release, Minaurum has applied certain factors and assumptions that are based on Minaurum’s current beliefs as well as assumptions made by and information currently available to Minaurum, including that Minaurum will be able to obtain all necessary permits and approvals for planned exploration and drilling activities; that Minaurum’s planned drilling and exploration activities will be completed on the expected timeline, or at all; that the results of the drilling and exploration activities will be as expected; that Minaurum will be able to complete the updated mineral resource estimate on the timelines expected, or at all; and that Minaurum will have the financial resources to complete its ongoing drill program and anticipated updated mineral resource estimate. Although Minaurum considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information.
In making the forward-looking information in this release, Minaurum has applied certain factors and assumptions that are based on Minaurum’s current beliefs as well as assumptions made by and information currently available to Minaurum. Although Minaurum considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information, including risks relating to the actual results of drilling or exploration activities, fluctuating silver prices, possibility of equipment breakdowns and delays, drilling or exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes and timeliness of government or regulatory approvals.
Readers are cautioned not to place undue reliance on forward-looking information. Minaurum does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by law.
VANCOUVER, British Columbia, Jan. 28, 2026 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo Silver” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce that it has closed the second and final tranche of its previously announced upsized non-brokered private placement (the “Offering”), previously announced on January 21, 2026. Pursuant to the closing of the second and final tranche of the Offering, the Company issued an aggregate of 2,500,000 units (the “Units”) at a price of $5.00 per Unit for aggregate gross proceeds of $12,500,000. With the completion of this tranche, the Offering is now fully subscribed for total gross proceeds of $27,500,000.
A fund managed by Jupiter Asset Management (the “Jupiter Fund”) subscribed for all of the Units under the second and final tranche of the Offering.
As a result of closing the second and final tranche of the Offering, the Jupiter Fund now beneficially owns and controls 7,452,456 common shares and 3,807,200 common share purchase warrants of the Company, representing approximately 11.9% of the Company’s outstanding common shares on a non-diluted basis and approximately 16.9% on a partially diluted basis, assuming exercise of such warrants.
“We welcome and appreciate the continued participation of Jupiter Fund, as a key shareholder of Apollo Silver,” said Ross McElroy, President and CEO of Apollo Silver. “Jupiter Fund’s commitment is a strong statement of support as we continue to advance our large scale, high quality silver assets in stable jurisdictions.”
Each Unit issued pursuant to the Offering consists of one common share (a “Share”) in the capital of the Company and one common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $7.00 for a period of 24 months from the closing date of the Offering.
Closing of the Offering remains subject to final acceptance of the TSX Venture Exchange.
In connection with subscriptions received in the second and final tranche of the Offering, the Company paid aggregate finder’s fees totaling $312,500 to BMO Capital Markets.
The securities issued under the second and final tranche of the Offering are subject to a four-month hold period from the date of closing. The Company intends to use the net proceeds from the Offering to continue advancing the Calico Silver Project in San Bernardino, California; support community relations initiatives at the Cinco de Mayo Silver Project in Chihuahua, Mexico; cover ongoing property maintenance costs at both projects; and for general corporate purposes.
The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Apollo Silver Corp.
Apollo Silver is advancing one of the largest undeveloped primary silver projects in the US. The Calico project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the final acceptance of the Offering by the TSXV, and the intended use of proceeds from the Offering. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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