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Your savings account is supposed to be the safe place for your money. But a warning from the Federal Reserve raises an unsettling question: What if the danger never shows up on your bank statement?
On Sept. 16, Fed Chair Kevin Warsh delivered (1) a blunt assessment: “The plain fact is that inflation is too high, and has been for too long.”
His words came as the Fed raised its benchmark interest rate from 3.75% to 4.00% — the first hike in three years. The vote was unanimous.
Higher rates could offer better returns for savers, but banks still set their own deposit rates, meaning that if your account earns less than prices are rising, the balance can grow while its buying power shrinks.
Warsh isn’t the only Fed official sounding the alarm.
Asked about U.S. debt surpassing $40 trillion, Richmond Fed President Tom Barkin warned (2), “There will be a reckoning on this as it goes forward. No one can tell you when.” He added that investors would eventually stop buying the government’s debt.
Barkin was speaking about U.S. government borrowing. But Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, has described how this debt crisis could reach American savers.
“There won’t be a default — the central bank will come in and we’ll print the money and buy it,” he told CNBC (3) last year. “And that’s where there’s the depreciation of money.”
In other words, the government may never technically run out of dollars — but those dollars can lose value fast.
The long-term loss of buying power has already been stark. According to the Inflation Calculator (4) put out by the Federal Reserve Bank of Minneapolis, $100 in 2026 has the same purchasing power as just $11.61 did in 1970.
That’s right. $100 became less than $12 — despite decades of efforts by the Fed to keep rising prices in check.
For people keeping much of their nest egg in savings accounts, the danger is clear: If the interest they earn fails to keep pace, inflation can steadily erode the value of their money. That’s why Warsh’s warning matters to savers.
The good news? Throughout history, savvy investors have found ways to shield their wealth from inflation’s bite, whether the central bank succeeded in containing it or not.
Here’s a look at three time-tested strategies.
Own something the Fed can’t print
When it comes to preserving wealth and fighting inflation, few assets have stood the test of time like gold.
Its appeal is simple: Unlike fiat currencies, the yellow metal can’t be printed at will by central banks. This inherently limited supply can arguably help it store its value.
Gold is also considered the ultimate safe haven. It’s not tied to any one country, currency or economy, and in times of economic turmoil or geopolitical uncertainty, investors often flock to it — driving prices higher.
Dalio has repeatedly highlighted gold’s role in a resilient portfolio.
“People don’t have, typically, an adequate amount of gold in their portfolio,” he said in the same CNBC interview. “When bad times come, gold is a very effective diversifier.”
Other prominent voices see further potential. JPMorgan CEO Jamie Dimon has said that in this environment, gold can “easily” rise to $10,000 an ounce.
In fact, as inflation continued to chip away at the purchasing power of the dollar, gold has climbed around 150% (5) over the past five years.
You can combine the recession-resistant properties of the precious metal with the tax advantages of an IRA by opening a gold IRA with the help of Newport Gold.
Even better, you can get free setup, shipping and storage for up to three years with Newport Gold’s Liberty bundle to minimize some of those upfront costs. Plus, you can roll over an existing IRA or 401(k) into a precious metals IRA completely tax- and penalty-free.
Gold isn’t the only asset investors turn to during inflationary times. Real estate has also proven to be a powerful hedge.
That’s because when inflation rises, property values often increase as well, reflecting the higher costs of materials, labor and land. At the same time, rental income tends to go up, providing landlords with a revenue stream that adjusts for inflation.
Over the past 10 years, the S&P Cotality Case-Shiller U.S. National Home Price NSA Index (6) has jumped by 87%, reflecting strong demand and limited housing supply.
Of course, high home prices can make buying a home more challenging, especially with mortgage rates still elevated. And being a landlord isn’t exactly hands-off work — managing tenants, maintenance and repairs can quickly eat into your time (and returns).
The good news? You don’t need to buy a property outright — or deal with leaky faucets — to invest in real estate today. Platforms like mogul provide an easier way to get exposure to this income-generating asset class.
This real estate investment platform offers fractional ownership in blue-chip rental properties, giving its investors the monthly rental income, real-time appreciation and tax benefits of owning a property — without the need for a hefty down payment or late-night tenant calls.
Each property undergoes a rigorous vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Their cash-on-cash yields, meanwhile, average between 10% and 12% annually. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.
Another option is to leverage multifamily real estate investing. The advantage of investing in multifamily real estate — which includes anything from duplexes and triplexes to apartment buildings — is that it can generate multiple income streams from one asset, offering a potentially more resilient cash flow.
In a report (7) prepared by JPMorgan, Al Brooks — the firm’s vice chair of Commercial Banking — said, “I think multifamily housing is absolutely where you want to be as an investor.”
Accredited investors can now tap into this opportunity through platforms such as Lightstone DIRECT, which gives accredited investors access to single-asset multifamily and industrial deals.
Lightstone DIRECT’s direct-to-investor model ensures a high degree of alignment between individual investors and a vertically-integrated, institutional owner-operator — a sophisticated and streamlined option for individual investors looking to diversify into private-market real estate.
Investing legend Warren Buffett knows a thing or two about navigating inflation, having managed Berkshire Hathaway’s stock portfolio through the double-digit inflation of the 1970s. It would be fair to say he has developed plenty of insight into the types of businesses that can hold up when consumer prices surge.
In his 1982 letter to shareholders (8), Buffett pointed to two characteristics that can make a business especially resilient in an inflationary environment: the ability to increase prices easily and the ability to handle more business without requiring large amounts of new capital.
In other words, companies with strong pricing power and relatively modest capital needs can be better positioned to protect their profitability as costs rise.
That helps explain why the right stocks can serve as a long-term hedge against inflation. But Buffett has also made clear that you don’t need to be an expert in picking stocks to participate in the market’s growth.
“In my view, for most people, the best thing to do is own the S&P 500 index fund,” Buffett has famously said (9).
This approach gives investors exposure to 500 of America’s largest companies across a wide range of industries, providing instant diversification without the need for constant monitoring or active trading.
The beauty of this approach is its accessibility — anyone, regardless of wealth, can take advantage of it. Even small amounts can grow over time with tools like Acorns, a popular app that automatically invests your spare change.
Signing up for Acorns takes just minutes: All you have to do is link your cards, and Acorns will round up each purchase to the nearest dollar, investing the difference — your spare change — into a diversified portfolio.
With Acorns, you can invest in an S&P 500 ETF with as little as $5 — and, if you sign up today with a recurring investment, Acorns will add a $20 bonus to help you begin your investment journey.
Untethered flight validates airframe and vehicle systems as First Breach moves toward completion of initial prototypes in Q4 2026.
Company reaffirms target of scaling production in Q2 2027, supported by its strategic agreement with Hellbender for engineering, design, and domestic component manufacturing.
POC, with payload
HAGERSTOWN, Md / ACCESS Newswire / August 25, 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 the successful completion of the first untethered flight of its proprietary drone prototype. The Company also reported progress on its proprietary flight controller, developed under its strategic agreement with Hellbender, Inc., as it works toward completing initial prototypes in the fourth quarter of 2026. Building on the first flight announced on August 25, 2026, the latest milestone demonstrated operation of the prototype’s airframe, propulsion, and core vehicle systems in free flight without a physical tether. The aircraft flew using commercial flight electronics while development of the Company’s proprietary controller proceeded in parallel. Integrating that controller into the aircraft for further testing is the next development step.
“Untethered flight is the point where a drone stops being a test article and starts being a vehicle,” said Jeffrey Low, Co-Founder and Chief Executive Officer of First Breach. “Every step we take on this program is a step toward owning the full stack, meaning the airframe, the electronics, and the manufacturing, here in the United States. This flight is a visible marker of that progress.”
Advancing Flight Controller Development
The flight controller board engineered under the Hellbender agreement is now operating with Betaflight, an open-source flight control firmware. This milestone establishes an initial operating foundation for the Company’s controller hardware ahead of integration into upcoming prototype iterations.
The airframe flight and controller development represent separate stages of the program. Further integration and flight testing will be required to evaluate the combined system and support its progression toward production readiness.
“We are proving each piece independently and then bringing them together, which is how you get to a reliable, producible vehicle rather than a one-off,” said Jordan Low, Co-Founder, President and Chief Operating Officer of First Breach. “The airframe has flown untethered. Our flight controller is running Betaflight. The next step is putting them in the same aircraft and testing them together as we work toward integrating energetics and manufacturing at scale.”
Building Toward Domestic Production
First Breach continues to target completion of its initial prototypes in the fourth quarter of 2026 and the start of production scaling 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.
Under the strategic agreement, First Breach owns the drone platforms and their associated intellectual property and will control manufacturing and commercialization. Hellbender provides engineering, design, technical support, and component manufacturing.
“First Breach set out to own its platform, and our work together is helping turn that vision into reality,” said Brett Phillips, Chief Revenue Officer of Hellbender. “Both the airframe and flight controller are built to be manufactured domestically and at volume. That is exactly the kind of program our engineering and manufacturing model was designed to support, helping First Breach move from development toward scaled U.S. production.”
Prototype specifications
Proof-of-concept build; subject to change ahead of production.
The current prototype is a four-rotor Class 1 platform with an all-up weight of approximately 2.2 kg and a payload capacity of roughly 500 g, supported by a Picatinny rail and electrical interface. It has demonstrated an effective range of 2 km, an endurance of approximately 10 minutes, a cruise speed of 50 km/h, and a maximum speed of 120 km/h.
Navigation is GNSS with visual-inertial augmentation, and the control link is 900 MHz MAVLink. The platform uses swappable LiPo batteries and is designed for field assembly in under ten minutes.
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
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
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; the successful integration of acquisitions and strategic transactions; 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.
For additional company updates, follow First Breach on LinkedIn, X, and Facebook.
HAGERSTOWN, Md / ACCESS Newswire / August 25, 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 the successful completion of the first untethered flight of its proprietary drone prototype. The Company also reported progress on its proprietary flight controller, developed under its strategic agreement with Hellbender, Inc., as it works toward completing initial prototypes in the fourth quarter of 2026. Building on the first flight announced on August 25, 2026, the latest milestone demonstrated operation of the prototype’s airframe, propulsion, and core vehicle systems in free flight without a physical tether. The aircraft flew using commercial flight electronics while development of the Company’s proprietary controller proceeded in parallel. Integrating that controller into the aircraft for further testing is the next development step.
“Untethered flight is the point where a drone stops being a test article and starts being a vehicle,” said Jeffrey Low, Co-Founder and Chief Executive Officer of First Breach. “Every step we take on this program is a step toward owning the full stack, meaning the airframe, the electronics, and the manufacturing, here in the United States. This flight is a visible marker of that progress.”
Advancing Flight Controller Development
The flight controller board engineered under the Hellbender agreement is now operating with Betaflight, an open-source flight control firmware. This milestone establishes an initial operating foundation for the Company’s controller hardware ahead of integration into upcoming prototype iterations.
The airframe flight and controller development represent separate stages of the program. Further integration and flight testing will be required to evaluate the combined system and support its progression toward production readiness.
“We are proving each piece independently and then bringing them together, which is how you get to a reliable, producible vehicle rather than a one-off,” said Jordan Low, Co-Founder, President and Chief Operating Officer of First Breach. “The airframe has flown untethered. Our flight controller is running Betaflight. The next step is putting them in the same aircraft and testing them together as we work toward integrating energetics and manufacturing at scale.”
Building Toward Domestic Production
First Breach continues to target completion of its initial prototypes in the fourth quarter of 2026 and the start of production scaling 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.
Under the strategic agreement, First Breach owns the drone platforms and their associated intellectual property and will control manufacturing and commercialization. Hellbender provides engineering, design, technical support, and component manufacturing.
“First Breach set out to own its platform, and our work together is helping turn that vision into reality,”said Brett Phillips, Chief Revenue Officer of Hellbender. “Both the airframe and flight controller are built to be manufactured domestically and at volume. That is exactly the kind of program our engineering and manufacturing model was designed to support, helping First Breach move from development toward scaled U.S. production.”
Prototype specifications
Proof-of-concept build; subject to change ahead of production.
The current prototype is a four-rotor Class 1 platform with an all-up weight of approximately 2.2 kg and a payload capacity of roughly 500 g, supported by a Picatinny rail and electrical interface. It has demonstrated an effective range of 2 km, an endurance of approximately 10 minutes, a cruise speed of 50 km/h, and a maximum speed of 120 km/h.
Navigation is GNSS with visual-inertial augmentation, and the control link is 900 MHz MAVLink. The platform uses swappable LiPo batteries and is designed for field assembly in under ten minutes.
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
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
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; the successful integration of acquisitions and strategic transactions; 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.
Denver, Colorado–(Newsfile Corp. – September 21, 2026) – Elemental Royalty Corporation (NASDAQ: ELE) (TSX: ELE) (“Elemental” or the “Company“) is pleased to announce that it has entered into agreements which, together, are expected to materially increase the scale and cash-generative capacity of the Company’s royalty portfolio, simplify its corporate structure and reduce its ongoing cost base:
Acquisition of Stream and Royalty Portfolio: Elemental has entered into definitive agreements with funds managed by Orion Mine Finance Management LP (collectively, “Orion”) to acquire a high-quality portfolio of precious metals assets consisting of five streams and royalties for total consideration of US$290 million, with US$200 million in cash and US$90 million in equity (the “Acquisition“). The portfolio is expected to be immediately accretive to NAV per share, materially accretive to revenue per share, increases the Company’s precious metals weighting and adds material exposure in North America.
Strategic Divestment and Simplification: in conjunction with the portfolio Acquisition, Elemental announces that it has entered into a non-binding agreement with Carlin East Inc., (“Carlin East“), wherein Carlin East will acquire Elemental’s Generation Business (“Generation Business“), comprising wholly-owned exploration projects and will take on management and shared ownership of the Company’s Option Agreements and selected early stage exploration royalties related to the Generation Business (the “StrategicDivestment“). As consideration for the transaction, Elemental will acquire a cornerstone equity stake in Carlin East, and CEO and Director, David M. Cole, has resigned effective immediately to take up a leadership position at Carlin East. Current COO, President, and Founder of Elemental, Frederick Bell, has been appointed to the role of CEO and Director on the Board.
Highlights
Immediately accretive stream and royalty portfolio acquisition materially increases Elemental’s revenue, scale and exposure to high-quality producing precious metals assets, further adding to the Company’s growth profile
Enhances portfolio quality and diversification, Ruby Hill and Kouroussa will rank in the top five and top ten assets respectively in Elemental’s portfolio, and increase the Company’s exposure to Tier 1 jurisdictions
Strategic Divestment of Generation Business allows Elemental to retain the existing portfolio of over 100 early-stage royalties accumulated over more than a decade and to participate as the largest shareholder in future royalty generation through ownership of Carlin East
Reduction in Elemental G&A by over 25% with additional savings expected and streamlined company structure
Management realignment to reflect this transition, with Frederick Bell, current COO and President, taking on the role of CEO and Director, as David M. Cole steps down to run Carlin East
Elemental Chairman, Juan Sartori, commented: “Together, these transactions mark important milestones in a defining year of growth for Elemental. Over the past twelve months we have exponentially increased the scale of the business, strengthened the quality of our portfolio through high-quality transactions including the combination with EMX, acquisition of Vizsla Royalties, and the Orion portfolio announced today. With these simultaneous transactions we create a larger, simpler and more focused royalty company while retaining the upside directly and indirectly from the Company’s Generation Business. We will continue to deliver on our ambition of building a leading global royalty and streaming company with a dedicated growth trajectory.”
Outgoing Elemental Chief Executive Officer, and current Executive Chairman of Carlin East, David M. Cole, commented: “An economic geologist at heart, I have worked throughout my career to create and deliver shareholder exposure to the fundamental value and optionality of mineral rights. With Carlin East’s acquisition of the project generation arm, we will look to continue providing long-term compound growth as well as delivering value to our shareholders, which will include Elemental going forward.
I am immensely proud of what we have built together over the last year following Elemental’s merger with EMX. Our consolidation established a premium, mid-tier royalty company with a diverse portfolio of top tier royalties, and I look forward to seeing Fred take Elemental on to greater heights still.”
Incoming Elemental Chief Executive Officer, Frederick Bell, commented:“The royalty portfolio we are acquiring is the eighth transaction the company has announced in the past twelve months. It is accretive on both a NAV and revenue basis, aligns the company with proven management teams, further diversifies our revenue base through three producing assets as well as adding a new cornerstone silver stream to our pipeline with i-80’s Ruby Hill project in Nevada. The operators’ track record of successful execution makes them stand out and increases the value we see in their future ability to unlock the exploration optionality that exists across their projects.
In parallel with new royalty and stream acquisitions, we have continued to execute transactions across the royalty generation portfolio with twenty-five projects partnered in the last year, one of the busiest periods for the Company’s team, but one that largely falls under the radar as Elemental grows. We believe that by separating the Generation Business at this point we can realise value from within Elemental’s existing portfolio while simultaneously reducing the Company’s cost base, capital requirements and simplifying the corporate structure. A streamlined, simpler and increasingly cash-generative Elemental will emerge as the largest shareholder in a dedicated generation company led by a management team we know well.
Lastly, we are grateful to Dave Cole for his years of work and commitment helping the Company to reach this stage, and are pleased that he will remain a material shareholder moving forwards. Our focus remains firmly on execution, disciplined growth and converting the strength of our portfolio into enduring value for all our shareholders.”
Conference Call and Webcast Elemental will hold a conference call and webcast on Tuesday, September 22, 2026 at 11:00 a.m. Eastern Time (8 a.m. Pacific Time) to discuss these transactions.
The webcast registration can be accessed by visiting the Presentation and Events page on the Company’s website at: https://www.elementalroyalty.com/investors/presentation-events/. An archived version of the webcast will be available on the website for one year following the webcast.
Elemental has acquired a portfolio of streams and royalties from Orion, including a silver stream on i-80 Gold Corp’s Ruby Hill Complex, and a gold stream on Mansa Resources’ Kouroussa Mine which will rank in the top five and top ten assets respectively in Elemental’s portfolio. The Acquisition provides material and immediate uplift to the Company revenue base, with Kouroussa, La Negra, and Ruby Hill delivering cash flow from day one, further expanding and complementing Elemental’s unmatched growth profile, with anticipated catalysts advancing Snowy River and the Homestake District toward production.
Overview of Assets
Asset
Operator
Location
Commodity
Stage
Royalty/ Stream
Ruby Hill Complex and Granite Creek
i-80 Gold Corp.
Nevada, USA
Gold, Silver
Producing
50% silver stream
Kouroussa
Mansa Resources
Guinea
Gold
Producing
5% gold stream
La Negra
Silverco Mining
Mexico
Ag-Pb-Zn-Cu
Producing
2.5% GR royalty
Snowy River
Endura Mining
New Zealand
Gold
Near-term production
1% gold stream
Homestake District
Dakota Gold
South Dakota, USA
Gold, Silver
Development
1% NSR royalty
Updated Guidance Subject to completion of the Acquisition, the economic benefit of the three producing assets in the Orion Portfolio will accrue to Elemental from August 1, 2026. Reflecting the expected contribution from these assets, strong performance from the existing portfolio year to date and updated commodity-price assumptions, Elemental has updated its 2026 GEO sales guidance to 19,500 – 22,000 GEOs.
This increased guidance comprises an expected 18,000 – 20,500 GEOs from the existing Elemental portfolio, updated from 17,000 – 21,000 GEOs as at Q2 2026, and an incremental 1,500 GEOs expected from the Orion Portfolio for the period August 1, 2026, to December 31, 2026.
At assumed commodity prices of US$4,500 per ounce of gold and US$6.00 per pound of copper, Elemental expects 2026 revenue of US$89.8 – US$101.1 million.
The GEO and revenue guidance is presented on a gross basis. Under the Kouroussa stream, Elemental is required to make ongoing cash payments equal to 20% of the applicable gold price for each ounce delivered, which will be recorded as cost of sales.
Terms of the Acquisition & Timing The total consideration for the Acquisition payable to Orion upon close of the transaction comprises US$200 million in cash and US$90 million in the form of 4,289,053 Elemental shares, representing approximately 5.6% of issued and outstanding shares in the Company. The Acquisition is subject to customary closing conditions, including Toronto Stock Exchange approval to list the Elemental consideration shares and, with respect to the Snowy River stream, customary regulatory approval from the New Zealand government.
The Acquisition is expected to complete in Q4 2026 or, with respect only to the Snowy River stream, up to Q1 2027.
Upsized Credit Facility To fund the cash consideration for the Acquisition, Elemental has secured a commitment from National Bank of Canada to increase the committed amount available under the Company’s existing revolving credit facility from US$150 million to US$250 million. The existing US$50 million accordion feature will be retained, providing potential total capacity of US$300 million, subject to additional lender commitments and the satisfaction of customary conditions.
The amended Facility is expected to become effective on or prior to completion of the Acquisition.
STREAMING AND ROYALTY PORTFOLIO ASSETS
The acquisition introduces several meaningful cash-flowing and development stage assets to Elemental’s royalty portfolio:
Ruby Hill Complex and Granite Creek Elemental is entitled to receive 50% of silver production from select assets owned and operated by i-80 Gold Corp. (“i-80“), which, inter alia, include the Archimedes, and Mineral Point properties, (collectively, “Ruby Hill Complex“), and the Granite Creek property, at a purchase price equal to 20% of the spot silver price. The stream is currently delivering from i-80’s Archimedes property, with a step change in deliveries expected upon production commencing at Mineral Point, anticipated in 2031. Pursuant to the structure of the agreement, the stream steps down to 10% after delivery of 2.5 million ounces of silver (with 1.3 million ounces remaining) and has no further cap thereafter. Upon step-down, the Granite Creek property will be removed from the Elemental Area of interest (“AOI“).
The 100% owned Ruby Hill Complex and Granite Creek properties are located in northern Nevada, USA, a tier one mining jurisdiction. The properties are located along the prolific Getchell and Battle Mountain-Eureka gold trends, close to established mining infrastructure and major operations including Nevada Gold Mines’ Turquoise Ridge and Twin Creeks mines. Granite Creek includes an operating high-grade underground mine and a large open-pit development project, while the Ruby Hill Complex includes the Archimedes underground mine and the Mineral Point open-pit gold-silver development project. The stream includes the entire Ruby Hill complex, which covers ~14,272 acres, providing exposure to high-grade polymetallic exploration zones including Blackjack, Jackson, and Hilltop, among others.
i-80 is well-capitalised following a US$775 million financing package secured in March 2026, providing financial flexibility and capex requirements to fast-track development at Mineral Point, with an extensive drill programme already underway, designed to support an updated resource estimate and technical report for the property.
Kouroussa Elemental will receive 5% of gold production from the Kouroussa Gold Mine, operated by Mansa Resources (“Mansa“), at a purchase price equal to 20% of the prevailing gold spot price. Pursuant to the agreement, the stream steps down to 2.5% upon the later of either: November 2037, or on the total delivery of 39,800 ounces of gold under the stream. Once the stream steps down, there will be no associated cap. Mansa has a has a one-time buyback right exercisable before November 2028 to reduce the stream percentage in half by paying US$22,500,000 to Elemental.
The Kouroussa Gold Mine is located near the town of Kouroussa in eastern Guinea, approximately 440km east of Conakry, within the highly prospective Siguiri Basin. Kouroussa is a high-grade, producing open-pit gold mine and the flagship asset within Mansa’s portfolio. The operation is centred on the Koekoe deposit, with additional mineralisation identified across several nearby deposits and significant potential for further resource expansion.
Mansa is a private west African gold producer, formed through major shareholder, Nioko Resources Corporation’s take-private of Hummingbird Resources plc in March 2025. Mansa also own and operate the development-stage Dugbe project in Liberia, over which Elemental has a 2-2.5% NSR Royalty.
La Negra Elemental has acquired an uncapped 2.5% Gross Revenue Return (“GRR“) royalty over a total acreage of 829km2, encompassing the entirety of the La Negra underground polymetallic mine in Mexico, owned by Silverco Mining (TSXV: SICO) (“Silverco“).
The La Negra Mine is located in Querétaro State, central Mexico, approximately 150km by paved road from Querétaro City. Now 100% owned by Silverco Mining, La Negra is a producing underground silver-lead-zinc-copper mine with an operating history dating back to 1971. Operations were restarted in 2024, and Silverco is focused on increasing throughput at the mill to reach nameplate capacity of ~2,500tpd / ~900ktpa, and will look to update the resource and Mine Plan and expanding the mineralized system through exploration.
Silverco is a growing Mexico-focused silver producer, with a demonstrated history of success in building and leading mining companies across both board and management teams.
Snowy River Elemental is entitled to receive 1% of gold production from the construction-stage Snowy River Gold Project, being developed by operator Endura Mining (“Endura“). Pursuant to the agreement, the stream is effectively capped upon reaching 675koz of gold.
The Snowy River Gold Project is located near Reefton on the West Coast of New Zealand’s South Island, on the site of the historic Blackwater Mine. Fully permitted, Snowy River is a high-grade underground gold project and Endura’s flagship development asset. Underground development and processing plant construction are underway, with first gold targeted for December 2026, and annual production of 60+koz per year thereafter. The project is expected to re-establish large-scale gold production in the historic Reefton Goldfield and form the foundation of Endura’s broader growth strategy.
Endura is a privately owned mining company led by a team with proven track record of building and running gold companies with strong shareholder alignment. Endura Mining is well capitalised to complete construction, with strong support from major shareholders AustralianSuper and Orion Resource Partners.
Homestake District Elemental’s interest comprises two separate 1% Net Smelter Return (“NSR“) royalties over several properties in the Homestake District, South Dakota, USA, owned and operated by Dakota Gold Corp. (NYSE American: DC) (“Dakota Gold“). The properties include coverage over Dakota Gold’s flagship asset, Richmond Hill, a development-stage, large scale gold-silver open-pit heap-leach project, and numerous other mining claims throughout the Homestake District.
The Richmond Hill Gold Project is located near Lead, South Dakota, within the historic Homestake Mining District and 4km north of Coeur Mining’s producing Wharf Mine. The brownfield project is primarily located on previously mined private land, and benefits from existing infrastructure, with first production anticipated in 2029, with substantial potential for further resource expansion.
Dakota Gold is led by an experienced management and leadership team with strong local knowledge and proven track record with operational success at the Homestake and Wharf mines. The company is well capitalized for development through the completion of the feasibility study, anticipated in H1 2027.
The royalties provide district scale optionality and add further upside to Elemental’s unmatched growth profile.
STRATEGIC DIVESTMENT AND SIMPLIFICATION
Divestment of Project Generation Arm Concurrent to the portfolio Acquisition, Elemental announces that it has entered into a non-binding agreement with Carlin East, wherein Carlin East will acquire the Company’s Generation Business, while managing and sharing economic interests in a number of Option Agreements and 20 early-stage exploration royalties related to the Generation Business. Upon completion, the associated business infrastructure and certain members of the management and technical team currently working across Elemental’s project generation team, will join Carlin East.
Corporate Overview and Terms Pursuant to the agreement, Elemental will receive shares in Carlin East with a deemed value of US$8.5 million, expected to represent approximately 19.9% on a post-financing basis. Further to this, Elemental will, inter alia, retain 50% of all existing and future production royalties arising from transferred alliance agreements, transferred option agreements and transferred royalties; and receive 50% of certain royalty buyback proceeds. From 2027 to 2030, Carlin East retains the first US$1.5 million of annual cash portfolio payments, with Elemental receiving all cash payments above that threshold. From 2031 onwards, Carlin East will receive 100% of the portfolio payments. Generation costs between term-sheet signing and closing, and certain transfer taxes and duties, will be shared 50/50 between Elemental and Carlin East, subject to the definitive documentation surrounding the transaction.
Carlin East, which will remain a private entity, intends to complete an equity financing alongside the transaction.
Financial Upside to Elemental Elemental has now reached a size and scale where value proposition has evolved to reflect a focus on sourcing cash-generative royalties and streams; this divestment therefore improves operating leverage and increases free cash flow conversion.
As a result of the Strategic Divestment of the generation business, Elemental will reduce company headcount by over 50%, with the transfer of generation offices and personnel in North America, Fennoscandia, Serbia, Turkey, and North Africa. Pursuant to this, Elemental anticipates a reduction in annual cash expenses of approximately US$6 million, or approximately 25% of current projected annual cash expenditures, with further efficiencies expected over time.
Following completion of the transaction and Strategic Divestment, Elemental will have a more streamlined corporate structure, materially lower cost base, enhanced immediate and near-term revenue and a larger portfolio of producing royalties, while retaining meaningful exposure to long term optionality through the generation model and cornerstone equity investment in Carlin East.
Management Transition As part of the Strategic Divestment, David M. Cole has resigned as Chief Executive Officer and Director on the Board with immediate effect, in order to take on the full-time role of Executive Chair of Carlin East, where his extensive technical expertise, entrepreneurial track record, and knowledge of the generation portfolio will support the next stage of its development.
Frederick Bell has been appointed Chief Executive Officer of Elemental, and Director on the Board, having most recently served as President and Chief Operating Officer following the combination of Elemental and EMX. Frederick is a founder of Elemental and was previously Chief Executive Officer from 2017 until 2025.
Elemental Chairman, Juan Sartori, commented: “On behalf of the Board, I would like to thank Dave for his leadership and the contribution he has made to Elemental. Dave has helped shape the business we have today and it has been a pleasure to work with him over the past year. We are delighted that his experience and entrepreneurial approach will continue to benefit the Company through our cornerstone shareholding and shared interests in Carlin East, where the generation business will continue.
At the same time, we are very pleased to welcome Fred back to the role of CEO, a position he held from Elemental’s founding. Fred has played a central role in the Company’s development, with a track record of consistently identifying and executing accretive transactions and leading a step-change in Elemental’s scale, asset quality and market position. We have great confidence in Fred’s leadership and his ability to continue to add shareholder value by building on the strong foundations established.”
Conditions to Close & Timing Completion remains subject to, among other things, the negotiation and execution of definitive documentation between Elemental and Carlin East, completion of Carlin East’s concurrent financing and satisfaction of other customary conditions. Elemental will look to complete this divestment in October 2026, currently contemplated no later than October 31, 2026, subject to confirmation and extension by agreement.
Advisors McCarthy Tétrault LLP is acting as legal advisor to Elemental. Troutman Pepper Locke LLP is acting as U.S. legal counsel to Elemental.
National Bank of Canada Capital Markets is acting as financial advisor to Orion. Torys LLP is acting as legal advisor to Orion.
Davis Graham & Stubbs LLP is acting as legal advisor to Carlin East.
Qualified Person The scientific and technical information contained in this news release has been reviewed and approved by Michael Sheehan, an employee of the Company and a “Qualified Person” as defined in NI 43-101.
NASDAQ: ELE | TSX: ELE | ISIN: CA28620K1066 | CUSIP: 28620K1066
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”.
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 completion of the Acquisition and other transactions described in this news release, including any required approvals, and the timing thereof; 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.
References to nearby mines, deposits and projects are provided for geological and regional context only. Mineralization on nearby or adjacent properties is not necessarily indicative of mineralization on the properties in which Elemental holds, or has agreement to acquire, a royalty interest.
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 ability of the relevant parties to complete the Acquisition and the other transactions described in this news release; the receipt of approvals necessary for, and the satisfaction of other closing conditions to, the Acquisition; 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 nor the Toronto Stock Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange), accepts responsibility for the adequacy or accuracy of this news release.
VANCOUVER, British Columbia, Sept. 21, 2026 (GLOBE NEWSWIRE) — Blue Jay Gold Corp. (TSXV: JAY) (OTCQB: JAYGF) (FSE: JAY) (“Blue Jay” or the “Company“), today reported results from the metallurgical test program on mineralization from the Becker-Cochran antimony occurrence at its Steller Gold Project (“Steller” or the “Project“) in southern Yukon. Our maiden test work at ALS Metallurgical Laboratories in Kamloops, British Columbia delivered a flowsheet design producing a 67% antimony (“Sb“) concentrate at a 94% recovery. Roughly 50 kg of the concentrate is now being converted into finished antimony products by three North American processing groups who are looking to secure access to long-term supply, with first products expected in the coming weeks. Our test does not end at the concentrate. It continues until the material exists as a finished antimony product.
The material was placed with three groups rather than one by design. Each uses different processing approaches as high-grade concentrate is compatible with more than one downstream route. Our approach affords Blue Jay the pathway best suited to our material and ours interests.
Highlights
67% antimony concentrate was produced at a 94% Sb recovery.
Concentrate grade well exceeds the 60% Sb premium product threshold. Pure stibnite is approximately 71.7% antimony, so 67% Sb approaches mineralogical purity.
Three North American antimony processing groups will convert the concentrate into a range of downstream metal products, each using different processing approaches. First results are expected in the coming weeks.
Test work was performed on material the Company collected and submitted, under documented chain of custody and modern quality assurance and quality controls.
Material will move from site to finished metal product within a single exploration season.
Drilling continues on high-grade gold targets with results expected to continue into 2027
“When we ran our due diligence after acquiring the Project, the antimony prospect was sitting in the historical record in plain sight, and nobody had touched it for sixty years,” said Geordie Mark, CEO of Blue Jay Gold. “Modern conventional processing comfortably outperformed what was achieved in the 1960s, but a flotation number is where most companies at our stage stop and then ask investors to imagine the rest. We are not doing that. The concentrate is now with three North American processing groups who will convert it into a range of finished antimony products, and we expect the first of those within weeks. That means this material will have gone from rock in the ground to finished metal inside a single exploration season. Linking the mine site to metal production is where value is created in critical minerals, and we saw no reason to wait years to find out whether this material can make that trip.”
“What we learn about the antimony also tells us something about the Project as a whole. One land package holds a past-producing gold mine, two further gold-silver deposits in different styles, and now produces a premium-grade antimony concentrate from a separate mineralized field whose footprint extends kilometres to the east. Those are different metals, deposited in different parts of the same system. To be clear, gold and silver are where our rigs and our budget are focused, and that has not changed by a single metre of drilling. But this is our maiden exploration year, and the point of a maiden year is to find out what you actually own. The antimony work was a small part of this year’s budget, and it has told us a great deal. It is another piece of evidence that Steller is a geological district rather than a single deposit.”
Table 1: Becker-Cochran Composite 1 (Concentrate): Cumulative Metal Balance
Cumulative
Cum. Weight
Assay – (%)
Recovery/Distribution (%)
Product
%
grams
Sb
Fe
S
Sb
Fe
S
Bulk Conc.: Product 1
24.0
481.8
66.9
0.5
27.5
93.9
12.0
89.2
Cleaner 2 Conc.
24.6
492.9
65.9
0.5
27.1
94.7
13.4
89.9
Cleaner 1 Conc.
25.9
519.3
63.2
0.6
26.0
95.6
17.9
90.9
Rougher Conc.
32.3
648.8
51.4
1.3
21.4
97.2
45.6
93.4
Rougher Tail
67.7
1358.7
0.7
0.7
0.7
2.8
54.4
6.6
Recalculated Feed
100.0
2007.5
17.1
0.92
7.4
100
100
100
Notes to Table 1: Products are reported cumulatively; each row includes all products above it. Weight % is the share of the original feed reporting to that product, Assay % is that product’s grade, and Recovery % is the share of the metal in the feed that it contains. Successive rows add lower-grade material, raising antimony recovery while diluting concentrate grade. The Company reports Product 1, 66.9% Sb at 93.9% recovery, as the representative result. Based on a single flotation test on a 2,007.5 g composite grading 17.1% Sb. Initial liberation analysis showed that stibnite and gangue minerals are excellent at 88% and 93% respectively. Mineral deportment studies have not been completed with Hg in concentrate aliquot up 1,100 ppm. Flotation optimization work is expected to commence shortly. No variability studies have been completed, and we note that the results are not necessarily representative of the occurrence as a whole.
Next Steps at Becker-Cochrane
First antimony metal products from the three processing groups are expected in the coming weeks. Assays remain pending from the ten-hole drill program at Becker-Cochran announced on August 31, 2026, which is testing the down-dip continuation of the mineralized shear zone below the historical workings. Should drilling confirm continuity at depth, the Company intends to advance to variability and locked cycle test work on drill core composites.
What Was Tested
The program was carried out on a composite of >400 kg of stibnite-bearing mineralization collected by Company personnel at a single trench at Becker-Cochran. The test sequence comprised head assays, mineralogical characterization, grind establishment, rougher and cleaner flotation, and final concentrate characterization.
The sample was collected from the surface expression of the stibnite-rich quartz vein systems that host mineralization in the underground workings at depth. These veins represent one on several east-west trending veins sets that occur on Becker, forming a trend extending west past the Goddell Gully Au deposit. Consequently, our work reflects only a small fraction of the system.
Reading the Result
Concentrate grade and recovery are most meaningful together, and in context with the flowsheet that produced them. Recovery measures how much of the antimony in the rock reports to the product. At 93.9%, almost none was lost to the tailings. Grade measures the quality of that product and determines what a processor will pay for it. Premium product specifications generally begin at 60% Sb, with value adjusted for other elements present and for processing factors. At 66.9% Sb, against a maximum possible 71.7% for pure stibnite, the concentrate is close to a pure mineral product. The flowsheet that produced it is conventional and uses standard reagents. Work at this stage does not constitute an offtake arrangement, or any type of commercial negotiation.
Why the Historical Work Needed to be Revisited
Bulk sampling and flotation testing were carried out on this occurrence in 1965. An approximately 8-ton sample was split between the federal Mineral Processing Division in Ottawa and Britton Laboratories Limited in Vancouver. The Ottawa work reported recovery of 92.8% of the contained antimony, and concentrates exceeding 62% antimony were produced. Underground development stopped shortly afterward when the antimony price fell.1
Those results are historical in nature. They were produced sixty years ago, to procedures and quality controls that cannot be verified today, on material the Company did not collect. A Qualified Person has not done sufficient work to verify them, the Company is not treating them as current, and they should not be relied upon. They were, however, sufficient reason to test the material again to a modern standard.
(1) Further detail regarding the Becker-Cochran occurrence, including its discovery, historical exploration, development and sampling, and regarding the Steller Gold Project and its current Mineral Resource Estimate, is set out in the technical report entitled “Technical Report and Updated Mineral Resource Estimate of the Steller Gold Project, Whitehorse Mining District, Yukon Territory, Canada,” prepared for the Company by P&E Mining Consultants Inc. with an effective date of October 31, 2025, available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The historical metallurgical results quoted above are drawn from reports prepared for or on behalf of Yukon Antimony Corporation Ltd. between 1964 and 1966, including the concentration report of the Mineral Processing Division, Department of Mines and Technical Surveys, dated July 6, 1965. https://data.geology.gov.yk.ca/assessment-report/202 https://data.geology.gov.yk.ca/mineral-occurrence/12812https://data.geology.gov.yk.ca/assessment-report/3639
A District, Not a Single Deposit
The Steller Gold Project covers approximately 170 square kilometres and is accessible year-round by an 84-kilometre road from Whitehorse. It hosts the past-producing Mt. Skukum gold mine, the Skukum Creek and Goddell Gully gold-silver deposits, a 270 tonne per day process plant, and kilometres of underground development. Becker-Cochran lies within an antimony anomaly approximately 8 kilometres wide on the eastern side of the property.
The gold, silver and antimony mineralization across the property is interpreted to have formed during the same period of Eocene magmatic-epithermal activity, at different levels and temperatures within one extensive system. That interpretation is the basis for the Company’s view that Steller can host several deposits of different styles carrying different metals. Antimony mineralization at Becker-Cochran forms no part of the current Mineral Resource Estimate, and the Company’s 2026 program remains directed at the gold and silver resources at Skukum Creek and Mt. Skukum.
Metallurgical Test Work and Antimony Concentrate Results
Bench-scale flotation tests were completed at ALS Metallurgy Kamloops with the >400 kg sample provided from the Becker-Cochran antimony occurrence located in the Yukon Territory, Canada. The material was selected from an east-southeast trending stibnite-bearing quartz vein that is interpreted to reflect the vein exposed in underground workings accessed from multiple adits immediate below.
With a primary grind sizing near 140µm K80 and using lead nitrate as the stibnite activator and SIPX as the stibnite collector, excellent metallurgical performance was achieved with 95% antimony recovery to a stibnite concentrate which measured close to 66% antimony using rougher flotation followed by regrinding and two cleaner stages. This led to a final stage antimony concentrate grading 66.9% Sb. Antimony recovery to the final cleaner concentrate was 93.9%. These results are based on laboratory-scale rougher-cleaner testing and are preliminary in nature; they do not represent a feasibility-level process design or a commercial product specification.
Quality Assurance / Quality Control
The bulk sample used in this program were selected and prepared under the supervision of Freeman Smith. The ALS laboratory maintained its own internal QA/QC procedures to deliver these initial outcomes. QA/QC results were reviewed by Freeman Smith, and no material issues were identified that would affect the interpretation of the reported results.
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Freeman Smith, P.Geo., VP Exploration of Blue Jay Gold Corp., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Blue Jay Gold Corp.
Blue Jay Gold Corp. is a Canadian gold exploration company focused on growing and discovering resources within established gold producing regions in Canada. The Company’s flagship asset is the 100%-owned Steller Gold Project in southern Yukon, an infrastructure-supported, past-producing mine with significant exploration upside and clear near-term catalysts. Blue Jay has also built a portfolio of projects in Ontario. With strategically located assets and a leadership team experienced in geology and capital markets, Blue Jay will advance disciplined, modern exploration programs focused on target definition, resource growth, and new discoveries in known gold-mineralized regions. For more information, please visit: www.bluejaygoldcorp.com.
Eric Negraeff Investor Relations Blue Jay Gold Corp. eric@bluejaygoldcorp.com Phone: (604) 235-4059
Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release contain forward-looking information. Forward-looking information involves risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking information. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management’s assumptions may not be correct and that actual results may differ materially from such forward-looking statements. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Forward-looking statements contained in this press release may include, but are not limited to, the results of drilling at the Becker-Cochran occurrence, the timing and scope of the rest of the Company’s exploration program, and future business plans of the Company. Such information involves known and unknown risks, including the receipt of regulatory approval, the results of future financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Blue Jay in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by applicable securities laws and regulation, Blue Jay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Agnico Eagle has agreed to invest $14.8 million in Scout for 14.9% ownership, with The Electrum Group agreeing to invest $10.2 million to increase its ownership to 30%, at $1.50 per share. Funds will support exploration at Cuddy Mountain, Speed Goat, and additional projects.
Agnico Eagle may earn up to 70% interest in Scout’s Elk City and Muldoon projects by funding up to $60 million and $30 million, respectively, over eight years in exploration expenditures, with approximately $9.4million budgeted through 2027.
Coeur d’Alene, Idaho – September 18, 2026 – Scout Discoveries Corp. (“Scout” or the “Company”) is pleased to announce that it has agreed to a $14,769,411 strategic equity investment (the “Investment”) in Scout by Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle”), at $1.50 per share representing 9,846,274 shares for 14.9% fully diluted ownership of the Company. Concurrently, Scout’s largest shareholder, The Electrum Group, has agreed to invest $10,233,052.50 at $1.50 per share for 6,822,035 shares to increase its fully diluted ownership in Scout from 27% to 30%, comprising a total private placement of $25,002,463.50, with no warrants or fees (the “Private Placement”). Closing of the Investment is subject to customary closing conditions as well as closing of the Ownership Transfers (as defined below) in respect of the Muldoon project. All dollar amounts herein are expressed in U.S. dollars.
Alongside the Private Placement, Scout entered into arrangements with Bronco Creek Exploration Inc. (“Bronco Creek”) and Basin and Range Resources, LLC, each wholly owned subsidiaries of Elemental Royalty Corp. Under those arrangements, Scout will acquire 100% ownership of the Speed Goat, Muldoon, Robber Gulch, Century, Moose Ridge, Independence, and Silverback projects (the “Ownership Transfers”) upon completion of the applicable closing deliverables, including the issuance of 2,284,821 shares of Scout. Upon closing, the Ownership Transfers will eliminate approximately $4.5 million in future cash payments and $8.4 million in future work commitments across the seven projects. These were projects the Scout team generated while at Bronco Creek from 2018 to 2022, before Scout was spun out in 2023.
On closing of the Investment, Scout and Agnico Eagle will execute a definitive earn-in agreement covering Scout’s Erickson Ridge and South Orogrande projects (collectively, the “Elk City Project”) in Idaho (the “Elk City Earn-In”) and Agnico Eagle will acquire an option to, among other things, enter into an earn-in agreement on Scout’s Muldoon project in Idaho.
Under the Elk City Earn-In, Agnico Eagle may earn a 51% interest in the Elk City Project by funding $20 million of work at Elk City over a five-year period. Upon exercise of the option under the Elk City Earn-In, Scout and Agnico Eagle will enter into a joint venture agreement under which Agnico Eagle may earn an additional 19% interest, for a total 70% interest, by funding a further $40 million at Elk City over the following three years.
Agnico Eagle’s option to enter into an earn-in agreement in respect of Scout’s Muldoon project, if exercised, will entitle Agnico Eagle to enter into an agreement to earn into a 51% interest in the Muldoon project by funding $10 million of work at the Muldoon Project over a five-year period. Following completion of such funding, the Muldoon earn-in agreement will provide Agnico Eagle with the option to enter into a joint venture agreement with Scout under which Agnico Eagle may earn an additional 19% interest, for a total 70% interest, by funding a further $20 million at the Muldoon project over the following three years.
Scout will serve as the operator during the earn-in periods, with drilling performed by Scout’s internal drilling division, Scout Drilling LLC. Initial exploration programs total approximately $9.4 million through the end of 2027.
“This is exactly what we set out to do when we began working in Idaho eight years ago,” said Curtis L. Johnson, President & CEO of Scout. “We came here with the conviction that Idaho hosts district-scale mineral systems worthy of the attention of the world’s leading mining companies, and we have spent those years assembling the land positions, the datasets, and the teams to prove it. Partnering with Agnico Eagle – one of the most respected gold producers in the world – at Elk City and Muldoon, and welcoming them as a 14.9% shareholder, is the strongest endorsement yet of that work. It also builds on the foundation laid with our earlier partners, and we are grateful to Electrum, the Bronco Creek team at Elemental Royalty Corp., and the shareholders who have backed this vision from the beginning. With programs funded and our drills turning, we’re just getting started.”
The Investment was completed pursuant to Rule 506(b) of Regulation D promulgated by the SEC under the Securities Act of 1933, as amended (the “Securities Act”), solely to persons who qualify as accredited investors and in accordance with applicable securities laws.
The securities issued pursuant to the Investment have not been and will not be registered under the Securities Act or the securities laws of any state of the United States and may not be offered or sold absent such registration or an applicable exemption from such registration requirements. The securities referenced herein have not been approved or disapproved by any regulatory authority.
This release is issued for informational purposes pursuant to Rule 135c of the Securities Act and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Scout Discoveries Corp.Scout Discoveries Corp., headquartered in Coeur d’Alene, Idaho, is a private U.S. mineral exploration and drilling company with a large portfolio of precious and base metals projects in the western United States. Scout is focused on rapidly advancing its project portfolio through discovery with internal drill rigs and experienced technical teams, while also building a sustainable drilling and exploration services business to allow for a long-term exploration approach.For further information, visit: https://www.scoutdiscoveries.com/
Forward-looking StatementsCertain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to those risks set out in the Company’s public documents. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Capital Contribution Requires no Consideration to be Paid
DALLAS, TX / ACCESS Newswire / September 18, 2026 / AIAI Holdings Corporation (NASDAQ:AIAI) (“Ai2” or the “Company”), an AI-enabled diversified holding company utilizing Transformational AI (TAI) to enhance portfolio performance, today announced that its affiliated entity, Messier 42 LLC (“M42”), has agreed to contribute to the capital of the Company a controlling position in the entity holding M42’s marketing agreement for the sale of military equipment (the “Teaming Agreement”).
Under this arrangement, 100% of the revenue and EBITDA generated by the M42 entity which holds the Teaming Agreement will be consolidated on the Company’s financial statements and reported by the Company and the Company will distribute approximately 50% of the resulting Free Cash Flow to M42. The capital contribution requires no cash or stock consideration to be paid by the Company.
As previously announced, M42 projects that the Teaming Agreement is expected to produce $250 million in Free Cash Flow during the 12 months following the closing.
This transaction replaces and is in lieu of the Company’s previously announced letter of intent to acquire a controlling interest in this M42 entity.
The closing of the transaction is subject to the execution of a definitive agreement and is anticipated to close in October 2026, and the Free Cash Flow will be accretive to the Ai² stockholders.
About AIAI Holdings Corporation
AIAI Holdings Corporation (Ai2) (NASDAQ:AIAI) is an AI-enabled diversified holding company that acquires and grows companies across multiple industries. We expect to drive revenue and earnings growth throughout our portfolio by applying exclusively licensed Transformational AI to enhance operational efficiency and financial performance.
Ai2 is building a next-generation model for technology-enabled business operations, which is expected to create sustainable value for shareholders through the strategic integration of artificial intelligence across diverse industries.
This press release contains “forward-looking statements” or “forward-looking information” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and plans of the Company. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations, intentions, beliefs, plans, objectives, goals, strategies, future events or performance, and underlying assumptions. Forward-looking statements are often identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “would,” “could,” “should”, “estimate,” “plan,” “predict,” “project,” “estimate”, or “continue,” or similar expressions, including the negative of these terms or other comparable terminology.
Forward-looking statements are based on the Company’s current expectations regarding its strategy, plans, intentions, performance, or future occurrences or results, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of known and unknown risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results, performance, or achievements to materially differ from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to our lack of operating history, our ability to attract new investments, our failure to manage growth effectively, our acquisition activities may pose risks that could harm our business, and our licensed AI may not perform up to the expected standards, as well as general business and economic conditions, competitive pressures, regulatory changes, technological developments, and other factors identified in the Company’s most recent filings with the U.S. Securities and Exchange Commission, including our Registration Statement on Form S-1, which are available for review at www.sec.gov. Furthermore, the Company operates in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results.
The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any intention to, and, except as may be required by law, undertake no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter become aware. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Monthly purchases of 5.56mm and 9mm ammunition scheduled to increase from 3 million to a minimum of 8 million rounds, supporting expanded manufacturing operations
HAGERSTOWN, MD / ACCESS Newswire / September 17, 2026 / First Breach Inc. (NASDAQ:FBDT) (“First Breach” or the “Company”), a U.S. based developer and manufacturer of defense technologies, today announced that it has entered into a three-year ammunition supply and distribution agreement with SAS Ammo (“SAS”), an ammunition retailer and wholesale distributor owned by veterans and law enforcement professionals. The agreement establishes monthly purchasing commitments beginning in October 2026, increasing from 3 million rounds to a minimum of 8 million rounds as First Breach continues to scale its ammunition production and sales.
Based in Martinsburg, West Virginia, SAS serves customers nationwide, including individual shooters, firearm retailers, shooting ranges, instructors and law enforcement agencies. Its retail and wholesale channels provide an opportunity to broaden distribution of First Breach’s American-made ammunition.
The agreement covers 5.56mm and 9mm ammunition manufactured at First Breach’s ISO 9001:2015 certified facility in Hagerstown, Maryland. Monthly purchase commitments are scheduled as follows:
October through December 2026:3 million rounds per month, consisting of 2 million 5.56mm rounds and 1 million 9mm rounds.
January through March 2027: 5 million rounds per month, consisting of 3 million 5.56mm rounds and 2 million 9mm rounds.
April 2027 through the remainder of the agreement: A minimum of 8 million rounds per month, consisting of at least 5 million 5.56mm rounds and 3 million 9mm rounds.
The agreement provides for SAS to purchase First Breach’s entire output of these two calibers, subject to specified purchasing and supply conditions. First Breach will serve as SAS’s exclusive supplier of 5.56mm and 9mm ammunition, with provisions allowing alternative sourcing if the Company cannot meet SAS’s requirements.
“This agreement represents a significant commercial milestone for First Breach, connecting our expanded manufacturing capacity with a defined schedule of ammunition purchases,” said Jeffrey Low, Chief Executive Officer of First Breach. “We have worked with SAS to establish a mutually beneficial relationship that supports broader distribution of our ammunition and gives us greater visibility into production planning. Their experience serving the shooting and law enforcement communities makes them a strong distribution partner as we scale deliveries while maintaining the quality, consistency and reliability our customers expect.”
The agreement follows First Breach’s September 1, 2026, announcement of increased ammunition manufacturing capacity. The installation of new loading and inspection equipment increased the Company’s production capacity by approximately 175%, providing the capability to manufacture up to 20 million rounds per month as it transitions to a 24-hour production schedule. The SAS agreement represents a commercial step toward utilizing that expanded capacity.
“Working with a vertically integrated U.S. manufacturing partner was a key driver in our decision to enter into this agreement,” said Daniel Berito of SAS Ammo. “First Breach’s ability to produce ammunition components and finished rounds in-house provides the manufacturing control and accountability we value in a supply partner. As a company owned by veterans and law enforcement professionals, supporting American manufacturing is important to us. This relationship brings that commitment together with a defined supply schedule to support our customers across our retail and wholesale channels.”
Expanding ammunition production and sales remains central to First Breach’s strategy as an American-made defense technologies company. The Company continues to grow its ammunition operations while advancing drone development and building manufacturing capabilities for U.S.-made unmanned systems. These efforts build on its domestic manufacturing infrastructure, precision engineering and commitment to quality as it develops a broader defense technology business.
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.
SAS Ammo is an ammunition retailer and wholesale distributor based in Martinsburg, West Virginia, owned by veterans and law enforcement professionals. Operating from a 10,000-square-foot warehouse, the company maintains on-site inventory for shipment to customers nationwide. Its team brings experience in military service, law enforcement, logistics and the firearms industry. SAS serves recreational and competitive shooters, retailers, ranges, instructors and law enforcement agencies through online sales, wholesale relationships and participation in firearm industry events.
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 meet SAS’s requirements, the Company’s ability to execute its business strategy; access to capital and financing; 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.
ATF license expands the Company’s federally regulated capabilities as it advances U.S.-made attritable strike-drone platforms
HAGERSTOWN, MD / ACCESS Newswire / September 15, 2026 / First Breach Inc. (NASDAQ:FBDT) (“First Breach” or the “Company”), a U.S. based developer and manufacturer of defense technologies, today announced that it has secured a Type 23 Federal Explosives License from the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). The license, valid through September 1, 2029, expands the Company’s regulated materials capabilities as it advances its U.S.-made attritable strike drone platforms.
“We believe this license represents a significant milestone for First Breach and provides the Company with a strategic advantage in the attritable drone market,” said Jeffrey Low, Chief Executive Officer of First Breach. “Together with our existing licenses, U.S.-based manufacturing capabilities and proprietary drone development program, it positions us to manufacture and integrate complete U.S.-made attritable strike drone systems at our Hagerstown facility, including mission-specific payload capabilities. This integrated approach is designed to provide greater control over quality, production and scalability as we advance toward production readiness.”
The license authorizes First Breach to engage in the regulated importation of explosive materials, expanding the capabilities available at its Hagerstown, Maryland facility. Together with the Company’s existing federal and state licenses, it supports First Breach’s ability to access, handle and integrate certain regulated materials and components required for the development, testing and manufacture of complete attritable strike drone systems.
These expanded capabilities are expected to support First Breach’s previously announced plans to begin scaling drone production in the second quarter of 2027 scaling drone production in the second quarter of 2027, with a targeted production capacity of more than 2,500 drones per week as manufacturing operations expand. The license adds to First Breach’s existing federal and state licensing, defense trade compliance infrastructure and ISO 9001:2015-certified quality management system.
The new license does not constitute approval of a specific drone platform, payload, military procurement or export transaction. Any future production, sale or export of defense articles will remain subject to all applicable U.S. laws, customer requirements and regulatory approvals.
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.
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; the successful integration of acquisitions and strategic transactions; 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.
Denver, Colorado–(Newsfile Corp. – September 14, 2026) – Elemental Royalty Corporation (NASDAQ: ELE) (TSX: ELE) (“Elemental” or “the Company“) is pleased to announce that it has been added to the MVIS® Global Junior Gold Miners Index (“MVGDXJ”), the underlying benchmark index for the VanEck Junior Gold Miners ETF (“GDXJ”).
The change will become effective after market close on Friday, September 18, 2026, pursuant to the GDXJ’s semi-annual review and quarterly rebalance.
Elemental Chief Executive Officer, David M. Cole, commented: “Elemental’s inclusion in the GDXJ represents another important milestone in the transformation of the Company over the past twelve months. During that period, we have significantly increased our scale, trading liquidity and portfolio quality, establishing Elemental as a leading mid-tier royalty company with a diversified production base and compelling long-term growth profile. Our inclusion in one of the world’s largest precious metals equity ETFs reflects Elemental’s growing profile in the global capital markets and is expected to further enhance our liquidity and visibility among both institutional and retail investors.”
About the GDXJ The VanEck Junior Gold Miners ETF seeks to replicate, before fees and expenses, the price and yield performance of the MVIS® Global Junior Gold Miners Index, which tracks the performance of liquid small-cap companies in the global gold and silver mining industries.
GDXJ is one of the world’s largest exchange-traded funds focused on junior gold and silver companies, with approximately US$9.3 billion in total net assets as of September 11, 2026.
About Elemental Royalty Corporation. Elemental is a new mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of 18 producing assets and more than 200 royalties, anchored by cornerstone assets and operated by world-class mining partners. Formed through the merger of Elemental Altus and EMX, the Company combines Elemental Altus’s track record of accretive royalty acquisitions with EMX’s strengths in royalty generation and disciplined growth. This complementary strategy delivers both immediate cash flow and long-term value creation, supported by a best-in-class asset base, diversified production, and sector-leading management expertise.
Elemental Royalty trades on NASDAQ and on the TSX 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.
Vancouver, British Columbia–(Newsfile Corp. – September 14, 2026) – Capitan Silver Corp. (TSXV: CAPT) (OTCQX: CAPTF) (“Capitan” or “the Company”) is pleased to report additional results from its 60,000-metre drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from thirty-five (35) drill holes.
Highlights:
Capitan’s Jesus Maria Silver Trend Expands Drilled Strike Length to 2.8 km: Drilling continues to expand silver mineralization both at depth and on strike along the continuous 2.8 km Jesus Maria Silver Trend, with the Company returning multiple high-grade intercepts from all three target areas (See Figure 1)
Two (2) New High-Grade Silver Zones Discovered at Depth, East of the Peñoles Fault: Drill holes 26-ERRC-63 and 26-SRRC-32 represent two (2) of the widest and highest-grade intervals reported in this target area; both zones remain open along strike and at depth (see Figure 1, Target B)
Drill highlights include:
848.0 g/t AgEq over 1.5 m, within a wider interval of 29.0 m of 181.4 g/t AgEq, as well as a lower zone which returned 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq in drill hole26-ERRC-63
Drill hole 26-ERRC-63 intersected a 70 m wide zone of mineralization (see Figure 2)
889.9 g/t AgEq over 1.5 m, within a wider interval of 27.4 m of 142.4 g/t AgEq and a lower zone of 12.2 m of 63.6 g/t AgEq in drill hole 26-SRRC-32
Drill hole 26-SRRC-32 intersected six (6) silver mineralized zones (see Figure 3)
1,363.1 g/t AgEq over 1.1 m, within a wider interval of 3.1 m of 731.3 g/t AgEq in an upper zone, with the middle zone returning 389.7 g/t AgEq over 1.6 m and 288.6 g/t AgEq over 1.3 m, within a wider interval of 11.6 m of 173.5 g/t AgEq and a lower zone of 198.8 g/t AgEq over 1 m, within 6.3 m of 82.6 g/t AgEq in drill hole 26-JMDD-09
1,123.6 g/t AgEq over 1.0 m and 597.2 g/t AgEq over 1.1 m, within a wider interval of 6.0 m of 125.3 g/t AgEq and a third mineralized zone which intersected 143.9 g/t AgEq over 1.8 m, within a wider interval 25.4 m of 42.8 g/t AgEq in drill hole 26-ERDD-14
368.9 g/t AgEq over 4.3 m, within a wider interval of 18.1 m of 159.2 g/t AgEq in drill hole 26-JMDD-06
798.7 g/t AgEq over 1.0 m, within a wider interval of 11.1 m of 192 g/t AgEq in drill hole 26-JMDD-08
756.6 g/t AgEq over 2.0 m, within a wider interval of 5.3 m of 316.8 g/t AgEq in drill hole 26-ERDD-13
632.2 g/t AgEq over 1.5 m, within a wider interval of 5.3 m of 313.7 g/t AgEq in drill hole 26-JMDD-04
648.2 g/t AgEq over 1.1 m, within a wider interval of 6.4 m of 203.1 g/t AgEq in drill hole 26-ERDD-18
Upcoming Catalysts:
Assays pending for 78 drill holes in multiple priority targets: 31 core, 47 reverse circulation (“RC“) holes, with more arriving weekly (see new target drill plan map in Figure 7)
Acquiring new structural data: Pilot Televiewer Survey has commenced
Alberto Orozco, CEO of Capitan Silver, commented:
“I’m very pleased with the results from our 2026 drill program. The footprint of the Cruz de Plata continues to expand and confirms our thesis that we have a large, silver-rich mineralized system. Our most recent batch of assay results have returned an abundance of high-grade silver intercepts, which not only expand known mineralization to 2.8 km along the Jesus Maria Silver Trend, but also expand the mineralized envelope deeper. Most significant – and encouraging – is the fact that these results have also encountered high-grade mineralization in all three of our major target areas, which reinforces our confidence in the robustness and large-scale potential of this asset.”
The 2026 drill program at the Cruz de Plata project is fully ramped up, with four (4) drill rigs currently operating at site. Drilling through the late spring and summer focused on extending known zones of high-grade silver mineralization at depth over the entire strike length of the Jesus Maria Silver Trend (see Figure 1, Targets A, B, and C). This phase of drilling was executed primarily with diamond drilling, with some supporting RC holes. Down-dip step-outs varied between 35 to 150 m.
The remainder of the 60,000 m program for this area is focused on drilling the strike length of the Jesus Maria Silver Trend to a depth of 500 m vertically from surface with down-dip step outs increasing to 80 to 175 m with diamond drilling. The RC rig is now fully dedicated to drilling newly-permitted targets and has moved from a single to a double shift to increase the drill rate for the remainder of the program.
Drill Results: Target Area B
Recent drilling at Target Area B has resulted in the discovery of two (2) new high-grade zones of silver mineralization at depth, with grades approaching bonanza levels starting to appear in drilling.
Drill highlights from Target Area B include:
Drill hole 26-ERRC-63 intersected a 70 m wide zone of mineralization (see Figure 2), that includes a number of reported mineralized intervals:
848.0 g/t AgEq over 1.5 m, within a wider interval of 29. 0 m of 181.4 g/t AgEq, as well as a lower zone which returned 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq
Drill hole 26-SRRC-32 intersected six (6) separate silver mineralized zones (see Figure 3). This includes:
889.9 g/t AgEq over 1.5 m, within a wider interval of 27.4 m of 142.4 g/t AgEq and a lower zone of 12.2 m of 63.6 g/t AgEq
Drill hole 26-ERRC-63 was drilled proximal to the hanging wall of the Peñoles Fault, which has demonstrated to be a controlling structure for mineralization on the stratigraphically higher west side of the fault (see previously reported drill holes 25-ERRC-12, 26, 35, 37).
This drill hole returned one of the most significant intersections of silver equivalent mineralization to date along this portion of the Jesus Maria Silver Trend, returning multiple intervals including an upper zone which returned 410.7 g/t AgEq over 1.5 m within a wider zone of 3.0 m of 327.4 g/t AgEq, 848 g/t AgEq over 1.5m, within a wider zone of 6.1 m of 429.6 g/t AgEq, all within a wider interval of 29 m of 181.4 g/t AgEq. The lower zone contained 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq. This new high-grade zone remains open to expansion down-dip to the south and along strike to the east, with follow-up drilling currently being coordinated.
Drill hole 26-SRRC-32 intersected the second high-grade zone of silver mineralization in Target B in the vicinity of the historic San Rafael Mine. The hole returned six zones of mineralization (see Figure 3), of which the most significant was a lower zone (labeled as 6 in Figure 3), which contains 889.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 707 g/t AgEq, 107.7 g/t AgEq over 3.0 m and 197.1 g/t AgEq over 3.0 m, all within a wider interval of 27.4 m of 142.4 g/t AgEq.
These results confirm the Company’s current working geological thesis that this portion of the Jesus Maria Silver Trend has been dropped down several hundred metres by the Peñoles Fault, preserving the upper portions of the vertically zoned hydrothermal system, which is generally more gold dominated, and characterized by more widespread silica alteration and boiling textures in the higher, near surface portions. As exploration has continued to expand mineralization to depth, a transition to high-grade silver mineralization has started to evolve, with mineralization wide open to expansion at depth over this portion of the trend.
Drill Results: Target Area C
Drilling at Target Area C continued to return encouraging results, with drilling focused on extending mineralization down-dip from known high-grade zones in the vicinity of the historic Jesus Maria Mine.
Drill holes 26-JMDD-04, 06, 07, 08, 09 and 10 all returned significant intervals of silver mineralization, with all holes reporting values more than 300 g/t AgEq, with bonanza grades greater than 1,000 g/t AgEq returned in drill hole 26-JMDD-09 (see Table 1 and Figure 4). All drill holes extended mineralization between 35 and 150 m down-dip from previously reported intersections.
Drill highlights from Target Area C include:
1,363.1 g/t AgEq over 1.1 m, within a wider interval of 3.1 m of 731.3 g/t AgEq in an upper zone, with the middle zone returning 389.7 g/t AgEq over 1.6 m and 288.6 g/t AgEq over 1.3 m, within a wider interval of 11.6 m of 173.5 g/t AgEq and a lower zone of 198.8 g/t AgEq over 1 m, within 6.3 m of 82.6 g/t AgEq in drill hole 26-JMDD-09
798.7 g/t AgEq over 1.0 m, within a wider interval of 11.1 m of 192 g/t AgEq in drill hole 26-JMDD-08
632.2 g/t AgEq over 1.5m, within a wider interval of 5.3 m of 313.7 g/t AgEq in drill hole 26-JMDD-04
368.9 g/t AgEq over 4.3 m, within a wider interval of 18.1 m of 159.3 g/t AgEq in drill hole 26-JMDD-06
At Target Area A, diamond core drilling continued to expand the main Jesus Maria Vein down-dip from the historic El Refugio Mine. The primary goal of this drilling is to extend previously reported high-grade silver mineralization to depth, with the secondary goal of exploring/infilling areas with poor drill density in the vicinity of the Target C and Target A boundary.
The best intercept in this zone was in drill hole 26-ERDD-14, which intersected up to 1,123.6 g/t AgEq over 1.0 m. Five of the holes returned grades in excess of 500 g/t AgEq, with the majority of the holes intersecting values in excess of 200 g/t AgEq.
Drill highlights from Target Area A include:
1,123.6 g/t AgEq over 1.0 m and 597.2 g/t AgEq over 1.1 m, within a wider interval of 6.0 m of 125.3 g/t AgEq and a third mineralized zone which intersected 143.9 g/t AgEq over 1.8 m, within a wider interval 25.4 m of 42.8 g/t AgEq in drill hole 26-ERDD-14
648.2 g/t AgEq over 1.1 m, within a wider interval of 6.4 m of 203.1 g/t AgEq in drill hole 26-ERDD-18
756.6 g/t AgEq over 2.0 m, within a wider interval of 5.3 m of 316.8 g/t AgEq in drill hole 26-ERDD-13
643.1 g/t AgEq over 0.9 m in drill hole 26-ERDD-23
538.7 g/t AgEq over 1.7 m, within a wider interval of 5.2 m of 285.2 g/t AgEq in drill hole 26-ERDD-27
305.5 g/t AgEq over 1.3 m, within a wider interval of 25.6 m of 85.0 g/t AgEq in drill hole 26-ERDD-29
Drilling at Target area A continues to extend mineralization at depth with base metal tenors continuing to increase as drilling targets deeper and higher temperature portions of the mineralized system. The Company anticipates base metals tenors to continue to increase at depth, similar to what is seen to the west at the Jesus Maria Mine area.
AgEq considers Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t + (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). High grades have not been capped. RC and Diamond Core Drill samples have been analysed at SGS labs in Durango and Hermosillo using fire assay and Four-acid multi-element analysis with the following codes: GE-FAA30V6 and GEICP40Q12, with over assays using the following codes: GO_FAG37V for Au and Ag. QAQC: Capitan Silver maintains a rigorous QAQC program and inserts multiple standards, blanks and duplicates into the sample stream at regular intervals. Check Assays are performed at ALS laboratories in Zacatecas, Mexico. True widths along the Jesús María Trend are estimated to be 70-90% of the drilled width. At new drill targets/discoveries, true widths are unknown. Intervals are calculated at a 25 g/t AgEq cut-off and are cut at a maximum of 3 metres of internal dilution. Some numbers may not sum correctly due to rounding.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Marc Idziszek, P.Geo, Vice President Exploration of Capitan, and a “qualified person” (with the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects).
About Capitan Silver Corp.
Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico’s primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company’s share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this news release constitute “forward-looking statements“ within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements“). All statements, other than statements of historical fact, contained in this news release are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future performance.
Forward-looking statements may be identified by the use of words or phrases such as “may“, “will“, “would“, “could“, “should“, “expect“, “believe“, “plan“, “anticipate“, “intend“, “estimate“, “continue“, “objective“, “potential“, “target“, “strategy“, “project“, “forecast“, “outlook“, “scheduled“, “seek“, “explore“ and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with respect to: expectations regarding the Company’s 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; management’s beliefs regarding the mineralized system at Cruz de Plata; and the Company’s strategy and exploration objectives.
The forward-looking statements contained in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company’s title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company’s ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company’s public filings.
The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company’s filings available on SEDAR+ (www.sedarplus.ca) under the Capitan’s issuer profile.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
