CASPER, WY / ACCESS Newswire / August 20, 2026 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (“Ur-Energy” or the “Company“), America’s largest and fastest-growing domestic ISR uranium producer, is pleased to announce that on August 19, 2026, it made the first shipment of uranium from its Shirley Basin mine to its Lost Creek processing plant in Wyoming.
Matt Gili, President & CEO of Ur-Energy, stated, “This first shipment is not only the start of full operations at Shirley Basin, it also marks Ur-Energy’s transition to a multi-asset, domestic U.S. uranium producer. It is important to note that Shirley Basin moved from construction decision to production in just two and a half years. This is a clear demonstration of our team’s ability to progress through permitting, construction, and startup in a highly effective manner. Crucially, this milestone also validates our capital-efficient, hub-and-spoke development model and further strengthens Ur-Energy’s position as a leading U.S. uranium producer.”
With licensed wellfield and toll processing capacity of up to 2.0 million pounds of U3O8 equivalent, Ur-Energy’s Shirley Basin mine is the Company’s second uranium in-situ recovery (“ISR”) operation in Wyoming. As previously announced, initial mining operations commenced at the mine in April 2026. Final authorization to advance to full operations was received from the State of Wyoming Department of Environmental Quality in late June 2026.
Shirley Basin is being run as a satellite mine of the Company’s Lost Creek hub operation. Lost Creek, which is home to the largest operating ISR mine in the U.S., has a proven and tested facility that has processed and shipped more than 3.5 million pounds of U3O8 to the conversion facility for delivery to the Company’s customers. This hub-and-spoke model is the basis of Ur-Energy’s growth platform in Wyoming. It avoids duplicative infrastructure, improves capital efficiency, and can be scaled at an accelerated pace.
Now that shipments from Shirley Basin to Lost Creek have commenced, the Company will execute on its strategy for ramp-up to full commercial levels, while continuing to advance its other organic growth opportunities in the district.
About Ur-Energy
Ur-Energy is the largest and fastest-growing ISR uranium mining company in the United States. It owns and operates the Lost Creek ISR uranium facility in south-central Wyoming, which has produced more than 3.5 million pounds of U₃O₈ since operations began, and the Shirley Basin ISR operation in central Wyoming, where uranium recovery commenced in April 2026. Lost Creek and Shirley Basin have combined annual licensed production and toll-processing capacity of 4.2 million pounds of U₃O₈. The Company is also engaged in exploration and development activities at a selection of projects in the Great Divide Basin uranium district. Ur-Energy’s common shares trade on the NYSE American under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” The Company’s corporate headquarters is in Casper, Wyoming, and its registered office is in Ottawa, Ontario.
Cautionary Statement Regarding Forward-Looking Information
This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., our ability and the expected or planned timing at Shirley Basin to ramp up and increase production or to reach full commercial levels of production; our ability in the future to execute on our construction, development, and operating plans; and our ability in the future to comply with regulatory requirements and receive regulatory approvals). Generally, forward-looking statements can be identified by use of forward-looking terminology such as “plans,” “expects,” “does not expect,” “is expected,” “is likely,” “estimates,” “intends,” “anticipates,” “does not anticipate,” “believes,” or variations of the foregoing, or statements that certain actions, events or results “may,” “could,” “might” or “will” “be taken,” “occur,” “be achieved” or “have the potential to.” All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause 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. Factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore that is mined varying from estimates; production rates, methods, and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental, or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development; changes in governmental polices or market conditions; and other factors described in the public filings of the Company that are available at www.sec.gov and www.sedarplus.ca. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations, and opinions of management as of the date hereof, and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or changes in management’s beliefs, expectations, or opinions that occur in the future, except as required by applicable law.
The U.S. government’s debt has surpassed $40 trillion, according to the latest data from the Treasury. It’s a staggering, hard-to-process number, totaling over $359,000 in federal debt for every American taxpayer.
Bank of America’s chief equity strategist, Michael Hartnett, projects the number will swell to $50 trillion in less than three years.
“The problem with $40 trillion is not the number,” Stephen Innes, financial markets analyst and former investment bank trader, wrote in an analysis. “Markets have been watching the US debt clock spin higher for years and, for most of that time, the response has been little more than a shrug. Washington spends, Treasury issues, investors absorb it, and the machine keeps moving.”
The largest federal budget items are Medicare/Medicaid combined (nearly $2 trillion), Social Security (over $1.6 trillion), national defense ($946 billion) — and interest on the debt (over $1 trillion).
Innes believes interest costs will soon begin “eating the budget alive,” with the steep trajectory of the government debt making the interest expense “one of Washington’s largest single outlays.”
What does that mean for the stock and bond markets — and the cost of living?
For fiscal year 2026, the federal government is projected to collect $5.6 trillion in revenue while spending about $7.4 trillion. That results in a deficit of roughly $1.9 trillion, according to the Congressional Budget Office.
“In other words, the government is spending roughly $1.33 for every $1 collected,” Colin Slabach, clinical assistant professor at New York University’s School of Professional Studies, told Yahoo Finance in an email.
“The good news is that there is still plenty of demand for US government debt,” he added. “The problem is that if that changes in the future — and nations like Japan need to sell our debt to stabilize their own currency — it could lead to an overabundance of supply.”
That’s when the Treasury would have to pay increasingly higher interest rates to attract investments in the U.S. government, Slabach said.
As swelling government debt pushes bond yields higher, borrowing costs for consumers also rise.
“As the federal government runs a deficit, it must borrow the difference by issuing Treasury securities. Increased supply of U.S. Treasuries pushes yields higher to attract investors. Those yields then serve as a benchmark for interest rates across the economy,” the Peter G. Peterson Foundation, a nonpartisan economic think tank, wrote in an economic outlook.
As rising rates filter through the economy, the cost of living squeezes household budgets even tighter.
“Rising borrowing costs mean larger payments on mortgages, car loans, student loans, business loans, and credit card debt,” the report noted.
However, it’s not only about a higher monthly housing payment, Ethan White, co-founder of White Sands Tax Services in Long Beach, Calif., told Yahoo Finance.
When borrowing costs remain high, the “freedom to buy, move, downsize, or respond to a new job or caregiving need” is reduced.
“The debt becomes tangible not when Washington crosses another trillion-dollar milestone, but when an otherwise reasonable life decision no longer fits within the family budget,” White said.
The federal debt could ‘lower the standard of living for all Americans’
In June, the Government Accountability Office (GAO) came to a startling conclusion: At $31.3 trillion, the U.S. debt was roughly equal in size to the country’s economy. Within weeks, the debt quickly surpassed the U.S. Gross Domestic Product.
“When the federal government spends more than it collects in revenue, it borrows money to make up that deficit,” the GAO report said, adding that while the federal debt would often spike during an economic setback, over the past two decades, the deficit had grown even as the economy thrived.
One result: Businesses face higher borrowing costs. With less capital for operational costs, wages suffer, “leading to slower wage growth,” the GAO reported.
“If nothing is done to reduce deficits each year, we project that debt will grow about twice as fast as the economy over the next 10 years. In 30 years, that debt will likely be 2.5 times the size of the economy,” the GAO said. “What that means for you, and future generations, is that today’s deficits — if not addressed — could have lasting financial consequences. The federal government’s debt could ultimately lower the standard of living for all Americans.”
A growing deficit could bring another headache to taxpayers: “It could mean higher taxes with no additional services because the taxes will pay the interest on the debt,” Slabach said.
And investors are likely to see continued volatility in the markets.
“Higher rates can weigh on stocks because it makes borrowing more expensive for companies,” Robert Brokamp, CFP, a financial advisor with The Motley Fool, told Yahoo Finance. “When rates rise, the prices of current bonds drop since they are now less attractive than new bonds offering higher yields. Because rates have risen in 2026, the overall bond market has dropped approximately 2.5% so far this year. It’s not a devastating loss, but also not what many investors expect from ‘safe’ bonds.”
Brokamp recommends keeping any money you may need in the next three to five years in higher-yielding cash, money market funds, CDs, or short-term bonds, which are less sensitive to interest-rate moves.
Borrowers should watch debt levels as well.
“If rates remain elevated, carrying $25,000 on a variable-rate credit card or financing a car every few years becomes much more consequential,” Zachary Sahar, CPA, managing director at Capital Tax in Walnut Creek, Calif., said in an email. “I’d focus less on predicting Washington and more on reducing expensive variable-rate debt, maintaining liquidity, and avoiding new fixed expenses that only work if rates or economic conditions improve.”
Copper Is Reaching Record Highs for New Reasons: Despite mixed economic data, copper is benefiting from growing demand tied to energy security, AI, defense and electrical infrastructure.
Mine Supply Remains Constrained: Weak Chilean production, delayed mine recoveries and long development timelines continue to limit supply growth.
Concentrate Scarcity Is Shifting the Economics: Record-low treatment charges and spot-indexed contracts signal intensifying competition for concentrate and growing miner leverage.
Tariff Uncertainty Is Fragmenting Supply: Potential U.S. tariffs have drawn significant refined copper into the U.S., tightening availability elsewhere.
Power May Be AI’s Next Bottleneck: AI investment is expanding from chips to power generation, transmission and grid infrastructure, adding another copper-intensive source of demand.
Copper Miners Are Responding: After lagging in July, miners rallied sharply in early August as record copper prices and strong margins highlighted their operating leverage.
Performance for periods of less than one year is not annualized. Source: Bloomberg as of 7/31/2026. You cannot invest directly in an index. Past performance is no guarantee of future results.
Performance Overview: Copper Reaches Another Record High
Copper prices continued to advance in July, extending a rally that has increasingly diverged from the traditional industrial cycle. Copper ended the month at $13,836 per metric ton, gaining 3.65% in July and 11.10% year-to-date. The rally continued into August, with copper reaching a new all-time high of $14,334 per metric ton on August 10. A weaker U.S. dollar and persistent concerns over global mine supply helped support copper’s move. The U.S. copper premium also climbed back above 3%, reflecting continued positioning ahead of a potential tariff on refined copper imports.
Copper miners initially lagged the metal, gaining just 0.22% in July, before responding more strongly in August. As of August 10, copper miners had gained 12.96% month-to-date, while junior copper miners had risen 15.06%. The acceleration suggests that investors may be looking beyond near-term copper price volatility and focusing more closely on the earnings leverage available to producers if prices remain near historically elevated levels.
Copper is breaking away from the traditional industrial cycle.
Copper’s strength is particularly notable against an uneven economic backdrop. Chinese demand indicators remain mixed, elevated prices have pressured some fabricators and broader industrial activity has not provided an obvious cyclical catalyst. Yet copper continues to be one of the better-performing commodities. We believe this resilience reflects a structural shift in copper’s demand profile, with consumption increasingly driven not only by construction, manufacturing and consumer activity, but also by electricity networks, AI data centers, defense systems and energy infrastructure. These sources of demand are supported by government policy, national security priorities and long-term infrastructure investment, making them generally less sensitive to short-term economic conditions.
At the same time, supply constraints are emerging across multiple stages of the copper value chain. Mine production continues to underperform expectations, exceptionally low treatment charges (TCs; the fees mining companies pay smelters to process copper concentrate into refined metal) point to an acute shortage of concentrate, and tariff uncertainty has redirected refined copper toward the U.S. No single factor fully explains copper’s move to record highs. Collectively, however, they underscore the limited flexibility within the global copper supply system as structural demand growth, constrained supply and policy disruptions increasingly converge.
Looking at longer-term performance, copper miners have outpaced broader equities over the past five years (Figure 1).
Figure 1. Physical Copper and Copper Stocks Have Outperformed Other Asset Classes Over the Past Five Years (7/31/2021-7/31/2026)
Source: Bloomberg and Sprott Asset Management. Data as of 7/31/2026. Copper Miners are measured by the Nasdaq Sprott Copper Miners™ Index (NSCOPPT index); Junior Copper Miners are measured by the Nasdaq Sprott Junior Copper Miners™ Index (NSCOPJT index); U.S. Equities are measured by the S&P 500 TR Index; the Copper Spot Price is measured by LMCADY Comdty; and Commodities are measured by the Bloomberg Commodity Index (BCOM). Definitions of the indices are provided in the footnotes. You cannot invest directly in an index. Past performance is no guarantee of future results.
Market Drivers
Concentrate Scarcity Is Rewriting the Copper Market
Demand for copper concentrate continued to intensify in July as mine supply became increasingly difficult to secure. Spot treatment charges fell to another all-time low, while Chilean copper miner Antofagasta plc shifted its mid-year copper sales from fixed terms, which had long served as an industry benchmark, to prices linked to the copper spot market.6 Antofagasta’s contracting decisions matter because its terms have traditionally influenced pricing across much of the copper industry. Together, these developments suggest that concentrate is becoming increasingly scarce, bargaining power is shifting toward miners and long-standing industry practices are beginning to adjust to a tighter market.
Concentrate scarcity is shifting the balance of power decisively toward copper miners.
For much of the copper industry’s history, large miners and smelters negotiated annual or mid-year benchmark treatment and refining charges (TC/RCs). Once a leading producer and smelter reached an agreement, other market participants frequently adopted similar terms, providing greater pricing certainty across the industry.
Antofagasta has become the de facto leader on the mining side of these negotiations in recent years. Its move toward spot-index-linked pricing is therefore more significant than an isolated contract between a miner and a smelter. If similar arrangements become more common, they could weaken the traditional benchmark system and expose a larger share of the industry directly to prevailing concentrate scarcity. BHP, the world’s largest copper producer in 2025, has already priced substantial volumes of concentrate against spot indexes.
TC/RCs provide an important measure of the balance between concentrate supply and smelting capacity. When concentrate is abundant, smelters can charge miners more to process it. When concentrate becomes scarce, smelters must offer miners increasingly favorable terms to secure enough material to keep their facilities operating. Negative TC/RCs therefore indicate that the value of concentrate has risen significantly relative to refined copper.
The move from above $90 per metric ton in late 2023 to below -$150 today represents a reversal of more than $240 per metric ton. This extraordinary shift illustrates how decisively bargaining power has moved toward miners and provides a clearer indication of upstream scarcity than record-high refined copper prices alone.
Why Smelters Keep Competing for Scarce Concentrate
Given deeply negative treatment charges, an important question is why smelters have not responded by reducing production. Treatment charges have historically been an important source of smelter revenue, but they are only one component of a more complex earnings model. Smelters can also generate revenue from sulphuric acid produced during processing, payable and recoverable by-products such as gold and silver, copper recovered above contracted payable levels, cathode premiums and downstream products such as wire rod and tubing.
Sulphuric acid has been particularly important in sustaining smelter demand for concentrate. The Iran war disrupted trade from the Middle East, a region responsible for nearly half of global sulphur trade, while China’s suspension of sulphuric acid exports further tightened availability outside the country. Higher acid prices have had opposing effects across the copper supply chain: increasing costs and supply risks for acid-dependent solvent extraction and electrowinning mines while improving the economics of smelters that produce sulphuric acid as a valuable by-product.
Combined with elevated gold and silver prices, these revenues have allowed many smelters to remain profitable and continue competing aggressively for scarce concentrate despite deeply negative TC/RCs. This has delayed the production cuts that might otherwise have reduced competition for concentrate and allowed treatment charges to recover.
Copper miners are benefiting from scarcity on both sides of the market.
For copper miners, the result is particularly favorable. Smelters are offering increasingly attractive terms to secure scarce concentrate at the same time that refined copper prices are near record highs. Together, these conditions have pushed copper miners’ all-in sustaining cost margins to levels not seen in decades.
The resulting margin expansion highlights the operating leverage available to copper miners. Once a mine’s operating costs are covered, higher copper prices can flow disproportionately into earnings and cash flow. This leverage has historically allowed copper miners to outperform the metal during sustained bull markets, particularly when higher prices coincide with favorable concentrate terms and strong by-product revenues, as they do today.
We believe pure-play copper miners provide more direct exposure to copper’s constrained supply response and the resulting margin expansion, positioning them to benefit disproportionately if these conditions persist.
Figure 2. Record-Low Treatment Charges
Source: Bloomberg. China Treatment Charge measured by ZACNTC26 Index. Past performance is not indicative of future results.
U.S. Tariff Uncertainty Is Reshaping the Global Copper Market
The possibility of U.S. tariffs on refined copper has redirected significant volumes of metal into the country, creating a historically large domestic stockpile. In 2025, the U.S. Commerce Department recommended a universal tariff of 15% beginning January 1, 2027, rising to 30% on January 1, 2028. Although the Trump administration separately imposed a 50% tariff on semi-finished copper products, it did not immediately adopt the recommendation for refined copper, leaving the market uncertain about whether—and at what rate—imports might eventually be taxed.
Tariff uncertainty is pulling copper into the U.S. and reshaping global trade flows.
That uncertainty created a powerful incentive to move copper into the U.S. before any tariff took effect. Copper already inside the country could become considerably more valuable if future imports were taxed, supporting a premium for U.S. copper over metal traded on the London Metal Exchange (LME). When that premium was sufficient to cover freight, financing and storage costs, traders could profitably purchase copper abroad and deliver it to U.S. ports and warehouses.
The resulting inventory shift has been extraordinary. More than 200,000 metric tons of refined copper arrived at U.S. ports in July, the largest monthly inflow in data extending back to 2014.
The U.S. Commerce Department was expected to complete its Section 232 review by June 30, 2026, but no public decision followed. The market must therefore continue to weigh several potential outcomes, including the original phased tariff, a lower rate with exemptions or another delay. Each carries different implications for the value of copper already accumulated in the U.S.
Under normal conditions, COMEX copper trades at only a modest premium to LME copper. That changed dramatically in July 2025, when President Trump’s comments regarding a 50% copper tariff led traders to believe the levy could include refined copper, pushing the COMEX premium above 28%. The premium collapsed after refined copper was excluded but has recently begun to rebuild, rising above 3% as the market again prices in the possibility of future tariffs.
Copper already held inside the U.S. therefore retains valuable optionality. If a tariff is ultimately imposed, those inventories could become more valuable relative to copper outside the country. As long as policy remains unresolved, that possibility reduces the incentive to return metal to international markets.
U.S. Stockpiling Is Tightening Copper Markets Elsewhere
The U.S. stockpile has been built at the expense of availability elsewhere. Copper shipped to the U.S. has been diverted from other consuming regions, contributing to a sharp decline in available LME inventories. Nearby LME contracts have moved further into backwardation, indicating that copper available for immediate delivery is commanding a premium over future supply. Chinese buyers are also competing more aggressively for metal while domestic exchange inventories remain low.
Some copper may eventually return to international markets as trade flows normalize. But policy clarity cannot increase mine production, reverse declining ore grades or accelerate projects that can take more than a decade to develop. U.S. tariff uncertainty has amplified and regionalized copper’s tightness, but it has not created the underlying scarcity of mined copper.
Figure 3. U.S. Copper Shipments Surge as Tariff Decision Looms
Source: Bloomberg and HIS Markit. Copper Tariff Delay Raises Repricing Risk: Macro View.
Chile’s Production Downgrade Reinforces the Mine-Supply Challenge
Chile lowered its copper production forecasts after first-half output fell to its lowest level since 2018.7The world’s largest copper-producing country now expects output to decline in 2026 before recovering next year, with both forecasts reduced meaningfully from prior estimates. At a time when smelters are already struggling to secure concentrate, the loss of expected supply from Chile further tightens the upstream market.
The weakness reflects more than temporary maintenance or operational disruptions. Much of Chile’s major copper capacity was developed decades ago, and key operations are contending with declining ore grades, aging infrastructure, water constraints and increasingly complex investment requirements. National production remains below its 2018 peak and would still fall short of that level even if the revised recovery forecast is achieved.
Copper needs new supply, but new mines remain years away.
These challenges extend well beyond Chile. Mine disruptions exceeded their long-term average in both 2024 and 2025, while recoveries at major operations, including Grasberg and Kamoa-Kakula, have taken longer than expected. The market needs Chilean production to recover, disrupted mines to return and operating performance elsewhere to normalize simply to deliver the supply already embedded in forecasts.
Higher copper prices should encourage investment, but major mines can take 15 to 20 years to develop and require substantial capital. Much of the visible project pipeline is also needed simply to replace declining production at existing operations before it can generate meaningful net supply growth. Record copper prices are sending the necessary investment signal, but the supply response remains years away.
Copper enters the remainder of 2026 near record highs, but the market has yet to deliver the supply response those prices are intended to encourage. The most important near-term test will be whether production begins to recover. The market is relying on improved output from Chile and the gradual restoration of major operations, including Grasberg and Kamoa-Kakula. These recoveries, though reduced from original expectations, are already embedded in supply forecasts, leaving limited room for further disappointment at a time when record-low treatment charges indicate that smelters are already struggling to secure enough concentrate.
Meanwhile, strategic demand continues to build. AI was not the principal driver of copper’s recent rally, but its rapid expansion is exposing the limitations of global power systems. Data centers can be built faster than the generation, substations and transmission systems needed to supply them, shifting the potential bottleneck from computing hardware toward electricity infrastructure. Copper demand extends well beyond the metal contained within data centers to the much larger power systems required to operate them.
The copper market is tightening before power-related demand reaches full scale.
China is already investing at scale. As an energy-dependent nation, China’s expansion of domestic generation and transmission is fundamentally an energy-security strategy, reducing exposure to imported fuels while supporting industrial and technological growth. The U.S. faces similar pressure to expand its power system as AI, advanced manufacturing and defense requirements collide with aging grids and limited connection capacity.
AI does not need to become copper’s largest end market to have a meaningful effect. Even incremental demand can materially tighten a market in which existing mine supply is already falling short and new production remains slow to deliver.
Copper’s record price should therefore be viewed as a signal that significant investment is still required. The market is already competing intensely for limited concentrate before the next phase of power-related demand has fully arrived. With strategic uses expanding faster than mine supply can keep pace, the copper market appears to be moving deeper into a multi-year period of structural tightness.
Short-term volatility is likely, but the longer-term balance is becoming increasingly supportive. Copper miners offer leverage to that imbalance because higher realized prices can flow disproportionately into margins and cash flow. As supply remains inelastic and strategic demand accelerates, copper and copper miners remain well positioned to benefit through the remainder of 2026 and beyond.
Figure 5. Copper Reaches New All-Time Highs (2000-2026)
Source: Bloomberg as of 8/10/2026. Copper is measured by LMCADY Comdty. Past performance is not indicative of future results.
Footnotes
1
The copper spot price is measured by the LME Copper Cash ($), Bloomberg ticker LMCADY.
2
The Nasdaq Sprott Copper Miners™ Index (NSCOPP™) is designed to track the performance of a selection of global securities in the copper industry; the Index was co-developed by Nasdaq® and Sprott Asset Management LP.
3
Nasdaq Sprott Junior Copper Miners™ Index (NSCOPJ™) is designed to track the performance of mid-, small- and micro-cap companies in copper-mining related businesses; the Index was co-developed by Nasdaq® and Sprott Asset Management LP.
4
The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index that tracks prices of futures contracts on physical commodities and is designed to minimize concentration in any one commodity or sector. It currently has 23 commodity futures in six sectors.
5
The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
Here is a number that doesn’t happen. Thirty patent applications filed. Thirty patents issued. Zero denied.
Patent examiners are paid to push back. For a claim to survive, it must cover patentable subject matter, be new, non-obvious, technically enabled, and practically useful — not one bar, five. Mica has cleared all five, thirty times — spanning Credential-less Payments, Credential-less Enrollment, N-Character PIN, Coupons and Rewards as Currency, Multi-Tender Payments, and many others.
Alston & Bird, one of the most respected intellectual property practices in the country, became Mica’s legal partner — building the patent portfolio jurisdiction by jurisdiction, claim by claim, across ten markets.
“Behind every issued patent is a challenge overcome and an innovative idea brought to life. Mica’s expanding patent portfolio reflects a relentless drive to innovate, reinforcing its position as a market leader and advancing transformative solutions that are shaping the future of the industry.”
— Dane Baltich, Partner, Alston & Bird
II. TRUE INNOVATION DOESN’T LAYER. IT REBUILDS.
There is a pattern to technological shifts that actually redefine industries. When an old foundation is structurally flawed, you don’t build a better layer on top of it. You pull it out by the roots.
Steve Jobs didn’t build a better Nokia. He looked at the phone — keyboard, carrier relationships, software, the whole thing — and decided the right answer was to throw it all out and rebuild from scratch. Every smartphone manufacturer in the world had been layering features onto existing form factors. Jobs built a new foundation, and the old one became irrelevant.
For decades, fintech has followed a predictable playbook: build a shinier interface or a faster tokenization layer over legacy transaction rails. But every one of those layers inherits the exact same original sin — the persistent credential. Whether it’s a credit card number, a bank routing code, or a proxy token sitting in a vault, it remains an attack surface waiting to be exploited.
Mica co-founders Christopher Petersen and Tim Kuchlein understood this. Having previously designed the core digital wallet architecture that became Google Wallet, they knew exactly where the old rails hit the wall. They didn’t set out to build onto an existing network. They built a new network.
III. TRANSACTION INFRASTRUCTURE, REBUILT
Mica is a ground-up transformation of transaction infrastructure that redefines authorization.
Zero Credentials, Eliminated Credential Risk: Instead of shielding or masking card numbers, Mica eliminates them entirely from the authorization flow using Universally Unique Ephemeral Keys (UUEKs). Identity is addressed, never stored, removing credential-based fraud exposure at the architectural layer.
Universal Authorization: Where existing networks are siloed by use case — credit cards, ACH or rewards — Mica treats all values natively. Bank accounts, loyalty and coupons can seamlessly orchestrate into a single transaction authorization in under 900 milliseconds.
Intelligence at the Core: Legacy infrastructure moves money and stops, leaving data resolution to third-party software. Mica introduces SKU-level transaction transparency and automated adjudication directly into the network layer.
IV. THIRTY FOR THIRTY
The patents are the proof of work. Thirty times, Christopher, Tim and Alston & Bird put a piece of that infrastructure in front of the patent system — and thirty times, the answer came back the same.
Yes. This is new. This is yours.
With 60+ additional applications pending across ten jurisdictions, the portfolio is still growing.
Building new transaction infrastructure is one of the hardest things a company can attempt. You are asking every participant in an existing ecosystem to change. The people who came in early didn’t just believe in Mica. They’ve staked their reputations on it.
FT Partners, one of fintech’s most respected strategic investment banks.
“When we began working with Mica, it was immediately clear this wasn’t an incremental improvement to existing payment infrastructure — it was a ground-up redesign of how authorization works. The removal of reusable credentials from the transaction flow addresses the structural root cause of problems the industry has spent decades managing around. Reaching 30 issued patents is a meaningful milestone, but what it reflects is more significant: a defensible, novel architecture that incumbents cannot simply replicate. That combination of structural differentiation and a deepening intellectual property portfolio is exactly what we look for when we partner with a category-defining company.”
— Steve McLaughlin, Founder / CEO / Managing Partner, FT Partners
Editor’s note: By the time this article was finished, Mica received five more patents. The total is now 35. There are 60 pending. We’ve stopped being surprised.
Copper rose toward a record on the London Metal Exchange, with soaring price spreads highlighting an increasingly acute squeeze in near-term supply.
The metal’s spot price traded as much as $545 a metric ton above the three-month futures contract, the widest backwardation since a historic squeeze in 2021 prompted the adoption of emergency measures to contain a runaway rally. Other spreads have also surged, and futures are closing in on a $14,500-plus peak reached during a spike in January.
The current supply crunch is being fueled by a surge in shipments to the US in anticipation of a potential decision on import tariffs, while recent tightness in China has also drawn cargoes there. That has led stockpiles across the LME’s global warehousing network to shrink by almost half since mid-May.
Investors were already warming to the metal, whose biggest application is in electrical wiring. They cite longer-term themes of robust demand powered by the energy transition toward electrification, the need to build data centers and infrastructure for artificial intelligence, as well as the mounting industry challenge of finding and funding new mining pits.
The elevated premium for the near-term delivery of copper “points to continued scarcity of available metal,” said Ewa Manthey, a commodities strategist at ING Groep NV. “We expect these supply constraints to keep the market well supported in the near term, particularly if demand remains resilient.”
The fireworks on Monday came at a key moment in the LME’s calendar, just ahead of the third Wednesday of the month, which is the main focus of liquidity in the exchange’s contracts.
Traders and brokers with short positions on that date were trying to cover their positions by buying cash contracts and selling later-dated ones, driving spreads higher, according to market participants. On the other side, owners of metal have been reluctant to relinquish it given the lucrative arbitrage opportunities presented by a surge in US prices on speculation of tariffs.
LME warehouses are a crucial last-resort source of supply to the physical copper industry, and metal in its depots can also be used to close out expiring futures contracts.
Global benchmark three-month futures advanced as much as 1.7% to $14,396 a ton on the LME before paring gains to trade at $14,179 as of 4:09 p.m. in London. The gains build on a seven-week winning streak.
Stockpiles tracked by the LME are currently just above 200,000 tons, the lowest volume since February. On Monday, they rose slightly after a 42-day run of declines, the longest since 2014.
Unbalanced inventories
A quirk of the current situation is that total global inventories are not particularly low, but are concentrated in the US as traders bet on President Donald Trump slapping tariffs on the refined metal. In addition, demand in China is not seen as particularly strong, but smelters there have struggled with feedstock supplies, increasing the need for imports.
The White House has kept the market guessing on plans for levies on refined copper, with no announcement emerging about seven weeks after a deadline for the Commerce Department to make a recommendation. Meanwhile, flows to the US have continued as markets price in a potential tariff.
With the cash-to-three month spread spiking, attention is turning to whether more copper might emerge from China, which often happens during periods of short-term supply pinches.
Among other LME metals, aluminum rose 0.6%, while zinc was up 0.3%, with advances also driven by a weaker US dollar, which aids commodities priced in the currency.
DALLAS, TX / ACCESS Newswire / August 6, 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 portfolio company, MediGuide, has launched its Longevity Intelligence Service, the latest advancement in its expanding precision healthcare platform.
MediGuide’s Longevity Intelligence is a service designed to help individuals better understand their biological health, identify potential health risks earlier and receive personalized clinical guidance through an integrated preventive healthcare solution that combines advanced diagnostics, predictive health intelligence, physician expertise and coordinated care.
“One of Ai2‘s core investment strategies is partnering with exceptional management teams that leverage technology to expand their market opportunity and create long-term shareholder value,” said Todd Furniss, Chief Executive Officer and Co-Founder of AIAI Holdings. “The launch of MediGuide Longevity Intelligence demonstrates that strategy in action. By expanding from a global leader in Medical Second Opinions into precision and preventive healthcare, MediGuide is strengthening its competitive position while addressing one of healthcare’s fastest-growing markets.”
“The future of healthcare is no longer just treating disease, it’s helping people understand their health before disease develops,” said Vera Guerreiro, Chief Executive Officer of MediGuide. ” MediGuide’s Longevity Intelligence reflects that vision by combining advanced diagnostics, physician expertise and personalized health insights to help people make more informed decisions throughout their healthcare journey.”
Unlike conventional health assessments that primarily evaluate existing conditions, the MediGuide Longevity Intelligence is designed to provide a comprehensive understanding of an individual’s current health status, future health trajectory and personalized opportunities for intervention through four integrated layers of medical intelligence.
Biological Intelligence
Evaluates advanced biomarkers to provide insight into an individual’s biological age relative to their chronological age.
Trajectory Intelligence
Analyzes biomarkers, lifestyle factors and family history to identify potential future health risks before symptoms develop.
Intervention Intelligence
Delivers personalized, evidence-based recommendations prioritized and validated through physician specialist review.
Delivery Intelligence
Coordinates ongoing care through MediGuide’s global healthcare platform, including Medical Second Opinion and Medical Treatment Abroad services when clinically appropriate.
Together, these capabilities are designed to provide individuals with a more complete understanding of where their health stands today, where it may be heading tomorrow, and the personalized actions that may improve long-term health and quality of life. As the service evolves, Ai2‘s Transformational AI is expected to help MediGuide convert biomarker, lifestyle and clinical data into explainable risk insights and personalized care-pathway recommendations, while improving case intake, clinical-document review, payer-rule interpretation and global care coordination.
AIAI Holdings Corporation (Ai2) (NASDAQ:AIAI) is an AI-enabled diversified holding company that acquires and grows companies across multiple industries. We expect to drive revenue and earnings growth throughout our portfolio by applying exclusively licensed Transformational AI to enhance operational efficiency and financial performance.
Ai2 is building a next-generation model for technology-enabled business operations, which is expected to create sustainable value for shareholders through the strategic integration of artificial intelligence across diverse industries.
About MediGuide
MediGuide is a global medical intelligence company dedicated to helping individuals make informed healthcare decisions when they matter most. Founded in 1999, the Company provides Medical Second Opinions, Medical Treatment Abroad, Digital Health, and Preventive Health solutions through an integrated healthcare platform that connects members with world-renowned medical centers and leading specialists around the globe.
Operating across more than 160 countries with a network spanning five continents, MediGuide partners with insurers, employers, financial institutions, and healthcare organizations to deliver expert clinical guidance, personalized care navigation, and innovative digital health services. By combining world-class medical expertise with advanced technology and AI-enabled healthcare solutions, MediGuide empowers patients with greater confidence, improved clinical outcomes, and access to the highest standards of care worldwide. Learn more at MediGuide.
MediGuide is a portfolio company of AIAI Holdings Corporation (NASDAQ:AIAI).
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,” 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.
Investor Relations
Matthew Selinger, Senior Partner Integrous Communications Email: mselinger@integcom.us Phone: 415-572-8152
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This update provides a clear look at the recent drilling activity for investors tracking the progress of the Northeast Tyro Zone. Derek McPherson, CEO of West Point Gold, walks through the specific drill intercepts and table data released by the company to confirm current exploration success. If you are following mining investment opportunities, this breakdown offers the necessary technical context on the gold grades identified in the latest reports.
The presentation focuses on the operational progress at the site, specifically detailing the high-grade intercepts that define the current phase of work. By analyzing the map and table data provided, viewers can understand the significance of these gold exploration findings and what they mean for the company’s timeline. This video is intended for those evaluating the technical milestones of West Point Gold and their recent impact on the project scope.
Edmonton, Alberta–(Newsfile Corp. – July 30, 2026) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that assay results have been received from ALS Global Limited (“ALS”) for the core drilling program conducted in late April to mid-May, 2026 to follow up excellent prior results from both surface sampling, historical drilling, magnetic surveys and the recent induced polarization (IP) results at the Sappho Critical Minerals Target (Figure 1).
A total of seven (7) core holes for a total 1,485 metres (m) were completed targeting the near surface Main Sappho Skarn Target and an associated near surface IP conductivity. The skarn mineralization is also coincident with a number of magnetic anomalies and is characterized by the results of the 2010 core hole 10SP03 (Table 1) for copper-gold-silver-platinum group elements (Cu-Au-Ag-PGE). APEX Geoscience Ltd. (“APEX”) reports that all seven 2026 core holes intersected highly anomalous polymetallic mineralization with Cu-Au-Ag-cobalt (Co)-nickel (Ni)-zinc (Zn)-PGE’s (Table 1). The intervals with significant anomalous Cu-Au-Ag-Ni-Co-Zn-PGEs are most often characterized by garnet-pyroxene skarn with significant alteration including epidote-sericite-chlorite-pyrite-chalcopyrite. Some precious metal enriched zones are associated with serpentinite in fault zones in contact with skarn mineralization.
The Main Sappho Skarn Target is immediately adjacent to the recently identified Sappho IP chargeability anomaly. A total of 7 lines of IP for 10.1 line-kms were completed during the 2026 surveys at Sappho outlining a significant IP chargeability anomaly. It is interpreted that the strong chargeability anomaly likely represents disseminated sulphide related to a porphyry target. This anomaly was not targeted in the current drill program. The Company is currently in the process of permitting additional drillhole pads to complete drill testing of the Sappho IP chargeability target later in the year. Further IP work, geological mapping and surface sampling centered on the target are planned prior to the commencement of drilling.
Highlights
A total of 7 core holes and 1,485 m completed at the Sappho Skarn Target Area (Figures 2 to 5).
Anomalous Cu-Au-Ag-Ni-Co-Zn-PGEs intersected in all 7 core holes with multiple zones in most of the holes associated with garnet-pyroxene-magnetite skarn and the presence of pyrite and chalcopyrite (Figures 2 to 5).
Most of the core holes intersected a shallow Cu-rich skarn zone and a deeper Cu-Au-Ag-Ni-Zn-PGE-rich skarn often in contact with a serpentinite/breccia fault zone or an altered diorite intrusion at the base of the skarn enriched with precious metals.
Example weighted average grades: 0.17% CuEq* over 9.4 m starting at 12.4 m in hole 26SPDD002, followed by 0.357% CuEq* over 44.55 m starting at 69.0 m with an average grade of 0.111% Cu,152 parts per billion (ppb) Au, 51 ppb Pt and 51 ppb Pd over the interval (Table 1; Figures 2 to 5).
Hole 26SPDD005 yields 0.14% CuEq* over 26.00 m starting at 8 m downhole, with a lower zone of 1.0% CuEq* starting at 79.22 m with 0.255% Cu, 0.057% Ni, 498 ppb Au, 6 g/t Ag, 119 ppb Pt and 60 ppb Pd over 13.68 m (Table 1; Figures 2 to 5).
Accompanying widespread and often intense alteration consists of chlorite-epidote+/-sericite+/-k-feldspar along with a number of spatially associated diorite, quartz diorite to monzonite intrusions. The level of alteration outlines a significant and robust hydrothermal system and plumbing in the target area, along with complex multiple events of intrusive activity.
The Main Skarn Area of alteration and mineralization is on the order of 250 m x 350 m at surface (Figures 6 to 9) and is roughly about 250 to 300 m northwest of the large IP chargeability anomaly identified in the 2026 IP surveys to date (See Company news release dated July 6th, 2026).
A number of discreet magnetic anomalies were identified in the 2022 ground magnetic survey and were tested with drilling during the 2026 campaign. Most of the positive magnetic anomalies yielded skarn with magnetite or a mafic unit with magnetite (Figures 1 and 3).
Figure 1: Sappho Geology, Rock & Soil Sampling 2026 with IP Lines and Planned Drillhole Locations.
The northwest contact of the IP Chargeability Anomaly is coincident with soils anomalous in Cu and Au much like the Sappho Skarn area. This contact is likely a sympathetic fault to the northeast trend of the Toroda Graben faults (Figures 6 to 9).
The Geological Setting is the East Fault Contact of the Toroda Graben with numerous pyroxenite-monzonite-diorite (older – Jurassic) and younger quartz-feldspar porphyry (QFP)-diorite (Tertiary) intrusions into sediments and intermediate-mafic volcanics along with a complex magnetic feature at the Sappho Main Skarn Target area (Figures 1 and 3).
The East and West Faults of the Toroda Graben likely played a role in controlling the Au-Ag mineralization for the Buckhorn Skarn and Mine to the southwest and the Cu-Au-Ag mineralization for the Motherlode/Greyhound skarns to the north (Figure 10).
Widespread Skarn and porphyry style alteration and mineralization along with highly anomalous Cu-Ni-Co-Zn-PGE’s-Au-Ag are observed in outcrop and drill core along with a complex magnetic signature in the Main Sappho Skarn area (Figures 1 and 6 to 9).
Drilling seems to show a shallow sequence of sediments, volcanics, skarn, serpentinite with intrusions grading into a deep zone of mostly intrusions in the Main Sappho Skarn area. The base of the sediments and volcanics seems to be the area with the best mineralization in the skarn area and based upon the evident faulting and shearing may correspond to an underlying thrust fault.
Five (5) new sulphide showings were discovered during 2022 field work, with 4 of the 5 showings yielding rock grab samples with >1% copper (Cu) up to as high as 7.25% Cu (Figure 1 and see Company news release dated November 3rd, 2022).
Historical rock grab sampling has returned numerous samples with values >1% Cu up to 9.06% Cu, many also with anomalous Co, Ni, Zn, Au, Ag, Pt and Pd.
A total of 11 historical samples have yielded >500 ppb Pt and Pd up to 4.64 g/t Pt and 2.28 g/t Pd.
The Walcott 2026 IP Survey has detected a new significant deeper chargeability anomaly on the southeast part of the grid – likely up against one of the Main Sappho faults (Figures 1 and 6 to 9). The chargeability anomaly is not closed off and is on the order of 30 to greater than 100 millivolts per volt and is comparable in size and intensity with a number of porphyry targets that have yielded new porphyry discoveries in BC recently.
The Chargeability Anomaly and porphyry target appears to be gaining in strength and size approaching the USA Border. The Company has staked a total of 35 Bureau of Land Management (BLM) lode mineral claims in Washington State covering the potential southern extent of the anomaly in the USA.
Brian “Griz” Testo, President & CEO of Grizzly Discoveries, states: “The excellent new drilling results along with anomalous ground magnetics and now IP has outlined multiple and significant new targets across the Sappho Project. I am excited to see what the next phase of drilling might show us – Grizzly will continue to refine these targets to the drill ready stage for additional drilling in the next couple of months and I look forward identifying some new discoveries.”
Table 1: Summary Assay Results for 2026 Drill Holes at the Main Sappho Skarn Target Area.
*True widths are unknown at this stage of exploration, so all lengths are core length. For CuEq* calculation the price of metals utilized is as follows in US$ Cu $5/lb, Au $3,200/oz, Ag $50/oz, Co $25/lb, Ni $7/lb, Zn $1.5/lb, Pt $1,200/oz and Pd $1,200/oz with assumed recoveries of 90% as no metallurgical work has been completed to determine the metallurgical characteristics of the mineralization. No inference is being made with respect to recovery and economics of any of the metals listed, as the calculation of CuEq* is being used strictly to allow comparisons of varied polymetallic mineralization between drillholes across the property.
Figure 2: Sappho 2010 (Red) and 2026 (Blue) Core Hole Locations in Plan.
The Sappho area is being targeted for copper-gold skarn and porphyry type targets associated with a Jurassic alkalic intrusive complex and several younger diorite intrusions (Figure 1). A total of five new showings of copper oxide mineralization were found during the 2022 program (Figure 1). Previous surface sampling and drilling by Grizzly has yielded significant anomalous copper, gold, silver along with platinum and palladium. Numerous historical and new rock grab samples have yielded greater than 1% Cu, 1 g/t Au, 1 g/t Ag, 1 g/t Pt and 1 g/t Pd (Figure 1).
Historical 2010 drilling by the Company (4 core holes) yielded up to 0.31% Cu, 0.75 g/t Au, 0.34 g/t Pt, 0.39 g/t Pd and 6.57 g/t Ag over 6.5 m core length in skarn at Sappho (in hole 10SP03), including a 1 m core length intersections of 3.82 g/t Au and 199 g/t Ag, and in a separate sample 1.83 g/t Pt and 2.09 g/t Pd across 1 m – these results all are associated with >1% Cu in those samples. These higher-grade zones were contained within a 75 m core length zone logged as a pyroxene – sulphide skarn with a grade approaching 0.53% CuEq* derived from current metal prices for Cu, Au, Ag, Co, Ni, Zn, Pt and Pd. Drillhole 10SP03 targeted a magnetic anomaly and had no indications of surface mineralization at the time of drilling. One of the new 2022 showings has been found proximal to drillhole 10SP03 and the targeted magnetic anomaly.
The Company is continuing with surface exploration in the Greenwood area. Crews from APEX completed trenching and rock sampling in June at the Midway Mine area, as well as some follow-up sampling at the Sappho Chargeability Target area. The 2026 exploration work is ongoing and includes prospecting and rock sampling at targets in the Motherlode area, the Rock Creek area, the Midway area, the Copper Mountain area, the Overlander-Attwood area and surrounding the Sappho (Figure 10). Additional groundwork including ground geophysical surveys are being planned and will comprise IP, magnetics and Loupe electromagnetics (EM) for the Sappho, the Midway and Motherlode areas (Figure 10). Drillhole and rock sampling results from the 2026 work are pending and will be released as they are received.
The analytical work on the Sappho Project drilling was performed by the ALS Global Limited in Kamloops and North Vancouver, an internationally recognized analytical service provider. All core samples were prepared using ALS procedure PREP-31A (dry, crush to 70% passing 2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns) and analyzed by method PGM-ICP27 (30g fire assay with ICP finish for Au, Pt and Pd) and ME-ICP61a (0.5g, four acid digestion and ICP-AES/MS analysis) for multielements. Any samples containing >10g/t Au are reanalyzed using method FAS-415 (30g Fire Assay with gravimetric finish). Samples containing >100 ppm Ag and/or >1% Cu, Pb, & Zn are reanalyzed using method ICF-6 (0.2g, 4-acid digest and ore grade ICP-AES analysis). Rock samples were analysed using Au-ICP21 (30g fire assay with ICP-AES finish) and multielements using ME-ICP41 (0.5g, aqua regia digestion and ICP-AES analysis).
The reported work has been completed using industry standard procedures, including a quality assurance/quality control (“QA/QC”) program consisting of the insertion of certified standards, blanks and duplicates into the sample stream by APEX personnel. The ALS geochemical laboratory data was provided directly to APEX and the QP and has been verified by the QP.
QUALIFIED PERSON (“QP”) STATEMENT
The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is a non-independent Qualified Person (“QP)” as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and critical minerals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
Table 2: Collars for the 2026 Drill Holes at the Main Sappho Skarn Target Area.
VANCOUVER, British Columbia, July 30, 2026 (GLOBE NEWSWIRE) — Riverside Resources Inc. (“Riverside” or the “Company“) (TSX-V: RRI) (OTCQB: RVSDF) (FSE: 5YY0), is pleased to announce that it has received mineral title for expanded property packages at its Revel and Red Jacket Projects in south-central BC. At Red Jacket, this nearly doubles the mineral tenure area controlled for the project. At Revel, it adds an additional 30% in area. In both cases, the expansion extends Riverside’s control over the prospective mineralized belt and covers targets along strike from known mineralization. Riverside’s generative program in BC continues to add prospective new projects, expanding the company’s footprint in western Canada.
The Revel Project is a carbonatite rare earth element (REE) district located approximately 20 kilometres with road access from the community of Seymour Arm, north of Revelstoke, in southeastern British Columbia. Carbonatites are a major source for REEs and targeting of this belt will continue this summer beginning with a planned airborne survey in the coming weeks.
The Red Jacket project is a volcanogenic massive sulfide system similar to the Yellowhead deposit in the Eagle Bay Formation. Red Jacket is easily accessed via paved highway and then by logging road, approximately 15 km east of Clearwater and 115 km north-northeast of Kamloops in central British Columbia. The project is north of Trekor Metals feasibility-stage Yellowhead Copper Project, which hosts a large Cu-Zn-AG-Au reserve and is considered a potential near-term future mine.
Location of Red Jacket and Revel Project in context with other Riverside properties and key cities in south central British Columbia
Figure 1: Location of Red Jacket and Revel Project in context with other Riverside properties and key cities in south central British Columbia
“Expanding our mineral tenure position at two of our growing British Columbia projects is a positive milestone for Riverside,” said John-Mark Staude, President and CEO of Riverside Resources. “Summer exploration programs are underway at both properties, and we expect results in the coming months. Securing larger land packages that capture more of the productive belt strengthens our position, adds cost-effective value, and sets us up for partner funding transactions and expanded exploration in stable, easily workable jurisdictions.”
About the Revel Project
The Revel Project is located approximately 20 kilometres from the community of Seymour Arm and north of Revelstoke, British Columbia, within a highly prospective carbonatite belt. The Project covers part of the Mount Grace Carbonatite, which is known to host rare earth element mineralization, and Riverside has outlined a 12-kilometre-long carbonatite-style rare earth system at Revel that remains undrilled. The newly added mineral claims cover the northern continuation of the carbonatite layer.
Additional Revel North claims added to the Revel Project highlighted in orange. Several main target horizons for the carbonatite REE targets are represented by the brown lines.
Figure 2: Additional Revel North claims added to the Revel Project highlighted in orange. Several main target horizons for the carbonatite REE targets are represented by the brown lines.
The Revel and Revel North claims (collectively Revel Project) occur along the northeast margin of the Frenchman Cap Gneiss Dome, comprising part of the Shuswap Metamorphic Terrain. The core gneisses are overlain by allochthonous cover rocks that host both extrusive and intrusive carbonatites and form part of the Monashee cover sequence. Recent exploration by Riverside at Revel has included detailed mapping and geochemical sampling designed to vector toward higher-grade REE zones in advance of drill testing.
The next planned work will include airborne geophysics and field exploration work during the coming months. Additional information on the Revel Project is available on Riverside’s website at www.rivres.com.
About the Red Jacket Project
The Red Jacket Project is well located, with access via paved highway and logging road, allowing for rapid, cost-effective exploration. Riverside assembled the project this year and has completed field soil and rock sampling along with reconnaissance mapping to refine volcanogenic massive sulfide (VMS) style targets. The project lies north of Trekor Metals feasibility-stage Yellowhead Copper Project, which hosts a large copper-zinc-silver-gold reserve and is considered a potential near-term mine.
Red Jacket is underlain by the Eagle Bay Assemblage, a Lower Cambrian to Mississippian package of deformed and metamorphosed volcanic and sedimentary rocks within the Kootenay Terrane. The same assemblage hosts Trekor’s copper reserves roughly 10 kilometres to the south and is a well-established host for volcanogenic massive sulphide deposits in the district, including Samatosum, Rea, Homestake and Chu Chua.
Historical soil geochemistry, mapping and geophysics completed by INCO in the 1970s and by Placer Dome through the 1980s, combined with Riverside’s own sampling in late 2025, outline a 4-kilometre-long northwest-southeast trend that takes in the Redtop, Snow and Sunrise showings. Riverside’s 2025 grab samples returned high-grade polymetallic values at surface in areas of past trenching. The horizon has seen very little drilling throughout its history. Placer Dome completed four short holes and recommended thirteen more that were never drilled so its full length remains a target. 2026 field work is underway with further results expected in the coming months. Additional information on the Red Jacket Project is available on Riverside’s website at www.rivres.com.
Additional claims added to the Red Jacket Project highlighted in orange. The approximate trend for two of the mineralized target horizons for the project are represented by the brown lines.
Figure 3: Additional claims added to the Red Jacket Project highlighted in orange. The approximate trend for two of the mineralized target horizons for the project are represented by the brown lines.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Project was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources Inc., who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has a strong balance sheet, no debt and tight share structure with a strong portfolio of gold-silver, copper, and REE assets and royalties in North America. Further information about Riverside is available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Infographics accompanying this announcement are available at
Denver, Colorado–(Newsfile Corp. – July 29, 2026) – Elemental Royalty Corporation (NASDAQ: ELE) (TSX: ELE) (“Elemental” or the “Company“) notes the announcement by Capricorn Metals Ltd (ASX: CMM) (“Capricorn“) of a 32% increase in Mineral Reserves at the Karlawinda Gold Project (“Karlawinda“). Elemental holds an uncapped 2% net smelter return (“NSR“) royalty on Karlawinda.
Karlawinda is a cornerstone asset for Elemental, contributing US$8.9 million in zero-cost revenue in 2025 prior to completion of the Karlawinda Mine Expansion Project, which is in its final stages of commissioning.
Highlights
Significant increase in Mineral Reserves and Mineral Resources: recent drilling at Karlawinda contributed to a 32% increase in the Probable Mineral Reserve estimate to 76.4 million tonnes at 0.6 g/t gold, containing 1.57 million ounces of gold
Additionally, the Karlawinda Indicated Mineral Resource estimate increased by 30% to 124.9 million tonnes at 0.6 g/t gold, containing 2.38 million ounces of gold. Mineral Resources are inclusive of Mineral Reserves
Ongoing expansion: Capricorn’s expansion of the Karlawinda processing plant is nearing completion, with commissioning and transition to full operations expected during the third quarter of 2026
Extended mine life: Capricorn reports that the increased Mineral Reserve supports an approximately 10-year mine life, based on expanded processing capacity of approximately 6.5 million tonnes per annum and anticipated annual gold production of approximately 150,000 ounces
Conservative gold-price assumptions: Capricorn used variable gold prices of A$2,200 to A$2,600 per ounce for the Mineral Reserve estimate and a gold price of A$2,800 per ounce for the Mineral Resource estimate
Increased value for Elemental: the reported mine-life extension and additional Mineral Resources increase Elemental’s exposure to Karlawinda without additional capital contributions from the Company
Elemental Chief Executive Officer, David M. Cole, commented: “We are pleased to note the substantial increase in Mineral Reserves reported by Capricorn, which further strengthens the long-term value of our 2% NSR royalty over Karlawinda. With Capricorn’s plant expansion nearing completion and annual production expected to increase to approximately 150,000 ounces, Karlawinda is positioned to remain a cornerstone asset in our portfolio and an important contributor to Elemental’s royalty revenue.
Capricorn’s management team has an excellent track record, and we look forward to following its progress towards commissioning.”
About Karlawinda Karlawinda is a producing, open-pit gold mine located approximately 65 kilometres south-east of Newman in the Pilbara region of Western Australia and operated by Capricorn. Production commenced in June 2021, and Capricorn reports that the mine has produced approximately 564,000 ounces of gold since commissioning. Capricorn is currently completing an expansion designed to increase processing capacity to approximately 6.5 million tonnes per annum and annual gold production to approximately 150,000 ounces.
Recent drilling at Karlawinda, as reported by Capricorn in its announcement titled “Capricorn Gold Reserves Increase to 5.2 Million Ounces” dated July 27, 2026, contributed to an increase in the Probable Mineral Reserve estimate from 1.19 million ounces to 1.57 million ounces of gold, representing an increase of 32%. Capricorn reported that drilling targeted the conversion of Inferred Mineral Resources to Indicated Mineral Resources in areas down-dip of the 2024 reserve pit design, enabling conversion of a portion of the Mineral Resources to Probable Mineral Reserves. The updated Mineral Reserve estimate is based on 124.9 million tonnes at 0.6 g/t gold, containing 2.382 million ounces in the Indicated category, and 35.1 million tonnes at 0.5 g/t gold, containing 608,000 ounces in the Inferred category. Mineral Resources are inclusive of Mineral Reserves.
The updated Probable Mineral Reserve estimate incorporates depletion of approximately 103,000 ounces of gold from mining during the nine months ended March 31, 2026. After accounting for this depletion, the Probable Mineral Reserve increased from 1.19 million ounces to 1.57 million ounces of gold.
Technical Disclosure and Qualified Person
The Mineral Resource and Mineral Reserve estimates disclosed in this news release were prepared and reported by Capricorn in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Elemental has not independently verified the underlying data supporting those estimates and is relying on Capricorn’s public disclosure in its announcement titled “Capricorn Gold Reserves Increase to 5.2 Million Ounces” dated July 27, 2026, available on Capricorn’s website and through the ASX announcement platform. For purposes of disclosure under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Elemental considers the JORC Code classifications of Indicated Mineral Resources, Inferred Mineral Resources and Probable Ore Reserves to be substantively equivalent to the corresponding categories under the CIM Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council, as amended. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
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: 28620K106
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 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 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 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.
