Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF) is pushing ahead with the development of its Platreef project in South Africa, announcing the site’s first sale of concentrate as the project remains on schedule after its official opening last year.

The Phase 1 concentrator produced its first batch of platinum, palladium, nickel, rhodium, gold, and copper concentrate in November 2025 during the mine’s opening ceremony.

Since then, ramp-up has continued broadly with lower-grade development ore being processed during the early stages. Ivanhoe said higher-grade production ore will increasingly replace that feed once Shaft #3 becomes operational in early second quarter 2026.

Shaft 3 is a central piece of the project’s near-term growth. Once fully operational in April 2026, it will lift the total hoisting capacity to about 5 million tons per year from the current 0.8 million tons.

The increase will support both Phase 1 steady-state operations and preparations for the Phase 2 expansion, allowing ore and waste to be hoisted simultaneously for the first time.

The company also confirmed the completion of its first commercial sale of concentrate last year to Northam Platinum. Production guidance for 2026 has not yet been issued and will be provided once the concentrator ramp-up is further advanced.

For now, development attention is now turning to Phase 2, which is designed to lift production to roughly 450,000 ounces a year of platinum, palladium, rhodium, and gold, alongside meaningful nickel and copper by-products.

Ivanhoe said early development work is already underway, with completion targeted for the fourth quarter of 2027.

The company also said the Platreef metals basket price exceeded US$2,500 per ounce as of January 12, 2026, supported by platinum group metals and strong copper and nickel prices.

Further, independent studies completed in 2025 project Platreef to be the lowest-cost primary platinum group metals producer globally, with life-of-mine cash costs well below prevailing market prices once Phase 2 and Phase 3 are developed.

“The world is waking up to a new metals super-cycle, where precious and base metals are no longer optional, they are essential,” said Ivanhoe Executive Co-Chair Robert Friedland.

Beyond current development, Platreef’s future expansion is anchored by the Flatreef orebody, which the company says hosts tens of millions of ounces of precious metals across indicated and inferred resource categories.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Eastern Metals Ltd (ASX: EMS) (Eastern Metals or the Company) (to be renamed Raptor Metals Ltd (ASX: RAP)) is pleased to advise it has recommenced trading on the Australian Securities Exchange (ASX) today following its acquisition of Raptor Resources Limited (Raptor Resources).

HIGHLIGHTS

• Eastern Metals Ltd (Eastern Metals) (to be renamed Raptor Metals Ltd) has today recommenced trading on ASX.
• ASX re-listing successfully completes Eastern Metals’ transformation into a copper-focused exploration company through the acquisition of Raptor Resources Limited.
• Eastern Metals is an Australian-headquartered company focused on unlocking high potential copper discoveries in the world-renowned Bathurst Mining Camp, New Brunswick, Canada.
• Key projects include Chester Project (with a JORC-compliant mineral resource estimate of 6.68Mt at 1.092% copper)1 and the Turgeon Project, both demonstrating strong potential for volcanogenic massive sulphide (VMS) deposits rich in copper, zinc, and other base metals.
• The Company has raised a total of $5 million under a prospectus at a price of $0.02 per share with funds raised to be used to commence immediate exploration activities at its projects.
• The Company has a market capitalisation of $11.85M.
• The capital raise by lead manager Euroz Hartleys received strong support from institutional, professional and retail investors.

Figure 1. Location of the Company’s assets in the Bathurst Mining Camp, New Brunswick, Canada

Chester Project Background

The Chester Project represents the Company’s flagship asset within the Bathurst Mining Camp, a globally recognised VMS district that has historically produced more than 180 million tonnes of base metal ore.

Located in northern New Brunswick, Chester hosts a JORC-compliant Mineral Resource and is characterised by high-grade copper-zinc mineralisation typical of the camp’s bimodal felsic VMS systems. Previous drilling has intersected significant copper-dominant zones, with historical results highlighting potential for both open-pit and underground development.

The project benefits from year-round access, proximity to existing road and power infrastructure, and a mining-friendly jurisdiction with a skilled local workforce. With known mineralisation remaining open along strike and at depth, Chester offers immediate exploration upside through targeted drilling to expand the resource and test parallel horizons.

Turgeon Project Background

The Turgeon Project, also situated in the heart of the Bathurst Mining Camp, complements Chester by providing early-stage discovery potential within a highly prospective geological corridor adjacent to past-producing VMS deposits.

Covering underexplored ground with strong structural and geophysical signatures, Turgeon is interpreted to host copper-zinc rich massive sulphide lenses like those that defined the camp’s major mines. Historical work has identified anomalous base metal geochemistry and untested electromagnetic conductors, indicating the presence of buried sulphide bodies.

The project’s location near regional infrastructure and its alignment with known mineralised trends position it for rapid advancement through modern geophysical surveys and follow-up drilling, with the goal of delineating new high-priority targets in a district proven to host world-class deposits.

Authorisation

This announcement has been authorised for release by the Board of Directors.

For further information, please contact:

Company Eastern Metals
Brett Wallace
E. brettwallace@raptorresources.com.au

Investor Relations
NWR Communications
Melissa Tempra
E. melissa@nwrcommunications.com.au

About Eastern Metals Ltd

Eastern Metals Ltd (ASX: EMS) (to be renamed Raptor Metals Ltd (ASX: RAP)) acquired Raptor Resources Limited and is now focused on Canadian copper exploration with two projects in the historic Bathurst Mining Camp in New Brunswick.

For further information regarding the Company and its portfolio of projects, please refer to the ASX announcement titled “Recompliance Prospectus” dated 10 October 2025 (released to ASX on 16 October 2025), or visit the Company’s website at www.easternmetals.com.au or ASX platform (ASX: EMS).

Forward-looking Statement

Any forward-looking statements in this document involve subjective judgment and are subject to uncertainties, risks, and contingencies outside the Company’s control. Actual events may vary materially. Recipients are cautioned not to place undue reliance on such statements. Eastern Metals disclaims liability for any loss arising from reliance on this information.

Competent Person Statement

The information in this announcement relating to the technical assessment of mineral assets, exploration results and mineral resources was reported in the ASX announcements released by the Company titled “Recompliance Prospectus” dated 10 October 2025 and “Pre-Reinstatement Disclosure” dated 7 January 2026. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements and that all material assumptions and technical parameters underpinning the original ASX announcements continue to apply and have not materially changed.

Source

First Class Metals PLC (‘First Class Metals’, ‘FCM’ or the ‘Company’) the UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, is pleased to announce the successful completion of an option to purchase two properties with highly anomalous Rare Earth Elements (‘REE’) samples.

Highlights

• FCM expands its exploration portfolio to include Rare Earth Elements complementing its core gold exploration strategy in Ontario
• The option terms for both properties are highly favourable in year one, allowing FCM to assess REE potential with limited upfront financial exposure.
• The two optioned properties, Block H (~18km²) and Block F (~33km²), are located within one of the most anomalous REE regions identified in the Ontario province-wide lake sediment geochemical database.
• Initial exploration planned for Spring 2026 will focus on ground-truthing historic anomalies, validating assays, and refining geological controls on mineralisation.
• Both blocks are believed to lie within the traditional territory of Lac des Mille Lacs First Nation, with whom FCM already maintains a constructive working relationship.
• The Company intends to rename Block H and Block F via an online poll, enhancing stakeholder engagement and market visibility.
• Global REE supply remains highly concentrated, with China dominating both production and downstream processing, driving Western governments to prioritise secure, allied-source supply chains.
• Thorium-associated REE systems are increasingly attracting attention due to their potential to host light and heavy REE assemblages, which are essential for high-value permanent magnet applications.

Marc J. Sale CEO First Class Metals commented:

‘Gold remains the cornerstone of FCM’s exploration strategy and continues to underpin our approach to value accretion to FCM’s Ontario properties. However, against a backdrop of accelerating global demand for Rare Earth Elements, and a clear strategic shift by allied governments towards securing critical minerals, the opportunity presented by these two properties is particularly compelling. Their geochemical and geographic location allows FCM to gain meaningful exposure to this evolving sector while maintaining our gold-focused exploration strategy and Ontario focus.’

Option Terms

First Class Metals has entered into option agreements to acquire a 100% interest in both Block F and Block H (each subject to a production royalty). The options are structured over a three-year period and provide the Company with the ability to evaluate the properties with limited upfront financial commitment.

Block F

To exercise the option over Block F, the Company must make total cash payments of CAD $73,500 and issue CAD $60,000 in ordinary shares of the Company (‘Shares’) to the optionors over three years. Cash payments comprise CAD $9,500 payable within 30 working days of signing the agreement (the ‘Effective Date’), CAD $10,000 payable on the first anniversary of the Effective Date, CAD $16,000 on the second anniversary, and CAD $38,000 on the third anniversary. The share consideration of CAD $60,000 is payable on the first anniversary of the Effective Date.

Block H

To exercise the option over Block H, the Company must make total cash payments of CAD $67,600 and issue CAD $30,000 in Shares to the optionors over three years. Cash payments comprise CAD $5,600 payable within 30 working days of signing the agreement, CAD $8,000 payable on the first anniversary of the Effective Date, CAD $16,000 on the second anniversary, and CAD $38,000 on the third anniversary. The share consideration of CAD $30,000 is payable on the first anniversary of the effective date.

Macro Context – Rare Earth Elements

Rare Earth Elements (‘REE’) are widely recognised as strategically critical commodities, forming essential inputs for electric vehicles, renewable energy technologies, defence applications, semiconductors and high-performance permanent magnets. Global demand for REE is forecast to grow materially.

As a result, REE continue to attract increasing attention from governments and industry seeking to secure long-term supply.

Canada has formally identified REE as priority critical minerals and is positioning itself as a key allied jurisdiction capable of supporting secure, transparent and responsible supply chains. Federal and provincial initiatives are focused on encouraging domestic exploration and development, particularly in established mining regions with strong infrastructure and regulatory frameworks such as Ontario.

Thorium-associated REE systems, including those linked to batholithic and pegmatitic environments, are increasingly viewed as prospective exploration targets. FCM’s entry into REE exploration in northwest Ontario aligns with this national strategic focus, while complementing the Company’s core gold exploration activities within a Tier-1 mining jurisdiction.

The two claim blocks are located in the Atikokan area of northwest Ontario in relative proximity to the Sunbeam property, see Figure 1. Access to both blocks is excellent whilst forestry track on the properties allows internal access.

Figure 1 showing the locations of Blocks F and H with relevant topographic information, note access as well as proximity to the Sunbeam property.

The decision to acquire the two blocks from a local prospector was based on the historic (Ontario Geological Survey) lake sediment programmes. To date no groundwork has been conducted by FCM. However, PowerMax Minerals (CSE:PMAX) who also acquired blocks in the area from the same vendor have conducted an initial prospecting programme.

The Company has initiated a detailed data review of all available material in advance of a prospecting orientated field programme.

The White Otter Batholith, north of Atikokan, Ontario represents one of the most anomalous REE areas in the province-wide 48,367 samples lake sediment database. There are 26 samples in the database with partial total REE>500ppm of which 9 (35%) are in the White Otter area, a number of which as covered by the newly optioned FCM claim blocks, see Figure 2.

Figure 2 location of blocks H & F relative to the assays from the province-wide lake sediments survey.

The White Otter batholith is a Thorium (Th) high. Anomalous REE’s in lake sediments in the area are often associated with elevated Th.

Figure 3 Block H, 81 cells, (4 multi cells) 1,712 Ha. Note the available access tracks

REE anomalies occur within and around the eastern margin of the batholith within a 5km radius. It is possible that the White Otter batholith is a source for REE pegmatites or related mineralization in the area. Block H is in the core of the White Otter REE element anomaly, see Figures 2,3 and 4.

Figure 4 Block H showing the anomalous Be and Th lake sediment samples

Block F sits astride what is interpreted as a major geological regional fault. This fault is emphasised by the topography and the anomalous lake sediment results further highlight this prospective feature. Satellite imagery of the area also shows possible pegmatite dykes. See Figures 3-5

Figure 5 Block F, 7 multicell claims, 158 cells, area 3,332Ha, note the northeast orientation of anomalous assays, possibly related to a major regional fault within the White Otter Batholith

Figure 6 Block F showing the anomalous Be and Th lake sediment samples

Figure 7 showing Block F with possible pegmatites close to overlimit anomalies- examples arrowed

FCM is now engaged in a interrogation of other historic data to compile a ground target list for the Spring exploration programme.

Qualified Person

The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30 years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.

For Further Information:

Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here: https://firstclassmetalsplc.com

For further information, please contact:

James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641

Marc J Sale, CEO and Executive Director
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532

AlbR Capital Limited (Financial Adviser)
David Coffman/Dan Harris
Website: www.albrcapital.com
Tel: (0)20 7469 0930

Axis Capital Markets (Broker)
Lewis Jones
Website: Axcap247.com
Tel: (0)203 026 0449

First Class Metals PLC – Background

First Class Metals listed on the LSE in July 2022 and is focused on metals exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo ‘camp’ near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit previously operated by Barrick Mining (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.

FCM currently holds 100% ownership of seven claim blocks covering over 250km² in northwest Ontario. A further three blocks are under option and cover an additional 30km².FCM is focussed on exploring for gold but has base metals and critical metals mineralisation. FCM is maintaining a joint venture with GT Resources on the West Pickle Lake Property, a drill-proven ultra-high-grade Ni-Cu project.

The flagship properties, North Hemlo and Sunbeam, are gold focussed. North Hemlo has a significant discovery in the Dead Otter trend which is a discontinuous 3.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay from a grab sample ever recorded on the North Limb of Hemlo.

In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle’s Hammond Reef gold deposit (3.3 Moz of open pit probable gold reserves).

FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals’ Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was successfully drilled prior to Christmas 2023.

The Kerrs Gold property, acquired under option by First Class Metals in April 2024, is located in northeastern Ontario within the Abitibi Greenstone Belt, one of the world’s most prolific gold-producing regions. The project holds a historical inferred resource of approximately 386,000 ounces of gold, underscoring its potential as a meaningful addition to FCM’s expanding gold portfolio. Kerrs Gold complements the Company’s exploration strategy and provides exposure to a well-established mining district. FCM is currently reviewing plans to advance the project and further unlock its value.

The significant potential of the properties for precious, base and battery metals relates to ‘nearology’, since all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).

For further information see the Company’s presentation on the web site:

www.firstclassmetalsplc.com

Forward Looking Statements

Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of statements. Given these risks future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Source

Mercado Minerals Ltd. (CSE: MERC) (‘Mercado‘ or the ‘Company‘) is pleased to announce that it has officially commenced its first field exploration program. The Company’s technical team has mobilized to the Copalito Project (‘Copalito‘ or the ‘Project‘) in Sinaloa, Mexico, where they will execute the first phase of exploration activities to advance Mercado’s flagship asset.

Program Highlights

• Commencement of a detailed mapping and prospecting program focused across 40% of the Project area, which remains unexplored

• Re-sampling of silver, gold, lead and zinc vein mineralization in select historical drill core from the 6 principal known veins. Previous historical results from these veins include:
  • 347 g/t silver, 0.22 g/t gold, 0.17% lead and 0.38% zinc over 13.10 m from 54.00 m in BDH-20-004 at the 5 Senores vein
  • 125 g/t silver, 2.00 g/t gold, 0.34% lead and 0.58% zinc over 23.00 m from 78.00 m in BDH-21-055 at the El Agua vein

• Re-logging of targeted historic drill core to refine geological understanding

• Advancing logistics for the upcoming first-phase diamond drill program

• Further refinement of drill targets at Copalito

CEO Comment
Daniel Rodriguez, CEO & Director, commented: ‘Today marks the start of the exploration work that will lead us to drilling at Copalito. We remain on track to begin our first-phase, 3000 metre drill program in Q1, focused on our highest-priority targets. I look forward to providing regular updates to the market and our shareholders as we advance. Our goal is to demonstrate the potential of the known veins at depth and along strike, while also testing new areas that have yet to be explored at Copalito. I will be joining the technical team for the initial stage in the field to be part of the process firsthand.’

Surface Sampling Program
Mercado’s exploration team will conduct detailed mapping, sampling and prospecting across approximately 40% of Copalito, which has never undergone systematic grassroots exploration. Integration of geophysical data with data from this program will help further define high-potential exploration targets. All samples collected will be sent for laboratory analysis to support the development of additional drill targets.

Re-Sampling and Re-Logging
Selected intervals of historical drill core will be re-logged and re-sampled in order to verify and align previously collected data with Mercado’s internal standards, ensuring consistency and accuracy as the Project advances towards its inaugural drill program.

Logistics and Target Refinement
The Company is progressing with field preparations, including securing drill pad access, water sources, power, drill and equipment contractors, and other necessary operational infrastructure for the planned Phase 1 drill campaign. In parallel, the technical team will continue to review and refine drill targets based on ongoing field evaluations.

Technical information and data for the Copalito property appears to be of a good standard; However, the Qualified Person has not conducted sufficient work to independently validate the drill core results and other pertinent property data. As a result, the Company is treating drill results from the Copalito Project as historical in nature and are not to be relied on. The Qualified Person will independently verify results of the historic work during a site visit that coincides with the 2026 field program.

Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and was reviewed and approved by Kelson Willms, P.Geo., of Archer, Cathro & Associates (1981) Limited. Mr. Willms is a Qualified Person for the purposes of National Instrument 43-101

About Mercado Minerals Ltd.
Mercado Minerals Ltd. (CSE: MERC) is a silver-focused exploration company targeting the next world-class discovery in Mexico’s emerging Western Silver Belt, part of the prolific Sierra Madre Occidental mining district. With a proven team boasting extensive experience in Mexican exploration, Mercado is actively advancing multiple projects across more than 3,000 hectares. The Company is committed to creating shareholder value through disciplined exploration, strategic growth, and discovery-driven results.

For further information, contact:
Daniel Rodriguez
CEO & Director
Phone: (604) 353-4080
Email: drodriguez@mercadominerals.com

John Fraser
VP Business Development & Director
Phone: (604) 838-7677
Email: jfraser@mercadominerals.com

Forward-Looking Statement (Safe Harbor Statement):
This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words ‘anticipate,’ ‘plan,’ ‘continue,’ ‘expect,’ ‘estimate,’ ‘objective,’ ‘may,’ ‘will,’ ‘project,’ ‘should,’ ‘predict,’ ‘potential’ and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Company’s exploration plans and the intended use of proceeds from the Offering. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on these statements because the Company cannot provide assurance that they will prove correct. Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those anticipated. These forward-looking statements are made as of the date of this press release, and, except as required by law, the Company disclaims any intent or obligation to update publicly any forward-looking statements.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

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