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Equity Metals

January 6, 2026 No Comments

Investor Insight

Equity Metals offers investors exposure to high-grade silver and gold discoveries in British Columbia through a dual-track strategy of expanding its flagship Silver Queen resource and advancing the newly acquired Arlington district.

Overview

Equity Metals (TSXV:EQTY,OTCQB:EQMEF,FSE:EGSD) is fast-tracking exploration at its 100 percent owned Silver Queen project in British Columbia, targeting resource expansion and derisking of one of the province’s most prospective high-grade polymetallic deposits. Located within the prolific Skeena Arch near the historic Equity Silver and Huckleberry mines, Silver Queen boasts an NI 43-101 compliant resource of 62.8 million ounces (Moz) silver equivalent (indicated) and 22.5 Moz silver equivalent (inferred), with 2024 drilling extending known zones and identifying new mineralized areas.

Complementing this is the Arlington gold-copper-silver project, a newly acquired district-scale, never-before drill-tested project located in southern BC’s Greenwood Mining Division.

Parameters for the NI 43-101 Compliant Mineral Resource Estimate are in the Appendix and in the EQTY News Release, dated Dec 1, 2022

Together, Silver Queen and Arlington offer a balanced exposure to high-grade polymetallic and gold-rich systems. The former provides near-term resource expansion and development optionality, while the latter opens up district-scale discovery potential.

In addition, Equity Metals holds interests in the Monument and WO diamond properties in the Lac de Gras region (Northwest Territories), proximal to the Diavik and Ekati mines, and the La Ronge silica project in Saskatchewan. These projects offer upside optionality for strategic partnerships or asset sales.

Company Highlights

Flagship High-grade Project – Silver Queen: Over 85 million silver-equivalent ounces defined in the heart of BC’s Skeena Arch mineral belt, surrounded by Tier 1 infrastructure and historical producers.
New Gold Discovery Potential – Arlington project: A district-scale, early-stage gold-copper-silver system with analogues to major past-producing skarn and vein-hosted mines in the region.
Fully Funded for 2025: 9,000 meters of combined drilling is underway across both Silver Queen and Arlington with assay results expected to drive news flow through Q3 and Q4 2025.
Experienced Management and Technical Team: Track record of discovery and mine development across North America, including the Penasquito and Eskay Creek mines and the Wind Mountain project.
Exposure to Critical and Precious Metals: Balanced portfolio spanning silver, gold, copper and diamonds with optionality in battery materials (silica) and critical minerals.
Mineral Resource Update: The Company anticipates issuing a resource update during early Q1/26.

Key Projects

Silver Queen Project

The Silver Queen project is Equity Metals’ 100 percent owned flagship asset located in central British Columbia’s prolific Skeena Arch, approximately 35 km south of Houston. This 18,871-hectare property consists of 17 crown-granted titles and 46 tenure claims in the Omineca Mining Division. Surrounded by past-producing and active mines, including the Equity silver mine, Berg, Endako and Mt. Milligan, the project benefits from established infrastructure such as roads, power and rail access.

Silver Queen hosts a high-grade polymetallic system featuring silver, gold, copper, lead and zinc mineralization. The project is underpinned by a robust NI 43-101 compliant resource estimate (as of December 2022) consisting of 62.8 million ounces (Moz) silver-equivalent (AgEq) in the indicated category grading 565 grams per ton (g/t) AgEq, and 22.5 Moz AgEq in the inferred category grading 365 g/t AgEq. This includes 3.46 million tons (Mt) of indicated resources averaging 189 g/t silver, 2.13 g/t gold, 0.24 percent copper, 0.6 percent lead, and 3.5 percent zinc, and 1.92 Mt of inferred resources grading 167 g/t silver, 0.82 g/t gold, 0.23 percent copper, 0.5 percent lead, and 2 percent zinc.

The mineralization occurs in multiple steeply dipping epithermal vein systems, subdivided into the No. 3, NG-3, Camp and Sveinson veins. Each exhibits distinct metal zonation – the Camp veins are silver-dominant, while the Sveinson, No. 3 and NG-3 show a stronger gold bias. Bonanza grades have been intercepted at multiple locations, including down-hole drill core intervals assaying up to 56,115 g/t silver over 0.3 metres in recent drill results. High sulphide and low sulphide vein environments have both been identified, suggesting a long-lived and multi-phase mineralizing event.

Since late 2020, Equity has completed 52,877 meters of drilling in 146 holes, targeting extensions and new zones of mineralization. In 2024 alone, four target areas – George Lake, Camp North, No. 3 North and Camp-Sveinson – were tested via 17,209 meters across 42 holes. Drilling resulted in the delineation of a 550-metre strike-length for mineralization in the George Lake target and a 400-metre strike-length for mineralization in the No. 3 North target. New precious and base metal assays from the Summer ’25 drill program continue to extend the projection of mineralization in the No. 3 vein beyond the limits of the 2022 resource estimate.

Metallurgical testing completed in both 1988 and 2022 yielded positive recoveries: 83 percent gold, 95 percent silver, 93 percent copper, 91 percent lead, and 98 percent zinc. A follow-up metallurgical program is planned to support preliminary development studies. With extensive underground development (~9 km of historic workings) and proximity to key infrastructure, the Silver Queen project is well positioned for advancement toward economic studies and ultimately, a potential strategic transaction.

Arlington Project

The Arlington project is a 3,584-hectare, early-stage exploration asset located in southern British Columbia’s Greenwood Mining Division, approximately 65 km south of Kelowna. The project sits within the prolific Quesnel Terrane and is accessible year-round via Highway 33 and a network of logging roads. The region hosts several historical producers including the Buckhorn, Phoenix, and Beaverdell mines, which have collectively yielded more than 2 Moz gold, 6 Moz silver and 500 Mlb copper.

Arlington encompasses multiple mineral occurrences and at least four deposit styles across a more than 5 km strike length. Historic and recent surface work has confirmed high-grade mineralization with rock samples returning values up to 11.67 g/t gold, 211 g/t silver, and 3.22 percent copper. The 2025 exploration program, currently underway, includes a 3,000-metre drill campaign primarily targeting the Fresh Pots gold-silver anomaly – a large (2 km x 1 km) intrusion-related gold system delineated by multi-element soil geochemistry and magnetic lows.

Other high-priority targets include:

Rona Porphyry Target: A copper-molybdenum-gold system with pyroxenite intrusive-hosted mineralization. Rock chip assays have returned >1 percent molybdenum, 0.6 g/t gold, and 32.4 g/t silver. The area is characterized by a large copper-nickel soil anomaly and widespread argillic alteration in adjacent sedimentary rocks.
Arlington Polymetallic Veins: A structurally controlled vein system with documented historic workings. Highlights include Arlington South (11.67 g/t gold, 3.22 percent copper) and Arlington North (1.86 g/t gold, 1.07 percent copper), suggesting vertical metal zonation and potential for stacked vein systems.
Skarn and Replacement Targets: Notably at the Bru and Arlington zones, analogous to Buckhorn and Phoenix, where gold-copper magnetite skarns produced over 1 Moz historically.
In early 2025, Equity Metals completed a property-wide airborne magnetic/radiometric survey and LiDAR mapping campaign to refine targeting. Soil and till geochemistry, IP surveying and mapping continue across the license area to delineate follow-up drill targets for 2026.

Management Team

Lawrence Page – Chairman and Director

A seasoned mining executive with over four decades of experience, Lawrence Page has helped finance and develop several major discoveries including Penasquito (Mexico), Eskay Creek and Hemlo. He brings strategic oversight and a deep network within the exploration and capital markets community.

Joseph A. Kizis Jr. – President and Director

With over 40 years of mineral exploration experience, Joseph Kizis has been instrumental in advancing gold, silver and base metal projects across North America. He is also president of Bravada Gold and has played key roles in advancing Wind Mountain in Nevada and Homestake Ridge in BC.

Robert W.J. Macdonald – VP Exploration

Robert Macdonald leads Equity Metals’ technical team and brings extensive epithermal and porphyry system expertise. His past project experience includes Homestake Ridge in BC and Cerro Las Minitas in Mexico, and he is the Qualified Person for all technical disclosures.

Killian Ruby – CFO and Director

As president and CEO of Malaspina Consultants and a former senior manager at KPMG LLP, Killian Ruby brings financial discipline, governance strength and tax expertise. He also serves as CFO for several junior resource companies.

John Kerr – Director

A professional engineer with five decades of exploration experience, John Kerr has contributed to the discovery and development of projects such as Santa Fe and Mindora in Nevada, and Frasergold in BC.

Courtney Shearer – Director

Courtney Shearer has served in executive and advisory roles with multiple Canadian mining companies, including San Gold Corporation, where he led strategic evaluations and project planning initiatives.

Arie Page – Corporate Secretary

Arie Page provides legal and corporate compliance support and has served as corporate secretary for numerous public companies within the Manex Resource Group.

Appendix:

Silver Queen Mineral Resource Estimate (NI 43-101 Compliant, Dec. 1, 2022) (C$100 NSR cut-off)

Equity Metals resource data table with indicated and inferred resources.

The current Mineral Resource Estimate was prepared by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd and Eugene Puritch, P. Eng., FEC, CET and Fred Brown, P, Geo. of P&E Mining Consultants Inc. (“P&E”), Independent Qualified Persons (“QP”), as defined by National instrument 43-101.
All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under National Instrument 43-101 (“NI43-101”).
Mineral Resources were constrained using continuous mining units demonstrating reasonable prospects of eventual economic extraction.
Silver and Gold Equivalents were calculated from the interpolated block values using relative process recoveries and prices between the component metals and silver to determine a final AgEq and AuEq values.
Silver and Gold Equivalents and NSR$/t values were calculated using average long-term prices of $20/oz silver, $1,700/oz gold, $3.50/lb copper, $0.95/lb lead and $1.45/lb zinc. All metal prices are stated in $USD. The C$100/tonne NSR cut-off grade value for the underground Mineral Resource was derived from mining costs of C$70/t, with process costs of C$20/t and G&A of C$10/t. Process recoveries used were Au 70%, Ag 80%, Cu 80%, Pb 81% and Zn 90%.
Grade capping was performed on 1m composites for the No. 3 and NG-3 veins and whole vein composites for the Camp and Sveinson veins. For the No. 3 and NG-3 veins Inverse distance cubed (I/d3) was utilized for grade interpolation for Au and Ag and inverse distance squared (I/d2) was utilized for Cu, Pb and Zn. Inverse distance squared (I/d2) was used for all metals in the Camp and Sveinson veins.
A bulk density of 3.56t/m3 was used for all tonnage calculations in the No. 3 and NG-3 veins. A variable density with a 3.15 average was used for the Camp and Sveinson veins.
Mineral Resources are not Mineral Reserves until they have demonstrated economic viability. Mineral Resource Estimates do not account for a Mineral Resource’s mineability, selectivity, mining loss, or dilution.
An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.

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Osisko Metals

January 6, 2026 No Comments

Investor Insight

Osisko Metals’ high-quality copper and zinc assets present a compelling investment opportunity amid a rapidly expanding critical and base metals market. North America is continuing to prioritize domestic mineral supply chains, and Osisko Metals is well-positioned with its two brownfield, past-producing assets in Canada: the Gaspé Copper project and the Pine Point zinc-lead project.

Overview

Osisko Metals (TSX:OM,OTC:OMZNF,FRANKFURT: 0B51) is an exploration and development company focusing on two base metal assets in Canada – Gaspé Copper and Pine Point – targeting copper and zinc, both critical minerals necessary for the global transition to clean energy. These assets are past-producing, brownfield projects of significant potential for future production.

The Gaspé Copper project in Québec has a rapid development plan to begin mining the indicated resource of 824 million tons (Mt) of ore grading 0.34 percent copper equivalent. As the gap between available copper supply and growing demand widens, Osisko Metals is well-positioned to help create and strengthen a domestic supply chain for the North American market.

The company’s Pine Point zinc-lead project in the Northwest Territories contains an indicated mineral resource estimate of 49.5 Mt at 4.22 percent zinc and 1.49 percent lead, in addition to significant inferred resources. Zinc is a necessary mineral for the clean energy transition and has important applications throughout the manufacturing industry. This widespread use of zinc has analysts cautioning about a looming supply shortage.

A preliminary economic assessment (PEA) completed in 2022 indicates the Pine Point project has the potential to become a world-class, high-grade zinc asset, with an after-tax net present value (NPV) of C$602 million and internal rate of return (IRR) of 25 percent. A feasibility study is now fully underway, and is expected to be completed in 2025.

In February 2023, Osisko Metals announced a C$100-million investment agreement with Appian Natural Resources Fund III for a joint venture on the Pine Point project. The agreement includes C$75.3 million of funding for the project and up to C$24.7 million in cash payments to Osisko Metals. In February 2024, Osisko Metals sold an additional 5 percent ownership interest in Pine Point Mining to a subsidiary of Appian for approximately C$8.33 million. Appian now has the right to earn up to 65 percent of the project, with Osisko Metals retaining 35 percent.

Pine Point Mining and the Town of Hay River have also signed a memorandum of understanding to seize opportunities for long-term sustainable growth for Hay River through the development and operations of the Pine Point mining project.

Led by a management team with a wide range of expertise throughout the natural resources industry and experience in geology, exploration, corporate finance and corporate administration, Osisko Metals is well-poised to become a world-class supplier of base metals.

Company Highlights

Osisko Metals (OM) is focused on becoming a significant base metals producer by bringing two past-producing Canadian brownfield assets back into production: the Gaspé Copper project in Québec and the Pine Point zinc-lead project in the Northwest Territories.
OM’s 100-percent-owned Gaspé Copper project is advancing rapidly with a fully funded 110,000-metre 2025 drill program and the goal of converting and expanding its large-scale NI 43-101 resource base.
Copper Mountain hosts the largest undeveloped copper asset in Eastern North America, with an in-pit indicated resource of 824 million tonnes (Mt) grading 0.34 percent copper equivalent (CuEq) and an inferred resource of 670 Mt grading 0.38 percent CuEq. The resource contains 4.91 billion pounds of copper, 274 million pounds of molybdenum, and 46 million ounces of silver.
The Pine Point project has the potential to become a top-ten global zinc producer, supported by updated 2024 resource estimates and a positive PEA. It is operated through a joint venture with Appian Natural Resources Fund III, which has the right to earn up to 65 percent of the project.
A C$100-million investment agreement with Appian includes C$75.3 million in project funding and allows for a staged increase in Appian’s ownership. Osisko Metals retains a 35 percent interest.
The 2022 PEA for Pine Point returned an after-tax IRR of 25 percent and an NPV (8 percent) of C$602 million, with clean, high-grade zinc and lead concentrates appealing to global smelters.
A highly experienced management team with a successful track record of discovery, development and value creation is leading Osisko Metals’ transformation into a leading North American base metals developer.

Key Projects

Gaspé Copper Project

The Gaspé Copper project in Québec is among the most significant copper development projects in eastern North America. Osisko Metals completed the 100-percent acquisition of Gaspé Copper in July 2023 and has since launched a fully funded, 110,000-metre drill program. Québec is consistently ranked as a top-tier mining jurisdiction with supportive permitting processes and access to infrastructure.

Project Highlights:

Significant Mineral Resource Estimate: The current NI 43-101 mineral resource estimate (effective November 2024) outlines an in-pit indicated resource of 824 Mt grading 0.34 percent copper equivalent and an inferred resource of 670 Mt grading 0.38 percent copper equivalent. Contained metals include 4.91 billion pounds of copper, 274 million pounds of molybdenum, and 46 million ounces of silver.
Prolific Past Production: The historic Gaspé mine produced more than 141 Mt at 0.9 percent copper between 1955 and 1999 through both underground and open-pit mining. The site has undergone over C$150 million in reclamation, creating a well-positioned brownfield development opportunity.
Robust Infrastructure: The site benefits from year-round road access, on-site hydroelectric power, proximity (under 100 km) to a deep-sea port in Gaspé, and remaining legacy infrastructure, including oxide stockpiles, administration buildings and a water treatment facility.
2025 Drill Program: The 110,000-metre drill campaign initiated in February 2025 targets both infill and expansion zones. Goals include upgrading inferred resources, extending mineralization up to 250 meters below the current pit shell, testing areas toward Needle East Mountain, and better delineating high-grade skarn zones (grading 0.5 to 3.0 percent copper). Recent results include:
- Drill hole 30-1090 – 279.0 meters averaging 0.49 percent copper and 108.0 meters averaging 0.84 percent copper
  Drill hole 30-1075 – 258.0 meters averaging 0.33 percent copper including 15.6 meters averaging 1.47 percent copper

Wide zones of new mineralization intersected southeast of the Copper Mountain pit, including skarn-hosted copper zones supporting potential for future resource expansion

Copper Mountain Updated MRE: The latest resource estimate (Fall 2024) reflects a 53 percent increase in copper-equivalent content in the indicated category and a 100-fold increase in the inferred category compared to prior reports. A high-grade sub-resource of 520 Mt grading 0.54 percent copper equivalent has also been identified at higher cut-off grades.
Acquisition of New Claims: In December 2024, Osisko Metals acquired 199 additional mineral claims adjacent to the Gaspé Copper property, expanding the project’s exploration footprint in a highly prospective area.

Pine Point Zinc-Lead Project

The Pine Point asset in the Northwest Territories is a brownfield site with legacy infrastructure and a clear path toward redevelopment. The site is supported by an on-site hydroelectric substation, paved access roads, and proximity to rail and port infrastructure.

Project Highlights:

Joint Venture: Pine Point Mining, the project operator, is governed under a joint venture between Osisko Metals and Appian Natural Resources Fund III. The C$100-million agreement includes C$75.3 million in project funding and additional cash payments. In February 2024, Osisko Metals sold an additional 5 percent interest to Appian for C$8.33 million. Appian may earn up to 65 percent ownership; Osisko Metals retains 35 percent.
High-grade Clean Concentrates: The project is expected to produce exceptionally clean zinc and lead concentrates, as confirmed by recent metallurgical testing. XRT sorting and flotation achieved recoveries of 87 percent for zinc and 93 percent for lead. Low deleterious element levels make Pine Point’s product highly attractive to smelters seeking premium concentrates.
Promising Economics: The 2022 PEA outlines an average annual life-of-mine production of 329 million pounds of zinc and 141 million pounds of lead. It projects an after-tax NPV (8 percent) of C$602 million and an IRR of 25 percent. Estimated dewatering volumes were reduced by 30 percent compared to the 2020 PEA.
2024 Updated Mineral Resource Estimate:

Indicated: 49.5 Mt grading 4.22 percent zinc and 1.49 percent lead (5.52 percent zinc equivalent), containing 4.6 billion lbs of zinc and 1.6 billion lbs of lead
Inferred: 8.3 Mt grading 4.18 percent zinc and 1.69 percent lead (5.64 percent zinc equivalent), containing 0.7 billion lbs of zinc and 0.3 billion lbs of lead
East Mill, Central, and North zones collectively hold ~36.2 Mt of indicated resources grading 5.22 percent zinc equivalent

Community Support: Pine Point Mining Limited has secured support through collaboration agreements with Deninu K’ue First Nation and the Northwest Territory Métis Nation, and continues to work under a 2017 exploration agreement with K’atl’odeeche First Nation. A memorandum of understanding was signed in November 2024 with the Town of Hay River to promote long-term economic benefits and local participation.

Management Team

Robert Wares – Chief Executive Officer

A professional geologist with over 35 years of experience, Robert Wares co-founded Osisko Mining and led the discovery of the Canadian Malartic mine. He is a co-recipient of the PDAC’s “Prospector of the Year” (2007) and serves on the board of Brunswick Exploration.

John Burzynski – Executive Chairman

John Burzynski was CEO of Osisko Mining and led the discovery and sale of the Windfall project to Gold Fields for C$2.2 billion. He also co-founded Osisko Gold Royalties and helped develop Canadian Malartic. He is a fellow of the Royal Canadian Geographical Society, and is a co-recipient of the PDAC’s “Prospector of the Year” (2007)

Don Njegovan – President

Don Njegovan has over 30 years of experience in mining and capital markets. Formerly COO at Osisko Mining, he has also served as managing director, global mining at Scotiabank, and sits on the board of Cornish Metals.

Blair Zaritsky – Chief Financial Officer

BA CPA with over 20 years of experience, Blair Zaritsky was previously CFO of Osisko Mining. He has extensive audit and financial management experience with public companies listed on Canadian exchanges.

Jeff Hussey – Chief Operating Officer

Jeff Hussey, P.Geo., has over 40 years of professional experience in the exploration and mining industries. He has worked in both open pit and underground operations at various stages of mine life, from start-up to mine closure. Hussey has a Bachelor of Science in Geology from the University of New Brunswick. He has been a director of the company since 2017 and has held various management positions with Osisko Metals, most recently as CEO of the company’s subsidiary Pine Point Mining.

Amanda Johnston – Vice-president, Finance

Amanda Johnston is a CPA with more than two decades in the mining and audit sectors. She previously served as VP finance at Osisko Mining and is currently a director of Metalla Royalty & Streaming.

Alexandria Marcotte – Vice-president, Exploration

A registered P.Geo. in Ontario, Alexandria Marcotte has 15+ years of international experience in senior geological roles. She holds an Honours B.Sc. in Geology and an MBA from Schulich School of Business and currently serves as a director of Angel Wing Metals.

Lili Mance – Vice-president & Corporate Secretary

Lili Mance has 30 years of legal, compliance, and governance experience in the resource and financial sectors. She served as corporate secretary at Osisko Mining and is a long-standing member of the Governance Professionals of Canada.

Ann Lamontagne – Vice-president, Environment & Sustainable Development

A civil engineer with a Ph.D. in mining environment, Ann Lamontagne brings over 25 years of environmental consulting and permitting expertise, including work with Nouveau Monde Graphite and Troilus Gold.

Killian Charles – Strategic Advisor

President and CEO of Brunswick Exploration, Killian Charles previously led corporate development at Osisko Metals and worked as a mining analyst. He holds a degree in Earth & Planetary Sciences from McGill University.

Luc Lessard – Technical Advisor

Luc Lessard is a mining engineer with over 30 years of experience in construction and operation of major mines. He is CEO of Falco Resources and COO of Osisko Development, and played key roles in building Canadian Malartic.

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US Awards US$2.7 Billion to Expand Domestic Uranium Enrichment

January 6, 2026 No Comments

The US government on Monday (January 5) awarded billions of dollars to revive domestic uranium enrichment, accelerating Washington’s efforts to reduce reliance on foreign supply.

The US Department of Energy said it will award a total of US$2.7 billion over the next decade to three companies to provide enrichment services for low-enriched uranium (LEU) and high-assay low-enriched uranium (HALEU).

Both fuels are necessary to power the nation’s current nuclear fleet and support the deployment of future advanced reactors.

“Today’s awards show that this Administration is committed to restoring a secure domestic nuclear fuel supply chain capable of producing the nuclear fuels needed to power the reactors of today and the advanced reactors of tomorrow,” Energy Secretary Chris Wright said in the department’s statement.

Under the grants, American Centrifuge Operating and General Matter will each receive US$900 million to develop domestic HALEU enrichment capacity, while Orano Federal Services will receive US$900 million to expand US-based LEU enrichment.

The department said the funding will be distributed through task orders tied to specific performance milestones as part of an accountability framework designed to ensure delivery.

Enriched uranium, particularly HALEU, is processed to between 5 percent and 20 percent and is considered essential for many advanced and small modular reactor designs. Currently, Russia is the only country producing HALEU at commercial scale.

US funding to develop domestic HALEU supply was included in legislation passed last year that will fully ban Russian uranium imports by 2028.

DOE said the expanded enrichment capacity is intended to support fuel needs for the nation’s 94 operating commercial reactors while laying the groundwork for future deployments of advanced nuclear technologies.

The awards follow contracts signed last year with six companies that pre-qualified them to bid on enrichment work tied to the federal program.

Alongside the enrichment awards, the department also announced an additional US$28 million grant to Global Laser Enrichment, partly owned by Canada’s Cameco (TSX:CCO,NYSE:CCJ), to advance next-generation uranium enrichment technology.

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

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Freegold Ventures Limited Announces Closing of $50 Million Brokered Private Placement Financing

January 6, 2026 No Comments

Freegold Ventures Limited (TSX: FVL,OTC:FGOVF) (OTCQX: FGOVF) (the ‘Company’ or ‘Freegold ‘), is pleased to announce that further to its news release dated December 19, 2025, the Company has closed its upsized brokered private placement offering for aggregate gross proceeds of $49,999,950 (the ‘Offering’). Paradigm Capital Inc. (the ‘Lead Agent’) acted as lead agent and sole bookrunner under the Offering on behalf of a syndicate of agents, including Stifel Nicolaus Canada Inc. (‘Stifel’ and together with the Lead Agent, the ‘Agents’).

Freegold Logo (CNW Group/Freegold Ventures Limited)

In connection with the Offering, the Company entered into an agency agreement (the ‘Agency Agreement‘) dated January 6, 2026, between the Company and the Agents. In accordance with the Agency Agreement, 38,461,500 common shares of the Company (‘Common Shares‘) were issued at a price of $1.30 per Common Share.

The Company intends to use the net proceeds from the Oﬀering to complete a Pre-Feasibility Study for the Golden Summit Project, to support ongoing exploration, and for general corporate and working capital purposes.

Completion of this financing marks a significant milestone for Freegold, demonstrating strong investor confidence and providing the capital needed to advance the Golden Summit Project. The successful closing reinforces the Company’s commitment to advancing the Golden Summit Project. Significant progress has already been made on the pre-feasibility study through supporting work, and this recent financing round has provided the Company with additional resources to aggressively advance the Golden Summit Project.

With substantial funding now secured, Freegold is well positioned to expedite completion of the pre-feasibility study by early 2027 and to expand exploration east of the current resource zone, aiming to unlock further value from the Golden Summit property. This strategic approach not only enhances the project’s long-term growth potential but also aligns with the Company’s vision of maximizing shareholder value through targeted exploration and responsible development. As the Company moves into this pivotal year, it remains focused on executing its work programs efficiently while maintaining strong relationships with its stakeholders and regulatory bodies.

Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned and controlled by him, acquired 7,700,000 Common Shares in the Offering for total consideration of $10,010,000. Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘MI 61-101‘), the purchase of Common Shares by Mr. Sprott was a ‘related party transaction’. The Company was exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Offering in reliance on section 5.5(a) and section 5.7(1)(a) of MI 61-101 respectively, as neither the fair market value of the Common Shares received by Mr. Sprott nor the proceeds for such securities received by the Company exceeded 25% of the Company’s market capitalization as calculated in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the expected closing date of the Offering as the details of the Offering and the participation therein by any ‘related party’ of the Company were not settled until shortly prior to the closing of the Offering, and the Company wished to close the Offering on an expedited basis for sound business reasons.

The Offering is subject to the final approval of the Toronto Stock Exchange. The Common Shares have been offered pursuant to the Listed Issuer Financing Exemption under National Instrument 45-106 – Prospectus Exemptions, as amended by Coordinated Blank Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, in all Canadian provinces, except Quebec, and other qualifying jurisdictions. The Common Shares issued under the Listed Issuer Financing Exemption are not subject to resale restrictions in Canada pursuant to applicable Canadian securities laws.

There is an amended and restated offering document related to this Offering that can be accessed under the Company’s profile on SEDAR+ at www.sedarplus.com and on the Company’s website.

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘), or any U.S. state security laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska.

Forward-looking Information Cautionary Statement
This press release contains statements that constitute ‘forward-looking information’ (collectively, ‘forward-looking statements‘) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as ‘expects’, or ‘does not expect’, ‘is expected’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release, include, without limitation, statements regarding the anticipated use of proceeds from the Offering, statements regarding advancing the Golden Summit Project and other exploration plans, and statements regarding the timing for and expected completion of a pre-feasibility study. In making the forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: availability of financing; delay or failure to receive required permits or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. See Freegold’s Annual Information Form for the year ended December 31, 2024, filed under Freegold’s profile at www.sedarplus.com, for a detailed discussion of the risk factors associated with Freegold’s operations.

SOURCE Freegold Ventures Limited

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Policy Uncertainty Is Driving Mining Capital Out of Canada

January 6, 2026 No Comments

Canada is undermining its own mining advantage as persistent policy uncertainty continues to erode investor confidence across large parts of the country, according to new commentary from the Fraser Institute.

Julio Mejía, a policy analyst, and Elmira Aliakbari, director of natural resources studies at the Fraser Institute, argue that regulatory ambiguity, and not resource quality, is increasingly the decisive factor shaping investment decisions in the mining sector.

“Bad policies create uncertainty and deter investment,” the authors wrote, warning that without predictable rules and permitting frameworks, Canada risks falling behind competing jurisdictions that offer clearer pathways to project development.

Despite being one of the most mineral-rich jurisdictions in the world, Canada has struggled to translate geology into sustained capital investment.

The consequences are already visible in the data. Mining exploration spending slipped from around US$3.3 billion in 2022 to US$3.1 billion in 2023, with early figures pointing to another decline in 2024.

Broader mining investment totaled approximately US$11.3 billion in 2023, well below the inflation-adjusted peak reached more than a decade earlier.

Furthermore, several prominent companies such Solaris Resources, Falcon Energy Materials, and Barrick Mining, have either moved headquarters out of Canada or signaled they are weighing similar steps.

The commentary further underscores that these decisions are less about commodity prices and more about jurisdictional risk. While provinces such as British Columbia, Yukon, and Manitoba boast world-class mineral potential, investors routinely cite uncertainty around land claims, protected areas, and environmental approvals as reasons to hesitate or redirect capital.

This regulatory friction, the authors note, stands in sharp contrast to US mining jurisdictions. In states such as Nevada, Arizona, and Wyoming, investors report far lower levels of concern over land tenure and environmental permitting, even when mineral endowment is comparable.

The result is a widening competitiveness gap at a time when mining capital is increasingly mobile.

The authors argue that Canada should, in theory, be well positioned to benefit from that trend. Instead, they warn that inconsistent rules and overlapping regulatory processes are dulling the country’s appeal just as capital is seeking scalable, lower-risk opportunities.

That erosion matters beyond corporate balance sheets. Mining was Canada’s second-largest export sector in 2023, generating approximately US$86.6 billion in economic output and supporting more than 700,000 jobs. The industry also pays wages nearly double the national average and remains one of the largest private-sector employers of Indigenous workers.

The Fraser Institute’s annual survey of mining companies—now in its 26th year—is cited as evidence of how these policy concerns translate into investor sentiment.

While Saskatchewan, Newfoundland and Labrador, and Alberta continue to score well on regulatory perception, several other provinces rank poorly despite strong geology, reinforcing the argument that policy choices, not mineral scarcity, are driving investment outcomes.

Reversing the trend, according to Mejía and Aliakbari, does not require lowering environmental or social standards, but rather clarifying them.

Predictable timelines, consistent land-use decisions, and coherent permitting frameworks would allow companies to assess risk more accurately and commit capital with greater confidence.

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

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Locksley Confirms Continuous High Grade Mineralized Silver Corridor at its Mojave Project in California

January 6, 2026 No Comments

Locksley Resources (ASX: LKY,OTC:LKYRF; OTCQX: LKYRF and LKYLY) announced it has confirmed a continuous, high grade mineralized silver corridor at its Mojave Project in California following extensive surface reconnaissance and rock chip sampling across the North Block. The results materially extend known mineralization beyond the initial high grade silver discovery and strengthen the geological understanding of the project area. Specifics can be found here: https:cdn-api.markitdigital.comapiman-gatewayASXasx-research1.0file2924-03043548-6A1306070&v=undefined. The discovery represents an important advancement in the Company’s exploration strategy and identifies a new, potentially high-value component of the Mojave Project.

Kerrie Matthews, Managing Director and CEO said, ‘Defining a 3km mineralized trend with surface results of up to 409 g/t silver and 1.5% copper is a highly encouraging outcome. This discovery complements our core antimony development strategy and gives us exposure as a diversified U.S. critical minerals company.’ She added that the company is expected to advance this opportunity with a staged exploration program.

Locksley Resources (https://www.locksleyresources.com.au) is focused on critical minerals in the U.S. The company is actively advancing the Mojave Project in California, targeting rare earth elements (REEs) and antimony. Locksley is executing a mine-to-market strategy for antimony, aimed at reestablishing domestic supply chains for critical materials, underpinned by strategic downstream technology partnerships with leading U.S. research institutions and industry partners. This targeted approach, combined with resource development with innovative processing and separation technologies, positions Locksley to play a role in advancing U.S. critical materials independence.

Contact: Beverly Jedynak, beverly.jedynak@viriathus.com, 312-943-1123; 773-350-5793 (cell)

View original content:https://www.prnewswire.com/news-releases/locksley-confirms-continuous-high-grade-mineralized-silver-corridor-at-its-mojave-project-in-california-302653895.html

SOURCE Locksley Resources

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Pinnacle Interprets Multiple New Targets from LiDAR Survey at El Potrero

January 6, 2026 No Comments

(TheNewswire)

‘The LiDAR survey was highly successful in confirming the 1,600 metre known strike length of the Dos de Mayo vein system and, perhaps more importantly, has identified new structures, often with artisanal workings that may indicate the presence of vein material,’ stated Robert Archer, Pinnacle’s President & CEO. ‘The sheer number of historic shafts, adits and pits interpreted from the LiDAR survey underscores the prospectivity of the project and, to date, we have focused only on the northernmost 10% of the property. As such, we are adding to our geological team to follow up on these new targets.’

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Figure 1: El Potrero Project Showing Two Claim Blocks and Artisanal Workings Interpreted from LiDAR

Click Image To View Full Size

Figure 2: El Potrero Block Showing Artisanal Workings Interpreted from LiDAR Defining Main Dos de Mayo Trend and New Target Areas

On the northern, or ‘El Potrero’, claim block (Figure 2), the majority of the 3 shafts, 50 adits and 29 pits clearly outline the known trace of the Dos de Mayo vein system and the more limited exposures of the El Capulin and La Estrella veins. However, the LiDAR also indicates the potential for an extension to this system to the southeast, across the river valley, where it would be hosted in similar andesitic rocks. In addition, there appears to be a previously unknown northeast-southwest trend on the southeast side of the valley, also in andesites, while similar northeast-southwest trends are observed in the southwest section, presumably hosted by intrusive rocks according to government regional geology maps. This latter scenario could give rise to a different, intrusive-related, style of mineralization. Regionally, northeast-trending structures pre-date the northwesterly trend and are host to the Ag-Pb-Zn-Au veins of the Topia Mine, 13 kilometres to the southwest.

On the separate Maria Fernanda 2 (‘MF2′) claim block to the southwest (Figure 3), 3 shafts, 14 adits and 22 pits are somewhat scattered across the concession. While this area has never been explored by modern methods, government maps indicate a northwest-southeast trending structure passing through the middle of the block, parallel to the Dos de Mayo system and to the regional structural trend. The LiDAR also indicates a number of smaller structures perpendicular to this trend. The road from Topia passes through the middle of the block and road cuts locally display intense argillic alteration and pervasive chloritization with minor pyrite that, collectively, may be indicative of a buried hydrothermal system. Several of the pits interpreted from the LiDAR appear to lie in close proximity to this zone. Pinnacle’s geological team is planning a systematic and thorough evaluation of the area, commencing early in the New Year.

Click Image To View Full Size

Figure 3: MF2 Block Showing Artisanal Workings Interpreted from LiDAR, Structure and Alteration

The LiDAR survey covered the entire 11 km2 property and was flown by Eagle Mapping Ltd. of Langley, British Columbia. Reprocessing and interpretation of the data was conducted by GeoCloud Analytics of Melbourne, Australia.

LiDAR, or Light Detection and Ranging, is a remote sensing technology that uses laser light to ‘see through’ vegetation and soil cover to measure distances, with 15-30 cm scale accuracy, to underlying rock surfaces. In this way, it can map out features such as structures and lithological contacts that can be related to mineralization but may not be exposed at surface. The survey also included colour aerial photography with 10-15 cm resolution that will assist in surface exploration and planning of infrastructure upgrades.

Qualified Person

Mr. Jorge Ortega, P. Geo, a Qualified Person as defined by National Instrument 43-101, and the author of the NI 43-101 Technical Report for the Potrero Project, has reviewed, verified and approved for disclosure the technical information contained in this news release.

About the Potrero Property

El Potrero is located in the prolific Sierra Madre Occidental of western Mexico and lies within 35 kilometres of four operating mines, including the 4,000 tonnes per day (tpd) Ciénega Mine (Fresnillo), the 1,000 tpd Tahuehueto Mine (Luca Mining) and the 250 tpd Topia Mine (Guanajuato Silver).

High-grade gold-silver mineralization occurs in a low sulphidation epithermal breccia vein system hosted within andesites of the Lower Volcanic Series and has three historic mines along a 500 metre strike length. The property has been in private hands for almost 40 years and has never been systematically explored by modern methods, leaving significant exploration potential.

A previously operational 100 tpd plant on site can be refurbished / rebuilt and historic underground mine workings rehabilitated at relatively low cost in order to achieve near-term production once permits are in place. The property is road accessible with a power line within three kilometres.

Pinnacle will earn an initial 50% interest immediately upon commencing production. The goal would then be to generate sufficient cash flow with which to further develop the project and increase the Company’s ownership to 100% subject to a 2% NSR. If successful, this approach would be less dilutive for shareholders than relying on the equity markets to finance the growth of the Company.

About Pinnacle Silver and Gold Corp.

Pinnacle is focused on the development of precious metals projects in the Americas. The high-grade Potrero gold-silver project in Mexico’s Sierra Madre Belt hosts an underexplored low-sulphidation epithermal vein system and provides the potential for near-term production. In the prolific Red Lake District of northwestern Ontario, the Company owns a 100% interest in the past-producing, high-grade Argosy Gold Mine and the adjacent North Birch Project with an eight-kilometre-long target horizon. With a seasoned, highly successful management team and quality projects, Pinnacle Silver and Gold is committed to building long-term, sustainable value for shareholders.

Signed: ‘Robert A. Archer’

President & CEO

For further information contact:

Email: info@pinnaclesilverandgold.com

Tel.: +1 (877) 271-5886 ext. 110

Website: www.pinnaclesilverandgold.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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Homerun Resources Inc. Closes Acquisition of Additional Mineral Rights in the Santa Maria Eterna Silica Sand District

January 6, 2026 No Comments

Homerun Resources Inc. (TSXV: HMR,OTC:HMRFF) (OTCQB: HMRFF) (‘Homerun’ or the ‘Company’) is pleased to announce that further to the Company’s News Release on September 12, 2025, it has closed the acquisition with Pedreiras do Brasil S.A. (‘Pedreiras’) a company controlled by Vitoria Stone, securing the rights to exploit the Pedreiras mining tenement at the Santa Maria Eterna Silica Sand District in the municipality of Belmonte, Bahia, Brazil, granted under a lease agreement with Companhia Bahiana de Pesquisa Mineral (CBPM). This is the third and final CBPM lease acquisition by Homerun marking another significant step in the continuing strategic plan to consolidate control over the Santa Maria Eterna Silica Sand District.

The newly acquired Pedreiras tenement is fully permitted with a low royalty rate of R$ 30.17 per extracted tonne.

The acquisition value is settled by the issuance of US$1,200,000 in Homerun common shares and US$200,000 in share purchase warrants, as per the following:

Issuance of Common Shares: the US$ 1,200,000 acquisition price is being paid through the issuance of common shares of the Company, valued at CA$1.00 per share. For conversion purposes, the exchange rate of the US dollar (USD) to the Canadian dollar (CAD) is fixed at 1 USD = 1.38 CAD to set the number of shares at 1,656,000.

Issuance of Warrants: Without prejudice to the payment provided above and as an additional component, US$ 200,000 in warrants, exercisable into Homerun common shares for a period of one year at CA$1.00 per share. For conversion purposes, the same exchange rate of 1 USD = 1.38 CAD, will be used to set the number of warrants at 276,000.

The issuance of the Homerun common shares and warrants was subject to the approval of the TSX Venture Exchange. The Homerun securities issued under the terms of this agreement are now subject to a standard 4-Month statutory hold period. Pedreiras agrees to contact Homerun regarding the sale of any Homerun common shares and also agrees to limit the sale of the Homerun common shares in any given month to 100,000.

About Homerun (www.homerunresources.com / www.homerunenergy.com)

Homerun Resources Inc. (TSXV: HMR,OTC:HMRFF) is building the silica-powered backbone of the energy transition across four focused verticals: Silica, Solar, Energy Storage, and Energy Solutions. Anchored by a unique high-purity low-iron silica resource in Bahia, Brazil, Homerun transforms raw silica into essential products and technologies that accelerate clean power adoption and deliver durable shareholder value.

⁠Silica: Secure supply and processing of high-purity low-iron silica for mission-critical applications, enabling premium solar glass and advanced energy materials.
Solar: Development of Latin America’s first dedicated 1,000 tonne per day high-efficiency solar glass plant and the commercialization of antimony-free solar glass designed for next-generation photovoltaic performance.
Energy Storage: Advancement of long-duration, silica-based thermal storage systems and related technologies to decarbonize industrial heat and unlock grid flexibility.
⁠Energy Solutions: AI-enabled energy management, control systems, and turnkey electrification solutions that reduce costs and optimize renewable generation for commercial and industrial customers.

With disciplined execution, strategic partnerships, and an unwavering commitment to best-in-class ESG practices, Homerun is focused on converting milestones into markets-creating a scalable, vertically integrated platform for clean energy manufacturing in the Americas.

On behalf of the Board of Directors of
Homerun Resources Inc.

‘Brian Leeners’

Brian Leeners, CEO & Director
brianleeners@gmail.com / +1 604-862-4184 (WhatsApp)

Tyler Muir, Investor Relations
info@homerunresources.com / +1 306-690-8886 (WhatsApp)

FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

The information contained herein contains ‘forward-looking statements’ within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be ‘forward-looking statements’.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279591

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Rio Silver Highlights High-Grade Silver up to 6.26 g/t Au and 991 g/t Agover 0.70 metres at Maria Norte and Advances a Clear Near-Term Development Path in Peru

January 6, 2026 No Comments

Rio Silver Inc. (TSX-V: RYO | OTC: RYOOF) (‘Rio Silver’ or the ‘Company’) is pleased to provide an update on its Maria Norte gold-silver-lead-zinc Project in central Peru, following the completion of recent technical work and site activities conducted in accordance with National Instrument 43-101. The results confirm the presence of high-grade silver mineralization, favorable geological and metallurgical characteristics, and a clear pathway toward near-term development within one of Peru’s most prolific silver districts.

Map outlining concession boundaries and surface verification sampling locations at Rio Silver

Figure 1: Maria Norte Silver Project – NI 43-101 Verification Sampling Locations
Map outlining concession boundaries and surface verification sampling locations at Rio Silver’s Maria Norte high-grade silver project in central Peru.

High-Grade Silver Confirmed by Verification Sampling

As part of the independent National Instrument 43-101 review, verification sampling was conducted by James A. McCrea, P.Geo., the independent author of the NI 43-101 Technical Report, during a site visit to the Maria Norte Project in June 2025. Sampling targeted surface vein exposures and historic waste material and returned high-grade silver values, including:

869 g/t silver, with associated lead and zinc, from a 0.5-metre surface vein channel sample
991 g/t silver from a 0.7-metre surface vein channel sample
396 g/t silver from a historic waste dump grab sample

Sample	Sample Type	Width (m)	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Location
9623	Grab	–	2.194	396	0.276	1.430	0.565	Waste dump
9624	Chip	0.5	1.679	869	0.310	17.310	10.170	Outcrop
9625	Chip	0.4	0.868	68.8	0.300	0.563	0.819	Outcrop
9626	Chip	0.7	6.263	991	0.612	2.350	0.357	Outcrop

Table 1: Maria Norte Verification Sampling Results (NI 43-101)*

*Verification sampling returned silver values ranging from 396 g/t Ag to 991 g/t Ag, with associated lead, zinc, and localized gold values. These results confirm the presence of high-grade silver mineralization at surface, consistent with historical sampling by previous operators and characteristic of low-sulphidation epithermal vein systems common to the Huachocolpa District.

A total of four (4) verification samples were collected, consisting of three (3) chip samples from surface vein outcrops and one (1) grab sample from a historic waste dump, with chip sample widths ranging from approximately 0.4 metres to 0.7 metres. All samples were bagged, labelled, and sealed in the field using single-use security ties, transported by the author to Lima, Peru, and analyzed by Certimin S.A., an ISO 9001–certified laboratory located in the Santiago de Surco municipality of Lima.

No additional quality control samples (blanks, standards, or duplicates) were inserted due to the limited number of samples collected, which the author considered appropriate for the exploration stage of the project. James A. McCrea, P.Geo. concluded that the sampling methods, sample handling, preparation, and analytical procedures are adequate for data verification purposes, and that the results are representative of the surface mineralization observed at Maria Norte.

CEO Comment

‘The confirmation of high-grade silver at Maria Norte reinforces what initially attracted us to this project,’ said Chris Verrico, President and Chief Executive Officer of Rio Silver. ‘These are good grades in a district known for long-life silver production, and as our team continues work on the ground, we are seeing encouraging geological indications that suggest the system may extend beyond what is currently exposed. Combined with existing infrastructure, favorable metallurgy, and strong community engagement, we believe Maria Norte offers a compelling opportunity to advance toward development while continuing to unlock further upside.’

Proven Geological Setting in a Renowned Silver District

Maria Norte is situated within the Miocene polymetallic belt of central Peru, a region that has supported decades of silver production from structurally controlled epithermal vein systems. Mineralization at Maria Norte occurs within quartz-sulphide veins and breccias, hosting silver-dominant mineralization with associated lead, zinc, and local gold values.

Mapping and structural interpretation indicate that mineralization is controlled by a well-defined vein corridor with favorable geometry for continuity along strike and at depth. This geological setting mirrors other productive operations in the district and supports the Company’s development-focused exploration strategy.

Infrastructure, Metallurgy, and Development Readiness

Historic metallurgical test work reviewed by the Company indicates that mineralization at Maria Norte responds to conventional flotation methods. Combined with the project’s location within a well-established mining district, this supports a development approach that emphasizes efficiency and capital discipline.

Key advantages at Maria Norte include:

Favorable Metallurgy: Historic test work indicates amenability to conventional flotation processes.
Established Infrastructure: Road access and operating processing facilities are located approximately 11 kilometers from the project.
Reduced Capital Intensity: Proximity to existing mills has the potential to lower upfront capital requirements, shorten development timelines and reduce exposure to environmental costs related to mill operation.
Experienced Mining District: Maria Norte is located within one of Peru’s longest-producing silver regions, which has a well-established, supportive mining culture, and experienced local workforce.

Following the recent approval of the Maria Norte acquisition, Rio Silver has advanced boots-on-the-ground activities, including site access planning, infrastructure assessments, and early permitting preparations. In parallel, the Company continues constructive engagement with local community leaders, building on a foundation of cooperation in one of Peru’s most established and supportive mining regions.

Positioned for Near-Term Development

Rio Silver’s strategy at Maria Norte is focused on advancing accessible, high-grade mineralization through staged development while continuing exploration to expand the known system. Under Peru’s established exploration and exploitation framework, development activities can progress alongside exploration, allowing the Company to advance the project efficiently and responsibly.

Management believes that the combination of verified high-grade silver, nearby processing capacity, and an experienced in-country team places near-term development firmly within the Company’s strategic horizon, subject to continued technical success and permitting.

Next Steps

Advance Development Planning at Maria Norte: Continue site preparation activities, infrastructure assessments, and permitting work in support of staged underground access targeting accessible high-grade silver mineralization.
Expand Geological Understanding of the System: Complete detailed mapping, channel sampling, and geophysical surveys to refine priority targets and assess continuity along strike and at depth within the known vein corridor.
Progress Community and Stakeholder Engagement: Maintain active dialogue with local communities and stakeholders to finalize access agreements and support responsible development as work programs advance.
Parallel Metallurgical Work at Santa Rita: Advance ongoing metallurgical test work to better understand mineral processing characteristics while technical evaluations and project integration continue.

Why This Matters to Investors

As global silver markets continue to experience structural supply deficits, projects capable of advancing high-grade silver toward development are scarce. Maria Norte stands out due to its verified grades, district-scale setting, proximity to operating mills, and disciplined development strategy. With key technical milestones achieved and field activities advancing, Rio Silver believes it is well positioned to deliver continued progress and value creation for all stakeholders as the silver cycle unfolds.

Data Verification and Qualified Persons

The author’s verification samples were sent to Certimin S.A. laboratories in the Santiago de Surco Municipality of Lima. Samples were collected in the field under the supervision of the author, as chip samples from vein outcrops and a grab sample from a waste dump; the samples were bagged, labelled and sealed with one-use ties at the time they were taken. The samples were transported by the author, from the Project to Lima and then to Certimin S.A. in Lima for final preparation. Certimin complies with ISO 9001, OHSAS 18001 and is a fully recognized and certified facility. Locations of the samples were outlined NI43-101 Technical Report on the Maria Norte Au-Ag-Pb-Zn by Independent Geologist James McCrea P.Geo filed on Sedarplus December 16^th, 2025.

Historic metallurgical work and the results are also summarized in Mr. McCrea’s NI43-101 report as follows: ‘three metallurgical samples from the Maria Norte veins that had been previously worked by Buenaventura were sent to Procesmin Ingenieros S.R.L. in Caraz, Ancash. The primary objective of the test work was to collect 2 samples to perform metallurgical testing of the mineralization present in the veins that were worked by Buenaventura and a sample also for preliminary metallurgical testing of a vein located in the Plata 33 concession, where another vein with previous exploitation works was sampled. All samples were sent to a laboratory in Caraz was to determine the samples response to concentration by froth flotation.‘

Jeffrey Reeder, P.Geo., is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. Mr. Reeder is a consultant to the Company and is not independent within the meaning of NI 43-101.

About Rio Silver Inc.

Rio Silver Inc. (TSX-V: RYO | OTC: RYOOF) is a Canadian resource company advancing high-grade, silver-dominant assets in Peru, the world’s second-largest silver producer. The Company is focused on near-term development opportunities within proven mineral belts and is supported by a seasoned technical and operational team with deep experience in Peruvian geology, underground mining, and district-scale exploration. With a clear development strategy, and a growing portfolio of highly prospective silver assets, Rio Silver is establishing the foundation to become one of Peru’s next emerging silver producers.
Learn more at www.riosilverinc.com

ON BEHALF OF THE BOARD OF DIRECTORS OF Rio Silver INC.

Chris Verrico
Director, President and Chief Executive Officer

To learn more or engage directly with the Company, please contact:

Christopher Verrico, President and CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com

Cautionary Note Regarding Forward-Looking Information

This news release contains ‘forward-looking statements’ within the meaning of applicable Canadian securities laws. All statements in this release that are not historical facts are forward-looking statements and are based on expectations and assumptions as of the date of this release. Forward-looking statements relate to future events or performance and include, but are not limited to, statements regarding the Company’s planned exploration and development activities at the Maria Norte Project, expected timelines for regulatory approvals, future work programs, engagement with local stakeholders, geological interpretations, and the Company’s ability to advance its assets toward potential development.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied. These risks include, but are not limited to, operational risks, regulatory risks, geological uncertainties, availability of financing, community and social risks, commodity-price fluctuations, and general economic conditions. Additional risks are described in the Company’s filings available on SEDAR+ at www.sedarplus.ca .

Readers are cautioned not to place undue reliance on forward-looking statements. Rio Silver does not undertake to update forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/81e6ed33-b450-4103-8977-152584fad1db

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NevGold Identifies Large Quantities of Previously Mined Material With Significant Antimony And Near-Term Production Potential In Historical Leach Pads at Limo Butte, Nevada

January 6, 2026 No Comments

Nevgold Corp. (‘NevGold’ or the ‘Company’) (TSXV:NAU,OTC:NAUFF) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce positive, consistent antimony (‘Sb’) and gold (‘Au’) pit sampling results from the historical gold leach pads at its Limousine Butte Project (the ‘Project’, ‘Limo Butte’) in Nevada. The historical gold leach pads were from mining operations in 1989-1990, which had no focus on antimony in a significantly lower gold price environment at less than US$400oz of gold. The historical leach pads are an opportunity for potential near-term antimony production. Based on historical records, it is estimated that between 2.4 million to 3.0 million tonnes of previously mined material exists on the leach pads at surface with positive, consistent antimony and gold grades based on NevGold sampling.

Key Highlights

Large quantities of previously mined material with significant antimony at surface in historical Crushed and Run of Mine (‘ROM’) gold leach pads are an opportunity for near-term antimony production:

- 2025 metallurgical testwork showed acid leaching with antimony recoveries up to 92%
- Antimony recovery has minimal to no impact on gold recovery; the gold in the historical leach pads could also be recovered in the future after antimony processing is completed
- Acid Leaching is being reviewed as the preferred metallurgical process for antimony as there is currently no reliance on downstream processing at third-party smelters or refineries; the acid leaching scenario would produce antimony metal at site through a conventional leaching scenario, which has many similarities to Solvent Extraction-Electrowinning (SX/EW) used for oxide copper in the copper industry

Antimony is one of the highest priority Critical Minerals due to its strategic importance and military applications; Limo Butte is a brownfield mine site located in the State of Nevada with near-surface, high-grade antimony mineralization

- Historical leach pads provide opportunity for near-term antimony production
- The larger commercial gold-antimony opportunity can be advanced and developed in parallel to the historical leach pad opportunity, including drilling, metallurgical testwork, and the preparation of a Mineral Resource Estimate (‘MRE’) at Resurrection Ridge (including high-grade antimony Bullet Zone discovery made in 2025) and Cadillac Valley
- A staged project development approach offers various potential development scenarios over the next 12-24 months which may achieve near-term production and cash flow

Limo Butte Planned 2025-2026 Activities / Status Update
NevGold will continue its active exploration program at Limo Butte including:

Evaluating the historical geological database with focus on gold and antimony (completed);

Advancing metallurgical testwork (Phase II completed);

Continuing to drill test gold-antimony targets (ongoing, 30 drillholes completed to date);

Advancing the Crushed and Run of Mine (‘ROM’) leach pads to near-term antimony production (Phase I sampling completed, Company will immediately commence sonic drilling and metallurgical testwork);

Completing initial gold-antimony Mineral Resource Estimate (MRE) (in progress).

NevGold CEO, Brandon Bonifacio, comments: ‘We are extremely excited about the significant positive development around the Phase I pit sampling program of the historically mined gold leach pads at Limo Butte, as these results de-risk and rapidly advance the potential for near-term antimony production at the Project. As Limo Butte is a brownfield mine site, one key advantage is having a large amount of historically mined material already on surface in the leach pads that had a previous focus only on gold mineralization. There are a number of development scenarios that become viable with the addition of leach pad material, and all scenarios are being evaluated. We have the opportunity to be one of the near-term solutions to the United States building a fully vertically integrated antimony supply chain.’

Bonifacio continues: ‘In parallel with advancing the historical leach pad opportunity, we are also progressing the larger commercial gold-antimony mining operation at the Project with drilling, metallurgical test work, and a planned gold-antimony MRE at Resurrection Ridge (including the high-grade antimony-gold Bullet discovery made in 2025) and Cadillac Valley. This offers the Company significant optionality as we look to advance Limo Butte to a production and cash-flow scenario.’

A screenshot of a computer screen AI-generated content may be incorrect.

Figure 1 – Historical gold leach pads and summary of Phase 1 pit sampling antimony results. The results show consistent antimony grade throughout both the Crushed and ROM pads. The historically mined leach pads have material at surface that was previously mined and crushed with strong antimony-gold potential.
To view image please click here

A screenshot of a computer screen AI-generated content may be incorrect.

Figure 2 – Historical gold leach pads and summary of Phase 1 pit sampling gold results. The results show consistent gold grade throughout both the Crushed and ROM pads. The historically mined leach pads have material at surface that was previously mined and crushed with strong antimony-gold potential. To view image please click here

A map of a city AI-generated content may be incorrect.

Figure 3 – Resurrection Ridge target area with the historically mined Golden Butte pit gold leach pads.
To view image please click here

Table 1: Leach Pad Sample Pit Results

Sample Pit ID*	% Sb	g/t Au
LBCP-01	0.24%	0.29
LBCP-02	0.19%	0.25
LBCP-03	0.17%	0.24
LBCP-04	0.23%	0.39
LBCP-05	0.24%	0.27
LBCP-06	0.27%	0.36
LBCP-07	0.26%	0.36
LBCP-08	0.42%	0.34
LBCP-09	0.44%	0.51
LBCP-10	0.22%	0.31
LBCP-11	0.35%	0.38
LBCP-12	0.29%	0.36
LBCP-13	0.23%	0.27
LBCP-14	0.25%	0.37
LBCP-15	0.27%	0.41
Average Crushed Pad	0.27%	0.34
LBRP-01	0.14%	0.14
LBRP-02	0.10%	0.06
LBRP-03	0.74%	0.22
LBRP-04	0.14%	0.13
LBRP-05	0.12%	0.07
LBRP-06	0.15%	0.20
LBRP-07	0.16%	0.20
LBRP-08	0.75%	0.16
LBRP-09	0.37%	0.20
LBRP-10	0.15%	0.13
LBRP-11	0.22%	0.28
LBRP-12	0.24%	0.27
LBRP-13	0.25%	0.21
LBRP-14	0.81%	0.27
Average ROM Pad	0.31%	0.18

*Sample pits were dug to approximately 3.5 meters deep on the top of the leach pad and approximately 2.5 meters deep on the side slopes using an excavator.

US Executive Order – Announced March 20, 2025
The Company is pleased to report the sweeping Executive Order to strengthen American mineral production and reduce U.S. reliance on foreign nations for its mineral supply. Antimony (Sb) has been identified as an important ‘Critical Mineral’ in the United States essential for national security, clean energy, and technology applications, yet limited domestic mine supply currently exists.

The Executive Order invokes the use of the Defense Production Act as part of a broad United States (‘US’) Government effort to expand domestic minerals production on national security grounds. As it relates to project permitting, the Order states that it will ‘identify priority projects that can be immediately approved or for which permits can be immediately issued, and take all necessary or appropriate actions…to expedite and issue the relevant permits or approvals.’ Furthermore, the Order includes provisions to accelerate access to private and public capital for domestic projects, including the creation of a ‘dedicated mineral and mineral production fund for domestic investments’ under the Development Finance Corporation (‘DFC’).

This decisive action by the US Government highlights the urgent need to expand domestic minerals output to support supply chain security in the United States. This important Order will help revitalize domestic mineral production by improving the permitting process and providing financial support to qualifying domestic projects.

Importance of Antimony
Antimony is considered a ‘Critical Mineral’ by the United States based on the U.S. Geological Survey’s 2022 list (U.S.G.S. (2022)). ‘Critical Minerals’ are metals and non-metals essential to the economy and national security. Antimony is utilized in all manners of military applications, including the manufacturing of armor piercing bullets, night vision goggles, infrared sensors, precision optics, laser sighting, explosive formulations, hardened lead for bullets and shrapnel, ammunition primers, tracer ammunition, nuclear weapons and production, tritium production, flares, military clothing, and communication equipment. Other uses include technology (semi-conductors, circuit boards, electric switches, fluorescent lighting, high quality clear glass and lithium-ion batteries) and clean-energy storage.

Globally, approximately 90% of the world’s current antimony supply is produced by China, Russia, and Tajikistan. Beginning on September 15, 2024, China, which is responsible for nearly half of all global mined antimony output and dominates global refinement and processing, announced that it will restrict antimony exports. In December-2024, China explicitly restricted antimony exports to the United States citing its dual military and civilian uses, which further exacerbated global supply chain concerns. (Lv, A. and Munroe, T. (2024)) The U.S. Department of Defense (‘DOD’) has designated antimony as a ‘Critical Mineral’ due to its importance in national security, and governments are now prioritizing domestic production to mitigate supply chain disruptions. Projects exploring antimony sources in North America play a key role in addressing these challenges.

Perpetua Resources Corp. (‘Perpetua’) has the most advanced domestic gold-antimony project in the United States. Perpetua’s project, known as Stibnite, is located in Idaho approximately 130 km northeast of NevGold’s Nutmeg Mountain and Zeus projects. Positive advancements at Stibnite including technical development and permitting has led to US$75 million in Department of Defense (‘DOD’) awards, over $1.8 billion in indicative financing from the Export Import Bank of the United States (‘US EXIM’) (see Perpetua Resources News Release from April 8, 2024) (Perpetua Resources. (2025)), and recent strategic investments of US$180 million from Agnico-Eagle Mines Limited (‘Agnico’) and US$75 million from JPMorganChase’s $1.5 trillion Security and Resiliency Initiative. (see Perpetua Resources News Release from October 27, 2025)

A map of a mountain range Description automatically generated

Figure 4 – Limousine Butte Land Holdings and District Exploration Activity To view image please click here

ON BEHALF OF THE BOARD

‘Signed’

Brandon Bonifacio, President & CEO

For further information, please contact Brandon Bonifacio at bbonifacio@nev-gold.com, call 604-337-4997, or visit our website at www.nev-gold.com.

Sampling Methodology, Quality Control and Quality Assurance
NevGold QA/QC protocols are followed on the Project and include insertion of duplicate, blank and standard samples in all drill holes. Drill, surface, and pit samples are sent to ISO 17025 certified American Assay Labs in Reno, Nevada. A 30g gold fire assay and multi-elemental analysis ICP-OES method were completed.

The pit sampling was conducted by Greg French, the Company’s Vice President, Exploration, who is NevGold’s Qualified Person (‘QP’) under National Instrument 43-101.

Technical information contained in this news release has been reviewed and approved by Greg French, CPG, the Company’s Vice President, Exploration, who is NevGold’s Qualified Person (‘QP’) under National Instrument 43-101 and responsible for technical matters of this release.

About the Company
NevGold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada and Idaho. NevGold owns a 100% interest in the Limousine Butte and Cedar Wash gold projects in Nevada, and the Nutmeg Mountain gold project and Zeus copper project in Idaho.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward Looking Statements

This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as ‘plan’, ‘expect’, ‘project’, ‘intend’, ‘believe’, ‘anticipate’, ‘estimate’, ‘suggest’, ‘indicate’ and other similar words or statements that certain events or conditions ‘may’ or ‘will’ occur. Forward-looking statements include, but are not limited to, the proposed work programs at Limousine Butte, the exploration potential at Limousine Butte, and the completion of future potential project milestones such as the potential Mineral Resource Estimate (‘MRE’). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such risks include, but are not limited to, general economic, market and business conditions, and the ability to obtain all necessary regulatory approvals. There is some risk that the forward-looking statements will not prove to be accurate, that the management’s assumptions may not be correct or that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

References

Blackmon, D. (2021) Antimony: The Most Important Mineral You Never Heard Of. Article Prepared by Forbes.

Kurtenbach, E. (2024) China Bans Exports to US of Gallium, Germanium, Antimony in response to Chip Sanctions. Article Prepared by AP News.

Lv, A. and Munroe, T. (2024) China Bans Export of Critical Minerals to US as Trade Tensions Escalate. Article Prepared by Reuters.

Lv, A. and Jackson, L. (2025) China’s Curbs on Exports of Strategic Minerals. Article Prepared by Reuters.

Perpetua Resources. (2025) Antimony Summary. Articles and Videos Prepared by Perpetua Resources.

Sangine, E. (2022) U.S. Geological Survey, Mineral Commodity Summaries, January 2023. Antimony Summary Report prepared by U.S.G.S

U.S.G.S. (2022) U.S. Geological Survey Releases 2022 List of Critical Minerals. Reported Prepared by U.S.G.S

News Provided by GlobeNewswire via QuoteMedia

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