Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, shares his outlook for oil and natural gas in 2026, emphasizing that he remains bullish on both.
However, he’s looking at different timelines — he sees natural gas as a more immediate story, while oil is likely to pick up in the second half of the year.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
As Washington accelerates efforts to secure key supply chains, rare earths and critical minerals like gallium have emerged as strategic priorities for US industry and national security.
China has long used its dominance over strategic metals to apply pressure to the US, ramping up efforts in recent years.
Beijing first tightened export licenses on gallium and related materials in 2023, and then in December 2024 effectively banned exports of gallium, germanium and antimony — all critical to semiconductors, defense systems and advanced electronics — to the US by refusing licences in most cases under its dual-use export control regime.
The move was widely seen as retaliation for US export controls on Chinese high-tech goods, and underscored China’s leverage in critical minerals supply chains. The restrictions created shortages for American buyers and forced some to source materials indirectly through third countries to keep production lines moving.
In late 2025, however, China suspended its direct export ban on gallium and related metals to the US, part of a tentative trade truce following high-level talks between US President Donald Trump and Chinese President Xi Jinping.
The suspension, which runs through late 2026, restores the possibility of exports, but keeps the metals on China’s broader export control list, meaning shipments still require government licences.
Harvey Kaye, executive chairman of privately owned US Critical Materials, says the US’ vulnerability has become impossible to ignore after decades of Chinese dominance in rare earths mining and processing.
“They flooded the market, made it uneconomic for others and then locked up assets worldwide.”
Today, China controls roughly 98 percent of rare earths processing, a concentration the US government increasingly views as untenable. Its concerns intensified last year, when China restricted exports of gallium, a metal essential to advanced semiconductors, radar systems and military hardware.
“There are roughly 3,800 military uses for gallium alone,” Kaye said. “When China cut it off, the geopolitical reality became very real, very fast.” US Critical Materials believes it has a potential answer.
The company controls 339 claims at its Sheep Creek project in Montana, where recent sampling returned average total rare earths grades of around 9 percent — significantly higher than most North American peers. More critically, the deposit is rich in heavy rare earths and gallium, which are essential for magnets, chips and defense applications.
“What makes this deposit unique is not just the grade, but the heavies — dysprosium, terbium and gallium,” Kaye explained. “That puts us in a very different strategic position.”
The company is positioning itself as both a resource and technology play.
In partnership with Idaho National Laboratory, US Critical Materials has developed what it calls a closed-loop, environmentally benign processing method dubbed “rock-to-dock” technology.
“Our goal is to go from raw material to finished product without destroying the environment,” Kaye said. “No effluent, no waste — and critically, processing done in the US.”
He added that the company expects visibility to early production and revenue as soon as 2026, helped by underground mining methods that avoid large open pits and minimize surface disturbance.
Federal interest is already building. Kaye confirmed discussions with multiple US agencies, including the Department of Defense, and said the company is open to government investment and offtake agreements.
“Found in America, processed with American technology and available now — that changes everything,” he said.
Looking ahead, Kaye expects greater collaboration across the US rare earths sector as policymakers push for supply chain resilience. “At this stage, we’re all Americans,” he said. “Competition matters, but cooperation matters more.”
Rising geopolitical tensions between China, the US and Europe are accelerating changes in global rare earths trade flows, with long-term implications for supply security as 2026 approaches.
“Whether rare earths are truly ‘critical’ for individual nations is almost beside the point,” the expert said. “We seem to have decided, politically, to weaken trade between major powers. If we’re going to do that with China, we need to be prepared for continued supply instability in rare earths.”
That instability leaves western economies with two broad options: rebuild China’s vertically integrated rare earths supply chain at home — at a higher cost — or reduce dependence on rare earths altogether via new technologies.
“Either we recreate the Chinese supply chain in miniature and accept higher prices, or we innovate our way out of the problem,” Hykawy said. “That question is still very much open.”
Technological change is already offering potential pathways. Hykawy pointed to advances in electric motor design, including axial flux motors developed by YASA, a subsidiary of Mercedes-Benz Group (ETR:MBG,OTCPL:MBGAF).
Unlike conventional cylindrical electric vehicle motors that rely heavily on rare earth permanent magnets, axial flux designs use magnets more efficiently and may, in some applications, replace them with electromagnets.
“These motors require better materials and more precise machining, but they use magnets far more efficiently,” he said. “In some cases, they may even eliminate the need for rare earth magnets altogether.”
The example highlights how innovation could soften demand growth for certain rare earths over time, though cost and scalability remain barriers. At the same time, Hykawy argued that western efforts to localize rare earths mining, processing and magnet manufacturing are realistic, but will take patience.
“We are only at the beginning of building a rare earth supply chain entirely outside of China,” he said. “There is absolutely nothing that prevents us from doing it except time and money.”
Contrary to popular belief, Hykawy said rare earths mining is not more environmentally damaging than other forms of mining, noting that deposits — including ionic clays rich in heavy rare earths — exist well beyond China’s borders.
“The real constraint is people,” he said. “We need experienced operators, engineers and processors, and there is no shortcut for the time it takes to build that expertise.”
As trade frictions persist, Hykawy expects supply diversification to continue, but warned that near-term volatility is likely to remain a defining feature of the rare earths market through 2026.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
The investment landscape of 2025 will be remembered for its historic divide, where the widespread boom in artificial intelligence (AI) created a tale of two worlds in the stock market.
On one side, the Magnificent 7 and specialized players like Palantir Technologies (NASDAQ:PLTR) drove massive gains for exchange-traded funds (ETFs) like the State Street Technology Select Sector SPDR ETF (ARCA:XLK); on the other, traditional sectors like healthcare and energy limped along, barely breaking even.
With January now past its midpoint, there are signs that a rotation is underway, including tech stock weakness, a surge in defensive companies and a comeback for small-cap players.
The first weeks of 2026 have been characterized by what analysts are calling ‘the Great Rotation.’
As of January 14, the Russell 2000 Index (INDEXRUSSELL:RUT) had outperformed the Nasdaq Composite (INDEXNASDAQ:.IXIC) for 10 consecutive sessions, the longest streak since 1990.
In the first two weeks of 2026, the Russell 2000 surged nearly 7 percent, while the Nasdaq and S&P 500 (INDEXSP:.INX) remained largely rangebound, gaining only around 1 to 2 percent.
When asked if that means the laggards will finally start commanding a larger piece of the pie, Farias was realistic.
“We continue to believe the market will be dominated by a few stocks,” he noted. “It’s the nature of the internet boom moving into the AI boom … the profits will remain in the hands of a small list of companies.’
However, Farias acknowledged that the stock market rally is finally broadening.
While large-cap tech companies remain the engine, he pointed to scattered winners in non-AI sectors such as retail, which have shown resilience even as tech valuations have become stretched.
The fundamental question for 2026 is whether AI has permanently diverted capital away from traditional sectors like industrials and consumer staples. Farias suggested the shift is practical rather than just speculative.
“A lot of companies are very focused on AI to reduce costs and automate as much as possible,” he said. “If that’s where you’re spending a lot of time, you’re spending less time on other areas. The money goes in the same direction.’
This rewiring is visible in the State Street Utilities Select Sector SPDR ETF (ARCA:XLU). Traditionally a defensive, low-growth play, it soared 21 percent last year, benefiting from the exploding energy appetite needed to run AI models. Despite its recent pullback, structural demand remains.
With the S&P 500 currently trading at a price-to-earnings ratio of 31.37, many investors wonder if they are overexposed to a potential AI bubble. Farias uses a disciplined approach to measure AI tilt within portfolios.
“A simple way to do it is we look at days when AI stocks are down and look at how we’ve done,” he said. To manage concentration risk, his firm typically limits individual stock exposures to between roughly 5 and 6 percent.
The challenge for 2026 is that the top 10 companies now account for over 40 percent of the S&P 500’s total market cap. Farias argued that this concentration is somewhat justified by profitability.
If an investor decides to trim their winners, where is that money likely to go in 2026?
Farias identified several ripple-effect sectors that could benefit from AI indirectly:
While the AI frenzy has made most of the tech sector expensive, Farias sees a catch-up phase coming in the small-cap space, which has lagged for years, but is finally showing signs of a sustained reversal.
In contrast, he remains cautious on healthcare and energy.
“Healthcare is challenging … if you buy State Street Health Care Select Sector SPDR ETF (ARCA:XLV), you get too much large-cap exposure, which is somewhat stagnant,” he noted.
Instead, he prefers targeted plays like the iShares US Medical Devices ETF (ARCA:IHI). As for energy, while holding positions, he is “not particularly bullish” despite the recent rotation.
For Farias, the AI rally isn’t over, but it is changing shape. The winners-take-all dynamic of 2025 is giving way to a more complex 2026, where market breadth matters more than just momentum.
For investors seeking a balanced path, he and other analysts suggest a mix of AI offense and defensive value. This means staying tethered to the AI growth engine through low-cost ETFs like the Invesco ESG NASDAQ 100 ETF (NASDAQ:QQMG) or State Street SPDR Portfolio S&P 500 ETF (ARCA:SPYM), while capturing the rotation by selectively adding small caps and financials, which Farias said are emerging as an attractive area for 2026.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, is pleased to announce that it has entered into a non-binding, non-exclusive, memorandum of understanding (‘MOU’) for the supply of up to 360,000 tonnes of carbon black substitute (‘CBS’) per year, to Qingdao Master Tyre Co., Ltd (‘Master Tyre’).
The MOU will be for the supply of the new CBS product (‘New CBS’) which will be produced from high-carbon / low vanadium waste rock (as announced on 27 June 2025).
Testing and development of the New CBS product is considered to be a priority project for Master Tyre over the next three years, as part of its 2036 strategy.
Commenting, Nick Bridgen, CEO of Ferro-Alloy Resources, said:
‘Master Tyre’s innovative approach to tyre manufacturing and R&D capability will maximise the environmental and cost benefits of using our latest CBS product and will develop significant technical knowledge in optimising its use in rubber manufacturing.
This New CBS product was not included in our recently announced feasibility study, which only envisaged our original CBS product made from the tailings of the vanadium production process. The net cash flows from this New CBS product are additional to the already strong financial characteristics of the Balasausqandiq project.’
MOU summary
About Master Tyre
Background to the CBS opportunity
Large quantities of carbon black are used worldwide as a reinforcing filler for making rubber. This material is usually made from the incomplete combustion of hydrocarbons in a process which is expensive and highly polluting, involving emissions of between two and three tonnes of CO2 for each tonne of product.
The ore at Balasausqandiq contains high levels of carbon in a form similar to manufactured carbon black. As part of the feasibility study announced on 13 October 2025, the Company successfully tested the production of a substitute for carbon black made from the concentrated tailings of the vanadium production plant. Specialist rubber consultants confirmed the good technical performance of this material in making rubber, particularly passenger car tyre side walls, and a marketing report was produced with pricing recommendations. The feasibility study envisages production of around 247,000 tonnes of this CBS.
As announced on 27 June 2025, the Company has developed another type of CBS to be made from the high carbon / low vanadium waste rock which is to be mined in order to access the high vanadium ore and was previously planned to be stored in long term tailing storage facilities. This material will not be treated for vanadium production as the grade of vanadium is too low. There is a possibility that the CBS planned as part of the feasibility study could, instead, be produced in greater quantities as New CBS, although the benefits of doing this will depend on relative pricing.
Both types of CBS can be produced by the Company with a small fraction of the emissions usually produced from the manufacture of carbon black by conventional means.
For further information, visit www.ferro-alloy.com or contact:
|
Ferro-Alloy Resources Limited |
Nick Bridgen (CEO) / William Callewaert (CFO) |
info@ferro-alloy.com |
|
Shore Capital (Joint Corporate Broker) Panmure Liberum Limited (Joint Corporate Broker) BlytheRay (Financial PR) |
Toby Gibbs / Lucy Bowden Scott Mathieson / John More Tim Blythe / Megan Ray / Will Jones |
+44 207 408 4090 +44 20 3100 2000 +44 20 7138 3204 ferro-alloy@blytheray.com |
Notes to Editors
About Ferro-Alloy Resources Limited:
The Company’s operations are all located at the Balasausqandiq deposit in Kyzylordinskoye Oblast in the South of Kazakhstan.
Balasausqandiq is a very large deposit, with vanadium as the principal product together with the carbon black substitute (‘CBS’) and several by-products. Owing to the nature of the ore, the capital and operating costs are very much lower than for other vanadium projects.
The most recent mineral resource estimate for ore-body one (of seven) provided an Indicated Mineral Resource of 32.9 million tonnes at a mean grade of 0.62% vanadium pentoxide (‘V2O5‘) equating to 203,364 contained tonnes of V2O5. In the system of reserve estimation used in Kazakhstan the reserves are estimated to be over 70 million tonnes in ore-bodies 1 to 5, but this does not include the full depth of ore-bodies 2 to 5, or the remaining ore-bodies which remain substantially unexplored.
The grade of carbon in the deposit is over 8%. The carbon flows through to the tailings from where it is concentrated, in a simple low-cost operation, into a 40% carbon product, the CBS, that can be used in place of carbon black as a reinforcing filler in the making of rubber.
The Project will be developed in two phases, Phase 1 and Phase 2, with Phase 1 treating 1.65 million tonnes per year.
There is an existing concentrate processing operation at the site of the Balasausqandiq deposit. The production facilities were originally created from a 15,000 tonnes per year pilot plant, which was then expanded and adapted to recover vanadium, molybdenum and nickel from purchased concentrates. Alongside this operation, there is a well-equipped laboratory and highly skilled technical team, who have already developed the technology that is being built into the feasibility study and is further developing and optimising processes needed for future vanadium and carbon operations. The plant will operate only when profitable concentrates are available and, when not operating as a production facility, will operate on an expanded basis as an R&D centre.
Source
Tartisan Nickel Corp. (CSE: TN) (OTCQB: TTSRF) (FSE: 8TA) (‘Tartisan’ or the ‘Company’) is pleased to announce that the Company is advancing plans to move its 100% owned Sill Lake Silver Project, located approximately 30 km north of Sault Ste. Marie, Ontario, toward renewed exploration and project development.
The Sill Lake Project now 970 ha. in size is a former Silver-Lead producer with documented historic underground mining operations. The property hosts a historic mineral resource estimate prepared in accordance with NI43-101 standards by ‘*SMX International Corp., with an effective date of May 9, 2021, (SEDAR+)’.
Historic NI43-101 Mineral Resource Estimate: *SMX International Corp.
At a 60-ppm silver cut-off, the NI43-101 report outlines the following in-situ Measured and Indicated Mineral Resources for the Main Vein:
In addition, there are three under-evaluated trends (North, Middle and South Trends) evident from drilling and surface sampling that may be significant for additional silver mineralization if furthered evaluated. In SMX International Corp’s. NI43-101 report (2021) they reference Chemrox (2010) outlining a historic Inferred Silver Resource of approximately 660,000 ounces in these additional veins. The Company can not verify these estimates and view them as historical and for reference purposes only. The Company plans on evaluating these additional veins to assess their significance.
Project Advancement Strategy
Tartisan is undertaking technical and logistical planning to reactivate the Sill Lake Project, including:
The Company views Sill Lake as a brownfields Silver-Lead opportunity within a proven Ontario mining jurisdiction, with the potential to generate meaningful exploration results through modern validation and drilling programs.
Tartisan will provide further updates as project and exploration activities advance.
Cautionary Statement on Historic Resources
The Mineral Resources Estimates disclosed above are historic estimates and, although prepared in accordance with NI43-101, should not be considered current mineral resources or mineral reserves. These estimates have not been updated, re-verified, or adjusted for prior mining depletion, and a Qualified Person has not done sufficient work to classify them as current mineral resource estimates. There is no certainty that future exploration work will result in the confirmation or upgrading of the historic Measured, Indicated, or Inferred Mineral Resource Estimates.
Qualified Person
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI43-101 and reviewed and approved by Dean MacEachern, P. Geo., an Independent Consultant to the Company and a Qualified Person as defined by NI43-101.
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian-based critical minerals exploration and development company which owns, the Kenbridge Nickel Project near Sioux Narrows, Northwestern Ontario, the Sill Lake Silver Project near Sault Ste. Marie, Ontario as well as the Night Danger Turtle
Pond Project near Dryden, Ontario.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN) (OTCQB: TTSRF) (FSE: 8TA). Currently, there are 152,215,641 shares issued and outstanding (156,287,356 fully diluted).
For further information, please contact Mark Appleby, President & CEO, and a Director of the Company, at 416-804-0280 (info@tartisannickel.com). Additional information about Tartisan Nickel Corp. can be found at the Company’s website at www.tartisannickel.com or on SEDAR at www.sedarplus.ca.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Source
Brazil’s vast but underdeveloped rare earth resources are emerging as a focal point in renewed talks with the US, as both governments explore ways to bolster ex-China supply chains.
Washington has been quietly sounding out Brasília on a potential rare earths partnership following a tentative diplomatic thaw between President Donald Trump and Brazilian President Luiz Inácio Lula da Silva, According to a Financial Times report.
Brazil holds the world’s second-largest reserves of rare earth elements, according to the US Geological Survey (USGS), yet produces only a fraction of global supply and has limited processing capacity.
Currently, China controls about 60 percent of global rare earth mining and more than 90 percent of processing, a dominance that has come into sharper focus after Beijing imposed export restrictions in response to Trump’s trade tariffs.
Since then, the US has accelerated efforts to secure alternative sources, striking critical mineral agreements with countries including Australia and the Democratic Republic of Congo.
“There’s nothing but opportunity here,” one official familiar with the discussions told the Financial Times. “Brazil’s government is open to a deal on critical minerals.”
Talks remain at an early stage, but engagement has intensified over the past year.
Gabriel Escobar, the US chargé d’affaires in Brazil, has discussed rare earths with Brazil’s mining association Ibram and companies active in the sector, according to people with knowledge of the meetings.
Officials from the US Department of Commerce and Brazil’s trade ministry have also held preliminary discussions on critical minerals cooperation.
Momentum has also been reinforced by growing competition for Brazil’s attention. In Rio de Janeiro last week, European Commission President Ursula von der Leyen said the EU was in talks with Brazil on a critical raw materials agreement covering lithium, nickel and rare earths, framing the issue as central to strategic autonomy.
Despite the country’s abundance of the resource, Brazil’s rare earth ambitions are constrained by familiar hurdles. Projects have struggled with financing, regulatory delays and a lack of geological mapping.
For instance, Serra Verde, Brazil’s only operating rare earth mine, took 15 years to reach production. The mine received a US$465 million loan from the US International Development Finance Corporation in August last year.
Political risk consultants see conditions aligning for a future agreement. Christopher Garman of Eurasia Group said he expects progress soon. “We’ve got like a 75 percent odds of some kind of a deal occurring by Q1,” he said.
Brazilian policymakers see rare earths as both an economic opportunity and a diplomatic lever. The country has been seeking to rebalance relations with Washington after tensions flared last year over US trade tariffs and sanctions linked to the prosecution of former president Jair Bolsonaro.
Since then, the US has rolled back some measures, including tariffs on Brazilian food products, and reopened broader trade talks.
Commercial interest is already building around this policy shift. Australian-listed developer Viridis Mining and Minerals (ASX:VMM) is in talks with potential rare earth buyers in the US and Europe for material from its proposed Colossus project in Minas Gerais, as noted in a Bloomberg report.
Klaus Petersen, Viridis’s Brazil country manager, said the company aims to sign multiple offtake agreements as Western customers look to diversify away from China.
Still, potential friction points remain, including Brazil’s condemnation of recent US actions in Venezuela. While analysts say those tensions could slow negotiations, they are unlikely to derail them entirely given the strategic importance of minerals.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
American Lithium Minerals (OTCID:AMLM) has acquired a 19 percent stake in privately held Cunningham Mining, expanding its exposure to precious metals in British Columbia’s Golden Triangle.
The acquisition gives the OTC-listed explorer an indirect interest in Cunningham’s Nugget Trap placer claims, a 573.7-acre property registered with the British Columbia Mineral Title registry and located within the Skeena Mining Division.
The transaction adds a permitted gold project to American Lithium Minerals’ growing portfolio as it seeks to diversify across gold, lithium, rare earths and other critical minerals.
According to the company, the Nugget Trap property is authorized for a pay mining program of up to 30,000 cubic yards per year under permits issued by the British Columbia Ministry of Mines.
A recent independent assay based on a 25-pit test program reported average grades of more than 25.54 grams of gold per cubic meter along with recoverable silver.
The company attributes the mineralization to large gold and copper systems located upstream, including the Mitchell, Sulphurets, Kerr and Snowfield deposits.
Located in northwestern British Columbia, the Golden Triangle has drawn renewed industry attention amid higher gold prices and expanding infrastructure.
The Nugget Trap interest adds to a geographically diverse asset base that includes silver, copper-gold, rare earth and polymetallic projects in Chile, Quebec, Yukon and Nevada.
Among those is the Sarcobatus lithium property in central Nevada, covering roughly 1,780 acres of mining claims.
The project also sits near Seabridge Gold (TSX:SEA,NYSE:SA)’s KSM project, one of the world’s largest undeveloped gold deposits by reserves. Seabridge’s most recent preliminary feasibility study estimates proven and probable reserves of 38.8 million ounces of gold and 10.2 billion pounds of copper.
Alongside the deal, the company also announced the appointment of Ryan Cunningham as president and chief executive officer of its wholly owned subsidiary, American Mineral Resources.
American Lithium Minerals said it continues to pursue financing and additional acquisitions to advance its exploration assets toward potential production.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Silverco Mining Ltd. (TSXV: SICO) (‘Silverco‘ or the ‘Company‘) announces that it has entered into a binding letter (the ‘Binding Letter‘) dated January 19, 2026, providing for the acquisition by the Company of an arm’s length party, Nuevo Silver Inc. (‘Nuevo Silver‘).
The Binding Letter contemplates that the acquisition will be affected by way of a three-cornered amalgamation, pursuant to which Nuevo Silver will amalgamate with a wholly-owned subsidiary of Silverco, and the existing shareholders of Nuevo Silver will be issued common shares of Silverco (each, a ‘Silverco Share‘) in consideration for common shares of Nuevo Silver (each, a ‘Nuevo Silver Share‘) presently held (the ‘Acquisition‘).
Transformational Transaction for Silverco
Silverco is acquiring Nuevo Silver, which recently entered into a Share Purchase Agreement with a party arm’s length to Silverco and Nuevo Silver, to acquire 100% of the producing La Negra Silver Mine in Querétaro Mexico (the ‘La Negra Mine‘).
The Acquisition provides several benefits to Silverco, including:
Mark Ayranto, CEO of Silverco, commented: ‘The acquisition of Nuevo Silver and the La Negra Mine is a transformative milestone that immediately shifts Silverco from a developer into a cash-flowing producer. La Negra is currently operating at approximately 55% capacity, providing a robust foundation of existing cash flow that we see a clear pathway to build upon by significantly increasing throughput during the remainder of 2026. This accretive acquisition delivers immediate shareholder value and, when combined with our wholly-owned Cusi Property, which we expect to return to operation in the second half of 2026, accelerates our vision to become a 10M oz AgEq producer within 3 years.’
Acquisition Deal Terms
Holders of Nuevo Silver Shares will be issued an aggregate of 16,802,316 Silverco Shares pursuant to the Acquisition. Upon completion of the Acquisition, based on the total number of currently issued and outstanding Silverco Shares, former holders of Nuevo Silver Shares will hold approximately 34% of the outstanding Silverco Shares, and the existing holders of Silverco Shares will hold approximately 66% of the outstanding Silverco Shares. Silverco will also assume approximately US$11M in debt associated with the La Negra Mine, US$12.5M in milestone payments due in Q1 2027 and US$5M in contingent payments potentially due between Q1 2027 and Q1 2028.
Silverco and Nuevo Silver have agreed to diligently and in good faith negotiate a definitive agreement (the ‘Definitive Agreement‘) regarding the Acquisition; however, the terms of the Binding Letter will govern the transaction in the event that a Definitive Agreement is not executed.
Closing of the Acquisition is subject to a number of customary conditions, including all necessary consents, approvals, and other authorizations of any regulatory authorities or third parties being obtained, including, without limitation the conditional approval of the TSX Venture Exchange (the ‘Exchange‘); completion by Nuevo Silver of the acquisition of the La Negra Mine; receipt by Silverco of a technical report, if required, in respect of the La Negra Mine; receipt by the Silverco board of a favourable fairness opinion; and Silverco board approval.
The closing of the Acquisition will occur as soon as reasonably possible after the satisfaction or waiver of all conditions precedent.
As insiders of the Company will acquire Nuevo Silver Shares as a result of the acquisition by Nuevo Silver of the La Negra Mine, the Acquisition is considered a ‘related party transaction’ pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘MI 61-101‘). The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with such insiders’ participation in the Acquisition in reliance on Sections 5.5(b) and 5.7(1)(a) of MI 61-101.
Advisors and Counsel
Canaccord Genuity Corp. is acting as financial advisors to Silverco. DLA Piper is acting as legal counsel to Silverco. Cassels Brock & Blackwell LLP is acting as legal counsel to Nuevo Silver.
Qualified Person
All scientific and technical information in this news release has been reviewed and approved by Nico Harvey. Mr. Harvey is VP Project Development of the Company and is a qualified person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Silverco Mining Ltd.
The Company owns a 100% interest in the 11,665-hectare Cusi Project located in Chihuahua State, Mexico (the ‘Cusi Property‘). It lies within the prolific Sierra Madre Occidental gold-silver belt. There is an existing 1,200 ton per day mill with tailings capacity at the Cusi Property.
The Cusi Property is a past-producing underground silver-lead-zinc-gold project approximately 135 kilometres west of Chihuahua City. The Cusi Property boasts excellent infrastructure, including paved highway access and connection to the national power grid.
The Cusi Property hosts multiple historical Ag-Au-Pb-Zn producing mines each developed along multiple vein structures. The Cusi Property hosts several significant exploration targets, including the extension of a newly identified downthrown mineralized geological block and additional potential through claim consolidation.
On Behalf of the Board of Directors
‘Mark Ayranto’
Mark Ayranto, President & CEO
Email: mayranto@silvercomining.com
For further information, please contact:
Investor Relations & Communications
Email: info@silvercomining.com
www.silvercomining.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement and Forward-Looking Information
This news release contains ‘forward-looking statements’ and ‘forward-looking information’ (together, ‘forward-looking statements’) within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or the Company’s future performance and are generally identified by words such as ‘anticipate’, ‘believe’, ‘continue’, ‘could’, ‘estimate’, ‘expect’, ‘forecast’, ‘goal’, ‘intend’, ‘may’, ‘objective’, ‘outlook’, ‘plan’, ‘potential’, ‘priority’, ‘schedule’, ‘seek’, ‘should’, ‘target’, ‘will’, and similar expressions (including negative and grammatical variations).
These forward-looking statements are based on a number of assumptions that, while considered reasonable by the Company as of the date of this release, are inherently subject to significant business, technical, economic and competitive uncertainties and contingencies. Key assumptions include but are not limited to: the ability of the parties to complete the acquisition of the La Negra Mine and the Acquisition; the receipt of all required approvals including, but not limited to, board, shareholder and Exchange approval in a timely manner; the potential of the La Negra Mine; future production; achieving the Company’s goals; the potential benefits of the Acquisition; no material adverse changes to general business, economic, market and political conditions; commodity price and foreign exchange assumptions; inflation and input costs remaining within expectations; and the Company’s ability to secure additional financing on acceptable terms when required.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. Such risks are set out in the Company’s public disclosure filings available on SEDAR+ at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward-looking statements. The purpose of forward-looking statements is to provide readers with information about management’s current expectations and plans and may not be appropriate for other purposes. No assurance can be given that such statements will prove to be accurate; actual results and future events could differ materially. The Company undertakes no obligation to update or revise any forward-looking statements contained herein, except as required by applicable securities laws.
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(TheNewswire)
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Following up on the underground channel sampling at the historic La Dura 2 mine workings that returned 1.98 g/t Au and 98 g/t Ag along a 12-metre strike length (see Pinnacle News Release of November 12, 2025), surface sampling of the vein has extended the gold-silver mineralization along strike such that the zone can now be followed for approximately 45 metres. Within the seven vein samples taken on surface, assays included 6.89 g/t Au and 208 g/t Ag over 1.4 metres, 5.95 g/t Au and 185 g/t Ag over 1.0 metres, 5.75 g/t Au and 230 g/t Ag over 0.7 metres, and 3.39 g/t Au and 248 g/t Ag over 1.3 metres. This additional information will aid in delineation drilling of La Dura once the surface program begins.
‘The identification of high grades of gold and silver mineralization in the Estrella vein is a key development for the Potrero Project as the vein is approximately 500 metres southwest of the main Dos de Mayo structure that hosts the three principal mines on the property, and it significantly opens up the size of the mineralized system, both laterally and vertically,’ stated Robert Archer, Pinnacle’s President & CEO. ‘At surface, La Estrella sits at an elevation of 1,880 masl (metres above sea level) whereas Dos de Mayo is predominantly exposed between 1490 and 1570 masl, suggesting that there could be up to 400 metres of vertical continuity of the epithermal system preserved below La Estrella. Geologically, the vein exhibits brecciated, lattice bladed and banded textures, and contains substantial amounts of clay minerals such as kaolin, with red, orange, and lemon-yellow oxides, all features that typically occur in the upper parts of a low-sulphidation epithermal system. La Estrella is developing into an important drill target once permits are in place.
Similarly, the identification of significantly higher-grade gold-silver mineralization in outcrop at La Dura 2 has more than tripled the known strike length of this mineralized zone. Given the limited extent and orientation of the underground workings here, this zone will be drilled from surface as soon as possible.’
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The general strike of the Estrella vein is north-south with an inclination of 70° to 80° to the east, but in the north it bends to a northeast strike towards the Capulin and Dos de Mayo veins. It is presently unclear as to the reason for, or significance of, the north-south trend compared to the northwest-southeast Dos de Mayo trend. Projecting the Estrella vein along strike to the north would intersect the Dos de Mayo structure just northwest of La Dura and extend the Estrella structure for some 600-800 metres. The intersection of two structural trends is often the locus of significant mineralization in these types of vein systems.
Sixty-two underground channel samples were taken in 16 composites, at approximately three-metre spacing, over the 42.5 metre length of the historic Estrella mine workings. Gold assays ranged from 0.02 to 17.7 g/t with 22 samples (35%) assaying more than 1.0 g/t Au. Silver assays ranged from 2 to 196 g/t with 17 samples (27%) assaying more than 31 g/t (one troy ounce per ton) Ag. On surface, 9 samples were taken over the 150-metre strike length of the Estrella vein exposure. Gold assays ranged from 0.008 to 3.35 g/t and silver assays ranged from 2 to 204 g/t.
QA/QC
The technical results contained in this news release have been reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (‘NI 43-101’). Pinnacle has implemented industry standard practices for sample preparation, security and analysis given the stage of the Project. This has included common industry QA/QC procedures to monitor the quality of the assay database, including inserting certified reference material samples and blank samples into sample batches on a predetermined frequency basis.
Systematic chip channel sampling was completed across exposed mineralized structures using a hammer and maul. The protocol for sample lengths established that they were not longer than two metres or shorter than 0.3 metres. The veins tend to be steeply dipping to vertical, and so these samples are reasonably close to representing the true widths of the structures. Samples were collected along the structural strike or oblique to the main structural trend. Grab samples, by their nature, are only considered as indicative of local mineralization and should not be considered as representative.
All samples were bagged in pre-numbered plastic bags; each bag had a numbered tag inside and were tied off with adhesive tape and then bulk bagged in rice bags in batches not to exceed 40 kg. They were then numbered, and batch bags were tied off with plastic ties and delivered directly to the SGS laboratory facility in Durango, Mexico for preparation and analysis. The lab is accredited to ISO/IEC 17025:2017. All Samples were delivered in person by the contract geologist who conducted the sampling under the supervision of the QP.
SGS sample preparation code G_PRP89 including weight determination, crushing, drying, splitting, and pulverizing was used following industry best practices where all samples were crushed to 75% less than 2 mm, riffle split off 250 g, pulverized split to >85% passing 75 microns (μm). All samples were analyzed for gold using code GA_FAA30V5 with a Fire Assay determination on 30g samples with an Atomic Absorption Spectography finish. An ICP-OES analysis package (Inductively Coupled Plasma – Optical Emission Spectrometry) including 33 elements and 4-acid digestion was performed (code GE_ICP40Q12) to determine Ag, Zn, Pb, Cu and other elements.
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.
Copyright (c) 2026 TheNewswire – All rights reserved.
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Rio Silver Inc. (‘Rio Silver’ or the ‘Company’) (TSX-V: RYO | OTC: RYOOF) is commencing the regulatory process required to enable physical access at its Maria Norte Project, formally engaging Peru’s Ministry of Energy and Mines (Ministerio de Energía y Minas, MEM) through its General Directorate of Mining (DGM), alongside the National Superintendency for the Control of Weapons and Explosives for Civilian Use (SUCAMEC).
Together, the Company’s established exploration and exploitation access agreements , combined with the advancement of required permits and ongoing coordination with the president of the local community, constitute the regulatory and social steps required to access exposed surface mineralization, prepare portal access, and support a staged transition underground along the mineralized structures.
From Visually Exposed Surface Veins to Planned Underground Access
At Maria Norte, high-grade silver mineralization has been visually confirmed at surface, providing clear and direct targets for planned initial access. Blasting and explosive permits are required to safely break rock, access these exposed veins, and prepare portal entry ahead of any underground advancement.
The permitting process in Peru involves sequential approvals, including:
Under standard regulatory timelines, this permitting process typically requires several months to complete. Based on current engagement and procedural progress, the Company expects to receive the required permits during Q2, subject to regulatory review.
Once permits are received and initial access is established, future exploration planning is expected to focus on evaluating strike continuity and depth potential for long term exploitation.
Management Commentary
‘Maria Norte is a rare development opportunity where high-grade silver veins are already exposed at surface, allowing us to move directly into execution once access is authorized,’ said Chris Verrico, President and Chief Executive Officer of Rio Silver. ‘In today’s silver market, that is increasingly uncommon. Most new silver supply globally comes as a by-product of base-metal mining, whereas Maria Norte is a silver-dominant system — something of a unicorn in the current development landscape. We are pursuing the permits that are the regulatory gateway that allows us to safely access visible mineralization, prepare underground entry, and begin converting high-grade silver into mineable tonnes through a disciplined, capital-efficient approach.’
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:
| Maria Norte Samples 2025 | ||||||||
| Sample | Width | Au | Ag | Cu | Pb | Zn | ||
| Sample | Type | (m) | (g/t) | (g/t) | (%) | (%) | (%) | Location |
| 9623 | Grab | – | 2.194 | 396 | 0.276 | 1.43 | 0.565 | Waste dump |
| 9624 | Chip | 0.5 | 1.679 | 869 | 0.31 | 17.31 | 10.17 | Outcrop |
| 9625 | Chip | 0.4 | 0.868 | 68.8 | 0.3 | 0.563 | 0.819 | Outcrop |
| 9626 | Chip | 0.7 | 6.263 | 991 | 0.612 | 2.35 | 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.
What’s Next
Why This Matters to Investors
For investors, securing necessary permits represents a critical step. This marks the transition from confirmed surface mineralization to physical rock movement and site access. At Maria Norte, where high-grade silver is already visible at surface, receipt of approvals materially reduces execution risk. Combined with a capital-light, toll-milling strategy and a silver-dominant system in a market where most silver is produced as a by-product, Maria Norte is positioned to advance efficiently toward near-term value creation. In a strong silver price environment, projects capable of moving decisively from exposure to execution are increasingly scarce and command outsized market attention.
Qualified Person
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 extensive experience in Peruvian geology, resource development, 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
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. Forward-looking statements include, but are not limited to, statements regarding anticipated development activities, underground access timing, permitting progress, community engagement, processing strategies, and the Company’s ability to advance toward potential production and cash flow. Forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on forward-looking statements. Rio Silver undertakes no obligation to update such statements except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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