Category: Basic Materials

Release Nicola Mining Announces Strategic Investment from Ocean Partners

Posted on by aweinsoff@channelchek.com

Research News and Market Data on HUSIF

December 29, 2025 9:00 AM EST | Source: Nicola Mining Inc.

Vancouver, British Columbia–(Newsfile Corp. – December 29, 2025) – Nicola Mining Inc. (TSXV: NIM) (the “Company” or “Nicola Mining“) is pleased to announce an additional investment from Ocean Partners UK Limited[1] (“Ocean Partners“), which has agreed to participate in a strategic non-brokered private investment of $1,000,000 to strengthen the Company’s balance sheet as it prepares to uplist onto NASDAQ in Q1 of 2026.

The Company will issue 1,111,112 units (each a “Unit“) at a price of $0.90 per Unit for gross proceeds of up to $1,000,000 (the “Offering“).

Each Unit will consist of one common share of the Company (each, a “Share“) and one transferable common share purchase warrant (each, a “Warrant“). Each Warrant will entitle the holder to purchase one additional Share at a price of $1.10 per Share for a period of three years following the closing of the Offering (the “Closing“). The expiry of the Warrants may be accelerated if the closing price of the Company’s common shares on the TSX Venture Exchange (the “Exchange”) is $1.70 or greater for a minimum of ten consecutive trading days, provided that a notice of acceleration is issued in accordance with the terms of the Warrants.

All securities issued in connection with the Offering will be subject to a statutory holding period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to the approval of the Exchange. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

The aggregate gross proceeds from the sale of the Offering will be used for general working capital.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Strategic Advisor – Mr. Rahim Kassim-Lakha of Blue Sail Capital

Nicola is also pleased to announce the appointment of Rahim Kassim-Lakha, founder and CEO of Blue Sail Capital, as Strategic Advisor. With nearly 30 years of investing in global i capital markets and M&A experience, Mr. Kassim-Lakha has a proven track record in raising capital and structuring transactions. He has held senior roles at Fidelity Capital and U.S. Global Investors, where he managed over US$1 billion across three award-winning funds. As Strategic Advisor he will provide guidance on capital markets strategy and corporate development opportunities as Nicola advances its projects.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.

The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which is a fully-permitted high grade silver mine and includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

On behalf of the Board of Directors

“Peter Espig“

Peter Espig
CEO & Director

For additional information

Contact: Peter Espig
Phone: (778) 385-1213
Email: info@nicolamining.com
URL: www.nicolamining.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.

[1] Ocean Partners operates in several countries throughout the world. Ocean Partners maintains a strong global network of relationships and contacts in the base metal mining and smelting sector.

info

Source: Nicola Mining Inc.

Gold and Silver Shatter Records as Investors Flock to Hard Assets Amid Global Uncertainty

Posted on by slightbourne@noblecapitalmarkets.com

Precious metals are closing out the year with extraordinary momentum, underscoring a broader shift in global investment sentiment toward safety, scarcity, and real assets. Gold, silver, and platinum all surged to fresh all-time highs this week, extending one of the strongest rallies in modern market history and signaling growing unease beneath the surface of global financial markets.

Spot gold climbed above $4,530 an ounce, capping a year in which the metal has gained roughly 70%. Silver has been even more explosive, soaring more than 150% year-to-date and briefly crossing the $75 mark. Platinum, often overshadowed by its peers, has joined the rally with force, jumping more than 40% in December alone as supply deficits tighten and industrial demand rebounds.

At its core, the rally reflects a powerful shift in investor psychology. Heightened geopolitical tensions—from US actions in Venezuela to military operations in Africa—have revived gold’s traditional role as a safe-haven asset. At the same time, a weakening US dollar has amplified gains, making dollar-priced commodities more attractive to global investors. The Bloomberg Dollar Spot Index’s sharp weekly decline has provided fresh fuel for metals already in motion.

Monetary policy has played an equally important role. Three interest rate cuts by the US Federal Reserve this year have reduced the opportunity cost of holding non-yielding assets like gold and silver. With markets increasingly pricing in further easing in 2026, investors are positioning ahead of a prolonged low-rate environment. The result has been strong inflows into exchange-traded funds, particularly gold-backed vehicles, signaling institutional conviction rather than short-term speculation.

Beyond macro policy, deeper structural concerns are driving what many analysts describe as the “debasement trade.” Rising government debt levels, persistent fiscal deficits, and political pressure on central bank independence have eroded confidence in fiat currencies and sovereign bonds. In response, investors are reallocating toward tangible assets perceived as stores of value in an era of monetary experimentation.

Silver’s rally highlights another critical theme: supply constraints meeting financial leverage. Following a historic short squeeze earlier in the year, physical silver availability remains tight across key global hubs. While speculative positions continue to grow on paper, the limited supply of deliverable metal has intensified price pressures. Potential US trade restrictions on critical mineral imports have only added to the uncertainty, reinforcing silver’s dual appeal as both a monetary and industrial asset.

Platinum’s surge reflects similar dynamics. Persistent supply disruptions in South Africa, combined with strong demand from automotive and jewelry sectors, have pushed the market into its third consecutive annual deficit. As investors broaden their exposure beyond gold, platinum is increasingly viewed as an undervalued hedge with asymmetric upside.

Taken together, the record-breaking rally in precious metals is not an isolated phenomenon—it is a mirror of today’s investment landscape. While equity markets remain resilient, the surge in hard assets suggests investors are quietly hedging against volatility, policy risk, and currency erosion. As the year draws to a close, gold and silver’s ascent sends a clear message: confidence may be high on the surface, but caution is deeply embedded in global portfolios.

Comstock (LODE) – Rating Lowered to Market Perform from Outperform

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, December 24, 2025

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Rating Lowered to Market Perform. While we had upgraded Comstock Inc. to Outperform on November 4, we have concluded our rating upgrade may have been too early, despite the share price appreciating ~33% from the date of our upgrade. It appears the company’s near-term capital needs remain significant, and we will reassess the value of the company’s businesses, once Comstock’s commercial scale recycling facility is operational and plans for the company’s mining assets are more fully realized. Moreover, we have been frustrated by the company’s promises to monetize non-core assets, including properties in Silver Springs, Nevada, without following through on its commitment. At this stage, we consider Comstock’s investment in Bioleum Corporation as a call option on its growth and success, which is subject to significant risk factors.

At the market offering. Comstock Inc. recently executed an At-the-Market Offering Agreement with Titan Partners Group LLC to offer and sell shares of common stock from time to time totaling up to $100.0 million. Titan Partners will be compensated at a commission rate equal to 3.0% of the gross sales price per share. Net proceeds will be used for general corporate purposes, including capital expenditures associated with commercializing subsequent industry scale and storage facilities for Comstock Metals, in addition to acquisitions, and technical, operational and human resource development expenses for supporting growth. Beyond acting as a headwind for capital appreciation, the ATM equity issuance could promote shareholder dilution.


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Kuya Silver (KUYAF) – Umm Hadid: Early-Stage Discovery

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, December 23, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

High-grade silver-gold system confirmed. Kuya Silver reported strong initial exploration results from the Umm Hadid Project in Saudi Arabia, confirming high-grade silver-gold mineralization over a large area measuring approximately 6.0 km by 2.5 km. In our view, the scale of the mineralized footprint and grade tenor materially de-risks the project at an early stage. Umm Hadid is operated by Silver Mining LLC, a joint venture between Sumou Holding and Kuya Silver.

Maiden drilling validates surface results. The first drill program comprised 29 diamond drill holes totaling roughly 5,000 meters across three target areas defined by surface sampling. Drilling returned high-grade intercepts of up to 1,483.9 g/t silver equivalent over two meters, with several additional intersections grading several hundred grams per tonne. Surface sampling of 460 grab samples averaged 86.1 g/t silver equivalent, with peak values reaching 1,359.8 g/t. We believe a strong gold-silver correlation supports the presence of a large hydrothermal system.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Century Lithium Appoints Matthew Tompkins As Chief Financial Officer

Posted on by slightbourne@noblecapitalmarkets.com

December 22, 2025 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (“Century Lithium” or “the Company is pleased to announce that Mr. Matthew Tompkins has been appointed Chief Financial Officer of the Company, effective immediately.

Mr. Tompkins has served as Century Lithium’s Interim Chief Financial Officer since September 2025. During this period, he has provided continuity in financial leadership and supported the Company’s strategic and corporate objectives. Following a review by the Board of Directors, the Company has confirmed his appointment as Chief Financial Officer on a permanent basis.

“Matthew has demonstrated strong financial leadership and a clear understanding of Century Lithium’s business and strategic priorities,” said Bill Willoughby, President and Chief Executive Officer of Century Lithium. “The Board is confident that his experience and disciplined approach will continue to support the Company as it advances its Angel Island Lithium Project and executes its long-term strategy.”

Mr. Tompkins brings extensive experience in financial management, public company reporting, and corporate governance, with a background supporting resource and development-stage companies.

ABOUT CENTURY LITHIUM CORP.

Century Lithium Corp. is an advanced-stage lithium company, focused on developing its 100%-owned lithium project Angel Island in Esmeralda County, Nevada, which hosts one of the largest sedimentary lithium deposits in the United States. The Company has utilized its patent-pending process for chloride leaching combined with direct lithium extraction to make battery-grade lithium carbonate. As part of the Company’s chlor-alkali process, the planned sale of surplus sodium hydroxide produced at Angel Island is expected to contribute meaningfully to maintaining competitive operating costs for lithium carbonate production.

Angel Island is one of the few advanced lithium projects in development in the United States to provide an end-to-end process to produce battery-grade lithium carbonate for the growing electric vehicle and battery storage market. Angel Island is currently in the permitting stage for a three-phase feasibility-level production plan, expected to yield an estimated life-of-mine average of 34,000 tonnes per year of lithium carbonate over a 40-year mine-life.

Century Lithium trades on both the TSX Venture Exchange under the symbol “LCE” and the OTCQX under the symbol “CYDVF”, and on the Frankfurt Stock Exchange under the symbol “C1Z”.

To learn more, please visit centurylithium.com.

ON BEHALF OF CENTURY LITHIUM CORP.

WILLIAM WILLOUGHBY, PhD., PE
President & Chief Executive Officer

For further information, please contact:
Spiros Cacos | Vice President, Investor Relations
Direct: +1 604 764 1851
Toll Free: 1 800 567 8181 scacos@centurylithium.com centurylithium.com

Gold and Silver Surge to All-Time Highs as Geopolitical Risks Reshape Global Markets

Posted on by slightbourne@noblecapitalmarkets.com

Gold and silver have surged to historic highs, underscoring a powerful shift in global investor sentiment as geopolitical tensions intensify and confidence in traditional financial systems continues to erode. The rally marks one of the strongest performances for precious metals in more than four decades, driven by a potent mix of political uncertainty, monetary policy expectations, and structural demand.

Gold briefly climbed above $4,400 per ounce, eclipsing its previous record set earlier this year, while silver pushed toward the $70 level, a price not seen in modern trading history. These moves are not isolated technical breakouts; they reflect a broader re-pricing of risk across global markets as investors seek safety amid escalating international conflicts and economic uncertainty.

Geopolitical flashpoints have multiplied in recent months. The United States has intensified economic and energy pressure on Venezuela, while the conflict between Russia and Ukraine has expanded beyond traditional battlefields into global shipping lanes. Meanwhile, rising tensions between major world powers — including strained U.S.–China relations and growing unease in parts of Asia — have added to a climate of persistent instability. Historically, such environments have favored hard assets, and this cycle is proving no different.

At the same time, expectations for looser monetary policy have reinforced the rally. Markets are increasingly pricing in multiple U.S. interest rate cuts in 2026 as economic data shows signs of cooling inflation and slower job growth. Lower interest rates tend to weaken the opportunity cost of holding non-yielding assets like gold and silver, making them more attractive relative to bonds and cash.

Central banks have played a critical role in underpinning gold’s rise. Official sector purchases remain elevated as nations diversify reserves away from the U.S. dollar and reduce exposure to sovereign debt. This trend has been amplified by political rhetoric that has raised concerns about the long-term independence of central banks and the sustainability of ballooning government deficits.

Investor demand has followed suit. Gold-backed exchange-traded funds have recorded steady inflows, while silver has benefited from speculative activity and lingering supply disruptions following a historic short squeeze earlier in the year. Industrial demand — particularly for silver and platinum in energy, technology, and manufacturing — has added another layer of support.

Beyond traditional investors, new participants are entering the precious metals market. Corporate treasuries, alternative asset managers, and even stablecoin issuers are increasingly using physical metals as balance-sheet hedges, broadening the capital base supporting prices and making demand more resilient.

Looking ahead, major financial institutions remain bullish. Several banks project gold prices continuing higher into 2026, citing constrained physical supply, sustained central-bank buying, and ongoing geopolitical risk. While short-term volatility is inevitable, the underlying drivers of the rally appear firmly intact.

In an era defined by geopolitical fragmentation, monetary uncertainty, and rising systemic risk, gold and silver are once again fulfilling their historical role: not just as commodities, but as financial insurance in an increasingly unpredictable world.

Oil Slides to Four-Year Lows as Oversupply Floods the Market

Posted on by slightbourne@noblecapitalmarkets.com

Crude oil prices sank to their lowest levels in nearly four years this week, underscoring how deeply oversupplied the global energy market has become. Both major benchmarks—Brent and West Texas Intermediate (WTI)—fell below key psychological thresholds, with WTI briefly dipping under $55 a barrel and Brent sliding into the high $50s. The move marks a dramatic reversal from the tight energy markets of recent years and signals mounting pressure across the oil industry.

The selloff reflects what many analysts have been warning about for months: supply has simply outpaced demand. Production growth from OPEC+ and non-OPEC producers alike has overwhelmed consumption, even as global demand remains relatively steady. Since the spring, OPEC+ members have steadily unwound earlier production cuts, adding millions of barrels per day back into the market. Saudi Arabia, in particular, has prioritized regaining market share, even at the expense of lower prices.

Outside the cartel, output has also continued to climb. Producers across parts of the Middle East, Africa, and Asia have increased exports, while U.S. inventories are projected to keep building well into 2026. According to international energy agencies, the imbalance could widen further next year, with excess supply potentially approaching four million barrels per day—an extraordinary figure by historical standards.

One of the clearest signs of the glut is happening offshore. Oil tankers holding crude at sea have surpassed one billion barrels, as sellers struggle to find buyers willing to take delivery at current prices. Storage economics are also shifting, with parts of the oil futures curve slipping into contango. This market structure, where future prices trade above spot prices, typically signals oversupply and encourages traders to store oil rather than sell it immediately.

Pressure is spreading beyond crude itself. Refining margins have narrowed as prices for gasoline, diesel, and jet fuel soften alongside oil. Crack spreads—which measure the profitability of turning crude into refined products—have tightened, removing one of the last pillars of support for energy prices earlier this year.

Wall Street remains firmly bearish. Several major banks now expect oil prices to remain under pressure through 2026, with forecasts clustering in the low-to-mid $50 range and downside risks extending even further. Some analysts warn that if producers fail to curb output, prices could fall into the $40s, levels that would strain balance sheets across the exploration and production sector.

Geopolitics adds another layer of complexity. Sanctions on Russian producers could limit some supply, but discounted barrels often find their way to buyers willing to navigate restrictions. Meanwhile, any breakthrough in peace talks between Russia and Ukraine could ultimately bring more oil back onto the global market, worsening the surplus. Tensions involving Venezuela and U.S. policy decisions also remain wild cards, though none appear strong enough to offset the sheer volume of excess supply.

For energy companies, the implications are sobering. Lower prices threaten drilling activity, investment, and employment, particularly in high-cost regions. While central bank rate cuts and a weaker dollar typically support commodities, oil’s current trajectory is being driven less by macro policy and more by fundamentals. For now, the message from the market is clear: until supply comes back into balance, oil prices are likely to stay under pressure.

U.S. Supports $7.4 Billion Korea Zinc Plant to Secure Critical Minerals Supply

Posted on by slightbourne@noblecapitalmarkets.com

The United States is throwing its support behind a major new critical minerals investment as Korea Zinc moves forward with plans to build a $7.4 billion smelting facility on U.S. soil. The project underscores Washington’s growing urgency to secure domestic and allied supply chains for materials vital to semiconductors, defense systems, aerospace applications, and advanced manufacturing.

Korea Zinc, the world’s largest zinc smelter, has approved the creation of a U.S.-based joint venture, Crucible JV LLC, to develop what it describes as a state-of-the-art, fully integrated large-scale smelting complex. The venture will be backed by a mix of U.S. government funding, strategic investors, and Korea Zinc itself, with roughly $1.94 billion of the total project cost coming from this public-private partnership.

The planned facility will be built on the site of the existing Clarksville, Tennessee smelter currently operated by Nyrstar USA, a subsidiary of commodities trader Trafigura. Korea Zinc plans to acquire the plant and significantly expand its capabilities, transforming it into a multi-metal processing hub. Once completed, the site is expected to refine zinc, lead, copper, gold, and silver, along with strategically sensitive minerals such as antimony, germanium, and gallium.

Those three minerals have taken on heightened geopolitical importance following China’s recent export restrictions, which were widely viewed as retaliation for U.S. technology curbs. Antimony, germanium, and gallium are essential inputs for products ranging from semiconductors and satellite systems to night-vision equipment and advanced defense electronics. By developing domestic refining capacity, the U.S. aims to reduce reliance on Chinese-controlled supply chains and strengthen its industrial resilience.

The deal highlights how critical minerals policy has become a bipartisan priority in Washington. Even as incentives for electric vehicles face political headwinds, securing non-China sources of strategic materials has gained momentum. For Korea Zinc, the U.S. investment represents a shift in positioning — from a company tied closely to the electric vehicle and clean energy cycle to one that plays a broader role in national security and defense supply chains.

JPMorgan Chase advised Korea Zinc on the structure of the public-private partnership and helped finance the transaction through its Security and Resiliency Initiative, a program designed to channel capital into industries that reinforce economic security. The involvement of major financial institutions further signals confidence in the long-term demand for domestically refined critical minerals.

Still, the announcement comes amid internal corporate tensions. Korea Zinc is navigating an ongoing ownership dispute after its largest shareholder, Young Poong, alongside MBK Partners, launched an unsolicited takeover bid. Critics argue the U.S. smelter plan could be as much about consolidating management control as it is about long-term strategy. Supporters counter that the project positions Korea Zinc at the center of a global realignment in industrial supply chains.

Market reaction suggests investors see strategic value in the move. Korea Zinc shares surged following the announcement, reflecting optimism that geopolitical tailwinds and government backing could translate into durable growth. As global competition for critical minerals intensifies, the U.S.-Korea Zinc partnership marks a significant step in reshaping how and where essential materials are produced.

Aurania Resources (AUIAF) – Advancing Exploration in Brittany, France

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, December 11, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Exploration Licenses Granted in Brittany. Aurania, through a wholly owned French subsidiary, has been granted three new exploration licenses for polymetallic metals, including gold, in the Brittany Peninsula of northwestern France. It represents a new opportunity for Aurania in a stable mining jurisdiction with developed infrastructure. Initial mining inventory studies conducted by the French Geological Survey (BRGM) confirmed the presence of gold associated with strategic metals over more than 150 kilometers along a shear zone.

Precious and Strategic Metals. The permits allow Aurania to explore the South American Shear Zone, a major crustal fault where mineralization, including antimony, tungsten, tin, zinc, and copper, accompanied by gold and other metals, have been deposited. The Brittany Peninsula is a highly prospective area that can be considered a greenfield district. Aurania will proceed with stakeholder engagement, while advancing preparations for an airborne geophysical survey and subsequent field activities.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Why Critical Minerals Could Be the Next Big Frontier for Small-Cap Investors

Posted on by slightbourne@noblecapitalmarkets.com

The global shift toward electrification is accelerating, and with it comes a renewed focus on the minerals that make modern energy and technology possible. Lithium, nickel, graphite, phosphate, rare earths, and other essential materials are the backbone of batteries, solar panels, electric vehicles, and grid-scale storage. As nations push to secure supply chains and reduce dependence on foreign imports, the critical minerals sector is becoming one of the most strategically important areas in global markets. For small-cap investors, this creates a compelling landscape of early-stage opportunities.

Large producers tend to dominate the headlines, but the real innovation and discovery often originate in the junior and small-cap space. These companies take on the high-risk, early exploration work that can eventually create meaningful supply for downstream industries. While these stocks can be volatile, they also offer leverage to rising demand and tightening supply conditions that can dramatically reprice assets once the market recognizes their potential.

One example of this emerging potential can be seen in the phosphate segment. Phosphate is best known for its role in agriculture, but it is increasingly valuable as a component in lithium iron phosphate (LFP) batteries. This chemistry has become a preferred option for EV manufacturers and grid-storage systems due to its safety profile, long cycle life, and lower cost. As LFP adoption expands, the need for battery-grade phosphate grows alongside it.

Emerging growth companies such as First Phosphate have positioned themselves within this shift. While still small-cap in size, the focus on high-purity phosphate projects in geopolitically stable regions aligns with what major battery and automotive manufacturers are now seeking: secure, traceable, and environmentally responsible supply. These are qualities that the North American market in particular is trying to build as part of a broader strategy to reduce reliance on overseas sources.

Click here to watch First Phosphate’s corporate presentation at NobleCon21.

Beyond phosphate, other critical minerals are facing similar supply-demand pressures. Graphite remains essential for battery anodes, yet most production is concentrated in a single country. Rare earth elements are required for EV motors and wind turbines, but refining capacity is limited and slow to build. Nickel and manganese face challenges tied to environmental impacts and inconsistent global supply. In each of these segments, small-cap exploration and development companies are working to advance projects that could eventually scale into meaningful contributors to the supply chain.

For investors willing to put in the research, the small-cap critical minerals sector offers exposure to themes that are likely to play out over decades. Governments are investing heavily in domestic mineral strategies, electrification continues to expand worldwide, and technology companies are demanding reliable inputs to meet their production goals. These forces create a long runway for companies that can deliver high-purity materials at competitive costs.

Small-cap investing in this space still requires discipline. Projects take time to develop, capital needs can be significant, and not every discovery becomes a mine. But for investors looking for early entry points into the minerals reshaping the global energy landscape, this sector provides a combination of macro tailwinds and company-specific catalysts that can create real opportunity when approached carefully.

Nicola Mining Inc. (HUSIF) – Sustaining Momentum

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, December 10, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2025 Milestones. At New Craigmont, Nicola recently completed a drilling program with assay results pending. At the Merritt Mill, Nicola transitioned from toll milling to long-term precious metals production supported by multiple sources of feed. A multi-year exploration permit and a 10-year mine lease extension further support renewed exploration and the potential reopening of the Treasure Mountain Silver Project. Nicola also secured two key permits for its wholly owned gravel pit and completed construction of its ready-mix cement plant, positioning the company to generate additional revenues to support operations. Finally, Nicola completed the mine development required for a 10,000-tonne bulk sample at the Dominion Creek Gold Project, with a restart planned for July 2026. 

What’s Next? 2026 value drivers include: (1) operating the Merritt Mill at full capacity, (2) continued drilling at New Craigmont to vector toward the core of a copper porphyry system, (3) initiating exploration and drilling at the Treasure Mountain Silver Project, and (4) processing high-grade ore from the Dominion Creek bulk sample. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Comstock (LODE) – Bioleum Expands Platform With Strategic Acquisitions

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, December 09, 2025

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Bioleum Expands Feedstock Capabilities with Hexas Acquisition. Bioleum Corporation, of which Comstock is a strategic investor, acquired Hexas Biomass Inc. for approximately $6.5 million in stock, cash, and convertible debt, securing ownership of all Hexas intellectual property and associated high-yield energy crop technologies. Hexas’ crops deliver 25–30 dry metric tons per acre, above conventional forestry yields, and can be cultivated on marginal lands without competing with food production. When paired with Bioleum’s refining platform, these crops enable production of more than 100 barrels of biofuel per acre per year, strengthening long-term supply certainty and improving economics for Bioleum’s facilities.

Strategic Value of an Integrated Feedstock Model. Bioleum expects Hexas’ scalable, low-cost feedstock model to “anchor” each refinery deployment, reducing regional biomass variability and improving reliability, pricing, and throughput across its system. Management emphasized that pairing purpose-grown crops with Bioleum’s refining technology materially improves risk-adjusted economics across future projects and accelerates commercialization.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Gold Royalty Corp. Expands Cash-Flowing Portfolio With $70 Million Pedra Branca Royalty Acquisition

Posted on by slightbourne@noblecapitalmarkets.com

Gold Royalty Corp. (NYSE American: GROY) has announced a transformative move in the royalty and streaming sector with its agreement to acquire a producing gold and copper royalty on Brazil’s Pedra Branca mine for $70 million in cash. Purchased from BlackRock World Mining Trust, the royalty provides immediate cash flow and deepens Gold Royalty’s exposure to two high-demand commodities—gold and copper.

For investors in the small- and micro-cap mining space, this acquisition highlights a broader trend: royalty companies are aggressively consolidating producing assets to secure predictable cash flows, diversify commodity exposure, and strengthen long-term valuations. While major mining companies dominate production, royalty firms offer smaller investors a unique, lower-risk gateway into commodity cycles—without the operational burdens of running mines.

A Material Boost to Revenue and Scale

The Pedra Branca royalty has already proven its value. In the 12 months ending June 30, 2025, the royalty generated approximately $7.9 million in payments, equivalent to roughly 2,800 gold equivalent ounces at average market prices. With gold trading near historic highs, Gold Royalty expects the asset to substantially increase its annual cash flow once the transaction closes.

Upon completion, Gold Royalty’s portfolio will expand to eight cash-flowing assets and more than 250 total royalties and streaming interests—a notable milestone for a company operating in the small-cap end of the market.

For investors, this means greater revenue stability and enhanced leverage to commodity prices, particularly as gold continues to maintain strength amid global geopolitical tensions and monetary policy uncertainty.

Strategic Exposure to Gold and Copper

The acquired royalty includes a 25% net smelter return (NSR) on gold and a 2% NSR on copper from both the Pedra Branca East and West deposits. This structure provides meaningful long-term upside, especially given copper’s accelerating role in electric vehicles, renewable power grids, and energy transition infrastructure.

This is particularly impactful for micro-cap investors looking for diversified commodity exposure without betting on early-stage exploration companies. Royalty companies like Gold Royalty provide balanced exposure to producing assets with potentially exponential upside tied to commodity cycles.

Pedra Branca: A High-Quality, Long-Life Asset

First brought into production in 2020 by OZ Minerals, Pedra Branca is an underground iron oxide copper gold deposit located in Pará, Brazil—a region known for world-class minerals, infrastructure, and established operators. BHP acquired the mine through its purchase of OZ Minerals in 2023, and later announced its sale to CoreX Holding BV, expected to close following standard regulatory approvals.

BHP’s June 2025 reporting outlined strong resource and reserve estimates, reinforcing Pedra Branca’s long-term production outlook. For Gold Royalty, this means stable, ongoing royalty income tied to a proven, expanding asset.

A Meaningful Signal for the Mining Royalty Space

For small- and micro-cap investors, this transaction reinforces a clear shift in the mining sector: royalty and streaming companies are becoming key players in securing low-risk exposure to commodity cycles.

As many smaller mining operators struggle with rising development and operational costs, royalty firms with strong balance sheets—like Gold Royalty—are in a prime position to acquire high-value producing royalties at attractive prices.

The Pedra Branca acquisition demonstrates Gold Royalty’s disciplined strategy, strengthening its cash flow base while delivering upside potential tied to gold and copper markets that continue to attract global investor interest.