Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
George Proost, Research Intern, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Expanded Oil and Gas Royalties Platform. Alliance Resource Partners executed definitive agreements to acquire general and limited partner interests in AllDale Minerals III and IV for approximately $206.2 million, subject to customary closing price adjustments. The transaction will increase ARLP’s economic ownership from roughly 5 percent to 61 percent, while providing operational control through 100 percent ownership of the non-economic general partner interests. The agreements provide for an effective date of April 1 with the transaction is expected to close in July.
Development Upside. The acquired portfolio includes approximately 48,500 net royalty acres and generates meaningful production and royalty income, with the Permian Basin accounting for more than half of first-quarter royalty revenue. The acquisition provides development upside by increasing ARLP’s exposure to new well activity in key basins and establishing exposure to the Haynesville Shale, which is expected to benefit from growing U.S. LNG export demand.
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*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.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Recent Drill Results. Power Metallic reported strong drill results from the Lion deposit, including high-grade near-surface copper intercepts, while metallurgical testing demonstrated excellent recoveries from lower-grade material. The results support resource growth potential and enhance confidence ahead of the upcoming NI 43-101 Mineral Resource Estimate (MRE) expected in late July and a Preliminary Economic Assessment (PEA) in December 2026.
Summer Exploration and Drilling Program. Power Metallic has expanded its summer exploration program at the Nisk Project with advanced geophysical surveys and more than 30,000 meters of planned drilling. The program is designed to identify extensions of known mineralization and generate new discovery targets across the company’s Nisk land package while supporting future resource growth.
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*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.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Private Placement Financing. Aurania Resources Ltd. closed the first tranche of its previously announced non-brokered private placement, raising C$678,263.76 through the issuance of 3,768,132 units at C$0.18 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of C$0.35 per share for a period of 24 months following the close of the first tranche. The financing is part of a larger offering of up to 8,333,333 units that could generate total gross proceeds of up to approximately C$1.5 million. Dr. Keith Barron, Aurania’s Chief Executive Officer and President, participated in the financing by acquiring 1,666,666 units.
Use of Proceeds. The net proceeds will be used to fund exploration at the Thor’s Valley epithermal gold project in Iceland, support the Balangero nickel-cobalt tailings retreatment project in Italy, and fund general working capital. In May, Aurania closed its option agreement with St-Georges Eco-Mining Corp (CSE: SX) and its wholly owned subsidiary, Iceland Resources, to work collaboratively to define and execute a phased exploration program at the Thor’s Valley gold project to advance the project toward initial modern resource definition.
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VANCOUVER, B.C., June 1, 2026 – Nicola Mining Inc. (NASDAQ: NICM) (TSXV: NIM) (FSE: HLIA), (the “Company” or “Nicola”) is pleased to announce that it is in the final stages of preparation to commence gold and silver extraction operations at its Dominion Gold Project (“Dominion”). The high-grade gold project is located approximately 43 kilometres northeast of the Town of Wells and 110 kilometres southeast of Prince George, British Columbia. Material extracted from Dominion will be processed at the Company’s wholly owned Merritt Mill, the only fully permitted milling facility in British Columbia authorized to process gold and silver material sourced from throughout the province.
In anticipation of commencement of operations, the Company has advanced multiple key infrastructure, equipment, and operational initiatives, while also strengthening its reclamation profile through an additional $251,000 payment toward reclamation bonding requirements under Mines Act Permit MX-100000488[1], as well as the following:
Completion of the final payment for the purchase and installation of a fully furnished 14-person operational camp, including all required site facilities[2];
Acquisition of three CATERPILLAR 336-07 excavators;
Acquisition of Traxxon TR-EX2000 High Performance Rock Drill attachment;
Securing of a John Deere 310E haul truck;
Hiring of operational crews and engagement of key mining contractor
Mill feed extraction is expected to commence first week of July.
Mr. Peter Espig, CEO of Nicola Mining Inc., commented:
“Dominion represents a highly compelling high-grade gold asset that we believe possesses both exceptional near-term production potential and significant long-term strategic value for Nicola. The project has consistently demonstrated robust mineralization, with vein systems remaining open in all directions and returning grades of up to 113 grams of gold per tonne (3.31 ounces of gold per tonne)[3]. As we transition toward extraction, we are particularly excited by the opportunity to establish Dominion as a meaningful and sustainable source of premium-grade mill feed for our Merritt Mill operations. Concurrently, we continue to work closely with Blue Lagoon Resources Inc., which continues to achieve important production milestones while maintaining strong operational discipline and grade control. We believe the convergence of these developments positions Nicola for a transformative period of operational growth and increasing cash flow generation.”
Qualified Person
The scientific and technical disclosures included in this news release have been reviewed and approved by Will Whitty, P.Geo., who is the Qualified Person as defined by NI 43-101. Mr. Whitty is Vice President of Exploration for the Company.
DOMINION CREEK PROPERTY HISTORY
The Dominion Creek Property consists of 9 mineral claims (55 units) totaling approximately 1,058 hectares. The property was acquired from the prospector N. Kencayd by Noranda Exploration Company Ltd. in 1986. Noranda subsequently conducted geological, geochemical, and geophysical surveys which culminated in an increase in their land position. Between 1987 and 1990, Noranda’s exploration program included a small (20 samples) geochemical silt sample survey. Encouraged by those results, a larger soil geochemical survey (3,399 samples) was conducted. Noranda drilled a total of 53 shallow diamond drill holes, totaling 3,483.86 meters (average depth of approximately 65.7 meters). Trenching of several coincident Pb, Zn, Cu, Ag and Au soil geochemistry anomalies resulted in the discovery of several mineralized quartz veins.
A Technical Report[4] on the Dominion Creek Project was completed by Geospectrum Engineering on August 22, 2003.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the NASDAQ, the TSX Venture 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 includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.
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.
NCS Multistage is not a generalist oilfield services company. It operates in a specific and technically demanding niche: highly engineered products and support services that optimize well construction, completion, and field development strategies — primarily in horizontal wells drilled in unconventional oil and gas formations. Its technology is designed to improve reliability and production performance across the full well lifecycle, from initial completion design through late-stage production optimization and intervention.
The company operates primarily across North American basins and has established a presence in select international markets including the North Sea, the Middle East, and Argentina. That international footprint, while smaller than Weatherford’s, gives the combined company immediate leverage to cross-sell NCS Multistage’s technology into Weatherford’s six-continent global customer base — which is one of the most compelling near-term value creation levers in the deal.
Why This Deal Makes Sense Right Now
Weatherford is making a direct bet on two intersecting trends. The first is the sustained relevance of unconventional resource development. Despite the ongoing shift toward energy transition narratives, horizontal drilling and hydraulic fracturing in unconventional formations remain the backbone of North American oil and gas production. NCS Multistage’s core technology sits squarely in that production stream, and demand for completion optimization tools that improve per-well economics has not softened.
The second trend is consolidation driven economics. Smaller, specialized oilfield technology companies with strong engineering capabilities but limited distribution reach are increasingly attractive acquisition targets for larger platforms that can scale those technologies globally. NCS Multistage had the technology and the reputation. Weatherford has the footprint and the financial capacity to take it international.
Piper Sandler served as financial advisor to NCS Multistage in the transaction.
The Broader Signal for Small Cap Energy Services
For investors tracking the sub-$2 billion oilfield services and energy technology space, the Weatherford-NCS deal continues a pattern worth monitoring. Specialized completion technology, production optimization tools, and unconventional resource services companies have been consistent acquisition targets as larger players look to deepen technical differentiation rather than compete purely on scale.
The Iran conflict has kept oil prices elevated despite recent ceasefire negotiations, and sustained prices above $90 WTI support the capital spending levels that drive demand for exactly the kind of completion technology NCS Multistage provides. In that environment, companies with defensible technology niches and proven field performance records are not staying independent for long.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
LFP Mine-to-Market Supply Chain Integration. First Phosphate Corp. is advancing a vertically integrated North American supply chain for lithium-iron-phosphate (LFP) batteries, with a focus on energy storage, mobility, robotics, data centers, and national security applications. Its flagship Bégin Lamarche project in Québec is a high-purity igneous phosphate deposit that supports the company’s long-term strategy of supplying critical battery materials to the growing LFP battery market.
Private Placement Financing. To accommodate existing investors, First Phosphate announced a non-brokered private placement to raise a minimum of $5 million. The financing will consist of a combination of hard dollar units and flow-through shares priced at C$2.00 each. Hard dollar units will include one common share and one common share purchase warrant exercisable for one common share at a price of C$2.50 per share until December 31, 2026, subject to an accelerated expiry date.
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This 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.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First-quarter 2026 Financial Performance.Kuya Silver generated first-quarter revenue of $1,464,997 compared to $225,997 during the first quarter of 2025. The company reported a loss of $1,237,166, or $(0.01) per share, compared to a loss of $1,348,986, or $(0.01) per share, during the prior year period. We have adjusted our 2026 estimates to reflect lower production than previously estimated due to a modestly slower ramp-up in production and expected variability in grade and recoveries. The company expects to produce between 150.0 thousand and 200.0 thousand silver equivalent ounces in 2026, and we think 2027 production could be in the range of 1.0 million and 1.5 million silver equivalent ounces.
Operational Momentum. The company remains focused on ramping up production at the Bethania project, with production expected to accelerate later in the year. Key underground development initiatives, including the construction of a new ramp and ore handling systems to support Phase 1 expansion to 350 tonnes per day, are progressing and are expected to improve operational stability and long-term production capacity. KuyaSilveris also advancing due diligence on the proposed Camila plant acquisition, which would give the company full control over processing schedules and ore blend strategies, eliminate future toll-milling costs, and improve costs and margins as production from the Bethania mine increases.
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*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.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Unique within the junior mining space. Nicola Mining (NASDAQ: NICM, TSX.V: NIM) combines near-term cash flow generation with significant exploration upside across a portfolio of gold, silver, and copper assets in British Columbia. A key strategic asset is the fully permitted Merritt Mill, the only facility in British Columbia allowed to process third-party gold and silver ore, with expansion plans underway to increase throughput capacity. Nicola seeks to leverage its mill by providing milling services under profit-sharing agreements to third parties and consolidating small high-grade gold and silver projects in British Columbia, while advancing its New Craigmont Copper, Treasure Mountain Silver, and Dominion Creek Gold projects.
Advancing multiple avenues of growth. Nicola’s flagship New Craigmont Copper Project is a significant value driver, with ongoing drilling targeting a potential large-scale porphyry copper system adjacent to the Highland Valley Copper Mine. Nicola is also advancing the high-grade Treasure Mountain Silver Project and the Dominion Creek Gold Project, both of which are expected to see increased exploration and development activity later this year.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A Major Expansion and Upgrading of Mineral Resources. First Phosphate released the results of its updated Mineral Resource Estimate (MRE) for the Begin-Lamarche project in Saguenay-Lac-Saint Jean, Quebec, Canada. The updated MRE reflects the success of the company’s 2025 to 2026 drilling campaign, resulting in a 378% increase in indicated resources compared to the previous estimate completed two years ago. The significant upgrade is important because it advances a significant portion of the resource into the indicated and measured categories, which are required to move the project toward a feasibility study targeted for December 2026.
Longer Potential Mine Life. The ability to upgrade existing resources and classify newly discovered extensions directly into the indicated category demonstrates the strong continuity, consistency, and quality of the deposit. The increased tonnage is also expected to support a longer potential mine life, while the deposit remains open at depth, providing additional exploration upside and long-term growth potential.
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Saguenay, Quebec–(Newsfile Corp. – May 26, 2026) – First Phosphate Corp (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) (“First Phosphate” or the “Company”) is pleased to announce the results of its updated Mineral Resource Estimate (“MRE”) for its Bégin-Lamarche project in Saguenay-Lac-Saint-Jean, Québec, Canada. The updated MRE includes results from the 2025-2026 drilling program described in the Company’s press release dated April 27, 2026.
The updated MRE includes a 378% increase in Indicated Mineral Resources over the Company’s Initial MRE dated September 9, 2024.
Measured pit-constrained Mineral Resource: 6.2 Mt @ 7.70% P2O5 (phosphate).
Indicated pit-constrained Mineral Resource: 198.5 Mt @ 6.00% P2O5.
Inferred pit-constrained Mineral Resource: 89.5 Mt @ 6.16% P2O5.
The Deposit remains open at depth.
Metallurgical test work indicates an anticipated apatite concentrate grade of 40.4% P2O5 at an 88% process recovery rate, with very low levels of potentially deleterious elements, and has been qualified for production of battery-grade phosphoric acid for lithium iron phosphate (“LFP”) battery with a conversion ratio of 91.1%.
The Deposit is located next to existing road and hydroelectric infrastructure and at only 70 km driving distance from the deep-sea Port of Saguenay.
The Deposit benefits from definitive, long-term, partially prepaid offtake from an existing, creditworthy partner.
Apatite (phosphorus, phosphate) is listed on the critical minerals lists of Québec, Canada, the United States and the European Union.
“We are pleased with the results of our 2025-2026 drilling exploration program and the quantity and quality upgrade provided to our Mineral Resources,” says First Phosphate CEO, John Passalacqua. “We are now able to continue to move the project forward with great confidence in our Mineral Resources.”
The updated MRE, with an effective date of May 1, 2026, was carried out by Mr. Antoine Yassa, P.Geo., of P&E Mining Consultants Inc., who is an Independent Qualified Person within the meaning of Canadian Securities Administrators’ National Instrument 43-101: Standards of Disclosure for Mineral Projects (“NI 43-101”).
The Bégin-Lamarche Phosphate Deposit contains a significant phosphate Mineral Resource that is associated with well-defined oxide-apatite peridotite (OAP) intrusions within the large Lac-Saint-Jean anorthosite suite (LSJAS). The LSJAS is the largest phosphate-mineralized anorthosite worldwide. The phosphate Deposit is comprised of four mineralized zones which are continuous, only separated by faults within the Deposit and extend over a length of 2,750 m (Figure 1). The Mountain Zone is a single phosphate-bearing mass having a diameter of up to 200 m and a length of 250 m. The Northern zone is comprised of four phosphate layers ranging from 30 m to 200 m in thickness and a length of 625 m. The Central Zone bears eight phosphate layers, one of them having up to 50 m in thickness and extending to 900 m. The Southern Zone bears three phosphate layers, one of them having up to 125 m in thickness and extending to 725 m.
Figure 1 – The Bégin-Lamarche Deposit Updated Optimized Pit Shell
The Bégin-Lamarche Deposit mineralized wireframes boundaries were determined from lithology, structure, and grade boundary interpretation based on visual inspection of drill hole cross-sections. Four mineralized wireframe zones were developed and referred to as the Mountain, Northern, Central and Southern Zones. The mineralized wireframes were constructed on 50 m spaced vertical cross-sections, with on-screen digitized polylines on drill hole cross-sections in GEMS™. The mineralized wireframe outlines were influenced by the selection of mineralized material above 2.5% P2O5 that demonstrated a lithological and structural zonal continuity along strike and down dip. In some cases, mineralization <2.5% P2O5 was included for the purpose of maintaining mineralized zone continuity. The minimum constrained width for mineralized wireframe interpretation was 3 m of drill core length.
The Bégin-Lamarche Mineral Resource Estimate is based on 276 drill holes totalling 68,345 m. The database contained 20,682 analyses for percentage of P2O5. The Mineral Resource Estimate is presented in Table 1.
Table 1 Pit-Constrained Mineral Resource Estimate(1-4) at 2.5% P2O5 Cut-Off
Classification
Zone
Tonnes (M)
P2O5 (%)
P2O5 (Mt)
Measured
Mountain
6.2
7.70
0.47
Total
6.2
7.7
0.47
Indicated
Mountain
5.3
8.45
0.45
Northern
78.3
6.69
5.24
Central
71.0
5.50
3.91
Southern
43.9
5.26
2.31
Total
198.5
6.00
11.91
Measured & Indicated
Mountain
11.5
8.04
0.92
Northern
78.3
6.69
5.24
Central
71.0
5.50
3.91
Southern
43.9
5.26
2.31
Total
204.7
6.05
12.38
Inferred
Mountain
0.5
9.09
0.04
Northern
30.7
7.33
2.25
Central
31.8
5.67
1.80
Southern
26.5
5.32
1.41
Total
89.5
6.16
5.50
Note: P2O5 = phosphorus pentoxide.
1. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. The Company expects that the majority of the Inferred Mineral Resource may be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
The Bégin-Lamarche Mineral Resource Estimate was derived from applying a 2.5% P2O5 cut-off value to the pit-constrained block model and reporting the resulting tonnes and grades for potentially mineable areas. The following parameters were used to calculate the cut-off value that determines the open pit potentially economic portion of the constrained mineralization (Table 2).
The P2O5 cut-off value is calculated with parameters below:
Mining Cost: C$2.75/t (mineralized material and waste)
Pit Slopes: 45°
Accordingly, the P2O5 cut-off of potential open pit mining is calculated to be = 2.5%.
The optimized pit-constrained Mineral Resource Estimate is moderately sensitive to the selection of reporting P2O5 cut-off values, as demonstrated in Table 2.
Table 2 Pit-Constrained Mineral Resource Estimate Sensitivity to P2O5 Cut-Off
Class
Cut-off
Tonnes
P2O5
P2O5
P2O5 %
(M)
(%)
(Mt)
Measured
5.0
4.9
8.67
0.4
4.5
5.2
8.43
0.4
4.0
5.5
8.22
0.5
3.5
5.8
8.02
0.5
3.0
6.0
7.84
0.5
2.5
6.2
7.70
0.5
2.0
6.3
7.57
0.5
Indicated
5.0
119.0
7.41
8.8
4.5
138.0
7.05
9.7
4.0
156.8
6.71
10.5
3.5
172.9
6.44
11.1
3.0
186.7
6.20
11.6
2.5
198.5
6.00
11.9
2.0
207.6
5.83
12.1
Inferred
5.0
55.5
7.49
4.2
4.5
65.0
7.09
4.6
4.0
73.6
6.75
5.0
3.5
80.9
6.49
5.2
3.0
86.0
6.29
5.4
2.5
89.5
6.16
5.5
2.0
92.0
6.05
5.6
Metallurgical Testwork has been successfully conducted by SGS at their Québec City facility with additional support by SGS Lakefield Ontario. Recent test results have confirmed that an apatite concentrate can be obtained analyzing 40.4% P2O5 and at 88% recovery.
First Phosphate’s Bégin-Lamarche Deposit is located approximately 50 km driving distance north of the City of Saguenay, Québec’s sixth-largest city, which hosts daily flights to Montréal, a skilled industrial workforce, strong local infrastructure, and which is 30 km driving distance from the deep-sea Port of Saguenay.
The geological and drilling work was planned, carried out and supervised by Laurentia Exploration Inc. The drill core was logged at Lamarche near the Deposit and at Laurentia Exploration’s offices. The drill core was sawed and sampled at Laurentia Exploration’s offices in Jonquière.
Qualified Persons
The scientific and technical disclosure for First Phosphate included in this News Release have been reviewed and approved by Steeve Lavoie, P.Geo. Mr. Lavoie is Chief Geologist of the Company and a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”).
The Qualified Person independent of the issuer, responsible for estimating the Mineral Resources of the Begin-Lamarche Property, within the meaning of NI 43-101, is Mr. Antoine Yassa, P.Geo., of the firm P&E Mining Consultants Inc. Mr. Yassa has read and approved the scientific and technical information in this press release for accuracy and compliance with NI 43-101.
P&E Mining Consultants Inc., an associate group of 20 geological and mine engineering professionals established in 2004, provides geological and mine engineering consulting reports, Mineral Resource and Mineral Reserve Estimates, NI 43-101 Technical Reports, Preliminary Economic Assessments, Pre-Feasibility and Feasibility Studies.
Laurentia Exploration inc. is a firm of consulting geologists based in Jonquière, Saguenay Lac-St-Jean. It has 80 employees, mainly geology professionals who are members in good standing of a professional order. The firm was founded in 2017 and carries out projects throughout Québec and Ontario.
About First Phosphate Corp.
First Phosphate (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) is a mineral exploration and development and clean technology company dedicated to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America. Target markets include energy storage, data centers, robotics, mobility, and national security.
First Phosphate’s flagship Bégin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Québec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.
Forward-Looking Information and Cautionary StatementThis news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things: the Company’s planned exploration and production activities; the properties and composition of any extracted phosphate; and the calculation of mineral resources at the project and the possibility of eventual economic extraction of minerals from the project. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things: that engineering and construction timetables and capital costs for the Company’s, exploration, development and expansion projects are correctly estimated and not affected by unforeseen circumstances; the ability to obtain financing for its proposed operations on acceptable terms; no material deterioration in general business and economic conditions; no material delays in obtaining permits and other approvals; no significant disruptions affecting the activities of the Company or its ability to access required project equipment and services, and operating supplies in sufficient quantities and on a timely basis; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the ability to complete the exploration and development programs consistent with the Company’s expectations; commodity price expectations including assumptions for P2O5; the Company’s relationship with local municipalities and First Nations remaining consistent with the Company’s expectations; the Company’s relationship with other third-party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Strong Early Indicators. Resolution Minerals reported encouraging results from the first three holes of its 2026 Golden Gate drilling program in Idaho, with all holes intersecting sulphide mineralization associated with strong alteration, shearing, brecciation, and quartz veining. The mineralized zones contain pyrite and arsenopyrite within altered granites that share geological features observed in previous high-grade gold and tungsten intercepts at Golden Gate North and South, supporting the potential for additional mineralized extensions.
Deploying a Second Drill Rig. The company has completed 763 meters of drilling across three holes and is accelerating exploration activities with the arrival of a second diamond core rig. The broader 2026 campaign includes up to 13,700 meters of planned drilling across 45 holes and is designed to evaluate the scale and continuity of gold and tungsten mineralization throughout the Golden Gate system, including extensions near historical mining areas and coincident gold and tungsten soil anomalies.
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This 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.
CALGARY, AB, May 20, 2026 /CNW/ – InPlay Oil Corp. (TSX: IPO) (TASE: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company“) is pleased to announce that the Toronto Stock Exchange (“TSX“) has accepted InPlay’s notice of intention to make a normal course issuer bid (the “NCIB“).
Under the NCIB, InPlay may purchase for cancellation, from time to time, as InPlay considers advisable, up to a maximum of 1,793,976 common shares (“Common Shares“), which represents 10% of the Company’s public float of 17,939,761 Common Shares as at May 14, 2026. As of the same date, InPlay had 28,006,416 Common Shares issued and outstanding. Purchases of Common Shares may be made on the open market through the facilities of the TSX and through other alternative Canadian trading systems at the prevailing market price at the time of such transaction. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by InPlay, subject to a maximum daily purchase limitation of 23,004 Common Shares which equates to 25% of InPlay’s average daily trading volume on the TSX of 92,017 Common Shares for the six months ended April 30, 2026. InPlay may make one block purchase per calendar week which exceeds the daily repurchase restrictions. Any Common Shares that are purchased by InPlay under the NCIB will be cancelled.
InPlay has entered into an automatic share purchase plan (“ASPP“) with a broker to facilitate repurchases of the Common Shares. Under the Corporation’s ASPP, the broker may repurchase Common Shares under the NCIB during the Corporation’s self-imposed blackout periods. Purchases will be made by the broker based upon the parameters prescribed by the TSX and applicable securities laws, as well as the terms of the ASPP and the parties’ written agreement. Outside of these blackout periods, Common Shares may be purchased under the NCIB in accordance with management’s discretion.
The NCIB will commence on May 25, 2026 and will terminate on May 24, 2027 or such earlier time as the NCIB is completed or terminated at the option of InPlay.
InPlay’s free cash flow has increased significantly in the current crude oil pricing environment. The Company believes renewing the NCIB is a prudent step in a volatile energy market, particularly during periods when the prevailing market price does not reflect the underlying intrinsic value of its Common Shares. The repurchase and cancellation of Common Shares demonstrates management’s confidence in the Company’s long-term prospects and the sustainability of its business model. By reducing the share count, the NCIB enhances per share metrics for shareholders and provides management with an additional tool within its disciplined capital allocation and shareholder return strategy.
About InPlay Oil Corp.
InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The Company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The Common Shares trade on the Toronto Stock Exchange under the symbol “IPO”, the Tel-Aviv Stock Exchange under the symbol “IPO” and the OTCQX under the symbol “IPOOF”.
For further information please contact:
Doug Bartole
Kevin Leonard
President and Chief Executive Officer
Vice President Corporate & Business Development
InPlay Oil Corp.
InPlay Oil Corp.
Telephone: (587) 955-0632
Telephone: (587) 955-0635
Caution Regarding Forward-Looking Statements
This news release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This information includes, but is not limited to InPlay’s intentions with respect to the NCIB and purchases thereunder and the effects of repurchases under the NCIB. Although InPlay believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because InPlay can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions by their very nature they involve inherent risks and uncertainties. Actual results could defer materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in InPlay’s Annual Information Form which has been filed on SEDAR+ and can be accessed at www.sedarplus.com.
The forward-looking statements contained in this press release are made as of the date hereof and InPlay undertakes no obligation to update publically or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Strategic Partnership. Power Metallic Mines executed a strategic partnership with Amaar United Mining Company to jointly pursue mining license opportunities in Saudi Arabia through a 50/50 joint venture structure. The partnership combines Power Metallic’s technical and exploration expertise with Amaar Mining’s local presence and regulatory support capabilities. Power Metallic is expected to act as the technical lead and proposed operator of any post-award joint venture, subject to the execution of definitive joint venture documentation.
Funding Structure. For the first aggregate US$10 million of approved post-award work-program funding, Power Metallic will contribute US$2.5 million, and Amaar will contribute US$7.5 million, while both parties retain equal beneficial ownership, economic interests, and equity interests in the consortium and any post-award joint venture. Following the funding of the first US$10 million of approved work-program expenditures, all further approved funding is expected to be contributed by the parties on a 50/50 basis.
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 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.
