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.
Drilling Begins. Resolution Minerals has commenced a major drill program at its Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, with an MP1500 diamond core rig now operating at Golden Gate. The 2026 program will include two rigs and entail up to 13,700 meters of drilling across up to 45 holes targeting gold and tungsten mineralization. The project is located adjacent to Perpetua Resources’ (NASDAQ: PPTA, TSX: PPTA) recently permitted Stibnite Gold Project, highlighting the strategic importance of the region.
Gold Expansion Targeted. The drilling program intends to define and expand gold mineralization at Golden Gate North and Golden Gate South. Previous drilling delivered strong results, including 189.2 meters grading 1.30 grams per tonne gold, with mineralization remaining open at depth. Resolution is also advancing tungsten exploration, targeting extensions around historic mine workings and testing a large area containing coincident tungsten and gold soil anomalies.
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.
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.
1Q 2026 financial results. Summit’s first quarter 2026 financial and operational results reflected continued strength in its Rockies and Permian segments, offset by weaker natural gas pricing, lower Mid-Con volumes, and higher interest expense. The company generated revenue of $139.1 million, adjusted EBITDA of $54.2 million, and free cash flow of $11.4 million. Net loss attributable to Summit Midstream Corporation amounted to $5.3 million, or $(0.43) per share, compared to a net loss of $1.9 million, or $(0.16) per share, in the first quarter of 2025, and our loss estimate of $6.1 million, or $(0.49) per share.
Updating estimates. We now forecast 2026 revenue of $584.8 million and adj. EBITDA of $241.4 million, compared to our prior estimates of $579.2 million and $245.2 million, respectively. First-quarter operational and financial results suggest that Summit’s earnings profile could strengthen progressively through the remainder of the year, with the second quarter expected to mark the beginning of a noticeable operational recovery, with the third and fourth quarters likely benefiting from accelerating volumes and improved commodity fundamentals. Management reiterated full-year 2026 adj. EBITDA guidance of $225 million to $265 million.
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.
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.
Thinking outside the box. Power Metallic has partnered with Ideon Technologies to deploy borehole muon tomography at the Lion Zone discovery within its Nisk polymetallic project in Quebec. The company intends to create a high-resolution three-dimensional model of the deposit by analyzing the behavior of naturally occurring cosmic ray particles. The technology is designed to validate results against more than 100 existing drill holes before expanding to district-scale exploration, potentially reducing the need for extensive drilling while reducing cost, time, and environmental impact.
Understanding the purpose. Muon tomography may be especially effective at Lion because the dense sulfide minerals within the deposit contrast sharply with surrounding host rocks, making the mineralization highly detectable. The six-month imaging program will map more than 55 million cubic meters of rock and establish a calibrated density signature that can be used to identify similar deposits hidden deeper underground beyond the reach of conventional geophysical methods.
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 maki
The North American gold mining sector just got a major reshuffling. Equinox Gold Corp. (TSX/NYSE American: EQX) and Orla Mining Ltd. (TSX/NYSE American: ORLA) announced Tuesday a definitive all-share merger agreement that will create one of the continent’s largest gold producers, carrying an implied market capitalization of $18.5 billion and a combined annual production target of 1.1 million ounces of gold.
The deal is structured as an at-market combination in which each Orla shareholder will receive one Equinox common share plus a nominal cash payment of $0.0001 per share. Upon closing, existing Equinox shareholders will hold approximately 67% of the combined entity, with former Orla shareholders retaining 33% on a fully diluted, in-the-money basis. The transaction is expected to close in Q3 2026, pending shareholder votes anticipated for July and standard regulatory approvals in both Canada and Mexico.
Scale Built on Canadian Bedrock
The strategic logic here is hard to argue with. The combined company will be anchored by three long-life Canadian gold mines — Equinox’s Greenstone (Ontario) and Valentine (Newfoundland & Labrador) assets, alongside Orla’s Musselwhite mine in Ontario. Together, those three Canadian operations alone are projected to produce approximately 685,000 ounces in 2026, positioning the new Equinox Gold as the second-largest producer of Canadian gold.
The remaining production is spread across the U.S. (75,000 oz), Mexico (115,000 oz), and Nicaragua (225,000 oz), rounding out a six-mine North American portfolio that offers both operational diversification and jurisdictional focus.
A Growth Pipeline With Teeth
What separates this deal from a simple consolidation play is the organic growth runway. Management has outlined a clear path to more than 1.9 million ounces of annual gold production — an approximately 70% increase from the 1.1 million ounce baseline — driven entirely by internally funded North American expansion projects. Key growth contributors include the Valentine Phase 2 expansion in Canada, South Railroad and Castle Mountain in the U.S., and Los Filos and Camino Rojo underground in Mexico. All four projects carry established Mineral Reserves, reducing the execution risk that typically plagues expansion-stage narratives.
Combined Proven & Probable Mineral Reserves stand at 22.7 million ounces, with an additional 25.1 million ounces of Measured & Indicated Resources, giving the new entity a reserve base that rivals many of its senior peers.
Financial Firepower
Based on current analyst consensus estimates, the combined company is projected to generate roughly $1.4 billion in free cash flow and approximately $3.4 billion in EBITDA in 2026. Combined available liquidity is also pegged at $1.4 billion, providing the financial flexibility to fund growth without dilutive equity raises — a critical distinction in a capital-intensive sector.
What It Means for the Market
This merger is the latest signal that gold sector consolidation is accelerating, driven by elevated gold prices, rising development costs, and the premium the market increasingly assigns to scale and reserve quality. For investors tracking mid-tier and senior producers, the creation of a new $18.5 billion North American-focused gold company sets a new benchmark for what a fully integrated, internally funded growth story looks like in this cycle.
The transaction includes break fees of $475 million payable by Equinox and $250 million by Orla in certain termination scenarios, underscoring the commitment both boards have made to seeing this through.
Copper is back above $14,000 a metric ton and closing in on its all-time high, and the forces driving this rally are not short-term noise. For small and microcap investors, the more relevant conversation is what happens to the junior miners when the red metal runs.
Prices on the London Metal Exchange climbed as high as $14,106 a ton Tuesday — within striking distance of the all-time high of $14,527 set in January. The move comes despite a fragile geopolitical backdrop, as the ongoing Iran conflict continues to cloud the global growth outlook. Copper is up roughly 13% year-to-date, a run that few predicted given the macro headwinds that dominated early 2026.
Why Copper Is Running
The rally is being driven by a confluence of factors that show no signs of reversing. Chinese industrial demand has rebounded meaningfully after a sluggish start to the year, tightening physical supply pipelines. At the same time, Middle Eastern conflict has squeezed sulfur supplies — a key input in certain copper production processes — adding an upstream constraint that is putting additional pressure on an already tight market.
Supply disruptions at major copper mines across Africa and Indonesia have compounded the picture. Ore grades at legacy mines continue to decline — the average grade across the top 20 copper mines globally has fallen roughly 9% over the past two decades — and there are few meaningful new projects with near-term production timelines to offset that degradation.
Analysts are taking notice. A mining analyst at Scotiabank now projects the global copper market will run a deficit of 350,000 tons by 2027, a dramatic revision from a roughly balanced market forecast just two months ago. J.P. Morgan has a similar view, projecting a refined copper shortfall of approximately 330,000 metric tons in 2026. Goldman Sachs has labeled copper a core target of what it calls the AI and electrification supercycle — and the numbers support that framing. Each electric vehicle requires four to five times the copper of a traditional internal-combustion vehicle, and hyperscale AI data centers are adding millions of tonnes of incremental demand to forecasts through 2030.
The Junior Miner Angle
For ChannelChek’s audience, the large-cap copper story — Freeport, BHP, Southern Copper — is well-covered elsewhere. The more compelling conversation is at the junior and small-cap level, where price leverage to copper is most pronounced. When copper moves, junior miners tend to move harder and faster, because their economics are highly sensitive to spot prices.
Names like HudBay Minerals (HBM), Capstone Copper, and Foran Mining sit in the small-to-mid cap range and carry significant operational leverage to sustained copper pricing above $13,000 a ton. For investors seeking a basket approach to junior copper exposure, the Sprott Junior Copper Miners ETF (COPJ) tracks mid-, small-, and microcap companies across the copper mining universe and has gained significant traction as copper’s structural story has matured.
The broader thesis is straightforward: copper demand is structural, driven by electrification, AI infrastructure, and defense modernization. Supply is challenged, fragile, and years away from meaningful new capacity. That combination — tight supply meeting accelerating demand — is precisely the environment where smaller, earlier-stage copper producers and developers tend to generate the most asymmetric upside.
With the preliminary list of copper supply constraints only growing and prices pressing near records, this is a space worth watching closely.
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.
1Q 2026 financial results. InPlay Oil generated first-quarter 2026 adjusted funds flow (AFF) of C$30.1 million, or C$1.08 per share, above our estimate of C$27.4 million, or C$0.98 per share. Oil and natural gas sales revenue totaled C$88.4 million, ahead of our C$79.9 million forecast, due to stronger commodity prices. First quarter production averaged 18,337 barrels of oil equivalent per day (boe/d), modestly below our estimate. Compared to the prior year period, production, oil and natural gas sales revenue, operating income, and AFF increased 127.1%, 102.0%, 116.9%, and 79.6%, respectively. Average production more than doubled due to the successful integration of the company’s 2025 acquisition and strong results from its Pembina drilling program. Liquids production increased significantly, improving the overall production mix and supporting stronger corporate netbacks.
Outlook for the remainder of 2026. Supported by stronger oil prices, the Company increased its adjusted funds flow and free adjusted funds flow guidance to a range of C$143.0 to C$151.0 million, compared to previous expectations of C$122.0 million to C$129.0 million, while maintaining a disciplined production target of 18,600 to 19,200 boe/d and capital spending in the range of C$66.0 to C$74.0 million.
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.
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.
Building an integrated North American phosphate supply platform. First Phosphate is focused on extracting and purifying high-purity igneous phosphate for the lithium iron phosphate (LFP) battery industry. The company is advancing a vertically integrated platform in the Saguenay–Lac-Saint-Jean region of Quebec, targeting the eventual downstream production of purified phosphoric acid and cathode active material (CAM) used in LFP batteries. The company’s flagship Bégin-Lamarche Project is a high-purity igneous phosphate deposit that hosts a pit-constrained indicated mineral resource of 41.5 million tonnes grading 6.49% phosphorus pentoxide and a pit-constrained inferred mineral resource of 214.0 million tonnes grading 6.01%.
Growing Demand for LFP Batteries. The LFP battery market is expanding rapidly due to growing demand from electric vehicles, energy storage, artificial intelligence data centers, and industrial applications. Phosphate accounts for approximately 60% of LFP battery chemistry, while lithium accounts for only 4%. Because only about 5% of global phosphate deposits are igneous in nature, these high-purity deposits are valuable strategic assets for North American battery production.
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.
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.
Advancing Commercialization. Comstock continued to advance the commercialization of its solar panel recycling platform during the first quarter of 2026. The Company substantially completed installation of major equipment at its first industry-scale recycling facility in Silver Springs, Nevada, and continued commissioning activities ahead of expected operations in the second quarter.
Improved Financial Strength. Comstock significantly strengthened its balance sheet and liquidity through a successful oversubscribed equity offering. The Company ended the first quarter with approximately $53.0 million in cash and no remaining debt obligations. As of May 5, the company reported cash in the amount of $44.3 million.
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.
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.
Permitting Progress. Century Lithium announced significant progress in the federal permitting process for its wholly owned Angel Island Lithium Project in Nevada. The company submitted a Draft Mine Plan of Operations to the U.S. Bureau of Land Management and executed a Memorandum of Understanding with the agency to coordinate responsibilities during the National Environmental Policy Act review process. The submission marks an important milestone that advances the project toward a formal environmental analysis and broader regulatory review.
Next Steps. Century expects to receive initial feedback from the Bureau of Land Management within the next month as it works toward completion of the final Mine Plan of Operations. Angel Island has also been designated as a Transparency Project under the federal FAST 41 program, which supports streamlined permitting oversight. Alongside federal permitting efforts, Century Lithium continues to advance state and local permitting, engineering, infrastructure planning, and research initiatives aimed at improving project economics and attracting potential funding opportunities.
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.
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.
Drilling continues to reveal exceptional grades. Power Metallic Mines reported another strong set of drill results from the Lion Zone, highlighted by Hole PML 26-095, which returned 22 meters grading 11.46% copper equivalent, including two ultra high-grade intervals above 18% copper equivalent. The results reinforce the Lion Zone as an emerging polymetallic discovery with grades that exceed global copper mining averages.
New results confirm the growing scale of the deposit. The latest drilling confirms both the continuity and expansion potential of the deposit, with high-grade mineralization extending from near surface to depths of roughly 600 meters. This is important as the company advances toward its inaugural Mineral Resource Estimate expected in the third quarter of 2026, as strong continuity and scale could materially enhance future project economics and valuation.
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.
TORONTO, May 6, 2026 /CNW/ – Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to provide additional assays from its winter 2026 drill program.
Lion Zone MRE In-fill program
Figure 1 – Lion Zone MRE Drill holes reported in this news release (CNW Group/Power Metallic Mines Inc.)Figure 2 – Location of Drill holes reported in this news release (CNW Group/Power Metallic Mines Inc.)
Additional drill holes continued to add and refine the high-grade Lion Zone ahead of the 2026 Mineral Resource Estimate (MRE). The infill drill holes in this release cover approximately 560 m down plunge extent from the core of the Lion Zone (PML-26-095) to central southwestern Lion area (PML-26-069) (Figure 1). These holes highlight both the robust near surface mineralization as well as returning the deepest high-grade intercept at Lion. These holes will be incorporated into future mineral resource estimates and highlight the potential for open pit development.
Continued evolution and support of the modelled interpretation of the Lion Zone is evidenced by PML-26-095 which intersected the interpreted core of the Lion Zone with wide intersections of high-grade copper near surface with 22.00 m @ 11.46% CuEqRec1 including 6.50 m @ 18.59% CuEqRec1 and including 4.00 m @18.62%CuEqRec1 (Table 1).
Hole PML-26-069 tested the zone approximately 560 m south-southwest down plunge of PML-26-095 at a vertical depth of 600 m containing a moderate grade of 6.58 m @ 4.00% CuEqRec1 including a high-grade interval of 2.82 m @ 8.26% CuEqRec1.
Table 1: Lion Results – Winter 2026
Hole
From
To
Length
Au
Ag
Cu
Pd
Pt
Ni
CuEq Rec*
(m)
(m)
(m)
(g/t)
( g/t )
( %)
(g/t)
( g/t )
( %)
( %)
LION MRE
PML-26-069
674.18
680.76
6.58
0.36
7.76
1.43
4.31
0.61
0.12
4.00
Including
674.18
677.00
2.82
0.48
13.40
2.94
9.67
1.40
0.19
8.26
PML-26-095
155.00
177.00
22.00
2.82
23.37
4.92
4.79
5.12
0.27
11.46
Including
155.00
159.00
4.00
0.60
44.95
8.62
4.76
18.18
0.45
18.62
And Including
160.50
167.00
6.50
1.15
42.88
9.41
11.69
5.98
0.56
18.59
And Including
172.00
175.00
3.00
17.12
11.79
3.41
2.27
0.04
0.09
17.12
Note: Reported length is downhole distance; true width based on model projections is estimated as 85% of downhole length
1Copper Equivalent Rec Calculation (CuEqRec1) CuEqRec represents CuEq calculated based on the following metal prices (USD) : 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and recovered grades based on recent locked-cycle metallurgical recoveries by SGS Canada Inc (see press release Jan 21, 2006).
Exploratory Drilling – East of Tiger
Drill holes PML-26-065, and -076, located to the east of Tiger (Figure 2), were designed to test modeled anomalies derived from the 2025 airborne VTEM survey. Both holes hit anomalous mineralization of sub-economic grades including 1 m of 0.19% Cu at 39.5-40.5 m and 1 m of 0.81 g/t Pt at 96.5-97.5m (PML-26-065). PML-25-076 displayed Lion style assemblages of Au-Cu-Ni-Pd-Pt from 207-233.5 m, averaging 0.1% CuEq.
Power Metallic is expecting more assay results from the MRE drilling and regional exploration in the weeks to come.
“The Lion Zone continues to deliver high grade intersections that are more than an order of magnitude beyond the grade of the average producing copper mine. Hole PML-26-095 represents our second-best intersection to date. Results demonstrate that both grade and thickness are being maintained and, in places, increasing as we advance toward our inaugural Mineral Resource Estimate in the third quarter of 2026. Lots more to come!” commented Terry Lynch, CEO & Director.
Qualified Person
Joseph Campbell, P. Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.
About Power Metallic Mines Inc.
Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)–a high–grade Copper–PGE, Nickel, gold and silver system–toward Canada’s next polymetallic mine.
On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~330 km² and roughly 50 km of prospective basin margins.
Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs.
Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025.
It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia’s Jabal Said Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.
For further information, readers are encouraged to contact: Power Metallic Mines Inc. The Canadian Venture Building 82 Richmond St East, Suite 202 Toronto, ON
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
QAQC and Sampling
GeoVector Management Inc (“GeoVector”) is the Consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.
All core in this news release is either HQ or NQ sized core. Drill core is re-fitted and measured. Geotech on core includes photographs (wet & dry), rock quality index, magnetic susceptibility, conductivity, and recovery estimates. Core is logged for lithology, mineralogy, and structural features, and sample intervals are delineated and tagged.
Sampled core is mechanically sawn, and half-core is retained for future reference. GeoVector’s QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. QAQC and data validation was performed, and no material errors were observed.
All samples were submitted to and analyzed at Activation Laboratories Ltd (“Actlabs”), a commercial laboratory independent of Power Metallic with no interest in the Project. Actlabs is an ISO 9001 and 17025 certified and accredited laboratories. Samples submitted through Actlabs are run through standard preparation methods and analysed using RX-1 (Dry, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 μm) preparation methods, and using 1F2 (ICP-OES) and 1C-OES – 4-Acid near total digestion + Gold-Platinum-Palladium analysis and 8-Peroxide ICP-OES, for regular and over detection limit analysis. Pegmatite samples are analyzed using UT7 – Li up to 5%, Rb up to 2% method. Actlabs also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.
This message contains certain statements that may be deemed “forward-looking statements” concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “indicates,” “opportunity,” “possible” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. 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, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others; the timing for various drilling plans; the ability to raise sufficient capital to fund its obligations under its property agreements going forward and conduct drilling and exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company’s plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.
SOURCE Power Metallic Mines Inc.
For further information on Power Metallic Mines Inc., please contact: Duncan Roy, VP Investor Relations, 416-580-3862, [email protected]
When a subsidiary of one of the world’s most respected gold miners pivots to phosphate, the market listens. That’s exactly what happened Monday when Avenir Minerals Limited — established as a subsidiary of Agnico Eagle Mines — announced a definitive agreement to acquire Fox River Resources Corporation (OTCQX: FXRVF) in an all-cash deal valued at approximately C$94.3 million.
Fox River shareholders will receive C$1.10 per share, representing a 20% premium to the stock’s 30-day volume-weighted average price as of May 1, 2026. The Fox River board unanimously recommended shareholders vote in favor of the transaction, and insiders holding roughly 23.5% of shares outstanding have already signed voting support agreements. Asset manager Adrian Day Asset Management, controlling approximately 14.7% of shares, has also committed to vote in favor. The deal is expected to close in early Q3 2026, pending court and shareholder approval.
The target asset is the Martison Phosphate Project near Hearst, Ontario — a high-grade, large-scale igneous phosphate deposit designed as a vertically integrated operation capable of producing domestic phosphate fertilizers as well as purified phosphoric acid (PPA) for the lithium iron phosphate (LFP) battery industry. A preliminary economic assessment completed in April 2022 underpins the project’s economic viability.
Avenir’s rationale is straightforward: secure a platform-level entry into critical minerals with scale, infrastructure proximity, and dual-market optionality. The Martison project sits at the intersection of two secular demand drivers — food security and the energy transition — and that combination is increasingly rare and valuable.
The Ripple Effect: First Phosphate Catches a Bid
The Fox River deal is already sending a signal to the broader igneous phosphate sector. First Phosphate Corp. (CSE: PHOS | OTCQX: FRSPF) — the most advanced pure-play igneous phosphate developer in North America — is trading up roughly 16% today as investors connect the dots.
First Phosphate is developing the Bégin-Lamarche Property in Saguenay–Lac-Saint-Jean, Quebec, a high-grade igneous phosphate deposit hosting 41.5 Mt Indicated at 6.49% P2O5 and 214 Mt Inferred at 6.01% P2O5, targeting an estimated 24-year mine life. Unlike sedimentary phosphate, igneous deposits produce low-impurity phosphate — the preferred input for battery-grade PPA used in LFP cathode production. The company recently completed final warrant exercises generating roughly C$3 million in gross proceeds and carries over C$20 million in cash with no debt.
The broader macro backdrop gives this deal its urgency. LFP batteries now account for roughly 60% of global battery chemistry deployment, up from just 20% in 2020. China controls nearly all of the world’s LFP production capacity. With phosphate now on the U.S. critical minerals list and North American governments actively funding domestic battery supply chains, high-quality igneous phosphate deposits outside of China are becoming strategic assets — not just mining plays.
The Avenir-Fox River transaction is a data point that validates the thesis. A major mining conglomerate, known for capital discipline, deploying nearly C$100 million into an early-stage igneous phosphate project signals institutional conviction that the phosphate supply gap is real and the window to secure quality assets is narrowing.
First Phosphate’s 16% move today reflects how quickly institutional sentiment can shift when a credible acquirer puts real capital behind an asset class — and igneous phosphate in Canada just got a very public vote of confidence.
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.
High-grade drill results confirm core mineralization. Power Metallic reported significant intercepts from the Lion Zone, including 17.45 meters at 9.47 percent copper equivalent in Hole PML 26-094 and 39 meters at 5.66 percent in Hole PML 26-101, both of which included higher grade sub-intervals. The assay results highlight the strength and continuity of near-surface mineralization within the core of the deposit.
Infill drilling supports resource growth and development potential. The Winter 2026 program is successfully defining mineralization across approximately 200 meters of strike length and supports the existing geological model. The results are expected to contribute to a 2026 Mineral Resource Estimate and may help advance portions of the deposit toward an Indicated classification suitable for potential open-pit mining.
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.
