Category: Basic Materials

Gold Plunges in Sudden Selloff as Investors Scramble for Liquidity

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Gold tumbled sharply Thursday in a sudden wave of selling that swept across financial markets, as traders liquidated metal positions to cover mounting losses in equities. The sharp decline underscores how even traditional safe-haven assets can be caught in broader risk-off moves when volatility spikes.

Bullion fell as much as 4.1% during the session before trimming some losses, while silver plunged as much as 11% in one of its steepest drops in recent memory. Copper also slid, declining nearly 3% on the London Metal Exchange. The move came amid renewed pressure on U.S. technology stocks, where concerns resurfaced about whether massive artificial intelligence investments will generate the expected returns.

As equity markets weakened, some investors were forced to raise cash quickly. In moments of intense stress, even defensive assets such as gold can be sold to meet margin calls or offset losses elsewhere. Rather than serving purely as a haven, gold briefly became a source of liquidity.

The speed of the decline suggested systematic and momentum-driven selling. Analysts noted that algorithmic strategies and commodity trading advisors likely accelerated the drop as key technical levels gave way. Such strategies often amplify moves in either direction, particularly when market sentiment shifts abruptly.

Part of Thursday’s pressure also stemmed from profit-taking. Gold and silver have been on a powerful rally since 2024, with momentum-driven buying pushing both metals to repeated record highs. That advance stalled abruptly late last month, when gold posted its largest one-day drop in more than a decade and silver recorded a historic plunge. Since then, both metals have traded in a volatile but relatively tight range, lacking fresh catalysts to sustain the upward momentum.

The latest decline does not necessarily signal the beginning of a sustained downtrend. Instead, it highlights heightened volatility in a market where positioning had become crowded. When sentiment-driven trades unwind, price swings can be exaggerated.

Despite the recent rout, many major banks remain bullish on gold’s longer-term outlook. Analysts continue to point to structural drivers that supported the earlier rally, including persistent geopolitical tensions, concerns about central bank independence, and a broader shift by some investors away from traditional assets such as currencies and sovereign bonds. Several institutions maintain ambitious year-end targets for bullion, arguing that underlying demand remains intact.

Silver faced additional pressure from options-related activity tied to the iShares Silver Trust, the world’s largest silver exchange-traded fund. Investors who had previously accumulated bullish positions near recent highs were seen selling contracts, potentially intensifying downside momentum.

Market participants are now turning their attention to upcoming U.S. economic data, including core consumer price figures, for signals about the Federal Reserve’s interest-rate trajectory. Precious metals typically benefit from lower borrowing costs, as they do not offer interest payments and tend to compete with yield-bearing assets.

By early afternoon in New York, spot gold was down nearly 3% at $4,938.38 an ounce. Silver had dropped more than 9% to $76.34, while platinum and palladium also declined. The Bloomberg Dollar Spot Index edged slightly higher.

The episode serves as a reminder that in periods of extreme market stress, no asset class is immune from volatility. Even gold, long regarded as a financial safe haven, can fall sharply when liquidity becomes the priority.

InPlay Oil (IPOOF) – Updating 2025 Estimates; Bond Offering Completed

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Thursday, February 12, 2026

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 of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.

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.

Q4 2025 Estimate Revisions. We are adjusting Q4 estimates to reflect softer commodity pricing, with WTI averaging $59.10 per barrel versus our prior $60.00 estimate and wider differentials reducing realized Canadian pricing. We are lowering our revenue, adjusted funds flow (AFF), and AFF per share estimates to C$80.7 million, C$29.1 million, and C$1.04, respectively, from C$88.8 million, C$35.8 million, and C$1.28. Our production estimate remains unchanged at 19,419 boe/d.

FY 2025 Estimate Revisions. We are modestly lowering our full-year revenue, AFF, and AFF per share estimates to reflect lower fourth-quarter estimates. We now forecast revenue of C$290.6 million, AFF of C$112.9 million, and AFF per share of C$4.58, down from C$298.7 million, C$119.5 million, and C$4.85, respectively. Our outlook continues to assume average 2025 production of approximately 17,000 boe/d. We will update our 2026 estimates following the release of InPlay’s 2026 guidance.


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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. 

Aurania Resources (AUIAF) – A Growing Portfolio of Precious Metals and Critical Mineral Projects

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Wednesday, February 11, 2026

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.

Advancing a multi-project portfolio. Aurania is advancing two projects in France: a gold exploration project in Brittany and a nickel recovery project in Corsica. Aurania is also evaluating the recovery of nickel and cobalt from the waste tailings of the former Balangero asbestos mine near Turin, Italy. The projects in Corsica and Italy offer significant environmental benefits for the nearby communities, along with the economic benefit of recovering valuable critical metals. In Ecuador, the company is having productive discussions with government officials to advance its project while pursuing potential strategic partnerships.

Exploration Licenses in Brittany. Aurania, through a wholly owned French subsidiary, was granted three exploration licenses for polymetallic metals, including gold, in the Brittany Peninsula of northwestern France. The three license areas, Epona, Taranis, and Belenos, are in southern Brittany and northern Pays de la Loire in France. Aurania is in the process of identifying all the landowners to seek their support for exploration. 


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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 – Comstock Metals Awarded Tax Abatement From the Nevada Governor’s Office of Economic Development

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Research News and Market Data on LODE

Virginia City, Nevada, February 9, 2026 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) and its subsidiary, Comstock Metals LLC (“Comstock Metals”), a leader in the responsible recycling of end-of-life solar panels and the only certified, zero-landfill solar recycling solution in North America, today announced that it has received tax abatements from the Nevada Governor’s Office of Economic Development (“GOED”).

GOED awarded approximately $900,000 in tax abatements that will apply to Comstock Metals’ first-of-its-kind zero-landfill, solar panel recycling and critical metal production facility that is scheduled to commence production in the second quarter of 2026, with the initial recycling capacity of approximately 3.3 million panels or approximately 100,000 tons of recycled material per year. Comstock Metals recently received all its remaining permits from the State of Nevada for its breakthrough solar panel recycling processes located in Silver Springs, in northern Nevada and is currently operating in its pilot facility.

In connection with the abatement program, Comstock Metals will create at least 43 diverse, well-paying jobs and make over $12 million in capital investments within the first year of operation. Over the 10-year abatement period, it is estimated that this operation will result in more than $7 million in net new Nevada tax revenues.

“We are thrilled with GOED’s support and recognition of the value that Comstock Metals brings in terms of economic, environmental, and community benefits, as this remarkable, first of its kind clean technology business is anchored in Nevada.  We are positioned to serve the entire southwest region of the United States and keep these hazardous wastes out our landfills and our ecosystem,” said Corrado De Gasperis, Comstock’s Executive Chairman and Chief Executive Officer. “Securing and recycling these panels enables an even bigger second phase where we plan to cleanly refine and produce these metals. This includes silver, copper, silicon, and many other critical metals that establishes us as leaders in the domestic electrification metals supply chain.”

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics.

To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
[email protected]

For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
[email protected]

Forward-Looking Statements 

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “forecast,” “seek,” “target,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: expectations regarding the completion of the proposed securities offering, future market conditions; future explorations or acquisitions, divestitures, spin-offs or similar distribution transactions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: sales of, and demand for, our products, services, and/or properties; industry market conditions, including the volatility and uncertainty of commodity prices; the speculative nature, costs, regulatory requirements, and hazards of natural waste resource identification, exploration, development, availability, recycling, extraction, processing, and refining activities, including operational or technical difficulties, and risks of diminishing quantities or insufficiency of grades of qualified resources;; changes in our planning, exploration, research and development, production, and operating activities; research and development, exploration, production, operating, and other variable and fixed costs; throughput rates, margins, earnings, debt levels, contingencies, taxes, capital expenditures, net cash flows, and growth; restructuring activities, including the nature and timing of restructuring charges and the impact thereof; employment and contributions of personnel, including our reliance on key management personnel; the costs and risks associated with developing new technologies; our ability to commercialize existing and new technologies; the impact of new, emerging, and competing technologies on our business; the possibility of one or more of the markets in which we compete being impacted by political, legal, and regulatory changes, or other external factors over which we have little or no control; the effects of mergers, consolidations, and unexpected announcements or developments from others; the impact of laws and regulations, including permitting and remediation requirements and costs; changes in or elimination of laws, regulations, tariffs, trade, or other controls or enforcement practices, including the potential that we may not be able to comply with applicable regulations; changes in generally accepted accounting principles; adverse effects of climate changes, natural disasters, and health epidemics, such as the COVID-19 outbreak; global economic and market uncertainties, changes in monetary or fiscal policies or regulations, the impact of terrorism and geopolitical events, volatility in commodity and/or other market prices, and interruptions in delivery of critical supplies, equipment and/or raw materials; assertion of claims, lawsuits, and proceedings against us; potential inability to satisfy debt and lease obligations, including because of limitations and restrictions contained in the instruments and agreements governing our indebtedness; our ability to raise additional capital and secure additional financing; interruptions in our production capabilities due to equipment failures or capital constraints; potential dilution from stock issuances, recapitalization, and balance sheet restructuring activities; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to maintain the listing of our securities on any securities exchange or market; and our ability to implement additional financial and management controls, reporting systems and procedures and comply with Section 404 of the Sarbanes-Oxley Act, as amended. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

InPlay Oil (IPOOF) – InPlay Broadens Capital Access with Israeli Bond Issuance

Posted on by [email protected]


Friday, February 06, 2026

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 of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.

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.

Bond offering details. InPlay announced a senior unsecured bond issuance in Israel for up to 550 million New Israeli Shekels (NIS), or approximately C$241 million. Three amortization payments of 6% of the principal amount of the bonds will be due on December 15 of 2027, 2028, and 2029, and the fourth and last amortization payment of the remaining 82% will be due on December 15, 2030. The offering is expected to close on or around February 12, 2026, subject to certain conditions.

Expanding capital market access. Beyond the financing itself, we view the transaction as a strategic expansion of InPlay’s funding base outside of Canada. InPlay received interest from over 40 institutional investors in the oversubscribed offering and, to date, has accepted tenders for NIS 550 million of the bonds. The transaction further strengthens InPlay’s diversified financing sources while reducing its overall cost of capital.


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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. 

Kodiak Gas Services Expands Into Distributed Power With DPS Acquisition

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Kodiak Gas Services, Inc. (NYSE: KGS) announced it has entered into a definitive agreement to acquire Distributed Power Solutions, LLC (DPS) in a transaction valued at approximately $675 million, marking a strategic expansion beyond traditional contract compression into the rapidly growing distributed power market. The acquisition, which includes $575 million in cash and roughly $100 million in Kodiak equity, is expected to close in early April 2026, subject to regulatory approvals and customary conditions.

DPS is a leading provider of turnkey, scalable, and highly reliable distributed power solutions, serving customers across energy, industrial, and digital infrastructure end markets. Its fleet includes approximately 384 megawatts of modern generation capacity powered by Caterpillar reciprocating engines and turbines, positioning it as a premium platform in a market increasingly constrained by grid limitations.

The strategic rationale for the deal centers on strong operational and commercial synergies. Kodiak brings deep expertise in operating and maintaining large-horsepower equipment, supported by more than 700 Caterpillar-certified technicians, advanced fleet monitoring systems, and embedded maintenance processes. Management expects these capabilities to enhance the reliability and uptime of DPS’s generation assets while supporting future fleet expansion.

Financially, the acquisition is expected to be immediately accretive to earnings and discretionary cash flow per share. The transaction values DPS at approximately 7.4x estimated 2026 adjusted EBITDA, a compelling multiple given the business’s contracted revenue profile and exposure to high-growth end markets. Notably, DPS has secured long-term contracts, including roughly 100 megawatts serving a large data center operator with demonstrated 99.9% reliability for over a year.

The deal also expands Kodiak’s customer reach. While the company has historically focused on upstream and midstream oil and gas customers, DPS adds exposure to digital infrastructure clients, including data centers increasingly adopting “bring-your-own-power” solutions. With power grid constraints intensifying and data center demand accelerating, distributed power is emerging as a primary, long-term energy solution rather than a temporary backup option.

Kodiak President and CEO Mickey McKee described distributed power as a natural extension of the company’s core competencies, noting that the acquisition enhances Kodiak’s ability to deliver critical energy infrastructure while opening new avenues for growth. DPS President Scott Milligan echoed that sentiment, highlighting the cultural alignment between the two companies and the opportunity to scale DPS’s high-quality fleet on a larger operational platform.

From a strategic perspective, the transaction positions Kodiak at the intersection of energy reliability and digital growth. As data centers, industrial users, and energy customers seek faster deployment and greater control over power supply, the combined Kodiak-DPS platform is well positioned to meet rising demand.

With an experienced management team joining Kodiak and a strong backlog of contracted cash flows, the acquisition represents a meaningful step in Kodiak’s evolution from a pure-play compression provider into a broader provider of mission-critical energy infrastructure solutions.

Comstock (LODE) – Operational Update Following Webinar

Posted on by [email protected]


Wednesday, February 04, 2026

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.

Industry-scale facility fully permitted. Comstock has received all required regulatory approvals for its first industry-scale solar recycling facility in Silver Springs, Nevada, including the Written Determination Permit and the Air Quality Permit from the Nevada Division of Environmental Protection. The permits cover the full scope required to commission a facility designed to process more than 3.0 million panels per year, representing up to 100 thousand tons of end-of-life solar materials. Installation, testing, and commissioning are expected to occur during the first quarter of 2026.

Unit economics. Comstock’s recycling process is certified as a zero-landfill solution and designed to handle all major solar panel types, eliminating contaminants and recovering aluminum, glass, and metal-rich tailings. Comstock estimates that facility-level economics reflect a combination of upfront processing fees and proceeds from recovered materials, resulting in revenue of ~$750 per ton against all-in operating costs of roughly $150 per ton. Based on current operating data, profitability is achievable at relatively low utilization levels.


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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. 

Alliance Resource Partners (ARLP) – Q4 and FY2025 Financial Results Exceed Expectations

Posted on by [email protected]


Wednesday, February 04, 2026

ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.

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.

Fourth quarter and full year 2025 financial results. Alliance reported adjusted fourth quarter revenue, adj. EBITDA and earnings per unit (EPU) of $535.5 million, $191.1 million, and $0.64, respectively, compared to $590.1 million, $124.0 million, and $0.12 during the prior year period. We had forecast revenue, adj. EBITDA and EPU of $560.1 million, $182.9 million, and $0.57, respectively. While the quarter was impacted by lower coal sales, which impacted revenue, operating expenses were lower, and net income on equity method investments exceeded our estimate. Full year 2025 adj. EBITDA and EPU of $698.7 million and $2.40, respectively, were above our estimates of $690.5 million and $2.33, respectively.

Management guidance for 2026. Total coal sales are expected to be in the range of 33.75 million to 35.25 million tons, while the sales price of coal per ton is expected to be in the range of $54.00 to $56.00. Segmented adjusted EBITDA expense per ton sold is expected to be $37.00 to $39.00. ARLP has committed and priced 32.2 million tons of its 2026 sales volume, including 30.5 million tons for the domestic market and 1.7 million tons for the export market.


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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 – Nicola Mining Provides An Update For Ongoing Exploration At It’s Flagship New Craigmont Copper Project

Posted on by [email protected]

Research News and Market Data on HUSIF

February 3, 2026

News Releases

VANCOUVER, BC, February 3, 2026 – Nicola Mining Inc. (the “Company” or “Nicola”) (TSX: NIM) (OTCQB: HUSIF) (FSE: HLIA) is pleased to provide an update for the 2025 Exploration Diamond Drilling Program (the “2025 Program”) at its New Craigmont Copper Project (“New Craigmont”), near Merritt, BC.

Exploration Summary

Three targets (Figure 1) were drilled in Nicola’s 2025 program: MARB-CAS, Draken and a new target at WP/West Craigmont identified by ALS Geoanalytics[1]. The purpose of the 2025 Program was to collect geological data for target development for a potential porphyry copper system at New Craigmont.[1]

  • Seven holes totaling 3347m were drilled (Table 1), logged and sampled.
  • Over 2600 samples (including QC samples) were submitted to AGAT Labs for multi-element analysis (results pending). Results from the analyses will be interpreted by Nicola and used for porphyry vectoring.
  • Eleven samples representative of lithology and alteration were selected and sent to Vancouver Petrographic for thin section petrography to help classify rock types and alteration mineral assemblages. This contributes to understanding the geological framework of the property.
  • Over 5000 samples selected from 10 holes drilled since 2016 across the property and analyzed on site with a portable X-Ray fluorescence (pXRF) and short-wave infrared (SWIR). This data is a component of the Company’s exploration target development program designed to identify vectors to a mineralized porphyry centre.

Table 1: 2025 Drill Holes

Figure 1. 2025 Drill Hole Collar Locations

Summary of Findings and Interpretations

Drill core observations from 2025 support the presence of a porphyry system at Draken (Figure 2). Holes DR-25-001 and DR-25-002 show downhole zonation from pyrite-chalcopyrite to chalcopyrite to chalcopyrite-molybdenite. Outcrop observations are consistent with drill hole observations. The weak mineralization of chalcopyrite with minor bornite and rare molybdenite are associated with classic porphyry alteration assemblages of quartz, epidote, potassium feldspar, chlorite, and sericite. Mineralization is associated with quartz veinlets with varying amounts of potassium feldspar, chlorite, and sericite. Mineralization and alteration are hosted in the Guichon Border Phase diorite. Observations demonstrate the presence of copper and molybdenite in the hydrothermal system and suggest proximity to a porphyry centre. (figures 3 and 4). Nicola’s observations and interpretation of Draken being associated with a porphyry system are consistent with the finding of the UBC MDRU study (see below).

Copper results from MARB are encouraging with MB-25-008 returning 9.5m of 0.39% Cu from 220.5m to 230.0m (Figure 5 and Table 2). This interval consists of a Nicola Group basalt fragmental package with mixed patches of intercalated sandstone, siltstone and fragmental units and a porphyritic andesitic section within. A number of well-preserved quartz-K-feldspar-biotite dykes are enveloped by quartz diorite dykes. Alteration includes pervasive quartz-chlorite with fine-grained biotite. Mineralization consists of disseminated magnetite, trace disseminated pyrite. Fine-grained chalcopyrite, along with pyrite, occurs within quartz stringers with magnetite and chlorite. Nicola geologists interpret the mineralization occurring at MARB to be associated with the skarn at Embayment and CAS. More drilling will be required to demonstrate continuity.

The third target, at WP/West Craigmont (hole (WP-25-007) did not encounter anything visually more indicative of a porphyry system than Draken, leaving Draken as the most promising target on the west side of the property.

Figure 2. Conceptual interpretation of Draken showing 2025 drill holes superimposed on a porphyry system. (See Figure 1 for cross-section location.)

Figure 3. DR-25-001, 111.45m
Bornite ± chalcopyrite ± magnetite assemblages signal hypogene copper mineralization at high temperature.

Figure 4. DR-25-002, 232.50m
Molybdenite with chalcopyrite indicates proximity to a porphyry core or thermal centre.

Figure 5. Cross-section of MARB-CAS showing 2024 and 2025 drill holes. (See Figure 1 for cross-section location)

Table 2: 2025 Significant Copper Intercepts

Hole IDFrom (m)To (m)Length (m)Cu (%)
MB-25-008220.52309.50.39
     
 220.5221.250.750.12
 221.25222.61.350.12
 222.62241.40.81
 22422510.51
 22522610.25
 22622710.63
 22722810.10
 22822910.39
 22923010.46

Ongoing UBC MDRU Study

The University of British Columbia’s (UBC) Mineral Deposit Research Unit (MDRU) has been working on province-wide porphyry study, of which the New Craigmont project is a component. One of the objectives is to investigate whether the Craigmont skarn is related to porphyry-type mineralization in the Guichon Creek batholith. Findings suggest Craigmont is a porphyry related skarn deposit tied to magmatism within the Guichon Creek border phase. Another objective is the use epidote trace element chemistry as a porphyry indicator mineral for vectoring. Alteration types and epidote chemistry indicated a nearby porphyry centre and distinguish it from a distal footprint of the Highland Valley porphyry systems. Geochemistry indicated the best prospects for a porphyry centre are West Craigmont (where Draken is located) and deep to the east of the Craigmont mine (where the ZTEM anomaly is located – see drilling plans for 2026 below).

Recommendations for Further Work

  • Continue the ongoing process of building a New Craigmont database with all current and historic exploration data. This is a mandatory before creating a model.
  • Create a 3D geological model for New Craigmont. This is a necessary step to develop more precise target concepts and will be mandatory for resource development.
  • Process, interpret 2025 pXRF and SWIR data (this will be carried out by ALS Geoanalytics) and integrate it into target concepts.
  • Continue to collect pXRF and SWIR data and have it analysed to contribute to more detailed modeling and targeting.
  • Drill a previously identified, but untested target, Jotun, north of the old mine (see below).
  • Continue to develop a target concept for Draken and drill test.

Diamond Drilling Plans for 2026

In 2022 a property-wide Z-axis Tipper Electromagnetic (ZTEM) survey[2] was conducted for Nicola by Geotech LTD. Interpretations of the data show a large resistivity anomaly directly north of the historical open pit (Figure 6). Drilling in 2023 (NC23-005 and NC23-006) to the south of the anomaly encountered encouraging porphyry-style alteration[3]. Nicola has termed this the “Jotun” (pronounced Yoten) target. Jotun is an exciting target that could represent the causative intrusion for the high-grade copper skarn that was historically mined at Craigmont. Nicola is planning a long hole for 2026 to test this hypothesis.

Figure 6. Cross section (and plan view) of the Jotun target: untested ZTEM resistivity high.

Quality Assurance and Quality Control (QA/QC)

Nicola maintains tight sample security, and quality assurance and quality control (QA/QC) for all aspects of its exploration program. Geological work, and sample selection and preparation for transport was supervised by Nicola’s Senior Geologist Vicente García (GIT) and VP Exploration Will Whitty (P. Geo.), who were on site the entire program. All NQ and HQ-sized core samples from 2025 were logged, photographed and sampled on site by staff or consulting geologists and geotechnicians. Sample sizes ranged from approximately 0.5m – 2m in length depending on geological features. Core was sawed in half lengthwise, with one half going into poly sample bags and the other half going back into the box to be stored on site. Sample identification tags with unique sample numbers were placed in each bag, and bags were zip-tied closed. There were no markings on the bag or tag identify the location of the sample. The samples were packed into rice bags and shipped to AGAT Laboratories Ltd.’s ISO/IEC 17025:2017 and ISO 9001:2015 accredited lab in Calgary, AB for preparation (crushing and pulverizing) and analyzed for 34 elements by 4 acid digestion with ICP-OES (method code 201-070). Company protocols include the insertion of quality control (QC) samples consisting of Certified Reference Materials (CRMs), blanks and duplicates into the sample stream at a rate of 1 of each control sample for every 20 regular samples.

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, Exploration for the Company.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the TSX-V 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 BC-based 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 property that hosts historic high-grade copper mineralization and 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.

On behalf of the Board of Directors

“Peter Espig”  
Peter Espig
CEO & Director

For additional information

Contact:  Peter Espig
Phone: (778) 385-1213
Email: [email protected]
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.

Trump’s $12 Billion Mineral Stockpile Could Reshape the Small-Cap Mining Sector

Posted on by [email protected]

The U.S. government is making its most aggressive move yet to secure critical mineral supply chains—and small-cap mining stocks may be the biggest beneficiaries.

President Donald Trump is preparing to launch Project Vault, a first-of-its-kind $12 billion strategic stockpile of critical minerals designed to break America’s dependence on China. Modeled after the Strategic Petroleum Reserve, the initiative will target minerals essential to modern industry: rare earths, cobalt, gallium, nickel, and antimony—materials that power electric vehicles, semiconductors, defense systems, jet engines, and consumer electronics.

For investors focused on small-cap and emerging resource companies, this announcement represents more than a policy shift. It’s a potentially transformative multi-year demand catalyst.

Why Project Vault Changes the Game

Project Vault pools $10 billion in financing from the U.S. Export-Import Bank with $1.67 billion in private capital, creating a centralized procurement system that will buy and store minerals on behalf of major manufacturers including General Motors, Boeing, Stellantis, Google, and GE Vernova. Three global commodities trading firms—Hartree, Traxys, and Mercuria—will manage sourcing and logistics.

Unlike traditional defense-focused stockpiles, this program explicitly targets civilian supply chains. It offers participating manufacturers two critical advantages: price stability and guaranteed access during supply disruptions. Companies commit to purchasing materials at a predetermined price and can later buy them back at the same cost—a mechanism designed to eliminate volatility and enable long-term production planning.

The implications for upstream producers are significant. Government-backed demand provides the certainty mining companies need to justify capital investment, accelerate development timelines, and secure project financing.

The Small-Cap Advantage

Markets responded immediately. Shares of USA Rare Earth, Critical Metals Corp., United States Antimony, and NioCorp Developments all surged following the announcement, signaling investor recognition of a fundamental truth: supply security requires actual production, not just strategic intent.

This creates a disproportionate opportunity for small-cap miners.

Large diversified mining companies already generate stable cash flow from multiple commodities. Smaller miners, by contrast, often operate single-asset projects concentrated in exactly the minerals Project Vault prioritizes. For these companies, government-backed offtake agreements and improved access to financing could fundamentally alter project economics—transforming marginal assets into commercially viable operations.

Put simply: Project Vault de-risks production at the precise stage where small mining companies struggle most—the transition from exploration to commercial scale.

The timing reflects geopolitical reality. China’s export restrictions last year exposed the brittleness of Western supply chains, forcing some U.S. manufacturers to curtail production. Project Vault is Washington’s financial response—a clear signal that the federal government will actively intervene to reshape critical mineral markets.

The U.S. has also established cooperation agreements with key allies including Australia, Japan, and Malaysia, reinforcing a non-China supply network. This geopolitical alignment strengthens the long-term investment case for North American and allied-jurisdiction producers, who now benefit from both policy support and structural demand shifts.

Project Vault is more than a stockpile—it’s a demand guarantee underwritten by the U.S. government. For small-cap investors, this could mark the start of a sustained revaluation cycle for select critical mineral producers, particularly those nearing production or capable of supplying rare earths and strategic metals domestically.

The framework changes the risk-reward equation. Companies with credible projects in favorable jurisdictions now have a potential counterparty whose commitment extends beyond market cycles. That’s a fundamentally different investment environment than what existed even six months ago.

Bottom Line

Selectivity remains essential—not every critical mineral stock will benefit equally. But the broader narrative is unmistakable: critical minerals have moved from niche sector to national priority, and the market is already repricing accordingly.

For investors positioned in quality small-cap producers, Project Vault may prove to be the catalyst they’ve been waiting for.

Gold and Silver Suffer Historic Selloff as Crowded Metals Trade Unravels

Posted on by [email protected]

Gold and silver prices suffered a brutal reversal on Friday, marking one of the sharpest pullbacks in modern precious metals trading as a crowded bullish trade rapidly unwound. Gold futures plunged as much as 11%, briefly falling below $4,800 per ounce before stabilizing near $4,900, while silver collapsed more than 25% in its steepest one-day decline on record. The violent sell-off followed months of near-parabolic gains that had pushed both metals to historic highs and attracted increasingly speculative positioning.

The sudden reversal unfolded amid a broader risk-off move across global markets. Equities sold off sharply after President Trump nominated former Federal Reserve governor Kevin Warsh to succeed Jerome Powell as Fed chair, a decision markets interpreted as potentially restoring a more hawkish tilt to monetary policy. The US dollar strengthened in response, with the dollar index rising nearly 1%, adding pressure to metals that had benefited heavily from dollar weakness earlier this year.

Strategists largely agreed that the sell-off, while extreme, was not entirely unexpected. “The higher metals rise, the more likely 2026 will mark enduring price peaks — notably for silver — if history is a guide,” Bloomberg Intelligence senior commodity strategist Mike McGlone wrote, pointing to the speed and magnitude of the rally as warning signs. Gold and silver had become emblematic of the so-called “debasement trade,” fueled by expectations of aggressive rate cuts, fiscal expansion, and declining confidence in fiat currencies.

Ole Hansen, head of commodity strategy at Saxo Bank, warned earlier this week that the metals rally was entering a “dangerous phase.” According to Hansen, volatility itself became the catalyst for collapse. As price swings intensified, liquidity thinned, making the market vulnerable to forced selling. Once prices began to fall, leveraged positions were quickly unwound, accelerating losses and overwhelming buyers.

Gold’s rally had been particularly striking. Just days earlier, prices surged past $5,500 per ounce after the Federal Reserve held rates steady and Chair Jerome Powell offered limited resistance to a weakening dollar. Goldman Sachs had recently reiterated a bullish year-end target of $5,400, citing increased participation from private-sector investors and sustained demand for inflation hedges. That optimism evaporated quickly as sentiment flipped from fear of missing out to fear of being last out.

Silver’s decline was even more dramatic. After topping $120 per ounce earlier this week, the metal fell to around $87, still up roughly 28% year to date but far removed from its peak. Silver’s dual role as both a monetary and industrial metal tends to amplify volatility, and its explosive rise in 2025 left prices especially vulnerable to sharp corrections. JPMorgan analysts had cautioned earlier this month that silver had “significantly overshot” forecasted averages, even as they acknowledged the difficulty of calling a top in a momentum-driven market.

Despite the scale of the drop, some analysts argue the long-term bull case for precious metals may not be fully broken. Persistent fiscal deficits, geopolitical uncertainty, and structural shifts in global reserves could continue to support gold over time. Still, Friday’s crash served as a stark reminder that even the most compelling macro narratives can unravel quickly when trades become crowded — and that volatility cuts both ways.

Release – Comstock to Host Business Update Webinar 

Posted on by [email protected]

Research News and Market Data on LODE

Virginia City, Nevada, January 29, 2026 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) is pleased to announce that the Company’s Executive Chairman & CEO, Corrado De Gasperis, and CFO, Judd Merrill will be providing an overview of the Company’s recent business and financial developments on Tuesday, February 3, 2026, at 11:00am ET. We invite all investors and other interested parties to register for the webinar at the link below.

Date: Tuesday, February 3, 2026
Time: 11:00am ET/8:00am PT
Register: Webinar Registration

There will be an allotted time following the live presentation for a Q&A session. Unaddressed questions will be reviewed by management and responded to accordingly. You may submit your question(s) beforehand in the registration form (linked above) or by email at: [email protected].

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics.

To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
[email protected]

For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
[email protected]

Forward-Looking Statements 

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “forecast,” “seek,” “target,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: expectations regarding the completion of the proposed securities offering, future market conditions; future explorations or acquisitions, divestitures, spin-offs or similar distribution transactions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: sales of, and demand for, our products, services, and/or properties; industry market conditions, including the volatility and uncertainty of commodity prices; the speculative nature, costs, regulatory requirements, and hazards of natural waste resource identification, exploration, development, availability, recycling, extraction, processing, and refining activities, including operational or technical difficulties, and risks of diminishing quantities or insufficiency of grades of qualified resources;; changes in our planning, exploration, research and development, production, and operating activities; research and development, exploration, production, operating, and other variable and fixed costs; throughput rates, margins, earnings, debt levels, contingencies, taxes, capital expenditures, net cash flows, and growth; restructuring activities, including the nature and timing of restructuring charges and the impact thereof; employment and contributions of personnel, including our reliance on key management personnel; the costs and risks associated with developing new technologies; our ability to commercialize existing and new technologies; the impact of new, emerging, and competing technologies on our business; the possibility of one or more of the markets in which we compete being impacted by political, legal, and regulatory changes, or other external factors over which we have little or no control; the effects of mergers, consolidations, and unexpected announcements or developments from others; the impact of laws and regulations, including permitting and remediation requirements and costs; changes in or elimination of laws, regulations, tariffs, trade, or other controls or enforcement practices, including the potential that we may not be able to comply with applicable regulations; changes in generally accepted accounting principles; adverse effects of climate changes, natural disasters, and health epidemics, such as the COVID-19 outbreak; global economic and market uncertainties, changes in monetary or fiscal policies or regulations, the impact of terrorism and geopolitical events, volatility in commodity and/or other market prices, and interruptions in delivery of critical supplies, equipment and/or raw materials; assertion of claims, lawsuits, and proceedings against us; potential inability to satisfy debt and lease obligations, including because of limitations and restrictions contained in the instruments and agreements governing our indebtedness; our ability to raise additional capital and secure additional financing; interruptions in our production capabilities due to equipment failures or capital constraints; potential dilution from stock issuances, recapitalization, and balance sheet restructuring activities; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to maintain the listing of our securities on any securities exchange or market; and our ability to implement additional financial and management controls, reporting systems and procedures and comply with Section 404 of the Sarbanes-Oxley Act, as amended. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

Alliance Resource Partners (ARLP) – Upcoming FY 2025 Financial Results and 2026 Corporate Guidance

Posted on by [email protected]


Thursday, January 29, 2026

ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.

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.

Fourth quarter and full year 2025 financial results. Alliance will report its fourth quarter and full year 2025 financial results before the market opens on Monday, February 2, 2026. Management will host an investor conference call and webcast the same day at 10:00 am ET. Along with the 2025 operational and financial results, we expect ARLP to release its 2026 corporate guidance and outlook.

Noble Estimates. We forecast fourth quarter 2025 revenue, EBITDA, and EPU of $560.1 million, $182.9 million, and $0.57, respectively. Our full year 2025 revenue, EBITDA, and EPU estimates are $2.2 billion, $690.5 million, and $2.33, respectively. Our fourth quarter EPU estimate reflects an expected unrealized and non-cash loss on the marked-to-market value of ARLP’s bitcoin holdings, which has no impact on our EBITDA estimate. We forecast 2026 revenue, EBITDA, and EPU of $2.3 billion, $700.5 million, and $2.65, respectively.


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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.