Category: Basic Materials

Kuya Silver (KUYAF) – Letter of Intent to Purchase the Camila Processing Plant; Expansion Planned

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Wednesday, January 28, 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.

Processing plant acquisition. Kuya Silver signed a Letter of Intent (LOI) to purchase 100% of SMRL Camila, the company that owns the Camila conventional flotation plant, for US$7.8 million, subject to closing conditions. The Camila plant is currently processing Kuya Silver’s mineralized material to produce silver and other metal concentrates on a toll-milling basis. The plant is located on a key transport corridor between the Bethania mine and Lima, Peru, where concentrate is shipped to port. Execution of a definitive agreement is subject to the completion of legal, financial, environmental, and technical due diligence.

Scalable processing capacity. The Camila plant currently operates at 150 metric tonnes per day with plans to increase production capacity to 300 to 350 tonnes per day, which Kuya Silver expects to undertake after closing the acquisition. The expansion is projected to require an additional capital investment in the range of US$0.7 million to US$1.0 million.


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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. 

Are Investors Abandoning Crypto for Hard Assets?

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The investment landscape entering 2026 has delivered an unmistakable verdict: when uncertainty strikes, capital flows to tangible assets. While cryptocurrencies continue to struggle with volatility and declining investor confidence, precious metals are shattering records in a historic surge that’s forcing investors to reconsider where true value resides.

In a stunning display of safe-haven demand, gold exploded past $5,100 per ounce in late January 2026, following a 65% gain throughout 2025. Silver achieved an even more extraordinary feat, soaring beyond $117 per ounce after rising over 200% in just 12 months. Platinum surged 121% while palladium rallied to breach $2,000 per ounce. This synchronized rally across all major precious metals represents the most significant wealth preservation movement in modern financial history.

Meanwhile, the cryptocurrency market tells a starkly different story. After finishing 2025 down 6% for Bitcoin and 11% for Ethereum, early 2026 has brought more pain. Bitcoin plunged below $90,000 in mid-January amid global risk-off sentiment, while Ethereum dropped below $3,000. Heavy liquidations continued to plague the market, with over $1 billion wiped out in a single January event as 182,000 traders saw their positions forcibly closed. Bitcoin ETFs recorded persistent outflows, with nearly $500 million exiting in late 2025 as investors lost confidence in digital assets.

The rotation from crypto to hard assets isn’t speculation—it’s quantifiable and accelerating. Gold funds attracted nearly $40 billion in 2025 alone, while gold mining funds soared 114% with $5.4 billion in net inflows during Q3—the largest quarterly move since 2009. Most tellingly, the Bitcoin-to-gold ratio collapsed by 50% throughout 2025 and continues to deteriorate. With gold now around $5,100 and Bitcoin at roughly $90,000, one bitcoin now buys less than 18 ounces of gold—down dramatically from highs where it purchased over 30 ounces.

Four converging forces explain this historic reallocation. The U.S. Dollar Index plummeted 10-11% in 2025, marking its worst performance in over five decades, driving investors urgently toward assets with intrinsic value. Goldman Sachs recently raised its December 2026 gold forecast to $5,400 per ounce. Federal Reserve rate cuts have made non-yielding assets like gold more attractive, while paradoxically failing to boost crypto as advocates predicted. Rising geopolitical tensions including tariff threats, military actions, and global debt fears have amplified safe-haven demand. Perhaps most critically, physical precious metals face real-world production limits—COMEX silver inventories plunged 26% in a single week in January 2026, triggering what analysts call a “run on the vaults” that pushed prices parabolic.

The market has spoken with unprecedented clarity: as gold breaches $5,100, silver soars past $117, and investment banks project gold could reach $6,000 by year-end, the evidence of a historic wealth rotation is irrefutable. When survival is at stake, investors don’t seek innovation—they seek preservation. And preservation, history repeatedly demonstrates, resides in physical assets that have maintained value for millennia, not digital tokens that have existed for barely a decade.

Rare Earth Stocks Surge as U.S. Government Takes Equity Stake in Strategic Miner

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Rare earth stocks rallied sharply on Monday after the Trump administration announced a major equity investment in USA Rare Earth (NASDAQ: USAR), underscoring Washington’s escalating push to secure critical mineral supply chains and reduce reliance on China.

Shares of USA Rare Earth jumped as much as 12% following news that the company will receive $1.6 billion from the U.S. Department of Commerce in exchange for an equity stake. The deal also includes collaboration with the Department of Energy on a $1.3 billion loan package and an additional $277 million in federal funding. Industry peers such as MP Materials, Energy Fuels, and Trilogy Metals also saw early gains, reflecting renewed investor enthusiasm across the sector.

Under the agreement, USA Rare Earth will issue 16.1 million shares of common stock and approximately 17.6 million warrants to the Department of Commerce. The company simultaneously announced a $1.5 billion capital raise, significantly strengthening its balance sheet and accelerating development timelines.

The funding is expected to fast-track USA Rare Earth’s vertically integrated strategy, spanning mining, processing, and magnet manufacturing. Key assets include the company’s magnet plant in Stillwater, Oklahoma, and its Round Top rare earth deposit in West Texas, which is slated to begin commercial production in 2028. Once operational, these facilities could play a crucial role in supplying domestic demand for permanent magnets used in defense systems, electric vehicles, data centers, and advanced manufacturing.

This move fits squarely within a broader government strategy to onshore critical mineral production. China currently dominates global rare earth mining and processing, a strategic vulnerability the U.S. has been actively working to address. In 2025, the Pentagon became MP Materials’ largest shareholder after purchasing $400 million worth of stock. Similar government-backed deals were announced last year with Lithium Americas and Trilogy Metals.

Rare earth elements sit at the center of some of the fastest-growing and most strategically important industries, including artificial intelligence, defense technology, renewable energy, and advanced electronics. As AI data centers proliferate and defense spending increases, demand for these materials is expected to rise sharply over the coming decade.

Strategists argue that direct public-sector involvement materially changes the risk profile for rare earth miners. According to Sprott Asset Management, government participation enhances revenue visibility, mitigates project execution risk, and increases the likelihood that new capacity actually comes online. For investors, this reduces dependence on speculative capital markets and supports higher long-term valuations.

The geopolitical dimension is also intensifying. President Trump recently indicated that a future framework deal with NATO over Greenland could include access to rare earth mineral rights, signaling that resource security is becoming a core component of U.S. foreign and defense policy.

While rare earth stocks remain volatile and capital intensive, the growing alignment between government priorities and private miners provides a powerful tailwind. For small-cap investors, the sector is increasingly less about speculation and more about strategic relevance. As Washington continues to write checks—and take equity stakes—the message is clear: rare earths are now a national priority.

Kuya Silver (KUYAF) – Mine Development and Balance Sheet Strength Support 2026 Ramp-Up

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Friday, January 23, 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.

Fourth Quarter Performance. The company mined 1,999 tonnes of mineralized material and processed 1,570 tonnes. Average processed grades were 6.0 oz/t silver (186.6 g/t), 1.40% lead, and 1.10% zinc, or 8.5 oz/t silver equivalent (264 g/t). Recoveries averaged 73.3% for silver, 79.1% for lead, and 57.1% for zinc. Metal processed included 7,724 ounces of silver, 18 tonnes of lead, and 15 tonnes of zinc. Sales included 5,441 ounces of silver, 15 tonnes of lead, and 8 tonnes of zinc, representing 6,194 silver-equivalent ounces, with silver contributing 88%. 

Private Placement Financing. Kuya closed a brokered private placement raising gross proceeds of C$25.5 million. The company intends to pursue either the acquisition of an operating plant near the mine or the construction of a plant at the Bethania site to vertically integrate silver concentrate production. As mine production expands toward the Phase 1 target of 350 tonnes per day, Kuya expects more consistent processing, improved silver recoveries, and the recovery of minor gold and copper currently lost in the toll-milling process.


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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. 

Silver Surges Past $100 an Ounce as Speculation, Tight Supply Fuel Historic Rally

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Silver prices surged past the $100-per-ounce mark on Friday, reaching a milestone few market participants believed possible just a year ago. The move caps an extraordinary rally driven by speculative enthusiasm, strong investment demand, and years of structural supply deficits, while raising growing concerns about overheating and the risk of a sharp correction.

Spot silver climbed more than 5% on the day to trade above $101 per troy ounce, extending a powerful advance that began in 2025. The metal has gained roughly 40% since the start of 2026, following a staggering 147% surge last year—its strongest annual performance in more than four decades. Silver’s rally has been amplified by gold’s parallel rise, with gold prices also hitting record highs as geopolitical uncertainty and inflation hedging continue to dominate investor psychology.

Market analysts say silver’s lower absolute price compared to gold has made it especially attractive to retail investors, fueling momentum-driven buying. Waves of demand for physical bars and coins, combined with strong inflows into physically backed exchange-traded funds, have tightened available supply and intensified price moves.

The gold-to-silver ratio, a closely watched metric, has dropped sharply. It now takes just 50 ounces of silver to buy one ounce of gold—the lowest level in 14 years. Historically, such extremes have often preceded periods of underperformance for silver, suggesting the metal’s outperformance relative to gold may be stretched.

Fundamentally, the picture is more mixed. While silver benefits from its dual role as both a precious and industrial metal—used extensively in electronics, solar panels, and manufacturing—some analysts argue prices have outrun underlying demand. Bank of America estimates a fundamentally justified silver price closer to $60 an ounce, pointing to signs that solar-related demand may have peaked and that elevated prices could begin to curb industrial consumption.

Supply constraints, however, remain a key pillar of support. The silver market has recorded five consecutive years of structural deficits, a trend expected to continue into 2026. Recycling accounts for nearly 20% of global supply, but limited high-grade refining capacity has slowed the return of scrap metal to the market, preventing inventories from rebuilding quickly.

Although stockpiles in London and U.S. futures markets have partially recovered from last year’s lows, they remain well below historical norms. This reduced buffer has left the market more vulnerable to sudden surges in demand.

Looking ahead, analysts expect volatility to remain elevated. With some easing in physical market tightness and the possibility of profit-taking after the explosive rally, a pullback appears increasingly likely. Still, silver’s dramatic move above $100 underscores a broader reality: in an environment of geopolitical risk, supply constraints, and speculative fervor, precious metals remain firmly in the spotlight—and silver is leading the charge.

Gold Near Record Highs as Analysts Lift Year-End Price Targets to $5,400

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Gold prices continue to hover near record territory as bullish momentum in the precious metals market shows little sign of slowing. Spot gold recently traded above $4,870 per ounce, extending a powerful rally that has already delivered gains of roughly 11% year to date and follows a nearly 65% surge in 2025. The sustained strength has prompted analysts to raise year-end 2026 price targets to as high as $5,400 per ounce, reflecting growing confidence in gold’s long-term demand outlook.

Market analysts point to a notable shift in demand dynamics as a key driver behind the higher forecasts. While central bank buying fueled much of gold’s advance in 2023 and 2024, private-sector investors are now emerging as a dominant force. This influx of capital has intensified competition for limited physical supply, reinforcing upward price pressure and reducing the likelihood of meaningful pullbacks in the near term.

Analysts also note that many of these private buyers — including institutional investors, high-net-worth families, and asset managers — are positioning gold as a strategic allocation rather than a short-term trade. As a result, selling pressure remains muted, even as prices approach historic highs.

Why Gold Is Rallying

Several structural and cyclical factors continue to support gold’s ascent:

  • Central bank accumulation: Global central banks remain steady buyers of gold as they diversify reserves away from traditional fiat currencies and hedge against geopolitical risk.
  • Private-sector diversification: Investors are increasing exposure through ETFs and physical bullion as portfolio diversification becomes a priority amid market uncertainty.
  • Monetary policy tailwinds: Federal Reserve rate cuts and expectations of looser financial conditions have lowered real yields, making non-yielding assets like gold more attractive.
  • Currency debasement concerns: Persistent fiscal deficits and long-term inflation risks have renewed interest in gold as a store of value, particularly among wealthy investors.
  • Geopolitical uncertainty: From trade disputes to shifting global alliances, gold has consistently rallied during periods of heightened geopolitical tension, reinforcing its safe-haven appeal.

Although gold futures briefly dipped overnight following recent political developments, prices quickly rebounded toward record levels as buyers returned. Analysts say this pattern of shallow pullbacks followed by rapid recoveries reflects strong underlying demand and limited downside risk.

Gold has now gained roughly 11% year to date, building on its nearly 65% advance in 2025. The metal has responded positively to nearly every major geopolitical headline this year, underscoring its role as a hedge against both financial and political instability.

Looking ahead, analysts see risks to their updated forecasts as skewed to the upside, particularly if global policy uncertainty persists or investor diversification accelerates further. While volatility remains possible, gold’s structural support appears firmly in place.

For investors, gold’s performance highlights its evolving role beyond crisis protection. Increasingly, it is being treated as a core portfolio component — valued not only for downside protection, but also for its ability to preserve purchasing power and deliver long-term resilience in an uncertain global environment.

Release – Comstock Sells NSR Royalty To Mackay Precious Metals Inc.

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Research News and Market Data on LODE

VIRGINIA CITY, NEVADA, January 21, 2026 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced it has received the final $1 million from Mackay Precious Metals Inc. (“Mackay”), completing an agreement to sell its residual 1.5% net smelter returns (“NSR”)  royalty associated with the recently sold northern claim targets to for an  aggregate purchase price of $1.1 million in cash. This transaction increases the total cash proceeds from the sale of those properties, leasehold interests, and royalties to over $4 million in cash.

On June 30, 2023, Comstock executed a Mineral Exploration and Mining Lease Agreement (“Mackay Lease”) with Mackay. The Mackay Lease was terminated on December 18, 2024, in favor of the MIPA. Since June 30, 2023, Comstock received approximately $3.8 million in initial and ongoing lease payments and reimbursed expenses in addition to the over $4 million from the sale of the claims and the residual NSR sale transaction.

“Realizing nearly $8 million in consideration from the previous lease and subsequent sale, plus an additional 240 acres of patented and unpatented mineral and other properties in Lyon County for no additional consideration,  wraps up a series of extremely positive transactions for Comstock and Mackay,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “The transaction is especially timely, as we actively entertain multiple options for advancing our S-K 1300 compliant Dayton and permitted Lucerne resources.”

Comstock is committed to become a major U.S. silver producer from both the millions of ounces of resources already quantified in our technical reports and our ever-growing solar recycling silver resources.

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,” “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: 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, divestitures, spin-offs or similar distribution transactions, 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; business opportunities, growth rates, 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: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. 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.

Energy Fuels to Acquire Australian Strategic Materials, Creating Largest Ex-China Rare-Earth Producer

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Energy Fuels Inc. (NYSE: UUUU) announced plans to acquire Australian Strategic Materials Limited (ASX: ASM) in a move that will create what the company touts as the largest fully integrated rare-earth element (REE) producer outside of China. The transaction, valued at approximately US$299 million (A$447 million), positions Energy Fuels as a vertically integrated “mine-to-metal & alloy” REE champion, addressing critical gaps in global supply chains for magnets used in automotive, robotics, energy, and defense applications.

The acquisition will combine ASM’s operating Korean Metals Plant (KMP) and its planned American Metals Plant (AMP) with Energy Fuels’ existing REE oxide production at the White Mesa Mill in Utah, the only U.S. facility capable of separating monazite concentrates into both light and heavy REE oxides. ASM’s KMP is one of the few facilities outside China producing REE metals and alloys, including neodymium-praseodymium (NdPr), dysprosium (Dy), and terbium (Tb), along with neodymium-iron (NdFeB) and dysprosium-iron (DyFe) alloys.

By combining low-cost REE separation with downstream metal and alloy conversion, Energy Fuels expects to enhance vertical integration, margin capture, and market share across the rare-earth value chain. The acquisition addresses one of the most persistent vulnerabilities in ex-China REE supply chains: limited downstream refining and alloy production capacity.

Energy Fuels will also gain access to ASM’s Dubbo REE Project in New South Wales, Australia, further expanding its pipeline of REE development projects. These include the Donald project in Victoria, Australia, the Vara Mada project in Madagascar, and the Bahia project in Brazil, all aimed at supplying feed materials for the White Mesa Mill expansion. Post-expansion, White Mesa is planned to produce 6,000 tonnes per annum (tpa) of NdPr oxides, 240 tpa of Dy, and 66 tpa of Tb oxides, while the planned AMP in the U.S. is expected to produce 2,000 tpa of REE alloys.

Mark S. Chalmers, CEO of Energy Fuels, emphasized the strategic rationale, stating, “The proposed acquisition of Australian Strategic Materials brings us much closer to our goal of creating the largest fully integrated producer of REE materials outside of China. This transaction expands our suite of REE products, strengthens our ex-China supply chain position, and provides increased margins, cashflows, and market share for our shareholders.”

ASM shareholders will receive 0.053 Energy Fuels shares or CHESS Depository Interests per ASM share, plus a special dividend of up to A$0.13, representing a total implied value of A$1.60 per share. Post-closing, ASM shareholders will own roughly 5.8% of Energy Fuels’ outstanding shares. The transaction remains subject to ASM shareholder approval, regulatory approvals in Australia, and customary closing conditions, with implementation expected by late June 2026.

For small-cap investors, this acquisition highlights the potential value of vertically integrated rare-earth companies in securing strategic market positions. By combining production of REE oxides, metals, and alloys, Energy Fuels not only reduces reliance on China but also enhances its long-term growth potential in a high-demand sector crucial to green energy, electronics, and defense applications.

Power Metallic Mines Inc. (PNPNF) – From Legacy Nickel to District-Scale Polymetallic System

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Wednesday, January 21, 2026

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 ~212.86 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 JabalSaid 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.

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.

Initiating Coverage with an Outperform rating. Power Metallic Mines Inc. (OTCQB: PNPNF, TSXV: PNPN) is a Québec-based mineral exploration company advancing a high-grade polymetallic discovery that has evolved into a district-scale opportunity. Recent discoveries at the Nisk Project have shifted the investment thesis from a legacy nickel-sulphide asset to a high-grade copper-platinum group elements (PGE), nickel, gold, and silver system with emerging scale and continuity. Target metals, including copper, nickel, cobalt, platinum, and palladium, are integral to electrification, industrial manufacturing, and critical mineral markets. Our price target is US$2.65 per share or C$3.65 per share.

Lion Zone Discovery. The investment case is anchored by the Lion Zone, a high-grade, copper-dominant orthomagmatic polymetallic discovery that represents the core value driver within the broader Nisk land package. Drilling at Lion has returned exceptional grades, including 11.6 meters grading 8.3% copper, 9.6 g/t palladium, and 2.6 g/t platinum, materially enhancing the project’s value profile beyond nickel alone. Follow-up drilling at the nearby Tiger Zone has confirmed the presence of similar mineralization along trend, supporting the interpretation that Lion-style mineralization is repeatable rather than isolated.


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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 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. 

Worthington Steel to Acquire Kloeckner & Co in Transformative $2.4 Billion Deal

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Worthington Steel announced it has entered into a business combination agreement to acquire Germany-based Kloeckner & Co, a move that will significantly reshape the North American metals processing landscape. The all-cash transaction positions Worthington Steel as the second-largest steel service center company in North America by revenue and marks a major expansion of its global footprint.

The acquisition brings together two highly complementary metal processing businesses with a combined revenue base of approximately $9.5 billion. Kloeckner & Co operates roughly 110 service center and processing locations across North America and Europe and offers a broad range of products, including carbon flat-roll steel, electrical steel, aluminum, stainless steel, and long products. In recent years, Kloeckner has increasingly focused on higher value-added processing and fabrication, aligning closely with Worthington Steel’s strategic priorities.

Worthington Steel expects the transaction to generate approximately $150 million in annual run-rate synergies, primarily through cost efficiencies, operational improvements, and commercial optimization in North America. These synergies are anticipated to be fully realized by the end of the company’s fiscal year 2028. The deal is expected to be substantially accretive to earnings per share within the first full year of operation.

“This is a strategic and transformative step in Worthington Steel’s growth journey,” said President and CEO Geoff Gilmore. He emphasized that the combination will strengthen customer relationships, expand product offerings, and create new growth opportunities for employees, while reinforcing a shared commitment to safety, quality, and operational excellence.

The transaction values Kloeckner & Co at an enterprise value of approximately $2.4 billion, representing an EV/EBITDA multiple of about 8.5x based on trailing twelve-month results, and roughly 5.5x when factoring in expected synergies. Worthington Steel expects the combined company to maintain margins above 7% while tripling its scale in terms of sales.

The acquisition will be executed through a voluntary public tender offer in Germany, with Kloeckner shareholders receiving €11 in cash per share. The offer is supported by SWOCTEM GmbH, Kloeckner’s largest shareholder, which owns approximately 42% of outstanding shares and has committed to tender its stake. Kloeckner’s management and supervisory boards have expressed support for the transaction, and the current leadership team is expected to remain in place following completion.

Financing for the acquisition will come from a combination of cash on hand and new debt, with the offer fully underwritten and not subject to financing conditions. Worthington Steel expects pro forma net leverage to be around 4.0x at closing, with a stated goal of reducing leverage below 2.5x within 24 months through deleveraging and synergy realization.

Completion of the transaction is subject to regulatory approvals and a minimum acceptance threshold of 65% of Kloeckner’s shares, with closing expected in the second half of 2026. If completed, the deal will create a more diversified, resilient metals processing leader with expanded geographic reach across North America and Europe, positioning Worthington Steel for accelerated long-term growth.

Nicola Mining Inc. (HUSIF) – Preparing for Growth: Expanding Milling Capacity

Posted on by [email protected]


Thursday, January 15, 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.

Upsized Private Placement Financing. Due to strong support from shareholders and new institutional investors, Nicola Mining upsized its previously announced non-brokered private placement from C$1.0 million to C$3.0 million with the issuance of up to a total of ~3.3 million units at a price of C$0.90 per unit, including ~1.1 million issued during the first closing on the same terms. Each unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of C$1.10 per share for a period of three years following the closing of the offering. The expiry of the warrants may be accelerated subject to certain conditions.

Use of Proceeds. Nicola’s Merritt Mill is the sole facility in British Columbia permitted to receive and process third-party gold and silver feed from across the province. Funds generated from the financing will be used for the purchase and installation of milling equipment to expand Merritt Mill processing capacity from ~200 tonnes per day to ~500 tonnes per day, the addition of a secondary ball mill, supplementary cleaner flotation cells, and associated pumping infrastructure. Spare bowl and mantle assemblies may be procured to support routine crusher maintenance and ensure operational reliability.


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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. 

Metals at Record Highs: A Warning Sign for the Economy?

Posted on by [email protected]

When virtually every metal on the commodities board flashes red-hot price signals simultaneously, savvy investors know to pay attention. Today’s market presents exactly that scenario, with precious and industrial metals alike reaching or approaching all-time highs—a phenomenon that historically precedes significant economic turbulence.

Gold continues setting fresh records, trading around $4,650 per ounce today after gaining roughly 73% over the past year. But gold’s ascent tells only part of the story. Silver has exploded to around $92 per ounce, marking an extraordinary 200% year-over-year surge. Platinum has climbed to approximately $2,411 per ounce, up 158% from last year, while palladium has nearly doubled, rising about 100% to trade near $1,907 per ounce.

The industrial metals complex mirrors this feverish activity. Copper smashed through $13,300 per metric ton today, marking a 38-40% year-over-year gain and setting new all-time highs. The surge reflects both AI-driven infrastructure demand and tariff-induced inventory stockpiling, with U.S. COMEX inventories ballooning from under 100,000 metric tons to over 500,000 metric tons in just one year.

When both safe-haven metals and industrial commodities rally simultaneously, it signals a dangerous market dynamic. Precious metals typically surge when investors flee traditional assets, seeking refuge from inflation, currency devaluation, or geopolitical instability. Industrial metals, conversely, usually rise on strong economic demand. Their concurrent ascent suggests investors are hedging against economic chaos while supply disruptions create artificial scarcity.

Base metal prices fall by around 30% on average during recessions, according to analysis from major financial institutions. The current recession risk for 2025 stands at 60%, with tariff-driven cuts to economic growth forecasts prompting analysts to turn bearish on near-term base metals prices. The mining sector itself appears to be pricing in recessionary conditions already.

The rally’s drivers paint a troubling picture. Supply disruptions from mining accidents and labor strikes have constrained copper output globally. Federal Reserve independence concerns following a criminal investigation into Chair Jerome Powell have driven safe-haven demand. Meanwhile, geopolitical flashpoints from Venezuela to Iran add fuel to the fire. Central bank gold purchases and rate cut expectations signal policymakers’ own concerns about economic stability.

History offers a stark lesson. Similar across-the-board metal rallies preceded the 2008 financial crisis and the early 1980s stagflation. When prices become untethered from fundamental demand and instead reflect fear, speculation, and monetary desperation, corrections inevitably follow—often accompanied by broader economic pain.

For small-cap investors, this environment demands defensive positioning. Companies with strong balance sheets, minimal commodity exposure, and recession-resistant business models deserve premium valuations. The metals market is flashing a warning sign that prudent investors ignore at their peril.

Comstock (LODE) – All Permits Received for Comstock Metals’ Industry-Scale Recycling Facility

Posted on by [email protected]


Monday, January 12, 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.

Receipt of Written Determination Permit. Comstock Metals received its Written Determination Permit from the Nevada Division of Environmental Protection for the processing of waste solar panels and photovoltaics at its planned industry-scale materials recovery facility in Silver Springs, Nevada. Receipt of the permit will result in a fully permitted operation and facility, and is expected to enable Comstock to install, test, and commission the facility on schedule during the first quarter of 2026.

Receipt of Air Quality Permit. Earlier this month, Comstock Metals received approval for the associated Air Quality control permit. Both permits represent the complete scope of required regulatory approvals for commissioning the scale up of a facility designed for processing more than 3.0 million panels per year representing up to 100 thousand tons per year of waste materials. The facility integrates technologies for crushing, conditioning, extracting, and recycling metal concentrates from photovoltaics.


Get the Full Report

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.