Alliance Resource Partners (ARLP) – Solid Second Quarter Performance; Cash Flow Profile Remains Attractive


Wednesday, July 30, 2025

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.

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

Second quarter financial results. Alliance reported second quarter adjusted EBITDA and earnings per unit (EPU) of $161.9 million and $0.46, respectively, compared to $181.4 million and $0.77 during the prior year period. We had projected EBITDA and EPU of $159.8 million and $0.57. Reported earnings per unit include a $25 million non-cash impairment charge. Total revenue amounted to $547.5 million compared to $593.4 million during the prior year period and our $577.4 million estimate. The variance compared to our revenue estimate was largely due to lower coal sales.

Outlook for the remainder of 2025 and 2026. Management increased the top end of 2025 coal tonnage sales guidance, kept overall coal sales price expectations intact, and lowered guidance for segment adjusted EBITDA expense per ton sold. Notably, oil and gas royalty volume expectations were increased, while segment adjusted EBITDA expense as a percentage of oil and gas royalty revenues was decreased to 14% from 15%. While management expects the average coal sales price per ton to trend lower in 2026 due to higher-priced contracts rolling off, longwall moves in 2025 and actions to improve productivity and cost effectiveness are expected to offset the impact of lower prices.


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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) – Not the Best Way to Stimulate Mining Investment in Ecuador


Tuesday, July 29, 2025

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

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

New mining service fee. Ecuador implemented a new mining service fee, Tasa de Fiscalizacion Minera (TASA), on the resource sector. Aurania received notice of the fee associated with its project in Ecuador. The Ecuadorian Control and Regulation Agency (ARCOM) has requested payment of US$2,012,618 by July 31, 2025, representing one month of the total annual fee of US$24,151,420, to help fund ARCOM’s efforts. Because we do not anticipate significant negative repercussions associated with deferring payment, we think Aurania will withhold payment until it becomes clear whether TASA will stand in its current form.

TASA is being challenged. The new fee represents a significant cost burden for junior exploration companies. Multiple constitutional challenges have been filed in Ecuador and are being analyzed by the Court to determine if the claims will be accepted, which could take several months. If accepted, the constitutional challenges could take several years, and ARCOM may or may not be directed to suspend the collection of fees until claims are resolved. Reasonable accommodations will likely need to be made.


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Release Aurania Provides Update on New Mining Service Fee in Ecuador

Research News and Market Data on AUIAF

July 28, 2025 7:17 AM EDT | Source: Aurania Resources Ltd.

Toronto, Ontario–(Newsfile Corp. – July 28, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) provides an update on the Ecuadorian government’s recently imposed new Mining Service Fee (Tasa de Fiscalización Minera or TASA) on the resource sector.

As previously disclosed in a press release dated June 11, 2025, the resolution put forth by the Ecuadorian Control and Regulation Agency (“ARCOM”) in relation to new administrative fees for the mining sector has now taken effect and the Company has received notice of the fee as it applies to its project in Ecuador. The resolution was published in the Official Registry on June 20, 2025, and on June 27, 2025, ARCOM issued a resolution outlining the official regulations detailing the payment collection mechanism for the administrative fee. Under this new regulation, ARCOM has requested that the Company pay US$2,012,618 by July 31, 2025, equivalent to one month of the total annual administrative fee of $24,151,420. These annual fees amount to more than Aurania’s current market capitalisation and present an unsustainable cost burden for Aurania and other companies operating within the sector. These new fees are especially burdensome for companies working in early-stage exploration, which is a critical component of the mining pipeline, as standalone exploration-stage companies typically do not generate revenue and therefore rely solely on investment through capital markets to fund their projects.

Aurania’s Chairman, President & CEO, Dr. Keith Barron commented, “Aurania has a long history of working and investing in Ecuador. I’m a big believer in our project there, and I value the cooperative relationships that we have built to date. However, the new fees are excessive and disproportionate. The Mining Chamber along with other companies working in Ecuador are appalled by the administrative fee. As we continue to work on possible solutions we will always endeavour to be fully transparent with our shareholders and will continue to provide updates on this evolving situation.”

To our knowledge, four constitutional challenges against the new administrative fees have been presented in Ecuador and are being analyzed by the Court to determine if the claims will be accepted. The decision whether or not to accept the claims may take several months and, if accepted, the constitutional challenges could take several years. In the meantime, if the claims are accepted, ARCOM may or may not be directed to halt the collection of the fees.

The Company will wait for these procedures to follow their course, and it will assess its legal rights and options for further courses of action.

2025 Concession Fees

In March 2025, the Company filed a request to enter into an agreement for the deferred payment of the annual concession fees with the Ecuadorian tax authority (SRI) which total US$2,441,227 – see press release dated March 31, 2025. As part of this process, the Company will make a first payment of US$488,245 equivalent to 20% of the 2025 concession fees plus accumulated interest by August 8, 2025. The Company expects to continue to negotiate the payment terms for the balance of its 2025 concession fees. A failure to reach an agreement could result in the remaining balance becoming immediately due and payable and a potential forfeiture of the mineral concessions.

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at www.aurania.com and www.sedarplus.ca, as well as on Facebook at https://www.facebook.com/auranialtd/, X (formerly Twitter) at https://x.com/AuraniaLtd , and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes Aurania’s objectives, goals and future plans in respect of the administration fee imposed by ARCOM and the status and negotiation for the deferred payment of the annual concession fees with the Ecuadorian tax authority.Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: an inability to fund the administrative fees imposed by ARCOM on the mining sector which could render the Company insolvent; an inability to fund or extend the payment of Ecuador mineral concession fees which are due and payable and which could result in the forfeiture of such mineral concessions; failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the inability to recover and process mineralization using known mining methods; the presence of deleterious mineralization or the inability to process mineralization in an environmentally acceptable manner; commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company’s public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

info

SOURCE: Aurania Resources Ltd.

Gold Keeps Climbing — Is It Time to Look Closer at Precious Metals and Rare Earths?

Key Points:
– Gold prices remain strong as investors seek stability in volatile markets.
– Precious metals and rare earths are gaining renewed interest as geopolitical and economic uncertainty rises.
– Small-cap mining and metals companies may offer overlooked upside for risk-conscious investors.

With market volatility back in the headlines and rate cuts on hold, one asset class is quietly shining brighter than the rest: gold. The precious metal has extended its multi-month rally, continuing to hit near-record highs in 2025 as investors worldwide look for safer stores of value.

But this isn’t just about jewelry or bullion. What’s developing beneath the surface is a broader shift in capital flows — away from high-growth risk plays and into hard assets with intrinsic value. That includes not only gold and silver, but also rare earth metals, which are essential to everything from electric vehicles to semiconductors and military tech.

For middle market and small-cap investors, this could mark a key turning point.

Historically, gold performs well during periods of economic instability, inflationary pressure, and geopolitical stress — all conditions currently in play. With inflation proving sticky, central banks cautious on cuts, and conflict hotspots simmering, it’s no surprise institutional and retail investors alike are allocating more to precious metals.

Meanwhile, silver — often seen as gold’s more volatile cousin — has also begun to rally. With industrial use cases tied to clean energy, solar, and advanced tech manufacturing, silver offers a dual benefit: monetary safety and industrial upside.

But perhaps most interesting for middle-market investors is the renewed focus on rare earths — a segment often overlooked but increasingly critical in a tech-dependent world. These niche metals, such as neodymium, dysprosium, and praseodymium, are essential to magnets, batteries, and defense systems. With global supply chains still fragile and China dominating production, the U.S. and its allies are looking to diversify supply — and that puts smaller mining firms in the spotlight.

Companies in the junior mining and exploration space — many trading at micro- and small-cap valuations — could stand to benefit the most. While they carry exploration risk, the potential for outsized returns and strategic partnerships is drawing attention from institutional funds, especially those focused on ESG and supply chain security.

Gold’s continued rise isn’t just a price story — it’s a signal. A signal that investors are recalibrating their portfolios toward resilience, scarcity, and real-world utility.

For investors navigating uncertain terrain, exposure to precious and rare earth metals — whether through physical assets, ETFs, or small-cap equities — offers a compelling hedge. And with much of the sector still under the radar, now may be an ideal time to explore opportunities before the crowd catches on.

Take a moment to take a closer look at more emerging growth basic industries companies by taking a look at Noble Capital Markets Research Analyst Mark Reichman’s coverage list.

Nicola Mining Inc. (HUSIF) – Updating Our Sum-of-the-Parts Valuation; Raising Price Target


Tuesday, July 22, 2025

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

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

The Merritt Mill is processing ore. Nicola Mining’s (TSX.V: NIM, OTCQB: HUSIF) 100% owned Merritt Mill in British Columbia recently began milling and processing ore from Talisker Resources Ltd.’s (TSX: TSK, OTCQX: TSKFF) Mustang mine to produce gold and silver concentrate. On May 11, Talisker began trucking material to the Craigmont Mill. The commencement of milling operations marked Nicola’s transition to a long-term production plan and sustained revenue and cash flow generation.

Flow-through financing. Nicola Mining raised gross proceeds of C$2,175,000 with a non-brokered private placement of 4,350,000 units at a price of C$0.50 per unit. Each unit consists of one flow-through common share and one-half of one non-flow-through common share purchase warrant. Each warrant is exercisable at a price of C$0.65 and expires two years from the date of issuance. The financing was oversubscribed by a total of 350,000 units or C$175,000. Proceeds will be used to fund exploration at the company’s New Craigmont Copper Project.


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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. 

Century Lithium Corp. (CYDVF) – Angel Island Lithium Carbonate Proves its Value


Tuesday, July 22, 2025

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

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

Lithium-metal anodes. Century Lithium announced that Alpha-En Corporation successfully converted Century’s lithium carbonate into battery-grade lithium-metal anodes for use in lithium-ion batteries. The lithium-metal anodes were produced using 99.8% pure lithium carbonate from Century’s Angel Island project and demonstration plant. The sample was converted by Alpha-En into lithium metal using Alpha-En’s patented conversion process.

LFP 18650 battery cells. Earlier in the month, Century announced that First Phosphate Corp. produced commercial-grade lithium iron phosphate (LFP) 18650 battery cells using North American critical minerals, including lithium carbonate sourced from Century’s Angel Island project and demonstration plant, along with high-purity phosphoric acid and iron powder from First Phosphate’s Begin-Lamarche property in Quebec. The LFP 18650 battery cells were assembled for First Phosphate by Ultion Technologies at their pilot facility in Nevada.


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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.

Release – Century Lithium Reports Battery-Grade Lithium Metal Anodes Produced From Angel Island Lithium Carbonate

Research News and Market Data on CYDVF

July 21, 2025 – Vancouver, Canada – Century Lithium Corp. (TSXV:LCE) (OTCQX:CYDVF) (Frankfurt:C1Z) (“Century Lithium” or “the Company”) is pleased to report progress by Alpha-En Corporation of Hopewell Junction, New York, on its successful conversion of Century Lithium’s lithium carbonate (Li2CO3) into battery-grade lithium-metal anodes (“Li-MA”). The Li-MA was produced using lithium carbonate derived from Century Lithium’s wholly owned lithium project, Angel Island in Esmeralda County, Nevada and the associated Demonstration Plant in Nye County, Nevada.

“We are proud that Century Lithium was selected as a domestic source of lithium for Alpha-En’s program to produce lithium-metal anodes,” said Bill Willoughby, Century Lithium President and CEO. “This collaboration reflects the quality of our material and the strength of our technical capabilities as we continue to support innovation across the US battery materials supply chain.”

Century Lithium provided Alpha-En with a sample of 99.8% pure lithium carbonate from Angel Island. The sample was converted by Alpha-En into lithium metal using Alpha-En’s patented room-temperature conversion process, resulting in Li-MA with a high areal capacity and extraction efficiency. In the pilot test, Century Lithium material exceeded the quality of battery-grade lithium carbonate from a commercial non-domestic source.

“We are very pleased with the performance of the lithium metal produced from Century Lithium’s lithium carbonate. Its purity and consistency translated directly into high-quality lithium-metal anodes,” said Landon Oakes, Chief Technology Officer of Alpha-En Corporation. “We look forward to continued collaboration with Century Lithium as they advance Angel Island.”

Century Lithium is progressing Angel Island through ongoing permitting, engineering, and technical development at its Demonstration Plant. The Company maintains a positive long-term outlook on lithium-based batteries, which it believes will play a critical role in the growth of the electric vehicle (“EV”) and stationary energy storage markets. Century Lithium looks forward to further supporting Alpha-En’s efforts to develop a domestic lithium supply chain.

ABOUT ALPHA-EN CORPORATION

Alpha-En Corporation is an advanced materials company enabling next-generation battery technologies through the development of ultra-pure lithium metal and engineered anode materials. Its patented process converts raw lithium salts directly into thin-film lithium metal at room temperature, eliminating traditional high-temperature refining and foil coating steps. Alpha-En’s platform is designed to be deployed inside battery manufacturing lines, enabling just-in-time production of high-purity lithium metal anodes and reducing reliance on external suppliers. Alpha-En has received funding from the U.S. Department of Energy and Department of Defense through competitive Small Business Innovation Research (SBIR) programs, and is building a resilient, domestic lithium supply chain to power the energy transition.

ABOUT CENTURY LITHIUM CORP.

Century Lithium Corp. is an advanced-stage lithium company, focused on developing its wholly owned Angel Island project in Esmeralda County, Nevada, which hosts one of the largest sedimentary lithium deposits in the United States. The Company has utilized its patent-pending process for chloride leaching, combined with direct lithium extraction, to produce battery-grade lithium carbonate product samples from Angel Island’s lithium-bearing claystone on-site at its Demonstration Plant in Amargosa Valley, Nevada.

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

To learn more, please visit centurylithium.com

ON BEHALF OF CENTURY LITHIUM CORP.

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

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

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the potential development and value of the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, lithium prices, production and recoveries, capital and operating costs, IRR, NPV and cash flows, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and the Company’s future development plans.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading “Risk Factors” in the Company’s most recent annual information form and its other public filings, copies of which can be under the Company’s profile at www.sedarplus.com. The Company expressly disclaims any obligation to update-forward-looking information except as required by applicable law. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Oil Prices Steady as Market Balances Stockpile Gains and Seasonal Demand

Oil prices held relatively steady on Wednesday, July 16, as competing forces in the global energy market kept prices from making strong moves in either direction. West Texas Intermediate (WTI) crude hovered near $66 per barrel after an earlier dip in the session.

The market saw downward pressure from an unexpected rise in crude inventories at Cushing, Oklahoma, a key storage and pricing hub. At the same time, distillate fuel demand, which includes diesel, showed signs of softening. These developments signaled a possible easing of near-term consumption, raising concerns about oversupply.

Despite those pressures, oil has shown strength over the past several weeks. Seasonal demand, particularly during summer months when travel activity peaks, has provided a degree of support. At the same time, the broader financial markets saw a boost after political tensions appeared to ease in Washington, improving investor sentiment across risk assets.

Globally, oil supply continues to rise as major producers ramp up output. The OPEC+ group has been reintroducing volumes that were previously held back, while production across North and South America has also grown. This increase in supply has raised the potential for a looser market in the months ahead, especially if demand growth slows.

Even so, signs of tightness remain in the short term. U.S. crude inventories fell by nearly 4 million barrels in the most recent report, and distillate stockpiles remain at their lowest seasonal level in decades. These conditions suggest that supply constraints are still present in certain segments of the market.

The structure of oil futures continues to indicate firm short-term demand. The price for immediate delivery remains higher than later-dated contracts, a pattern known as backwardation. This typically reflects a market that is undersupplied in the near term, even if concerns about oversupply persist further out.

Globally, oil stockpiles have been increasing in some regions, though the build-up has been concentrated in markets that do not heavily influence futures prices. This uneven distribution of supply has helped keep benchmark prices relatively supported, especially in Atlantic-based markets where Brent crude is priced.

As the oil market navigates seasonal trends, evolving supply dynamics, and shifts in global demand, prices are likely to remain rangebound in the near term. While inventory changes and geopolitical developments can trigger short-term fluctuations, the overall outlook continues to be shaped by a complex balance of economic and physical market factors.

AngloGold Ashanti to Acquire Augusta Gold, Strengthening Its Hold in Nevada’s Beatty District

AngloGold Ashanti has announced a definitive agreement to acquire Augusta Gold Corp. in a deal valued at approximately C$152 million (US$111 million), marking a strategic move to consolidate its footprint in the Beatty District of Nevada—one of the most promising gold regions in North America.

The all-cash transaction offers C$1.70 per share to Augusta Gold shareholders, representing a 28% premium over the company’s July 15 closing price and a 37% premium over its 20-day volume-weighted average. The acquisition also includes the repayment of shareholder loans amounting to US$32.6 million as of March 31, 2025.

AngloGold Ashanti’s acquisition of Augusta Gold is aimed at bolstering its development plans in the Beatty District. The deal includes Augusta Gold’s key assets—namely the Reward and Bullfrog projects, both adjacent to AngloGold Ashanti’s existing land holdings.

“This acquisition reinforces the value we see in one of North America’s most prolific gold districts,” said Alberto Calderon, CEO of AngloGold Ashanti. “It strengthens our ability to plan and develop this region under an integrated strategy—streamlining operations, improving infrastructure access, and enhancing stakeholder collaboration.”

The Reward project is a permitted, feasibility-stage asset, while the Bullfrog deposit brings significant additional mineral resources. The acquired properties also come with surrounding tenements, further expanding AngloGold’s regional influence.

Under the agreement, Augusta Gold will become an indirect, wholly owned subsidiary of AngloGold Ashanti. Upon closing, its shares will be delisted from public exchanges and cease trading over-the-counter.

The deal has received unanimous approval from Augusta Gold’s board of directors and its audit committee. Furthermore, key shareholders—representing approximately 31.5% of Augusta’s outstanding stock—have signed voting support agreements to approve the merger.

The transaction is expected to close in the fourth quarter of 2025, pending standard regulatory and shareholder approvals. Augusta Gold will seek approval from a majority of shareholders, excluding related parties, at a special meeting later this year.

AngloGold Ashanti is working with RBC Capital Markets as financial advisor, with legal counsel provided by Womble Bond Dickinson (US) LLP, Cravath, Swaine & Moore LLP in the U.S., and Stikeman Elliott LLP in Canada.

Headquartered in Denver, AngloGold Ashanti is a leading global gold mining company with operations, projects, and exploration activities across ten countries on four continents. The company’s expansion in the U.S. through strategic acquisitions is part of its broader plan to enhance production capabilities and resource access in high-potential districts.

As the Beatty District emerges as a critical gold hub, this acquisition marks a significant milestone for AngloGold Ashanti. By integrating Augusta Gold’s assets, the company aims to unlock further value in the region, streamline its development efforts, and reinforce its status as a dominant force in North American gold mining.

Release – Alliance Resource Partners, L.P. Announces Second Quarter 2025 Earnings Conference Call

Research News and Market Data on ARLP

July 14, 2025

TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) will report its second quarter 2025 financial results before the market opens on Monday, July 28, 2025. Alliance management will discuss these results during a conference call beginning at 10:00 a.m. Eastern that same day.

To participate in the conference call, dial U.S. Toll Free (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “Investors” section of ARLP’s website at www.arlp.com.

An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13754521.

About Alliance Resource Partners, L.P.

ARLP is a diversified energy company that is currently the second largest coal producer in the eastern United States, supplying reliable, affordable energy domestically and internationally to major utilities, metallurgical and industrial users. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as a reliable energy partner for the future by pursuing opportunities that support the growth and development of energy and related infrastructure.

News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7673 or via e-mail at investorrelations@arlp.com.

Investor Relations Contact
Cary P. Marshall
Senior Vice President and Chief Financial Officer
(918) 295-7673
investorrelations@arlp.com

Source: Alliance Resource Partners, L.P.

Silver’s Perfect Storm: Physical Squeeze Drives Prices to 13-Year Highs

Silver prices surged to their highest level since 2011 this week, fueled by rising premiums in the U.S., tight physical supply in London, and increasing industrial demand. The white metal climbed as high as $37.59 per ounce in the spot market, with U.S. futures contracts pushing toward $38.46—an unusually large gap that signals growing pressure in the global silver supply chain.

This recent rally underscores silver’s unique status as both a monetary asset and a critical industrial material, especially in sectors tied to clean energy. Up more than 27% year-to-date, silver has begun to outpace gold and other precious metals, attracting the attention of traders, long-term investors, and industrial buyers alike.

One of the more telling developments this week is the growing dislocation between the London spot price and U.S. futures contracts. Typically, such discrepancies are short-lived as traders use arbitrage to align prices. But this time, the gap is persisting—indicating logistical constraints and a tightening supply chain.

The root of this premium appears to stem from earlier in the year, when U.S. tariff threats on silver imports spurred a surge in futures prices. That sparked a rush to secure physical metal for delivery to New York’s COMEX warehouses. While the White House later confirmed that bullion would not be exempt from tariffs, the resulting outflow drained accessible inventories.

According to Daniel Ghali of TD Securities, the silver floating in the market is now at record lows. LBMA silver’s free-float has reached its lowest levels in recorded history, with analysts emphasizing that a physical squeeze may be necessary to rebalance the market.

Another warning sign: borrowing costs for silver in London have surged. The one-month implied lease rate jumped to an annualized 4.5% on Friday—well above its usual near-zero levels. This is a clear indicator that silver in London is becoming harder to access, particularly for short sellers and industrial users that rely on short-term lending of physical silver.

Much of London’s silver is held by exchange-traded funds (ETFs), which are not easily available for lending. Bloomberg data shows a 1.1 million ounce inflow into silver-backed ETFs on Thursday alone. While this is good news for long-term investors, it exacerbates near-term scarcity for traders seeking physical delivery.

Silver’s recent surge is also being driven by robust demand from both sides of its identity: as a safe-haven asset and as an industrial input. Its role in clean energy—especially in photovoltaic solar panels—has elevated silver’s strategic importance. According to the Silver Institute, the market is now in its fifth consecutive annual deficit.

As the world pushes further into renewable energy technologies, demand for silver in solar, EVs, and advanced electronics is expected to accelerate.

With inventory levels falling, premiums rising, and industrial demand growing, silver’s bullish outlook appears to be more than a short-term spike. If market dislocations persist and supply tightness continues, silver could enter a new phase of price discovery—driven as much by fundamentals as by financial flows.

Investors would be wise to watch the $40 level as the next psychological milestone. And if the physical squeeze intensifies, we may be entering a new era for this historically underappreciated metal.

Release – Nicola Mining Commences Long-Term Production Of Gold And Silver

Research News and Market Data on HUSIF

July 9, 2025

News Releases

VANCOUVER, BC, July 9, 2025 – Nicola Mining Inc. (the “Company” or “Nicola”) (TSX: NIM) (OTCQB: HUSIF) (FSE: HLIA) is pleased to announce that it has commenced production of gold and silver concentrate at its wholly owned Merritt Mill, located approximately 15 kilometers from Merritt, British Columbia. In a news release dated July 18, 2024, Nicola announced the processing of a bulk sample mill feed from Talisker Resources Ltd. (TSX: TSK) (OTCQX: TSKFF) (“Talisker”).  The current announcement marks the transition to a long-term production plan.  

Following extensive upgradesincluding automation, gravity separation, and water recirculation systems that underscore the Company’s commitment to the environmental stewardshipNicola is positioned to become a leading milling hub for high-grade gold and silver in British Columbia.  In addition to Talisker, Nicola has entered into a partnership with Blue Lagoon Resources (CSE: BLLG) (OTCQB: BLAGF) (FSE: 7BL) and is preparing to commence bulk sample production at Dominion Creek Gold Project, which Nicola holds a 75% economic interest.  

Receiving Taliskers ore via Stromsten Enterprises

On July 7, 2025, Talisker announced the shipment of approximately 3,100 tonnes of high-grade gold ore from the Mustang Project to Nicola’s Merritt Mill (also known as the Craigmont Mill) for processing. 

Talisker is actively developing the 1060, 1075, 1105 and 1120 levels. In-vein development is underway on the BK vein at the 1075 level, and both on the BK and BK9870 veins at the 1105 Level.

Talisker also commenced long-hole drilling in preparation for the mining and extraction of the first stope, with extraction expected to begin later  this week.

Mr. Peter Espig, CEO of Nicola Mining Inc., commented: “We are extremely pleased to have commenced long-term production with Talisker and recognize the significant achievements made to date.  Securing mining permits, raising capital, and executing on a mine plan require dedicated commitment.  Nicola’s ability to enter into multiple agreements highlights the strategic importance of our M-68 Mine Permit and underscores British Columbia’s accelerated commitment to advancing wellmanaged mining projects.”  

Qualified Person

Cameron Lilly, P. Eng., the Company’s Mill Manager, is the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and supervised the preparation of, and has reviewed and approved, the technical information in this release.

About Nicola Mining

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

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

On behalf of the Board of Directors

Peter Espig”  
Peter Espig
CEO & Director

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Release – Century Lithium Commends First Phosphate in Making LFP Battery Cells Using Century Lithium Material

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July 8, 2025 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (“Century Lithium” or “the Company”) congratulates First Phosphate Corp. (“First Phosphate”) (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) on successfully producing commercial-grade lithium iron phosphate (“LFP”) 18650 format battery cells, as reported in First Phosphate’s news release on July 7, 2025. The LFP cathode and anode materials for the First Phosphate 18650 LFP battery cells were produced using North American critical minerals, which included lithium carbonate derived from Century’s Angel Island and produced at Century’s Demonstration Plant in Nevada, USA, as well as high-purity phosphoric acid and iron powder from First Phosphate’s Bégin-Lamarche property in Quebec, Canada.

 “Century Lithium is very pleased that First Phosphate found our lithium carbonate suitable for use in producing LFP battery cells,” said Bill Willoughby, Century Lithium President and CEO. “Century Lithium continues to advance Angel Island through permitting, engineering, and innovation at the Company’s Demonstration Plant in Nevada. We see a bright future for lithium-based chemistries. We believe LFP batteries, in particular, will have an important place in the future of mobile and stationary energy storage systems. We look forward to continuing to support First Phosphate as we work together to strengthen the North American supply chain.”

The LFP 18650 battery cells were assembled for First Phosphate by Ultion Technologies Inc. at their pilot facility in Las Vegas, Nevada.

The production process can be viewed at: firstphosphate.com/NorthAmericanBatteryCells

ABOUT FIRST PHOSPHATE CORP.

First Phosphate Corp. is a mineral development company focused on producing high purity phosphoric acid and iron powder for the Lithium Iron Phosphate (“LFP”) battery industry from its properties in Quebec, Canada. First Phosphate’s industry partners include American Battery Factory Inc., developer of a planned LFP battery gigafactory in Tucson, Arizona, and Ultion Technologies Inc. a battery technology company specializing in LFP battery materials and cells. First Phosphate obtained interest in financing its production of purified phosphoric acid from the Export-Import Bank of the United States (“EXIM”) (firstphosphate.com/exim) and is working towards funding from the United States Department of Defense (“DoD”) Defense Industrial Base Consortium (“DIBC”) (firstphosphate.com/DOD-white-paper).

To learn more about First Phosphate Corp., please visit firstphosphate.com

ABOUT CENTURY LITHIUM CORP.

Century Lithium Corp. is an advanced stage lithium company, focused on developing its wholly owned Angel Island project in Esmeralda County, Nevada, which hosts one of the largest sedimentary lithium deposits in the United States. The Company has utilized its patent-pending process for chloride leaching combined with direct lithium extraction to make battery-grade lithium carbonate product samples from Angel Island’s lithium-bearing claystone on-site at its Demonstration Plant in Amargosa Valley, Nevada.

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

To learn more, please visit centurylithium.com

ON BEHALF OF CENTURY LITHIUM CORP.

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

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

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the potential development and value of the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, lithium prices, production and recoveries, capital and operating costs, IRR, NPV and cash flows, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and the Company’s future development plans.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading “Risk Factors” in the Company’s most recent annual information form and its other public filings, copies of which can be under the Company’s profile at www.sedarplus.com. The Company expressly disclaims any obligation to update-forward-looking information except as required by applicable law. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.