Natural Resources Archives

Resolution Minerals Ltd (RLMLF) – Off to a Strong Start

Posted on May 22, 2026May 22, 2026 by [email protected]

Friday, May 22, 2026

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.

Strong Early Indicators. Resolution Minerals reported encouraging results from the first three holes of its 2026 Golden Gate drilling program in Idaho, with all holes intersecting sulphide mineralization associated with strong alteration, shearing, brecciation, and quartz veining. The mineralized zones contain pyrite and arsenopyrite within altered granites that share geological features observed in previous high-grade gold and tungsten intercepts at Golden Gate North and South, supporting the potential for additional mineralized extensions.

Deploying a Second Drill Rig. The company has completed 763 meters of drilling across three holes and is accelerating exploration activities with the arrival of a second diamond core rig. The broader 2026 campaign includes up to 13,700 meters of planned drilling across 45 holes and is designed to evaluate the scale and continuity of gold and tungsten mineralization throughout the Golden Gate system, including extensions near historical mining areas and coincident gold and tungsten soil anomalies.

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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

$4.56 a Gallon and Climbing — The Iran War Just Turned Memorial Day Into a Small Cap Stress Test

Posted on May 22, 2026May 22, 2026 by [email protected]

Americans hitting the road this Memorial Day weekend are paying the highest prices at the pump in nearly four years — and the bill is coming due for small and microcap companies across the consumer economy whether they are behind the wheel or not.

The national average for a gallon of regular gasoline reached $4.56 on Thursday according to AAA, up more than $1.38 from this time last year and more than 50% since the US and Israel launched strikes on Iran on February 28. Every single US state has now crossed the $4 threshold. Seven states are posting averages above $5, with California topping the national rankings at $6.16 per gallon. The last time Memorial Day fuel costs were this elevated was 2022, in the wake of Russia’s full-scale invasion of Ukraine, when the national average peaked at $4.61.

The summer outlook is not encouraging. GasBuddy projects the national average will run at approximately $4.80 per gallon across the full summer driving season from Memorial Day through Labor Day — and warns prices could test the all-time record of $5.02 per gallon if the Strait of Hormuz remains effectively closed deep into the season. GasBuddy’s head of petroleum analysis attributes more than 90% of the year-over-year gap at the pump directly to the Iran conflict and the resulting disruption to the strait, which normally handles roughly one-fifth of global oil supply and has now been compromised for twelve consecutive weeks.

Record Travel, Real Costs

The timing could not be more pointed. AAA projects a record 45 million Americans will travel at least 50 miles this Memorial Day weekend — up from 44.8 million in 2025 and nearly 5% above pre-pandemic 2019 levels. Of those travelers, 87% will be driving. Gasoline demand ticked higher last week to 8.76 million barrels per day even as total domestic supply fell to 214.2 million barrels and production slipped to 9.3 million barrels per day. Demand rising into a tightening supply picture is not a recipe for relief at the pump.

The Small Cap Exposure

For investors in the sub-$2 billion market cap space, this is not an abstract macro story — it is an active margin event playing out across multiple sectors simultaneously. Regional trucking companies, last-mile delivery operators, and logistics providers are absorbing diesel costs that have risen sharply alongside gasoline, with limited ability to push surcharges through in a competitive environment. Consumer-facing small caps in food service, casual dining, and retail are getting squeezed from two directions: higher distribution and operating costs on one side, and a consumer with less disposable income after filling the tank on the other.

Travel-adjacent small caps — regional hospitality operators, independent hotel brands, and leisure-focused consumer companies — face a more nuanced picture. Record travel volumes represent a genuine demand tailwind, but margin pressure from elevated fuel and labor costs can quickly offset volume gains for operators without significant pricing power.

The companies best positioned on the other side of this trade remain domestic energy producers. With WTI holding above $100 and summer demand accelerating into a supply-constrained market, independent oil and gas operators in the small cap space continue to benefit from a price environment that shows no structural signs of easing before fall.

The pump price this weekend is $4.56. If the Strait of Hormuz stays closed, it may look cheap by August.

Power Metallic Mines Inc. (PNPNF) – Power Metallic Expands Saudi Exploration Platform

Posted on May 20, 2026May 20, 2026 by [email protected]

Wednesday, May 20, 2026

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.

Strategic Partnership. Power Metallic Mines executed a strategic partnership with Amaar United Mining Company to jointly pursue mining license opportunities in Saudi Arabia through a 50/50 joint venture structure. The partnership combines Power Metallic’s technical and exploration expertise with Amaar Mining’s local presence and regulatory support capabilities. Power Metallic is expected to act as the technical lead and proposed operator of any post-award joint venture, subject to the execution of definitive joint venture documentation.

Funding Structure. For the first aggregate US$10 million of approved post-award work-program funding, Power Metallic will contribute US$2.5 million, and Amaar will contribute US$7.5 million, while both parties retain equal beneficial ownership, economic interests, and equity interests in the consortium and any post-award joint venture. Following the funding of the first US$10 million of approved work-program expenditures, all further approved funding is expected to be contributed by the parties on a 50/50 basis.

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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – Power Metallic Announces Expansion In the Kingdom of Saudi Arabia via Joint Venture With Amaar Mining

Posted on May 19, 2026May 19, 2026 by [email protected]

Research News and Market Data on PNPNF

Strategic partnership establishes a framework for Power Metallic and Amaar Mining to jointly pursue future Saudi mining license auction rounds, with 50/50 ownership economics and an initial approved post-award work-program funding framework of up to US$10 million

TORONTO, May 19, 2026 – Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce that it has entered into a strategic alliance and joint venture framework agreement with Amaar United Mining Company (“Amaar Mining”), a Saudi Arabian company affiliated with Amaar Holding, to jointly pursue mining license opportunities in the Kingdom of Saudi Arabia.

The agreement marks the next step in Power Metallic’s expansion strategy in Saudi Arabia following the Company’s award of the Jabal Baudan exploration license in the Jabal Sayid Mineralized Belt. Under the agreement, Power Metallic and Amaar Mining intend to cooperate in future Saudi mining license auction rounds and other mutually agreed opportunities, combining Power Metallic’s technical, geological, and exploration capabilities with Amaar Mining’s local strategic presence, coordination capacity, and regulatory interface experience in the Kingdom.

Pursuant to the agreement, any licenses awarded to the parties under the agreed framework are expected to be advanced through a 50/50 joint venture structure. Power Metallic is expected to act as technical lead and proposed operator of any post-award joint venture, subject to the execution of definitive joint venture documentation. Amaar Mining is expected to act as the local strategic partner, leading local coordination, relationship management, and administrative support.

The agreement contemplates that, for the first aggregate US$10 million of approved post-award work-program funding, Power Metallic will contribute US$2.5 million and Amaar Mining will contribute US$7.5 million, while maintaining 50/50 beneficial ownership, economic interests, and equity interests in the consortium and any post-award joint venture. Following the funding of the first US$10 million of approved work-program expenditures, all further approved funding is expected to be contributed by the parties on a 50/50 basis.

“This agreement is an important step in Power Metallic’s strategy to build a durable Saudi Arabia exploration platform,” said Terry Lynch, CEO of Power Metallic. “Our award of the Jabal Baudan license demonstrated that Power Metallic can compete successfully in one of the world’s most important emerging mining jurisdictions. This partnership with Amaar Mining gives us a strong local partner and a clear framework to pursue additional high-quality license opportunities in future auction rounds, while preserving 50/50 economics and maintaining disciplined capital exposure.”

“Saudi Arabia is moving quickly to establish itself as a major global mining jurisdiction, and the quality of future license applications will matter,” said Conor Lynch, Vice President of Business Development of Power Metallic. “Successful participation in the Kingdom requires strong geology, credible work programs, local coordination, regulatory preparation, and disciplined execution. We believe the combination of Power Metallic’s technical capabilities and Amaar Mining’s local platform positions the partnership to compete effectively for future opportunities.”

Naser Fahad Al-Qahtani, CEO of Amaar Mining, commented: “This agreement represents a strategic step in our plans to expand Amaar Mining’s business and enhance its presence in the mining sector by building international partnerships with experienced technical partners. This partnership aligns with the objectives of Saudi Arabia’s Vision 2030, which aims to develop the mining sector and increase its contribution to the national economy. Through this alliance with Power Metallic, we look forward to creating quality opportunities in the Kingdom and achieving sustainable added value that supports the sector’s growth and investment attractiveness.”

Key Terms of the Joint Venture Framework

The key commercial principles of the agreement include:

50/50 ownership and economics: Power Metallic and Amaar Mining are expected to hold equal beneficial ownership, economic interests, and equity interests in the consortium and any post-award joint venture.

Future license auction participation: The parties intend to cooperate in future Saudi mining license auction rounds and other mutually agreed opportunities in the Kingdom.

Power Metallic as technical lead and proposed operator: Power Metallic is expected to lead geological, exploration, technical preparation, and work-program design matters and to act as proposed operator of any post-award joint venture, subject to definitive documentation.

Amaar Mining as local strategic partner: Amaar Mining is expected to lead local coordination, relationship management, and administrative support in the Kingdom, and to contribute to bid preparation and regulatory interface matters.

Initial approved work-program funding: For the first aggregate US$10 million of approved post-award work-program funding, Power Metallic is expected to contribute US$2.5 million and Amaar Mining is expected to contribute US$7.5 million.

Equal funding thereafter: Following the first US$10 million of approved work-program funding, additional approved funding is expected to be contributed by the parties equally on a 50/50 basis.

Post-award joint venture structure: Any awarded licenses under the agreed framework are expected to be advanced through the joint venture structure contemplated by the agreement.

The agreement provides Power Metallic with a scalable structure for future license participation in Saudi Arabia while allowing the Company to maintain a disciplined approach to capital allocation.

Building on Jabal Baudan

Power Metallic’s Saudi Arabia expansion began with the award of the Jabal Baudan exploration license in the Jabal Sayid Mineralized Belt. The Jabal Baudan property covers more than 200 square kilometers and is located in a highly prospective region known for copper, gold, and zinc mineralization. The area forms part of the broader Jabal Sayid belt, a district recognized for volcanogenic massive sulphide-style mineralization.

Power Metallic intends to continue advancing Jabal Baudan through a staged exploration approach, including compilation, reconnaissance, review of historical data, and advanced exploration targeting of high-priority zones. The Company also expects that Saudi Arabia’s Exploration Enablement Program and broader mining-sector reforms may help support continued exploration investment in the Kingdom, subject to applicable eligibility requirements, approvals, and program availability.

The Company views Jabal Baudan as both a high-potential exploration asset and a strategic beachhead for broader participation in Saudi Arabia’s rapidly developing mining sector.

About Amaar Mining and Amaar Holding

Amaar Mining is a Saudi Arabian mining company affiliated with Amaar Holding, a diversified Saudi investment group headquartered in the Kingdom of Saudi Arabia. Amaar Holding was established to diversify investments across sectors and regions with strong economic potential, building on the group’s roots in real estate, infrastructure development, and strategic partnerships.

Amaar Holding traces its origins to Amaar Real Estate, founded in 2011 in the Eastern Province of Saudi Arabia, and has since expanded into a diversified investment platform. Amaar Holding states that its cumulative portfolio exceeds 140 million square meters of developed lands with a value exceeding 40 billion SAR. Through Amaar Mining, the group is seeking to expand its participation in the Saudi mining sector and contribute to the Kingdom’s Vision 2030 objectives

Qualified Person

Joseph Campbell, P. Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)—a high–grade Copper–PGE, Nickel, gold and silver system—toward Canada’s next polymetallic mine.

On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~330 km² and roughly 50 km of prospective basin margins.

Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs.

Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025.

It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia’s Jabal Said Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

For further information, readers are encouraged to contact:
Power Metallic Mines Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

QAQC and Sampling

GeoVector Management Inc (“GeoVector”) is the Consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

All core in this news release is either HQ or NQ sized core. Drill core is re-fitted and measured. Geotech on core includes photographs (wet & dry), rock quality index, magnetic susceptibility, conductivity, and recovery estimates. Core is logged for lithology, mineralogy, and structural features, and sample intervals are delineated and tagged.

Sampled core is mechanically sawn, and half-core is retained for future reference. GeoVector’s QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. QAQC and data validation was performed, and no material errors were observed.

All samples were submitted to and analyzed at Activation Laboratories Ltd (“Actlabs”), a commercial laboratory independent of Power Metallic with no interest in the Project. Actlabs is an ISO 9001 and 17025 certified and accredited laboratories. Samples submitted through Actlabs are run through standard preparation methods and analysed using RX-1 (Dry, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 μm) preparation methods, and using 1F2 (ICP-OES) and 1C-OES – 4-Acid near total digestion + Gold-Platinum-Palladium analysis and 8-Peroxide ICP-OES, for regular and over detection limit analysis. Pegmatite samples are analyzed using UT7 – Li up to 5%, Rb up to 2% method. Actlabs also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

Cautionary Note Regarding Forward-Looking Statements

This message contains certain statements that may be deemed “forward-looking statements” concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “indicates,” “opportunity,” “possible” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others; the timing for various drilling plans; the ability to raise sufficient capital to fund its obligations under its property agreements going forward and conduct drilling and exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company’s plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.

Resolution Minerals Ltd (RLMLF) – Drilling Begins at Golden Gate

Posted on May 15, 2026May 15, 2026 by [email protected]

Friday, May 15, 2026

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

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

Drilling Begins. Resolution Minerals has commenced a major drill program at its Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, with an MP1500 diamond core rig now operating at Golden Gate. The 2026 program will include two rigs and entail up to 13,700 meters of drilling across up to 45 holes targeting gold and tungsten mineralization. The project is located adjacent to Perpetua Resources’ (NASDAQ: PPTA, TSX: PPTA) recently permitted Stibnite Gold Project, highlighting the strategic importance of the region.

Gold Expansion Targeted. The drilling program intends to define and expand gold mineralization at Golden Gate North and Golden Gate South. Previous drilling delivered strong results, including 189.2 meters grading 1.30 grams per tonne gold, with mineralization remaining open at depth. Resolution is also advancing tungsten exploration, targeting extensions around historic mine workings and testing a large area containing coincident tungsten and gold soil anomalies.

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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Summit Midstream Corp (SMC) – First Quarter 2026 Review and Outlook

Posted on May 14, 2026May 14, 2026 by [email protected]

Thursday, May 14, 2026

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

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

1Q 2026 financial results. Summit’s first quarter 2026 financial and operational results reflected continued strength in its Rockies and Permian segments, offset by weaker natural gas pricing, lower Mid-Con volumes, and higher interest expense. The company generated revenue of $139.1 million, adjusted EBITDA of $54.2 million, and free cash flow of $11.4 million. Net loss attributable to Summit Midstream Corporation amounted to $5.3 million, or $(0.43) per share, compared to a net loss of $1.9 million, or $(0.16) per share, in the first quarter of 2025, and our loss estimate of $6.1 million, or $(0.49) per share.

Updating estimates. We now forecast 2026 revenue of $584.8 million and adj. EBITDA of $241.4 million, compared to our prior estimates of $579.2 million and $245.2 million, respectively. First-quarter operational and financial results suggest that Summit’s earnings profile could strengthen progressively through the remainder of the year, with the second quarter expected to mark the beginning of a noticeable operational recovery, with the third and fourth quarters likely benefiting from accelerating volumes and improved commodity fundamentals. Management reiterated full-year 2026 adj. EBITDA guidance of $225 million to $265 million.

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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Power Metallic Mines Inc. (PNPNF) – Advancing Deep Exploration with Muon Tomography

Posted on May 14, 2026May 14, 2026 by [email protected]

Thursday, May 14, 2026

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

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

Thinking outside the box. Power Metallic has partnered with Ideon Technologies to deploy borehole muon tomography at the Lion Zone discovery within its Nisk polymetallic project in Quebec. The company intends to create a high-resolution three-dimensional model of the deposit by analyzing the behavior of naturally occurring cosmic ray particles. The technology is designed to validate results against more than 100 existing drill holes before expanding to district-scale exploration, potentially reducing the need for extensive drilling while reducing cost, time, and environmental impact.

Understanding the purpose. Muon tomography may be especially effective at Lion because the dense sulfide minerals within the deposit contrast sharply with surrounding host rocks, making the mineralization highly detectable. The six-month imaging program will map more than 55 million cubic meters of rock and establish a calibrated density signature that can be used to identify similar deposits hidden deeper underground beyond the reach of conventional geophysical methods.

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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – Power Metallic Partners with Ideon Technologies to Unlock Deep Discovery Potential at Nisk Lion Zone using Muon Tomography

Posted on May 13, 2026May 13, 2026 by [email protected]

Research News and Market Data on PNPNF

Power Metallic Mines Inc.

May 13, 2026, 02:30 ET

TORONTO, May 13, 2026 /CNW/ – Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce an engagement with Vancouver-based Ideon Technologies (“Ideon”) to activate a borehole muon tomography imaging program at the Lion Zone discovery within the Nisk Polymetallic project area in Quebec, Canada. A global leader in subsurface intelligence, the Ideon REVEAL™ solution will generate a high-resolution, three-dimensional density model of the rock composition in and around the Lion deposit.

Figure 1 – Plan view of muon survey overlain Lion (CNW Group/Power Metallic Mines Inc.)

Figure 2: Long section of muon survey overlain Lion (CNW Group/Power Metallic Mines Inc.)

Figure 3 - An example of a density model showing alignment with historic drilling and illumination of new exploration targets, from a muon program conducted at Fireweed Metals’ Macmillan Pass District, Yukon Territory. https://ideon.ai/results/fireweed-metals-macpass/ (CNW Group/Power Metallic Mines Inc.) — Figure 3 – An example of a density model showing alignment with historic drilling and illumination of new exploration targets, from a muon program conducted at Fireweed Metals’ Macmillan Pass District, Yukon Territory. https://ideon.ai/results/fireweed-metals-macpass/ (CNW Group/Power Metallic Mines Inc.)

Figure 4: High-density iso-surfaces of BHP's Nickel West from muon tomography data (blue) are identified within the survey region of interest. The joint inversion of airborne, ground gravity and muon tomography (green) is also shown. The main N-S trending structure is clearly aligned with a mafic intrusion, as described earlier. The massive sulphide structure to the East is seen in the muon tomography inversion, but is not apparent in the gravity inversions – though there is some slight density variation seen in the airborne data. The joint inversion is very compatible with the presence of the massive sulphide. https://ideon.ai/results/bhp-leinster-mine/ (CNW Group/Power Metallic Mines Inc.) — Figure 4: High-density iso-surfaces of BHP’s Nickel West from muon tomography data (blue) are identified within the survey region of interest. The joint inversion of airborne, ground gravity and muon tomography (green) is also shown. The main N-S trending structure is clearly aligned with a mafic intrusion, as described earlier. The massive sulphide structure to the East is seen in the muon tomography inversion, but is not apparent in the gravity inversions – though there is some slight density variation seen in the airborne data. The joint inversion is very compatible with the presence of the massive sulphide. https://ideon.ai/results/bhp-leinster-mine/ (CNW Group/Power Metallic Mines Inc.)

The program is structured in two stages: first, validating the Ideon density model against Power Metallic’s existing 100-plus hole drill dataset at Lion; then applying the calibrated mineralization fingerprint to rank and test deep targets across the 330 km² Nisk district scale property that are below the detection limit of conventional surface-based geophysical methods (i.e., below 200 m).

About the Technology: Seeing Deep into the Earth using Energy from Space

The Ideon REVEAL™ Platform detects cosmic-ray muons — naturally occurring subatomic particles created by supernova explosions in deep space. Muons lose energy progressively in direct proportion to the density of the material they pass through. By positioning arrays of muon detectors in boreholes at varying depths, Ideon can construct 3D tomographic models of subsurface density over millions of cubic metres of earth, potentially replacing hundreds of drillholes while providing greater subsurface visibility at a fraction of the cost and time, and with significantly less environmental impact.

The Ideon REVEAL™ Platform and is designed for the most demanding of exploration and mining environments. It uses proprietary hardware, software and imaging systems with advanced AI-powered analysis and data fusion capabilities. It has been field-proven at some of the world’s most demanding mine sites, including at Rio Tinto’s Kennecott Utah Copper operation at Bingham Canyon, BHP’s Nickel West and Olympic Dam mines in Australia, Vale Base Metals’ Creighton and Totten mines in Sudbury, Ontario, and Fireweed Metals’ remote Macmillan Pass District in the Yukon Territory.

Why Lion Is an Exceptional Muon Target

The mineralogy of the Lion Zone is ideally suited to muon tomography. The deposit’s high-grade core is dominated by massive to brecciated chalcopyrite, cubanite, pyrrhotite, pentlandite, and pyrite — minerals with bulk densities of 4.0 to 5.0+ g/cc. These contrast sharply with the surrounding felsic, mafic and ultramafic host rocks, which carry background densities of approximately 2.8 to 3.0 g/cc. The Ideon solution will be used to produce 3D density models of individual dipping stratigraphic horizons and potential extensions of the deposit at multi-metre scale resolution.

The initial phase of the program will deploy borehole muon detectors into dedicated drill holes at the Lion Zone. The imaging program will run autonomously, passively and continuously collecting data over several months and delivering to Power Metallic a three-dimensional density model of the deposit. This phase will be conducted blindly, meaning that no constraining data (other than surface topography) will be provided.

In total the survey will map the density of over 55,000,000 m³ of rock volume. The imaging program is planned to run for 6 months in duration, with the option to extend to 8 months if needed to optimize resolution and establish the Lion Zone ore signature.

The Lion imaging program is designed as a validation exercise. Power Metallic holds an extensive drill dataset at Lion built from more than 100 holes across multiple campaigns. By producing an unconstrained muon inversion and then comparing it directly against the known resource model, the Company will establish the geophysical fingerprint of a Lion-style polymetallic massive sulfide system. Once the density signature of Lion mineralization is confirmed to match the tomographic model, that calibrated signature will become the search template for the broader Nisk project district.

District Scale: Opening a New Search Space

The most transformative potential of this program lies beyond Lion itself.

Power Metallic’s Nisk project encompasses ~330 km² of land including approximately 20 km of strike on the northern basin margin and 30 km on the southern basin margin — a contiguous belt hosting the Nisk Main deposit, the Lion discovery, and numerous additional untested geophysical anomalies. To date, surface and near-surface exploration methods including airborne magnetics, ground gravity, and Airborne EM have provided effective screening tools for targets shallower than approximately 200 m depth. Below that threshold, surface-based techniques are unable to detect deposit-scale targets.

“One of the challenges in exploring any deposit is false positives. Borehole EM continues to be the gold standard, but increasingly we are looking to combine it with other techniques that can image thicker mineralization. We are excited to integrate our current best practice workflow with muon tomography, a technique that’s demonstrated it can discover thicker intersections of sulfides. By incorporating an additional physical property beyond BHEM, we aim to improve our probability of target success and better discriminate high-quality conductors. We are always striving to discover better ore, not just more ore.” commented Steve Beresford, Director.

Muon tomography will be used to target a search space below 200 meters. Ideon muon sensors can image key geological features in the deep subsurface extending the effective targeting depth range where the next Lion-scale discovery may be hiding.

The geological rationale for deep exploration at Nisk is compelling. The Tiger Zone, located approximately 700 m east of Lion, has already returned Lion-style polymetallic mineralization, confirming the mineralizing system is not confined to Lion alone. The 5.5-km corridor between Lion and Nisk Main remains largely untested at depth. Company geologists have interpreted an easterly plunging structural control on high-grade Lion mineralization that acts as a vector toward a potential source body at greater depth. Regional structural analysis has identified a fold-hinge zone on newly acquired ground that covers an extension of the Lion mineralizing system previously outside the property boundary.

Once a validated muon signature of Lion mineralization is in hand, Power Metallic intends to conduct phased muon surveys across priority targets within this district, applying the calibrated density fingerprint of its known deposit type to rank and test anomalies that otherwise would have to be evaluated with blind drilling.

Learn more about how muon tomography works at this link.

“We have been excited about Nisk’s geological potential for many years and of course with the amazing success of the Lion Zone Discovery we entered a new frontier. With the guidance of our technical director Steve Beresford and the Geovector team led by our VP of Exploration Joe Campbell we have continuously pushed the targeting envelope to discover thicker massive Cu-PGE sulfides. Historically we know the polymetallic discoveries around the world are some of the largest and most profitable mines ever discovered. These discoveries are an order of magnitude bigger than what we have currently discovered. Even the smallest polymetallic discovery is more than 50% larger. What that means in practical terms is we have probably only scratched the surface at Nisk. Even as we are planning to publish our inaugural MRE (Mineral Resource Estinate) this summer to demonstrate that the current discoveries have exciting commercial potential, we remain focused on uncovering Nisk’s full potential. Our team believes that muon tomography is the next tool that can accelerate our discovery process and everything I have seen makes me confident that they have once again chosen wisely.” commented Terry Lynch, CEO & Director.

Qualified Person

Joseph Campbell, P. Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)–a high–grade Copper–PGE, Nickel, gold and silver system–toward Canada’s next polymetallic mine.

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.

For further information, readers are encouraged to contact:
Power Metallic Mines Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

QAQC and Sampling
GeoVector Management Inc (“GeoVector”) is the Consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

Cautionary Note Regarding Forward-Looking Statements

SOURCE Power Metallic Mines Inc.

For further information on Power Metallic Mines Inc., please contact: Duncan Roy, VP Investor Relations, 416-580-3862, [email protected]

Equinox Gold and Orla Mining Merge to Create a North American Gold Powerhouse

Posted on May 13, 2026May 13, 2026 by [email protected]

The North American gold mining sector just got a major reshuffling. Equinox Gold Corp. (TSX/NYSE American: EQX) and Orla Mining Ltd. (TSX/NYSE American: ORLA) announced Tuesday a definitive all-share merger agreement that will create one of the continent’s largest gold producers, carrying an implied market capitalization of $18.5 billion and a combined annual production target of 1.1 million ounces of gold.

The deal is structured as an at-market combination in which each Orla shareholder will receive one Equinox common share plus a nominal cash payment of $0.0001 per share. Upon closing, existing Equinox shareholders will hold approximately 67% of the combined entity, with former Orla shareholders retaining 33% on a fully diluted, in-the-money basis. The transaction is expected to close in Q3 2026, pending shareholder votes anticipated for July and standard regulatory approvals in both Canada and Mexico.

Scale Built on Canadian Bedrock

The strategic logic here is hard to argue with. The combined company will be anchored by three long-life Canadian gold mines — Equinox’s Greenstone (Ontario) and Valentine (Newfoundland & Labrador) assets, alongside Orla’s Musselwhite mine in Ontario. Together, those three Canadian operations alone are projected to produce approximately 685,000 ounces in 2026, positioning the new Equinox Gold as the second-largest producer of Canadian gold.

The remaining production is spread across the U.S. (75,000 oz), Mexico (115,000 oz), and Nicaragua (225,000 oz), rounding out a six-mine North American portfolio that offers both operational diversification and jurisdictional focus.

A Growth Pipeline With Teeth

What separates this deal from a simple consolidation play is the organic growth runway. Management has outlined a clear path to more than 1.9 million ounces of annual gold production — an approximately 70% increase from the 1.1 million ounce baseline — driven entirely by internally funded North American expansion projects. Key growth contributors include the Valentine Phase 2 expansion in Canada, South Railroad and Castle Mountain in the U.S., and Los Filos and Camino Rojo underground in Mexico. All four projects carry established Mineral Reserves, reducing the execution risk that typically plagues expansion-stage narratives.

Combined Proven & Probable Mineral Reserves stand at 22.7 million ounces, with an additional 25.1 million ounces of Measured & Indicated Resources, giving the new entity a reserve base that rivals many of its senior peers.

Financial Firepower

Based on current analyst consensus estimates, the combined company is projected to generate roughly $1.4 billion in free cash flow and approximately $3.4 billion in EBITDA in 2026. Combined available liquidity is also pegged at $1.4 billion, providing the financial flexibility to fund growth without dilutive equity raises — a critical distinction in a capital-intensive sector.

What It Means for the Market

This merger is the latest signal that gold sector consolidation is accelerating, driven by elevated gold prices, rising development costs, and the premium the market increasingly assigns to scale and reserve quality. For investors tracking mid-tier and senior producers, the creation of a new $18.5 billion North American-focused gold company sets a new benchmark for what a fully integrated, internally funded growth story looks like in this cycle.

The transaction includes break fees of $475 million payable by Equinox and $250 million by Orla in certain termination scenarios, underscoring the commitment both boards have made to seeing this through.

Copper Surges Past $14,000 a Ton — And the Real Opportunity May Be in the Junior Miners

Posted on May 13, 2026May 13, 2026 by [email protected]

Copper is back above $14,000 a metric ton and closing in on its all-time high, and the forces driving this rally are not short-term noise. For small and microcap investors, the more relevant conversation is what happens to the junior miners when the red metal runs.

Prices on the London Metal Exchange climbed as high as $14,106 a ton Tuesday — within striking distance of the all-time high of $14,527 set in January. The move comes despite a fragile geopolitical backdrop, as the ongoing Iran conflict continues to cloud the global growth outlook. Copper is up roughly 13% year-to-date, a run that few predicted given the macro headwinds that dominated early 2026.

Why Copper Is Running

The rally is being driven by a confluence of factors that show no signs of reversing. Chinese industrial demand has rebounded meaningfully after a sluggish start to the year, tightening physical supply pipelines. At the same time, Middle Eastern conflict has squeezed sulfur supplies — a key input in certain copper production processes — adding an upstream constraint that is putting additional pressure on an already tight market.

Supply disruptions at major copper mines across Africa and Indonesia have compounded the picture. Ore grades at legacy mines continue to decline — the average grade across the top 20 copper mines globally has fallen roughly 9% over the past two decades — and there are few meaningful new projects with near-term production timelines to offset that degradation.

Analysts are taking notice. A mining analyst at Scotiabank now projects the global copper market will run a deficit of 350,000 tons by 2027, a dramatic revision from a roughly balanced market forecast just two months ago. J.P. Morgan has a similar view, projecting a refined copper shortfall of approximately 330,000 metric tons in 2026. Goldman Sachs has labeled copper a core target of what it calls the AI and electrification supercycle — and the numbers support that framing. Each electric vehicle requires four to five times the copper of a traditional internal-combustion vehicle, and hyperscale AI data centers are adding millions of tonnes of incremental demand to forecasts through 2030.

The Junior Miner Angle

For ChannelChek’s audience, the large-cap copper story — Freeport, BHP, Southern Copper — is well-covered elsewhere. The more compelling conversation is at the junior and small-cap level, where price leverage to copper is most pronounced. When copper moves, junior miners tend to move harder and faster, because their economics are highly sensitive to spot prices.

Names like HudBay Minerals (HBM), Capstone Copper, and Foran Mining sit in the small-to-mid cap range and carry significant operational leverage to sustained copper pricing above $13,000 a ton. For investors seeking a basket approach to junior copper exposure, the Sprott Junior Copper Miners ETF (COPJ) tracks mid-, small-, and microcap companies across the copper mining universe and has gained significant traction as copper’s structural story has matured.

The broader thesis is straightforward: copper demand is structural, driven by electrification, AI infrastructure, and defense modernization. Supply is challenged, fragile, and years away from meaningful new capacity. That combination — tight supply meeting accelerating demand — is precisely the environment where smaller, earlier-stage copper producers and developers tend to generate the most asymmetric upside.

With the preliminary list of copper supply constraints only growing and prices pressing near records, this is a space worth watching closely.

InPlay Oil (IPOOF) – Higher Oil Prices Drive Strong 1Q 2026 Results; Increasing 2026 Estimates

Posted on May 12, 2026May 12, 2026 by [email protected]

Tuesday, May 12, 2026

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

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

1Q 2026 financial results. InPlay Oil generated first-quarter 2026 adjusted funds flow (AFF) of C$30.1 million, or C$1.08 per share, above our estimate of C$27.4 million, or C$0.98 per share. Oil and natural gas sales revenue totaled C$88.4 million, ahead of our C$79.9 million forecast, due to stronger commodity prices. First quarter production averaged 18,337 barrels of oil equivalent per day (boe/d), modestly below our estimate. Compared to the prior year period, production, oil and natural gas sales revenue, operating income, and AFF increased 127.1%, 102.0%, 116.9%, and 79.6%, respectively. Average production more than doubled due to the successful integration of the company’s 2025 acquisition and strong results from its Pembina drilling program. Liquids production increased significantly, improving the overall production mix and supporting stronger corporate netbacks.

Outlook for the remainder of 2026. Supported by stronger oil prices, the Company increased its adjusted funds flow and free adjusted funds flow guidance to a range of C$143.0 to C$151.0 million, compared to previous expectations of C$122.0 million to C$129.0 million, while maintaining a disciplined production target of 18,600 to 19,200 boe/d and capital spending in the range of C$66.0 to C$74.0 million.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

First Phosphate Corp. (FRSPF) – Right Time, Right Place, Right Project

Posted on May 11, 2026May 11, 2026 by [email protected]

Monday, May 11, 2026

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

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

Building an integrated North American phosphate supply platform. First Phosphate is focused on extracting and purifying high-purity igneous phosphate for the lithium iron phosphate (LFP) battery industry. The company is advancing a vertically integrated platform in the Saguenay–Lac-Saint-Jean region of Quebec, targeting the eventual downstream production of purified phosphoric acid and cathode active material (CAM) used in LFP batteries. The company’s flagship Bégin-Lamarche Project is a high-purity igneous phosphate deposit that hosts a pit-constrained indicated mineral resource of 41.5 million tonnes grading 6.49% phosphorus pentoxide and a pit-constrained inferred mineral resource of 214.0 million tonnes grading 6.01%.

Growing Demand for LFP Batteries. The LFP battery market is expanding rapidly due to growing demand from electric vehicles, energy storage, artificial intelligence data centers, and industrial applications. Phosphate accounts for approximately 60% of LFP battery chemistry, while lithium accounts for only 4%. Because only about 5% of global phosphate deposits are igneous in nature, these high-purity deposits are valuable strategic assets for North American battery production.

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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – Aurania Closes Option Agreement with St-Georges to Jointly Advance the Thor Epithermal Gold Project in Iceland

Posted on May 8, 2026May 8, 2026 by [email protected]

Research News and Market Data on AUIAF

May 08, 2026 7:00 AM EDT | Source: Aurania Resources Ltd.

Toronto, Ontario–(Newsfile Corp. – May 8, 2026) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) is pleased to announce that it has closed the previously announced option agreement (the “Agreement”) dated April 27, 2026 (the “Execution Date”) with St-Georges Eco-Mining Corp (“St-Georges”) (CSE: SX), and its wholly owned subsidiary Iceland Resources ehf (“IR”), to work collaboratively to define and execute a phased exploration program aimed at advancing the Thormodsdalur gold project (“Thor’s Valley” or the “Project”), towards initial modern resource definition. Please see the Company’s press release dated April 28, 2026 for further details on the Project and the Agreement.

Pursuant to the terms of the Agreement, Aurania issued to St. Georges 988,359 common shares (the “Shares”) at a deemed price per Share of C$0.2068 for a total value of C$204,375 (US$150,000). The deemed price per Share is equal to the volume weighted average price of the Shares on each business day commencing on the Execution Date and ending on the last business day prior to the closing date of the Agreement. The Shares issued to St. Georges are subject to a hold period of four months and one day from the date of issuance.

To exercise the option to earn a 70% interest in the Project (the “First Option”), Aurania must incur exploration expenditures of US$5 million over four years as follows:

At least US$500,000 prior to the first anniversary of the Execution Date;
At least US$1,000,000 prior to the second anniversary of the Execution Date;
At least US$1,500,000 prior to the third anniversary of the Execution Date;
At least US$2,000,000 prior to the fourth anniversary of the Execution Date;

Upon completing the First Option, St-Georges will have the option to choose between maintaining a 30% interest in the Project through a joint venture or retain an up to 3% net smelter return royalty on the Project (the “Royalty”), with such Royalty to be reduced as necessary such that the aggregate royalty burden on the Project shall not exceed 3%, inclusive of any pre-existing NSR royalties. In the event the Royalty is granted, Aurania shall have the right to repurchase 1% of the Royalty for US$1,500,000, in cash or Shares (subject to the approval of the TSX Venture Exchange if the buy back will be made in Shares), at Aurania’s sole discretion, at any time prior to the one year anniversary of commercial production at the Project.

If St. Georges elects to retain the Royalty, Aurania will have the right, in its sole discretion, to increase its interest in the Project to 100% by incurring an additional US$2,000,000 of exploration expenditures prior to the 5^th anniversary of the Execution Date.

About St-Georges Eco-Mining Corp.
St-Georges develops new technologies and holds a diversified portfolio of assets and patent-pending Intellectual Property within several highly prospective subsidiaries including: EVSX, a leading North American advanced battery processing and recycling initiative; St-Georges Metallurgy, with metallurgical R&D and related IP, including processing and recovering high grade lithium from spodumene; Iceland Resources, with high grade gold exploration projects including the flagship Thor Project; H2SX, developing technology to convert methane into solid carbon and turquoise hydrogen; and Quebec exploration projects including the Manicouagan and Julie nickel, Copper and PGE critical mineral projects on Quebec’s North Shore, and Notre-Dame niobium Project in Lac St Jean.

Information on St-Georges Eco-Mining Corp. can be found on the company’s website at www.stgeorgesecomining.com. For all other inquiries: [email protected].

About Iceland Resources
Iceland Resources is an Icelandic mineral exploration company focused on early-stage precious metal projects, including Thormodsdalur. The company’s exploration strategy emphasizes systematic, data-driven evaluation of prospective targets in under-explored volcanic terrains.

Information on Iceland Resources and technical reports are available at https://icelandresources.is/, as well as on Facebook at https://www.facebook.com/icelandresources, and X (formerly Twitter) at https://x.com/Iceland_Res.

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 critical energy in Europe and abroad.

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
[email protected]

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.

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: statements regarding the terms of the Agreement, earn-in requirements, anticipated exploration programs, timing of activities, the potential to advance the Project, Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the tonnage and grade of mineralization which has the potential for economic extraction and processing, the merits and effectiveness of known process and recovery methods, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the commencement of any drill program and estimates of market conditions. 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: failure to achieve the anticipated results, incorrect assumptions made in the initial evaluation of the Project, 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.

Source: Aurania Resources Ltd.