Category: Natural Resources

Aurania Resources (AUIAF) – Drilling Completed at Thor’s Valley; Assays Expected in November

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Wednesday, October 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.

2026 drilling program completed. Aurania completed eight diamond drill holes totaling 780.7 meters at its Thor’s Valley gold-silver project in Iceland, compared with six holes originally planned. The program included six holes twinning historical drilling, one drilled in the same direction as a historical hole but at a different inclination, and a step-out hole 50 meters northwest of the historic area. The program was intended to confirm historical results and assess the continuity and extent of mineralization. Assay results are expected in November 2026.

Core recovery improves geological confidence. Aurania achieved nearly 100% core recovery in most holes, compared with approximately 50% or less historically. Using HQ3 diamond drilling, the company recovered fragmented, clay rich vein material frequently lost during earlier programs. More representative samples should improve the assessment of historical gold grades and mineralized widths.


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Critical Minerals Race Fuels Mining Deals as Companies Move to Secure Copper and Rare Earth Supplies

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The global race to secure critical minerals is driving renewed merger and acquisition activity across the mining industry, as companies seek greater control over copper, rare earth elements, and other strategically important resources. Growing demand from electrification, artificial intelligence infrastructure, and defense manufacturing is encouraging producers to pursue acquisitions, strategic partnerships, and long-term supply agreements.

For small-cap and microcap mining companies, these developments could create opportunities to attract investment, advance exploration projects, and establish relationships with larger industry participants.

Recent transactions involving copper exploration assets and rare earth supply agreements highlight the increasing importance of securing access to future mineral production.

Copper remains central to global electrification, with applications spanning electric vehicles, renewable energy systems, power transmission networks, and data centers.

As electricity demand increases, mining companies are looking to expand their resource portfolios. However, developing new copper mines can require substantial investment and years of exploration, permitting, and construction.

Acquiring existing exploration assets or partnering with junior miners can offer established producers an alternative route to securing future supplies.

Kodiak Copper (KDKCF) provides an example of activity within the junior copper sector. The company is advancing its MPD copper-gold project in British Columbia, where its 2026 exploration program includes drilling intended to expand existing mineral resources and evaluate additional targets.

Kodiak has also pursued a proposed transaction involving its Mohave copper project in Arizona and assets contributed by Teck Resources, illustrating how junior miners can participate in broader asset consolidation strategies.

Another company operating in the sector is Power Metallic Mines (PNPNF), which is advancing polymetallic exploration projects in Quebec with exposure to copper and other metals important to industrial supply chains.

Beyond copper, rare earth elements have become increasingly important because of their use in electric motors, wind turbines, and advanced defense technologies.

Recent activity involving Arafura Rare Earths and commodity trader Traxys underscores the importance of long-term offtake agreements in securing future supplies.

These arrangements can provide mining developers with commercial visibility while helping industrial customers reduce exposure to concentrated global supply chains.

The broader critical minerals landscape also includes materials used in batteries and energy storage.

First Phosphate (PHOS) is focused on phosphate resources in Quebec, a material relevant to lithium iron phosphate battery chemistry. Meanwhile, Century Lithium (CYDVF) is developing its Angel Island lithium project in Nevada, positioning it within the North American battery materials supply chain.

Although these companies operate in different commodity markets, their projects illustrate the range of resources attracting strategic interest as governments and manufacturers prioritize domestic and diversified supply networks.

For junior mining investors, increasing acquisition activity could provide additional opportunities for companies with attractive deposits, favorable jurisdictions, and credible development plans.

However, stronger demand for critical minerals does not automatically translate into profitable projects.

Investors should evaluate resource quality, project economics, financing requirements, permitting risks, and potential shareholder dilution.

Strategic equity investments, joint ventures, government funding commitments, and binding offtake agreements may offer important indications of commercial interest.

As competition for critical minerals intensifies, securing reliable access to future production is becoming an increasingly important priority.

For small-cap mining companies, this environment could support additional partnerships and consolidation activity, making critical minerals a sector worth watching through the remainder of 2026 and beyond.

Release – Aurania Completes Drilling at Thormodsdalur Gold Project in Iceland

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Aurania Resources Ltd.

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October 13, 2026 7:00 AM EDT | Source: Aurania Resources Ltd.

Toronto, Ontario–(Newsfile Corp. – October 13, 2026) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces the completion of its 2026 drill program on the Thormódsdalur epithermal gold-silver project in Iceland (the “Project”). Eight holes were diamond drilled for a total of 780.70 metres, with mineralized textures consistent with epithermal gold-silver mineralization observed in every hole. Core recovery was at or close to 100% in most cases, addressing key limitations of previous drilling. Assay results are anticipated in November 2026, subject to laboratory processing times.

Highlights

  • Eight diamond drill holes completed, totalling 780.70 metres.
  • Core recovery at or close to 100% in most cases, compared with approximately 50% or less reported in previous programs.
  • Most holes twinned historical holes to re-test vein zones affected by earlier core loss.
  • Quartz veins and hydrothermal breccias display textures consistent with an epithermal gold-silver system present in every drillhole; grades await laboratory assays.
  • Samples submitted to ALS; assay results expected in November 2026.

Aurania’s President & CEO, Dr. Keith Barron, commented, “Iceland has a successful history of drilling for geothermal hot water and steam for the generation of electric power, and there are many contractors on the island nation. However, the objective in geothermal drilling is to drill an open hole into the ground for maybe hundreds of metres, not to secure a complete sample of the rock the drill has passed through. Recovering the broken, clay-rich vein material was a key objective of this program. Previous drilling programs reported core recoveries of approximately 50% or less, with fine material lost during drilling, particularly in the mineralized zones. We engaged Finland-based Arctic Drilling Company Oy Ltd to use HQ3 diamond drilling to recover a more continuous core sample. We are pleased that core recovery was at or close to 100% in most cases.”

The core contains both quartz veins and hydrothermal breccias, consistent with the epithermal gold-silver system. Observed textures in mineralized zones include crustiform-colloform chalcedonic quartz with plumose and moss textures, dark bands, and cockade-breccia textures. Aurania interprets these features as evidence of the upper boiling zone in a fossilized geyser system. The veins are known to be gold-bearing from previous drill campaigns, and boiling of fluids is considered the mechanism for precious-metal precipitation in the veins. In addition to the upper boiling zone model, fluid mixing is another probable gold-deposition mechanism given the association of mineralization with banded quartz, adularia, clays and silica. To gain a general understanding of quartz textures, please consider watching the following video interpretation by Dr. Gregg Morrison: Textural Zoning In Epithermal Quartz Veins with Gregg Morrison.

Dr. Keith Barron further commented, “Gregg tried unsuccessfully to convince me to do a PhD at the Pajingo gold mine in Queensland in 1988, and again I met with him in 2009 when he was at Fruta del Norte (FDN) in Ecuador. He is certainly one of the world’s experts on epithermal deposits and taught me a great deal. During the COVID shutdown in 2020, I recorded a series of “modules” on epithermal gold-silver deposits, and I consider it a Master Class for the layperson who wants a better understanding. Of course, in 2020, I had no inkling that Aurania would one day be exploring epithermals in Iceland! Straight Talk On Mining – Insights on mining from economic geologist Dr. Keith Barron.

These modules can be individually watched or binged together. Most are about 3.5 to 5 minutes long, but a few are longer. I have mentioned geologist Peter Grieve in one of them. Peter managed our drill program and logged the core for us at the Project, ably assisted by Icelandic geologist Miss Svava Ósk Árnadóttir. I worked with Peter previously in Ecuador, and it was great to interact with him again on the Project in Iceland.”

The core shows strong evidence of fault movement after mineralization. The mineralized zones, being the zone of weakness, have been sheared and granulated. The movement sheared and broke the quartz veins, commonly reducing them to fragments a centimetre or less in diameter within a clay-rich matrix. Diagnostic epithermal textures, however, remain clearly visible in the fragments, including intervals of classic epithermal colloform bandings. Figures 1 through 6 below illustrate both disrupted epithermal vein material and intact epithermal quartz veins.

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Figures 1 (left) and 2 (right): Epithermal quartz veins disrupted and brecciated by post-mineral fault movement. The epithermal character is clearly visible in the fragments. The clay gouge can contain fine-grained pyrite. Core diameter is 68 mm.

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Figure 3: “Classic” intact epithermal quartz vein showing rhythmic colloform banding and multiple zones of hydrothermal brecciation. Core diameter is 68 mm.

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Figure 4: Brecciated quartz-adularia vein clasts in a hydrothermal breccia cemented by later chalcedonic and fine crystalline quartz. Core diameter is 68 mm.

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Figure 5 (left): Dark banding in quartz. Figure 6 (right): Moss texture in fine grained silica.

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Figure 7: Core photographs of the Thor vein zone intersection in hole TARU2026-06. The vein zone (interval 17.50 m to 19.90 m, not true width) is comprised of epithermal veins, vein fragments and hydrothermal breccias, together with clay-rich material produced by later fault movements, also containing vein clasts.

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About Thormódsdalur
The Thormódsdalur project is located approximately 20 kilometres east of Reykjavík, Iceland, and is held by Iceland Resources ehf (“IR”), a wholly owned subsidiary of St-Georges Eco-Mining Corp. (CSE: SX) (“St-Georges”). In April 2026, Aurania entered into an option agreement with St-Georges and IR to collaboratively define and execute a phased exploration program to advance the Project toward an initial modern resource definition. The key terms of the option agreement are described in the Company’s news release dated April 28, 2026.

Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Aurania’s VP Exploration, Mr. Jean-Paul Pallier, MSc, who is not independent of the Company. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

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 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.

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: statements regarding the Project, and that the drill core samples have been sent for assaying and are expected in November, statements regarding the option agreement with St-Georges and IR and the goals, plans and objectives set out thereunder, 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 that market conditions will be favourable. 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; risks associated with conducting operations in a foreign jurisdiction, including currency fluctuations, foreign regulatory requirements, and cross-border logistical challenges; 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.

The $4 Gallon Is No Longer a Shock. It’s the New Baseline.

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By Wednesday, American drivers are expected to log more days above $4 a gallon in a single year than in any year on record, surpassing a mark set in 2022. That is the forecast of Patrick De Haan, head of petroleum analysis at GasBuddy, and the numbers support it.

AAA puts the national average for regular gasoline at $4.35 a gallon, about $1.27 higher than a year ago and still shy of the May peak above $4.50. Diesel sits at $6.25. Prices have drifted down a few cents over the past month, which is hardly comfort when the starting point is this high.

What stands out is not the peak but the persistence. A price spike is a shock; a price that stays elevated for months becomes a baseline. Households stop treating $4 gas as an emergency and start budgeting around it, which means cutting somewhere else. That quiet adjustment is how fuel costs feed into broader economic weakness, and it helps explain why consumers have grown so frustrated with the cost of living. The University of Michigan’s October sentiment survey fell to a five-month low, and gas prices that have held above $4 since mid-summer are part of that story.

The supply picture offers little relief. Crude rose Monday after deadly attacks in the Middle East and fresh doubts about a proposed Russia-Ukraine energy ceasefire, with Brent near $106 a barrel and West Texas Intermediate around $93. At home, Hurricane Isaias knocked two major Gulf Coast refineries offline, and the full extent of the damage is still being assessed. Refiners make diesel and heating oil from the same crude supply, so a disruption in one product can pull the others higher, just as winter demand arrives. Gasoline futures are up more than 86% this year and heating oil futures more than 124%.

Diesel deserves more attention than it gets. It moves the farm equipment, trucks, and delivery vans that carry nearly everything people buy, so higher diesel costs eventually show up on shelves and invoices. Drivers see the gasoline price on a sign; they don’t see the diesel surcharge folded into their groceries.

The pain is not evenly shared. Producers are positioned to benefit. InPlay Oil Corp. (IPOOF), an Alberta light oil producer covered by Noble Capital Markets research, reported record quarterly adjusted funds flow of $44.7 million in the second quarter, citing high oil prices, and raised its 2026 guidance. The company also reported production of 18,663 barrels of oil equivalent per day, about 62% light oil and natural gas liquids, and agreed to a $54.25 million acquisition after quarter end. Those figures are company-reported. Transportation and logistics businesses, along with lower-income households that spend a larger share of their budgets on fuel, face the opposite side of the trade.

Three things will decide how long this lasts: how quickly the damaged refineries come back, whether Middle East tensions and the Russia-Ukraine ceasefire push crude higher, and how tight distillate supply gets as temperatures fall. If those break the wrong way, the $4 gallon will remain a feature of the economy rather than a talking point, and the consumer will keep feeling it.

Release – Alliance Resource Partners, L.P. Schedules Third Quarter 2026 Earnings Conference Call

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Research News and Market Data on ARLP

October 12, 2026

TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) will report its third quarter 2026 financial results before the market opens on Monday, October 26, 2026. 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 13762993.

About Alliance Resource Partners, L.P.

ARLP is a diversified natural resource 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-related technologies and infrastructure.

News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission, are available at www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7673 or via email at [email protected].

Investor Relations Contact
Cary P. Marshall
Senior Vice President and Chief Financial Officer
918-295-7673
[email protected]

Source: Alliance Resource Partners, L.P.er 12, 2026

TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) will report its third quarter 2026 financial results before the market opens on Monday, October 26, 2026. 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 13762993.

About Alliance Resource Partners, L.P.

ARLP is a diversified natural resource 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-related technologies and infrastructure.

News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission, are available at www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7673 or via email at [email protected].

Investor Relations Contact
Cary P. Marshall
Senior Vice President and Chief Financial Officer
918-295-7673
[email protected]

Source: Alliance Resource Partners, L.P.

Alliance Resource Partners (ARLP) – Coal Operations Anchor Cash Flow as Oil and Gas Royalties Expand

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Friday, October 09, 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.

Coal fundamentals support a constructive outlook. Alliance Resource Partners is the second-largest coal producer in the eastern United States and benefits from a competitive cost structure and strong earnings visibility based on contracted sales. More than 99% of expected 2026 coal volumes are committed and priced, while approximately 85% of anticipated 2027 volumes are contracted. Growing electricity demand and a more supportive regulatory environment could extend coal-fired power plant lives and strengthen demand for thermal coal.

Royalties strengthen the growth profile. Alliance continues to expand its high-margin oil and gas royalty business, supported by more than $1 billion invested in mineral interests. The recent $206.2 million AllDale acquisition expanded its portfolio to approximately 115,680 net royalty acres, including more than 44,770 acres in the Permian Basin. We expect royalties to contribute increasingly to earnings and cash flow without the capital requirements of operated properties.


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Tectonic Metals Inc. (TETOF) – Preparing for the Next Phase of Growth

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Tuesday, October 06, 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.

Senior leadership team appointment. Effective October 1, Tectonic appointed Mr. Eduard Epshtein, CPA, CA, as Chief Financial Officer and Corporate Secretary. Mr. Epshtein has more than 20 years of capital markets, project development, transactions, and corporate finance experience, including 16 years as Chief Financial Officer of Lithium Americas (NYSE: LAC, TSX: LAC). During his tenure, Lithium Americas evolved from an exploration-stage company into a NYSE-listed producer with a market capitalization exceeding US$5 billion.

Experience aligned with Tectonic’s next phase. We view the appointment positively given Mr. Epshtein’s experience advancing major resource projects from exploration through construction and production. His experience with project finance, strategic partnerships, joint ventures, offtake arrangements, M&A, and corporate governance should become increasingly relevant as Tectonic moves Flat from exploration toward resource definition and economic evaluation.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

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Release – Tectonic Metals Appoints Eduard Epshtein as CFO, Bolstering Executive Team for Next Stage of Growth

Posted on by [email protected]

Research News and Market Data on TETOF

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VANCOUVER, B.C., October 5, 2026 – Tectonic Metals Inc. (“Tectonic” or the “Company”) (TSX-V: TECT; OTCQX: TETOF) is pleased to announce the appointment of Eduard Epshtein, CPA, CA, as Chief Financial Officer (“CFO”) and Corporate Secretary, effective October 1, 2026.

Mr. Epshtein brings more than two decades of experience spanning capital markets, project development, strategic transactions and corporate finance. He joins Tectonic following a 16-year tenure as CFO of Lithium Americas Corp., where he helped build the company from an exploration-stage start-up into an NYSE-listed lithium producer with a market capitalization that exceeded US$5 billion.

His appointment comes at a pivotal stage as Tectonic advances its flagship Flat Gold Project in southwest Alaska, U.S., with a number of key catalysts ahead, including the completion of its largest-ever drill program at the end of October, a maiden Mineral Resource Estimate for the Chicken Mountain intrusion target planned for the first quarter of 2027, followed by a Preliminary Economic Assessment (“PEA”) targeted for the second quarter of 2027.

Tony Reda, Co-Founder, President and CEO, commented:

“Eduard has already helped build what we are now building at Tectonic. He has taken a resource company from exploration through development and into production and understands first-hand what each stage demands – from capital and corporate infrastructure to governance, strategic partnerships and execution. Having helped guide Lithium Americas from the TSX Venture Exchange to the TSX and ultimately the NYSE, while advancing major projects and completing significant financings and transactions, he brings experience that is directly aligned with the road ahead for our Company.

“While that experience will be valuable as we advance Flat and consider our future capital markets strategy, it is Eduard’s character that stands out most: he shares our long-term approach to building Tectonic and brings loyalty, integrity and commitment to the team. We are thrilled to welcome him.”

Proven Capital Markets and Corporate Leadership Experience

As CFO of Lithium Americas Corp. from its formation in 2007 through 2023, Mr. Epshtein helped build the company from an exploration-stage start-up with a small team into a major publicly traded lithium producer. During his tenure, Lithium Americas completed its initial public offering on the TSX Venture Exchange in 2008, graduated to the Toronto Stock Exchange in 2011 and listed on the New York Stock Exchange in 2018. He subsequently played a central support role in the separation of Lithium Americas into two independent public companies, including the NYSE listing of Lithium Argentina.

Mr. Epshtein also brings extensive experience advancing large-scale resource projects through successive stages of development. He helped advance the Cauchari-Olaroz lithium project in Argentina from exploration through construction and into production, with a design capacity of 40,000 tonnes per annum and approximately US$1 billion of construction capital. He was also involved in advancing the Thacker Pass project in Nevada from exploration into construction, including the development of a multi-billion-dollar funding strategy involving the U.S. Department of Energy and General Motors.

Throughout his career, Mr. Epshtein has executed a broad range of financings and strategic transactions, including project financing, convertible debt, at-the-market offerings, strategic investments, offtake arrangements and royalties. His experience also includes structuring joint ventures and strategic arrangements involving SQM, Ganfeng Lithium and General Motors, as well as significant M&A transactions, including the Western Lithium–Lithium Americas merger and the acquisitions of Millennial Lithium and Arena Minerals.

Beyond capital markets and project development, Mr. Epshtein brings broad public-company leadership experience. At various stages of Lithium Americas’ growth, he was responsible for financial reporting, finance, treasury, risk management, internal controls, information technology, corporate secretary functions, ESG reporting, Board support, as well as legal and human resources.

Eduard Epshtein commented:

“Tectonic has reached an exciting stage in its evolution. I have spent much of my career helping build and advance resource companies through periods of significant growth, and I see many of the same ingredients here: a compelling project, an experienced and ambitious team, a strong financial position and a clear long-term vision.

“What attracted me most to Tectonic is the opportunity to help build something meaningful and exciting. I look forward to working with Tony, the Board and the entire Tectonic team as we advance Flat and build the financial, corporate and capital markets foundation to support the Company through its next stage of growth.”

Chief Financial Officer and Corporate Secretary Transition

The Company also announces that Oliver Foeste has stepped down as the Company’s CFO and Corporate Secretary, effective October 1, 2026.

“I want to sincerely thank Oliver for his contributions over the past four years and for the partnership, counsel and friendship we have shared,” added Mr. Reda. “He helped the Company navigate a significant period of growth, including its financings, public company reporting requirements and governance. We are grateful for his contributions to Tectonic and wish him every success in the future.”

Stock Option Grant and Restricted Share Unit Grant

Separately, the Company announces the following grants under its Equity Incentive Plan.

A total of 560,000 incentive stock options have been granted to an officer and an employee of the Company to purchase up to 560,000 common shares (“Option Shares”) in the capital of Tectonic.

The stock options have an exercise price of C$2.05 per Option Share, expire five years from the grant date and vest over a 36-month period in three equal installments every twelve months from the grant date.

A total of 51,000 restricted share units (“RSUs”) have been granted to an officer of the Company. The RSUs vest over a 36-month period in three equal installments every twelve months from the grant date.

About Tectonic Metals Inc.

Tectonic Metals Inc. is a mineral exploration company led by an experienced and well-respected technical and financial team with a track record of wealth creation for shareholders. The Company is focused on exploring and developing its flagship Flat Gold Project in southwestern Alaska, covering 99,840 acres of predominantly Native-owned land belonging to Doyon, Ltd., a leading Alaska Native Regional Corporation and one of Tectonic’s largest shareholders. The current focus is on advancing the Chicken Mountain target, one of six multi-kilometre-scale intrusion zones at the Flat Gold Project, where drilling has achieved a 100% success rate across 206 holes to date.

Founded by key members of the Kaminak Gold team behind the discovery and advancement of the Coffee Gold Project, which was acquired by Goldcorp for $520 million in 2016, Tectonic brings a proven track record in exploration, project advancement, capital markets and value creation. Collectively, the team has helped identify 40 million ounces of gold, advanced more than 20 projects through to feasibility, permitted 25 projects, completed over $6 billion in mergers and acquisitions and raised more than $6 billion in capital.

Tectonic’s mission is to be a shift in the game: working for our shareholders and the communities where we operate, putting people first, playing big and staying true to our word every step of the way.

On behalf of Tectonic Metals Inc.,  

Tony Reda, President and Chief Executive Officer  

For further information about Tectonic Metals Inc. or this news release, please visit our website at www.tectonicmetals.com or contact:

Keren Yun
Vice President, Investor Relations
1-888-685-8558 or [email protected].

Cautionary Note Regarding Forward-Looking Statements, Historical Information and Visual Observations

This news release contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often, but not always, identified by words such as “may,” “will,” “should,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “estimate,” “potential,” “target,” or similar terminology, or that events or conditions “may” or “will” occur.

Forward-looking statements in this release include, but are not limited to, statements regarding: the ability of Mr. Epshtein to apply his prior work experience and knowledge to assist with the Company’s growth strategy, the potential for mineralization at Tectonic’s projects; the nature, scope, and timing of future exploration activities; the interpretation of geological observations; the possible size or scale of mineralized systems; the receipt of regulatory approvals, and the anticipated benefits of current and future exploration programs.

This release also refers to historical information, including results from past exploration activities and placer production figures. Such historical information has not been independently verified by Tectonic, may not be reliable, and should not be relied upon as current, NI 43-101 compliant data.

In addition, this release contains, detailed geological notes, and descriptive observations such as alteration styles, mineralogy and visible gold. These observations are preliminary in nature, may not be representative of the entire interval or system, and should not be relied upon as a guarantee of mineralized assay results or as the basis for any investment decision. Investors and readers are cautioned that visual estimates, core photographs, and geological descriptions are not substitutes for laboratory assay results and do not demonstrate the economic viability of any mineral deposit.

Forward-looking statements are not guarantees of future performance. They are based on a number of assumptions made as of the date such statements are provided, including, among others: assumptions regarding future gold and other metal prices; currency exchange and interest rates; favourable operating and political conditions; timely receipt of permits and regulatory approvals; availability of labour, equipment, and services; stability of financial and capital markets; availability of financing on acceptable terms; accuracy of exploration data and geological models; and the ability to successfully advance planned exploration programs. Many of these assumptions are beyond the control of Tectonic and may prove to be incorrect.

Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These risks include, without limitation: risks inherent to mineral exploration and development; volatility of commodity prices; changes in laws, regulations, and policies; delays or inability to obtain required approvals and permits; availability of financing; general economic, political, and market conditions; labour disputes and shortages; equipment and supply risks; environmental and social risks; competition; inaccuracies in exploration results or geological interpretations; and other risks detailed from time to time in the Company’s continuous disclosure filings.

Although management believes the expectations expressed in such forward-looking statements are reasonable as of the date made, there can be no assurance they will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements, historical information, or preliminary visual geological observations. Actual results and future events may differ materially from those anticipated. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Tectonic disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. 

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.  

Resolution Minerals Ltd (RML) – Horse Heaven Advances on Multiple Fronts

Posted on by [email protected]


Thursday, October 01, 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.

Horse Heaven takes center stage. In fiscal 2026, Resolution Minerals repositioned the company around its 100%-owned Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho following its acquisition in July 2025. During the year, Resolution initiated and expanded drilling, made gold discoveries at Golden Gate North and South, advanced the high-grade Antimony Ridge system, acquired the Johnson Creek processing site and historical tungsten stockpiles, and initiated metallurgical programs across gold, antimony, and tungsten.

Golden Gate continues to expand. Following the June 30 fiscal year-end, Resolution completed its 2026 Golden Gate drilling program with 42 diamond holes totaling 12,236 meters. Recent assays from Golden Gate South extended the mineralized zone to approximately 600 meters in width and returned the highest gold grades reported to date at Horse Heaven, including one meter grading 14.8 g/t Au and 10.2 meters grading 1.83 g/t Au. Assays remained pending for 36 holes, providing a pipeline of additional results.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

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

Power Metallic Mines Inc. (PNPNF) – Deep Drilling Extends Lion Zone at Depth

Posted on by [email protected]


Wednesday, September 30, 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.

Deep drilling expands the Lion Zone. Power Metallic recently released new drill results that extend the known depth of the Lion Zone, with Hole PML-26-125 intersecting 5.70 meters grading 14.00% copper equivalent recovered (CuEqRec) at nearly 800 meters vertical depth. The intercept was drilled roughly 150 meters below the previous deepest high-grade hole and lies well beneath the limits of the recently announced mineral resource estimate, providing additional evidence that Lion remains open at depth.

Grades remain strong below the current resource. Hole PML-26-125 returned 11.42% copper within the broader 5.70-meter interval, including 2.15 meters grading 24.62% CuEqRec and 20.30% copper. A second hole, PML-26-121a, intersected 7.70 meters grading 3.28% CuEqRec, including 1.70 meters at 11.93% CuEqRec. Together, the results suggest that high-grade copper-platinum group elements (PGE) mineralization continues below the current resource envelope rather than tapering out at depth.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

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

Metals & Mining Industry Report – Observations from the 2026 Precious Metals Summit

Posted on by [email protected]

Monday, September 28, 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.

Precious Metals Summit. We attended the Precious Metals Summit last week at the Beaver Creek Resort in Colorado. While strong increases in metal prices led to exceptional investment returns in 2025, returns have moderated in 2026. Year-to-date through September 25, mining companies (as measured by the XME) appreciated 4.6% compared to a gain of 13.1% for the S&P 500 Index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 8.3% and 6.4%, respectively. While metals prices remain strong, gold, silver, nickel, and lead prices have retreated modestly since the end of last year, while copper and zinc prices have continued to advance. While rising rate expectations may pose a headwind for gold, an uncertain geopolitical environment and other factors may provide an offset.

Investors are more discerning. Sentiment remains constructive, supported by strong metals prices, robust industry cash flows, and continued institutional interest in the sector. Conference participation was strong, including executive teams from over 225 mining companies and a broad mix of institutional investors, sell-side brokerage firms, and other industry participants. Investors appear to be increasingly focused on companies with scale, grade, strong metallurgy, manageable capital requirements, and an identifiable path for converting exploration success into economic value. 


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This 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. 

Junior Mining Consolidation Isn’t Coming. It’s Already Underway

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The Artemis Gold acquisition of Vista Gold we covered earlier this week wasn’t an isolated event. It was one data point in what industry data increasingly confirms is a genuine, extended wave of consolidation sweeping through the junior and intermediate mining sector, and the drivers behind it suggest this cycle has real staying power rather than representing a short-term spike.

The numbers tell a clear story. Global mining M&A totaled roughly $93.7 billion in completed deals during 2025, and gold and silver assets alone accounted for more than 77% of total deal volume in early 2026. The list of major transactions reads like a sector-wide roll-up already in progress, Gold Fields acquiring Gold Road Resources for approximately $2.4 billion, Northern Star Resources buying De Grey Mining for roughly $3.3 billion, Equinox Gold’s $2.8 billion purchase of Calibre Mining, Coeur Mining’s $1.7 billion acquisition of SilverCrest Metals, and Pan American Silver’s $2.1 billion takeover of MAG Silver. Mining stocks claimed a record 60% of the spots on this year’s TSX30, the annual ranking of Canada’s top-performing stocks, a genuinely striking signal of where investor capital has been flowing.

Three forces are converging to drive this cycle, and each appears structural rather than cyclical. First, reserve depletion. Major producers spent much of the 2010s underinvesting in exploration during a prolonged bear market, and many are now confronting genuinely thinning production pipelines that organic exploration alone cannot refill quickly enough. Acquiring juniors with already-defined, advanced-stage resources is simply faster than starting from scratch. Second, sustained strength in gold and silver prices has given larger producers the cash flow and equity currency to pursue acquisitions, while depressed valuations among smaller developers following years of underperformance have made those same juniors attractively priced targets. Third, and increasingly important, critical minerals supply security has become an explicit policy priority, with roughly a third of surveyed industry executives specifically expecting consolidation in this category as governments and producers alike race to secure supply chains independent of Chinese dominance, a theme we detailed closely when covering the Greenland security agreement earlier this year.

Industry analysts point to a fairly consistent profile among likely takeover targets, advanced-stage resources located in stable, Tier-1 mining jurisdictions, high-grade or district-scale potential, reasonable valuations following recent market corrections, and experienced management teams with a track record of either developing or successfully exiting projects.

That profile is worth keeping in mind when evaluating smaller companies in this space. Junior developers advancing resources in favorable jurisdictions such as Century Lithium, working a lithium project in Nevada, Kuya Silver, developing precious metals assets in Peru, Tectonic Metals, advancing gold exploration in Alaska, and Power Metallic Mines, exploring nickel and copper deposits in Quebec, all sit in exactly the category this consolidation wave has been targeting, smaller companies with defined, advanced-stage projects in stable jurisdictions that larger, cash-generative producers are actively seeking to acquire.

None of this guarantees any individual company becomes a takeover target, and early-stage mining developers carry substantial execution, financing, and geological risk regardless of broader sector M&A trends. But the structural case for continued consolidation, depleted major-producer pipelines, strong commodity prices, and mounting critical minerals policy pressure, looks considerably more durable than a passing trend.

Take a moment and take a look at more small cap mining companies by taking a look at Noble Capital Markets’ Analyst Mark Reichman’s coverage list.

Oil Just Fell to a Two-Week Low. Saudi Arabia and Iraq Are Quietly Rerouting Around the Strait of Hormuz

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Oil prices extended a six-session decline Wednesday, with Brent crude falling to $98.16 a barrel and West Texas Intermediate dropping to $89.01, both settling at roughly two-week lows. Brent closed below $100 a barrel Tuesday for the first time since September 8, a notable reversal after weeks of escalation-driven price spikes that we’ve tracked closely throughout this conflict.

Two forces are driving the decline, and both matter for understanding where oil heads next. The first is diplomatic. President Trump warned Tuesday that the US could take severe action against Iran, while simultaneously saying his envoys had held productive talks with Iranian mediators in New York and describing real momentum toward reaching a deal to end the nearly seven-month war. Markets appear to be choosing to price in the possibility of talks succeeding, even amid continued tough rhetoric on both sides.

The second, more concrete factor is supply, and it’s arguably the more important development. Saudi Arabia restarted its East-West Pipeline to the Red Sea on Tuesday, a route that reroutes roughly 4 million barrels per day, about 4% of global oil supply, around the Strait of Hormuz entirely. The pipeline had been shut since September 11 following drone attacks Saudi Arabia has blamed on Iraqi militia forces. Saudi Arabia is also now offering additional barrels to Asian refiners for pickup outside the strait altogether. Iraq is following a similar playbook, with its oil minister confirming exports have climbed above 3 million barrels per day and stating the country expects to boost shipments routed through Turkey to more than 600,000 barrels per day. Shiptracking data shows Iraqi exports climbing in August from July’s levels, though they still remain below the roughly 3.4 to 3.7 million barrel per day pace seen before the war began.

Adding further downward pressure, industry data released Tuesday showed US crude inventories rose by 1.8 million barrels last week, catching analysts off guard, who had broadly expected a decline.

For investors tracking the small and microcap space, this shift is worth watching closely, and it cuts in the opposite direction from what we detailed when covering diesel’s all-time high and the broader oil surge earlier this month. Consumer-facing companies in transportation, logistics, and hospitality, squeezed hard by the run-up in fuel costs, stand to benefit if this decline holds and extends toward the pump, a group that includes companies like Commercial Vehicle Group, a supplier to the trucking industry, and The ONE Group Hospitality, a restaurant operator directly exposed to consumer discretionary spending. Domestic energy producers, conversely, face renewed margin pressure as prices retreat from the highs that supported their economics all summer, a dynamic worth watching for companies like InPlay Oil and Alliance Resource Partners. Whether this reversal proves durable likely depends on whether the diplomatic momentum Trump described translates into an actual agreement, or whether these alternative supply routes simply prove temporary workarounds to a conflict still very much unresolved.