Category: Natural Resources

InPlay Oil (IPOOF) – Second Quarter 2026 Review and Outlook

Posted on by [email protected]


Friday, August 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.

Second quarter financial results. Duringthe second quarter of 2026, InPlay production averaged 18,663 barrels of oil equivalents per day (boe/d), compared with 20,401 boe/d in the prior-year quarter. Despite lower production, stronger commodity pricing drove oil and natural gas sales to C$124.1 million, up 35% from C$91.6 million during the second quarter of 2025. Adjusted funds flow increased 11% to C$44.7 million from $40.1 million, while adjusted funds flow per basic share increased 8% to C$1.61 from C$1.49.

Outlook for the remainder of 2026. Supported by stronger oil prices and the expected impact of its recently announced acquisition, InPlay’s 2026 guidance forecasts average annual production of 18,900 to 19,400 boe/d, with approximately 61% to 63% light oil and natural gas liquids (NGLs), and adjusted funds flow of C$161 million to C$169 million, or approximately C$165 million at the midpoint.


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

Release – First Phosphate to Ring Nasdaq Opening Bell to Mark Company Listing on the Nasdaq Global Market

Posted on by [email protected]
First Phosphate Corp.

Research News and Market Data FRSPF

August 13, 2026 7:10 AM EDT | Source: First Phosphate Corp.

Saguenay, Quebec–(Newsfile Corp. – August 13, 2026) – First Phosphate Corp. (NASDAQ: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to announce that its board and management team will be present at the Nasdaq Market Site (Times Square, New York) on Thursday, August 13, 2026, to ring the Nasdaq Opening Bell in celebration of the Company’s recent listing on the Nasdaq Global Market.

The ceremony recognizes the Company’s journey from its founding to a recognized leader in the building and onshoring of a vertically integrated mine-to-market lithium iron phosphate (“LFP”) battery supply chain for North America.

“We are pleased to be able to offer accessibility in the shares of First Phosphate to investors around the world who wish exposure to rare North American igneous phosphate,” says John Passalacqua, CEO of First Phosphate. “It has been our goal since the outset to build Saguenay-Lac-St-Jean, Quebec into the mine-to-market LFP battery valley of North America.”

The Opening Bell ceremony will be broadcast live beginning at 9:15 a.m. ET on Thursday, August 13, 2026 on the Nasdaq website at https://www.nasdaq.com/marketsite/bell-ringing-ceremony.



To view an enhanced version of this graphic, please visit:
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About First Phosphate Corp.

First Phosphate (NASDAQ: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) is a mineral exploration and development and clean technology company dedicated to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America. Target markets include energy storage, data centers, robotics, mobility, and national security. First Phosphate’s flagship Bégin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Québec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.

Media & Investor Contact:

Bennett Kurtz
Chief Financial Officer
Tel: +1 (416) 200-0657

Investor Relations: [email protected]
Media Relations: [email protected]
Website: www.FirstPhosphate.com

Follow First Phosphate:
X: https://x.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate

-30-

Forward-Looking Information and Cautionary Statements

This release includes certain statements that may be deemed “forward-looking information”. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In particular, this press release contains forward-looking information relating to, among other things, the building and onshoring of a vertically integrated mine-to-market lithium iron phosphate battery supply chain for North America and the Company’s future contributions to such endeavour.

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 and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, development and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions that engineering and construction timetables and capital costs for the Company’s, exploration, development and expansion projects are correctly estimated and not affected by unforeseen circumstances; the ability to obtain financing for its proposed operations on acceptable terms; no material deterioration in general business and economic conditions; no material delays in obtaining permits and other approvals; no significant disruptions affecting the activities of the Company or its ability to access required project equipment and services, and operating supplies in sufficient quantities and on a timely basis; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the ability to complete the exploration and development programs consistent with the Company’s expectations; commodity price expectations including assumptions for P2O5; the Company’s relationship with local municipalities and First Nations remaining consistent with the Company’s expectations; the Company’s relationship with other third-party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained in this release is qualified by these cautionary statements.

info

Source: First Phosphate Corp.

Mobix Labs Expands Into Rare Earths With SPD Acquisition

Posted on by [email protected]

Mobix Labs (Nasdaq: MOBX), a semiconductor and defense electronics company, announced Wednesday it has signed a definitive all-stock agreement to acquire Special Project Delivery, a pre-revenue infrastructure development platform pursuing rare earth elements, critical minerals, energy storage, and Western US water resources. The deal is structured with consideration capped at 4.8 million Mobix shares, with closing targeted before the end of 2026, subject to shareholder approval.

Shares of Mobix climbed 5% in premarket trading following the announcement, recovering from a nearly 6% decline the prior session.

This is not a typical semiconductor company acquisition. Mobix currently supplies advanced wireless components and RF technology used in aerospace, defense, and homeland security systems, work that includes existing relationships with Boeing on 737 aircraft programs. The SPD deal adds an entirely different layer to that business: upstream control over the raw materials, energy infrastructure, and water resources that defense manufacturing and critical mineral processing actually depend on.

Mobix Chairman Jim Peterson framed the deal as central to the company’s broader National Security Matters initiative, describing control of strategic domestic mineral rights as fundamental to America’s long-term industrial strength. That initiative, launched earlier this year, has already included a separate acquisition of drone maker Vision Aerial, positioning Mobix as a company trying to assemble components, autonomous systems, and now raw materials under a single national security platform, rather than remaining a narrow RF and semiconductor supplier.

Investors need to understand what this transaction is and is not. SPD is explicitly described as pre-revenue, meaning it currently generates no sales. The company’s positioning across rare earth elements, critical minerals, energy storage, and water infrastructure remains largely conceptual at this stage, with no specific mineral deposits, resource grades, separation technology, capital expenditure estimates, permitting status, or customer commitments disclosed publicly as part of this announcement. Mobix itself is a microcap company that has carried substantial losses and limited liquidity in its own recent financial history.

This combination of a loss-making microcap acquirer and a pre-revenue target operating in a capital-intensive, multi-year development category, rare earth and critical mineral processing, is a materially higher-risk profile than a typical revenue-generating acquisition. The strategic thesis, positioning around America’s push to reduce dependence on foreign rare earth supply chains, is genuinely timely and aligned with a broader theme playing out across defense and industrial policy in 2026. But thematic alignment and executable, funded infrastructure are two very different things at this stage of the deal.

Why the Theme Itself Is Worth Watching Regardless

Independent of this specific transaction’s execution risk, the broader push toward domestic rare earth and critical mineral supply chains remains one of the more significant structural themes in the small cap space this year. Government-backed investment in quantum computing, semiconductor manufacturing, and critical minerals has accelerated sharply, and smaller companies positioning early in that supply chain, whether through actual production assets or, as in this case, an earlier-stage development platform, are drawing real investor attention as a result.

For investors tracking this space, the Mobix-SPD deal is a useful case study in distinguishing between a company aligning itself with a compelling macro theme and a company that has actually built or acquired producing assets within that theme. The rare earth and critical minerals buildout in the United States is real and accelerating. Whether any single microcap deal successfully executes on that opportunity is a separate question entirely, one that depends on capital access, permitting, technical validation, and years of infrastructure development still ahead.

First Phosphate Corp. (FRSPF) – Nasdaq Uplisting Enhances and Expands Investor Access

Posted on by [email protected]


Monday, August 10, 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.

Nasdaq Listing. First Phosphate’s American Depositary Receipts (ADRs) will uplist to the Nasdaq Global Market under the ticker PHOS, effective August 10, 2026. The ADR ratio remains 10 common shares per ADR, and existing Level 1 ADRs will be delisted from the OTCQX and automatically converted to Level 2 ADRs for Nasdaq trading. First Phosphate’s currently listed common shares on the OTCQX, CSE, and Frankfurt Stock Exchange are unaffected. Uplisting to Nasdaq is expected to enhance U.S. market access for First Phosphate, which is developing a vertically integrated North American supply chain for LFP battery materials used for energy storage, data centers, robotics, mobility, and national security applications.

No New Capital. First Phosphate is the second self-sponsored ADR to uplist to Nasdaq and the first to do so without a concurrent capital raise. The Nasdaq uplisting does not involve issuing additional shares or raising new capital. Investors may continue converting First Phosphate common shares into ADRs at no cost through The Bank of New York Mellon, the depositary bank for the First Phosphate ADR program, until December 31, 2026. First Phosphate is well funded with more than C$30 million in treasury and access to C$21.5 million in Canadian government contributions, providing funding through a final investment decision (FID).


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

Resolution Minerals Ltd (RLMLF) – Update for the Quarter Ended June 30, 2026

Posted on by [email protected]


Friday, August 07, 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.

Making Significant Progress. Resolution Minerals has advanced the Horse Heaven Project as an integrated U.S. critical minerals platform encompassing antimony, tungsten, and gold. Antimony Ridge received FAST-41 Transparency Coverage, with Golden Gate receiving the same status after quarter-end, while Resolution was also admitted to the U.S. Defense Industrial Base Consortium. Together, these developments could accelerate permitting, enhance access to U.S. government and strategic funding channels, and reinforce the projects’ importance as a domestic critical-mineral supply source. Resolution continues to advance drilling, metallurgy, and permitting activities that support its long-term development strategy.

Project Highlights. Antimony Ridge continues to demonstrate excellent scale and grade, with more than 100 high-grade antimony veins identified and metallurgical testing producing a 99.38% antimony trioxide product. At Golden Gate, the company advanced a 13,700-meter drill program to support a maiden mineral resource estimate, while metallurgical testing returned strong gold recoveries that further de-risk future development. Post quarter-end, approximately half of the planned drilling program has been completed


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

Kuya Silver (KUYAF) – Multiple Value Drivers Emerging

Posted on by [email protected]


Friday, August 07, 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.

Early results are encouraging. Kuya Silver reported encouraging preliminary sampling results from historic stockpiles and tailings at its Silver Kings Project in Northern Ontario, suggesting that previously mined above-ground materials may contain significant recoverable silver and cobalt. The strongest results came from the Kerr Lake Mill crushed stockpile, which returned a master composite grade of 168 g/t silver and 0.365% cobalt (276 g/t silver equivalent), while Frontier tailings returned 75 g/t silver and 0.037% cobalt. These findings support the company’s view that modern processing technologies could unlock value from legacy mining waste.

The program targeted multiple historic sites. The sampling program evaluated seven historic sites, including tailings facilities, blast rock stockpiles, and crushed material left by previous operators. These represent attractive reprocessing targets because historical mining methods were less efficient and often left behind economically valuable mineralization. While the results are preliminary and not representative of entire stockpiles, they demonstrate the potential for recovering silver, cobalt, and, in some cases, copper using modern sorting and processing techniques.


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

InPlay Oil (IPOOF) – Strategic Acquisition Enhances Outlook

Posted on by [email protected]


Thursday, August 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.

Accretive Strategic Acquisition. InPlay Oil announced the acquisition of a private oil and gas producer for C$54.25 million, adding approximately 1,400 boe/d of oil-weighted production and increasing company-wide production to more than 20,100 boe/d. The acquired assets are contiguous with InPlay’s existing operations, enabling approximately C$2.5 million of annual cost synergies, while adding 50 drilling locations and immediately enhancing adjusted funds flow and free adjusted funds flow on a per-share basis. The transaction is expected to close by the end of August, subject to customary closing conditions. Post-close, InPlay expects to have more than 450 total drilling locations, including approximately 230 Tier-1 locations.

Corporate Guidance. InPlay continues to execute strongly, with recent Cardium wells materially outperforming expectations and being drilled ahead of schedule, allowing InPlay to expand its 2026 drilling program to 17 net wells on a pro forma basis. Reflecting stronger operational performance and the acquisition, management increased 2026 guidance, including adjusted funds flow (AFF) to C$161 million to C$169 million, free adjusted funds flow (FAFF) to C$79 million to C$89 million, and FAFF yield to 19% to 21%, despite higher capital spending of C$80 million to C$82 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).

*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. 

First Phosphate Corp. (FRSPF) – Federal Funding for Infrastructure Planning

Posted on by [email protected]


Thursday, August 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.

Federal Funding for Begin-Lamarche. First Phosphate Corp. has finalized agreements with the Government of Canada to receive C$4.84 million in non-repayable funding through Natural Resources Canada’s First and Last Mile Fund to support infrastructure planning for its Bégin-Lamarche phosphate deposit in Québec. The new funding builds on the C$16.7 million previously awarded by NRCan in March 2026, demonstrating continued federal support for advancing the strategic critical minerals project.

Investments in Infrastructure Planning. The funding will support two key initiatives: 1) approximately C$3.07 million for studies and design of a 161-kV power transmission line and substations, and 2) approximately C$1.77 million for planning a new mine access road and evaluating upgrades to bypass roads to support transportation between Begin-Lamarche and regional infrastructure, including rail links and the Port of Saguenay. Both projects include technical, environmental, and economic studies, engineering design, and consultation with indigenous communities and the public.


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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. 

Release – First Phosphate Signs Agreements for $4.84 Million Non-Repayable Contributions with the Government of Canada for Road Infrastructure and Power Transmission Line

Posted on by [email protected]
First Phosphate Corp.

Research News and Market Data on FRSPF

August 05, 2026 10:32 AM EDT | Source: First Phosphate Corp.

Saguenay, Québec–(Newsfile Corp. – August 5, 2026) – First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to announce that it has finalized additional agreements for a total of $4.84 million non-repayable contributions from the Government of Canada through Natural Resources Canada’s (“NRCan”) First and Last Mile Fund (“FLMF”) for the development of the Bégin-Lamarche Phosphate Deposit.

These contributions for $4.84 million comprise two components (power transmission infrastructure and road infrastructure) and build, in addition, to the $16.7M in funding already made available by NRCan in March 2026 through the Global Partnerships Initiative to support the advancement of First Phosphate’s Bégin-Lamarche deposit.

Power Transmission Line for the Sustainable Development of the Bégin-Lamarche Phosphate Deposit

First Phosphate will conduct a study to confirm the viability of clean energy infrastructure, including site selection and the identification of connection corridors, a feasibility study, and the design of a 161-kV transmission line and substations in the Saguenay-Lac-Saint-Jean region. The Project will include technical analyses, cost estimates, environmental studies, and public and Indigenous consultation. The total non-repayable contribution for this project will be approximately $3.07 million.

Road Infrastructure for the Responsible Development of the Bégin-Lamarche Phosphate Deposit

First Phosphate will carry out the preparatory work necessary for the construction of a new access road and will identify the preferred option for upgrading bypass roads to support transportation between the Bégin-Lamarche phosphate mine and regional infrastructure, including rail links and the Port of Saguenay. The Project will include pre-feasibility and feasibility studies (technical, environmental, and economic), design of the work, required environmental studies, as well as a traffic analysis and public and indigenous consultation. The total non-repayable contribution for this project will be approximately $1.77 million.

“Canada has what the world wants, and we are building the infrastructure required to get those resources to diverse markets,” said the Honourable Tim Hodgson, Minister of Energy and Natural Resources. “Investments like these help unlock our full potential by connecting projects to the infrastructure they need to move forward – creating jobs, strengthening supply chains and delivering lasting prosperity for Quebec and Canada.”

“Canada and Quebec have an opportunity to become a reliable supplier of the critical minerals the world needs for the technologies and industries of the future,” said Claude Guay, Parliamentary Secretary to the Minister of Energy and Natural Resources. “We are supporting critical minerals projects in Saguenay-Lac-Saint-Jean and beyond to strengthen Canadian supply chains, create economic opportunities, and build Canada Strong.”

“This support from the Government of Canada for First Phosphate sends a strong message to our investors and partners in Quebec, Canada, and internationally,” said Armand MacKenzie, President of First Phosphate. “It reinforces confidence in our ability to carry out this strategic mining project and deliver our high-purity igneous phosphate to the market on schedule.”



To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8917/308103_fpen.jpg

These projects will support the production of critical minerals in the Saguenay-Lac-Saint-Jean region of Quebec and address gaps in clean energy and transportation infrastructure that limit the production and expansion of critical minerals in the Saguenay-Lac-Saint-Jean region of Quebec. The financial contribution covers eligible activities planned through 2030, in accordance with the terms of the agreement.

Qualified Person

The scientific and technical disclosure for First Phosphate included in this news release has been reviewed and approved by Steeve Lavoie, P.Geo. Mr. Lavoie is Chief Geologist of First Phosphate and a Qualified Person under National Instrument 43-101 – Standards of Disclosure of Mineral Projects (“NI 43-101”).

About Natural Resources Canada

Natural Resources Canada (“NRCan”) is the federal department responsible for developing policies and programs to ensure the sustainable and responsible development of Canada’s natural resources. Through its initiatives and funding programs, including the First and Last Mile Fund, NRCan supports projects that contribute to stronger supply chains, industrial innovation, and Canada’s competitiveness in the energy, mining and forest products sectors.

About First Phosphate Corp

First Phosphate (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) is a mineral exploration and development and clean technology company dedicated to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America. Target markets include energy storage, data centers, robotics, mobility, and national security.

First Phosphate’s flagship Bégin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Québec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.

For further information, please contact:

Armand MacKenzie
President
Tel: +1 (514) 618-5289

Investor Relations: [email protected]
Media Relations: [email protected]
Website: www.FirstPhosphate.com

Follow First Phosphate:

X: https://x.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate

– 30 –

Forward-Looking Information and Cautionary Statements

This release includes certain statements that may be deemed “forward-looking information”. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In particular, this press release contains forward-looking information relating to, among other things: completion and results of studies preparatory work, and the future production of critical minerals and the benefits arising therefrom.

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 and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, development and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions that engineering and construction timetables and capital costs for the Company’s, exploration, development and expansion projects are correctly estimated and not affected by unforeseen circumstances; the ability to obtain financing for its proposed operations on acceptable terms; no material deterioration in general business and economic conditions; no material delays in obtaining permits and other approvals; no significant disruptions affecting the activities of the Company or its ability to access required project equipment and services, and operating supplies in sufficient quantities and on a timely basis; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the ability to complete the exploration and development programs consistent with the Company’s expectations; commodity price expectations including assumptions for P2O5; the Company’s relationship with local municipalities and First Nations remaining consistent with the Company’s expectations; the Company’s relationship with other third-party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained in this release is qualified by these cautionary statements.

info

Source: First Phosphate Corp.

InPlay Oil (IPOOF) – Updating Estimates Based on Higher Second Quarter Crude Oil Prices

Posted on by [email protected]


Wednesday, August 05, 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.

Updating estimates. We have increased our Q2 FY2026 revenue, adjusted funds flow (AFF), and AFF per share estimates to C$122.0 million, C$49.6 million, and C$1.77, respectively, from C$104.0 million, C$36.2 million, and C$1.29. While we have lowered our production estimate to 18,663 barrels of oil equivalent per day (boe/d) from 18,875 boe/d due to Q2 weather impacts, the increases in our estimates are largely due to higher crude oil prices. For FY 2026, we now project revenue, AFF, and AFF per share of C$425.6 million, C$162.5 million, and C$5.80, respectively, compared to our prior estimates of C$406.2 million, C$148.4 million, and C$5.29. Our FY 2026 average production forecast of 18,900 boe/d is unchanged.

Outlook. InPlay has approximately 190 Tier 1 drilling locations that provide an estimated 10 to 15 years of high-return inventory. The company’s low-decline asset base supports sustainable free cash flow generation while limiting capital requirements needed to maintain production. Conservative leverage provides capacity for future acquisitions while maintaining shareholder returns through the dividend.


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

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

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

Tectonic Metals Inc. (TETOF) – Moving in the Right Direction

Posted on by [email protected]


Friday, July 31, 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.

Tier 1 Gold Deposit Potential. Tectonic Metals Inc. is a Canadian mineral exploration company focused on the acquisition, exploration, and advancement of gold projects in Alaska, one of the world’s premier mining jurisdictions. The company’s flagship asset is the district-scale Flat Gold Project in southwestern Alaska, which hosts a rapidly growing intrusion-related gold system with multi-million-ounce potential and remains the primary focus of exploration and resource expansion. Tectonic also owns the Tibbs Gold Project in Alaska’s Goodpaster Mining District.

Expanding the Leadership Team. Tectonic Metals recently appointed Ms. Keren Yun as Vice President, Investor Relations to lead investor relations, stakeholder engagement, and capital markets communications. Her appointment will strengthen the company’s engagement with the investment community as the company advances the Flat Gold Project and executes its district-scale exploration strategy. Ms. Yun is a strategic communications and investor relations professional with over two decades of experience working with exploration, development, and producing companies across the global mining sector. Prior to joining Tectonic, Ms. Yun led communications initiatives supporting Wyloo’s Eagle Nest Project in Ontario.


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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. 

Release – Tectonic Metals Advances Investor Engagement with Leadership Appointment and Announces Equity Grants

Posted on by [email protected]
Tectonic Metals Logo

Research News and Market Data on TETOF

VANCOUVER, BRITISH COLUMBIA, July 30, 2026 – Tectonic Metals Inc. (“Tectonic” or the “Company”) (TSX-V: TECT; OTCQX: TETOF) today announced the appointment of Ms. Keren Yun as Vice President, Investor Relations. The Company also announced equity grants pursuant to its equity plans.

The addition of Ms. Yun reflects Tectonic’s continued growth as the Company advances the Flat Gold Project (“Flat“) and executes its district-scale exploration strategy. Ms. Yun, whose appointment became effective June 29, 2026, will lead investor relations, stakeholder engagement and capital markets communications, strengthening the Company’s engagement with the investment community in its next phase of growth.

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

“Keren’s experience and understanding of the mining investment community make her an excellent addition to our leadership team. As we continue to build awareness of the opportunity at Flat and expand our reach following our recent qualification to the OTCQX Best Market, her expertise will help ensure our story is communicated clearly and consistently to investors. We are pleased to welcome her to Tectonic.”

Ms. Yun is a strategic communications and investor relations professional with over two decades of experience working with exploration, development and producing companies across the global mining sector. Prior to joining Tectonic, she led communications initiatives supporting Wyloo’s Eagle’s Nest Project in Ontario’s Ring of Fire, one of Canada’s most significant regions for critical minerals development. Ms. Yun has also held senior investor relations and communications roles, building trusted relationships with the investment community and supporting companies through key corporate milestones and growth.

Stock Option Grant

The Company also announces that it has granted a total of 2,146,000 incentive stock options to officers, employees and contractors of the Company, to purchase up to 2,146,000 common shares (“Option Shares”) in the capital of Tectonic. The stock options have an exercise price of C$2.10 per Option Share, expire five years from the grant date, with 300,000 stock options vesting over a 36-month period in three equal installments every twelve months from the grant date, and the balance vesting over an 18-month period in three equal installments every six months from the grant date. 

Deferred Share Unit (“DSU”) Grant

The Company also announces that it has granted a total of 100,000 DSUs to certain non-employee Directors of the Company. The DSUs will vest on the later of: the date which is one year from the date of grant; and the date of shareholder and TSXV approval of the DSU Plan. The DSUs will settle on the DSU holders’ termination date. The DSUs will be settled in cash if the required shareholder approval is not received at the next annual shareholder meeting held by the Company and are subject to TSXV approval.

Restricted Share Unit (“RSU”) Grant

The Company also announces that it has granted a total of 174,000 RSUs to certain executives of the Company.  The RSUs vest over an 18-month period in three equal installments every six 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 191 holes to date.

Key members of the Tectonic team were involved in Kaminak Gold Corporation, the company that raised C$165 million to fund the acquisition, discovery and advancement of the Coffee Gold Project through to the completion of a bankable feasibility study before selling the multi-million-ounce gold project to Goldcorp Inc. for C$520 million in 2016.

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
Toll-free: 1.888.685.8558
Email: [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 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.

First Phosphate Corp. (FRSPF) – Gaining Momentum

Posted on by [email protected]


Tuesday, July 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.

Building North America’s LFP Supply Chain. First Phosphate Corp. is a Québec-based critical minerals development company focused on establishing a fully integrated North American lithium iron phosphate (LFP) battery materials supply chain. First Phosphate is dedicated exclusively to supplying the rapidly expanding LFP battery market through the production of high-purity igneous phosphate, purified phosphoric acid, and iron phosphate precursor materials.

Differentiated with Significant Competitive Advantages. First Phosphate benefits from significant competitive advantages and differentiation within both the phosphate industry and the broader critical minerals sector. Most phosphate producers worldwide focus on fertilizer markets using sedimentary phosphate deposits that require significant upgrading and are generally less suitable for producing battery-grade phosphoric acid. By contrast, First Phosphate is exclusively targeting the LFP battery industry using rare high-purity igneous phosphate, allowing it to focus on higher-value specialty battery materials.


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