US retail diesel prices climbed to $5.85 per gallon Friday, according to AAA data, surpassing the previous all-time high of $5.816 set in June 2022 in the aftermath of Russia’s invasion of Ukraine. Diesel is often called the workhorse fuel of the global economy, powering the trucking fleets and cargo vessels that move goods across the country and around the world, which makes a record this significant a genuine economic pressure point rather than just another data point at the pump.
What makes this move particularly notable is what’s actually driving it. Crude oil prices have eased somewhat off their wartime highs from earlier this year and are up only about 5% since their July 18 low. Diesel, by contrast, has surged roughly 40% over that same stretch. This is not primarily a crude oil story, it is a refined product story, and the distinction matters for understanding just how structurally tight this market has become.
Two separate conflicts are compounding the pressure simultaneously. The ongoing war in Iran has cut off refined product flows from the Persian Gulf, a region we’ve tracked closely throughout this conflict, while Ukrainian strikes on Russian oil refineries have taken capacity offline from one of the world’s other major diesel exporters. Together, the Middle East and Russia accounted for roughly a third of global diesel exports in 2025, and losing meaningful capacity from both simultaneously has left the market with essentially no cushion. US distillate stockpiles are now at their lowest levels on record for this time of year, and East Coast inventories, the region most dependent on diesel and heating oil for winter demand, are at all-time lows just as the heating season approaches.
The obvious question is why domestic refiners can’t simply ramp up production to meet the shortfall. President Trump pressed refining executives on this directly at the White House this week, with midterm elections approaching and fuel affordability an increasingly visible political issue. The honest answer is capacity. Major refiners including Marathon Petroleum and Shell have both indicated in recent earnings reports that their systems are already running near full capacity, leaving little room to meaningfully increase throughput even under direct pressure to do so.
For investors tracking the small and microcap space, this dynamic cuts in two directions that mirror exactly what we’ve seen play out with gasoline prices throughout this conflict. Consumer-facing companies dependent on trucking and freight, along with any business reliant on diesel-powered logistics, face real and mounting cost pressure heading into the fall. Domestic energy producers and refiners with available capacity, meanwhile, continue benefiting from a pricing environment that shows no near-term sign of easing. With winter heating demand still ahead and refined product inventories already at record lows, this is a story likely to remain relevant well beyond the current news cycle.
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.
Encouraging Drill Results. Kuya Silver reported strong drilling results from the Umm-Hadid Project in Saudi Arabia, advancing toward a maiden NI 43-101 mineral resource estimate. Highlights include 26.10 meters grading 77.8 grams of silver per tonne and 9.17 meters grading 137.1 grams of silver per tonne, with both intervals containing exceptionally high-grade silver and gold zones. The new Target 01 drill results are part of an ongoing 10,000-meter drill program to define the continuity, geometry, and grade distribution of the silver-gold vein system and support delivery of a maiden mineral resource estimate and accompanying NI 43-101 technical report.
Establishing Continuity. The current resource-definition work is focused on Target 01. High-grade mineralization has been encountered across multiple holes and drill sections, supporting the continuity of the broader silver-gold system. Target 01 covers approximately 4.5 kilometers by 2.5 kilometers, with the latest mineralized intervals occurring at relatively shallow depths averaging about 58 meters below surface.
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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.
Enbridge announced Wednesday it has agreed to acquire Salt Creek Midstream’s crude oil gathering business for $600 million in cash, extending its footprint deeper into the Permian Basin’s Delaware sub-basin, one of the most productive and competitive crude-producing regions in North America. The deal gives Enbridge full ownership of the Orla and Wink North gathering systems, along with a 50% interest in the Delaware Crossing system, a joint venture it will now share with Chevron. Together, the acquired infrastructure spans roughly 500 miles of crude gathering pipeline, serving more than 20 producers across approximately 320,000 net dedicated acres under long-term agreements averaging about 10 years remaining. The transaction is expected to close later in 2026 and Enbridge says it will be immediately accretive to both distributable cash flow and earnings per share, with the company’s full-year 2026 guidance left unchanged.
While $600 million is a relatively modest transaction for a company with more than $7 billion in annual growth capital capacity, the strategic logic behind it is worth understanding, because it reflects a broader pattern reshaping the entire energy value chain right now, not just Enbridge’s balance sheet. These gathering systems connect directly into several major Permian takeaway pipelines, including Enbridge’s own majority-owned Gray Oak Pipeline, and ultimately feed into the company’s Ingleside Energy Center, the largest crude export terminal in North America. In other words, Enbridge isn’t just buying pipe in the ground, it’s buying the wellhead connections that feed its existing export infrastructure, capturing more of the value chain from the point oil is produced all the way to the point it leaves the country.
That wellhead-to-water strategy matters for a specific reason tied to where Permian production is heading. Output from the Delaware Basin has continued climbing even as producers maintain tighter capital discipline elsewhere, and long-haul export capacity out of the region has been tightening as a result. Owning the gathering systems that feed into export terminals, rather than just the long-haul pipelines themselves, positions Enbridge to capture additional volumes if and when the next wave of Permian takeaway constraints materializes, a bet on the structural trajectory of US shale production rather than a short-term volume play.
For investors tracking the small and microcap energy space, this deal is a useful signal of where consolidation pressure continues to build. Midstream infrastructure, the pipelines, storage, and gathering systems that move crude and natural gas from wellhead to market, has become one of the more actively contested corners of the energy sector this year, as both large integrated players and smaller specialized operators compete for scarce, strategically located assets. Companies like Summit Midstream Corporation, which operates gathering and processing infrastructure across multiple US shale basins, sit in exactly this part of the value chain, and deals of this size and structure offer a useful read on the kind of asset characteristics, long-term contracts, direct export connectivity, and diversified producer bases, that strategic buyers are willing to pay a premium for right now. On the upstream side, smaller independent producers such as InPlay Oil continue benefiting from the same underlying dynamic driving this transaction, sustained demand for Permian and broader shale production that keeps pressure on the infrastructure required to move it to market.
The Enbridge-Salt Creek deal is not a headline-grabbing transaction on its own. But it is a clean, concrete example of the consolidation logic playing out across the entire energy infrastructure landscape, one that smaller midstream and upstream companies operating in the same basins are positioned to benefit from as that trend continues.
New drillhole assays include 26-UH-004 reporting 3,779 g/t silver and 6.35 g/t gold over 0.30 m within a wider zone of 77.8 g/t silver and 0.14 g/t gold over 26.1 m
Hole 26-UH-006 reported 3,656 g/t silver and 1.99 g/t gold over 0.30 m within a wider zone of 137 g/t silver and 0.13 g/t gold over 9.17 m
New results and continued drill program to advance Target 01 toward a maiden NI 43-101 mineral resource estimate
Toronto, Ontario–(Newsfile Corp. – September 2, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “Kuya Silver“) is pleased to report new diamond drill assay results from Targets 01, 02 and 03 at the Umm-Hadid Project in the Kingdom of Saudi Arabia, with the principal results and ongoing resource-definition work focused on Target 01. The Umm Hadid project is owned by Silver Mining LLC, a joint venture between Sumou Holding and Kuya Silver. The results reported in this release are new and were not included in the Company’s December 22, 2025 news release, and include results from the latter part of the 2025 program which were received in 2026, as well as new drilling results completed this year.
The Target 01 new results form part of the ongoing 10,000-metre drill program. The program is designed to define the continuity, geometry and grade distribution of the silver-gold vein system and support delivery of a maiden mineral resource estimate and accompanying National Instrument 43-101 technical report. APEX Geoscience Ltd. (“APEX“) has been appointed to complete the mineral resource estimate and NI 43-101 technical report and is currently providing drilling optimization advice as results are received and interpreted.
Drill Highlights:
Hole 26-UH-004: 26.10 m grading 77.8 g/t silver and 0.14 g/t gold from 64.45 to 90.55 m, including 0.30 m grading 3,779 g/t silver and 6.35 g/t gold; and a separate 2.10 m grading 178.5 g/t silver and 0.51 g/t gold from 152.75 to 154.85 m.
Hole 26-UH-006: 9.17 m grading 137.1 g/t silver and 0.13 g/t gold from 71.00 to 80.17 m, including 1.20 m grading 959.8 g/t silver and 0.54 g/t gold, which includes 0.30 m grading 3,656 g/t silver and 1.99 g/t gold.
Hole 26-UH-002: 12.05 m grading 151.5 g/t silver and 0.26 g/t gold from 70.00 to 82.05 m, including 1.39 m grading 576.0 g/t silver and 0.31 g/t gold, and 0.31 m grading 2,960 g/t silver and 8.23 g/t gold.
Hole 26-UH-009: 2.23 m grading 421.9 g/t silver and 0.95 g/t gold from 36.94 to 39.17 m, including 1.35 m grading 695.8 g/t silver and 1.35 g/t gold, which includes 0.32 m grading 2,635 g/t silver and 4.09 g/t gold.
Hole 25-UH-037: 4.00 m grading 112.9 g/t silver and 1.44 g/t gold from 33.00 to 37.00 m, including 3.00 m grading 134.4 g/t silver and 1.92 g/t gold.
Note: Reported lengths are core lengths and do not necessarily represent true widths.
Summary of Drilling Results
A total of 59 diamond drill holes representing approximately 11,373.5 meters has been drilled up to date. This total comprises 5,135.62 meters in 29 holes previously reported in December 2025 and 6,237.88 meters in 30 additional holes from 25-UH-030 through 26-UH-016A whose new assay results are reported here. The current 10,000-metre Target 01 program remains ongoing; consequently, these results represent an interim dataset and additional drilling and assays are pending.
The current resource-definition work is focused on Target 01. Target 01 covers an approximately 4.5 km by 2.5 km area containing multiple northwest-trending veins and faults with subordinate northeast-trending splays hosted predominantly by granodiorite. Drilling is being progressively refined using geological, structural and assay information, with APEX providing independent resource-focused drilling optimization advice.
The mineralized intervals reported herein occur at depths ranging from approximately 16 to 131 meters below surface, with an average depth of approximately 58 meters.
Osbaldo Zamora, Kuya Silver’s Vice President of Exploration, commented: “These new results confirm that Target 01 hosts multiple high-grade silver-gold structures and demonstrate that higher grades occur across several drill sections rather than in a single isolated intercept. The ongoing program is now focused on establishing continuity and collecting the geological and structural information required for resource modelling. With APEX already engaged and actively advising on drill optimization, we are aligning each new hole with the objective of delivering a robust maiden NI 43-101 mineral resource estimate as the next step in this promising silver-gold discovery.”
Summary of Significant New Intercepts
Hole
From (m)
To (m)
Length (m)
Ag (g/t)
Au (g/t)
Area
Azimuth
Dip
25-UH-037
33
37
4
112.9
1.44
Target 01
327.14
-61.2
including
34
37
3
134.4
1.92
25-UH-041
19
23
4
125.7
0.14
Target 01
343.84
-51.99
including
22
23
1
452.0
0.50
25-UH-042
70
74
4
22.2
2.97
Target 03
130.25
-69.48
including
73
74
1
62.4
9.44
25-UH-043
16.8
18
1.2
316.3
0.30
Target 01
345
-70.35
25-UH-043
53
56
3
45.1
0.17
Target 01
including
53
53.45
0.45
180.5
0.85
25-UH-043
138
142.35
4.35
35.6
0.32
Target 01
including
141.35
142.35
1
73.5
1.19
26-UH-001
87.7
89
1.3
506.2
1.16
Target 01
342.3
-49.79
including
87.7
88.57
0.87
751.5
1.73
including
88.1
88.57
0.47
1089.0
2.67
26-UH-002
70
82.05
12.05
151.5
0.26
Target 01
345.86
-49.51
including
71.68
73.07
1.39
576.0
0.31
including
75.56
75.87
0.31
2960.0
8.23
26-UH-003
117.64
121.1
3.46
48.3
0.12
Target 01
166.7
-51.17
including
117.64
117.94
0.3
421.0
0.79
26-UH-004
64.45
90.55
26.1
77.8
0.14
Target 01
169.11
-50.5
including
64.45
64.75
0.3
3779.0
6.35
including
66.73
67.94
1.21
419.1
0.83
26-UH-004
152.75
154.85
2.1
178.5
0.51
Target 01
including
153.35
153.85
0.5
731.0
2.14
26-UH-005
92.85
94.18
1.33
93.1
0.28
Target 01
341.57
-50.7
including
93.34
93.74
0.4
231.0
0.74
26-UH-006
71
80.17
9.17
137.1
0.13
Target 01
344.54
-51.12
including
76
77.2
1.2
959.8
0.54
including
76.43
76.73
0.3
3656.0
1.99
26-UH-008
36.5
37.6
1.1
134.4
0.33
Target 01
340.49
-51.26
including
37.28
37.6
0.32
265.0
0.60
26-UH-009
36.94
39.17
2.23
421.9
0.95
Target 01
334.32
-51.18
including
37.82
39.17
1.35
695.8
1.35
including
38.85
39.17
0.32
2635.0
4.09
26-UH-012
263.1
265.4
2.3
56.5
0.30
Target 02
181.12
-46.82
including
264.7
265.4
0.7
129.0
0.86
Table 01. Summary of significant new mineralized intervals. The table presents 14 new Target 01, and significant silver and gold intervals from Targets 02 and 03. Composite grades are length weighted. All reported intervals in this news release are downhole core lengths. True widths of mineralized intervals are not known at this time.
Update To Previously Reported Results
Updated overlimit assays strengthen previously reported results from the December 2025 program. At Target 03, hole 25-UH-029 returned 2.00 m grading 624.0 g/t silver and 0.85 g/t gold from 27.00 to 29.00 m. At Target 02, the previously reported high-grade intercept in hole 25-UH-018 occurs within a broader 12.00 m interval grading 100.7 g/t silver and 0.51 g/t gold from 85.00 to 97.00 m. These are restated results and are not included in the table of new results above.
Figure 1. Map showing geology interpreted from geophysical data and satellite imagery, surface-sample assay results, drillhole collar locations, and identified target areas, with detailed views of recent drilling results from Target 01
The 2026 10,000-metre program is focused primarily on Target 01 and is intended to:
Test strike and dip continuity of the principal silver-gold structures;
Provide sufficient geological, structural, density and assay information to support three-dimensional wireframing and resource estimation;
Identify and close material drilling gaps while avoiding unnecessary duplication;
Improve confidence in the distribution of higher-grade shoots; and
Provide the technical basis for a maiden mineral resource estimate and NI 43-101 technical report
APEX has been appointed as the independent technical consultant for the mineral resource estimate and NI 43-101 technical report. APEX is presently reviewing results and interpretations and providing advice to optimize the remaining drill program for resource-estimation objectives.
Subsequent drilling will remain focused on Target 01 until the drilling required for the maiden resource estimate is completed. Following completion of the Target 01 resource-estimation program, the Company intends to return to Targets 02 and 03 for follow-up drilling and further evaluation of the mineralized structures identified to date.
Quality Assurance / Quality Control (QA/QC)
Drill core (HQ) samples were collected under the supervision of an experienced Silver Mining geologists and transported safely to a core logging facility for detailed logging and sampling. Samples were prepared using half core and securely shipped to Bureau Veritas Laboratories in Jeddah, Kingdom of Saudi Arabia for sample preparation, and analysis.
All samples were analyzed using four-acid digestion ICP-ES (code MA300) with Fire Assay and Gravimetric Finish (cores FA 430 and FA530, respectively) and standard industry procedures.
As part of the Company’s QA/QC protocols, a robust quality control program was implemented, which includes the insertion of certified reference materials (standards), blank samples, and duplicate samples at regular intervals (approximately every 10 samples) throughout the sample stream. All QA/QC control samples returned results within acceptable limits, ensuring the reliability of the assay data.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Osbaldo Zamora, Ph.D., P.Geol., a Qualified Person as defined by National Instrument 43-101. Dr. Zamora is Vice President of Exploration for Kuya Silver and is not independent of the Company.
About Kuya Silver Corporation
Kuya Silver is a Canadian‐based, growth-oriented mining company with a focus on silver. Kuya Silver operates the Bethania silver mine in Peru, while developing district-scale silver projects in mining-friendly jurisdictions including Peru, Canada and Saudi Arabia.
About Silver Mining LLC
Silver Mining, based in the Kingdom of Saudi Arabia, is a private joint venture between majority shareholder, Saudi-based Sumou Holding (https://sumouholding.com), and Kuya Silver. Kuya Silver currently holds a 5% carried interest with an option to acquire an additional 40% participating interest in the company.
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Saguenay, Québec–(Newsfile Corp. – September 1, 2026) – First Phosphate Corp (NASDAQ: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to report the voting results for the Company’s Annual General and Special Meeting of Shareholders (the “Meeting“) held on August 28, 2026.
Voting Results
Detailed voting results of the election of the Company’s board of directors (the “Board“) are set out below:
Nominee
Votes For
% For
Votes Withheld
% Withheld
John Passalacqua
65,681,593
99.52%
317,515
0.48%
Laurence W. Zeifman
63,839,049
96.73%
2,160,059
3.27%
Bennett Kurtz
65,673,958
99.51%
325,150
0.49%
Peter Nicholson
65,691,489
99.53%
307,619
0.47%
Peter Kent
64,335,301
97.48%
1,663,807
2.52%
All nominees, as set forth in the Company’s Management Information Circular dated July 29, 2026 (the “Circular“), were elected as directors of First Phosphate at the Meeting.
At the Meeting, shareholders also approved: (1) the number of directors to be fixed at five, (2) the appointment of Davidson & Company LLP as auditor of the Company for the ensuing year and authorizing the Board to fix the remuneration of the auditor, (3) the Company’s advance notice policy (the “Policy“); and (4) the re-approval of the Company’s omnibus equity incentive plan, all as more particularly described in the Circular.
Matter
Votes For
% For
Votes Against – Withheld
% Against – Withheld
Number of directors
65,594,446
99.39%
404,662
0.61%
Appointment of auditors
64,206,061
97.28%
1,793,047
2.72%
Advance Notice Policy
64,112,942
97.14%
1,886,166
2.86%
Re-Approve Equity Incentive Plan
63,654,831
96.45%
2,344,277
3.55%
For further information regarding the matters considered at the Meeting, readers are encouraged to review the Circular, a copy of which is available under the profile for the Company on SEDAR+ (www.sedarplus.ca).
Increase in Shareholder Base
The Company is pleased to announce that its shareholders on record for the 2026 Meeting increased by 861% over the 2025 Meeting. The total registered shareholders reported are based on the registrar of the Company’s transfer agent plus beneficial shareholders reported by Broadridge.
AGM Record Date
Shareholders
2026
12,501
2025
1,301
2024
861
2023
800
2022
307
The Company believes that this increase in shareholders represents a positive sign of maturation in the Company’s corporate development, one that can be attributed to successful financings, management’s commitment to results, and a broader understanding and appreciation of the Company’s vision, initiatives and opportunities, among both retail and institutional investors.
Advance Notice Policy
The Board has, effective immediately, adopted the Policy which, among other things, and subject to certain exceptions, sets forth a procedure requiring advance notice to the Company by any shareholder who intends to nominate any person for election as director of the Company at a meeting of shareholders at which directors are to be elected. For additional details, please consult the full text of the Policy included in the Circular.
The Board believes that the Policy provides a clear and transparent process for all shareholders to follow, if they intend to nominate directors, by providing a reasonable time frame for shareholders to notify the Company of their intention to nominate directors and requiring shareholders to disclose information concerning proposed nominees that is mandated by applicable securities laws.
The Policy enables the Board to evaluate the proposed nominees’ qualifications and suitability as directors and respond as appropriate in the best interests of the Company.
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.
Forward-Looking Information and Cautionary Statements
This news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements. 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 development and exploration successes, 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: 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.
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.
Double E Compression Expansion Project. Summit Midstream reached a final investment decision (FID) on the Double E Pipeline mainline compression expansion following a successful open season that secured 550 million cubic feet per day (MMcf/d) of new long-term take-or-pay commitments. The project will add approximately 900 MMcf/d of forward haul capacity to the Waha Hub through a new bi-directional compressor station, plant connections, and related infrastructure. The expansion is expected to cost approximately $100 million net to Summit’s 70% interest and enter service in the fourth quarter of 2028, subject to regulatory approvals.
Commercial Momentum. A new 200 MMcf/d agreement with an investment-grade shipper brings total contracted firm capacity on Double E to approximately 2.2 billion cubic feet per day (Bcf/d), supported primarily by investment-grade customers. Summit is pursuing contracts for the remaining 450 MMcf/d of incremental expansion capacity and expects strong Delaware Basin production growth to support further commitments. If the project becomes fully subscribed, management expects Permian Segment Adjusted EBITDA to increase from approximately $37 million in 2026 to more than $100 million by 2030.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strategic Shift to Europe. Aurania has repositioned its exploration strategy from Ecuador toward Europe, where it is advancing gold and critical metals opportunities in Iceland, Italy, and France. The company’s Lost Cities project in Ecuador remains geologically prospective, but exploration is suspended because of uncertainty surrounding Ecuador’s Mining Service Fee (TASA) and unpaid concession fees. Meanwhile, Aurania may earn up to a 70% interest in Iceland’s Thor’s Valley gold project, is evaluating nickel and cobalt recovery from the Balangero tailings project in Italy, and is advancing three exploration permits in Brittany, France.
Near-Term Catalysts. The most immediate catalyst is drilling at Thor’s Valley, where Aurania has commenced an initial six-hole, 770-meter program to verify historically high-grade gold mineralization and test extensions of the system. Additional catalysts include permitting for sonic drilling and bulk sampling at Balangero, advancement of exploration targets in France, and resolution of obligations associated with Ecuador’s Mining Service Fee. Confirmation that a TASA exemption applies retroactively to 2025 could materially reduce Aurania’s liabilities and influence whether it retains or restructures its Lost Cities concession portfolio.
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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.
Oil prices surged Monday after the United States and Iran exchanged direct military fire for the first time in roughly a month, ending a relatively quiet stretch in a war now entering its seventh month. Brent crude futures climbed to an intraday high above $91 a barrel, gaining roughly 3% to cross $90 for the first time in about a week, while US benchmark WTI crude gained roughly 4% to trade above $86.
The exchange began when US forces struck Iranian targets on Larak Island, a small landmass inside the Strait of Hormuz that functions as a key monitoring point for Iran’s Revolutionary Guard Corps. US Central Command said the strikes targeted launchers it believed were being prepared to fire rockets carrying sea mines into the strait. Iran retaliated with drone strikes on sites inside Jordan and the United Arab Emirates and said it had seized a bulk carrier vessel near the port of Bandar Abbas. Tehran also claimed an oil tanker struck a mine while attempting an unauthorized transit through the strait, though US Central Command stated it had already cleared that section of the waterway.
Even with this renewed exchange, the physical oil market tells a more nuanced story than headline crude prices alone. Goldman Sachs estimates Persian Gulf crude exports have recovered to roughly two-thirds of pre-war levels, near 15 million barrels per day. The more persistent constraint now sits downstream, in refined products like gasoline and diesel, where capacity has been squeezed by Iranian strikes on regional refineries and, separately, Ukrainian strikes on Russian refining infrastructure. Goldman’s commodities strategists now expect global refined product output to decline by roughly 7 million barrels per day, a constraint that keeps pressure on fuel prices even as crude export volumes have partially normalized.
The policy response is shifting as well. Treasury Secretary Scott Bessent has threatened severe economic consequences for any nation found doing business with Tehran, signaling a pivot from direct military engagement toward economic pressure as the primary tool going forward. Last week, Treasury sanctioned the Emirati branches of a major Egyptian bank it accused of funneling roughly $1.8 billion to the Iranian regime. Critics of that approach note such measures carry limited practical impact unless they eventually target China, which continues purchasing an estimated 90% of Iran’s crude exports. A senior UAE foreign policy adviser put the broader dilemma plainly this week, noting that a state of neither war nor peace cannot be a sustainable solution.
For investors, the national average price of gasoline sitting at $4.08 a gallon despite recent modest declines is worth watching closely, both for its direct effect on consumer-facing small caps already navigating tight household budgets, a dynamic we detailed in earlier coverage of the ceasefire’s collapse, and for its political relevance heading into US midterm elections roughly two months away, where fuel affordability is likely to factor into races that will determine control of Congress. With refined product capacity constrained independent of crude export volumes, sustained pressure on pump prices may persist even if this latest exchange does not escalate further.
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.
Flat is advancing rapidly. Tectonic is executing a five-rig, 40,000-meter drilling program at its flagship Flat Gold Project, with the primary objective of supporting a maiden NI 43-101 mineral resource estimate at Chicken Mountain in early 2027. The program is also targeting higher-grade mineralization and testing additional district-scale targets. The Chicken Mountain–Alpha Bowl system has already been traced for approximately 3.3 kilometers.
Black Creek is emerging as a second gold center. Tectonic released assay results from three holes drilled at the Black Creek target, including two reverse circulation and one diamond drill hole. Hole CMR26-152 returned 5.09 g/t gold over 21.34 meters, including 17.34 g/t over 6.10 meters. Hole CMR26-153 intersected a broader interval of 1.89 g/t over 57.91 meters, including 2.75 g/t over 38.10 meters, with higher-grade intervals of 6.31 g/t over 7.62 meters and 3.89 g/t over 6.10 meters. Diamond hole CMD26-041 returned 3.26 g/t over 5.06 meters and a deeper interval grading 16.73 g/t over 2.22 meters, including 29.91 g/t over 1.22 meters. Importantly, both RC holes ended in mineralization, indicating that the system remains open thus providing clear targets for deeper follow-up drilling.
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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.
Multiple High-Grade Drill Intercepts, Broad Intervals and Holes Ending in Mineralization Signal a Growing Gold System; Six Additional Drill Holes Pending
VANCOUVER, B.C., August 25, 2026 – Tectonic Metals Inc. (“Tectonic” or the “Company”) (TSX-V: TECT; OTCQX: TETOF) today reported new drill assay results from Black Creek, one of six intrusion-related district targets located within the Company’s flagship 99,840-acre Flat Gold Project (“Flat”) in southwest Alaska, U.S. The results confirm a second consecutive season of high-grade gold mineralization at Black Creek and strengthen the Company’s view that the target has the potential to emerge as a second gold intrusive centre at Flat, approximately six kilometres (“km”) northeast of the main bulk-tonnage, heap leach Chicken Mountain target.
2026 Black Creek Drill Assay Highlights
CMR26-152: 5.09 grams per tonne gold (“g/t Au”) over 21.34 metres (“m”) including 17.34 g/t Au over 6.10 m;
CMR26-153:1.89 g/t Au over 57.91.c m, including 2.75 g/t Au over 38.10 m with 6.31 g/t Au over 7.62 m and 3.89 g/t Au over 6.10 m; and,
CMD26-041: 3.26 g/t Au over 5.06m and 16.73 g/t Au over 2.20 m, including 29.91 g/t Au over 1.22 m.
Importantly, both reverse-circulation (“RC”) holes CMR26-152 and CMR26-153 ended in mineralization, providing clear opportunities to expand the system further at depth and along strike.
Assays are also pending from six additional Black Creek drill holes, including holes that intersected prospective hornfels and mafic dykes, features typically associated with higher-grade mineralization at Black Creek and other Reduced Intrusion Related Gold Systems (RIRGS).
The latest results build on Black Creek’s initial 2025 drilling, reported by the Company on January 29, 20261, which returned 4.50 g/t Au over 48.77 m, including 7.79 g/t Au over 24.38 m and 15.19 g/t Au over 6.10 m. Together, the recurring high-grade results, broad mineralized intervals, large exploration footprint and improving geological model strengthen Tectonic’s view that Black Creek has the potential to emerge as a second gold intrusive centre at Flat.
Tony Reda, Co-Founder, President & CEO of Tectonic Metals, commented:
“Our 2025 drilling established Black Creek as a compelling high-grade discovery. These 2026 results take it further, delivering multiple high-grade intercepts over meaningful widths with the system remaining open in all directions. Importantly, high-grade gold is now recurring across multiple holes and successive drill programs within the same prospective hornfelsed intrusion-margin setting. Together, these results are defining a coherent geological pattern and providing growing evidence of a potentially significant gold system.
“I have always believed that big gold systems leave big footprints. At Black Creek, drilling lies within a much larger, kilometre-scale convergence of gold-in-soil anomalies, geophysics, favourable geology and significant historical placer and lode gold production. We have tested only a small portion of that footprint, yet we are already seeing important indicators of grade and scale. Our next step is to further understand the geological controls, establish continuity and systematically test the scale of the system.
“Located six kilometres from Chicken Mountain, Black Creek is emerging as a potential second significant gold centre within Flat’s more than 20-kilometre-long volcano-plutonic complex. Its high-grade mineralization occurs in a different host rock than the monzonite-dominant mineralization at Chicken Mountain, demonstrating that gold at Flat is not confined to a single intrusion or geological setting. Black Creek is one of six kilometre-scale intrusion-related targets identified to date, collectively highlighting an opportunity that extends well beyond one potential deposit, one intrusion and one host rock.”
Figure 1: Simplified regional geology map of the Flat Gold Project, highlighting the Black Creek drilling area.
Black Creek: Building Evidence of a Second Gold Centre
Tectonic prioritized Black Creek for follow-up drilling in 2026 after its first-ever program at the target returned near-surface high-grade gold in hornfelsed sedimentary rock: 4.50 g/t Au over 48.77 m in hole CMR25-059, including 7.79 g/t Au over 24.38 m and 15.19 g/t Au over 6.10 m. The 2026 program was designed to test whether the 2025 drill discovery was part of a broader mineralized system.
The new drilling was successful in expanding the Black Creek system. High-grade gold has now been intersected in multiple holes and successive drill campaigns, with broad mineralized envelopes surrounding higher-grade internal intervals. Both 2026 RC holes ended in mineralization, and the deepest high-grade interval in diamond hole CMD26-041 occurs at approximately 202 m downhole, demonstrating gold mineralization through a substantial vertical range.
Broader mineralization of 0.39 g/t Au over 29.50 m, 0.66 g/t Au over 16.68 m and 0.41 g/t Au over 27.25 m was hosted in heavily fractured oxidized and non-oxidized hornfels and altered mafic dyke units with centimetre- to millimetre-scale quartz-to-quartz carbonate veining. Higher grade intervals, represented by 16.73 g/t Au over 2.22 m. were hosted within quartz-carbonate-stibnite veining. This newly intersected mineralization in the diamond drilling suggests that mineralization continues at depth from near-surface high-grade mineralization and remains open in all directions.
The Black Creek intrusion lies approximately six km northeast of Chicken Mountain within the more than 20-kilometre-long Flat volcano-plutonic complex. The target is supported by a 2.3 km by 1.5 km resistive electromagnetic anomaly and an approximately 1,500 m by 700 m gold-in-soil anomaly, providing a large exploration framework relative to the area tested by drilling to date.
The broader target area also has a substantial historical gold endowment and a long history of placer gold production, totalling approximately 450,000 ounces from Black Creek and upper Otter Creek. The historical hard rock mine at Black Creek reportedly produced approximately 2,707 ounces of gold at an average grade of 12.00 g/t Au between 1925 and 1938.2,
The convergence of historical gold production, kilometre-scale soil and electromagnetic anomalies, and repeat high-grade bedrock intercepts signals a compelling, multi-dataset exploration vector. Drilling has tested only a small portion of that broader footprint.
Figure 2: Black Creek regional geology, drilling area, and soil contour map, highlighting the mineralized corridors and the gold-in-soil anomaly
Drilling Refines the Geological Model at Black Creek and Other Regional Targets, Providing Clearer Vectors to Higher-Grade Gold
The 2026 program is materially improving Tectonic’s understanding of the lithological and structural controls on gold at Black Creek and providing a vectoring framework that may be applicable elsewhere across the Flat district.
Gold is hosted principally in altered and hornfelsed Kuskokwim Group clastic sedimentary rocks and is associated with quartz to quartz-carbonate-stibnite veining, oxidation, fracturing and mafic dykes. Higher-grade intervals occur within this broader mineralized hornfels package, locally near mapped or modelled mafic dykes.
This host setting is geologically important because hornfelsed sedimentary rocks occur along intrusion margins elsewhere at Flat, including Chicken Mountain, Golden Apex, Horseshoe, Jam and Caribou. As a result, Black Creek establishes a district-relevant exploration model in a host rock that significantly expands the prospective search space beyond intrusion-hosted mineralization alone.
Updated geologic modelling is integrating lithology, hornfels intensity, mafic dykes, intrusion contacts, veining and assay data. The emerging model will be used to test whether higher-grade shoots are controlled by intrusive contacts, dyke margins, structural permeability, or the intersection of these features. Oriented follow-up drilling is required to resolve geometry and true widths.
Figure 3: Updated geological model of the Black Creek Target Area, notably updated hornfels and mafic dyke units that have been observed and characterized to host higher-grade gold mineralization.
Maggie Layman, Vice President Exploration, commented:
“The 2026 drilling is providing an important step forward in our understanding of Black Creek. The association of mineralization with hornfels, mafic dykes and intrusion contacts is helping us refine our geological model and identify priority targets for follow-up drilling.
“With mineralization remaining open in multiple directions and additional assays pending, we see a strong opportunity to continue expanding and defining not only the Black Creek system but also to apply these geological insights to other priority targets across the Flat district.”
Multiple Catalysts Ahead
Tectonic is advancing Black Creek alongside Chicken Mountain and a portfolio of kilometre-scale intrusion-related targets as part of a systematic strategy to test the full district-scale potential of Flat. Near-term catalysts and exploration activities include:
Assays pending from six additional Black Creek drill holes, several of which intersected prospective hornfels and mafic dykes;
Follow-up drilling below CMR26-152 and CMR26-153 and along strike to test continuity, orientation and true width;
Integration of assay, structural, lithological and geophysical data into the three-dimensional geological model; and
Application of the emerging Black Creek targeting model to other intrusion-margin targets across the Flat district.
Additional assay results from Chicken Mountain are also expected as Tectonic continues expansion and resource-definition drilling toward a maiden mineral resource estimate targeted for early 2027.
Figure 4: Cross section L1-L1’ showing updated Mafic Dyke units and Hornfels, highlighting the higher-grade mineralization across the drilled section
Figure 5: Cross section L2-L2’ showing updated geological model, highlighting the latest high-grade drill composites and holes with assays pending.
A summary of the assay results is presented in Table 1.
Table 1 – 2026 Black Creek Drill Assay Results
Note: All reported intercepts are downhole lengths, as insufficient data exist to determine true widths. Select composites utilize 0.10, 0.30 or 0.50 g/t Au cut-offs, with a maximum continuous interval of 3.20 m (two sample) below the applicable cut-off inclusion.
Table 2. Drill Hole Details at Black Creek
Qualified Person
Tectonic Metals’ disclosure of technical or scientific information in this press release has been reviewed, verified and approved by Peter Kleespies, M.Sc., P.Geo., Chief Geological Officer, who is a Qualified Person in accordance with Canadian regulatory requirements set out in National Instrument 43-101.
Analytical work for the 2026 Flat project drilling program was performed by ALS Global (“ALS”), an internationally recognized and accredited laboratory independent of Tectonic. On-site, core and reverse circulation samples were sealed in security-tagged bags and shipped under strict chain-of-custody protocols to the Lynden Transport logistics operator in Anchorage, Alaska, for delivery to ALS facilities in Vancouver, British Columbia.
Upon arrival at the laboratory, samples were dried, crushed to 2 mm and riffle split into nominal 500-gram subsample aliquots (prep codes CRU-31, SPL-32a). One portion was analyzed for gold using PhotonAssay™ (ALS code Au-PA01). PhotonAssay™ uses high-energy X-rays to determine gold content from a large sample aliquot, typically 500 g of crushed material. The method is non-destructive and is particularly suited to gold systems where larger sample aliquots may improve representativity. If additional nominal 500-gram PhotonAssayTM analysis splits are conducted for a given sample, results from all splits are combined on a weight average basis. A second portion was pulverized such that 85% of the sample passed 75 µm, (PUL-31) and was analyzed by four-acid digestion with ICP-MS finish for 48 elements (ME-MS61), along with aqua regia digestion with ICP-MS finish for trace levels of mercury (Hg-MS42).
Quality assurance and quality control (QA/QC) protocols included the insertion of certified reference material every 20 samples, blank samples at rate of approximately every 25 samples and field duplicate samples (split from the original approximately 1.5 m for RC or 1.5 m for core intervals) every 25 samples. All QA/QC results returned values within acceptable limits.
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.
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 more than 30 million ounces of gold, advanced 18 projects through to feasibility, permitted 20 projects, completed over $3 billion in mergers and acquisitions and raised more than $2 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:
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.
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.
Golden Gate South Discovery. Resolution Minerals confirmed a significant near-surface gold discovery at Golden Gate South within its 100%-owned Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho. All three initial 2026 diamond holes intersected broad gold mineralization, extending the known mineralized system at least 2,000 meters south from Golden Gate North. The results, combined with gold-in-soil anomalies between the two areas, strengthen the potential that Golden Gate North and South are part of a much larger mineralized system along the Golden Gate Fault Zone.
Broad Gold Intercepts. The most significant hole, HH-GG26-003C, returned 305.7 meters grading 0.64 g/t gold from surface to the end of the hole, including several higher-grade zones of up to 17.25 meters at 1.19 g/t gold. The other two holes also encountered broad near-surface mineralization, including 87.87 meters at 0.52 g/t and 49.5 meters at 0.58 g/t gold. Collectively, the results are important because they demonstrate substantial widths of pervasive gold mineralization rather than isolated narrow intercepts, although additional drilling is required to establish true widths, continuity, and ultimately the potential size of the system.
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.
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.
A stronger resource supports the transition to feasibility. First Phosphate’s definitive NI 43-101 report confirms approximately 204.7 million tonnes of measured and indicated resources grading roughly 6.05% phosphorus pentoxide (P2O5), including a 378% increase in indicated resources. Strong geological continuity, favorable metallurgy, and additional expansion potential at depth provide a stronger foundation for the Begin-Lamarche feasibility study.
The focus is shifting toward project development. With resource drilling mostly completed, First Phosphate is targeting completion of the feasibility study around January or February 2027, followed by permitting, financing, and a potential final investment decision. Development risk is further reduced by definitive offtake agreements, Canadian government funding, and potential international financing support.
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.
Gold and silver are having a genuinely remarkable stretch. Gold prices are up roughly 15% this month while silver has surged 19%, and combined, the two metals have added nearly $5 trillion in market value in just a few weeks, according to analysis from Bull Theory. Both remain below the record highs set earlier this year, but the pace of the move is striking, and the drivers behind it will look familiar if you’ve been following ChannelChek’s coverage this month.
A major catalyst for the late-August breakout traces directly back to the US Treasury’s decision to double its long-term bond buyback program to $4 billion per session, the same intervention we detailed when it first sent Treasury yields tumbling and lifted Bitcoin sharply higher. That move has triggered an aggressive wave of short covering and speculative buying across precious metals markets as well. Layered on top of that, the unresolved and escalating war between the US and Iran, which has pushed energy prices higher again in a story we covered just this past week, has reinforced gold’s role as the market’s primary safe-haven asset during periods of genuine geopolitical stress.
Silver Has a Story of Its Own
What makes silver’s outperformance particularly interesting is that it isn’t just riding gold’s coattails. The metal is facing a genuine physical supply deficit, compounded by industrial demand that has nothing to do with safe-haven positioning. Long-term structural consumption from AI data center infrastructure, electrical grid modernization, and advanced electronics, precisely the buildout we detailed in our recent look at the US data center construction boom, continues to absorb physical silver inventory faster than global mine production can keep pace. That is a demand story layered directly on top of a macro story, which helps explain why silver has outpaced gold’s already impressive move.
Truist’s chief investment officer recently upgraded his own outlook on gold from underweight back to neutral, citing several supporting factors: real yields have stopped climbing, partly because of the Treasury’s own buyback decision, gold has reclaimed its 200-day moving average in a positive technical signal, central banks continue adding to their gold reserves despite earlier concerns that demand might slow, and a softer US dollar, driven by cooling inflation data and a more dovish Fed posture, has provided an additional tailwind. He noted that with gold still roughly 15% below its recent highs, the overall weight of evidence now supports a more balanced view than the firm held previously.
For investors tracking the small and microcap space, this rally carries a specific implication worth watching. Smaller precious metals mining companies typically carry significantly more operating leverage to metal prices than large diversified miners, meaning a 15% to 19% move in the underlying commodity can translate into a considerably larger percentage move in smaller producers’ earnings and, potentially, their share prices. The setup here is genuinely three stories converging into one, monetary policy, geopolitical risk, and structural industrial demand from the same AI infrastructure buildout driving so much of this year’s market activity, all pushing in the same direction at once.
