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.
Third-quarter financial results. InPlay Oil reported third-quarter 2026 production of 19,254 barrels of oil equivalent per day (boe/d), up 3% sequentially and 1% year over year. Oil and natural gas sales increased 50% year over year to C$118.8 million, while adjusted funds flow (AFF) increased 92% to C$51.4 million, or C$1.86 per basic share. Sequentially, AFF increased 15% despite softer realized commodity prices, benefiting from lower realized hedging losses.
Favorable outlook. InPlay increased its 2026 AFF guidance to C$178 million to C$184 million from C$161 million to C$169 million, while maintaining production guidance of 18,900 to 19,400 boe/d. Preliminary 2027 guidance calls for production of 20,100 to 21,000 boe/d, AFF of C$206 million to C$218 million, and free adjusted funds flow (FAFF) of C$101 million to C$123 million. The outlook reflects an expanded oil-weighted development program and contributions from recently acquired assets.
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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 rebounded Thursday after suffering their steepest three-day decline in nearly five years, but energy stocks failed to follow crude higher as investors weighed the possibility of easing tensions between the United States and Iran following the 2026 midterm elections.
West Texas Intermediate (WTI) crude futures climbed approximately 2% during Thursday’s trading session, recovering some losses after plunging roughly 15% between October 30 and November 4. The selloff pushed U.S. crude from above $104 per barrel to approximately $88, its lowest settlement since late August.
Despite Thursday’s recovery, shares of major energy companies remained under pressure, highlighting growing uncertainty about the outlook for oil producers and the broader energy sector.
The Energy Select Sector SPDR Fund (XLE), which tracks major U.S. energy companies, declined even as crude prices advanced. Exxon Mobil (XOM) and Chevron (CVX) showed little movement, while Baker Hughes (BKR) and Williams Companies (WMB) traded lower.
The divergence reflects investors’ concerns that oil prices could face additional downward pressure if geopolitical tensions ease and disrupted supplies return to global markets.
Much of the recent volatility stems from changing expectations surrounding the U.S.–Iran conflict. Following Tuesday’s midterm elections, which resulted in Democrats gaining control of Congress, investors began reassessing Washington’s willingness to continue military operations in the Middle East.
Vice President JD Vance publicly attributed Republicans’ election losses to the war, reinforcing expectations that political pressure could encourage diplomatic efforts and reduce the risk of further escalation.
That possibility triggered Wednesday’s sharp decline in crude prices as traders began removing some of the geopolitical risk premium built into oil markets.
However, uncertainty remains considerable. Iran’s oil exports have reportedly fallen from approximately 1.8 million barrels per day to nearly zero during the conflict, according to Apollo Global Management chief economist Torsten Sløk.
Any meaningful restoration of those exports could increase global supplies and place additional pressure on prices, while renewed military tensions could quickly reverse the recent decline.
The relationship between oil and the broader stock market has also become increasingly unusual.
According to Yahoo Finance calculations, crude oil and the S&P 500 have recorded a daily correlation of approximately negative 0.44 in 2026, their strongest inverse relationship since at least 2001.
Higher energy prices have weighed on equities by increasing transportation, manufacturing, and operating costs while complicating the Federal Reserve’s efforts to control inflation. Conversely, falling crude prices have supported expectations for lower inflation and potentially more favorable interest-rate conditions.
Wednesday illustrated that relationship, with the S&P 500 gaining more than 1.5% as crude oil plunged more than 8%.
For small-cap energy investors, the changing environment presents both risks and opportunities.
Smaller exploration and production companies can be particularly sensitive to fluctuations in crude prices because lower commodity revenues may quickly affect cash flow, drilling budgets, and debt repayment capacity.
Oilfield service providers could also face reduced demand if producers scale back capital spending in response to sustained price weakness.
Meanwhile, businesses in transportation, manufacturing, and consumer-oriented industries may benefit from lower fuel costs, potentially improving profit margins.
Despite the recent selloff, energy remains one of 2026’s strongest-performing market sectors. XLE had gained approximately 45% year to date through November 4, even after declining roughly 9% from its October 30 high.
The question now is whether Thursday’s rebound marks the beginning of a sustained recovery or simply a temporary pause in a broader decline.
With geopolitical developments continuing to dominate oil markets, investors will be closely monitoring diplomatic signals from Washington, potential changes in Iranian production, and whether energy stocks can regain momentum alongside crude prices.
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.
Recent drilling results. Tectonic Metals reported results from six additional drill holes at its Flat Gold Project in Alaska, highlighted by Hole CMR26-159, which intersected 2.86 grams per tonne (g/t) of gold over 91.44 meters, including 5.61 g/t over 41.15 meters and 12.94 g/t over 13.72 meters. The hole represents the longest mineralized intercept reported at Black Creek and ended in high-grade mineralization, leaving the system open at depth.
Results strengthen evidence of mineralization continuity. Hole CMR26-159 was drilled 100 meters south of the 2025 discovery hole and 30 meters south of two previously reported mineralized holes. Drilling has now intersected gold in 17 of 18 holes across a footprint measuring approximately 100 by 200 meters. Several higher-grade intersections remain open at depth, supporting additional drilling to establish the geometry and continuity of mineralization.
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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.
High-Grade Mineralization Extends toBottom of Hole, Located 100 m South of the 2025 Black Creek Discovery
VANCOUVER, B.C., November 2, 2026 – Tectonic Metals Inc. (“Tectonic” or the “Company”) (TSX-V: TECT; OTCQX: TETOF) today announced assay results from six reverse circulation (“RC”) drill holes at Black Creek, highlighted by CMR26-159, which returned 2.86 grams per tonne gold (“g/t Au”) over 91.44 metres (“m”), including 5.61 g/t Au over 41.15 m and 12.94 g/t Au over 13.72 m. Located 100 m south of Black Creek’s 2025 discovery hole, CMR26-159 delivered the longest mineralized intercept to date and ended in high-grade mineralization, leaving the system open at depth.
Black Creek is one of six district-scale Reduced Intrusion-Related Gold System (“RIRGS”) targets at Tectonic’s flagship 99,840-acre Flat Gold Project (“Flat”) in southwest Alaska, U.S. Located six kilometres (“km”) north of Chicken Mountain, where a maiden Mineral Resource Estimate (“MRE”) is targeted for Q1 2027, Black Creek has delivered repeated high-grade gold intercepts within broad mineralized envelopes, demonstrating continuity of mineralization across a growing footprint and providing further evidence that Tectonic is vectoring towards a second gold system within the Flat district.
Black Creek Drill Assay Highlights:
Longest intercept at Black Creek, ending in high-grade gold: CMR26-159 returned 2.86 g/t Au over 91.44 m from 22.86 m downhole, including 5.61 g/t Au over the final 41.15 m of the hole, with 12.94 g/t Au over 13.72 m. Mineralization remains open at depth.
100 m step-out from the 2025 high-grade discovery: CMR26-159 lies 100 m south of discovery hole CMR25-059 (4.50 g/t Au over 48.77 m) and 30 m south of holes CMR26-152 (5.09 g/t Au over 21.34 m) and CMR26-153 (1.89 g/t Au over 57.91 m), both of which also ended in mineralization.1
A different host rock expands district potential: Black Creek’s gold mineralization is predominantly hosted in hornfels, in contrast to the primarily monzonite-hosted mineralization at Chicken Mountain. Hornfels also occurs along the margins of other intrusion-related targets across Flat, including Golden Apex, Horseshoe, Jam and Caribou, as well as the margins of Chicken Mountain itself, making each a high-priority focus for future drilling.
Tony Reda, Co-Founder, President and CEO, commented:
“We could not have asked for a better start at a brand-new exploration target. In just 18 holes and 1,600 m of drilling, we have intersected gold mineralization in 17 holes, including four that have delivered significant high-grade intervals: 4.50 g/t Au over 48.77 m, 5.09 g/t Au over 21.34 m, 2.75 g/t Au over 38.10 m and, now, 5.61 g/t Au over 41.15 m. Notably, all three recent holes ended in mineralization, which raises a compelling question: how far does this higher-grade gold extend at depth?
“What makes Black Creek even more exciting is that we have tested only a fraction of the target. Drilling from both of our initial campaigns has outlined mineralization across an area of approximately 100 by 200 m and to a vertical depth of less than 200 m, within a much larger 1,500 by 700 m gold-in-soil anomaly, of which over 85% remains untested. Both sit within an even larger 1.5 by 2.5 km geophysical anomaly interpreted to represent an intrusive centre.
“As Chicken Mountain advances towards its maiden Mineral Resource Estimate and Preliminary Economic Assessment in 2027, Black Creek is emerging as another potentially significant gold centre at Flat. With high-grade gold intercepts, broad mineralized intervals and substantial ground yet to be explored, we see a compelling opportunity to further define the scale and continuity of mineralization and evaluate its potential to support a second mineral resource within the district.”
High-Grade Gold Continues to Expand at Black Creek
Tectonic’s first drilling at Black Creek in 2025 discovered high-grade gold in hornfelsed sedimentary rocks near the eastern margin of the Black Creek intrusion (see news release dated January 29, 2026). Follow-up drilling in 2026 extended the mineralized footprint, with CMR26-152 and CMR26-153 ending in mineralization (see news release dated August 25, 2026). CMR26-159 now extends high-grade gold a further 30 m south (see Figures 1, 3 and 4).
Black Creek Key Intercepts to Date
Hole
Reported
Interval
Including
Ended in Min.
CMR25-059
Jan 29, 2026
3.80 g/t Au over 57.91 m from surface
4.50 g/t Au over 48.77 m; 7.79 g/t Au over 24.38 m; 15.19 g/t Au over 6.10 m
No
CMR26-152
Aug 25, 2026
5.09 g/t Au over 21.34 m
17.34 g/t Au over 6.10 m
Yes
CMR26-153
Aug 25, 2026
1.89 g/t Au over 57.91 m
2.75 g/t Au over 38.10 m
Yes
CMR26-159
This release
2.86 g/t Au over 91.44 m
5.61 g/t Au over 41.15 m; 12.94 g/t Au over 13.72 m
Yes
Note: Downhole lengths reported; true widths not yet determined. Included intervals are nested and not additive.
The six new holes reported today provide important geological context for refining the Black Creek target. Gold mineralization is interpreted to be structurally controlled, with higher-grade zones potentially exhibiting steep dips and plunges. Additional drilling and oriented core analysis will help constrain the geometry, continuity and structural controls of these zones. In addition to CMR26-159 reported above, highlights from the five remaining holes include:
CMR26-158 – Broad mineralization nearby: Collared 20 m west, the hole returned 0.46 g/t Au over 30.48 m from surface, including 1.23 g/t Au over 6.10 m, and a separate 0.31 g/t Au over 30.48 m.
CMR26-157 – High-grade target remains untested: Collared 17 m east-southeast of CMR26-159, the hole returned no significant gold intersections but terminated at just 42.67 m downhole, above the depth of the high-grade interval in CMR26-159. The potential extension of this mineralization in that direction remains untested.
CMR26-154 to CMR26-156 – Refining structural interpretation: Collared 50–110 m northwest of CMR26-159, these holes intersected predominantly lower-grade mineralization with localized higher-grade values, including 1.99 g/t Au over 1.52 m in CMR26-155. These results will help refine the geological model and guide follow-up drilling to target the potential extensions of higher-grade mineralization.
Geological Setting: A New Model for the Flat District
Host rock and mineralization style: Gold at Black Creek is hosted within altered and hornfelsed Kuskokwim Group sedimentary rocks, associated with quartz to quartz-carbonate-stibnite veining, oxidation, fracturing and intermediate to mafic dykes. This is a fundamentally different setting from the monzonite-dominant mineralization drilled at Chicken Mountain, demonstrating that gold at Flat is not confined to a single intrusion or host rock.
Structural controls: Gold occurs in both sedimentary rocks and dykes, suggesting that structure, rather than rock type, is the primary control on mineralization. Results from the 2025 and 2026 programs indicate that structures acted as fluid conduits, generating broad mineralized envelopes around higher-grade gold shoots.
A targeting vector: A modelled mafic dyke plunge associated with higher-grade gold mineralization provides a testable direction for step-out drilling (see Figure 5 long section).
District-scale implications: Hornfelsed sedimentary rocks occur along intrusion margins throughout the Flat district, including at Chicken Mountain, Golden Apex, Horseshoe, Jam and Caribou. Black Creek establishes a district-relevant exploration model in a host rock that expands the prospective area beyond intrusion-hosted mineralization alone. The emergence of significant gold mineralization at both Chicken Mountain and Black Creek supports the potential for multiple resource centres associated with the 20-km-long Flat volcano-plutonic complex.
Exploration Potential and Next Steps at Black Creek
The broader area at Black Creek has a long history of gold production. Placer mining on Black Creek and Upper Otter Creek produced approximately 450,000 ounces of gold, and a historical hard-rock mine at Black Creek reportedly produced approximately 2,707 ounces at an average grade of 12.00 g/t Au between 1925 and 1938.2 This history points to a fertile gold system, although it does not establish the size or continuity of the mineralization intersected in current drilling.
To date, Black Creek remains largely untested. Drilling has covered only the eastern portion of a 1,500 m by 700 m gold-in-soil anomaly (see Figure 2), leaving over 85% of the anomaly untested. The gold-in-soil anomaly sits within a 1.5 by 2.5 km geophysical target, where drilling has confirmed the presence of intrusive rocks.
Follow-up exploration is prioritized to test the potential at Black Creek:
Drill beneath the open intersections in CMR26-159, CMR26-152 and CMR26-153, and between the strongest results to establish their continuity.
Continue to refine the spatial geometry of the high-grade mineralization with oriented diamond core drilling.
Step out along strike and down plunge where the model identifies favourable hornfels, dyke margins and structural intersections.
Rank new targets by integrating pending 2026 regional soil results, mapping and geophysics, including comparable intrusion-margin settings elsewhere at Flat.
Tectonic’s Near-Term Catalysts
Year-to-date through October 2026, Tectonic completed 31,000 m of drilling in 166 holes, focused mainly on resource delineation and expansion at Chicken Mountain. This release reports results from 525 m in six RC holes at Black Creek. Upcoming Company catalysts include:
Pending assays from approximately 25,000 m in over 120 holes, mainly at Chicken Mountain, providing a steady flow of news through the remainder of 2026.
Test results from 15 heap leach columns at Chicken Mountain.
A Maiden MRE for Chicken Mountain targeted in Q1 2027, followed by a Preliminary Economic Assessment targeted in Q2 2027.
2026 regional soil sampling results to refine and prioritize targets across the Flat district, including Black Creek.
Figure1: Regional geology map of the Flat Gold Project and map of the Black Creek intrusion drilling area. Holes in green are new assays from 2026 up to and including this news release.
Note: Alpha Bowl, shown in the regional map, is the northern extension of the Chicken Mountain target.
Figure 2: Plan view of anomalous gold-in-soil map measuring 1,500 m by 700 m within the Black Creek target area.
Note: Alpha Bowl, shown in the regional map, is the northern extension of the Chicken Mountain target.
Figure 3: Plan view of updated geological model of Black Creek target Area, notably updated hornfels and mafic dykes that are associated with higher-grade mineralization.
Note: Alpha Bowl, shown in the regional map, is the northern extension of the Chicken Mountain target.
Figure 4: Cross section L2-L2’, looking north showing CMR26-159.
Figure 5: Longitudinal section L3-L3′, looking east, highlighting the modelled mafic dyke plunge that has been observed with higher-grade mineralization.
Table 1: Black Creek Assay Highlights
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
CMR26-154
1.52
4.57
3.05
0.20
15.24
28.96
13.72
0.13
70.10
74.68
4.57
0.55
CMR26-155
39.62
41.15
1.52
0.14
50.29
51.82
1.52
1.99
68.58
71.63
3.05
0.28
77.72
79.25
1.52
0.10
88.39
94.49
6.10
0.16
100.58
102.11
1.52
0.11
CMR26-156
0.00
1.52
1.52
0.12
19.81
42.67
22.86
0.22
Including
19.81
25.91
6.10
0.40
56.39
59.44
3.05
0.50
CMR26-157
No Significant Intersections
CMR26-158
0.00
30.48
30.48
0.46
Including
7.62
13.72
6.10
1.23
and
19.81
24.38
4.57
0.56
36.58
67.06
30.48
0.31
Including
51.82
60.96
9.14
0.37
71.63
77.72
6.10
0.13
CMR26-159
22.86
114.30
91.44
2.86
Including
73.15
114.30
41.15
5.61
with
74.68
88.39
13.72
12.94
Note: All reported intercepts are reported as downhole lengths, as insufficient data exists to determine true widths. Select composites utilizing 0.10, 0.30 or 0.50 g/t Au cut-offs, with a maximum 3.2 m continuous (two sample) below the cut-off inclusion.
Table 2: Black Creek RC Hole Collar Locations and Orientations
Hole ID
Type
Azimuth (o)
Dip (o)
Length (m)
UTM E
UTM N
Purpose
CMR26-154
RC
285
-70
94.49
555415
6923671
Exploration
CMR26-155
RC
285
-70
103.63
555381
6923680
Exploration
CMR26-156
RC
285
-70
67.06
555350
6923686
Exploration
CMR26-157
RC
285
-70
42.67
555462
6923629
Exploration
CMR26-158
RC
285
-70
103.63
555426
6923639
Exploration
CMR26-159
RC
285
-70
114.30
555446
6923633
Exploration
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 a rate of one in every 25 samples and field duplicate samples (split from the original 1.5 m for RC or core sample 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 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, towards the Company’s maiden Mineral Resource Estimate in Q1 2027.
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 40 million ounces of gold, advanced 20 projects through to feasibility, permitted 25 projects, completed over $6 billion in mergers and acquisitions and raised more than $6 billion in capital.
Tectonic’s mission is to be a shift in the game: working for our shareholders and the communities where we operate, putting people first, playing big and staying true to our word every step of the way.
On behalf of Tectonic Metals Inc., Tony Reda, President and Chief Executive Officer
For further information about Tectonic Metals Inc. or this news release, please visit our website at www.tectonicmetals.com or contact:
Keren Yun, Vice President, Investor Relations 1-888-685-8558 or [email protected]
Cautionary Note Regarding Forward-Looking Statements, Historical Information and Visual Observations
This news release contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often, but not always, identified by words such as “may,” “will,” “should,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “estimate,” “potential,” “target,” or similar terminology, or that events or conditions “may” or “will” occur.
Forward-looking statements in this release include, but are not limited to, statements regarding: the 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 may also refer to historical information, including results from past exploration activities and placer production figures. Any 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 may contain 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.
Record underground development supports production growth. Kuya Silver reported record underground development at its Bethania silver mine in Peru during the third quarter of 2026, advancing 575 meters and excavating 4,713 tonnes of development material. Management prioritized mine development over near-term production to establish additional working areas and support higher mining rates. Quarterly production totaled 3,401 tonnes of mineralized material, with increased output expected beginning in the fourth quarter and continuing into 2027.
Infrastructure and processing agreements establish a path to higher throughput. An upgraded underground winch system is expected to support the targeted mining rate of 350 tonnes per day (tpd) without completing the planned access ramp. Separately, a strategic agreement with the Camila processing plant secures dedicated capacity of 3,000 tonnes monthly through March 2027, increasing to 4,000 tonnes beginning in April. The agreement supports near-term production growth while allowing Kuya Silver to prioritize construction of its fully permitted 350 tpd Bethania processing plant.
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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.
October 27, 2026 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (“Century Lithium” or the “Company”) is pleased to announce its Annual General Meeting of Shareholders (the “Meeting”) will be held on November 25, 2026. During the Meeting, the management will nominate five directors for election to the Company’s Board of Directors (the “Board”), Dr. Corby Anderson, Dr. William Willoughby, Donald Myers, James Pettit and Dr. Cormac O’Laoire, who stands for election for the first time. Bryan Disher is retiring from the Board and will not stand for re-election; he will continue to serve as a director through the conclusion of the Meeting.
Dr. O’Laoire has worked closely with management as a Strategic Advisor since January 2026, and his depth in battery materials, gigafactory execution and lender due diligence bears directly on the decisions ahead as Century Lithium moves Angel Island through permitting and into project finance.
The Board would like to thank Mr. Disher for his many contributions to Century Lithium and for his continued service through the Meeting.
New Director Nominee
Cormac O’Laoire, PhD is Managing Director of Electrios Ltd., a Hong Kong-based battery advisory firm, and has served as Strategic Advisor to Century Lithium since January 2026. He has over 20 years of experience across the lithium-ion battery value chain, from battery metals and lithium refining through precursor and cathode active materials (pCAM/CAM), cell manufacturing, energy storage and recycling.
Based in Hong Kong for more than a decade, Dr. O’Laoire has advised automakers, cell manufacturers, materials suppliers, governments, lenders, and investors on battery manufacturing, materials processing and battery energy storage projects, providing technical due diligence, lenders’ technical advisory, capital-cost review and independent oversight for more than 60 GWh of capacity. He is also a retained expert witness in industrial litigation and international arbitration.
Dr. O’Laoire began his career in electrochemical research, including as a Postdoctoral Fellow at Lawrence Berkeley National Laboratory, a US Department of Energy national laboratory, and his doctoral research on lithium-air battery chemistry is widely cited. He holds a PhD in Physical Chemistry from Northeastern University in Boston, Massachusetts.
Information concerning the Meeting and the procedures for voting will be included in the Company’s Notice of Meeting and Management Information Circular, which will be filed under the Company’s profile on SEDAR+ in advance of the Meeting. Shareholders are encouraged to review the meeting materials when available and to vote their shares.
ABOUT CENTURY LITHIUM CORP.
Century Lithium Corp. is an advanced-stage lithium development company focused on its 100%-owned Angel Island Lithium Project in Esmeralda County, Nevada. Angel Island hosts one of the largest known sedimentary lithium deposits in the United States and is designed with an integrated, end-to-end process to produce battery-grade lithium carbonate on-site to support the electric vehicle and battery storage markets.
The Company has developed a patent-pending process that incorporates hydrochloric acid leaching combined with direct lithium extraction to produce battery-grade lithium carbonate. As part of the integrated chlor-alkali process, Angel Island is designed to produce sodium hydroxide as a co-product, with planned surplus sales expected to lower operating costs, reduce reliance on externally sourced reagents, and minimize environmental impacts.
Century Lithium is currently advancing Angel Island through the permitting process.
Century Lithium trades on the TSX Venture Exchange under the symbol “LCE”, the OTCQX under the symbol “CYDVF” and on the Frankfurt Stock Exchange under the symbol “C1Z”. To learn more, please visit centurylithium.com.
ON BEHALF OF CENTURY LITHIUM CORP. WILLIAM WILLOUGHBY, PhD, PE President & Chief Executive Officer For further information, please contact: Spiros Cacos | Vice President, Investor Relations Direct: +1 604 764 1851 Toll Free: 1 800 567 8181 [email protected] centurylithium.com
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
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Construction mobilized at Mo i Rana. On October 12, 2026, VivoPower announced the start of construction for the initial 40MW AI data center at its Mo i Rana facility in Norway. While a definitive lease agreement has not yet been announced, the company confirmed that it has selected a global AI industry leader as its preferred tenant, with the facility’s design and construction tailored to the prospective customer’s requirements.
Existing operations maintained during construction. VivoPower has engaged local contractors to complete site preparation and structural works ahead of the specialized mechanical and electrical fit-out. Under the original development plan, construction will proceed on adjacent land while existing Bitcoin mining and grid-balancing operations continue. After the mining lease expires in June 2027, the existing power capacity is earmarked for AI applications, with an additional 40MW development planned thereafter.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Drilling expands the gold zone. Resolution Minerals reported additional drill results from Golden Gate North at its 100%-owned Horse Heaven project in Idaho, confirming gold mineralization over an area measuring at least 500 meters along strike, 200 meters in width, and 300 meters in depth. The results expand the known mineralized footprint and strengthen the potential for a sizable near-surface gold system.
Broad mineralized intervals. Three newly reported drill holes intersected extensive gold mineralization beginning at the surface, including 324 meters grading 0.49 grams per tonne (g/t) gold and 322 meters grading 0.37 g/t gold. Although grades remain relatively modest, the continuity and scale of mineralization are encouraging and support further evaluation of potential bulk tonnage mineralization.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Third Quarter Financial Results. Alliance Resource Partners reported third-quarter 2026 revenue of $603.0 million, up 5.5% year-over-year and 9.3% sequentially. Net income attributable to ARLP increased 46.8% to $139.6 million, or $1.08 per unit, compared with $0.73 a year ago and $0.61 in the second quarter. Adjusted EBITDA attributable to ARLP increased 26.3% to $233.9 million, reflecting stronger coal operations and record oil and gas royalty contributions.
Operating Performance Strengthens. Coal sales increased 7.4% year-over-year to 9.35 million tons, supported by resumed production at Hamilton and strong performance at River View and Tunnel Ridge. Segment Adjusted EBITDA expense per ton decreased 13.1% to $35.64, contributing to an 18.6% increase in Coal Operations Segment Adjusted EBITDA to $186.8 million. The AllDale III and IV acquisition contributed to record oil and gas royalty production of 1.45 million barrels of oil equivalent, while attributable segment Adjusted EBITDA increased 61.4% to $43.6 million.
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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.
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.
Metallurgical work begins. Kodiak Copper has commenced an additional metallurgical program at its 100%-owned MPD copper-gold porphyry project in southern British Columbia. The new work builds on positive results reported earlier this year and is focused on flowsheet development and optimization. The program is intended to improve the technical foundation for future economic studies while MPD continues to advance through ongoing exploration and resource growth.
Project-wide testing. The program is broad in scope and will include representative material from all seven deposits included in MPD’s mineral resource estimate: 1) Gate, 2) Ketchan, 3) Man, 4) Dillard, 5) West, 6) Adit, and 7) South. Four composite samples representing the Southern Area, Northern Area, Ketchan, and Gate will undergo mineralogical, comminution, gravity, flotation, locked cycle, and concentrate quality testing. In our view, this should help determine whether a common processing flowsheet can be applied across multiple deposits, which could simplify future development and provide greater flexibility in mine planning and deposit sequencing.
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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 Thursday as investors weighed reports that the United States and Israel could intensify military operations against Iran following the November midterm elections, raising concerns about additional disruptions to global energy supplies and renewed inflationary pressure.
Brent crude futures climbed above $111 per barrel during early trading on October 22, approaching a five-month high, while U.S. West Texas Intermediate crude rose toward $100. The gains reflected growing uncertainty surrounding the Middle East conflict and the potential consequences for oil production, shipping routes, and global economic growth.
According to reports citing The New York Times, U.S. and Israeli officials have been considering expanded military operations targeting Iranian energy infrastructure and other strategic facilities after the November 3 elections. The reported plans remain uncertain, and no final decision on additional military action has been publicly confirmed.
The developments have intensified concerns surrounding the Strait of Hormuz, a critical shipping passage connecting major Persian Gulf oil producers with international markets. Disruptions to tanker traffic through the waterway have already constrained energy shipments, contributing to higher crude prices and increased volatility across commodity markets.
Recent attacks have added to the uncertainty. Iran-aligned Houthi forces launched strikes against targets in Saudi Arabia, including energy-related infrastructure, while additional incidents involving vessels in the Persian Gulf have heightened concerns about regional security.
The combination of military tensions and shipping disruptions has created a significant geopolitical risk premium in oil prices, with traders increasingly focused on the possibility of prolonged supply shortages.
Energy markets received additional support from U.S. inventory data released Wednesday. The Energy Information Administration reported that domestic crude inventories declined by approximately 3.1 million barrels during the previous week, exceeding analysts’ expectations for a smaller reduction.
The larger-than-expected drawdown suggests that available supplies remain tight, adding upward pressure to prices at a time when geopolitical developments are already limiting market confidence.
For investors, rising crude prices have implications extending well beyond the energy sector. Higher oil costs can increase gasoline and diesel prices, raise transportation expenses, and push up production costs for businesses across the economy.
Those pressures could complicate the Federal Reserve’s efforts to contain inflation. If energy prices remain elevated, policymakers may face additional challenges in determining when borrowing costs can move lower without reigniting broader price pressures.
The developments are particularly relevant for smaller companies, which may have less flexibility to absorb higher operating expenses or secure financing during periods of elevated interest rates.
At the same time, stronger oil prices can create opportunities for energy producers. Companies operating in North American oil and natural gas markets may benefit from improved commodity pricing, although production costs, hedging arrangements, and individual operating conditions influence their financial performance.
However, higher energy prices are not universally positive for the sector. Companies dependent on fuel-intensive transportation, manufacturing, and logistics may experience additional margin pressure if elevated prices persist.
The coming weeks could prove important for global oil markets as investors monitor diplomatic negotiations, military developments, and the outlook for energy shipments through the Persian Gulf.
For now, the combination of geopolitical uncertainty and tightening inventories suggests that oil prices could remain volatile, with significant implications for inflation, corporate earnings, and financial markets heading into the final months of 2026.
October 22, 2026 – Vancouver, British Columbia – Kodiak Copper Corp. (the “Company” or “Kodiak”) (TSX-V: KDK, OTCQX: KDKCF, Frankfurt: 5DD1) today reports that it has commenced an additional metallurgical testwork program, for its 100% owned MPD copper-gold porphyry project in southern British Columbia.
The testwork program will focus on flowsheet development and optimization and build on the test results received earlier this year (see news release here). It will include samples from all seven deposits that comprise the Mineral Resource Estimate at MPD: Gate, Ketchan, Man, Dillard, West, Adit and South (see Figure 1). Sample selection was designed to be representative of the mineralization, grade, lithology, and spatial variability across each deposit. Four composite samples representing the Southern Area (South, West and Adit), Northern Area (Man and Dillard), Ketchan and Gate will be tested. Testing will include mineralogy, comminution, gravity testwork for gold, flotation rougher and cleaner optimization, locked cycle testing and concentrate quality assessment. The results from the program are expected in Q1 2027.
Claudia Tornquist, President and CEO of Kodiak said,
“As we continue to grow the mineral resource at MPD through exploration, we are also advancing our metallurgical testwork to further de-risk the project and strengthen the foundation for future economic studies. Our metallurgical results to date are very encouraging, and this next phase of work is designed to expand on those positive findings. The program will focus on optimizing metal recoveries, particularly for gold, and produce valuable information on rock properties and hardness. Together with our ongoing exploration program and planned resource update in early 2027, this work represents another important step in unlocking the value of MPD for our shareholders.”
Kodiak has engaged Fuse Advisors Inc., Part of SLR (“Fuse”) to design and manage this metallurgical testwork program, with technical guidance from Kodiak advisor Mike Westendorf. Fuse is a mining consultancy with extensive experience across a wide range of deposit types and metals, including many porphyry copper projects in British Columbia. The laboratory work will be conducted in Parksville at Blue Coast Research Ltd (“Blue Coast”) under the supervision of Fuse Metallurgist Renee Goold, P.Eng, an independent Qualified Person as defined by National Instrument 43-101. Blue Coast is a leading provider of metallurgical testing services for the global mining industry.
Ms Goold has reviewed this news release and approved the technical information pertaining to the metallurgical work. Dave Skelton, P.Geol, Vice President Exploration and a Qualified Person as defined by National Instrument 43-101, has reviewed, and approved the technical information contained in this release.
On behalf of the Board of Directors
Kodiak Copper Corp.
Claudia Tornquist President & CEO
For further information contact: Nancy Curry, VP Corporate Development [email protected] +1 (604) 646-8362
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.
Ketchan deposit expands significantly. Kodiak Copper recently reported encouraging results from seven drill holes totaling 1,583 meters at its 100%-owned MPD copper-gold project in British Columbia. Step-out drilling extended the known mineralized envelope at Ketchan by at least 450 meters southeast of its existing 1.4-kilometer resource footprint, increasing the known extent of the mineralized system and supporting potential resource growth.
Near-surface copper-gold mineralization. Hole AG-26-034 intersected 122.5 meters grading 0.41% copper equivalent (CuEq), beginning just 5.5 meters below the surface. Hole AG-26-021 returned 202.5 meters grading 0.20% CuEq, while infill hole AG-26-015 intersected 207.3 meters grading 0.31% CuEq. The results demonstrate mineralization both beyond and within the existing resource boundaries.
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