Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Private Placement Financing. Kuya Silver Corporation (OTCQB: KUYAF, CSE: KUYA) announced a brokered private placement pursuant to the listed issuer financing exemption of up to 15.0 million units of the company at a price of C$1.00 per unit for aggregate gross proceeds of up to C$15.0 million. Each unit will consist of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$1.30 per common share for a period of 36 months from the date of issuance.
Use of Proceeds. Kuya intends to use the net proceeds of the offering to advance the company’s Bethania project with the acquisition of and/or development of concentrate processing capacity. Kuya is evaluating several options, each of which is fully permitted and will allow the company to vertically integrate its production capabilities. Funds may also be used to explore the Silver Kings Project in Ontario, discretionary growth capital, and for general corporate purposes.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Offtake agreement. First Phosphate recently amended an offtake agreement that includes a US$0.53 million upfront pre-payment during the fourth quarter of FY 2026. The funds will be used to advance the Begin-Lamarche project towards a feasibility study and later, production. The prepayment is subject to refund should First Phosphate decide not to pursue a feasibility study or production, neither of which we anticipate. In our view, the prepayment validates downstream interest and reinforces the strategic relevance of the Company’s integrated phosphate platform.
Final tranches of private placement. The Company closed the third and fourth tranches of its oversubscribed non-brokered private placement in December, raising approximately $9.6 million in gross proceeds and bringing total capital raised since June 2022 to approximately $49.7 million. Following recent warrant exercises and the offtake pre-payment, management indicates cash on hand of approximately $24 million, which we believe is sufficient to fund planned activities through 2026 and into 2027.
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.
After an extraordinary rally that saw copper prices surge more than 40% in 2025, the industrial metal has tumbled from record highs as traders rush to lock in profits from what many analysts are calling an overheated market. The sharp reversal underscores the volatility gripping global commodity markets and raises questions about whether the recent bull run in metals can sustain its momentum.
Copper futures dropped 2.6% to close at $12,899.50 per ton on the London Metal Exchange, part of a broader selloff that saw nickel plunge 3.4% and zinc fall by similar margins. The decline marks a dramatic shift from the frenzied buying that characterized recent weeks, driven largely by speculative capital flooding into China’s domestic metals markets.
The rapid ascent had left many market participants nervous. Ed Meir, an analyst at Marex, noted that the markets are experiencing a broad retreat typical of situations where price movements become oversized. Base metals analysts have been scrambling to justify valuations that climbed faster than underlying fundamentals could support, and the correction appears to be the market’s way of restoring equilibrium.
Copper’s remarkable 40% gain in 2025 represented its strongest annual performance since the recovery year of 2009. The rally was fueled by a perfect storm of supply disruptions at major mines and strategic stockpiling by traders anticipating potential US tariffs on metal imports. This combination of tight supply and precautionary demand pushed prices to levels that, in hindsight, may have been unsustainable in the short term.
Nickel’s trajectory proved even more dramatic. The battery and stainless steel component notched its biggest single-day gain in over three years on Tuesday, surging as much as 10.5% intraday before reaching a fresh 19-month high Wednesday morning. However, the euphoria was short-lived as profit-taking quickly reversed those gains.
The nickel rally had been propelled by genuine supply concerns in top producer Indonesia, where government plans to reduce production and impose punitive fines on miners violating forestry permits threatened to disrupt output significantly. Chinese traders also contributed to the buying frenzy, stocking up ahead of the Lunar New Year holiday when industrial activity traditionally slows.
Yet beneath the speculative fervor lies a more sobering reality. As Fan Jianyuan, an analyst at Mysteel Global, pointed out, the rally was largely driven by financial capital inflows rather than fundamental supply-demand dynamics. The nickel market remains in surplus, with years of surging Indonesian production having driven global inventories sharply higher. Evidence of continued oversupply emerged Wednesday when London Metal Exchange stockpiles jumped by the most in six years.
This disconnect between speculative enthusiasm and fundamental realities highlights the challenge facing metals markets. While many traders maintain bullish long-term views on copper and other industrial metals—driven by electrification, renewable energy infrastructure, and the green transition—the speed and magnitude of recent price movements have created conditions ripe for volatile corrections.
For investors and industry participants, the lesson is clear: even markets with strong structural tailwinds can experience sharp reversals when prices outpace fundamentals. As the dust settles from this latest selloff, the focus will return to whether underlying demand can justify the elevated price levels that remain despite the recent pullback.
When Michael Burry makes a move, investors pay attention. The man who famously predicted the 2008 housing crisis has been quietly holding a position since 2020 that suddenly looks prescient following this weekend’s dramatic events in Venezuela. In a Monday blog post on Substack, Burry revealed he’s owned Valero Energy for five years, describing himself as “more resolved to holding it even longer” after President Trump’s pledge to rebuild Venezuela’s oil sector.
Burry’s thesis is straightforward but powerful. Many Gulf Coast refineries were specifically designed to process Venezuelan heavy crude, meaning they’ve been operating with suboptimal feedstock for years due to sanctions and Venezuela’s production collapse. As Venezuelan oil flows return, these refineries should see improved margins across jet fuel, asphalt, and diesel. Valero shares surged nearly 10% on Monday, vindicating Burry’s patience. The refiner’s capability to efficiently process heavy, high-sulfur crude creates a natural moat that Burry clearly recognized back in 2020, long before this political inflection point.
But Burry isn’t just focused on the obvious large-cap play. He specifically mentioned that smaller refiners like PBF Energy and HF Sinclair could also benefit, even if Venezuelan oil returns only gradually. This acknowledgment of opportunity across the market cap spectrum is noteworthy and particularly relevant for small-cap investors looking beyond the headlines. While any meaningful recovery in Venezuelan exports will likely take years, Burry’s willingness to highlight mid-sized players suggests he sees value throughout the sector.
The investor’s analysis extends beyond refining. Venezuela’s oil infrastructure has suffered from decades of underinvestment, creating substantial demand for oilfield services companies if large-scale rehabilitation begins. Burry disclosed he owns Halliburton and sees potential upside for Schlumberger and Baker Hughes, companies that could be contracted to rebuild deteriorated pipelines and refineries. His comment about potentially buying more Halliburton shares or LEAPs—long-term options contracts—reveals his conviction level and provides a template for how investors might gain leveraged exposure while managing risk.
The timing of Burry’s revelation is significant. He’s held Valero since 2020, a period when Venezuela remained under heavy sanctions and most investors dismissed Venezuelan oil as a dead opportunity. This patience reflects his contrarian nature and willingness to endure extended periods where the market disagrees with his thesis. Wall Street analysts are now rushing to validate what Burry saw years ago, with multiple firms highlighting Valero as a top beneficiary of increased Venezuelan supply.
For small-cap investors, Burry’s framework offers valuable lessons. His mention of PBF Energy and HF Sinclair demonstrates that opportunities exist throughout the market cap structure for companies with the right capabilities. His focus on oilfield services points to second-order effects many investors overlook while fixated on the obvious refining story. And his use of LEAPs shows how options strategies can create leveraged exposure to multi-year themes.
Several key themes emerge from Burry’s playbook. He identified a structural advantage that created long-term value regardless of short-term volatility. He took a multi-year view, holding through uncertainty when the thesis wasn’t working. He’s thinking beyond the obvious, considering services companies and smaller refiners alongside his flagship position. And he’s using options to potentially leverage conviction while managing downside.
The Venezuela oil story is just beginning, and meaningful recovery will take years. But Burry has never been deterred by uncertainty—he’s built his fortune by being right when conventional wisdom said he was wrong. His five-year bet is now in the spotlight, and for those willing to think in multi-year timeframes and look beyond the headlines, his framework offers a roadmap for finding similar asymmetric opportunities.
The weekend capture of Nicolás Maduro and President Trump’s subsequent pledge to rebuild Venezuela’s energy sector sent shockwaves through oil markets on Monday. While headlines focused on the major players—Chevron surging 6.3%, ConocoPhillips and Exxon climbing, and oil-service giants like Halliburton, SLB, and Baker Hughes all jumping over 5%—savvy small-cap investors should be asking a different question: Where are the overlooked opportunities in this historic shift?
Venezuela sits atop the world’s largest crude reserves, yet years of corruption, underinvestment, and sanctions have decimated its infrastructure. Experts estimate a full revival could require upwards of $100 billion and take many years to complete. Trump’s commitment to having major US oil companies “spend billions of dollars” to fix the “badly broken infrastructure” represents one of the largest potential reconstruction efforts in the energy sector’s recent history. But here’s what the major media coverage misses: the oil majors can’t do this alone.
While Chevron, ExxonMobil, and ConocoPhillips will undoubtedly lead the charge—with Chevron already producing roughly 20% of Venezuela’s current output—the sheer scale of reconstruction needed creates a massive opportunity ecosystem that extends far beyond the Fortune 500. The infrastructure damage is comprehensive. Fires, thefts, equipment failures, and decades of neglect have left refineries, pipelines, storage facilities, and drilling operations in tatters. Rebuilding this complex network will require specialized services, equipment manufacturers, logistics providers, and niche technical expertise that major oil companies typically outsource.
While Halliburton and SLB dominate headlines, smaller oilfield services companies with expertise in heavy crude production, well rehabilitation, and aging infrastructure repair could see significant contract opportunities. These nimbler firms often provide specialized services that complement—rather than compete with—the major service providers. The reconstruction will require massive quantities of pumps, valves, drilling equipment, and replacement parts. Small-cap manufacturers and distributors specializing in oil and gas equipment could see order books fill rapidly, particularly those with experience in heavy crude operations or refinery equipment.
Moving equipment, materials, and eventually crude oil will require expanded logistics capabilities. Small-cap shipping companies, port services providers, and specialized transportation firms operating in the Gulf of Mexico and Caribbean could benefit from increased traffic between US Gulf Coast refineries and Venezuelan facilities. Any major reconstruction effort will also require environmental remediation, safety consulting, and regulatory compliance services. Smaller firms specializing in industrial cleanup, environmental monitoring, and workplace safety for hazardous environments may find significant opportunities.
Venezuela produces heavy crude that’s particularly valuable to Gulf Coast refineries, which are specifically designed to process it. This geographic and operational connection means US-based small-cap companies serving the Gulf Coast refining complex are naturally positioned to extend their services southward. The interrelationship between US refining infrastructure and Venezuelan crude creates a natural expansion pathway for regional players.
Smart investors must acknowledge significant risks. The article notes uncertainty about whether global oil companies will commit substantial capital to a country run by a temporary US-backed government without established legal and fiscal frameworks. ConocoPhillips called speculation about future activities “premature,” and ExxonMobil’s CEO indicated the company would be “cautious” given past asset expropriations. For small-cap companies, these political and regulatory risks are magnified. Smaller firms have less capital cushion to absorb losses and less negotiating power in unstable environments. Any investment thesis predicated on Venezuelan reconstruction must account for potential delays, political volatility, and the possibility that the opportunity never fully materializes.
While Monday’s market action rewarded the obvious beneficiaries, patient small-cap investors should be conducting deeper research into companies positioned along the value chain of Venezuelan oil reconstruction. The opportunity is real—$100 billion doesn’t get spent without creating ripples throughout the entire industry ecosystem—but it will require careful analysis to separate companies with genuine exposure from those merely riding headline momentum. The Venezuelan energy revival may be a major-cap story on the surface, but the small-cap opportunities hiding beneath could prove equally compelling for investors willing to do the work.
Toronto, Ontario–(Newsfile Corp. – January 2, 2026) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces that its Board of Directors have agreed to receive their quarterly director fees in the form of stock options in lieu of cash for the fourth quarter of 2025. For more information, see press releases dated March 31, 2025, July 1, 2025 and October 1, 2025.
On December 31, 2025, each director was granted 34,500 stock options at an exercise price of $0.175 in lieu of their director fees for the fourth quarter of 2025. An aggregate of 138,000 stock options was granted. All such stock options will be exercisable for a period of three years from the date of grant and vested immediately upon grant. In the event a director intends to exercise such stock options, such director shall be solely responsible for paying the entirety of the exercise price.
About Aurania Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and critical energy in Europe and abroad.
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.
Vancouver, British Columbia–(Newsfile Corp. – December 29, 2025) – Nicola Mining Inc. (TSXV: NIM) (the “Company” or “Nicola Mining“) is pleased to announce an additional investment from Ocean Partners UK Limited[1] (“Ocean Partners“), which has agreed to participate in a strategic non-brokered private investment of $1,000,000 to strengthen the Company’s balance sheet as it prepares to uplist onto NASDAQ in Q1 of 2026.
The Company will issue 1,111,112 units (each a “Unit“) at a price of $0.90 per Unit for gross proceeds of up to $1,000,000 (the “Offering“).
Each Unit will consist of one common share of the Company (each, a “Share“) and one transferable common share purchase warrant (each, a “Warrant“). Each Warrant will entitle the holder to purchase one additional Share at a price of $1.10 per Share for a period of three years following the closing of the Offering (the “Closing“). The expiry of the Warrants may be accelerated if the closing price of the Company’s common shares on the TSX Venture Exchange (the “Exchange”) is $1.70 or greater for a minimum of ten consecutive trading days, provided that a notice of acceleration is issued in accordance with the terms of the Warrants.
All securities issued in connection with the Offering will be subject to a statutory holding period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to the approval of the Exchange. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
The aggregate gross proceeds from the sale of the Offering will be used for general working capital.
None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Strategic Advisor – Mr. Rahim Kassim-Lakha of Blue Sail Capital
Nicola is also pleased to announce the appointment of Rahim Kassim-Lakha, founder and CEO of Blue Sail Capital, as Strategic Advisor. With nearly 30 years of investing in global i capital markets and M&A experience, Mr. Kassim-Lakha has a proven track record in raising capital and structuring transactions. He has held senior roles at Fidelity Capital and U.S. Global Investors, where he managed over US$1 billion across three award-winning funds. As Strategic Advisor he will provide guidance on capital markets strategy and corporate development opportunities as Nicola advances its projects.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.
The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which is a fully-permitted high grade silver mine and includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.
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.
[1] Ocean Partners operates in several countries throughout the world. Ocean Partners maintains a strong global network of relationships and contacts in the base metal mining and smelting sector.
Saguenay, Quebec–(Newsfile Corp. – December 29, 2025) – First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to announce that, effective December 19, 2025, its common shares have been added to the CSE25 Index as part of the Canadian Securities Exchange’s (“CSE”) quarterly index rebalancing.
The CSE 25 Index is comprised of the 25 leading companies listed on the CSE, selected based on market capitalization and liquidity criteria. Inclusion in the index increases visibility among institutional and retail investors and results in broader exposure through index-linked investment products and mandates.
“Inclusion in the CSE25 reflects the growing recognition of First Phosphate’s strategic positioning within the North American critical minerals and energy transition ecosystem,” said John Passalacqua, CEO of First Phosphate. “As lithium iron phosphate (“LFP”) batteries are now the dominant chemistry for grid-scale energy storage, data centers and mobility applications, investors are increasingly focused on secure, domestic sources of high-purity phosphate and our differentiated, vertically integrated platform to serve that demand.”
First Phosphate is advancing a rare, high-purity igneous phosphate resource in Saguenay-Lac-Saint-Jean, Quebec, with the objective of supplying high purity phosphate-based downstream materials required for LFP batteries. The Company’s mine-to-market strategy is focused on onshoring critical battery materials, reducing supply chain risk, and supporting North American energy security.
The high-purity phosphoric acid and iron powder for these LFP 18650 battery cells was produced using rare igneous anorthosite rock extracted from the Company’s Bégin-Lamarche property in Saguenay-Lac-Saint-Jean, Quebec.
First Phosphate (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) is a mineral exploration, development and cleantech company dedicated to building and onshoring a vertically integrated mine-to-market lithium iron phosphate (LFP) battery supply chain for North America. Target markets include energy storage, data centers, robotics, mobility and national security. First Phosphate’s flagship Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean, Quebec, Canada is a North American rare igneous phosphate resource yielding high-purity phosphate with minimal impurities.
Forward-Looking Information and Cautionary Statements
This release includes certain statements that may be deemed “forward-looking information”. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In particular, this press release contains forward-looking information relating to, among other things: increased visibility among institutional and retail investors and broader exposure through index-linked investment products and mandates resulting from inclusion in the CSE25 index; supplying high purity phosphate-based downstream materials required for LFP batteries; the Company’s plans for onshoring critical battery materials, reducing supply chain risk, and supporting North American energy security; and the Company’s plans for building and onshoring a vertically integrated mine-to-market LFP battery supply chain for North America. 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, assumptions regarding general business and economic conditions; there being no significant disruptions affecting the activities of the Company or inability to access required project inputs; permitting and development of the projects being consistent with the Company’s expectations; the accuracy of the current mineral resource estimates for the Company and results of metallurgical testing; certain price assumptions for P2O5 and Fe2O3; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the Company’s relationship with First Nations and other Indigenous parties 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.
Precious metals are closing out the year with extraordinary momentum, underscoring a broader shift in global investment sentiment toward safety, scarcity, and real assets. Gold, silver, and platinum all surged to fresh all-time highs this week, extending one of the strongest rallies in modern market history and signaling growing unease beneath the surface of global financial markets.
Spot gold climbed above $4,530 an ounce, capping a year in which the metal has gained roughly 70%. Silver has been even more explosive, soaring more than 150% year-to-date and briefly crossing the $75 mark. Platinum, often overshadowed by its peers, has joined the rally with force, jumping more than 40% in December alone as supply deficits tighten and industrial demand rebounds.
At its core, the rally reflects a powerful shift in investor psychology. Heightened geopolitical tensions—from US actions in Venezuela to military operations in Africa—have revived gold’s traditional role as a safe-haven asset. At the same time, a weakening US dollar has amplified gains, making dollar-priced commodities more attractive to global investors. The Bloomberg Dollar Spot Index’s sharp weekly decline has provided fresh fuel for metals already in motion.
Monetary policy has played an equally important role. Three interest rate cuts by the US Federal Reserve this year have reduced the opportunity cost of holding non-yielding assets like gold and silver. With markets increasingly pricing in further easing in 2026, investors are positioning ahead of a prolonged low-rate environment. The result has been strong inflows into exchange-traded funds, particularly gold-backed vehicles, signaling institutional conviction rather than short-term speculation.
Beyond macro policy, deeper structural concerns are driving what many analysts describe as the “debasement trade.” Rising government debt levels, persistent fiscal deficits, and political pressure on central bank independence have eroded confidence in fiat currencies and sovereign bonds. In response, investors are reallocating toward tangible assets perceived as stores of value in an era of monetary experimentation.
Silver’s rally highlights another critical theme: supply constraints meeting financial leverage. Following a historic short squeeze earlier in the year, physical silver availability remains tight across key global hubs. While speculative positions continue to grow on paper, the limited supply of deliverable metal has intensified price pressures. Potential US trade restrictions on critical mineral imports have only added to the uncertainty, reinforcing silver’s dual appeal as both a monetary and industrial asset.
Platinum’s surge reflects similar dynamics. Persistent supply disruptions in South Africa, combined with strong demand from automotive and jewelry sectors, have pushed the market into its third consecutive annual deficit. As investors broaden their exposure beyond gold, platinum is increasingly viewed as an undervalued hedge with asymmetric upside.
Taken together, the record-breaking rally in precious metals is not an isolated phenomenon—it is a mirror of today’s investment landscape. While equity markets remain resilient, the surge in hard assets suggests investors are quietly hedging against volatility, policy risk, and currency erosion. As the year draws to a close, gold and silver’s ascent sends a clear message: confidence may be high on the surface, but caution is deeply embedded in global portfolios.
Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Rating Lowered to Market Perform. While we had upgraded Comstock Inc. to Outperform on November 4, we have concluded our rating upgrade may have been too early, despite the share price appreciating ~33% from the date of our upgrade. It appears the company’s near-term capital needs remain significant, and we will reassess the value of the company’s businesses, once Comstock’s commercial scale recycling facility is operational and plans for the company’s mining assets are more fully realized. Moreover, we have been frustrated by the company’s promises to monetize non-core assets, including properties in Silver Springs, Nevada, without following through on its commitment. At this stage, we consider Comstock’s investment in Bioleum Corporation as a call option on its growth and success, which is subject to significant risk factors.
At the market offering. Comstock Inc. recently executed an At-the-Market Offering Agreement with Titan Partners Group LLC to offer and sell shares of common stock from time to time totaling up to $100.0 million. Titan Partners will be compensated at a commission rate equal to 3.0% of the gross sales price per share. Net proceeds will be used for general corporate purposes, including capital expenditures associated with commercializing subsequent industry scale and storage facilities for Comstock Metals, in addition to acquisitions, and technical, operational and human resource development expenses for supporting growth. Beyond acting as a headwind for capital appreciation, the ATM equity issuance could promote shareholder dilution.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
High-grade silver-gold system confirmed. Kuya Silver reported strong initial exploration results from the Umm Hadid Project in Saudi Arabia, confirming high-grade silver-gold mineralization over a large area measuring approximately 6.0 km by 2.5 km. In our view, the scale of the mineralized footprint and grade tenor materially de-risks the project at an early stage. Umm Hadid is operated by Silver Mining LLC, a joint venture between Sumou Holding and Kuya Silver.
Maiden drilling validates surface results. The first drill program comprised 29 diamond drill holes totaling roughly 5,000 meters across three target areas defined by surface sampling. Drilling returned high-grade intercepts of up to 1,483.9 g/t silver equivalent over two meters, with several additional intersections grading several hundred grams per tonne. Surface sampling of 460 grab samples averaged 86.1 g/t silver equivalent, with peak values reaching 1,359.8 g/t. We believe a strong gold-silver correlation supports the presence of a large hydrothermal 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 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.
December 22, 2025 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (“Century Lithium” or “the Company is pleased to announce that Mr. Matthew Tompkins has been appointed Chief Financial Officer of the Company, effective immediately.
Mr. Tompkins has served as Century Lithium’s Interim Chief Financial Officer since September 2025. During this period, he has provided continuity in financial leadership and supported the Company’s strategic and corporate objectives. Following a review by the Board of Directors, the Company has confirmed his appointment as Chief Financial Officer on a permanent basis.
“Matthew has demonstrated strong financial leadership and a clear understanding of Century Lithium’s business and strategic priorities,” said Bill Willoughby, President and Chief Executive Officer of Century Lithium. “The Board is confident that his experience and disciplined approach will continue to support the Company as it advances its Angel Island Lithium Project and executes its long-term strategy.”
Mr. Tompkins brings extensive experience in financial management, public company reporting, and corporate governance, with a background supporting resource and development-stage companies.
ABOUT CENTURY LITHIUM CORP.
Century Lithium Corp. is an advanced-stage lithium company, focused on developing its 100%-owned lithium project Angel Island in Esmeralda County, Nevada, which hosts one of the largest sedimentary lithium deposits in the United States. The Company has utilized its patent-pending process for chloride leaching combined with direct lithium extraction to make battery-grade lithium carbonate. As part of the Company’s chlor-alkali process, the planned sale of surplus sodium hydroxide produced at Angel Island is expected to contribute meaningfully to maintaining competitive operating costs for lithium carbonate production.
Angel Island is one of the few advanced lithium projects in development in the United States to provide an end-to-end process to produce battery-grade lithium carbonate for the growing electric vehicle and battery storage market. Angel Island is currently in the permitting stage for a three-phase feasibility-level production plan, expected to yield an estimated life-of-mine average of 34,000 tonnes per year of lithium carbonate over a 40-year mine-life.
Century Lithium trades on both the TSX Venture Exchange under the symbol “LCE” and the OTCQX under the symbol “CYDVF”, and on the Frankfurt Stock Exchange under the symbol “C1Z”.
Anfield Energy Inc. (TSX.V: AEC; NASDAQ: AEC; FRANKFURT: 0AD) announced it has entered into a definitive agreement to acquire BRS Inc., a Wyoming-based engineering and consulting firm specializing in uranium and vanadium projects. The transaction represents a strategic step toward strengthening Anfield’s internal technical capabilities as the company advances its portfolio toward near-term production.
BRS has served as a long-standing technical partner to Anfield since 2014, providing engineering, geology, mine development, and construction management services across multiple assets. The firm has authored numerous technical reports, Preliminary Economic Assessments (PEAs), and resource updates for projects including Slick Rock, the West Slope Projects, and the Velvet-Wood Mine. By integrating BRS directly into its operations, Anfield aims to streamline project execution while reducing reliance on third-party consultants.
The acquisition brings decades of specialized expertise in uranium exploration, in-situ recovery (ISR), conventional mining, and mill reactivation directly under Anfield’s corporate umbrella. Douglas L. Beahm, founder of BRS and Anfield’s Chief Operating Officer, will continue in his executive role while serving as principal engineer. Beahm is a Qualified Person under NI 43-101 with more than 50 years of experience in uranium resource development, mine operations, and regulatory permitting seen as critical to Anfield’s growth strategy.
From an operational standpoint, the transaction is expected to improve cost efficiency and shorten development timelines across Anfield’s asset base. Internalizing engineering and technical functions allows the company to move more quickly on resource updates, economic studies, permitting applications, and mine planning activities. This is particularly relevant as Anfield continues efforts toward restarting the Shootaring Canyon mill, which anchors its hub-and-spoke development strategy in the U.S.
Beyond operational efficiencies, the acquisition also creates new growth avenues. BRS is expected to expand its external consulting services with the support of a publicly traded platform, potentially offering turnkey development solutions to third-party toll-mill partners. The expanded technical team may also help Anfield identify and evaluate acquisition opportunities more rapidly, supporting resource expansion and portfolio optimization.
The deal terms include total cash consideration of US$5 million paid to Beahm over a two-year period. An initial payment of US$1.5 million will be made at closing, followed by US$1.5 million after the first anniversary and a final US$2 million payment after the second anniversary. No securities will be issued as part of the transaction, and no finder’s fees are payable. Completion of the acquisition remains subject to customary closing conditions and regulatory approvals.
As a related-party transaction under Multilateral Instrument 61-101, the acquisition qualifies for exemptions from formal valuation and minority shareholder approval requirements, as the total consideration does not exceed 25% of Anfield’s market capitalization.
Anfield Energy is a uranium and vanadium development company focused on building a vertically integrated domestic energy fuels platform. The acquisition of BRS marks a meaningful step toward that goal, enhancing internal technical depth while positioning the company to advance its projects more efficiently amid rising demand for U.S.-based uranium supply.
