Category: Natural Resources

MustGrow Biologics Corp. (MGROF) – Reports 3Q25 Results

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 01, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q25 Results. Revenue came in at $789,178, compared to $279,182 in 3Q24, but below our $2.5 million estimate as all revenue came from NexusBio. There was no TerraSante revenue. Gross margin improved to 22.9% from 20.9% in 2Q25, driven by product mix. MustGrow reported a net loss of $2.4 million, or $0.04/sh, compared to a $1.7 million net loss, or $0.03/sh, in 3Q24.

TerraSante. As noted in the 2Q25 call, MustGrow ran out of TerraSante product, which negatively impacted 3Q25 revenue by $1.0-$1.5 million. The Company’s manufacturers are producing TerraSante, and we are hopeful there will be sufficient product to meet increasing demand during 4Q25 and 1Q26.


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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. 

First Phosphate Corp. (FRSPF) – Building North America’s LFP Supply Chain

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 01, 2025

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.

Initiating Coverage with a price target of US$1.55 (C$2.15). First Phosphate Corp. (CSE: PHOS; OTCQX: FRSPF) is a Québec-based mineral development and cleantech company advancing an onshore, vertically integrated, mine-to-market Lithium Iron Phosphate (LFP) battery materials supply chain for North America. The company intends to supply purified phosphoric acid (PPA) and iron-phosphate material for use in LFP batteries. Target markets include grid storage, data centers, robotics, mobility, and national security applications. 

Flagship Asset. Bégin-Lamarche anchors the company’s growth strategy and represents one of the most advanced high-purity igneous phosphate deposits in North America. The most recent Preliminary Economic Assessment (PEA) outlines a 23-year open-pit operation producing ~900,000 tonnes per year of 40% phosphate concentrate, with throughput ramping from 10,300 tonnes per day (tpd) initially to 20,800 tpd by Year 5. Located roughly 70–85 kilometers (km) from the deep-water Port of Saguenay and about 50 km from rail facilities, Bégin-Lamarche sits at the core of a compact logistics corridor.


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

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

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

Aurania Resources (AUIAF) – The Value of a Diversified Portfolio

Posted on by slightbourne@noblecapitalmarkets.com


Friday, November 28, 2025

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.

Advancing parallel projects. In addition to its exploration project in Ecuador, the company is advancing two projects in France, a gold exploration project in Brittany, and a nickel recovery project in Corsica. In October, Aurania announced a third project near Turin, Italy, where it is evaluating the recovery of nickel and cobalt from the waste tailings of the former Balangero asbestos mine. The projects in Corsica and Italy offer significant environmental benefits for the nearby communities, along with the economic benefit of recovering valuable critical metals.

Private placement financing. On November 20, Aurania announced a non-brokered private placement financing of up to 12,500,000 units at a price of C$0.12 per unit to raise gross proceeds of up to C$1,500,000. Each unit will consist of one common share and one common share purchase warrant. A warrant will entitle the holder to purchase one common share at an exercise price of C$0.25 per warrant for a period of 24 months following the closing of the offering.


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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. 

Century Lithium Corp. (CYDVF) – A Strong Treasury and Visible Progress

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 25, 2025

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.

Progress on multiple fronts. Century Lithium’s 100%-owned Angel Island Lithium Project hosts one of the largest known sediment-hosted lithium resources in the United States. Century is advancing an integrated end-to-end solution to convert lithium-bearing claystone into battery-grade lithium carbonate. Century has completed and submitted all baseline and environmental studies to the U.S. Bureau of Land Management (BLM) in advance of Angel Island’s Plan of Operations and is working on an update to the 2024 Feasibility Study. Submission of the Plan of Operations will begin the federal permitting process under the National Environmental Policy Act.

Demonstration plant. The company has relocated its Demonstration Plant from Amargosa Valley, Nevada, to its 20-acre facility at the Tonopah Airport, where it will continue research, development, and material handling. The relocation is intended to consolidate operations, improve logistical efficiency, and lower costs.


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

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

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

Release – Century Lithium Relocating Demonstration Plant to Tonopah, Nevada

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CYDVF

October 27, 2025 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (“Century Lithium” or “the Company”) is pleased to announce that the Company has begun moving its Lithium Extraction Facility (“Demonstration Plant”) to the Company’s facility at the Tonopah Airport, Nevada. This relocation will consolidate the Company’s operations, improve logistical efficiency, reduce costs and strengthen support for ongoing and future activities.

“The relocation of the Demonstration Plant will allow the Company to consolidate support for the development of Angel Island,” said Bill Willoughby, President and CEO of Century Lithium. “Thanks to the knowledge and efforts of our team, led by Senior Vice President Todd Fayram, Century’s process has undergone various configurations while performing a multitude of tests towards the development of Century Lithium’s patent-pending process for chloride leaching and Direct Lithium Extraction (DLE).”

Century Lithium’s end-to-end process begins by treating Angel Island claystone under optimized conditions using hydrochloric acid, followed by neutralization using sodium hydroxide, with both the acid and base components sustainably produced on-site through the electrolysis of salt water. Following filtration, the resulting lithium chloride solution is treated by DLE to selectively recover lithium and refined to produce high-purity, battery-grade lithium carbonate suitable for electric vehicle and energy storage applications.

By relocating the Demonstration Plant, Century Lithium will gain more space to conduct research and development on battery materials, including lithium metal and lithium iron phosphate. The new location will also allow the construction of a larger assay and metallurgical laboratory at Tonopah to support Angel Island’s current and future laboratory needs.

Century Lithium’s 20-acre site at the Tonopah Airport is home to Century Lithium’s field office for Angel Island. It was integral for the preparation and handling of the bulk sample material treated in the 3-year-long pilot plant program at Amargosa Valley. Going forward, Century Lithium’s Tonopah Airport facility will be used for research and development for Angel Island, project support and administration.

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 product samples from Angel Island’s lithium-bearing claystone at its Demonstration Plant in Amargosa Valley, Nevada.

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”.

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
scacos@centurylithium.com
centurylithium.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” 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” or “will be taken”, “occur” or “be achieved” and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the potential development and value of the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, lithium prices, production and recoveries, capital and operating costs, IRR, NPV and cash flows, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and the Company’s future development plans.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading “Risk Factors” in the Company’s most recent annual information form and its other public filings, copies of which can be under the Company’s profile at www.sedarplus.com. The Company expressly disclaims any obligation to update-forward-looking information except as required by applicable law. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Release – Comstock Metals Receives Notification of Eligibility For Final Permit

Posted on by aweinsoff@channelchek.com

Research News and Market Data on LODE

Air Quality Permit For Its First-Of-A-Kind, Industrial Scale Solar Panel Processing Facility

VIRGINIA CITY, NEVADA, November 24, 2025 — Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) and Comstock Metals LLC (“Comstock Metals”), a leader in the responsible recycling of end-of-life solar panels with the only certified, north American, zero-landfill solution, announced today that it has received its notification of eligibility for an Air Quality Permit from the Nevada Division of Environmental Protection – Bureau of Air Pollution Control  (NDEP-BAPC), subject to certain normal compliance conditions and public notice periods, for the processing of waste solar panels and photovoltaics for its industry-scale materials recovery facility located in Silver Springs, NV. This timely approval keeps our scale-up plans for commissioning our first industry-scale facility in Silver Springs, NV, right on schedule.

This notification follows the recently received notification of eligibility for a Written Determination Permit from the Nevada Division of Environmental Protection – Bureau of Sustainable Materials Management (NDEP-BSMM), also with the normal conditions and public notice period. These two major permits, once final, represent the complete scope of required regulatory approvals for commissioning the scale up of a facility designed for processing over 3 million panels per year from one, continuous production line, representing up to 100,000 tons per year of waste materials being processed. This facility integrates technologies for efficiently processing, conditioning, extracting, and recycling metal concentrates from photovoltaics. The Company previously reported that the equipment for the plant was ordered, and fabrication is also proceeding as planned with deliveries expected by year end, so that it can commence installation, testing, and commissioning of the industry-scale facility during the first quarter of 2026. The process for both Air and BSMM permits proceeded essentially as planned, since last Spring, when the final forms for both of these permits were submitted.  

“We appreciate BAPC’s collaborative efforts in issuing this first major solar panel recycling Air Quality Permit and enabling the expansion of the only Nevada-based, zero-landfill, end-of-life solar panel solution serving this broad region and keeping these critical materials out of our landfills or from being sent offshore to foreign foundries, basically offshoring the problem,” said Dr. Fortunato Villamagna, President of Comstock Metals. “We are thankful for the strong working collaboration with our regulators and the remarkable support that we are experiencing from the broader community who increasingly understands and appreciates the critical societal value of preventing heavy metal contamination of our lands, water systems and communities.”

Most of the older U.S. solar panels in service have been deployed in the southwestern U.S., primarily California, Arizona, and Nevada, with decommissioning of these solar panels occurring now, accelerating supply and increasing the demand for environmentally responsible end-of-life solutions, negating potential legacy liability faced by our customers should the panels not be 100% recycled. Comstock has positioned itself to ensure the safe deconstruction and productive reuse of these important materials. Establishing our platform in Nevada establishes the leading solar recycling position over more than half the U.S. market for end-of-life panels and establishes a platform for rapid expansion across the rest of the United States.

“We have established both a technological and market leadership position in this rapidly growing end-of-life photovoltaic supply chain,” stated Corrado De Gasperis, Comstock’s Executive Chairman and CEO. “Our metals team is already carefully and strategically assessing additional processing and storage sites as we look to capitalize and expand our platform in this rapidly growing end-of-life environmental dilemma. Comstock Metals is the only zero-landfill, end-of-life solution for these wasted solar panels. We are setting the standard for this entire industry and positioning ourselves for rapid expansions.”

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics. To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
ir@comstockinc.com

For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
media@comstockinc.com

Forward-Looking Statements 

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; divestitures, spin-offs or similar distribution transactions, future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, divestitures, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

Kuya Silver (KUYAF) – Laying the Foundation for Growth

Posted on by slightbourne@noblecapitalmarkets.com


Monday, November 24, 2025

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.

Third quarter operational and financial results. During the third quarter, Kuya Silver processed 1,841 tonnes at a toll milling facility, resulting in the sale of 16,983 ounces of silver. The company generated revenue of $771,084 from Bethania concentrate sales, compared to no revenue in the prior-year quarter. Production costs totaled $1,165,790 as the company continued to develop multiple mining faces while executing infrastructure upgrades. The company generated a net loss of $1,523,898, or $(0.01) per share compared to a loss of $1,550,267, or $(0.01) per share during the third quarter of 2024. We had projected a loss of $1,241,457, or $(0.01) per share. 

On track to achieve consistent production of 100 tonnes per day. In early November, Kuya achieved a single-day mining record of approximately 102.5 tonnes of mineralized material from the underground mine and is currently running at a consistent average throughput of approximately 90 tonnes per day. Recent underground development on the 640 level of the Espanola vein system advanced, with sufficient working faces completed to support output above 100 tonnes per day.


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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. 

Nicola Mining Inc. (HUSIF) – Making Progress on Multiple Fronts

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, November 11, 2025

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.

New Craigmont drilling program. Nicola Mining (OTCQB: HUSIF, TSX.V: NIM) recently completed its New Craigmont exploration program with six holes drilled, representing 3,000 to 4,000 meters of drilling. Three holes were drilled in the MARB-CAS zone targeting porphyry mineralization. Three holes were drilled in the Draken zone, a newly identified porphyry copper target with no surface outcropping. The Draken Zone demonstrates porphyry style mineralization consistent with the Highland Valley Copper system. Results of the 2025 program and 2026 plans are expected to be announced together once assays are received.

Blue Lagoon commences first shipments. Blue Lagoon Resources Inc. (OTCQB: BLAGF, CSE: BLLG) has commenced shipping mineralized material from its first batch of production at the Dome Mountain Gold Mine to Nicola Mining’s Merritt Mill. Upon accumulation of the first 1,000 tonnes, Dome Mountain material will be processed and produced into a concentrate for shipment to Ocean Partners, a provider of trading services for miners, refiners, and smelters. While initial material being trucked to Nicola is not expected to represent higher-grade mineralized material, volumes and grades are expected to improve over time. 


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

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

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

Release – Nicola Mining’s Dominion Gold Project Assays Return Up To 113 Grams Gold Per Tonne / 3.31 Ozt Gold Per Ton

Posted on by aweinsoff@channelchek.com

Research News and Market Data on HUSIF

November 10, 2025

News Releases

VANCOUVER, B.C., November 10, 2025 – Nicola Mining Inc. (TSX.V: NIM)(FSE: HLIA) (OTCQB: HUSIF), (the “Company” or “Nicola”) is pleased to announce that it received final assays from the Dominion Gold Project (“Dominion Gold”).  The Company provided an update on its 2025 work on November 4, 2025.  Chip samples were taken from all five veins, three of which are newly discovered, to measure exposed vein grades prior to commencing extraction, Figure 1.

A sampling program targeting the exposures of the new veins discovered during development work for the bulk sampling of the pit and 16 veins to determine if the new veins carried high enough gold values to warrant including them in the bulk sample. A total of nine samples, including one sample of waste rock that is not included, were collected by the mine manager, Alan Raven, and his co-manager, Randy Mervyn, on October 6th and 7th.

Samples from the pit vein are similar to the historic high-grade samples. Pit Vein sample spans across the 2.7 metres of the exposed vein with a 1×1 metre panel sample of the vein taken within the pit. The 5-metre exposure was not sampled this trip as it was underwater. The results are representative of the high-grade mineralization in the veins and not of the total volume of material being extracted for the bulk sample.

   Table 1:  Chip Sampling Across Exposed Veins

Sample #g/t Auoz/t AuLocationSample Area
DC25-120.5260.02West Vein2m by 3m
DC25-130.1040.00West Vein3m by 3m
DC25-140.4330.01Mid West Vein0.8m across exposed vein
DC25-1555.171.61Pit Vein1.5m
DC25-1629.250.85Pit Vein1.2m
DC25-17113.513.31Pit Vein1.0m
DC25-1937.21.0916 Vein1.4m
DC25-209.40.2716 East Vein1.6m

   Note:  See Figure 2 on next page for map

Key Takeaways include the following:

  • All veins remain open in all directions.
  • The West Vein, Mid West Vein and 16 East Vein were all previously unknown.
  • Previously unknown 16 East Vein has been followed for 40 metres at surface but remains open in all directions.
  • Pit Vein sample spans across the five metres of the exposed vein.
  • Under terms of the agreement, Nicola holds a 75% economic interest, after which it owns 100% of the Dominion Gold.

The samples were collected from a typical area of each new exposure to help determine the average grade of the veins sampled. Sampling was done using a hammer and rock chisel, samples were placed in a poly bag, labeled on the outside with a sample number with a corresponding number written on survey flagging and placed inside the sample bag, and secured with a zip tie. Samples averaged 2 to 3.5 kilograms each. The samples were then transported by the mine manager, Alan Raven, to his residence, stored in locked facilities until they were transported and delivered on October 30 to Paragon Geochemical laboratory in Surrey BC, an independent ISO 17025:2017 accredited geochemical testing laboratory. Samples were crushed and pulverized (lab code PREP) then analyzed for gold using 2-cycle PhotonAssayTM (lab code (PA-AU02 Au).  The analytical results that the present exposures of the West vein and the Mid-west vein indicate that they are not of a high enough grade to be included in the bulk sample.

Figure 2. Current Map of Dominion Gold Project
(modified from 2020 to include new veins and sample locations; note that DC-25-18 was waste pile sample)  

Mr. Peter Espig, CEO of Nicola Mining Inc., commented, “We had expected the grades to be high and assay results clearly confirm what we had hoped for. However, the scale and new vein discoveries were, unanticipated exciting revelations of Dominion’s long-term potential.  During 2026 we will focus on both bulk sample extraction and better understanding of project scale.”  

Nicola also announces that it has provided Talisker Resources Inc., 60 days’ notice after which it the Company will no longer accept ore for processing at its Merritt facility.

Qualified Person

The scientific and technical disclosures included in this news release have been reviewed and approved by Will Whitty, P.Geo., who is the Qualified Person as defined by NI 43-101. Mr. Whitty is Vice President of Exploration for the Company.

DOMINION CREEK PROPERTY HISTORY

The Dominion Creek Property consists of 9 mineral claims (55 units) totaling approximately 1,058 hectares. The property was acquired from the prospector N. Kencayd by Noranda Exploration Company Ltd. in 1986. Noranda subsequently conducted geological, geochemical, and geophysical surveys which culminated in an increase in their land position. Between 1987 and 1990, Noranda’s exploration program included a small (20 samples) geochemical silt sample survey. Encouraged by those results, a larger soil geochemical survey (3,399 samples) was conducted. Noranda drilled a total of 53 shallow diamond drill holes, totaling 3,483.86 meters (average depth of approximately 65.7 meters). Trenching of several coincident Pb, Zn, Cu, Ag and Au soil geochemistry anomalies resulted in the discovery of several mineralized quartz veins. 

A Technical Report[1] on the Dominion Creek Project was completed by Geospectrum Engineering on August 22, 2003.

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 includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

On behalf of the Board of Directors

“Peter Espig”  
Peter Espig
CEO & Director

For additional information

Contact: Peter Espig
Phone: (778) 385-1213
Email: info@nicolamining.com

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] Makepeace, D. K., 2003. Dominion Creek Project Technical Report for XMP Mining Ltd. Geospectrum Engineering, August 22.

Gold Holds Steady Near $4,000 as Investors Await Fed’s Next Move

Posted on by slightbourne@noblecapitalmarkets.com

Gold prices were steady on Thursday, hovering just below the $4,000-per-ounce mark as traders weighed mixed economic signals and the potential path of Federal Reserve policy heading into year-end.

The yellow metal’s performance came after data showed a sharp rise in U.S. job cuts — the highest October total in more than two decades — a sign that the labor market may finally be cooling. That weakness has strengthened expectations for potential interest-rate cuts, a scenario typically supportive of non-yielding assets like gold. Lower rates reduce the opportunity cost of holding gold, often driving renewed investor demand.

Still, not everyone in the market is convinced that rate cuts are imminent. Comments from Federal Reserve officials this week pointed to lingering uncertainty over inflation data due to the ongoing government shutdown, which has disrupted several key economic reports. With limited visibility into price trends, policymakers have signaled a cautious approach, emphasizing the need for clear confirmation that inflation is on a sustainable downward path before making further adjustments.

Meanwhile, the U.S. dollar and Treasury yields remain key forces in gold’s near-term trajectory. Both strengthened earlier in the week, applying pressure to bullion’s advance. A stronger dollar typically weighs on gold by making it more expensive for foreign buyers, while higher yields on U.S. debt can draw investors away from the metal’s safe-haven appeal.

Despite this, gold remains one of the standout assets of 2025. Prices have climbed nearly 45% year to date — the strongest annual rally in decades — as investors sought stability amid geopolitical tensions, uneven economic data, and growing uncertainty about global trade policies. Demand has also been bolstered by steady inflows into gold-backed ETFs and record purchases by central banks seeking to diversify reserves away from the U.S. dollar.

However, several analysts are warning that momentum could be slowing. With global growth showing signs of recovery and central banks nearing the end of their easing cycles, gold’s rally may begin to moderate. Economists at several major institutions, including Macquarie Group, expect prices to stabilize rather than continue their rapid ascent, projecting a more gradual adjustment rather than a steep correction.

For small-cap investors, the implications are nuanced. A sustained high gold price environment tends to support exploration and mining activity, potentially benefiting smaller gold producers and related service companies. Yet, if gold stabilizes or retreats amid renewed risk appetite, capital could rotate back toward growth-oriented equities — a dynamic that could weigh on speculative sectors.

In the meantime, gold’s steadiness at near-record levels reflects a market in transition. Investors are positioning for either an eventual policy pivot by the Fed or a continuation of restrictive rates into early 2026. The outcome will likely set the tone not just for precious metals, but for risk sentiment across asset classes.

As traders await fresh guidance from the Fed’s next meeting, gold continues to serve its traditional role as an anchor in turbulent times — a reminder that, even at historic highs, its value as a hedge against uncertainty remains as relevant as ever.

Release – Comstock Metals Receives Solar Panel Processing Industrial Scale Written Determination

Posted on by aweinsoff@channelchek.com

Research News and Market Data on LODE

VIRGINIA CITY, Nev., November 05, 2025 (GLOBE NEWSWIRE) — Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) and Comstock Metals LLC (“Comstock Metals”), a leader in the responsible recycling of end-of-life solar panels with the only certified, north American, zero-landfill solution, announced today that it has received its notification of eligibility for a Written Determination Permit from the Nevada Division of Environmental Protection – Bureau of Sustainable Materials Management (NDEP-BSMM), subject to certain normal compliance  conditions and public notice periods, for the processing of waste solar panels and photovoltaics for its industry-scale materials recovery facility located in Silver Springs, NV. This timely approval keeps our scale up plans for commissioning our first industry-scale facility in Silver Springs, NV, right on schedule.

Comstock Metals expects the receipt of a similar notification of approval for the Air Quality control permit in the next few weeks, also with the normal conditions and public notice period. These permits, once final, represent the complete scope of required regulatory approvals for commissioning the scale up of a facility designed for processing over 3 million panels per year from one, continuous production line, representing up to 100,000 tons per year of waste materials being processed. This facility integrates technologies for efficiently crushing, conditioning, extracting, and recycling metal concentrates from photovoltaics. The Company previously ordered all of the equipment and expects deliveries by year end, so that it can commence installation, testing, and commissioning of the industry-scale facility during the first quarter of 2026.

“We appreciate BSMM’s collaborative efforts in issuing this first solar panel recycling Written Determination permit and enabling the only Nevada-based, zero-landfill, end-of-life solar panel solution serving this broad region and keeping these critical materials out of our landfills,” said Dr. Fortunato Villamagna, President of Comstock Metals. “Our original expectations for the receipt of these permits were for the end of October, so these notifications keep us right on schedule. This is a true testament to the strong working relationship we have with our regulators and the successful efforts of a complex process.”

Most of the U.S. solar panels have been deployed in the southwestern U.S., primarily California, Arizona, and Nevada, with decommissioning of these solar panels occurring now, accelerating supply and increasing the demand for environmentally responsible end-of-life solutions. Comstock has positioned itself to ensure the safe deconstruction and productive reuse of these important materials. Establishing our platform in Nevada establishes the leading solar recycling position over more than half the U.S. market for end-of-life panels and establishes a platform for rapid expansion across the rest of the United States.

“We are receiving waste panels continuously into our facility and very much look forward to commencing our commissioning activities. We are receiving more and more customer inquiries as waste panels are becoming rapidly available from many different sources, directly enabling and supporting our ramp up efforts” stated Dr. Villamagna.

“We have quickly established a leadership position in this readily available, and rapidly growing photovoltaic market,” stated Corrado De Gasperis, Comstock’s Executive Chairman and CEO. “Our metals team is already assessing additional sites for our industry scale solution and an expanded storage capability, as we look to capitalize and expand our lead in this rapidly growing end-of-life solar dilemma. Comstock Metals is the leading zero-landfill, end-of-life solution for these wasted solar panels.”

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics. To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
ir@comstockinc.com

For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
media@comstockinc.com

Forward-Looking Statements 

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; divestitures, spin-offs or similar distribution transactions, future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, divestitures, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, spin-offs or similar distribution transactions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

Ovintiv Expands Montney Footprint with $2.7 Billion NuVista Acquisition

Posted on by slightbourne@noblecapitalmarkets.com

Ovintiv Inc. (NYSE: OVV) announced a major portfolio transformation on Tuesday, unveiling an agreement to acquire Canadian producer NuVista Energy Ltd. for approximately $2.7 billion (C$3.8 billion) while simultaneously preparing to divest its Anadarko assets in 2026. The twin moves signal a renewed strategic focus on high-return oil and gas production in North America’s Montney region.

Under the deal, Ovintiv will purchase all outstanding NuVista shares not already owned, paying C$18.00 per share in a mix of 50% cash and 50% stock. Ovintiv previously acquired a 9.6% stake in NuVista in a private transaction at C$16 per share. Upon completion, NuVista shareholders will own about 10.6% of the combined company.

The acquisition adds roughly 140,000 net acres—70% of which remain undeveloped—and 100,000 barrels of oil equivalent per day (MBOE/d) of production in Alberta’s oil-rich Montney play. The deal also expands Ovintiv’s drilling inventory by 930 potential well locations, including 620 “premium” sites with projected internal rates of return above 35% at $55 oil.

“This transaction boosts our free cash flow per share by acquiring top-decile rate-of-return assets in the heart of the Montney oil window,” said Brendan McCracken, Ovintiv’s President and CEO. “The NuVista assets were identified as among the highest-value undeveloped oil resources in North America, offering exceptional fit with our existing operations and infrastructure.”

The transaction will also give Ovintiv access to NuVista’s extensive processing and transportation capacity, including 600 MMcf/d of processing rights and 250 MMcf/d of long-term firm transport to markets outside of AECO. This diversification is expected to reduce Ovintiv’s exposure to AECO natural gas pricing from 30% to 25% by 2026.

Financially, the deal is expected to be immediately accretive across all major performance metrics, including free cash flow, return on capital, and earnings per share. Ovintiv anticipates roughly $100 million in annual cost synergies, primarily through reduced capital and operating costs. The company also emphasized that its balance sheet will remain strong, projecting leverage-neutral outcomes at closing and reaffirming its investment-grade credit profile.

To finance the transaction, Ovintiv plans to use a combination of cash on hand, credit facility borrowings, and a potential term loan. The company has temporarily paused its share buyback program for two quarters to prioritize funding but will maintain its base dividend.

Looking ahead, Ovintiv plans to begin the divestiture of its Anadarko Basin assets in early 2026, with proceeds earmarked for debt reduction. The company expects to reduce net debt below $4 billion by year-end 2026, paving the way for increased share repurchases and enhanced shareholder returns.

By consolidating its position in one of North America’s most productive basins while shedding lower-margin assets, Ovintiv is signaling a clear commitment to efficiency and long-term value creation. Once the transaction closes—expected by the end of Q1 2026 pending shareholder and regulatory approvals—Ovintiv’s Montney production will rise to 400,000 barrels of oil equivalent per day, reinforcing its role as one of the leading integrated energy producers in the region.

Kuya Silver (KUYAF) – An Emerging Growth Story with Strong Leverage to Silver

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, November 05, 2025

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.

Initiating coverage with a per share price target of US$1.40 or C$2.00. Kuya Silver Corporation (CSE: KUYA; OTCQB: KUYAF) is an emerging silver producer focused on precious metals assets in mining-friendly jurisdictions. The company’s flagship Bethania Silver Project in central Peru anchors a portfolio that also includes the Silver Kings Project in Ontario and a joint venture interest in the Umm Hadid silver-gold project in Saudi Arabia.

Bethania flagship project. After successfully restarting operations in 2024 through toll milling, Kuya has demonstrated steady operational improvements, highlighted by record concentrate sales and recoveries exceeding 91% in the third quarter of 2025. Mining has advanced into multiple production stopes, while key infrastructure upgrades have reduced downtime and increased reliability. Development of a new 3.5-by-3.5-meter haulage ramp will enhance mine access and material handling, positioning the operation to achieve 100 tonnes per day (tpd) by year-end 2025 and 350 tpd by the third quarter of 2026.


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