Natural Resources Archives - Page 2 of 171

First Phosphate Corp. (FRSPF) – A Major Expansion and Upgrading of Mineral Resources

Posted on May 27, 2026May 27, 2026 by [email protected]

Wednesday, May 27, 2026

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

A Major Expansion and Upgrading of Mineral Resources. First Phosphate released the results of its updated Mineral Resource Estimate (MRE) for the Begin-Lamarche project in Saguenay-Lac-Saint Jean, Quebec, Canada. The updated MRE reflects the success of the company’s 2025 to 2026 drilling campaign, resulting in a 378% increase in indicated resources compared to the previous estimate completed two years ago. The significant upgrade is important because it advances a significant portion of the resource into the indicated and measured categories, which are required to move the project toward a feasibility study targeted for December 2026.

Longer Potential Mine Life. The ability to upgrade existing resources and classify newly discovered extensions directly into the indicated category demonstrates the strong continuity, consistency, and quality of the deposit. The increased tonnage is also expected to support a longer potential mine life, while the deposit remains open at depth, providing additional exploration upside and long-term growth potential.

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

Release – First Phosphate Reports Updated Mineral Resource Estimate for Bégin-Lamarche Phosphate Deposit

Posted on May 26, 2026May 26, 2026 by [email protected]

Saguenay, Quebec–(Newsfile Corp. – May 26, 2026) – First Phosphate Corp (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) (“First Phosphate” or the “Company”) is pleased to announce the results of its updated Mineral Resource Estimate (“MRE”) for its Bégin-Lamarche project in Saguenay-Lac-Saint-Jean, Québec, Canada. The updated MRE includes results from the 2025-2026 drilling program described in the Company’s press release dated April 27, 2026.

The updated MRE includes a 378% increase in Indicated Mineral Resources over the Company’s Initial MRE dated September 9, 2024.
Measured pit-constrained Mineral Resource: 6.2 Mt @ 7.70% P₂O₅ (phosphate).
Indicated pit-constrained Mineral Resource: 198.5 Mt @ 6.00% P₂O₅.
Inferred pit-constrained Mineral Resource: 89.5 Mt @ 6.16% P₂O₅.
The Deposit remains open at depth.
Metallurgical test work indicates an anticipated apatite concentrate grade of 40.4% P₂O₅ at an 88% process recovery rate, with very low levels of potentially deleterious elements, and has been qualified for production of battery-grade phosphoric acid for lithium iron phosphate (“LFP”) battery with a conversion ratio of 91.1%.
The Deposit is located next to existing road and hydroelectric infrastructure and at only 70 km driving distance from the deep-sea Port of Saguenay.
The Deposit benefits from definitive, long-term, partially prepaid offtake from an existing, creditworthy partner.
Apatite (phosphorus, phosphate) is listed on the critical minerals lists of Québec, Canada, the United States and the European Union.

“We are pleased with the results of our 2025-2026 drilling exploration program and the quantity and quality upgrade provided to our Mineral Resources,” says First Phosphate CEO, John Passalacqua. “We are now able to continue to move the project forward with great confidence in our Mineral Resources.”

The updated MRE, with an effective date of May 1, 2026, was carried out by Mr. Antoine Yassa, P.Geo., of P&E Mining Consultants Inc., who is an Independent Qualified Person within the meaning of Canadian Securities Administrators’ National Instrument 43-101: Standards of Disclosure for Mineral Projects (“NI 43-101”).

The Bégin-Lamarche Phosphate Deposit contains a significant phosphate Mineral Resource that is associated with well-defined oxide-apatite peridotite (OAP) intrusions within the large Lac-Saint-Jean anorthosite suite (LSJAS). The LSJAS is the largest phosphate-mineralized anorthosite worldwide. The phosphate Deposit is comprised of four mineralized zones which are continuous, only separated by faults within the Deposit and extend over a length of 2,750 m (Figure 1). The Mountain Zone is a single phosphate-bearing mass having a diameter of up to 200 m and a length of 250 m. The Northern zone is comprised of four phosphate layers ranging from 30 m to 200 m in thickness and a length of 625 m. The Central Zone bears eight phosphate layers, one of them having up to 50 m in thickness and extending to 900 m. The Southern Zone bears three phosphate layers, one of them having up to 125 m in thickness and extending to 725 m.

Figure 1 – The Bégin-Lamarche Deposit Updated Optimized Pit Shell

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The Bégin-Lamarche Deposit mineralized wireframes boundaries were determined from lithology, structure, and grade boundary interpretation based on visual inspection of drill hole cross-sections. Four mineralized wireframe zones were developed and referred to as the Mountain, Northern, Central and Southern Zones. The mineralized wireframes were constructed on 50 m spaced vertical cross-sections, with on-screen digitized polylines on drill hole cross-sections in GEMS™. The mineralized wireframe outlines were influenced by the selection of mineralized material above 2.5% P₂O₅ that demonstrated a lithological and structural zonal continuity along strike and down dip. In some cases, mineralization <2.5% P₂O₅ was included for the purpose of maintaining mineralized zone continuity. The minimum constrained width for mineralized wireframe interpretation was 3 m of drill core length.

The Bégin-Lamarche Mineral Resource Estimate is based on 276 drill holes totalling 68,345 m. The database contained 20,682 analyses for percentage of P₂O₅. The Mineral Resource Estimate is presented in Table 1.

Table 1 Pit-Constrained Mineral Resource Estimate^(1-4) at 2.5% P₂O₅ Cut-Off
Classification	Zone	Tonnes (M)	P₂O₅ (%)	P₂O₅ (Mt)
Measured	Mountain	6.2	7.70	0.47
Measured	Total	6.2	7.7	0.47

Indicated	Mountain	5.3	8.45	0.45
	Northern	78.3	6.69	5.24
	Central	71.0	5.50	3.91
	Southern	43.9	5.26	2.31
	Total	198.5	6.00	11.91

Measured & Indicated	Mountain	11.5	8.04	0.92
	Northern	78.3	6.69	5.24
	Central	71.0	5.50	3.91
	Southern	43.9	5.26	2.31
	Total	204.7	6.05	12.38

Inferred	Mountain	0.5	9.09	0.04
	Northern	30.7	7.33	2.25
	Central	31.8	5.67	1.80
	Southern	26.5	5.32	1.41
	Total	89.5	6.16	5.50

Note: P₂O₅ = phosphorus pentoxide.

1. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. The Company expects that the majority of the Inferred Mineral Resource may be upgraded to an Indicated Mineral Resource with continued exploration.

4. The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

The Bégin-Lamarche Mineral Resource Estimate was derived from applying a 2.5% P₂O₅ cut-off value to the pit-constrained block model and reporting the resulting tonnes and grades for potentially mineable areas. The following parameters were used to calculate the cut-off value that determines the open pit potentially economic portion of the constrained mineralization (Table 2).

The P₂O₅ cut-off value is calculated with parameters below:

US$:C$ Exchange Rate: $0.72
P₂O₅ Price (32%): US$225/t (approx five-year trailing average)
P₂O₅ Price (40%): US$280/t
P₂O₅ Process Recovery: 88%
Processing & Conc Transport Cost: C$20/t
G&A: $1.50/t
Mining Cost: C$2.75/t (mineralized material and waste)
Pit Slopes: 45^°

Accordingly, the P₂O₅ cut-off of potential open pit mining is calculated to be = 2.5%.

The optimized pit-constrained Mineral Resource Estimate is moderately sensitive to the selection of reporting P₂O₅ cut-off values, as demonstrated in Table 2.

Table 2 Pit-Constrained Mineral Resource Estimate Sensitivity to P₂O₅ Cut-Off
Class	Cut-off	Tonnes	P₂O₅	P₂O₅
	P₂O₅ %	(M)	(%)	(Mt)
Measured	5.0	4.9	8.67	0.4
	4.5	5.2	8.43	0.4
	4.0	5.5	8.22	0.5
	3.5	5.8	8.02	0.5
	3.0	6.0	7.84	0.5
	2.5	6.2	7.70	0.5
	2.0	6.3	7.57	0.5
Indicated	5.0	119.0	7.41	8.8
	4.5	138.0	7.05	9.7
	4.0	156.8	6.71	10.5
	3.5	172.9	6.44	11.1
	3.0	186.7	6.20	11.6
	2.5	198.5	6.00	11.9
	2.0	207.6	5.83	12.1
Inferred	5.0	55.5	7.49	4.2
	4.5	65.0	7.09	4.6
	4.0	73.6	6.75	5.0
	3.5	80.9	6.49	5.2
	3.0	86.0	6.29	5.4
	2.5	89.5	6.16	5.5
	2.0	92.0	6.05	5.6

Metallurgical Testwork has been successfully conducted by SGS at their Québec City facility with additional support by SGS Lakefield Ontario. Recent test results have confirmed that an apatite concentrate can be obtained analyzing 40.4% P₂O₅ and at 88% recovery.

First Phosphate’s Bégin-Lamarche Deposit is located approximately 50 km driving distance north of the City of Saguenay, Québec’s sixth-largest city, which hosts daily flights to Montréal, a skilled industrial workforce, strong local infrastructure, and which is 30 km driving distance from the deep-sea Port of Saguenay.

The geological and drilling work was planned, carried out and supervised by Laurentia Exploration Inc. The drill core was logged at Lamarche near the Deposit and at Laurentia Exploration’s offices. The drill core was sawed and sampled at Laurentia Exploration’s offices in Jonquière.

Qualified Persons

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

The Qualified Person independent of the issuer, responsible for estimating the Mineral Resources of the Begin-Lamarche Property, within the meaning of NI 43-101, is Mr. Antoine Yassa, P.Geo., of the firm P&E Mining Consultants Inc. Mr. Yassa has read and approved the scientific and technical information in this press release for accuracy and compliance with NI 43-101.

P&E Mining Consultants Inc., an associate group of 20 geological and mine engineering professionals established in 2004, provides geological and mine engineering consulting reports, Mineral Resource and Mineral Reserve Estimates, NI 43-101 Technical Reports, Preliminary Economic Assessments, Pre-Feasibility and Feasibility Studies.

Laurentia Exploration inc. is a firm of consulting geologists based in Jonquière, Saguenay Lac-St-Jean. It has 80 employees, mainly geology professionals who are members in good standing of a professional order. The firm was founded in 2017 and carries out projects throughout Québec and Ontario.

About First Phosphate Corp.

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

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

For additional information

Steeve Lavoie
Chief Geologist
Tel: +1 (418) 815-5416

Investor Relations: https://firstphosphate.com/investors
General Inquiries: https://firstphosphate.com/contact
Website: www.FirstPhosphate.com
X : https://x.com/FirstPhosphate
LinkedIn : https://www.linkedin.com/company/first-phosphate

Forward-Looking Information and Cautionary StatementThis news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, among other things: the Company’s planned exploration and production activities; the properties and composition of any extracted phosphate; and the calculation of mineral resources at the project and the possibility of eventual economic extraction of minerals from the project. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things: that engineering and construction timetables and capital costs for the Company’s, exploration, development and expansion projects are correctly estimated and not affected by unforeseen circumstances; the ability to obtain financing for its proposed operations on acceptable terms; no material deterioration in general business and economic conditions; no material delays in obtaining permits and other approvals; no significant disruptions affecting the activities of the Company or its ability to access required project equipment and services, and operating supplies in sufficient quantities and on a timely basis; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the ability to complete the exploration and development programs consistent with the Company’s expectations; commodity price expectations including assumptions for P2O5; the Company’s relationship with local municipalities and First Nations remaining consistent with the Company’s expectations; the Company’s relationship with other third-party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking

$4.56 a Gallon and Climbing: The Iran War Just Turned Memorial Day Into a Small Cap Stress Test

Posted on May 26, 2026May 26, 2026 by [email protected]

Americans hitting the road this Memorial Day weekend are paying the highest prices at the pump in nearly four years and the bill is coming due for small and microcap companies across the consumer economy whether they are behind the wheel or not.

The national average for a gallon of regular gasoline reached $4.56 on Thursday according to AAA, up more than $1.38 from this time last year and more than 50% since the US and Israel launched strikes on Iran on February 28. Every single US state has now crossed the $4 threshold. Seven states are posting averages above $5, with California topping the national rankings at $6.16 per gallon. The last time Memorial Day fuel costs were this elevated was 2022, in the wake of Russia’s full-scale invasion of Ukraine, when the national average peaked at $4.61.

The summer outlook is not encouraging. GasBuddy projects the national average will run at approximately $4.80 per gallon across the full summer driving season from Memorial Day through Labor Day and warns prices could test the all-time record of $5.02 per gallon if the Strait of Hormuz remains effectively closed deep into the season. GasBuddy’s head of petroleum analysis attributes more than 90% of the year-over-year gap at the pump directly to the Iran conflict and the resulting disruption to the strait, which normally handles roughly one-fifth of global oil supply and has now been compromised for twelve consecutive weeks.

Record Travel, Real Costs

The timing could not be more pointed. AAA projects a record 45 million Americans will travel at least 50 miles this Memorial Day weekend, up from 44.8 million in 2025 and nearly 5% above pre-pandemic 2019 levels. Of those travelers, 87% will be driving. Gasoline demand ticked higher last week to 8.76 million barrels per day even as total domestic supply fell to 214.2 million barrels and production slipped to 9.3 million barrels per day. Demand rising into a tightening supply picture is not a recipe for relief at the pump.

The Small Cap Exposure

For investors in the sub-$2 billion market cap space, this is not an abstract macro story, it is an active margin event playing out across multiple sectors simultaneously. Regional trucking companies, last-mile delivery operators, and logistics providers are absorbing diesel costs that have risen sharply alongside gasoline, with limited ability to push surcharges through in a competitive environment. Consumer-facing small caps in food service, casual dining, and retail are getting squeezed from two directions: higher distribution and operating costs on one side, and a consumer with less disposable income after filling the tank on the other.

Travel-adjacent small caps, regional hospitality operators, independent hotel brands, and leisure-focused consumer companies face a more nuanced picture. Record travel volumes represent a genuine demand tailwind, but margin pressure from elevated fuel and labor costs can quickly offset volume gains for operators without significant pricing power.

The companies best positioned on the other side of this trade remain domestic energy producers. With WTI holding above $100 and summer demand accelerating into a supply-constrained market, independent oil and gas operators in the small cap space continue to benefit from a price environment that shows no structural signs of easing before fall.

The pump price this weekend is $4.56. If the Strait of Hormuz stays closed, it may look cheap by August.

Resolution Minerals Ltd (RLMLF) – Off to a Strong Start

Posted on May 22, 2026May 22, 2026 by [email protected]

Friday, May 22, 2026

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Strong Early Indicators. Resolution Minerals reported encouraging results from the first three holes of its 2026 Golden Gate drilling program in Idaho, with all holes intersecting sulphide mineralization associated with strong alteration, shearing, brecciation, and quartz veining. The mineralized zones contain pyrite and arsenopyrite within altered granites that share geological features observed in previous high-grade gold and tungsten intercepts at Golden Gate North and South, supporting the potential for additional mineralized extensions.

Deploying a Second Drill Rig. The company has completed 763 meters of drilling across three holes and is accelerating exploration activities with the arrival of a second diamond core rig. The broader 2026 campaign includes up to 13,700 meters of planned drilling across 45 holes and is designed to evaluate the scale and continuity of gold and tungsten mineralization throughout the Golden Gate system, including extensions near historical mining areas and coincident gold and tungsten soil anomalies.

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

Power Metallic Mines Inc. (PNPNF) – Power Metallic Expands Saudi Exploration Platform

Posted on May 20, 2026May 20, 2026 by [email protected]

Wednesday, May 20, 2026

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Strategic Partnership. Power Metallic Mines executed a strategic partnership with Amaar United Mining Company to jointly pursue mining license opportunities in Saudi Arabia through a 50/50 joint venture structure. The partnership combines Power Metallic’s technical and exploration expertise with Amaar Mining’s local presence and regulatory support capabilities. Power Metallic is expected to act as the technical lead and proposed operator of any post-award joint venture, subject to the execution of definitive joint venture documentation.

Funding Structure. For the first aggregate US$10 million of approved post-award work-program funding, Power Metallic will contribute US$2.5 million, and Amaar will contribute US$7.5 million, while both parties retain equal beneficial ownership, economic interests, and equity interests in the consortium and any post-award joint venture. Following the funding of the first US$10 million of approved work-program expenditures, all further approved funding is expected to be contributed by the parties on a 50/50 basis.

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

Release – Power Metallic Announces Expansion In the Kingdom of Saudi Arabia via Joint Venture With Amaar Mining

Posted on May 19, 2026May 19, 2026 by [email protected]

Research News and Market Data on PNPNF

Strategic partnership establishes a framework for Power Metallic and Amaar Mining to jointly pursue future Saudi mining license auction rounds, with 50/50 ownership economics and an initial approved post-award work-program funding framework of up to US$10 million

TORONTO, May 19, 2026 – Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce that it has entered into a strategic alliance and joint venture framework agreement with Amaar United Mining Company (“Amaar Mining”), a Saudi Arabian company affiliated with Amaar Holding, to jointly pursue mining license opportunities in the Kingdom of Saudi Arabia.

The agreement marks the next step in Power Metallic’s expansion strategy in Saudi Arabia following the Company’s award of the Jabal Baudan exploration license in the Jabal Sayid Mineralized Belt. Under the agreement, Power Metallic and Amaar Mining intend to cooperate in future Saudi mining license auction rounds and other mutually agreed opportunities, combining Power Metallic’s technical, geological, and exploration capabilities with Amaar Mining’s local strategic presence, coordination capacity, and regulatory interface experience in the Kingdom.

Pursuant to the agreement, any licenses awarded to the parties under the agreed framework are expected to be advanced through a 50/50 joint venture structure. Power Metallic is expected to act as technical lead and proposed operator of any post-award joint venture, subject to the execution of definitive joint venture documentation. Amaar Mining is expected to act as the local strategic partner, leading local coordination, relationship management, and administrative support.

The agreement contemplates that, for the first aggregate US$10 million of approved post-award work-program funding, Power Metallic will contribute US$2.5 million and Amaar Mining will contribute US$7.5 million, while maintaining 50/50 beneficial ownership, economic interests, and equity interests in the consortium and any post-award joint venture. Following the funding of the first US$10 million of approved work-program expenditures, all further approved funding is expected to be contributed by the parties on a 50/50 basis.

“This agreement is an important step in Power Metallic’s strategy to build a durable Saudi Arabia exploration platform,” said Terry Lynch, CEO of Power Metallic. “Our award of the Jabal Baudan license demonstrated that Power Metallic can compete successfully in one of the world’s most important emerging mining jurisdictions. This partnership with Amaar Mining gives us a strong local partner and a clear framework to pursue additional high-quality license opportunities in future auction rounds, while preserving 50/50 economics and maintaining disciplined capital exposure.”

“Saudi Arabia is moving quickly to establish itself as a major global mining jurisdiction, and the quality of future license applications will matter,” said Conor Lynch, Vice President of Business Development of Power Metallic. “Successful participation in the Kingdom requires strong geology, credible work programs, local coordination, regulatory preparation, and disciplined execution. We believe the combination of Power Metallic’s technical capabilities and Amaar Mining’s local platform positions the partnership to compete effectively for future opportunities.”

Naser Fahad Al-Qahtani, CEO of Amaar Mining, commented: “This agreement represents a strategic step in our plans to expand Amaar Mining’s business and enhance its presence in the mining sector by building international partnerships with experienced technical partners. This partnership aligns with the objectives of Saudi Arabia’s Vision 2030, which aims to develop the mining sector and increase its contribution to the national economy. Through this alliance with Power Metallic, we look forward to creating quality opportunities in the Kingdom and achieving sustainable added value that supports the sector’s growth and investment attractiveness.”

Key Terms of the Joint Venture Framework

The key commercial principles of the agreement include:

50/50 ownership and economics: Power Metallic and Amaar Mining are expected to hold equal beneficial ownership, economic interests, and equity interests in the consortium and any post-award joint venture.

Future license auction participation: The parties intend to cooperate in future Saudi mining license auction rounds and other mutually agreed opportunities in the Kingdom.

Power Metallic as technical lead and proposed operator: Power Metallic is expected to lead geological, exploration, technical preparation, and work-program design matters and to act as proposed operator of any post-award joint venture, subject to definitive documentation.

Amaar Mining as local strategic partner: Amaar Mining is expected to lead local coordination, relationship management, and administrative support in the Kingdom, and to contribute to bid preparation and regulatory interface matters.

Initial approved work-program funding: For the first aggregate US$10 million of approved post-award work-program funding, Power Metallic is expected to contribute US$2.5 million and Amaar Mining is expected to contribute US$7.5 million.

Equal funding thereafter: Following the first US$10 million of approved work-program funding, additional approved funding is expected to be contributed by the parties equally on a 50/50 basis.

Post-award joint venture structure: Any awarded licenses under the agreed framework are expected to be advanced through the joint venture structure contemplated by the agreement.

The agreement provides Power Metallic with a scalable structure for future license participation in Saudi Arabia while allowing the Company to maintain a disciplined approach to capital allocation.

Building on Jabal Baudan

Power Metallic’s Saudi Arabia expansion began with the award of the Jabal Baudan exploration license in the Jabal Sayid Mineralized Belt. The Jabal Baudan property covers more than 200 square kilometers and is located in a highly prospective region known for copper, gold, and zinc mineralization. The area forms part of the broader Jabal Sayid belt, a district recognized for volcanogenic massive sulphide-style mineralization.

Power Metallic intends to continue advancing Jabal Baudan through a staged exploration approach, including compilation, reconnaissance, review of historical data, and advanced exploration targeting of high-priority zones. The Company also expects that Saudi Arabia’s Exploration Enablement Program and broader mining-sector reforms may help support continued exploration investment in the Kingdom, subject to applicable eligibility requirements, approvals, and program availability.

The Company views Jabal Baudan as both a high-potential exploration asset and a strategic beachhead for broader participation in Saudi Arabia’s rapidly developing mining sector.

About Amaar Mining and Amaar Holding

Amaar Mining is a Saudi Arabian mining company affiliated with Amaar Holding, a diversified Saudi investment group headquartered in the Kingdom of Saudi Arabia. Amaar Holding was established to diversify investments across sectors and regions with strong economic potential, building on the group’s roots in real estate, infrastructure development, and strategic partnerships.

Amaar Holding traces its origins to Amaar Real Estate, founded in 2011 in the Eastern Province of Saudi Arabia, and has since expanded into a diversified investment platform. Amaar Holding states that its cumulative portfolio exceeds 140 million square meters of developed lands with a value exceeding 40 billion SAR. Through Amaar Mining, the group is seeking to expand its participation in the Saudi mining sector and contribute to the Kingdom’s Vision 2030 objectives

Qualified Person

Joseph Campbell, P. Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)—a high–grade Copper–PGE, Nickel, gold and silver system—toward Canada’s next polymetallic mine.

On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~330 km² and roughly 50 km of prospective basin margins.

Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs.

Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025.

It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia’s Jabal Said Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

For further information, readers are encouraged to contact:
Power Metallic Mines Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

QAQC and Sampling

GeoVector Management Inc (“GeoVector”) is the Consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

All core in this news release is either HQ or NQ sized core. Drill core is re-fitted and measured. Geotech on core includes photographs (wet & dry), rock quality index, magnetic susceptibility, conductivity, and recovery estimates. Core is logged for lithology, mineralogy, and structural features, and sample intervals are delineated and tagged.

Sampled core is mechanically sawn, and half-core is retained for future reference. GeoVector’s QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. QAQC and data validation was performed, and no material errors were observed.

All samples were submitted to and analyzed at Activation Laboratories Ltd (“Actlabs”), a commercial laboratory independent of Power Metallic with no interest in the Project. Actlabs is an ISO 9001 and 17025 certified and accredited laboratories. Samples submitted through Actlabs are run through standard preparation methods and analysed using RX-1 (Dry, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 μm) preparation methods, and using 1F2 (ICP-OES) and 1C-OES – 4-Acid near total digestion + Gold-Platinum-Palladium analysis and 8-Peroxide ICP-OES, for regular and over detection limit analysis. Pegmatite samples are analyzed using UT7 – Li up to 5%, Rb up to 2% method. Actlabs also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

Cautionary Note Regarding Forward-Looking Statements

This message contains certain statements that may be deemed “forward-looking statements” concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “indicates,” “opportunity,” “possible” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. 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, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others; the timing for various drilling plans; the ability to raise sufficient capital to fund its obligations under its property agreements going forward and conduct drilling and exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company’s plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.

Resolution Minerals Ltd (RLMLF) – Drilling Begins at Golden Gate

Posted on May 15, 2026May 15, 2026 by [email protected]

Friday, May 15, 2026

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Drilling Begins. Resolution Minerals has commenced a major drill program at its Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, with an MP1500 diamond core rig now operating at Golden Gate. The 2026 program will include two rigs and entail up to 13,700 meters of drilling across up to 45 holes targeting gold and tungsten mineralization. The project is located adjacent to Perpetua Resources’ (NASDAQ: PPTA, TSX: PPTA) recently permitted Stibnite Gold Project, highlighting the strategic importance of the region.

Gold Expansion Targeted. The drilling program intends to define and expand gold mineralization at Golden Gate North and Golden Gate South. Previous drilling delivered strong results, including 189.2 meters grading 1.30 grams per tonne gold, with mineralization remaining open at depth. Resolution is also advancing tungsten exploration, targeting extensions around historic mine workings and testing a large area containing coincident tungsten and gold soil anomalies.

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

Summit Midstream Corp (SMC) – First Quarter 2026 Review and Outlook

Posted on May 14, 2026May 14, 2026 by [email protected]

Thursday, May 14, 2026

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

1Q 2026 financial results. Summit’s first quarter 2026 financial and operational results reflected continued strength in its Rockies and Permian segments, offset by weaker natural gas pricing, lower Mid-Con volumes, and higher interest expense. The company generated revenue of $139.1 million, adjusted EBITDA of $54.2 million, and free cash flow of $11.4 million. Net loss attributable to Summit Midstream Corporation amounted to $5.3 million, or $(0.43) per share, compared to a net loss of $1.9 million, or $(0.16) per share, in the first quarter of 2025, and our loss estimate of $6.1 million, or $(0.49) per share.

Updating estimates. We now forecast 2026 revenue of $584.8 million and adj. EBITDA of $241.4 million, compared to our prior estimates of $579.2 million and $245.2 million, respectively. First-quarter operational and financial results suggest that Summit’s earnings profile could strengthen progressively through the remainder of the year, with the second quarter expected to mark the beginning of a noticeable operational recovery, with the third and fourth quarters likely benefiting from accelerating volumes and improved commodity fundamentals. Management reiterated full-year 2026 adj. EBITDA guidance of $225 million to $265 million.

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Power Metallic Mines Inc. (PNPNF) – Advancing Deep Exploration with Muon Tomography

Posted on May 14, 2026May 14, 2026 by [email protected]

Thursday, May 14, 2026

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Thinking outside the box. Power Metallic has partnered with Ideon Technologies to deploy borehole muon tomography at the Lion Zone discovery within its Nisk polymetallic project in Quebec. The company intends to create a high-resolution three-dimensional model of the deposit by analyzing the behavior of naturally occurring cosmic ray particles. The technology is designed to validate results against more than 100 existing drill holes before expanding to district-scale exploration, potentially reducing the need for extensive drilling while reducing cost, time, and environmental impact.

Understanding the purpose. Muon tomography may be especially effective at Lion because the dense sulfide minerals within the deposit contrast sharply with surrounding host rocks, making the mineralization highly detectable. The six-month imaging program will map more than 55 million cubic meters of rock and establish a calibrated density signature that can be used to identify similar deposits hidden deeper underground beyond the reach of conventional geophysical methods.

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

Release – Power Metallic Partners with Ideon Technologies to Unlock Deep Discovery Potential at Nisk Lion Zone using Muon Tomography

Posted on May 13, 2026May 13, 2026 by [email protected]

Research News and Market Data on PNPNF

Power Metallic Mines Inc.

May 13, 2026, 02:30 ET

TORONTO, May 13, 2026 /CNW/ – Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce an engagement with Vancouver-based Ideon Technologies (“Ideon”) to activate a borehole muon tomography imaging program at the Lion Zone discovery within the Nisk Polymetallic project area in Quebec, Canada. A global leader in subsurface intelligence, the Ideon REVEAL™ solution will generate a high-resolution, three-dimensional density model of the rock composition in and around the Lion deposit.

Figure 1 – Plan view of muon survey overlain Lion (CNW Group/Power Metallic Mines Inc.)

Figure 2: Long section of muon survey overlain Lion (CNW Group/Power Metallic Mines Inc.)

Figure 3 - An example of a density model showing alignment with historic drilling and illumination of new exploration targets, from a muon program conducted at Fireweed Metals’ Macmillan Pass District, Yukon Territory. https://ideon.ai/results/fireweed-metals-macpass/ (CNW Group/Power Metallic Mines Inc.) — Figure 3 – An example of a density model showing alignment with historic drilling and illumination of new exploration targets, from a muon program conducted at Fireweed Metals’ Macmillan Pass District, Yukon Territory. https://ideon.ai/results/fireweed-metals-macpass/ (CNW Group/Power Metallic Mines Inc.)

Figure 4: High-density iso-surfaces of BHP's Nickel West from muon tomography data (blue) are identified within the survey region of interest. The joint inversion of airborne, ground gravity and muon tomography (green) is also shown. The main N-S trending structure is clearly aligned with a mafic intrusion, as described earlier. The massive sulphide structure to the East is seen in the muon tomography inversion, but is not apparent in the gravity inversions – though there is some slight density variation seen in the airborne data. The joint inversion is very compatible with the presence of the massive sulphide. https://ideon.ai/results/bhp-leinster-mine/ (CNW Group/Power Metallic Mines Inc.) — Figure 4: High-density iso-surfaces of BHP’s Nickel West from muon tomography data (blue) are identified within the survey region of interest. The joint inversion of airborne, ground gravity and muon tomography (green) is also shown. The main N-S trending structure is clearly aligned with a mafic intrusion, as described earlier. The massive sulphide structure to the East is seen in the muon tomography inversion, but is not apparent in the gravity inversions – though there is some slight density variation seen in the airborne data. The joint inversion is very compatible with the presence of the massive sulphide. https://ideon.ai/results/bhp-leinster-mine/ (CNW Group/Power Metallic Mines Inc.)

The program is structured in two stages: first, validating the Ideon density model against Power Metallic’s existing 100-plus hole drill dataset at Lion; then applying the calibrated mineralization fingerprint to rank and test deep targets across the 330 km² Nisk district scale property that are below the detection limit of conventional surface-based geophysical methods (i.e., below 200 m).

About the Technology: Seeing Deep into the Earth using Energy from Space

The Ideon REVEAL™ Platform detects cosmic-ray muons — naturally occurring subatomic particles created by supernova explosions in deep space. Muons lose energy progressively in direct proportion to the density of the material they pass through. By positioning arrays of muon detectors in boreholes at varying depths, Ideon can construct 3D tomographic models of subsurface density over millions of cubic metres of earth, potentially replacing hundreds of drillholes while providing greater subsurface visibility at a fraction of the cost and time, and with significantly less environmental impact.

The Ideon REVEAL™ Platform and is designed for the most demanding of exploration and mining environments. It uses proprietary hardware, software and imaging systems with advanced AI-powered analysis and data fusion capabilities. It has been field-proven at some of the world’s most demanding mine sites, including at Rio Tinto’s Kennecott Utah Copper operation at Bingham Canyon, BHP’s Nickel West and Olympic Dam mines in Australia, Vale Base Metals’ Creighton and Totten mines in Sudbury, Ontario, and Fireweed Metals’ remote Macmillan Pass District in the Yukon Territory.

Why Lion Is an Exceptional Muon Target

The mineralogy of the Lion Zone is ideally suited to muon tomography. The deposit’s high-grade core is dominated by massive to brecciated chalcopyrite, cubanite, pyrrhotite, pentlandite, and pyrite — minerals with bulk densities of 4.0 to 5.0+ g/cc. These contrast sharply with the surrounding felsic, mafic and ultramafic host rocks, which carry background densities of approximately 2.8 to 3.0 g/cc. The Ideon solution will be used to produce 3D density models of individual dipping stratigraphic horizons and potential extensions of the deposit at multi-metre scale resolution.

The initial phase of the program will deploy borehole muon detectors into dedicated drill holes at the Lion Zone. The imaging program will run autonomously, passively and continuously collecting data over several months and delivering to Power Metallic a three-dimensional density model of the deposit. This phase will be conducted blindly, meaning that no constraining data (other than surface topography) will be provided.

In total the survey will map the density of over 55,000,000 m³ of rock volume. The imaging program is planned to run for 6 months in duration, with the option to extend to 8 months if needed to optimize resolution and establish the Lion Zone ore signature.

The Lion imaging program is designed as a validation exercise. Power Metallic holds an extensive drill dataset at Lion built from more than 100 holes across multiple campaigns. By producing an unconstrained muon inversion and then comparing it directly against the known resource model, the Company will establish the geophysical fingerprint of a Lion-style polymetallic massive sulfide system. Once the density signature of Lion mineralization is confirmed to match the tomographic model, that calibrated signature will become the search template for the broader Nisk project district.

District Scale: Opening a New Search Space

The most transformative potential of this program lies beyond Lion itself.

Power Metallic’s Nisk project encompasses ~330 km² of land including approximately 20 km of strike on the northern basin margin and 30 km on the southern basin margin — a contiguous belt hosting the Nisk Main deposit, the Lion discovery, and numerous additional untested geophysical anomalies. To date, surface and near-surface exploration methods including airborne magnetics, ground gravity, and Airborne EM have provided effective screening tools for targets shallower than approximately 200 m depth. Below that threshold, surface-based techniques are unable to detect deposit-scale targets.

“One of the challenges in exploring any deposit is false positives. Borehole EM continues to be the gold standard, but increasingly we are looking to combine it with other techniques that can image thicker mineralization. We are excited to integrate our current best practice workflow with muon tomography, a technique that’s demonstrated it can discover thicker intersections of sulfides. By incorporating an additional physical property beyond BHEM, we aim to improve our probability of target success and better discriminate high-quality conductors. We are always striving to discover better ore, not just more ore.” commented Steve Beresford, Director.

Muon tomography will be used to target a search space below 200 meters. Ideon muon sensors can image key geological features in the deep subsurface extending the effective targeting depth range where the next Lion-scale discovery may be hiding.

The geological rationale for deep exploration at Nisk is compelling. The Tiger Zone, located approximately 700 m east of Lion, has already returned Lion-style polymetallic mineralization, confirming the mineralizing system is not confined to Lion alone. The 5.5-km corridor between Lion and Nisk Main remains largely untested at depth. Company geologists have interpreted an easterly plunging structural control on high-grade Lion mineralization that acts as a vector toward a potential source body at greater depth. Regional structural analysis has identified a fold-hinge zone on newly acquired ground that covers an extension of the Lion mineralizing system previously outside the property boundary.

Once a validated muon signature of Lion mineralization is in hand, Power Metallic intends to conduct phased muon surveys across priority targets within this district, applying the calibrated density fingerprint of its known deposit type to rank and test anomalies that otherwise would have to be evaluated with blind drilling.

Learn more about how muon tomography works at this link.

“We have been excited about Nisk’s geological potential for many years and of course with the amazing success of the Lion Zone Discovery we entered a new frontier. With the guidance of our technical director Steve Beresford and the Geovector team led by our VP of Exploration Joe Campbell we have continuously pushed the targeting envelope to discover thicker massive Cu-PGE sulfides. Historically we know the polymetallic discoveries around the world are some of the largest and most profitable mines ever discovered. These discoveries are an order of magnitude bigger than what we have currently discovered. Even the smallest polymetallic discovery is more than 50% larger. What that means in practical terms is we have probably only scratched the surface at Nisk. Even as we are planning to publish our inaugural MRE (Mineral Resource Estinate) this summer to demonstrate that the current discoveries have exciting commercial potential, we remain focused on uncovering Nisk’s full potential. Our team believes that muon tomography is the next tool that can accelerate our discovery process and everything I have seen makes me confident that they have once again chosen wisely.” commented Terry Lynch, CEO & Director.

Qualified Person

Joseph Campbell, P. Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)–a high–grade Copper–PGE, Nickel, gold and silver system–toward Canada’s next polymetallic mine.

Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs. Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025.

For further information, readers are encouraged to contact:
Power Metallic Mines Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

QAQC and Sampling
GeoVector Management Inc (“GeoVector”) is the Consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

Cautionary Note Regarding Forward-Looking Statements

SOURCE Power Metallic Mines Inc.

For further information on Power Metallic Mines Inc., please contact: Duncan Roy, VP Investor Relations, 416-580-3862, [email protected]

Equinox Gold and Orla Mining Merge to Create a North American Gold Powerhouse

Posted on May 13, 2026May 13, 2026 by [email protected]

The North American gold mining sector just got a major reshuffling. Equinox Gold Corp. (TSX/NYSE American: EQX) and Orla Mining Ltd. (TSX/NYSE American: ORLA) announced Tuesday a definitive all-share merger agreement that will create one of the continent’s largest gold producers, carrying an implied market capitalization of $18.5 billion and a combined annual production target of 1.1 million ounces of gold.

The deal is structured as an at-market combination in which each Orla shareholder will receive one Equinox common share plus a nominal cash payment of $0.0001 per share. Upon closing, existing Equinox shareholders will hold approximately 67% of the combined entity, with former Orla shareholders retaining 33% on a fully diluted, in-the-money basis. The transaction is expected to close in Q3 2026, pending shareholder votes anticipated for July and standard regulatory approvals in both Canada and Mexico.

Scale Built on Canadian Bedrock

The strategic logic here is hard to argue with. The combined company will be anchored by three long-life Canadian gold mines — Equinox’s Greenstone (Ontario) and Valentine (Newfoundland & Labrador) assets, alongside Orla’s Musselwhite mine in Ontario. Together, those three Canadian operations alone are projected to produce approximately 685,000 ounces in 2026, positioning the new Equinox Gold as the second-largest producer of Canadian gold.

The remaining production is spread across the U.S. (75,000 oz), Mexico (115,000 oz), and Nicaragua (225,000 oz), rounding out a six-mine North American portfolio that offers both operational diversification and jurisdictional focus.

A Growth Pipeline With Teeth

What separates this deal from a simple consolidation play is the organic growth runway. Management has outlined a clear path to more than 1.9 million ounces of annual gold production — an approximately 70% increase from the 1.1 million ounce baseline — driven entirely by internally funded North American expansion projects. Key growth contributors include the Valentine Phase 2 expansion in Canada, South Railroad and Castle Mountain in the U.S., and Los Filos and Camino Rojo underground in Mexico. All four projects carry established Mineral Reserves, reducing the execution risk that typically plagues expansion-stage narratives.

Combined Proven & Probable Mineral Reserves stand at 22.7 million ounces, with an additional 25.1 million ounces of Measured & Indicated Resources, giving the new entity a reserve base that rivals many of its senior peers.

Financial Firepower

Based on current analyst consensus estimates, the combined company is projected to generate roughly $1.4 billion in free cash flow and approximately $3.4 billion in EBITDA in 2026. Combined available liquidity is also pegged at $1.4 billion, providing the financial flexibility to fund growth without dilutive equity raises — a critical distinction in a capital-intensive sector.

What It Means for the Market

This merger is the latest signal that gold sector consolidation is accelerating, driven by elevated gold prices, rising development costs, and the premium the market increasingly assigns to scale and reserve quality. For investors tracking mid-tier and senior producers, the creation of a new $18.5 billion North American-focused gold company sets a new benchmark for what a fully integrated, internally funded growth story looks like in this cycle.

The transaction includes break fees of $475 million payable by Equinox and $250 million by Orla in certain termination scenarios, underscoring the commitment both boards have made to seeing this through.

Copper Surges Past $14,000 a Ton — And the Real Opportunity May Be in the Junior Miners

Posted on May 13, 2026May 13, 2026 by [email protected]

Copper is back above $14,000 a metric ton and closing in on its all-time high, and the forces driving this rally are not short-term noise. For small and microcap investors, the more relevant conversation is what happens to the junior miners when the red metal runs.

Prices on the London Metal Exchange climbed as high as $14,106 a ton Tuesday — within striking distance of the all-time high of $14,527 set in January. The move comes despite a fragile geopolitical backdrop, as the ongoing Iran conflict continues to cloud the global growth outlook. Copper is up roughly 13% year-to-date, a run that few predicted given the macro headwinds that dominated early 2026.

Why Copper Is Running

The rally is being driven by a confluence of factors that show no signs of reversing. Chinese industrial demand has rebounded meaningfully after a sluggish start to the year, tightening physical supply pipelines. At the same time, Middle Eastern conflict has squeezed sulfur supplies — a key input in certain copper production processes — adding an upstream constraint that is putting additional pressure on an already tight market.

Supply disruptions at major copper mines across Africa and Indonesia have compounded the picture. Ore grades at legacy mines continue to decline — the average grade across the top 20 copper mines globally has fallen roughly 9% over the past two decades — and there are few meaningful new projects with near-term production timelines to offset that degradation.

Analysts are taking notice. A mining analyst at Scotiabank now projects the global copper market will run a deficit of 350,000 tons by 2027, a dramatic revision from a roughly balanced market forecast just two months ago. J.P. Morgan has a similar view, projecting a refined copper shortfall of approximately 330,000 metric tons in 2026. Goldman Sachs has labeled copper a core target of what it calls the AI and electrification supercycle — and the numbers support that framing. Each electric vehicle requires four to five times the copper of a traditional internal-combustion vehicle, and hyperscale AI data centers are adding millions of tonnes of incremental demand to forecasts through 2030.

The Junior Miner Angle

For ChannelChek’s audience, the large-cap copper story — Freeport, BHP, Southern Copper — is well-covered elsewhere. The more compelling conversation is at the junior and small-cap level, where price leverage to copper is most pronounced. When copper moves, junior miners tend to move harder and faster, because their economics are highly sensitive to spot prices.

Names like HudBay Minerals (HBM), Capstone Copper, and Foran Mining sit in the small-to-mid cap range and carry significant operational leverage to sustained copper pricing above $13,000 a ton. For investors seeking a basket approach to junior copper exposure, the Sprott Junior Copper Miners ETF (COPJ) tracks mid-, small-, and microcap companies across the copper mining universe and has gained significant traction as copper’s structural story has matured.

The broader thesis is straightforward: copper demand is structural, driven by electrification, AI infrastructure, and defense modernization. Supply is challenged, fragile, and years away from meaningful new capacity. That combination — tight supply meeting accelerating demand — is precisely the environment where smaller, earlier-stage copper producers and developers tend to generate the most asymmetric upside.

With the preliminary list of copper supply constraints only growing and prices pressing near records, this is a space worth watching closely.

InPlay Oil (IPOOF) – Higher Oil Prices Drive Strong 1Q 2026 Results; Increasing 2026 Estimates

Posted on May 12, 2026May 12, 2026 by [email protected]

Tuesday, May 12, 2026

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

1Q 2026 financial results. InPlay Oil generated first-quarter 2026 adjusted funds flow (AFF) of C$30.1 million, or C$1.08 per share, above our estimate of C$27.4 million, or C$0.98 per share. Oil and natural gas sales revenue totaled C$88.4 million, ahead of our C$79.9 million forecast, due to stronger commodity prices. First quarter production averaged 18,337 barrels of oil equivalent per day (boe/d), modestly below our estimate. Compared to the prior year period, production, oil and natural gas sales revenue, operating income, and AFF increased 127.1%, 102.0%, 116.9%, and 79.6%, respectively. Average production more than doubled due to the successful integration of the company’s 2025 acquisition and strong results from its Pembina drilling program. Liquids production increased significantly, improving the overall production mix and supporting stronger corporate netbacks.

Outlook for the remainder of 2026. Supported by stronger oil prices, the Company increased its adjusted funds flow and free adjusted funds flow guidance to a range of C$143.0 to C$151.0 million, compared to previous expectations of C$122.0 million to C$129.0 million, while maintaining a disciplined production target of 18,600 to 19,200 boe/d and capital spending in the range of C$66.0 to C$74.0 million.

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