Saguenay, Québec–(Newsfile Corp. – May 4, 2026) – First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to announce the receipt of $3,070,549 in gross proceeds upon the exercise of 2,456,439 warrants prior to their expiry on April 24, 2026 and April 30, 2026, at an exercise price of $1.25 per share.
The Company now has 179,947,950 common shares, 2,625,000 warrants, 7,650,000 options and 1,975,000 restricted share units outstanding. All warrants, options and restricted share units outstanding are held by current Company staff, management and board members.
The Company remains debt-free and is on an accelerated development timeline thanks to a recent non-repayable, non-dilutive contribution of $16.7 million received from the Federal Government of Canada.
Since June 2022, the Company has raised approximately $62.5 million in 10 management-led non-brokered private-placement financings and from funds received from option and warrant exercise.
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.
Forward-Looking Information and Cautionary Statement
This release includes certain statements that may be deemed “forward-looking information”. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In particular, this press release contains forward-looking information relating to, among other things: the timeframe for the development of the Company’s planned exploration and production activities; and the Company’s plans for vertical integration into North American supply chains. 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 P205; the Company’s relationship with local municipalities and First Nations remaining consistent with the Company’s expectations; the Company’s relationship with other third party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained in this release is qualified by these cautionary statements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Exploration Momentum. Resolution Mineralscontinues to demonstrate strong exploration results across its Horse Heaven Project, confirming a large-scale, multi-commodity system. High-grade antimony at Antimony Ridge and extensive gold mineralization at Golden Gate highlight the project’s scale, with drilling confirming continuous mineralization that remains open in multiple directions. A major 13,700-meter Phase 2 drilling program is expected to commence this week to further define resource potential and support a maiden Mineral Resource Estimate targeted for Q1 2027.
Advancing Metallurgy and Development Pathways. Resolution is making significant progress in metallurgical testing and project development, particularly with tungsten and antimony processing. Test work has successfully produced high-grade tungsten concentrates and high-purity antimony products, demonstrating viable processing pathways and near-term production potential. Combined with the acquisition of processing infrastructure at Johnson Creek, these developments position the company to advance toward a vertically integrated, U.S.-based critical minerals platform.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strategic partnership. Aurania Resources Ltd. entered into a definitive earn-in agreement with St-Georges Eco-Mining Corp. (CSE: SX) and its subsidiary Iceland Resources to advance the Thormodsdalur gold project (Thor’s Valley) in Iceland. Located near Reykjavik, the project is considered a highly prospective epithermal gold system, and the partnership is intended to support a structured exploration program aimed at defining its resource potential.
Key agreement terms. Under the agreement, Aurania will issue shares valued at US$150.0 thousand and commit to USD $5.0 million in exploration spending over four years in order to earn a 70% interest in the project. St-Georges retains the option to hold a minority interest or a royalty, while Aurania may increase its ownership to full control through additional investment. We expect the transaction to close in early May pending the satisfaction of certain conditions, including approval by the TSX Venture Exchange. We will update our estimates to reflect planned expenditures once the transaction closes.
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This release corrects and replaces the press release issued by Aurania Resources Ltd. on April 28, 2026 – 7:25AM EDT, correcting the anniversary timelines of exploration expenditures under the heading Summary of Terms under the Agreement.
Toronto, Ontario–(Newsfile Corp. – April 28, 2026) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) is pleased to announce that it has entered into a definitive option agreement (the “Agreement”) dated April 27, 2026 (the “Execution Date”) with St-Georges Eco-Mining Corp (CSE: SX) (“St-Georges“), a Canadian incorporated mineral exploration company and its wholly owned subsidiary Iceland Resources ehf (“IR”), an Icelandic incorporated precious metals exploration company to work collaboratively to define and execute a phased exploration program aimed at advancing the Thormodsdalur gold project (“Thor’s Valley” or the “Project”), towards initial modern resource definition. The Thor’s Valley project is held by IR and is located approximately 20 kilometres east of Reykjavík, the capital of Iceland.
Aurania’s President and CEO, Dr. Keith Barron commented, “After visiting the project area and personally reviewing the archived drill core, the Thor’s Valley project represents a compelling opportunity with strong exploration upside. By formalizing our collaboration with St-Georges, we are positioning ourselves to unlock the potential of an under-explored geological district. Thor’s Valley displays all the key signatures of a robust epithermal gold system, supported by a history of documented high-grade mineralization and a suite of compelling structural targets that remain largely untested by modern exploration methods. This Agreement allows Aurania to deploy its technical expertise toward a highly prospective gold project. We look forward to progressing this Project with discipline, technical rigour, and a strong commitment to unlocking its full potential.”
Comment from Thordis Bjork Sigurbjornsdottir, CEO of Iceland Resources: “This is an important partnership for Iceland Resources, and we are pleased to welcome Aurania Resources Ltd. as a partner on the Thormodsdalur project. Over the past several years, we have engaged in discussions with several groups with the objective of identifying a partner with the right technical experience and approach for this type of epithermal gold system. We believe Aurania brings that combination, supported by relevant experience in advancing high-grade epithermal discoveries. We look forward to working together to advance Thormodsdalur in a disciplined and value-focused manner.”
Summary of Terms under the Agreement
Initial payment of US$150,000 in common shares of Aurania (the “Shares”) to be issued to St. Georges on the closing date of the Agreement at a deemed price per Share equal to the volume weighted average price of the Shares on each business day commencing on the Execution Date and ending on the last business day prior to the closing date of the Agreement.
Aurania to incur exploration expenditures of US$5 million over four years to earn a 70% interest in the Project, such exploration expenditures to be incurred as follows:
At least US$500,000 prior to the first anniversary of the Execution Date;
At least US$1,000,000 prior to the second anniversary of the Execution Date;
At least US$1,500,000 prior to the third anniversary of the Execution Date;
At least US$2,000,000 prior to the fourth anniversary of the Execution Date;
Upon completing the First Option, St-Georges will have the option to choose between maintaining a 30% interest in the Project through a joint venture or retain an up to 3% net smelter return royalty on the Project (the “Royalty”), with such Royalty to be reduced as necessary such that the aggregate royalty burden on the Project shall not exceed 3%, inclusive of any pre-existing NSR royalties; and
If St. Georges elects to retain the Royalty, Aurania will have the right, in its sole discretion, to increase its ownership to in the Project to 100% by incurring an additional US$2,000,000 of exploration expenditures.
A joint exploration committee will be established between Aurania and St-Georges, with Aurania being the technical operator.
The Agreement is subject to certain conditions, including the approval of the TSX Venture Exchange. The Shares will be subject to a hold period of four months and one day from the date of issuance.
Thor’s Valley is a historically known gold-bearing, low-sulphidation epithermal system that was initially discovered in 1903 when two Icelandic farm boys picked up pieces of white quartz from a stream, which proved to be gold-bearing. A number of ventures were organized from 1911 to 1924 using German or British capital. Two shafts were sunk and approximately 400 metres of lateral workings performed. As a result of this, the productive vein was estimated to be 1 metre wide and at least 1 kilometre long. Reported grades were 11 g/t to 315 g/t gold[1]. The ore was “direct shipping” and initially sent to Norway and later to Germany for treatment. There are no historic tailings on site. Perhaps significantly, the historical record indicates that the last operator, Arcturus, a German company, failed due to the Weimar hyperinflation rather than ore depletion.
In the 1990’s, several programmes of geochemical and petrographical studies were done, including a vertical geothermal well to a depth of 455 metres which encountered multiple mineralized quartz veins, including one at the bottom of the hole. In 1997, a total of 1069.21metres were diamond drilled in nine holes, however, average core recovery was only 52%. The intervals sampled graded 1.13 g/t to 46.10 g/t Au but this is not considered representative and true widths could not be calculated.
Between 2005 and 2006, the private exploration company Melmi ehf drilled 32 holes totaling 2431m, which returned results up to 415.40 g/t Au. Melmi ehf was acquired by Iceland Resources in 2020, which completed 11 additional drill holes totaling 1780m with results of up to 113 g/t Au1.
Figure 1. Sample of historic drill core from 1996. This is a typical hydrothermal breccia, as commonly seen in epithermal systems. This type of ore deposit is the same as that at Fruta del Norte in Ecuador.
The Thor Valley mineralization is a classic banded epithermal chalcedony-ginguro vein system with gold occurring both in free form and in association with sulphides. There are obviously a number of different vein sets here that appear controlled by regional and local structures.
The Project consists of a National Exploration Permit covering approximately 51,300 hectares in Iceland.
Figure 2: Hand sample of mineralization with typical rhythmic banding. The black area is composed of very fine-grained pyrite. This sample was found as float on the site and will be sent in for assay.
Planned Work Program Aurania anticipates completing an initial exploration program focused on targeted drilling and surface exploration designed to test deeper and along-strike continuity of the known mineralized zones, utilising both historical data and newly generated technical information. Several of the previous drill holes with poor recovery will be twinned.
The Company cautions the reader that the historical information referred to herein is based on data compiled by previous operators and publicly available sources and is being provided for reference purposes only. A qualified person retained by Aurania has not undertaken sufficient work to verify the historical data, and such information should not be relied upon. Further exploration work, including drilling and data verification, is required and may or may not result in the delineation of a mineral resource.
No current mineral resources or mineral reserves, as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), have been established on the Project.
The technical and scientific information contained in this news release has been reviewed and approved by Jean-Paul Pallier, MSc., Vice-President Exploration of the Company. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
About St-Georges Eco-Mining Corp. St-Georges develops new technologies and holds a diversified portfolio of assets and patent-pending Intellectual Property within several highly prospective subsidiaries including: EVSX, a leading North American advanced battery processing and recycling initiative; St-Georges Metallurgy, with metallurgical R&D and related IP, including processing and recovering high grade lithium from spodumene; Iceland Resources, with high grade gold exploration projects including the flagship Thor Project; H2SX, developing technology to convert methane into solid carbon and turquoise hydrogen; and Quebec exploration projects including the Manicouagan and Julie nickel, Copper and PGE critical mineral projects on Quebec’s North Shore, and Notre-Dame niobium Project in Lac St Jean.
About Iceland Resources Iceland Resources is an Icelandic mineral exploration company focused on early-stage precious metal projects, including Thormodsdalur. The company’s exploration strategy emphasizes systematic, data-driven evaluation of prospective targets in under-explored volcanic terrains.
About Aurania Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and critical energy in Europe and abroad.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes: statements regarding the terms of the Agreement, earn-in requirements, anticipated exploration programs, timing of activities, the potential to advance the Project, Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the tonnage and grade of mineralization which has the potential for economic extraction and processing, the merits and effectiveness of known process and recovery methods, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: failure to achieve the anticipated results, incorrect assumptions made in the initial evaluation of the Project, failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the inability to recover and process mineralization using known mining methods; the presence of deleterious mineralization or the inability to process mineralization in an environmentally acceptable manner; commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company’s public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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 mineral continuity and expansion potential. First Phosphate Corp. reported strong results from its 2025/2026 infill drill program at the Begin–Lamarche property, confirming continuous phosphate mineralization across all zones and identifying two new intersections. The results will support an updated geological model expected next month and underscore the potential for resource expansion.
Geological consistency across zones. Drilling confirmed consistent geology across the Mountain, Northern, and Southern zones. High-grade apatite mineralization and similar structural features across zones reinforce confidence in a cohesive and predictable deposit.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Significant progress in 2025. Kuya reported its financial and operational results for the fourth quarter and FY 2025, while also announcing key leadership appointments to strengthen its operations in Peru. Edgardo Orderique was named General Manager for Peru, bringing senior-level experience from major mining operations, and will oversee mining and processing at the Bethania Silver Project. He is supported by Jesus Palomino as Operations Manager and German Minaya as Finance and Administration Manager. These additions are intended to enhance execution as the company transitions from early-stage production to scaled operations with higher throughput.
Operational momentum. The company made steady progress, achieving record processing volumes and improved production consistency. Production reached approximately 100 tonnes per day in March, with a target of 350 tonnes per day by the end of 2026 under its Phase One expansion plan. This growth is supported by investments in underground development, infrastructure, and workforce training, along with modernization efforts to improve efficiency. Kuya increased its exploration program to 20,000 meters of drilling in 2026.
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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.
Toronto, Ontario–(Newsfile Corp. – April 24, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “KuyaSilver“) is pleased to announce financial and operating results for the three months and full year ending December 31, 2025, while also announcing a significant strengthening of its in-country leadership – appointing Edgardo Orderique, former General Manager of MMG’s Las Bambas mine, as General Manager, Peru, alongside a seasoned operational and finance team.
The fourth quarter marked another period of meaningful progress at the Bethania Silver Project in Peru, highlighted by record tonnes processed, significant upgrades to infrastructure, and a strengthened balance sheet, which was further bolstered in Q1 2026. As disclosed more recently in the Kuya Silver Press Release dated April 22, 2026, Kuya Silver has achieved sustained production of approximately 100 tonnes per day (“tpd“) and is advancing toward its Phase 1 target of approximately 350 tpd by the end of 2026.
Strengthens Peru Management Team Including New High Profile General Manager
Kuya Silver is also pleased to announce the appointment of three senior managers to lead its operations in Peru, as the Company advances the production ramp-up at its Bethania silver mine. These appointments are intended to strengthen operational, financial, and administrative execution as production increases. With Mr. Orderique’s appointment, a leader who ran a 150,000 tonne-per-day mine with 8,800 personnel, a significant addition enhancing the operating team in Peru as the Company ramps up production at the Bethania project to 350 tpd.
David Stein, President and Chief Executive Officer of Kuya Silver, remarked: “As we advance the Bethania mine toward higher, steady-state production levels, it is important that our operational and financial leadership is aligned with that growth. The addition of experienced senior leaders in Peru strengthens our ability to execute safely, efficiently, and in accordance with our development plans.”
Edgardo Orderique – General Manager, Peru
Mr. Orderique has been appointed General Manager, Peru, with responsibility for all Peruvian operations, including both mining and future processing business units. He is a senior mining executive with extensive experience managing large-scale operations in Peru.
Mr. Orderique previously served as General Manager of Minera Crespo, part of the Apucorp Group, where he led the construction of the industrial processing facilities and the development of the mining operation. He also served at MMG’s Las Bambas copper operation, where he oversaw approximately 2,800 employees and 6,000 contractors, improved throughput from 140,000 tpd to 150,000 tpd, reduced unit operating costs, and maintained a low total recordable injury frequency rate (TRIFR).
Prior to Las Bambas, he served as General Manager of Glencore’s Antapaccay mine, where he led a capital expansion program, improved operating performance, and managed community and stakeholder relations without disruption to operations.
He has held various leadership roles within Peru’s mining sector, including President of the XV National Mining Congress (2024), President of the Sustainability Forum at the XVI National Mining Congress (2026), and current Director of the Mining Engineering Institute of Peru (IIMP).
Jesus Palomino – Operations Manager
Mr. Palomino is a mining engineer with over 14 years of experience in underground mining operations in Peru and internationally. Most recently, he served as Underground Mine Manager at Calibre Mining Corp. in Nicaragua, overseeing mine planning, safety, cost control, and underground mining methods.
Previously, Mr. Palomino was General Manager of Glencore’s Sinchi Wayra operation in Bolivia and held senior operational roles at Glencore Antapaccay, Hochschild Mining, and Minera Santa Luisa. At Santa Luisa, he oversaw a production increase from approximately 800 tpd to 2,000 tpd while reducing operating costs.
German Minaya – Finance & Administration Manager
Mr. Minaya is a finance executive with an MSc in Finance and an MBA, with experience across mining operations in Peru, Chile, Argentina, Brazil, and Zambia. He most recently served as Finance Director at Tumi Technology & Innovation.
Prior roles include Regional Risk Manager and financial subject matter expert for copper projects at Glencore, where he implemented risk governance frameworks for large capital projects, and Chief of Finance and Risk Management at Minsur, where he led financial initiatives related to tax exposure mitigation and cash flow generation. Mr. Minaya has also held senior finance roles at Chinalco, Anglo American, and Newmont, and is currently completing the Emerging CFO Programme at The Wharton School.
Edgardo Orderique, General Manager, Peru, added: “Bethania is transitioning from early production into a period of operational scaling. My focus will be on execution discipline, safety performance, and stable operating results as the Company advances its production objectives.”
Q4 2025 and Full Year Financial Highlights
For the three months and year ended December 31, 2025, the Company recorded revenue of $307,331 from Bethania concentrate sales, compared to $150,129 revenue in the prior-year quarter (Q4 2024). Production costs totaled $680,669 – which is expected during the pre-steady-state ramp-up phase, as the company continued to develop multiple underground faces, expand ventilation and haulage infrastructure, and train personnel. Importantly, these costs are investments in future production capacity, and cash operating costs per tonne are expected to decline meaningfully as throughput increases toward 350 tpd.
The Company recorded a net loss of $428,930 for Q4 2025, significantly improved from a net loss of $1,878,279 in Q4 2024 primarily due to increased revenue and lower exploration costs, the latter reflecting the impact of a VAT of $1,361,530 recovery recognized in 2025.
For the full year ended December 31, 2025, Kuya Silver recorded a net loss of $3,584,373, a 41% improvement over the $6,047,203 net loss in the same period of 2024. The improvement reflects improved revenue generation from Bethania due to increasing production and higher silver prices and reduced exploration spending as the operation moved further into development and ramp-up and significantly less was spent on the Silver Kings project compared to 2024.
1 In periods when the Company has a loss, diluted loss per share is the same as basic loss per share.
Year End Overview – Strong Financial Position
Kuya Silver ended the year with a significantly strengthened balance sheet. Cash at the end of 2025 increased to $9,339,023, and net working capital surplus of $9,862,354, compared to a working capital deficit of $677,145 at December 31, 2024.
The improvement was primarily driven by the Company’s Q3 2025 financing, in which it issued raised gross proceeds of $6,566,000 (CAD $9,070,000) as well as warrant exercises in the quarter that raised an additional $4,875,539. These funds provided the near-term capital required to support the ongoing production ramp-up at Bethania and other growth initiatives such as exploration. Also in Q3 2025, the Company completed an early settlement of its remaining convertible debentures, further strengthening the working capital position.
Subsequent to quarter-end, 5,674,353 warrants have been exercised for proceeds of CAD $2,132,136 in addition to the previously disclosed January 2026 equity financing (gross proceeds of CAD $25.5 million).
As a result, Kuya Silver held approximately $27.0 million in cash as of March 31, 2026 – fully funding the current expectations for investment in the Phase 1 ramp-up to 350 tpd, the Camila plant acquisition, and the expanded 20,000-metre exploration program in 2026. The Company does not expect to require additional financing to achieve these milestones.
Outlook
Kuya Silver’s primary near-term objective remains maintaining stable production of 100 tpd at the Bethania Silver Project as a pathway to advancing production growth and development to reach its phase one production target of 350 tpd in 2026. Kuya Silver is also implementing a modernization program focused on improving underground haulage and material handling efficiency to support higher and more consistent throughput.
The Company increased its exploration program to target 20,000 metres of drilling in 2026, combining underground and surface diamond drilling. Underground drilling will be focused on the Santa Elena concession to enhance geological understanding at depth and assist with future mine planning. Surface program is designed to expand known mineralized structures near existing operations and test high-priority regional silver vein systems within trucking distance to the Bethania mine.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Kevin J. O’Connell, P.E., Independent Technical Advisor to Kuya Silver and a Qualified Person as defined by National Instrument 43-101.
About Kuya Silver Corporation
Kuya Silver is a Canadian‐based mineral exploration and development company with a focus on acquiring, exploring, and advancing precious metals assets in Peru and Canada.
For further information, please contact: David Stein, President & Chief Executive Officer Telephone: (604) 398-4493 Email: [email protected] Website: www.kuyasilver.com
Reader Advisory
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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 step forward in Century’s development strategy. The company is advancing the relocation of its lithium extraction demonstration plant to Tonopah, Nevada, with commissioning expected in the second half of 2026. This facility previously operated in Amargosa Valley, where it successfully validated the company’s integrated process for producing battery-grade lithium carbonate from claystone. Current efforts include equipment transfer, construction of a new processing facility, and permitting activities, alongside planned metallurgical testing to further refine extraction efficiency and production methods.
The company’s process technology provides a notable competitive advantage. Century Lithium’s patent-pending chlor-alkali process utilizes salt-based reagents generated on-site, eliminating reliance on sulfuric acid and external supply chains. This design is particularly advantageous given the significant increase in global sulfur and sulfuric acid prices, allowing the company to maintain cost stability with the use of domestically available inputs such as sodium chloride and electricity while also enabling potential revenue from surplus by-products.
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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.
Two of the offshore energy sector’s most recognized names are joining forces. Helix Energy Solutions Group (NYSE: HLX) and Hornbeck Offshore Services have announced a definitive all-stock merger agreement that will create one of the most comprehensive integrated deepwater services companies in the world — and the timing couldn’t be more calculated.
Under the terms of the deal, Hornbeck shareholders will own approximately 55% of the combined company while Helix shareholders retain roughly 45% on a fully diluted basis. The newly formed entity will operate under the Hornbeck Offshore Services name and trade on the New York Stock Exchange under the ticker symbol “HOS.” Todd Hornbeck, currently Chairman, President and CEO of Hornbeck, will lead the combined company, with William Transier serving as Chairman of a seven-member board comprised of three Helix directors and four from Hornbeck.
Why This Deal Makes Strategic Sense
This isn’t a merger of desperation — it’s a merger of expansion. Helix brings deep subsea expertise, well intervention capabilities, and a global robotics fleet with operations spanning the Gulf of America, Brazil, North Sea, West Africa and Asia Pacific. Hornbeck contributes a fleet of technologically advanced, high-specification offshore support vessels with a strong concentration in the Americas, including Brazil and Mexico, along with meaningful exposure to U.S. government and offshore wind contracts.
Together, the combined company covers the entire life cycle of deepwater field operations — from installation and production enhancement to decommissioning — across energy, defense and renewables. That kind of end-to-end service coverage significantly reduces the cyclicality risk that has historically plagued pure-play offshore services companies.
The Numbers Behind the Deal
The transaction is expected to generate $75 million or more in annual revenue and cost synergies within three years of closing. Those synergies will come from integrated service offerings, expanded customer reach and fleet optimization that reduces reliance on expensive third-party vessel charters.
The combined backlog currently stands at approximately $2 billion — split evenly between the two companies — with $1 billion tied to long-term contracts in Hornbeck’s military and specialty vessel segments. That backlog provides meaningful near-term revenue visibility as the integration unfolds.
Helix also reported Q1 2026 revenue of $287.95 million, beating analyst estimates by roughly $24 million, and reiterated full-year 2026 guidance of $1.2 billion to $1.4 billion in revenue with EBITDA projected between $230 million and $290 million. The company closed Q1 with $501 million in cash and just $10 million in funded debt — a balance sheet position that gives the combined entity significant flexibility for organic growth or further M&A post-close.
What to Watch
The merger requires Helix shareholder approval and customary regulatory sign-offs, with closing expected in the second half of 2026. Notably, Ares Management funds, representing a significant portion of Hornbeck’s ownership, have already delivered written consent approving the transaction — removing one of the more common deal-risk variables upfront.
For investors tracking the small and midcap offshore services space, this deal reshapes the competitive landscape. The combined HOS will be a scaled, diversified operator in a sector where scale increasingly determines who wins long-term contracts and who gets squeezed out.
The deepwater services consolidation wave continues — and this merger puts the new Hornbeck Offshore squarely at its center.
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 operational start in 2026. Kuya Silver’s first-quarter 2026 results represented a clear inflection point in the ramp-up of its Bethania Silver Project, with record production of 3,076 tonnes and throughput of 100 tonnes per day achieved at the end of March and into early April 2026. Increased mining volumes, along with continued underground development, suggest the operation is scaling efficiently with the buildout of infrastructure needed to support future growth.
Meaningful improvement in grades and recovery rates. Higher grades and improved recovery rates supported a revenue profile heavily weighted to silver, while the planned acquisition of the Camila plant is expected to enhance processing control and efficiency. A cash position of approximately $27 million further strengthens the company’s ability to fund ongoing growth initiatives.
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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.
Exits Q1 with 100 Metric Tonnes Per Day Production and Confirms Plan to Achieve 350 Metric Tonnes Per Day by the End of 2026
Kuya Silver to Report Q4/Year End Financial Results Prior to Market Open on Friday, April 24 and Hold a Conference Call Webinar on April 28, 2026 to Update Investors
All references to dollar amounts are references to U.S. Dollars, unless otherwise stated
Toronto, Ontario–(Newsfile Corp. – April 22, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “Kuya Silver“) is pleased to report record quarterly production and provide an operational update for the first quarter of 2026 at the Bethania silver project, which delivered record daily and quarterly production rates as the ramp-up continued to track higher during the three month period. In light of the significant progress to date, the Company continues to expect the completion of its Phase 1 ramp-up, achieving 350 metric tonnes per day (“tpd“) production, by the end of the year.
Operational Highlights
3,076 metric tonnes of mineralized material mined at Bethania, a significant improvement over Q4 2025
Milestone 100 tonne per day (tpd) throughput achieved at the end of March and early April, 2026
Continued strong underground development with record 398 meters advanced and 1,967 metric tonnes of development material moved to continue expansion of underground mining operations
91% of record quarterly revenue from Bethania came from silver in the quarter with an average selling price of $82/oz.
Announcement of fully funded letter of intent to acquire the Camila plant to improve silver recoveries and operational control of material processing
Cash position at the end of Q1 2026 of approximately $27 million
Kuya Silver On Track To Achieve 350 tpd Production Rate At Bethania By The End of 2026
Given the successful mine development to date, and strong financial position, Kuya Silver expects to complete its Phase 1 ramp-up at the Bethania silver project by the end of this year. The Company plans to keep the market informed of the progress and will continue to provide details on the production growth on a timely basis.
Christian Aramayo, Kuya Silver’s Chief Operating Officer commented, “Another pivotal quarter for Kuya Silver. We achieved 100 tpd in March and have sustained it into April — a clear proof point in our ramp-up. With continued investment in development, we have direct line-of-sight to completing Phase 1 at 350 tpd by year-end. Beyond that, integrating the Camila Plant gives us full operational control over processing, while our expanded drilling program continues to unlock district-scale upside. Bethania is not just ramping up — it represents a clear growth platform with potential upside from production, exploration, and operational efficiency.”
Mining Operations Continue To Improve In Q1 2026
Production of mineralized material at the Bethania Project totalled 3,076 metric tonnes, another quarterly record as production continues to steadily ramp up. Developing activities focused on driving drifts and a crosscut to access more mineralization material achieving 398 m of development. Importantly, Kuya Silver achieved a 100 tpd production rate at the end of March 2026 and this has been largely sustained in April. Modest increases in daily throughput are expected in Q2 and Q3 of 2026, with a more significant increase anticipated once the new 4.5 m x 4.5 m ramp has been deepened to the 640 level production level by Q4.
Grades improved to 7.53 oz/t during Q1 2026 even as development material — typically lower grade — contributed to throughput. Grades are expected to increase as the mine reaches a steady-state of production later this year and in the meantime grades will reflect a blend of ongoing development and run-of-mine stoping . Silver recoveries improved to 79.2% in Q1 2026 from 73.3% in Q4 2025, due to higher grade being processed during the quarter and a reduction of the lower-grade oxidized material (from historical stockpiles) processed in Q4 2025. Kuya Silver has previously achieved 90+% silver recoveries on specific mineralized batches, reflecting not only higher head grades but also favorable metallurgical composition and tighter moisture controls in the processing circuit. Leveraging that recent experience, the Company has implemented targeted adjustments to the Camila Plant’s operating parameters – including semi real-time monitoring of feed characteristics and moisture levels. Early results in April 2026 are encouraging, and management expects recoveries to continue improving as silver grades increase and operational refinements take full effect.
David Stein, Kuya Silver’s President and CEO remarked, “The first quarter of 2026 marked an important achievement with our ramp-up process, with the mine producing 100 tpd in March and sustaining that rate into April. While there is still significant underground development planned for the remainder of 2026 this new level of production, combined with our strong cash position, significantly improves the Company’s financial flexibility to continue growing silver production and aggressively exploring our now-5,600 ha land package in the Bethania district of Peru.”
Table 1: Production highlights from the Bethania silver mine
(1)prices for silver equivalent calculations use period ending spot prices and are as follows: Mar. 31 2026 silver $74./oz, lead $1,909/tonne, zinc$ 3,230/tonne Dec. 30, 2025 silver $70.13/oz, gold $4,326/oz, lead $2,005/tonne, zinc$ 3,122/tonne Mar. 31, 2025 period; silver $34.46/oz, gold $3122.80/oz, lead $2002/tonne, zinc $2829/tonne, and Dec. 31, 2024 period; silver $28.90/oz, gold $2606.72/oz, lead $1921.50/tonne, zinc $2974/tonne. (2)includes only payable recovery i.e. lead in the silver- lead concentrate and zinc in the zinc concentrate and silver in both concentrates. (3)may include provisional settlements at the end of the period, net of treatment and refining costs.
Camila Plant Acquisition Update
Kuya Silver continues to progress with due diligence and definitive documentation with regards to the Camila Plant acquisition announced on January 27, 2026 and expects to complete the transaction in due course.
Upcoming Conference Call Webinar
Kuya Silver will host a conference call webinar taking place on Tuesday, April 28th at 3 pm ET / 12 pm PT. The Company plans to cover the Q1 2026 production progress and 2025 year end financial reporting. A live Q&A will follow the presentation.
Quality assurance and quality control include two sampling procedures. Underground vein material from stopes are sampled to confirm vein grades and to reconcile against the mine model; and sampling of freshly mined material in stockpiles to determine dilution and the head grade that is sent to the processing plant.
Underground vein sampling was conducted systematically every 4 meters along the galleries. This involved excavating a narrow and continuous channel either parallel to the vein or perpendicular to its orientation. The entire volume of material excavated from the channel was collected as a sample.
Freshly mined material in the stockpiles and concentrate stockpiles were sampled using trenching, a method involving the excavation of narrow trenches perpendicular to the major axis of the pile. Trenches were systematically dug at regular intervals across all depths of the pile. The location of each trench was referenced to a topographic control point and recorded in the sampling log.
All material was carefully collected on plastic sheets, then pulverized at the mine site. The pulverized material was quartered, and one quarter was labeled and secured in vinyl sample bags. The samples were then transported to Dmtri I. Mendelejeff laboratory in Huancayo for processing using fire assay followed by atomic absorption spectroscopy (AAS).
All concentrate assay results are cross-checked against independent analyses conducted by the buyer. Furthermore, sample security protocols include sealed trucks for transporting run-of-mine (ROM) material and concentrate trucks with tamper-proof devices with safety seals, and a documented custody chain overseen by the mine superintendent (Bethania).
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Kevin J. O’Connell, P.E., Independent Technical Advisor to of Kuya Silver and a Qualified Person as defined by National Instrument 43-101.
About Kuya Silver Corporation
Kuya Silver is a Canadian‐based, growth-oriented mining company with a focus on silver. Kuya Silver operates the Bethania silver mine in Peru, while developing district-scale silver projects in mining-friendly jurisdictions including Peru and Canada.
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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 Metallurgical Progress. Resolution has advanced metallurgical work at its Antimony Ridge project in Idaho, successfully producing a high-purity antimony trioxide intermediate (99.38% Sb2O3) from stibnite using conventional pyrometallurgical processing. Test work across pyrometallurgy, hydrometallurgy, and ore concentration continues to advance, with further results expected in the near term. The project is supported by high-grade antimony mineralization, consistently exceeding 30% and reaching up to 50%, underscoring its development potential as a domestic source of critical minerals.
Strategic U.S. Processing Opportunity. Resolution is also advancing a strategic plan to establish a U.S.-based antimony processing hub in Idaho, addressing the current lack of modern domestic processing capacity. By leveraging existing infrastructure at the Johnson Creek Mill site, Resolution aims to fast-track development of an integrated “mine-to-product” solution, strengthening supply chains for critical minerals essential to U.S. defense and industrial sectors.
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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.
USA Rare Earth (Nasdaq: USAR) announced this morning a definitive agreement to acquire 100% of Serra Verde Group — owner of the Pela Ema rare earth mine and processing plant in Goiás, Brazil — in a transaction valued at approximately $2.8 billion. The deal is structured as $300 million in cash plus 126.849 million newly issued shares of USAR common stock, based on the company’s April 17 closing price of $19.95.
The acquisition is expected to close in the third quarter of 2026, pending regulatory approvals and customary closing conditions.
This is not a routine tuck-in. It is one of the most strategically significant critical minerals transactions to emerge from the Western world in years — and the timing is deliberate.
Serra Verde’s Pela Ema operation holds a distinction that very few assets in the world can claim: it is the only scaled producer outside of Asia capable of supplying all four magnetic rare earth elements — Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy), and Terbium (Tb) — at meaningful commercial volumes. These are the materials that go into permanent magnets, which in turn power electric vehicle motors, wind turbines, defense systems, and advanced electronics. China currently controls the overwhelming majority of global rare earth production and processing. Serra Verde represents a direct challenge to that dominance.
The operation is fully permitted and entered production in 2024 after more than $1.1 billion in capital investment. At Phase 1 nameplate capacity — expected to be reached by the end of 2027 — the mine is projected to produce approximately 6,400 metric tons of total rare earth oxide per year and generate annualized EBITDA of $550 to $650 million. The combined company is targeting approximately $1.8 billion in EBITDA by 2030.
The financial structure of this deal is notable beyond the headline price. Serra Verde has already secured a $565 million financing package from the U.S. International Development Finance Corporation to fund optimization and expansion through to positive cash flow. It has also locked in a 15-year, 100% offtake agreement with a special purpose vehicle capitalized by various U.S. government agencies and private capital sources — with guaranteed minimum floor prices for each of the four magnetic rare earths. That government-backed revenue floor substantially de-risks the asset and signals how seriously Washington views rare earth supply chain security as a national priority.
By end of 2027, Serra Verde’s output is expected to represent more than 50% of total non-China heavy rare earth supply globally — a figure that underscores just how critical this asset is to Western supply chain independence.
For USAR, the transaction adds Serra Verde leadership to its board, including Chairman Sir Mick Davis and CEO Thras Moraitis, who will also become President of the combined company. Pro-forma liquidity for the combined entity stands at approximately $3.2 billion.
Moelis & Company acted as exclusive financial advisor to USA Rare Earth. Goldman Sachs advised Serra Verde.
For small-cap investors tracking the critical minerals space, this is the deal that has been anticipated for years — and it closed on one of the most strategically defensible assets available outside of China.
