Category: Natural Resources

Why Critical Minerals Could Be the Next Big Frontier for Small-Cap Investors

Posted on by slightbourne@noblecapitalmarkets.com

The global shift toward electrification is accelerating, and with it comes a renewed focus on the minerals that make modern energy and technology possible. Lithium, nickel, graphite, phosphate, rare earths, and other essential materials are the backbone of batteries, solar panels, electric vehicles, and grid-scale storage. As nations push to secure supply chains and reduce dependence on foreign imports, the critical minerals sector is becoming one of the most strategically important areas in global markets. For small-cap investors, this creates a compelling landscape of early-stage opportunities.

Large producers tend to dominate the headlines, but the real innovation and discovery often originate in the junior and small-cap space. These companies take on the high-risk, early exploration work that can eventually create meaningful supply for downstream industries. While these stocks can be volatile, they also offer leverage to rising demand and tightening supply conditions that can dramatically reprice assets once the market recognizes their potential.

One example of this emerging potential can be seen in the phosphate segment. Phosphate is best known for its role in agriculture, but it is increasingly valuable as a component in lithium iron phosphate (LFP) batteries. This chemistry has become a preferred option for EV manufacturers and grid-storage systems due to its safety profile, long cycle life, and lower cost. As LFP adoption expands, the need for battery-grade phosphate grows alongside it.

Emerging growth companies such as First Phosphate have positioned themselves within this shift. While still small-cap in size, the focus on high-purity phosphate projects in geopolitically stable regions aligns with what major battery and automotive manufacturers are now seeking: secure, traceable, and environmentally responsible supply. These are qualities that the North American market in particular is trying to build as part of a broader strategy to reduce reliance on overseas sources.

Click here to watch First Phosphate’s corporate presentation at NobleCon21.

Beyond phosphate, other critical minerals are facing similar supply-demand pressures. Graphite remains essential for battery anodes, yet most production is concentrated in a single country. Rare earth elements are required for EV motors and wind turbines, but refining capacity is limited and slow to build. Nickel and manganese face challenges tied to environmental impacts and inconsistent global supply. In each of these segments, small-cap exploration and development companies are working to advance projects that could eventually scale into meaningful contributors to the supply chain.

For investors willing to put in the research, the small-cap critical minerals sector offers exposure to themes that are likely to play out over decades. Governments are investing heavily in domestic mineral strategies, electrification continues to expand worldwide, and technology companies are demanding reliable inputs to meet their production goals. These forces create a long runway for companies that can deliver high-purity materials at competitive costs.

Small-cap investing in this space still requires discipline. Projects take time to develop, capital needs can be significant, and not every discovery becomes a mine. But for investors looking for early entry points into the minerals reshaping the global energy landscape, this sector provides a combination of macro tailwinds and company-specific catalysts that can create real opportunity when approached carefully.

Release – Aurania Secures New Exploration Licenses in Brittany, France

Posted on by aweinsoff@channelchek.com

Research News and Market Data on AUIAF

December 10, 2025 6:32 AM EST | Source: Aurania Resources Ltd.

Toronto, Ontario–(Newsfile Corp. – December 10, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) is pleased to announce it has been granted three new exploration licenses for polymetallic metals including gold, in the Brittany Peninsula of northwestern France through a wholly-owned French subsidiary of the Company.

President and CEO, Dr. Keith Barron commented, “The French government’s decision to grant us these permits is an excellent opportunity for Brittany and the Pays de la Loire to gain a deeper understanding of their subsurface resources and for France to find new sources of metals to secure the country’s supplies through exploration to be conducted by Company. It also marks a new opportunity for Aurania in a jurisdiction where institutional stability and high-quality infrastructure make exploration safe and more efficient than other areas in the world. The initial mining inventory studies conducted by the French Geological Survey (BRGM) confirmed the presence of gold associated with strategic metals over more than 150 km along the shear zone, and in some cases at exceptional grades. This demonstrates the strength of the hydrothermal activity that occurred in the region.”

Aurania announced the filing of an exploration permit named Epona back in 2023 (see press release dated July 24, 2023). Subsequently, in October 2023, the Company submitted two additional applications, Taranis and Bélénos, covering areas of 359.5 km² and 440.9 km² respectively. These areas are located in southern Brittany and northern Pays de la Loire in France (see map in Figure 1 below).

Since antiquity, Brittany has been an important producer of metals in Europe – supplying tin and gold to the Roman Empire, then base metals and silver during the Middle Ages, and later tin, antimony, and uranium during the Industrial Revolution. Despite this long history, no exploration has been conducted in the region since the 1980s, leaving its significant potential largely unexplored. With more than four decades of advances in exploration technologies, the application of modern exploration techniques potentially positions the Brittany Peninsula as a highly prospective area that can be considered a greenfield district.

The purpose of these permits is to explore the South Armorican Shear Zone, a major crustal fault where mineralization of antimony, tungsten, tin, zinc, and copper – accompanied by gold – and other metals have been deposited as indicated by the BRGM.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2477/277568_30acfbe12489a98a_001.jpg

Figure 1: Location of Aurania’s permits in France.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2477/277568_30acfbe12489a98a_001full.jpg

Potential for polymetallic strategic metals

With geology comparable to the Iberian Peninsula, the Bohemian Massif, Newfoundland and other Variscan terranes, the Armorican Massif stands out as a possible candidate to help meet Europe’s growing demand for strategic metals in a market environment largely dominated by China. The European Union launched the European Critical Raw Materials Act, a plan that aims to secure 10% of its metal supply from within Europe by 2030. Support for the mining industry was first expressed by the French government in 2022 after receiving the Varin Report and was later reinforced through the launch of a new national mineral inventory1. The areas selected by Aurania align with this plan, and show strong potential for strategic metals such as antimony, tungsten, and tin, as well as zinc and silver, with by-products of indium (see Figure 2).1

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2477/277568_30acfbe12489a98a_002.jpg

Figure 2: Geology of the permit areas and main commodities.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2477/277568_30acfbe12489a98a_002full.jpg

Potential for gold

An advantage of the Armorican Massif is its potential richness in gold associated with the aforementioned metals, which enhances the likelihood of an economic discovery. In this respect, the area can be compared to the district currently being explored by New Found Gold in Newfoundland, Canada, where a similar dispersion of gold is observed along a shear zone within a comparable Cambrian to Ordovician geological environment.

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Figure 3: Comparison on the same scale between the geology and gold showings at the Queensway permit (New Found Gold) located in Canada and the area of Aurania’s permits in France (modified from the map published in the 43-101 report, January 2023 Exploration Update: New Found Gold Corp.’s Queensway Gold Project, NL, Figure 7.17).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2477/277568_30acfbe12489a98a_003full.jpg

Next steps

Aurania will proceed with stakeholder engagement, including outreach and dialogue with local landowners, while advancing preparations for an airborne geophysical survey and subsequent field activities.

Qualified Person

The geological information contained in this news release has been verified 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 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.

Information on Aurania and technical reports are available at www.aurania.com and www.sedarplus.ca, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

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 that the Company’s exploration activities may be an excellent opportunity for Brittany and the Pays de la Loire to gain a deeper understanding of their subsurface resources, the purpose of obtaining the permits being to explore the South Armorican Shear Zone, that the Armorican Massif stands out as a possible candidate to help meet Europe’s growing demand for strategic metals, that an advantage of the Armorican Massif is its potential richness in gold associated with the aforementioned metals, which enhances the likelihood of an economic discovery, the Company’s next steps with respect to the permits and exploration activities conducted thereof, 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 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.

1 In September 2023, President Emmanuel Macron announced the launch of a major update to France’s national mineral inventory, known as the Inventaire des Ressources Minérales (IRM). This initiative was designed to identify subsurface areas with potential mineral resources, reduce import dependence, and support re-industrialization efforts. The inventory is being led by the French Geological Survey (BRGM) and aligns with the EU’s Critical Raw Materials Act. https://www.brgm.fr/en/news/feature-article/mineral-resources-inventory-answers-questions-faq

info

SOURCE: Aurania Resources Ltd.

Nicola Mining Inc. (HUSIF) – Sustaining Momentum

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, December 10, 2025

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

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

2025 Milestones. At New Craigmont, Nicola recently completed a drilling program with assay results pending. At the Merritt Mill, Nicola transitioned from toll milling to long-term precious metals production supported by multiple sources of feed. A multi-year exploration permit and a 10-year mine lease extension further support renewed exploration and the potential reopening of the Treasure Mountain Silver Project. Nicola also secured two key permits for its wholly owned gravel pit and completed construction of its ready-mix cement plant, positioning the company to generate additional revenues to support operations. Finally, Nicola completed the mine development required for a 10,000-tonne bulk sample at the Dominion Creek Gold Project, with a restart planned for July 2026. 

What’s Next? 2026 value drivers include: (1) operating the Merritt Mill at full capacity, (2) continued drilling at New Craigmont to vector toward the core of a copper porphyry system, (3) initiating exploration and drilling at the Treasure Mountain Silver Project, and (4) processing high-grade ore from the Dominion Creek bulk sample. 


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Release – Comstock Metals Receives Recognition for Its Business Development From Economic Development Authority of Western Nevada (EDAWN) And Nevada’s Publicly Elected Officials

Posted on by aweinsoff@channelchek.com

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VIRGINIA CITY, NEVADA, December 9, 2025 — Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) and Comstock Metals LLC (“Comstock Metals”), a leader in the responsible recycling of end-of-life solar panels with the only certified, North American, zero-landfill solution, announced today that Comstock Metals has been recognized for exceptional growth, innovation, workforce excellence, and community partnerships that strengthen and diversify the regional economy.

“Comstock has historic and genuine roots in the communities of northern Nevada, and we are honored with EDAWN’s recognition of our continued commitment to innovation, growth and sustainability in the region,” stated Corrado De Gasperis, Comstock’s Executive Chairman and CEO. “Our team’s dedication to excellence, combined with our rapidly growing investments in the region’s workforce and community, reflects our longstanding belief in the tremendous potential of this area. This award affirms our mission to help build a sustainable and thriving future for northern Nevada.”

Comstock Metals was also honored to receive official recognition from U.S. Senator Catherine Cortez Masto, U.S. Senator Jacky Rosen, and Nevada Governor Joe Lombardo. Their acknowledgments celebrate Comstock Metals achievements, leadership, and ongoing commitment to the people and economy of northern Nevada. This recognition from the Nevada leadership further recognizes the positive impact of Comstock Metals’ continued investment, innovation, and public-private partnerships within all of the communities of northern Nevada.

“Comstock Metals has positioned itself in the absolute best Nevada locations, for serving the southwest region of the U.S., where tens and ultimately hundreds of millions of end-of-life solar panels will otherwise endanger our lands, water and community ecosystems,” stated Dr. Fortunato Villamagna, President of Comstock Metals. “Our solutions cleanly repurpose and reuse all of these materials and prevent these hazardous wastes from contaminating our communities.”

About Comstock Inc.

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

Comstock Social Media Policy

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

Contacts

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

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

Forward-Looking Statements 

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

Release – Bioleum Corporation Acquires Hexas Biomass Inc.

Posted on by aweinsoff@channelchek.com

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VIRGINIA CITY, NEVADA, December 8, 2025 – Comstock Inc. (NYSE American: LODE, the “Company”) today announced that one of its strategic investees, Bioleum Corporation (“Bioleum”), acquired Hexas Biomass Inc. (“Hexas”), a global leader in the development and deployment of purpose grown energy crops and biomaterials, including all of its intellectual properties and certain liabilities, in exchange for a purchase price of approximately $6.5 million comprised of approximately $3.5 million paid with 146,637 shares of Bioleum common stock at $24 per share, $500,000 in five annual cash payments of $100,000 each, commencing at closing, and $2.5 million of convertible debt, redeemable with cash payments payable from 5% of Hexas’ aggregate revenues or convertible into Bioleum common stock, also at a conversion  price of $24 per share.

Hexas has developed a portfolio of proprietary intellectual properties for the propagation, production, harvesting, and processing of purpose grown crops with proven annual yields exceeding 25 to 30 dry metric tons per acre, or about 4 to 7 times the yields of traditional forestry species. Hexas’ crops are specifically designed to thrive in diverse environments, including marginal and underutilized lands. These crops enhance agricultural ecosystem without disrupting or competing with food production.

The combination of Bioleum’s high yield refining platform and Hexas’ high yield purpose grown crops enables the production of over 100 barrels of biofuel per acre of biomass production per year. For comparison, producers of soy and corn only net about 2 and 10 barrels of biofuel per acre per year, respectively. The production of Hexas’ purpose grown crops transforms marginal agricultural lands into perpetual “drop-in sedimentary oilfields” with the potential to dramatically boost domestic energy independence and expand rural economies using regenerative agricultural practices.

“Hexas was founded to make the highest and best use of natural resources by providing industries with access to abundant, carbon negative, and ecologically positive feedstocks,” said Wendy Owens, Hexas’ founder and chief executive officer. “Bioleum’s acquisition will help us to execute on that vision by accelerating commercialization and global deployment of our technologies in biofuels and multiple other biobased applications. We are very excited to continue our established track record of bioproducts leadership as we join Bioleum’s integrated system and growing team.”

“Incorporating a proprietary low-cost feedstock model into our system provides unprecedented benefits for our refining solutions and targeted supply chain partners,” added Kevin Kreisler, Bioleum’s chief executive officer. “While our solutions are designed to process most known forms of lignocellulosic biomass, the Hexas technologies will allow us to enhance, supplement, and/or dramatically expand locally available biomass by “anchoring” each of our owned and licensed refineries with a dedicated, perpetual feedstock supply, ensuring the reliability, consistency, scale, and pricing needed to minimize risk and maximize profitability.”

The U.S. DOE has previously estimated that America can produce over of one billion tons per year of waste wood and other forms of biomass for conversion into transportation fuels. That’s enough to produce more than 3 billion barrels of fuel per year with Bioleum’s refining solutions, but much of this biomass is widely dispersed and subject to regulatory, collection, and other sources of regional variability. Converting just 40 million underutilized acres of non-food producing land into profitable purpose grown biomass farms with Hexas’ high yield crops could provide enough feedstock to double that output while decreasing variability and risk for new renewable fuel projects.

Kreisler concluded, “Our ambition is to build shareholder value by systemically empowering agricultural, forestry, pulp and paper, renewable fuels, petroleum, energy, and mobility stakeholders to license and deploy our solutions across their respective industries at speeds that are far greater than Bioleum, or any other company, could ever achieve on its own. We are laser focused on developing, deploying, and enabling that system, and we couldn’t be more excited to complete this transaction.”

As part of Bioleum’s system, Hexas will continue servicing customers worldwide in the energy, including biofuels, structural and non-structural products sectors by supplying XanoFiber™ (and other purpose grown biomass from its proprietary giant grasses) to them as a low-cost, drop-in ready, reliable supply of biomass. Owens will continue to run Hexas as its president.

About Hexas Biomass Inc.

Hexas Biomass Inc. is an award-winning biomaterials company focused on the production of low-cost, plant-based raw materials that replace wood, food crops for fuel, and fossil fuel-based raw materials in multiple applications. Hexas’ proprietary purpose grown biomass leaves trees standing, farmland for food not fuel, and fossil fuels in the ground. Learn more at www.hexas.com.

About Bioleum Corporation 

Bioleum Corporation develops and commercializes technologies that convert lignocellulosic biomass, such as purpose-grown crops and wood residues, into low-carbon fuels and refinery intermediates, including ethanol, SAF, renewable diesel, and gasoline. The company is advancing its first commercial facility in Oklahoma and operates pilot assets in Wisconsin, supported by partnerships spanning biomass supply, industrial integration, and research institutions. Learn more at www.bioleum.com.

About Comstock Inc.

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

To learn more about Comstock, please visit www.comstock.inc.

Comstock Social Media Policy

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

Contacts

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

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

Forward-Looking Statements 

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

Gold Royalty Corp. Expands Cash-Flowing Portfolio With $70 Million Pedra Branca Royalty Acquisition

Posted on by slightbourne@noblecapitalmarkets.com

Gold Royalty Corp. (NYSE American: GROY) has announced a transformative move in the royalty and streaming sector with its agreement to acquire a producing gold and copper royalty on Brazil’s Pedra Branca mine for $70 million in cash. Purchased from BlackRock World Mining Trust, the royalty provides immediate cash flow and deepens Gold Royalty’s exposure to two high-demand commodities—gold and copper.

For investors in the small- and micro-cap mining space, this acquisition highlights a broader trend: royalty companies are aggressively consolidating producing assets to secure predictable cash flows, diversify commodity exposure, and strengthen long-term valuations. While major mining companies dominate production, royalty firms offer smaller investors a unique, lower-risk gateway into commodity cycles—without the operational burdens of running mines.

A Material Boost to Revenue and Scale

The Pedra Branca royalty has already proven its value. In the 12 months ending June 30, 2025, the royalty generated approximately $7.9 million in payments, equivalent to roughly 2,800 gold equivalent ounces at average market prices. With gold trading near historic highs, Gold Royalty expects the asset to substantially increase its annual cash flow once the transaction closes.

Upon completion, Gold Royalty’s portfolio will expand to eight cash-flowing assets and more than 250 total royalties and streaming interests—a notable milestone for a company operating in the small-cap end of the market.

For investors, this means greater revenue stability and enhanced leverage to commodity prices, particularly as gold continues to maintain strength amid global geopolitical tensions and monetary policy uncertainty.

Strategic Exposure to Gold and Copper

The acquired royalty includes a 25% net smelter return (NSR) on gold and a 2% NSR on copper from both the Pedra Branca East and West deposits. This structure provides meaningful long-term upside, especially given copper’s accelerating role in electric vehicles, renewable power grids, and energy transition infrastructure.

This is particularly impactful for micro-cap investors looking for diversified commodity exposure without betting on early-stage exploration companies. Royalty companies like Gold Royalty provide balanced exposure to producing assets with potentially exponential upside tied to commodity cycles.

Pedra Branca: A High-Quality, Long-Life Asset

First brought into production in 2020 by OZ Minerals, Pedra Branca is an underground iron oxide copper gold deposit located in Pará, Brazil—a region known for world-class minerals, infrastructure, and established operators. BHP acquired the mine through its purchase of OZ Minerals in 2023, and later announced its sale to CoreX Holding BV, expected to close following standard regulatory approvals.

BHP’s June 2025 reporting outlined strong resource and reserve estimates, reinforcing Pedra Branca’s long-term production outlook. For Gold Royalty, this means stable, ongoing royalty income tied to a proven, expanding asset.

A Meaningful Signal for the Mining Royalty Space

For small- and micro-cap investors, this transaction reinforces a clear shift in the mining sector: royalty and streaming companies are becoming key players in securing low-risk exposure to commodity cycles.

As many smaller mining operators struggle with rising development and operational costs, royalty firms with strong balance sheets—like Gold Royalty—are in a prime position to acquire high-value producing royalties at attractive prices.

The Pedra Branca acquisition demonstrates Gold Royalty’s disciplined strategy, strengthening its cash flow base while delivering upside potential tied to gold and copper markets that continue to attract global investor interest.

Century Lithium Corp. (CYDVF) – A New Dimension to Angel Island

Posted on by slightbourne@noblecapitalmarkets.com


Friday, December 05, 2025

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

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

Recovery of rare earth elements (REE). Century recovered rare earth elements from leach solutions generated from its Angel Island Lithium Project. Initial testing indicated that high rare earth element recoveries may be achieved without impacting lithium recovery. Producing a secondary REE-rich product from the leach solution offers the potential to enhance Angel Island’s project economics, while fulfilling broader government and industry objectives of promoting a North American critical mineral supply chain to reduce dependence on China.

The process works. Leach solutions produced from Angel Island claystone contain dysprosium, gadolinium, neodymium, and praseodymium, along with higher concentrations of scandium, lanthanum, and cerium. Ion-exchange achieved greater than 97% recovery of the identified REEs and critical metals, without affecting the company’s core lithium recovery process and production of high-purity lithium carbonate.


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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. 

Century Lithium Achieves High Recovery Of Rare Earth And Critical Elements From Primary Leach Solutions

Posted on by slightbourne@noblecapitalmarkets.com

December 2, 2025 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (“Century Lithium” or “the Company”) is pleased to report positive results from its ongoing test work on the recovery of rare earth elements (“REEs”) from primary lithium leach solutions generated from its 100%-owned Angel Island lithium project in Nevada, USA. The initial testing indicates that high REE recoveries can be achieved without impacting lithium recovery in Century Lithium’s extraction process.

“The REE recovery results validate our belief that Century Lithium’s leach solutions offer meaningful secondary-value opportunities,” said Todd Fayram, Century Lithium’s Senior Vice President, Metallurgy. “Producing a secondary REE-rich product has the potential to strengthen Angel Island’s economics and align the Company with broader government and industry initiatives supporting secure North American critical-minerals supply chains.”

Century Lithium previously confirmed that the leach solutions produced from Angel Island claystone contain notable concentrations of REEs, including dysprosium, gadolinium, neodymium, and praseodymium, as well as higher concentrations of the critical metals scandium, lanthanum, and cerium. Cesium is also present.

Ion-exchange test work achieved greater than 97% recovery of the identified REEs and critical metals, excluding cesium, while maintaining complete selectivity against lithium. This selectivity is essential for downstream lithium recovery through the Company’s process flowsheet, which includes ultrafiltration, direct lithium extraction (“DLE”) and subsequent steps to produce high-purity lithium carbonate.

The Company’s metallurgical program at Angel Island continues to focus on the following: Optimizing ion-exchange performance and selectivity Advancing downstream processing flowsheets for REE concentration and refinement Evaluating market pathways for a commercial REE by-product Assessing the economic contribution of REEs to primary lithium production These results represent a significant technical milestone, demonstrating that REE extraction and recovery can be implemented without affecting the Company’s core lithium recovery process. Century Lithium believes these advancements position the Company to potentially supply both lithium and REEs to North American critical minerals markets, supporting supply-chain resilience and enhancing long-term project value for Angel Island

Release – Nicola Mining Commences Receipt Of Blue Lagoon Gold And Silver Millfeed

Posted on by aweinsoff@channelchek.com

December 1, 2025

News Releases

VANCOUVER, BC, December 1, 2025 – Nicola Mining Inc. (the “Company” or “Nicola”) (TSX: NIM) (OTCQB: HUSIF) (FSE: HLIA) is pleased to announce that Blue Lagoon Resources (CSE: BLLG) (“Blue Lagoon”) has commenced transporting high-grade gold and silver millfeed to Nicola’s mill, located near Merritt, British Columbia.  The Company had previously announced[1] that the two parties had entered into a long term partnership[2] and that Nicola, which is also a major Blue Lagoon shareholder, had committed to providing a non-dilutive $2.0 million line of credit to augment the latter’s balance sheet.

Nicola will provide further updates for its 2026 plans in a soon-to-be released Annual Letter to Shareholders, which will include operational insights into milling expansion, Treasure Mountain, Dominion Creek Gold Project and the New Craigmont Project.

Mr. Peter Espig, CEO of Nicola Mining Inc., commented: “We are extremely pleased to see Blue Lagoon achieve this significant milestone as it morphs Dome Mountain Gold Mine from a project to a producing mine.  The two also embrace a shared commitment to sustainability and environmental commitment, as highlighted by Blue Lagoon being the recipient of PDAC’s 2026 Sustainability Award[3].  Nicola’s ability to process materials from multiple sites throughout the Province of British Columbia, including its Treasure Mountain Silver Mine and Dominion Creek Gold Project, highlights our position as a project facilitator of gold and silver projects throughout the province.”

Qualified Person

Cameron Lilly, P. Eng., the Company’s Mill Manager, is the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and supervised the preparation of, and has reviewed and approved, the technical information in this release.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. It has signed Mining and Milling Profit Share Agreements with high grade gold projects.  In addition, it is reviewing the reopening of its Treasure Mountain Silver Mine and will commence production at its Dominion Creek Gold Project in 2026.

Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.

The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

On behalf of the Board of Directors

“Peter Espig”  
Peter Espig
CEO & Director

For additional information

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

[1] Nicola Mining News Release dated June 23, 2025

[2] Blue Lagoon’s News Release dated September 29, 2025:  Link

[3] News Release:  Link

Gold and Silver Surge as Crypto Selloff Fuels Flight to Safety

Posted on by slightbourne@noblecapitalmarkets.com

Gold and silver prices climbed sharply on Monday as investors sought out safer assets amid growing expectations of a Federal Reserve rate cut in December and rising concern over currency volatility triggered by a surging Japanese yen. The combination of shifting monetary policy, weakening crypto markets, and broader uncertainty across global assets helped propel precious metals to new milestones.

Gold futures pushed above $4,270 per troy ounce, extending the metal’s winning streak to a fourth consecutive month. The latest rally puts gold less than 2% away from its October all-time high of $4,336. With more than a 60% gain year-to-date, gold has vastly outperformed major stock indices like the S&P 500 and has moved ahead of bitcoin, which is now down roughly 9% for the year after Monday’s steep drop.

Silver’s performance has been even more dramatic. The metal briefly surged above $58 per ounce, marking a fresh nominal all-time high. While inflation-adjusted levels remain below the historic 1980 peak near $150, silver’s 100% year-to-date rise reflects strong investor demand, tightening supply, and heightened interest in smaller, more volatile precious metals markets. Many analysts now believe the metal could soon test the $60 level.

A major catalyst behind the rally is increasing confidence that the Federal Reserve may cut interest rates by at least 25 basis points at its upcoming meeting. Softer commentary from Fed officials in recent weeks has strengthened expectations for easing monetary policy, putting downward pressure on the US dollar. A weaker dollar typically supports precious metals, making them more attractive to international investors.

Lower rates also reduce the competitive appeal of yield-bearing assets such as Treasury bonds, prompting investors to reallocate funds into gold and silver, which historically perform better in easing cycles.

Another factor lifting metals on Monday was turbulence in the foreign exchange market. A surge in the Japanese yen raised concerns that investors who previously borrowed cheaply in yen to buy higher-yielding US assets might unwind those positions. Such a shift can destabilize broader markets, driving traders into defensive holdings like bullion.

Meanwhile, cryptocurrency markets saw a sharp pullback, adding momentum to the metals rally. Bitcoin’s decline contributed to a broader move out of speculative digital assets and into traditional safe havens.

While gold attracts the most attention, other precious metals have also benefited from tightening market conditions. Platinum is up more than 85% this year, and palladium has gained over 65%, reflecting their smaller market sizes and heightened sensitivity to supply constraints.

Looking ahead, major banks are projecting further upside for bullion. Goldman Sachs expects gold to approach $4,900 by the end of next year, while UBS recently raised its mid-2026 target to $4,500 per ounce, citing strong demand for portfolio diversification and ongoing geopolitical uncertainty.

As investors continue to navigate a landscape marked by shifting monetary policy, currency disruptions, and volatile risk assets, gold and silver appear well positioned to remain key beneficiaries of the global flight to safety.

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

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 01, 2025

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

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

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

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


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

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

Posted on by slightbourne@noblecapitalmarkets.com


Monday, December 01, 2025

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

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

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

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


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

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

Posted on by slightbourne@noblecapitalmarkets.com


Friday, November 28, 2025

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

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

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

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


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

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

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