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.
Maiden resource establishes Lion as a high-grade polymetallic deposit. Power Metallic’s inaugural maiden resource estimate (MRE) defined approximately 4.75 million tonnes at roughly 3.9% copper equivalent (CuEq), containing approximately 406 million pounds of CuEq, with more than 85% of the resource classified as Indicated. Importantly, mineralization begins at the surface, with approximately 59% of the current tonnage contained within the conceptual open pit resource, and the underground Indicated resource grading 4.71% CuEq.
Strong metallurgy and favorable infrastructure. Locked-cycle testing achieved copper recoveries above 98% while producing concentrates grading more than 25% copper, alongside strong recoveries for palladium, platinum, gold, and silver. The Lion Zone’s near-surface mineralization and proximity to all-season roads and major Hydro-Québec power infrastructure could support a relatively efficient development scenario, potentially beginning with an open pit before transitioning underground. Power Metallic is now preparing for a preliminary economic assessment (PEA), expected to be released in December 2026, that may include integration of the Nisk resource.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Drilling has commenced at Thor’s Valley. Aurania has commenced a six-hole, approximately 770-meter diamond drilling program at the Thor’s Valley gold project in Iceland. The program is expected to take about one month. Five holes will twin historical holes to validate previously reported high-grade intercepts using modern drilling and standards, while a sixth will test a new target associated with surface rock chip boulders grading up to 102 grams per tonne (g/t) gold.
Thor’s Valley has a history of high-grade gold. Historical mining between 1911 and 1924 identified a productive vein approximately one meter wide and at least one kilometer long, with grades ranging from 11 g/t to 315 g/t gold. More recent exploration has reinforced the project’s high-grade characteristics, with 32 holes drilled in 2005 and 2006 returning results of up to 415.4 g/t gold, and another 11 holes completed in 2020 returning grades of up to 113 g/t gold.
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.
~406Mlb contained CuEq | ~3.9% CuEq | >85% Indicated | Starts at surface |~59% of tonnes within open-pit resource | >98% Cu recovery | 25%+ Cu concentrate | MRE cut-off April 19| 5 rigs active| Post cut-off deep drilling not included | Assays expected by end of September
TORONTO, Sept. 8, 2026 — Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce an updated Mineral Resource Estimate (“MRE”) for its Nisk Project (Power Metallic 80% / Critical Elements Lithium Corp. 20%) in the Eeyou Istchee James Bay territory of Québec, including the inaugural mineral resource for the Lion Zone and an updated mineral resource for the Nisk Main deposit. The MRE was prepared by SGS Canada Inc. (“SGS”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014), has an effective date of June 19, 2026, and incorporates drilling completed to April 19, 2026.
Power Metallic has declared the inaugural Mineral Resource Estimate for the Lion Zone, a high-grade, copper-dominant polymetallic deposit discovered in 2023 at the Nisk property. Over 85% of the initial Lion resource is classified as Indicated, while mineralisation remains open for expansion.
Locked-cycle testing completed by SGS Canada of representative mineralization from Lion has returned copper recoveries above 98% across all composite samples tested, producing concentrates grading over 25% Cu, with high recoveries also reported for gold, palladium, platinum and silver.
The Company is currently assessing proposals from engineering firms to complete a Preliminary Economic Assessment (“PEA”) evaluating the development potential of Lion including the integration of the Nisk resource.
Ongoing resource expansion drilling with 5 active rigs is targeting extensions at depth and along strike with assays from the summer 2026 program expected starting in September 2026.
The updated MRE also restates the existing Nisk nickel-copper resource, which will be assessed alongside Lion as part of the broader PEA development strategy.
Mineral Resource Statement
2026 Lion Deposit Mineral Resource Estimate at a cut-off grade of 0.35% CuEq for the open pit MRE and 0.90% CuEq for the underground MRE, June 19, 2026.
Mining Method
Resource Class
Tonnes
Grade
Ni (%)
Cu (%)
Co (%)
Pt (g/t)
Pd (g/t)
Au (g/t)
Ag (g/t)
NiEq (%)
CuEq (%)
Open Pit
Indicated
2,782,000
0.08
1.47
0.004
0.84
2.35
0.42
11.65
2.07
3.45
Inferred
100,000
0.07
1.09
0.004
0.43
1.31
0.31
9.63
1.41
2.36
Underground
Indicated
1,363,000
0.13
2.10
0.007
0.87
3.15
0.62
13.35
2.83
4.71
Inferred
501,000
0.14
1.99
0.007
0.62
3.17
0.43
13.04
2.60
4.34
Mining Method
Resource Class
Tonnes
Contained Metal
Ni (Mlb)
Cu (Mlb)
Co (Mlb)
Pt (oz)
Pd (oz)
Au (oz)
Ag (oz)
NiEq (Mlb)
CuEq (Mlb)
Open Pit
Indicated
2,782,000
5.01
90.04
0.22
76,000
210,000
37,000
1,042,000
126.74
211.24
Inferred
100,000
0.16
2.41
0.01
1,000
4,000
1,000
31,000
3.12
5.19
Underground
Indicated
1,363,000
3.98
63.03
0.21
38,000
138,000
27,000
585,000
84.94
141.57
Inferred
501,000
1.51
22.02
0.08
10,000
51,000
7,000
210,000
28.77
47.95
Figure 1 – Lion zone block model overlain 3D inversion of airborne magnetic high – holes marked by Vertical Depth (VD)
2026 Nisk Deposit Mineral Resource Estimate at a cut-off grade of 0.30% NiEq for the open pit MRE and 0.80% NiEq for the underground MRE, June 19, 2026.
Mining Method
Resource Class
Tonnes
Grade
Ni (%)
Cu (%)
Co (%)
Pt (g/t)
Pd (g/t)
Au (g/t)
Ag (g/t)
NiEq (%) *
CuEq (%) *
Open Pit
Indicated
607,000
0.60
0.35
0.039
0.08
0.49
0.03
2.19
1.01
1.68
Inferred
210,000
0.54
0.22
0.035
0.07
0.48
0.03
2.04
0.86
1.44
Underground
Indicated
2,096,000
0.96
0.53
0.061
0.21
0.91
0.04
2.00
1.65
2.75
Inferred
1,806,000
0.98
0.57
0.063
0.26
1.05
0.03
1.57
1.73
2.89
Mining Method
Resource Class
Tonnes
Contained Metal
Ni (Mlb)
Cu (Mlb)
Co (Mlb)
Pt (oz)
Pd (oz)
Au (oz)
Ag (oz)
NiEq (Mlb) *
CuEq (Mlb) *
Open Pit
Indicated
607,000
7.99
4.66
0.53
2,000
10,000
1,000
43,000
13.49
22.47
Inferred
210,000
2.50
1.03
0.16
500
3,000
200
14,000
3.99
6.66
Underground
Indicated
2,096,000
44.44
24.52
2.83
14,000
61,000
3,000
135,000
76.13
126.89
Inferred
1,806,000
39.17
22.53
2.50
15,000
61,000
2,000
91,000
69.06
115.09
* Exclusive of Au and Ag
Figure 2 – Nisk zone block model overlain 3D inversion of airborne magnetic high
(1)
The effective date of the Nisk Project MRE, including the Nisk and Lion deposits, is June 19, 2026.
(2)
Marc-Antoine Laporte, M.Sc., P.Geo. of SGS is responsible for the Nisk and Lion Mineral Resource Estimates and is an independent Qualified Person as defined by NI 43-101.
(3)
The classification of the current MRE into Indicated and Inferred mineral resources is consistent with current 2014 CIM Definition Standards – For Mineral Resources and Mineral Reserves.
(4)
All figures are rounded to reflect the relative accuracy of the estimateand numbers may not add due to rounding.
(5)
The mineral resource is presented undiluted and in situ, constrained by a 3D grade control resource model, and is considered to have reasonable prospects for eventual economic extraction. The mineral resource is exclusive of mined out material.
(6)
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
(7)
The Mineral Resource Estimates for Nisk and Lion are based on a validated surface diamond drill hole database, and 3D resource models constructed in Leapfrog Geo 2026.1.2. Grades for Ni, Cu, Co, Pt, Pd, Ag and Au are estimated for each mineral resource domain using 0.75 m (Nisk) and 1.0 m (Lion) capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains.
(8)
Based on the location, surface exposure, size, shape, general true thickness, and orientation, it is envisioned that parts of the Nisk and Lion deposits may be mined using open-pit mining methods. In-pit mineral resources are reported at a base case cut-off grade of 0.3% NiEq for Nisk and 0.35% CuEq for Lion. The in-pit resource grade blocks are quantified above the base case cut-off grade, above the constraining pit shell, below topography and overburden and within the constraining mineralized domains (the constraining volumes).
(9)
Based on the size, shape, general true thickness, and orientation, it is envisioned that parts of the Lion and Nisk deposits may be mined using underground mining methods. Underground mineral resources are reported at a base case cut-off grade of 0.8% NiEq for Nisk and 0.9% CuEq for Lion. The mineral resource grade blocks are quantified above the base case cut-off grade, below surface/pit surface and within the constraining resource models (considered mineable shapes). Based on the size, shape, general thickness, and orientation of the mineralized structures, it is envisioned that the deposits may be mined using a combination of underground mining methods including sub-level stoping (SLS) and/or cut and fill (CAF) mining.
(10)
The in-pit and underground base case cut-off grades consider metal prices of $8.00/lb Ni, $4.80/lb Cu, $15.00/lb Co, $1,400/oz Pt, $1,200/oz Pd, $3,600/oz Au and $38/oz for Ag. Base case cut-off grades consider an open-pit mining cost of $2.80/t, an underground mining cost of $70/t, a processing cost, including treatment and refining and transportation of $30/t mineralized material, and G&A cost of US$4.00/t open pit and $8.50/t underground mineralized material.
(11)
The in-pit and underground base case cut-off grades consider metal recoveries, of 70% for Ni, 44% for Cu, 79% for Co, 27% for Pt and 67% for Pd for Nisk (Au and Ag is not considered); 63% for Ni, 98.5% for Cu, 70% for Co, 90% for Pt, 92% for Pd, 84% for Au and 82 % for Ag for Lion.
(12)
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Terry Lynch, CEO of Power Metallic, commented: ” This inaugural Lion resource confirms what the drilling has been telling us: Lion is a high-grade polymetallic deposit. Approximately 4.75 million tonnes grading close to 4% CuEq has been defined, containing approximately 406 million pounds of CuEq, with more than 85% of the resource already in the Indicated category. Importantly, high-grade mineralisation begins at surface, and the deposit remains open at depth. We believe the quality of Lion has been demonstrated. Now our focus is on demonstrating its scale.
The Federal and Québec governments have put a number of incentive programs in place for critical-minerals projects, and we believe the Company may qualify for several of them. Combining these potential incentives with the high-grade mineralisation from surface and our location next to existing road and major power infrastructure, Lion has the potential to be developed with a relatively modest initial footprint and capital requirement.
From here, the exploration question is how deep Lion goes and where the nickel went. Lion carries the copper and precious metals that come out of a magmatic sulphide system last; the nickel-rich sulphide that comes out first should be somewhere in the system, and we have not found it yet. The summer program has been aimed at the down-dip extension of the shoot, with some holes targeting hundreds of metres below the current resource. Assays on Lion Deep are expected by the end of September”
Joe Campbell, VP Exploration of Power Metallic, added: “Lion is a textbook fractionated copper- and precious-metal-rich shoot within a magmatic sulphide system. The advantage at Lion over similar deposits of this type is that it begins at surface and is modelled continuously to more than 600 metres vertical depth. The deposit remains open at depth and our priority since the April 19, 2026 cut-off date for drill holes in the MRE has been to test the shoot below 600 metres with deep step-out drilling, following up with borehole EM to delineate more mineralization.”
Lion Zone Geology and Depth Potential
The Lion Zone comprises multiple modelled lenses of copper–PGE–gold–silver–nickel–cobalt sulphide mineralization that together form a continuous, steeply plunging shoot extending from surface to approximately 675 metres down-dip (more than 600 metres vertical depth), the limit of drilling included in the MRE to April 19, 2026. The modelled shoot is approximately 400 metres along strike at its widest and 290 metres at its narrowest, and consists of multiple subparallel lenses, each approximately 2 to 15 metres thick, within a mineralized package up to 50 metres thick that dips at approximately 65° to the north-northwest. The high-grade core of the shoot is dominated by massive to brecciated chalcopyrite and cubanite with pyrrhotite, pentlandite and pyrite. The deepest reported hole intersecting the core of the Lion shoot to date (PML-25-002) intersected 1.95 metres at 7.95% CuEqRec* at approximately 610 metres vertical depth (see news release dated April 30, 2025). The Deposit remains open at depth with subsequent deeper drilling, as illustrated by drill targets PML26-121A, PML-26-125 and PML-26-128A in Figure 1, completed after the cut-off date for the MRE and below the modelled zone intersecting visible copper mineralization (assays pending).
*CuEqRec in the referenced Power Metallic news releases represents CuEq calculated based on the following metal prices (USD): 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and a recovery grade of 80% for all commodities, consistent with comparable peers.
Lion is interpreted as a magmatic sulphide system. As the sulphide liquid cools, nickel-rich monosulphide solid solution crystallizes first and the residual liquid becomes progressively enriched in copper, platinum, palladium, gold and silver. This fractionated, copper- and precious-metal-rich liquid is the most mobile phase and migrates furthest away, from the original source; the copper–PGE footwall vein deposits of the Sudbury district are the classic example. Lion’s metal endowment – dominated by copper, palladium, platinum, gold and silver with subordinate nickel and cobalt, and with the highest palladium grades hosted in massive copper sulphide – is consistent with that fractionated end-member. The Company’s working model is that the Lion shoot represents a gravity-driven sulphide accumulation whose down-plunge extent has not yet been tested.
Depth continuity of this order is well documented in analogous camps. In the Sudbury district, the Creighton mine has been developed to approximately 2.4 kilometres below surface; Glencore’s Onaping Depth project has reached ore at approximately 2,600 metres; Nickel Rim South was mined between approximately 1,100 and 1,720 metres; and the copper–PGE footwall veins of the Morrison deposit at Levack were developed between approximately 1,200 and 1,650 metres and remain open at depth. Readers are cautioned that the depth extent and grade of mineralization at these deposits are not necessarily indicative of the mineralization at Lion, which has been drilled to approximately 600 metres vertical depth (see “Cautionary Notes” below).
Power Metallic’s program to test the down-plunge extension of the Lion shoot includes borehole electromagnetic surveys from the deepest holes on the shoot, and deep step-out and wedge drilling from existing collars. Results will be incorporated into future resource updates.
Metallurgy
Metallurgical test work on Lion mineralization has been carried out by SGS at its Quebec City and Lakefield laboratories (see news releases dated January 19, 2026 and May 26, 2026). Two locked-cycle flotation tests have been completed: LCT1, on a blended composite of high-grade and low-grade material representative of run-of-mine feed, and LG2, on a low-grade composite of disseminated mineralization designed to test whether lower-grade material responds to conventional flotation. Both tests produced a single high-grade copper concentrate carrying the platinum, palladium, gold, silver and nickel, with results summarized in Table 4. The LG2 results support the inclusion of lower-grade disseminated material in the Mineral Resource. Mineralogical work indicates that copper occurs as coarse-grained chalcopyrite and cubanite and that most platinum-group minerals occur within or attached to those copper sulphides (see news release dated July 23, 2025). Hydrometallurgical testing of the copper concentrate to evaluate a direct-to-metal processing route is in progress. The metallurgical recoveries applied in the MRE are set out in Note 7 to Table 1.
These metallurgical results are analogous to similar deposits in the Sudbury camp noted above and typical of the high-grade Cuprous zone or Copper zone of these deposits.
Table 4: Lion Zone locked-cycle flotation test results (SGS Canada Inc.)
Element
LCT1 blended composite – feed grade
LCT1 – concentrate grade
LCT1 – recovery (%)
LG2 low-grade composite – feed grade
LG2 – concentrate grade
LG2 – recovery (%)
Recovery applied in MRE (%)
Cu
3.42 %
25.8 %
98.9
0.62 %
25.4 %
98.3
98.5 %
Ni
0.20 %
1.2 %
77.1
0.04 %
0.78 %
47.7
63 %
Co
n/r
n/r
n/r
n/r
n/r
n/r
70 %
Pd
5.37 g/t
41.4 g/t
93.9
0.97 g/t
38.9 g/t
89.1
92 %
Pt
2.90 g/t
23.4 g/t
96.8
0.22 g/t
7.9 g/t
84.1
90 %
Au
0.70 g/t
4.83 g/t
85.0
0.37 g/t
12.7 g/t
83.1
84 %
Ag
24.9 g/t
159 g/t
88.9
6.26 g/t
271 g/t
75.9
82 %
Sources: Company news releases dated January 19, 2026 (LCT1: blended composite of 103 high-grade samples from 15 drill holes and 99 low-grade samples from 10 drill holes, approximately 50/50 by modelled volume) and May 26, 2026 (LG2: low-grade disseminated composite). n/r = not reported. Recoveries are to a single copper concentrate. Test work is preliminary; recoveries used in the MRE are those selected by SGS and set out in Note 7 to Table 1.
Location and Infrastructure
The Nisk Project is in the Eeyou Istchee James Bay territory of Québec, approximately 280 kilometres north-northwest of Chibougamau and 425 kilometres northeast of Matagami. The property is accessed by the Route du Nord, an all-season road managed by the Société de développement de la Baie-James that connects Route 167 at Chibougamau to the paved Billy-Diamond Highway Hydro-Québec’s Albanel substation, on the 735 kV transmission system that carries power from the La Grande complex to southern Québec and accessed by the Route du Norde, is located adjacent to the property approximately 4 km from the Nisk Main deposit and 9.1 km from the Lion Zone. The Nemiscau airport (1,524 metre gravel runway, with scheduled service by Air Creebec) is approximately 30 kilometres west of the property along the Route du Nord, and the Nemiscau camp on the Route du Nord, operated by the Cree Construction and Development Company, provides lodging, food services and fuel. The Cree community of Nemaska, approximately 51 kilometres by road, has a hotel and restaurant, grocery, fuel, a health clinic and other services available to Project staff.
NISK / Lion Property
Regional transportation and energy infrastructure in Eeyou Istchee James Bay continues to be upgraded. The Société de développement de la Baie-James is carrying out a multi-year rehabilitation of the Billy-Diamond Highway, the 2026–2027 Québec budget allocated a further $19.4 million over two years to the maintenance of that highway, and in 2025 the Société du Plan Nord and Nemaska Lithium co-funded a $9.2 million upgrade of the Matagami rail transshipment yard, which serves mining projects in the region. Québec’s 2025–2031 Critical and Strategic Minerals Strategy, released in January 2026, includes a commitment to develop an infrastructure development plan for the Eeyou Istchee James Bay region, and the feasibility studies completed in 2024 under the La Grande Alliance between the Cree Nation Government and the Government of Québec examined a potential rail line from Matagami along the Billy-Diamond Highway and an upgrade of the Route du Nord. Under Québec’s 2025 energy legislation, industrial power allocations of 5 MW or more require ministerial authorization, and the Government of Québec has indicated that critical and strategic minerals projects are a priority for such allocations.
Critical Minerals and Government Incentives
Copper, platinum, palladium, nickel and cobalt are each included on the critical minerals lists of Québec, Canada, the United States and the European Union, and silver is also included on the United States list (Table 6).
Table 6: Nisk Project metals on government critical minerals lists
Metal
Québec (Critical and Strategic Minerals list)
Canada (2024 Canadian Critical Minerals List)
United States (Final 2025 List of Critical Minerals)
European Union (Critical Raw Materials Act, Regulation (EU) 2024/1252)
Copper
Yes (critical)
Yes
Yes
Yes (strategic)
Nickel
Yes (strategic)
Yes
Yes
Yes (battery grade; strategic)
Cobalt
Yes (strategic)
Yes
Yes
Yes (strategic)
Platinum
Yes (platinum group elements; strategic)
Yes (platinum group metals)
Yes
Yes (platinum group metals)
Palladium
Yes (platinum group elements; strategic)
Yes (platinum group metals)
Yes
Yes (platinum group metals)
Silver
No
No
Yes
No
Sources: Gouvernement du Québec, list of critical and strategic minerals (updated January 2026); Natural Resources Canada, Canadian Critical Minerals List (June 2024); U.S. Geological Survey, Final 2025 List of Critical Minerals (90 FR 50494, November 7, 2025); Regulation (EU) 2024/1252 of April 11, 2024, Annexes I and II.
Canada’s Clean Technology Manufacturing investment tax credit (“CTM ITC”) provides a refundable tax credit equal to 30% of the capital cost of eligible new machinery and equipment used in the extraction and processing of qualifying critical minerals, including copper, nickel and cobalt, for property that becomes available for use by the end of 2031. Amendments enacted in March 2026 extended eligibility to mine-site extraction and processing property where 50% or more of the expected value of the commercial output is attributable to qualifying materials, subject to certification by an independent engineer or geoscientist. Copper is expected to be the largest contributor to the Project’s anticipated output value, and nickel and cobalt are also qualifying materials; on that basis the Company believes the Project is well positioned to satisfy the eligibility test and is evaluating the application of the credit to a future development of the Project. The principal federal and Québec measures the Company is evaluating are summarized in Table 7.
Table 7: Principal federal and Québec critical-minerals tax credits and incentive programs under evaluation
Refundable credit equal to 30% of the capital cost of eligible new machinery and equipment used to extract and process qualifying critical minerals (copper, nickel and cobalt qualify; platinum, palladium, gold and silver do not)
50% or more of expected output value from qualifying materials for mine-site property, certified by an independent engineer or geoscientist; full 30% rate for property available for use by December 31, 2031, reducing to 20% in 2032, 10% in 2033 and 5% in 2034
Critical Mineral Exploration Tax Credit
Canada
30% tax credit to flow-through share investors on eligible exploration expenses targeting critical minerals, including copper, nickel, cobalt and platinum group metals
Flow-through share agreements entered into on or before March 31, 2027; qualified person certification
Tax credit relating to resources
Québec
Refundable credit of up to 45% of eligible exploration and mining development expenses attributable to critical and strategic minerals (22.5% for other mineral resources) for corporations that do not operate a mine; 20% and 10% for other corporations
Expenses incurred after March 25, 2025 and paid before January 1, 2030; $100 million of eligible expenses per five-year period
Mining Tax Act measures
Québec
Allowance for the development of critical and strategic minerals; refundable duties credit for losses of 16% of eligible expenses
Critical and strategic minerals development expenses incurred after March 25, 2021 (allowance capped at $31.25 million)
Tax holiday for large investment projects
Québec
Ten-year income tax and Health Services Fund contribution holiday, capped at a percentage of eligible investment
Investment of at least $100 million; mining projects mainly (50% or more) related to critical and strategic minerals; applications by December 31, 2029
Fonds pour les minéraux critiques et stratégiques
Québec
$2.5 billion fund administered by Investissement Québec for equity and other financing of critical and strategic minerals projects
Announced in the 2026–2027 Québec budget (March 2026)
Canada Critical Minerals Accelerator
Canada
$2 billion fund providing equity-like investments, loan guarantees and offtake support through Export Development Canada
Launched July 2026
First and Last Mile Fund
Canada
Up to $1.5 billion through 2029–2030 for on-site mine development, transportation and clean-energy infrastructure for critical minerals projects
Invitation-based; funding runs to March 31, 2030
Hydro-Québec industrial power allocation
Québec
Rate L industrial electricity supply from Hydro-Québec’s low-carbon hydroelectric grid
Ministerial authorization required for blocks of 5 MW or more; the Government of Québec has stated that critical and strategic minerals projects are a priority
Sources: Canada Revenue Agency and Department of Finance Canada (Budget 2024, Budget 2025 and Bill C-15, Royal Assent March 26, 2026); Natural Resources Canada; Finances Québec (Budget 2025–2026 and Budget 2026–2027); Revenu Québec; Gouvernement du Québec; Hydro-Québec. Program terms are summarized for convenience only and are subject to the applicable legislation and regulations.
Power Metallic is evaluating the relevance of each of these programs to the Project and believes the Project qualifies for several of them. Eligibility for any program is subject to the applicable legislation, regulations and administrative determinations, and no assurance can be given that the Project will qualify for or receive any tax credit or incentive.
Next Steps
The MRE forms the basis for a Preliminary Economic Assessment (PEA). The PEA will evaluate an initial open pit followed by underground mining at Lion with processing options including the potential incorporation of Nisk Main feed. Additional work is being carried out on improving Nisk metallurgical recovery while preserving an efficient pathway to Lion development. Drilling completed since the MRE data cut-off (five rigs are currently active across the Nisk land package), with results expected from September 2026 onward, will be incorporated into future resource updates and into the PEA to the extent practicable.
A two-year environmental baseline survey program commenced in January 2026, following completion of a desktop study in April 2025. The first field season is being conducted from May to October 2026, with a second planned for summer 2027. To support completion within the planned two-year timeframe, the program has been designed to cover a broader area than is currently expected to be required, including a conservatively defined area for hydrological surveys. Its scope will continue to be reviewed as survey results are received and the project design evolves. The currently defined program is scheduled for completion in 2027 and is progressing in parallel with the technical studies to support preparation of the Environmental and Social Impact Assessment.
A technical report prepared in accordance with NI 43-101 in support of the MRE will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca within 45 days of the date of this news release.
With the updated Technical Report, Power Metallic will be able to submit the last requirement in its Nasdaq application process. The Company is applying for an American Depositary Receipt (ADR) on Nasdaq. This would enable Power Metallic to trade on Nasdaq via a multiple of its shares to meet the Nasdaq $4 threshold. The Company would expect to advise on its Nasdaq application in October.
6ix Presentation
Power Metallic will be hosting a webinar on Tuesday September 8th, 2026, at 12 noon (Eastern). It will be recorded for those who cannot attend. The link below will provide details how to attend the live event.
Marc-Antoine Laporte, P.Geo., of SGS Canada Inc., is the independent Qualified Person responsible for the MRE, as defined by NI 43-101, and has reviewed and approved the scientific and technical disclosure relating to the MRE in this news release. Joseph Campbell, P.Geo., VP Exploration of Power Metallic, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the other scientific and technical information in this news release.
Cautionary Notes
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Company has not completed a PEA or any other economic study of the Nisk Project. The mining concepts described in this news release were used solely to establish reasonable prospects for eventual economic extraction for the purpose of reporting Mineral Resources; they do not constitute a mine plan or an economic analysis, and the mining sequence, production rate and mine life of any future operation have not been determined. This news release refers to other mineral deposits and mines, including in the Sudbury and Norilsk–Talnakh districts, solely to illustrate the depths to which magmatic sulphide mineralization has been mined elsewhere. The Company has no interest in those properties, and the mineralization on those properties is not necessarily indicative of the mineralization at the Nisk Project.
About Power Metallic Mines Inc.
Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)—a high–grade Copper–PGE, Nickel, gold and silver system—toward Canada’s next polymetallic mine.
On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~330 km² and roughly 50 km of prospective basin margins.
Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs. Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025.
It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdom of Saudi Arabia’s Jabal Said Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.
About SGS Canada Inc.
SGS is the world’s leading testing, inspection and certification company, with a network of over 2,500 laboratories and business facilities across 115 countries and a team of over 100,000 professionals. SGS Geological Services, based in Quebec City, Québec, provides ore body modelling and resource estimation, mine engineering, technical reports under NI 43-101, JORC and S-K 1300, and technical audits and due diligence, drawing on more than 45 years of geostatistical expertise and more than 1,600 consulting projects worldwide. SGS’s Metallurgical Centre of Excellence in Lakefield, Ontario has served the Canadian and global mining industry since 1941 and has completed more than 22,000 projects; together with SGS’s Quebec City laboratory, it carried out the Lion Zone metallurgical test work reported in this news release.
For further information, readers are encouraged to contact: Power Metallic Mines Inc. The Canadian Venture Building 82 Richmond St East, Suite 202 Toronto, ON
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This message contains certain statements that may be deemed “forward-looking statements” concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “indicates,” “opportunity,” “possible” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others; the timing for producing a PEA and for various drilling plans, including the benefits of drilling to further depth; the ability for inferred mineral resources to be upgraded to indicated mineral resources; the availability and criteria of various government tax credits and incentives for critical minerals and the risks that such incentives change; the ability to raise sufficient capital to fund expanded exploration and development efforts going forward and to conduct drilling and exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of copper, nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company’s plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.
Toronto, Ontario–(Newsfile Corp. – September 8, 2026) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) is pleased to announce that drilling has commenced at the Thormodsdalur gold project (“Thor’s Valley” or the “Project”) in Iceland. Aurania has engaged a Finland-based drilling contractor – Arctic Drilling Company Oy Ltd – to carry out the program to diamond drill six holes for a total of approximately 770 metres at Thor’s Valley. The program is expected to run for approximately one month and drill core samples will be sent for assaying.
Highlights
Drill program underway at the Thor’s Valley epithermal gold project in Iceland
Six drill holes planned with five twin holes to re-test historical intercepts under modern drilling and QA/QC practice and one hole to test a new target where numerous high-grade rock-chip boulder samples up to 102 ppm gold (Au) have been mapped at surface
A previous operator drilled thirty-two holes totaling 2,431m at Thor’s Valley which returned results up to 415.40 g/t Au[1]
In 2020, Iceland Resources ehf drilled eleven drill holes totaling 1,780m with results of up to 113 g/t Au[1]
Dr. Keith Barron, Chairman, President and CEO of Aurania, commented, “The Thor’s Valley project is supported by a history of documented high-grade gold mineralization. Many of the structural targets remain largely untested by modern exploration methods. Amazingly, the drill location is only a 30-minute drive from downtown Reykjavik, the capital of Iceland. We are optimistic that our project could potentially replicate what was done in the 1920’s; namely, produce “direct-shipping” siliceous ore that could be taken to the port by truck and thence sent by freighter to Scandinavia or Canada to be used as smelter flux. This would obviate the need for tailings containments or a mill. The famous Hishikari Gold Mine in Japan has been supplying Sumitomo with copper smelter flux for years. Precious metals are retrieved in the copper refining process. Thor’s Valley is a low-sulphidation epithermal gold-silver system, and of the same type as Hishikari.”
Figure 1. Image of drill rig operating on site at the Thor’s Valley epithermal gold project in Iceland.
In April 2026, Aurania entered into a definitive option agreement with St-Georges Eco-Mining Corp (“St-Georges”) (CSE: SX), 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 Thor’s Valley gold 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.
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.
Between 2005 and 2006, the private exploration company Melmi ehf drilled 32 holes totaling 2,431m, which returned results up to 415.40 g/t Au. Melmi ehf was acquired by Iceland Resources in 2020, which completed eleven additional drill holes totaling 1,780m with results of up to 113 g/t Au[1].
The scientific and technical information contained in this news release has been reviewed and approved by Aurania’s VP Exploration, Mr. Jean-Paul Pallier, MSc. 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 and abroad.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) 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: statements regarding the Project, that the drill program at the Project will consist of drill six holes for a total of approximately 770 metres and that the drill program is expected to run for approximately one month and drill core samples will be sent for assaying, that the Company is optimistic that our project could potentially replicate what was done in the 1920’s; namely, produce “direct-shipping” siliceous ore, statements regarding the option agreement with St. Georges and IR and the goals, plans and objectives set out thereunder, , 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.
US retail diesel prices climbed to $5.85 per gallon Friday, according to AAA data, surpassing the previous all-time high of $5.816 set in June 2022 in the aftermath of Russia’s invasion of Ukraine. Diesel is often called the workhorse fuel of the global economy, powering the trucking fleets and cargo vessels that move goods across the country and around the world, which makes a record this significant a genuine economic pressure point rather than just another data point at the pump.
What makes this move particularly notable is what’s actually driving it. Crude oil prices have eased somewhat off their wartime highs from earlier this year and are up only about 5% since their July 18 low. Diesel, by contrast, has surged roughly 40% over that same stretch. This is not primarily a crude oil story, it is a refined product story, and the distinction matters for understanding just how structurally tight this market has become.
Two separate conflicts are compounding the pressure simultaneously. The ongoing war in Iran has cut off refined product flows from the Persian Gulf, a region we’ve tracked closely throughout this conflict, while Ukrainian strikes on Russian oil refineries have taken capacity offline from one of the world’s other major diesel exporters. Together, the Middle East and Russia accounted for roughly a third of global diesel exports in 2025, and losing meaningful capacity from both simultaneously has left the market with essentially no cushion. US distillate stockpiles are now at their lowest levels on record for this time of year, and East Coast inventories, the region most dependent on diesel and heating oil for winter demand, are at all-time lows just as the heating season approaches.
The obvious question is why domestic refiners can’t simply ramp up production to meet the shortfall. President Trump pressed refining executives on this directly at the White House this week, with midterm elections approaching and fuel affordability an increasingly visible political issue. The honest answer is capacity. Major refiners including Marathon Petroleum and Shell have both indicated in recent earnings reports that their systems are already running near full capacity, leaving little room to meaningfully increase throughput even under direct pressure to do so.
For investors tracking the small and microcap space, this dynamic cuts in two directions that mirror exactly what we’ve seen play out with gasoline prices throughout this conflict. Consumer-facing companies dependent on trucking and freight, along with any business reliant on diesel-powered logistics, face real and mounting cost pressure heading into the fall. Domestic energy producers and refiners with available capacity, meanwhile, continue benefiting from a pricing environment that shows no near-term sign of easing. With winter heating demand still ahead and refined product inventories already at record lows, this is a story likely to remain relevant well beyond the current news cycle.
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.
Encouraging Drill Results. Kuya Silver reported strong drilling results from the Umm-Hadid Project in Saudi Arabia, advancing toward a maiden NI 43-101 mineral resource estimate. Highlights include 26.10 meters grading 77.8 grams of silver per tonne and 9.17 meters grading 137.1 grams of silver per tonne, with both intervals containing exceptionally high-grade silver and gold zones. The new Target 01 drill results are part of an ongoing 10,000-meter drill program to define the continuity, geometry, and grade distribution of the silver-gold vein system and support delivery of a maiden mineral resource estimate and accompanying NI 43-101 technical report.
Establishing Continuity. The current resource-definition work is focused on Target 01. High-grade mineralization has been encountered across multiple holes and drill sections, supporting the continuity of the broader silver-gold system. Target 01 covers approximately 4.5 kilometers by 2.5 kilometers, with the latest mineralized intervals occurring at relatively shallow depths averaging about 58 meters below surface.
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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.
Enbridge announced Wednesday it has agreed to acquire Salt Creek Midstream’s crude oil gathering business for $600 million in cash, extending its footprint deeper into the Permian Basin’s Delaware sub-basin, one of the most productive and competitive crude-producing regions in North America. The deal gives Enbridge full ownership of the Orla and Wink North gathering systems, along with a 50% interest in the Delaware Crossing system, a joint venture it will now share with Chevron. Together, the acquired infrastructure spans roughly 500 miles of crude gathering pipeline, serving more than 20 producers across approximately 320,000 net dedicated acres under long-term agreements averaging about 10 years remaining. The transaction is expected to close later in 2026 and Enbridge says it will be immediately accretive to both distributable cash flow and earnings per share, with the company’s full-year 2026 guidance left unchanged.
While $600 million is a relatively modest transaction for a company with more than $7 billion in annual growth capital capacity, the strategic logic behind it is worth understanding, because it reflects a broader pattern reshaping the entire energy value chain right now, not just Enbridge’s balance sheet. These gathering systems connect directly into several major Permian takeaway pipelines, including Enbridge’s own majority-owned Gray Oak Pipeline, and ultimately feed into the company’s Ingleside Energy Center, the largest crude export terminal in North America. In other words, Enbridge isn’t just buying pipe in the ground, it’s buying the wellhead connections that feed its existing export infrastructure, capturing more of the value chain from the point oil is produced all the way to the point it leaves the country.
That wellhead-to-water strategy matters for a specific reason tied to where Permian production is heading. Output from the Delaware Basin has continued climbing even as producers maintain tighter capital discipline elsewhere, and long-haul export capacity out of the region has been tightening as a result. Owning the gathering systems that feed into export terminals, rather than just the long-haul pipelines themselves, positions Enbridge to capture additional volumes if and when the next wave of Permian takeaway constraints materializes, a bet on the structural trajectory of US shale production rather than a short-term volume play.
For investors tracking the small and microcap energy space, this deal is a useful signal of where consolidation pressure continues to build. Midstream infrastructure, the pipelines, storage, and gathering systems that move crude and natural gas from wellhead to market, has become one of the more actively contested corners of the energy sector this year, as both large integrated players and smaller specialized operators compete for scarce, strategically located assets. Companies like Summit Midstream Corporation, which operates gathering and processing infrastructure across multiple US shale basins, sit in exactly this part of the value chain, and deals of this size and structure offer a useful read on the kind of asset characteristics, long-term contracts, direct export connectivity, and diversified producer bases, that strategic buyers are willing to pay a premium for right now. On the upstream side, smaller independent producers such as InPlay Oil continue benefiting from the same underlying dynamic driving this transaction, sustained demand for Permian and broader shale production that keeps pressure on the infrastructure required to move it to market.
The Enbridge-Salt Creek deal is not a headline-grabbing transaction on its own. But it is a clean, concrete example of the consolidation logic playing out across the entire energy infrastructure landscape, one that smaller midstream and upstream companies operating in the same basins are positioned to benefit from as that trend continues.
New drillhole assays include 26-UH-004 reporting 3,779 g/t silver and 6.35 g/t gold over 0.30 m within a wider zone of 77.8 g/t silver and 0.14 g/t gold over 26.1 m
Hole 26-UH-006 reported 3,656 g/t silver and 1.99 g/t gold over 0.30 m within a wider zone of 137 g/t silver and 0.13 g/t gold over 9.17 m
New results and continued drill program to advance Target 01 toward a maiden NI 43-101 mineral resource estimate
Toronto, Ontario–(Newsfile Corp. – September 2, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “Kuya Silver“) is pleased to report new diamond drill assay results from Targets 01, 02 and 03 at the Umm-Hadid Project in the Kingdom of Saudi Arabia, with the principal results and ongoing resource-definition work focused on Target 01. The Umm Hadid project is owned by Silver Mining LLC, a joint venture between Sumou Holding and Kuya Silver. The results reported in this release are new and were not included in the Company’s December 22, 2025 news release, and include results from the latter part of the 2025 program which were received in 2026, as well as new drilling results completed this year.
The Target 01 new results form part of the ongoing 10,000-metre drill program. The program is designed to define the continuity, geometry and grade distribution of the silver-gold vein system and support delivery of a maiden mineral resource estimate and accompanying National Instrument 43-101 technical report. APEX Geoscience Ltd. (“APEX“) has been appointed to complete the mineral resource estimate and NI 43-101 technical report and is currently providing drilling optimization advice as results are received and interpreted.
Drill Highlights:
Hole 26-UH-004: 26.10 m grading 77.8 g/t silver and 0.14 g/t gold from 64.45 to 90.55 m, including 0.30 m grading 3,779 g/t silver and 6.35 g/t gold; and a separate 2.10 m grading 178.5 g/t silver and 0.51 g/t gold from 152.75 to 154.85 m.
Hole 26-UH-006: 9.17 m grading 137.1 g/t silver and 0.13 g/t gold from 71.00 to 80.17 m, including 1.20 m grading 959.8 g/t silver and 0.54 g/t gold, which includes 0.30 m grading 3,656 g/t silver and 1.99 g/t gold.
Hole 26-UH-002: 12.05 m grading 151.5 g/t silver and 0.26 g/t gold from 70.00 to 82.05 m, including 1.39 m grading 576.0 g/t silver and 0.31 g/t gold, and 0.31 m grading 2,960 g/t silver and 8.23 g/t gold.
Hole 26-UH-009: 2.23 m grading 421.9 g/t silver and 0.95 g/t gold from 36.94 to 39.17 m, including 1.35 m grading 695.8 g/t silver and 1.35 g/t gold, which includes 0.32 m grading 2,635 g/t silver and 4.09 g/t gold.
Hole 25-UH-037: 4.00 m grading 112.9 g/t silver and 1.44 g/t gold from 33.00 to 37.00 m, including 3.00 m grading 134.4 g/t silver and 1.92 g/t gold.
Note: Reported lengths are core lengths and do not necessarily represent true widths.
Summary of Drilling Results
A total of 59 diamond drill holes representing approximately 11,373.5 meters has been drilled up to date. This total comprises 5,135.62 meters in 29 holes previously reported in December 2025 and 6,237.88 meters in 30 additional holes from 25-UH-030 through 26-UH-016A whose new assay results are reported here. The current 10,000-metre Target 01 program remains ongoing; consequently, these results represent an interim dataset and additional drilling and assays are pending.
The current resource-definition work is focused on Target 01. Target 01 covers an approximately 4.5 km by 2.5 km area containing multiple northwest-trending veins and faults with subordinate northeast-trending splays hosted predominantly by granodiorite. Drilling is being progressively refined using geological, structural and assay information, with APEX providing independent resource-focused drilling optimization advice.
The mineralized intervals reported herein occur at depths ranging from approximately 16 to 131 meters below surface, with an average depth of approximately 58 meters.
Osbaldo Zamora, Kuya Silver’s Vice President of Exploration, commented: “These new results confirm that Target 01 hosts multiple high-grade silver-gold structures and demonstrate that higher grades occur across several drill sections rather than in a single isolated intercept. The ongoing program is now focused on establishing continuity and collecting the geological and structural information required for resource modelling. With APEX already engaged and actively advising on drill optimization, we are aligning each new hole with the objective of delivering a robust maiden NI 43-101 mineral resource estimate as the next step in this promising silver-gold discovery.”
Summary of Significant New Intercepts
Hole
From (m)
To (m)
Length (m)
Ag (g/t)
Au (g/t)
Area
Azimuth
Dip
25-UH-037
33
37
4
112.9
1.44
Target 01
327.14
-61.2
including
34
37
3
134.4
1.92
25-UH-041
19
23
4
125.7
0.14
Target 01
343.84
-51.99
including
22
23
1
452.0
0.50
25-UH-042
70
74
4
22.2
2.97
Target 03
130.25
-69.48
including
73
74
1
62.4
9.44
25-UH-043
16.8
18
1.2
316.3
0.30
Target 01
345
-70.35
25-UH-043
53
56
3
45.1
0.17
Target 01
including
53
53.45
0.45
180.5
0.85
25-UH-043
138
142.35
4.35
35.6
0.32
Target 01
including
141.35
142.35
1
73.5
1.19
26-UH-001
87.7
89
1.3
506.2
1.16
Target 01
342.3
-49.79
including
87.7
88.57
0.87
751.5
1.73
including
88.1
88.57
0.47
1089.0
2.67
26-UH-002
70
82.05
12.05
151.5
0.26
Target 01
345.86
-49.51
including
71.68
73.07
1.39
576.0
0.31
including
75.56
75.87
0.31
2960.0
8.23
26-UH-003
117.64
121.1
3.46
48.3
0.12
Target 01
166.7
-51.17
including
117.64
117.94
0.3
421.0
0.79
26-UH-004
64.45
90.55
26.1
77.8
0.14
Target 01
169.11
-50.5
including
64.45
64.75
0.3
3779.0
6.35
including
66.73
67.94
1.21
419.1
0.83
26-UH-004
152.75
154.85
2.1
178.5
0.51
Target 01
including
153.35
153.85
0.5
731.0
2.14
26-UH-005
92.85
94.18
1.33
93.1
0.28
Target 01
341.57
-50.7
including
93.34
93.74
0.4
231.0
0.74
26-UH-006
71
80.17
9.17
137.1
0.13
Target 01
344.54
-51.12
including
76
77.2
1.2
959.8
0.54
including
76.43
76.73
0.3
3656.0
1.99
26-UH-008
36.5
37.6
1.1
134.4
0.33
Target 01
340.49
-51.26
including
37.28
37.6
0.32
265.0
0.60
26-UH-009
36.94
39.17
2.23
421.9
0.95
Target 01
334.32
-51.18
including
37.82
39.17
1.35
695.8
1.35
including
38.85
39.17
0.32
2635.0
4.09
26-UH-012
263.1
265.4
2.3
56.5
0.30
Target 02
181.12
-46.82
including
264.7
265.4
0.7
129.0
0.86
Table 01. Summary of significant new mineralized intervals. The table presents 14 new Target 01, and significant silver and gold intervals from Targets 02 and 03. Composite grades are length weighted. All reported intervals in this news release are downhole core lengths. True widths of mineralized intervals are not known at this time.
Update To Previously Reported Results
Updated overlimit assays strengthen previously reported results from the December 2025 program. At Target 03, hole 25-UH-029 returned 2.00 m grading 624.0 g/t silver and 0.85 g/t gold from 27.00 to 29.00 m. At Target 02, the previously reported high-grade intercept in hole 25-UH-018 occurs within a broader 12.00 m interval grading 100.7 g/t silver and 0.51 g/t gold from 85.00 to 97.00 m. These are restated results and are not included in the table of new results above.
Figure 1. Map showing geology interpreted from geophysical data and satellite imagery, surface-sample assay results, drillhole collar locations, and identified target areas, with detailed views of recent drilling results from Target 01
The 2026 10,000-metre program is focused primarily on Target 01 and is intended to:
Test strike and dip continuity of the principal silver-gold structures;
Provide sufficient geological, structural, density and assay information to support three-dimensional wireframing and resource estimation;
Identify and close material drilling gaps while avoiding unnecessary duplication;
Improve confidence in the distribution of higher-grade shoots; and
Provide the technical basis for a maiden mineral resource estimate and NI 43-101 technical report
APEX has been appointed as the independent technical consultant for the mineral resource estimate and NI 43-101 technical report. APEX is presently reviewing results and interpretations and providing advice to optimize the remaining drill program for resource-estimation objectives.
Subsequent drilling will remain focused on Target 01 until the drilling required for the maiden resource estimate is completed. Following completion of the Target 01 resource-estimation program, the Company intends to return to Targets 02 and 03 for follow-up drilling and further evaluation of the mineralized structures identified to date.
Quality Assurance / Quality Control (QA/QC)
Drill core (HQ) samples were collected under the supervision of an experienced Silver Mining geologists and transported safely to a core logging facility for detailed logging and sampling. Samples were prepared using half core and securely shipped to Bureau Veritas Laboratories in Jeddah, Kingdom of Saudi Arabia for sample preparation, and analysis.
All samples were analyzed using four-acid digestion ICP-ES (code MA300) with Fire Assay and Gravimetric Finish (cores FA 430 and FA530, respectively) and standard industry procedures.
As part of the Company’s QA/QC protocols, a robust quality control program was implemented, which includes the insertion of certified reference materials (standards), blank samples, and duplicate samples at regular intervals (approximately every 10 samples) throughout the sample stream. All QA/QC control samples returned results within acceptable limits, ensuring the reliability of the assay data.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Osbaldo Zamora, Ph.D., P.Geol., a Qualified Person as defined by National Instrument 43-101. Dr. Zamora is Vice President of Exploration for Kuya Silver and is not independent of the Company.
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, Canada and Saudi Arabia.
About Silver Mining LLC
Silver Mining, based in the Kingdom of Saudi Arabia, is a private joint venture between majority shareholder, Saudi-based Sumou Holding (https://sumouholding.com), and Kuya Silver. Kuya Silver currently holds a 5% carried interest with an option to acquire an additional 40% participating interest in the company.
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.
Saguenay, Québec–(Newsfile Corp. – September 1, 2026) – First Phosphate Corp (NASDAQ: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to report the voting results for the Company’s Annual General and Special Meeting of Shareholders (the “Meeting“) held on August 28, 2026.
Voting Results
Detailed voting results of the election of the Company’s board of directors (the “Board“) are set out below:
Nominee
Votes For
% For
Votes Withheld
% Withheld
John Passalacqua
65,681,593
99.52%
317,515
0.48%
Laurence W. Zeifman
63,839,049
96.73%
2,160,059
3.27%
Bennett Kurtz
65,673,958
99.51%
325,150
0.49%
Peter Nicholson
65,691,489
99.53%
307,619
0.47%
Peter Kent
64,335,301
97.48%
1,663,807
2.52%
All nominees, as set forth in the Company’s Management Information Circular dated July 29, 2026 (the “Circular“), were elected as directors of First Phosphate at the Meeting.
At the Meeting, shareholders also approved: (1) the number of directors to be fixed at five, (2) the appointment of Davidson & Company LLP as auditor of the Company for the ensuing year and authorizing the Board to fix the remuneration of the auditor, (3) the Company’s advance notice policy (the “Policy“); and (4) the re-approval of the Company’s omnibus equity incentive plan, all as more particularly described in the Circular.
Matter
Votes For
% For
Votes Against – Withheld
% Against – Withheld
Number of directors
65,594,446
99.39%
404,662
0.61%
Appointment of auditors
64,206,061
97.28%
1,793,047
2.72%
Advance Notice Policy
64,112,942
97.14%
1,886,166
2.86%
Re-Approve Equity Incentive Plan
63,654,831
96.45%
2,344,277
3.55%
For further information regarding the matters considered at the Meeting, readers are encouraged to review the Circular, a copy of which is available under the profile for the Company on SEDAR+ (www.sedarplus.ca).
Increase in Shareholder Base
The Company is pleased to announce that its shareholders on record for the 2026 Meeting increased by 861% over the 2025 Meeting. The total registered shareholders reported are based on the registrar of the Company’s transfer agent plus beneficial shareholders reported by Broadridge.
AGM Record Date
Shareholders
2026
12,501
2025
1,301
2024
861
2023
800
2022
307
The Company believes that this increase in shareholders represents a positive sign of maturation in the Company’s corporate development, one that can be attributed to successful financings, management’s commitment to results, and a broader understanding and appreciation of the Company’s vision, initiatives and opportunities, among both retail and institutional investors.
Advance Notice Policy
The Board has, effective immediately, adopted the Policy which, among other things, and subject to certain exceptions, sets forth a procedure requiring advance notice to the Company by any shareholder who intends to nominate any person for election as director of the Company at a meeting of shareholders at which directors are to be elected. For additional details, please consult the full text of the Policy included in the Circular.
The Board believes that the Policy provides a clear and transparent process for all shareholders to follow, if they intend to nominate directors, by providing a reasonable time frame for shareholders to notify the Company of their intention to nominate directors and requiring shareholders to disclose information concerning proposed nominees that is mandated by applicable securities laws.
The Policy enables the Board to evaluate the proposed nominees’ qualifications and suitability as directors and respond as appropriate in the best interests of the Company.
About First Phosphate Corp
First Phosphate (NASDAQ: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (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 Statements
This news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things: that engineering and construction timetables and capital costs for the Company’s, exploration, development and expansion projects are correctly estimated and not affected by unforeseen circumstances; the ability to obtain financing for its proposed operations on acceptable terms; no material deterioration in general business and economic conditions; no material delays in obtaining permits and other approvals; no significant disruptions affecting the activities of the Company or its ability to access required project equipment and services, and operating supplies in sufficient quantities and on a timely basis; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the ability to complete the exploration and development programs consistent with the Company’s expectations; commodity price expectations including assumptions for P2O5; the Company’s relationship with local municipalities and First Nations remaining consistent with the Company’s expectations; the Company’s relationship with other third-party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking 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.
Double E Compression Expansion Project. Summit Midstream reached a final investment decision (FID) on the Double E Pipeline mainline compression expansion following a successful open season that secured 550 million cubic feet per day (MMcf/d) of new long-term take-or-pay commitments. The project will add approximately 900 MMcf/d of forward haul capacity to the Waha Hub through a new bi-directional compressor station, plant connections, and related infrastructure. The expansion is expected to cost approximately $100 million net to Summit’s 70% interest and enter service in the fourth quarter of 2028, subject to regulatory approvals.
Commercial Momentum. A new 200 MMcf/d agreement with an investment-grade shipper brings total contracted firm capacity on Double E to approximately 2.2 billion cubic feet per day (Bcf/d), supported primarily by investment-grade customers. Summit is pursuing contracts for the remaining 450 MMcf/d of incremental expansion capacity and expects strong Delaware Basin production growth to support further commitments. If the project becomes fully subscribed, management expects Permian Segment Adjusted EBITDA to increase from approximately $37 million in 2026 to more than $100 million by 2030.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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 Shift to Europe. Aurania has repositioned its exploration strategy from Ecuador toward Europe, where it is advancing gold and critical metals opportunities in Iceland, Italy, and France. The company’s Lost Cities project in Ecuador remains geologically prospective, but exploration is suspended because of uncertainty surrounding Ecuador’s Mining Service Fee (TASA) and unpaid concession fees. Meanwhile, Aurania may earn up to a 70% interest in Iceland’s Thor’s Valley gold project, is evaluating nickel and cobalt recovery from the Balangero tailings project in Italy, and is advancing three exploration permits in Brittany, France.
Near-Term Catalysts. The most immediate catalyst is drilling at Thor’s Valley, where Aurania has commenced an initial six-hole, 770-meter program to verify historically high-grade gold mineralization and test extensions of the system. Additional catalysts include permitting for sonic drilling and bulk sampling at Balangero, advancement of exploration targets in France, and resolution of obligations associated with Ecuador’s Mining Service Fee. Confirmation that a TASA exemption applies retroactively to 2025 could materially reduce Aurania’s liabilities and influence whether it retains or restructures its Lost Cities concession portfolio.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Oil prices surged Monday after the United States and Iran exchanged direct military fire for the first time in roughly a month, ending a relatively quiet stretch in a war now entering its seventh month. Brent crude futures climbed to an intraday high above $91 a barrel, gaining roughly 3% to cross $90 for the first time in about a week, while US benchmark WTI crude gained roughly 4% to trade above $86.
The exchange began when US forces struck Iranian targets on Larak Island, a small landmass inside the Strait of Hormuz that functions as a key monitoring point for Iran’s Revolutionary Guard Corps. US Central Command said the strikes targeted launchers it believed were being prepared to fire rockets carrying sea mines into the strait. Iran retaliated with drone strikes on sites inside Jordan and the United Arab Emirates and said it had seized a bulk carrier vessel near the port of Bandar Abbas. Tehran also claimed an oil tanker struck a mine while attempting an unauthorized transit through the strait, though US Central Command stated it had already cleared that section of the waterway.
Even with this renewed exchange, the physical oil market tells a more nuanced story than headline crude prices alone. Goldman Sachs estimates Persian Gulf crude exports have recovered to roughly two-thirds of pre-war levels, near 15 million barrels per day. The more persistent constraint now sits downstream, in refined products like gasoline and diesel, where capacity has been squeezed by Iranian strikes on regional refineries and, separately, Ukrainian strikes on Russian refining infrastructure. Goldman’s commodities strategists now expect global refined product output to decline by roughly 7 million barrels per day, a constraint that keeps pressure on fuel prices even as crude export volumes have partially normalized.
The policy response is shifting as well. Treasury Secretary Scott Bessent has threatened severe economic consequences for any nation found doing business with Tehran, signaling a pivot from direct military engagement toward economic pressure as the primary tool going forward. Last week, Treasury sanctioned the Emirati branches of a major Egyptian bank it accused of funneling roughly $1.8 billion to the Iranian regime. Critics of that approach note such measures carry limited practical impact unless they eventually target China, which continues purchasing an estimated 90% of Iran’s crude exports. A senior UAE foreign policy adviser put the broader dilemma plainly this week, noting that a state of neither war nor peace cannot be a sustainable solution.
For investors, the national average price of gasoline sitting at $4.08 a gallon despite recent modest declines is worth watching closely, both for its direct effect on consumer-facing small caps already navigating tight household budgets, a dynamic we detailed in earlier coverage of the ceasefire’s collapse, and for its political relevance heading into US midterm elections roughly two months away, where fuel affordability is likely to factor into races that will determine control of Congress. With refined product capacity constrained independent of crude export volumes, sustained pressure on pump prices may persist even if this latest exchange does not escalate further.
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.
Flat is advancing rapidly. Tectonic is executing a five-rig, 40,000-meter drilling program at its flagship Flat Gold Project, with the primary objective of supporting a maiden NI 43-101 mineral resource estimate at Chicken Mountain in early 2027. The program is also targeting higher-grade mineralization and testing additional district-scale targets. The Chicken Mountain–Alpha Bowl system has already been traced for approximately 3.3 kilometers.
Black Creek is emerging as a second gold center. Tectonic released assay results from three holes drilled at the Black Creek target, including two reverse circulation and one diamond drill hole. Hole CMR26-152 returned 5.09 g/t gold over 21.34 meters, including 17.34 g/t over 6.10 meters. Hole CMR26-153 intersected a broader interval of 1.89 g/t over 57.91 meters, including 2.75 g/t over 38.10 meters, with higher-grade intervals of 6.31 g/t over 7.62 meters and 3.89 g/t over 6.10 meters. Diamond hole CMD26-041 returned 3.26 g/t over 5.06 meters and a deeper interval grading 16.73 g/t over 2.22 meters, including 29.91 g/t over 1.22 meters. Importantly, both RC holes ended in mineralization, indicating that the system remains open thus providing clear targets for deeper follow-up drilling.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
