Category: Natural Resources

Metals & Mining – Insights from the Precious Metals Summit

Posted on by slightbourne@noblecapitalmarkets.com


Monday, September 15, 2025

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

Refer to the bottom of the report for important disclosures.

Precious Metals Summit. Noble Capital Markets was well represented at The Precious Metals Summit on September 9-12at the Beaver Creek Resort in Colorado. The conference attracted 1,700 registrants compared to approximately 1,200 in 2024 and included a broad spectrum of mining companies and institutional investors. Collectively, Noble had private meetings with over 70 company management teams during the invitation-only event.

Relative performance. Year-to-date through September 12,mining companies (as measured by the XME) appreciated 51.2% compared to a gain of 11.9% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 105.7% and 110.6%, respectively. Platinum, silver, and gold futures prices have gained 55.0%, 46.5%, and 39.6%, respectively, while copper, lead, and nickel increased 15.5%, 3.4% and 0.4%. Zinc declined 1.0%. Precious metals have led the charge as Central Banks around the world have added to global gold reserves, along with greater portfolio allocations among investors to precious metals as a hedge against rising inflation, a depreciating U.S. dollar, concerns about government debt, and increased geopolitical uncertainty. Moreover, there has been a desire among some nations to diversify away from the U.S. dollar as the benchmark reserve currency. Gold has become the global asset of choice to preserve value amid declining confidence in fiat currencies and an era of global monetary, geopolitical, and fiscal uncertainty.

Common themes. Producers were the first to experience the benefit of strengthening commodity prices,
which have carried through to income and cash flow statements. We expect more consolidation within the junior exploration sector and increased merger and acquisition activity. A common refrain we heard from Canada and Australia-based company management teams is a desire to increase exposure and access to the U.S. capital markets, which are the largest, deepest, and most liquid in the world. Generalists are returning to the sector, and greater allocations to the metals and mining sector among U.S. investors could provide another boost to valuation levels.

Conclusion. We remain constructive on the metals and mining sector. In our view, the broad-based rally in precious metals remains durable. While base metals have underperformed precious metals, we favor mining companies with copper exposure due to secular demand themes, including electrification, which we think supports a constructive outlook.

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ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE

Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis.
Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.”
FINRA licenses 7, 24, 63, 87

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transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc..

RESEARCH ANALYST CERTIFICATION

Independence Of View
All views expressed in this report accurately reflect my personal views about the subject securities or issuers.

Receipt of Compensation
No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public
appearance and/or research report.

Ownership and Material Conflicts of Interest
Neither I nor anybody in my household has a financial interest

 

Hemlo Mine Acquired by Carcetti Capital in Barrick’s $1.09B Deal

Posted on by slightbourne@noblecapitalmarkets.com

Barrick Mining Corporation (NYSE:B)(TSX:ABX) has agreed to sell its Hemlo Gold Mine in Ontario, Canada, to Carcetti Capital Corp., which will be renamed Hemlo Mining Corp. (HMC) upon closing. The deal, valued at up to $1.09 billion, underscores Barrick’s ongoing strategy of streamlining its portfolio to focus on Tier One gold and copper assets.

The transaction includes $875 million in cash upon closing, $50 million in HMC shares, and up to $165 million in additional cash payments linked to production and gold prices over a five-year period beginning in 2027. This structured consideration provides Barrick with near-term liquidity while also allowing exposure to Hemlo’s future performance through contingent payments.

HMC, currently listed on the NEX Board of the TSX Venture Exchange, plans to graduate to the main TSXV board in connection with the acquisition. The company is backed by a consortium of well-known investors in the mining sector, including Wheaton Precious Metals and Orion Mine Finance. Its management team brings strong credentials, highlighted by industry veteran Robert Quartermain, who played a role in the original discovery of Hemlo and later built SSR Mining and Pretium Resources into respected gold producers.

For Barrick, the Hemlo divestiture reflects a disciplined capital allocation strategy. Proceeds will be used to strengthen the company’s balance sheet and return capital to shareholders, aligning with its broader plan to prioritize Tier One operations that deliver the largest scale, lowest cost, and longest life. With the sale of Hemlo, alongside earlier transactions involving Donlin and Alturas, Barrick expects to generate more than $2 billion from non-core asset sales in 2025 alone.

Despite the divestment, Canada remains a core part of Barrick’s global footprint. The company continues to advance exploration projects and early-stage opportunities across the country, underscoring its commitment to discovering and developing world-class gold and copper mines within the region.

The sale also positions Hemlo for a new phase of growth under HMC. With dedicated focus, a seasoned leadership team, and the backing of strategic investors, Hemlo may benefit from renewed investment and operational improvements that could unlock further value.

Subject to customary regulatory approvals and closing conditions, the transaction is expected to close in the fourth quarter of 2025. CIBC World Markets acted as Barrick’s financial advisor, while Davies Ward Phillips & Vineberg LLP and Blake, Cassels & Graydon LLP provided legal counsel.

Barrick remains one of the world’s leading gold producers, with a global portfolio spanning 18 countries and six of the industry’s Tier One mines. The Hemlo sale marks the end of a long chapter for Barrick in northern Ontario, while reinforcing its commitment to building shareholder value through operational excellence and portfolio discipline.

Is Gold Becoming Investors’ First Choice as the New Safe Haven?

Posted on by slightbourne@noblecapitalmarkets.com

Gold is having a remarkable year, climbing 39% year-to-date and setting records as investors increasingly seek safety outside of traditional markets. While the surge has sparked comparisons to past market dislocations, this rally is shaped by a unique combination of monetary policy shifts, debt concerns, and political uncertainty.

At the center of the story is the Federal Reserve. After holding rates at restrictive levels for longer than many expected, the Fed has pivoted toward easing. Markets are now pricing in further rate cuts as inflation cools but economic momentum slows. Lower borrowing costs typically reduce the opportunity cost of holding non-yielding assets like gold, fueling demand. But interest rates alone don’t explain the intensity of this rally.

A bigger factor is the growing anxiety around government debt. The United States, along with Germany, France, and the UK, is facing ballooning debt-to-GDP ratios. Once considered the safest of all havens, government bonds are losing their luster. Investors are increasingly asking: if sovereign debt is no longer risk-free, where should capital be parked? For many, the answer is gold. Unlike paper assets, gold cannot be debased by policy or politics. That reallocation of assets—away from Treasuries and into bullion—is one of the key drivers of today’s market.

Politics has only added fuel. Former President Trump’s legal battle over tariffs, which is now under review by the Supreme Court, could have major consequences. If the Court rejects the tariffs, the U.S. may be forced to refund billions of dollars to trading partners. Such a ruling would undermine the tariff regime entirely, creating both a short-term hit to government finances and long-term uncertainty over trade policy. International companies benefiting from freer trade might welcome the decision, but for the U.S. it could add to fiscal pressures and accelerate debt growth. That prospect strengthens the case for gold as a hedge against political and fiscal instability.

Investors also see echoes of history. In October 1987, during the dot-com bust, and again in the 2008 financial crisis, gold proved resilient when other assets collapsed. Those moments are often described as “black swan” events—rare and unpredictable shocks that reshape markets. Today’s surge suggests investors are bracing for another unforeseen disruption. What’s different this time is that the flight to gold isn’t just a reaction to crisis—it’s happening preemptively, driven by structural concerns over debt, politics, and the durability of fiat money.

The result is an unprecedented rush. For the first time, gold is not just a defensive asset but a proactive store of value that investors are chasing in anticipation of turbulence ahead. With rates heading lower, fiscal balances worsening, and political battles creating new risks, gold has emerged as the one constant—an asset that transcends borders, politics, and policy.

Whether this marks the beginning of a new golden era or simply another speculative peak remains to be seen. But one thing is clear: gold’s role in global markets is being redefined, not as a hedge of last resort, but as a safe haven of first choice.

Release – Nicola Mining Commences Shipping Of Gold Concentrate Under Partnership With Talisker Resources

Posted on by aweinsoff@channelchek.com

Research News and Market Data on HUSIF

September 8, 2025

News Releases

VANCOUVER, BC, September 8, 2025 – Nicola Mining Inc. (the “Company” or “Nicola”) (TSX: NIM) (OTCQB: HUSIF) (FSE: HLIA) announces that it has commenced shipping of gold concentrate via a partnership with Talisker Resources Ltd. (TSX: TSK) (OTCQX: TSKFF) (“Talisker”). Under a Mining, Milling and Smelting Agreement, the parties sold 707 ounces of gold in August, generating gross proceeds of approximately US$2.3 million. 

Production benefited from extensive upgrades that included automation of several aspects of concentrate production, for the purpose of flotation recovery.  In addition, the Company’s installation of a large concentrator optimized free gold recovery, which is important for ore from Talisker and the Company’s Dominion Gold Project.  The Company confluence of numerous upgrades clearly impacted recovery and highlights Nicola’s ability to ramp up future production.

Pre-Processed Ore and Bagged Flotation Concentrate

Mr. Peter Espig, CEO of the Company, commented: “The culmination of our continuous multiple mill facility upgrades is the solidification of Nicola becoming a producer that is poised to benefit from gold and silver prices.  The Company continues to conduct work at its 100% of Treasure Mountain, a high-grade silver mine for which the mill was originally constructed.  The permitting and production of our partners highlights BC’s Ministry of Mining and Critical Minerals active support of smaller projects, for which we believe Nicola will become a hub.

Bagged Gravity Concentrate and Gravity Concentrate Close Up

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.

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

On behalf of the Board of Directors

“Peter Espig”
Peter Espig CEO & Director

For additional information
Contact: Bill Cawker
Phone: (604) 649 0080
Email: info@nicolamining.com

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

U.S. Oil Industry Faces Layoffs and Spending Cuts as Lower Prices Threaten Output Growth

Posted on by slightbourne@noblecapitalmarkets.com

The U.S. oil industry is facing a sharp slowdown, with layoffs and spending cuts rippling across the sector as lower crude prices and industry consolidation squeeze margins. The wave of belt-tightening could mark the end of the rapid production growth that helped the United States overtake other producers to become the world’s top oil supplier in recent years.

International crude prices have fallen roughly 12% this year, dragged lower in part by rising output from OPEC and its allies, who have been steadily ramping up supply to reclaim market share lost to U.S. shale producers. Prices are now hovering just above $62 a barrel, uncomfortably close to breakeven levels for many U.S. operators. For companies already grappling with higher costs and trade-related tariffs, the weaker pricing environment is forcing tough decisions.

ConocoPhillips, the nation’s third-largest oil producer, recently announced plans to cut up to a quarter of its workforce. The move follows Chevron’s decision earlier this year to trim about 20% of its staff, amounting to roughly 8,000 jobs. Oilfield service providers such as SLB and Halliburton have also been cutting jobs, underscoring how the slowdown is spreading beyond producers to the broader energy ecosystem.

The cuts aren’t limited to people. According to a Reuters review of second-quarter results, 22 publicly traded U.S. producers—including ConocoPhillips, Diamondback Energy, and Occidental Petroleum—have reduced their combined capital spending by about $2 billion. Industry insiders say those pullbacks, along with falling rig counts, are early warning signs that production growth is set to level off. Baker Hughes data shows that the U.S. oil rig count has dropped by nearly 70 so far this year, down to just over 400.

In the Permian Basin, the heart of America’s shale boom, the tone has shifted from aggressive expansion to cautious retrenchment. “We’ve gone from ‘drill, baby, drill’ to ‘wait, baby, wait,’” said one Texas producer, pointing out that prices need to stabilize closer to $70–$75 a barrel before rig activity rebounds. Without that, analysts warn that U.S. output will plateau and could even begin to decline, with OPEC quickly stepping in to fill the gap.

Research firms are already forecasting slower momentum. Energy Aspects expects U.S. onshore production to drop by 300,000 barrels per day in 2025, while Wood Mackenzie projects only modest growth of 200,000 barrels per day—far below the record-setting pace of recent years.

Adding to the pressure are rising costs, much of it tied to tariffs on steel and other inputs. Diamondback Energy expects the price of steel casing for wells to climb by nearly 25% this year, inflating breakeven costs across the industry. For ConocoPhillips, controllable costs have already risen by $2 per barrel since 2021, making profitability harder to sustain.

The impact on employment is significant. Texas labor data shows U.S. oil and gas production jobs fell by nearly 5,000 in the first half of 2025, while energy services jobs have dropped by about 23,000 since January. Even with gains in drilling efficiency, industry analysts caution that technology alone won’t be enough to offset the slowdown.

For now, the U.S. oil industry remains a global leader. But with lower prices, higher costs, and fewer rigs in action, the sector’s once-rapid growth story appears to be entering a more uncertain chapter.

New Found Gold to Acquire Maritime, Creating a New Canadian Gold Producer

Posted on by slightbourne@noblecapitalmarkets.com

The Canadian gold sector is set for a significant shakeup as New Found Gold Corp. announced plans to acquire Maritime Resources Corp. in a deal valued at approximately $292 million. The combination, announced Friday, will establish an emerging multi-asset gold producer in Newfoundland, a Tier 1 jurisdiction that has been attracting rising investor attention in recent years.

Under the arrangement, Maritime shareholders will receive 0.75 of a New Found Gold common share for each Maritime share they hold. The agreement implies a 32% premium to Maritime’s 20-day volume weighted average price as of September 4 and a 56% premium to its closing price before the two companies entered a letter of intent in late July. Following the closing of the transaction, expected in the fourth quarter of 2025, New Found Gold shareholders will own roughly 69% of the combined company, while Maritime shareholders will hold about 31%.

The merger brings together two strategically located projects: New Found Gold’s Queensway project and Maritime’s Hammerdown project. Hammerdown, which has been advancing toward production, is scheduled to ramp up to full output in early 2026, with ore processing set to begin later this year at the Pine Cove mill. The project is expected to produce 50,000 ounces of gold annually at an all-in sustaining cost of $912 per ounce, according to a 2022 feasibility study. Cash flow from Hammerdown is anticipated to help fund Queensway, which recently delivered a positive preliminary economic assessment and is targeting first production in 2027.

For New Found Gold, the acquisition represents a pivotal step in transforming from an exploration-focused company into a producer. The deal secures access to processing facilities such as Pine Cove and the Nugget Pond Hydrometallurgical Plant, while providing a near-term source of cash flow to support Queensway’s development. The company estimates Queensway could generate more than 1.5 million ounces of gold over a 15-year mine life, with a two-phased development plan designed to balance upfront costs with long-term growth.

For Maritime shareholders, the deal offers both an immediate premium and long-term exposure to a larger platform with greater liquidity. Shares of New Found Gold are actively traded on both the TSX Venture Exchange and the NYSE American, averaging about $4 million in daily volume over the past six months. That visibility is expected to give Maritime investors improved market access while allowing them to participate in the upside potential from Queensway’s development and further exploration across a 110-kilometer strike zone.

The boards of both companies have unanimously approved the deal. Maritime directors and senior officers, along with major shareholders representing nearly half of the company’s outstanding shares, have already agreed to vote in favor of the transaction. A shareholder meeting is planned for late October, with court and regulatory approvals still required.

Advisors on the deal include BMO Capital Markets for New Found Gold and SCP Resource Finance and Canaccord Genuity for Maritime. Both sides have received fairness opinions supporting the financial terms of the agreement. If approved, Maritime shares will be delisted from the TSX Venture Exchange shortly after closing.

With Hammerdown moving toward near-term production and Queensway positioned as one of Canada’s most promising new gold projects, the merger highlights the increasing consolidation trend in the sector. Investors seeking exposure to Canadian gold production are likely to watch closely as New Found Gold positions itself as a new mid-tier player with both cash flow and exploration upside.

Gold Surges to Record High as Weak US Jobs Data Fuels Fed Rate-Cut Bets

Posted on by slightbourne@noblecapitalmarkets.com

Gold soared to an all-time high on Friday after a weaker-than-expected U.S. jobs report intensified expectations that the Federal Reserve will cut interest rates later this month. The move marked the latest milestone in a multi-year rally that has been powered by economic uncertainty, rising geopolitical risks, and a steady flight to safe-haven assets.

Spot gold gained as much as 1.5% to break above $3,600 an ounce, eclipsing its previous record and capping a week of sharp gains. By early afternoon in New York, bullion was trading at $3,592.50 an ounce, up 1.3% on the day and on track for a 4.2% weekly advance, the strongest since late May. Silver also edged higher, while Treasury yields and the U.S. dollar slipped in response to the data.

The rally was triggered by a pivotal U.S. payrolls report showing that hiring slowed markedly in August, while the unemployment rate rose to its highest level since 2021. Economists said the numbers signaled clear signs of a cooling labor market, reinforcing the view that the Fed may need to act more aggressively to support growth. Lower interest rates typically enhance the appeal of gold, which does not yield interest or dividends but benefits from reduced opportunity costs in a lower-rate environment.

Investors have also been positioning for heightened volatility around the Fed’s independence. President Donald Trump has escalated his criticism of the central bank this year, vowing to secure a majority on the Fed’s board “very shortly” and pressing for sharp rate cuts. Markets are watching closely for a forthcoming ruling on whether Trump has grounds to remove Fed Governor Lisa Cook, a move that could allow him to appoint a more dovish policymaker and raise questions about the institution’s long-term credibility. Goldman Sachs analysts wrote in a recent note that gold could rally toward $5,000 an ounce if investors lose confidence in the Fed’s independence and begin shifting even a small portion of their holdings from Treasuries into bullion.

Over the past three years, gold and silver have more than doubled in value, with a steady stream of macroeconomic and geopolitical risks bolstering demand. Trade tensions, slowing global growth, and renewed concerns about the trajectory of U.S. monetary policy have all converged to create a powerful tailwind for precious metals. At the same time, strong buying from central banks and institutional investors has added structural support to the market, pushing gold firmly into record territory.

While some analysts warn that prices may be vulnerable to a correction if employment data stabilizes or inflation ticks higher, many expect gold’s appeal to remain strong. With borrowing costs likely heading lower and confidence in traditional policy tools wavering, bullion’s role as a store of value appears more attractive than ever. For now, gold’s latest record marks another reminder that in times of economic uncertainty, investors continue to seek the safety of precious metals.

Century Lithium Corp. (CYDVF) – Recent Financing Provides Financial Flexibility to Advance Angel Island

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, September 03, 2025

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

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

LIFE offering closed. Century Lithium closed the second and final tranche of its financing under the Listed Issuer Financing Exemption (LIFE). Together with the initial closing, the company issued a total of 15,785,833 units for aggregate gross proceeds of C$4,735,749.90. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$0.45 for a period of 60 months following the issuance of the units.

Use of net proceeds. Net proceeds from the financing will be used to complete an updated feasibility study for the company’s Angel Island Lithium Project, complete the project’s Plan of Operations, work towards National Environmental Policy Act (NEPA) compliance, and fund general working capital.


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

Nicola Mining Inc. (HUSIF) – Early Innings of a Compelling Growth Story

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, September 02, 2025

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

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

Second quarter financial results. Nicola Mining Inc. (OTCQB: HUSIF, TSX.V: NIM) reported net income of C$1,181,286, or C$0.01 per share, compared to a net loss of C$2,519,885, or C$(0.02) per share, during the second quarter of 2024. We had projected a net loss of C$1,077,068, or C$(0.01) per share. The variance to our estimate was mostly due to a revaluation gain on marketable securities. We increased our 2025 net income and EPS estimates to C$11,004,631 and C$0.06 per share, respectively, from C$7,582,855 and C$0.04. We updated our commodity price assumptions based on actual July and August pricing and CME futures settlements for the remainder of 2025 and 2026.

Merritt Mill is ramping up production. With 200 tonnes per day of capacity, Nicola’s Merritt Mill is transitioning to full commercial production and cash flow generation. Nicola expects to utilize 100% of the mill’s capacity by the end of the third quarter. In early July, the Merritt Mill began processing ore received from Talisker Resources’ (OTCQX: TSKFF, TSX: TSK) Bralorne project. In addition to processing ore for Talisker, ore is expected to be received during the third quarter from Blue Lagoon’s (OTCQB: BLAGF, CSE: BLLG) Dome Mountain gold mine, and from the Dominion Creek Gold Project, of which Nicola owns a 75% economic interest.


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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. 

MustGrow Biologics Corp. (MGROF) – Reports 2Q25 Results; Sold Out of TerraSante

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, September 02, 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.

2Q25 Results. MustGrow reported record second quarter revenue of $2.8 million in 2Q25, compared to no revenue in the same period last year. Revenue was driven by the NexusBioAg segment, although TerraSante sales amounted to $318,832. Gross margin improved to 20.9%, up from 14.3% in the first quarter of 2025. MustGrow recorded a net loss of $1.1 million, or a loss of $0.02/sh in 2Q25, compared to a net loss of $0.96 million, or a loss of $0.02/sh, in 2Q24.

TerraSante. Initial sales ramp up of TerraSante has begun, with $318,832 of sales in the quarter, or triple its full year 2024 sales. MustGrow sold out of its TerraSante inventory in the U.S during the quarter. The improved TerraSante sales were a key driver in gross margin improvement. MustGrow is working on producing more TerraSante to meet demand.


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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. 

Gold Steadies as Traders Await US Inflation Data, Fed Independence in Focus

Posted on by slightbourne@noblecapitalmarkets.com

Gold prices gained on Thursday, August 28, 2025, as investors positioned ahead of the latest U.S. personal consumption expenditures (PCE) report, a closely watched inflation measure used by the Federal Reserve. The data, due Friday, is expected to show the fastest annual price acceleration in five months. Stronger inflation could complicate the central bank’s ability to cut rates despite growing market expectations for policy easing.

The metal rose 0.6% to $3,416.85 an ounce in New York trading, benefiting from a weaker U.S. dollar. The Bloomberg Dollar Spot Index declined 0.3%, while silver, platinum, and palladium also advanced.

Markets are still pricing in over an 80% chance of a September rate cut, according to swaps data. Sentiment strengthened after Fed Chair Jerome Powell signaled openness to easing at the central bank’s recent policy symposium. However, Powell stressed that uncertainty around both inflation and labor market trends remains high, particularly as new tariffs from President Donald Trump begin to filter through the economy.

Lower interest rates tend to be supportive of gold because the metal carries no yield. With borrowing costs expected to decline, gold has retained a firm bid despite consolidating below its record high above $3,500 an ounce reached in April.

Beyond inflation data, investors are monitoring political developments that could impact the Fed’s independence. Fed Governor Lisa Cook filed a lawsuit challenging President Trump’s attempt to remove her from the board over allegations of past mortgage fraud. If Trump succeeds, he could reshape the central bank with a majority of appointees more aligned with his calls for lower rates.

Markets fear that such a shift could undermine the Fed’s credibility and spark concerns about future inflation, further enhancing gold’s role as a safe-haven asset.

Gold’s gains come against a backdrop of global uncertainties. Trade frictions, geopolitical tensions, and central bank diversification away from the U.S. dollar continue to provide long-term support. Exchange-traded fund inflows into gold remain steady, signaling persistent investor appetite for protection against macroeconomic risks.

While gold has largely traded within a range since April’s peak, analysts suggest that upcoming inflation data and political developments around the Fed could serve as near-term catalysts.

Release – Comstock Announces the Purchase of All Equipment for Industry Scale Facility

Posted on by aweinsoff@channelchek.com

Research News and Market Data on LODE

Scheduled for Delivery in Q4 2025, the Northern Nevada Complex will be the Largest in the U.S.

August 25, 2025 16:15 ET | Source: Comstock Inc.

VIRGINIA CITY, Nev., Aug. 25, 2025 (GLOBE NEWSWIRE) — Comstock Inc. (NYSE: LODE) (“Comstock,” “our,” and the “Company”), today announced that on August 15, 2025, immediately following the Company’s previously announced successful public equity offering, that it had immediately placed all of the purchase orders and paid deposits totaling $5.1 million toward the purchase of all of the equipment for its 100,000 ton per year, certified zero-landfill industry-scale solar panel recycling facility to be located in Silver Springs, Nevada. The total purchase price for all the equipment is approximately $10.5 million. The Company also plans on spending an additional $1.5 million for expanded storage capacity, utility upgrades and commissioning of the facility.

“Our equity offering represented a remarkably broad and deep representation of some of the best institutional investors with proceeds dedicated to funding the capital expenditures for our first industry-scale facility, the operating expenses required to reach sustained profitability and the extinguishment of debt and other obligations. Our balance sheet has never been stronger as we are now rapidly deploying our industry leading technology and customer solutions,” stated Corrado De Gasperis, Executive Chairman and CEO of Comstock Inc. “The recycling growth opportunities have developed better and faster than our original plans, and we have now attracted some of the most sophisticated partners for investment, feedstock, operations, and offtake.”

Comstock Metals has now been operating its first commercial demonstration facility for over 18 months and in November of 2024, submitted permits for the first industry-scale photovoltaic recycling facility.  Comstock Metals’ billable revenues are expected to be eight times greater in 2025, as compared to 2024, or currently projected to be over $3.5 million, with proportionate future increases in 2026, as we scale up our first industry-scale facility. 

The Company’s solar panel recycling objectives for the next 10 months include:

  • Expand and activate local county storage capacity adjacent to our first industry-scale facility;
  • Complete permitting for our first industry-scale facility in Silver Springs, NV, by November 2025;
  • Secure additional Master Service Agreements (MSA) with national and regional customers;
  • Complete site selection and permit submissions for two additional solar panel recycling locations;
  • Expand our system globally with strategic and/or international partners;
  • Procure, deploy, and assemble plant and equipment for our first industry-scale facility during Q4 2025;
  • Commission the industry-scale facility during Q1 2026;
  • Continuously operate the zero-landfill industry-scale solar panel recycling facility during Q2 2026; and
  • Advance and expand R&D efforts to recover more and higher-purity materials from recycled streams for offtake.

“For the remainder of 2025, we plan on accelerating and increasing our lead as our solar panel recycling systems rapidly expand market share nationally while we await our final permits and the delivery of our high-speed, continuous processing system,” said Comstock Metals’ President, Dr. Fortunato Villamagna. “With our system, every component of an end-of-life solar panel (glass, aluminum, semiconductor fines, and other metals) is fully and cleanly reclaimed and repurposed into new, salable raw materials.”

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that enable, support and sustain clean energy systems across entire industries by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable electrification metals, like silver, aluminum, copper, and other critical minerals 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 – Aurania Closes Oversubscribed Private Placement

Posted on by slightbourne@noblecapitalmarkets.com

Toronto, Ontario–(Newsfile Corp. – August 21, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces that further to its news releases dated August 1, 2025 and August 5, 2025, the Company has closed an oversubscribed non-brokered private placement financing (the “Offering“). Total gross proceeds of C$1,906,355.76 were raised through the issuance of 15,886,298 units of the Company (the “Units“) at a price of C$0.12 per Unit.

Each Unit is composed of one common share of the Company (a “Common Share“) and one Common Share purchase warrant (a “Warrant“). Each Warrant entitles the holder to purchase one Common Share (a “Warrant Share“) at an exercise price of C$0.25 for a period of 24 months following the closing of the date of issuance.

In connection with the Offering, the Company paid aggregate finder’s fees consisting of (i) C$5118.40 in cash (the “Cash Consideration“) and (ii) 42,653 compensation warrants (the “Compensation Warrants”) to eligible finders. Each Compensation Warrant entitles the holder to acquire one additional Unit at a price of C$0.12 per Unit for a period of 24 months from the date of issuance. Each Unit issuable upon exercise of a Compensation Warrant is comprised of one Common Share and one Warrant. Each such Warrant entitles the holder to acquire one Warrant Share at a price of C$0.25 per Warrant Share for a period of 24 months from the date of issuance of the Compensation Warrant.

The Company intends to use the net proceeds from the Offering primarily for exploration programs, general working capital purposes, and a portion of the proceeds will be allocated for the first payment of 2025 mineral concession fees in Ecuador.

The closing of the Offering is subject to the receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange. All securities issued and issuable pursuant to the Offering are subject to a four-month plus one day hold period commencing on the date of issuance.

Related Party Transactions
Dr. Keith Barron, CEO and a director of the Company, acquired 5,741,666 Units under the Offering (the “Acquisition“). The Acquisition constitutes a “related party transaction” as defined under the policies of the TSXV and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as the fair market value of the Acquisition does not exceed 25 percent of the Company’s market capitalization.

The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

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 copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

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-.