Category: Natural Resources

Alliance Resource Partners (ARLP) – Updating Estimates and Reiterating Our Outperform Rating

Posted on by [email protected]


Thursday, April 02, 2026

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

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

Updating 1Q 2026 estimates. We have lowered our 1Q and FY 2026 EPU estimates to $(0.02) and $2.20, respectively, from $0.61 and $2.60. We have marked-to-market ARLP’s holding of bitcoins, which amounted to 592 bitcoins as of year-end 2025. The price of bitcoin closed at $87,508.83 on December 31, 2025, compared to $68,233.31 on March 31. We anticipate that the value of digital assets in Q1 2026 could decrease by approximately $11.4 million if all bitcoins were held through the end of the first quarter. Because it would represent a non-cash unrealized loss, it has no impact on our adjusted EBITDA estimate. Moreover, our EPU estimate reflects a non-cash impairment charge of $43 million related to a decision to cease longwall production at the Mettiki Mining complex, although it has no impact on our adjusted EBITDA estimate.

FY 2026 estimates. We have also adjusted the cadence of coal sales throughout the year, with lower volumes in the first quarter, along with higher segment adjusted EBITDA expense per ton. While we have lowered our FY 2026 EPU estimates, our adjusted EBITDA estimate declined only modestly to $708.3 million from $708.4 million due, in part, because our estimates reflect greater tonnage in the second half of the year when adjusted EBITDA expense per ton is lower, and margins are stronger. Quarterly coal sales volume is expected to be lowest in the first quarter, increase modestly in the second, and peak in the back half as longwall move disruptions abate.


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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. 

Release – Aurania Directors Receive Stock Options in Lieu of Fees

Posted on by [email protected]

Research News and Market Data on AUIAF

April 01, 2026 7:00 AM EDT | Source: Aurania Resources Ltd.

Toronto, Ontario–(Newsfile Corp. – April 1, 2026) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) announces that certain of its directors have agreed to receive their quarterly director fees in the form of stock options in lieu of cash for the first quarter of 2026. In addition, the Company wishes to grant the directors additional stock options due to the expiration of out-of-the-money stock options previously granted to the directors in lieu of cash for director fees.

An aggregate of 203,000 stock options was granted to directors on March 31, 2026, having an exercise price of $0.205. All such stock options will be exercisable for a period of three years from the date of grant and vested immediately upon grant. In the event a director intends to exercise such stock options, such director shall be solely responsible for paying the entirety of the exercise price.

Aurania also granted 40,000 stock options to a consultant of the Company on March 31, 2026, at an exercise price of $0.205. These options are exercisable for a period of one year from the date of grant and vested immediately upon grant.

The Company also announces that the Company and Dr. Keith Barron, CEO of the Company, have agreed to an amendment to a previously issued loan from Dr. Barron to the Company in the amount of up to US$2,094,500 (the “Loan“) originally announced on April 30, 2025, pursuant to which the term of the Loan has been amended such that the Loan matures twelve months and one day after repayment notice is given by Dr. Barron to the Company.

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.

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/, X (formerly Twitter) at https://x.com/AuraniaLtd , and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
[email protected]

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.

info

Source: Aurania Resources Ltd.

First Phosphate Corp. (FRSPF) – Firing on All Cylinders

Posted on by [email protected]


Wednesday, April 01, 2026

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

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

Expanded infill drill program. First Phosphate completed an expanded infill drill program, totaling approximately 40,000 meters, that was launched in October at its Begin-Lamarche property in Saguenay-Lac-St. Jean, Quebec. The drilling program, which was expanded from 30,000 meters of drilling, confirmed continuity of phosphate mineralization across the existing resource horizon and discovered two new mineralized intersects in the Northern and Southern zones.

Updated geological model. The incremental 10,000 meters of drilling was designed to better understand the new intersects and test mineralization at depth in areas across the Northern and Southern zones. The company is processing the full set of drill results from its original and expanded drill program with the goal of updating the geological model in the coming weeks.


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

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

Release – First Phosphate Completes Infill Drill Program

Posted on by [email protected]

Research News and Market Data on FRSPF

March 31, 2026 7:15 AM EDT | Source: First Phosphate Corp.

Saguenay-Lac-Saint-Jean, Quebec–(Newsfile Corp. – March 31, 2026) – First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to announce the completion of its infill drill program launched on October 21, 2025 at its Bégin-Lamarche property in Saguenay-Lac-St-Jean, Quebec.

The drilling campaign has confirmed extensive, continuous mineralization across the existing horizon of the initial resource estimate. The drill program has also discovered two new phosphate intersects located in the Northern Zone and in the Southern Zone on the eastern side of the existing mineralized zone. An additional 10,000 meters of targeted drilling was added to the initial drill program of 30,000 meters to solidify an understanding of these new intersects as well as to test additional mineralization located at depth in various areas across the Northern and Southern Zones.

The Company is currently processing the full set of drill results from its original and expanded drill campaign which totalled about 40,000 m with the goal of upgrading the geological model for the Bégin-Lamarche property in the coming weeks.

“We were able to discover, drill and create a significant geological model for the Bégin-Lamarche property all within about 3.5 years,” commented Gilles Laverdiere, Chief Geologist of First Phosphate. “Such rapid progression from initial discovery reflects the exceptional continuity of the phosphate mineralization and the efficiency of our exploration approach.”

The Company also announces that Gilles Laverdiere will be retiring as Chief Geologist following 48 years of dedicated service to the mining industry. Existing team member, Steeve Lavoie, PGeo., will assume the role of Chief Geologist. Steeve has over 20 years of experience in the mineral exploration industry, having worked most recently with Agnico Eagle Mines prior to joining First Phosphate in November 2025.

“I’d like to thank Gilles Laverdière for his dedication to First Phosphate and the Bégin-Lamarche project since its early discovery and for building our strong exploration foundation,” says First Phosphate CEO, John Passalacqua. “Most importantly, we would like to thank Gilles for delaying his retirement until he could see through Bégin-Lamarche to its resource definition and geological modelling. Gilles is a man of remarkable dedication and a true role model for the industry.”

The Company also announces today a grant of 300,000 incentive stock options (the “Options”) to Steeve Lavoie in accordance with the terms of the Company’s Omnibus Equity Incentive Plan. Each Option has an exercise price of $0.98 and expires on December 29, 2028 with 25% vesting every 6 months for two years following the date of grant. All securities issued in accordance with the Option grant are subject to a hold period of four months plus one day.



First Phosphate Bégin-Lamarche Project 2023-2026 Drill Holes

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8917/290491_6794497ce49b893a_001full.jpg

Qualified Persons

The scientific and technical information relating to First Phosphate contained in this press release has been reviewed and approved by Gilles Laverdière, P.Geo., Chief Geologist of First Phosphate and Steeve Lavoie, P,Geo., Geology Manager of First Phosphate who are qualified persons within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About First Phosphate Corp.

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

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

For additional information, please contact:

Bennett Kurtz
CFO, CAO
[email protected]
Tel : +1 (416) 200-0657
Investor Relations: [email protected]
Media Relations: [email protected]
Website: www.FirstPhosphate.com

Follow First Phosphate:

X : https://x.com/FirstPhosphate
LinkedIn : https://www.linkedin.com/company/first-phosphate

Forward-Looking Information and Cautionary Statement

This release includes certain statements that may be deemed “forward-looking information”. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In particular, of the GPI funding award under the contribution agreement with NRCan and the project funded thereby including the Company’s plans for building and onshoring a vertically integrated mine-to-market LFP battery supply chain for North America. 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, assumptions regarding general business and economic conditions; there being no significant disruptions affecting the activities of the Company or inability to access required project inputs; permitting and development of the projects being consistent with the Company’s expectations; the accuracy of the current mineral resource estimates for the Company and results of metallurgical testing; certain price assumptions for P2O5 and Fe2O3; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the Company’s relationship with First Nations and other Indigenous parties 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.

info

Source: First Phosphate Corp.

Iran’s Fifth Week: The Domino That Could Send Oil Prices Into Uncharted Territory

Posted on by [email protected]

Oil markets opened the week in full crisis mode — and two developments over the weekend made clear that this conflict is far from finding a ceiling.

Brent crude traded near $108 per barrel Monday morning while WTI crossed $102, each up roughly 3% on the session and more than 70% above where they started the year. The war in Iran is now in its fifth week, and the supply picture just got significantly more complicated.

A Second Chokepoint Enters the Picture

The Strait of Hormuz has been effectively closed since early March, stripping roughly 20% of global oil and LNG supply from world markets in a single stroke. Saudi Arabia’s East-West Pipeline — the only meaningful rerouting option — is already running at its full capacity of 7 million barrels per day with zero room to expand.

Now a second chokepoint is under direct threat. Iran-backed Houthi militants in Yemen are positioning to disrupt the Bab el-Mandeb Strait — the narrow passage between Yemen and Djibouti that connects the Red Sea to the Gulf of Aden. Every westbound oil tanker that escapes Hormuz via Saudi Arabia’s pipeline must still transit this corridor to reach European and Atlantic markets. Insurance costs for Red Sea routes are climbing sharply and shipowners are already pulling back.

If the Bab el-Mandeb is closed, the market loses another estimated 7 million barrels per day — stacked on top of the 15 million already offline. That math would represent the most severe supply disruption in recorded energy history, eclipsing the 1973 oil shock in scale and speed.

Washington Raises the Stakes

The second driver of Monday’s move came from the White House. President Trump renewed explicit threats to destroy Iran’s oil infrastructure, power generation plants, and desalination facilities if a deal is not reached imminently. The U.S. now has approximately 50,000 troops deployed to the Gulf, including elite rapid-entry units. A Wall Street Journal report Sunday evening added that the administration is weighing a special operations mission to extract uranium from Iran’s underground nuclear compounds — a scenario that analysts broadly view as an immediate and severe escalation trigger.

Treasury Secretary Bessent offered a partial offset, hinting at potential U.S. or multinational naval escorts to restore navigation through the straits — which briefly pulled futures off their highs at Monday’s open. But the underlying tension held. Iran has continued to insist it is not in active negotiations, even as Trump has claimed “great progress” toward a deal.

JPMorgan’s commodities strategy team, led by Natasha Kaneva, wrote Sunday that markets are still underestimating the downside risks. The concern, they noted, is no longer whether this escalates further — it’s when.

The Broader Market Fallout

The energy crisis is metastasizing beyond the oil patch. European gas storage entered this conflict at historically low levels — roughly 30% capacity — after a harsh winter. Dutch TTF gas benchmarks have nearly doubled since hostilities began. Chemical and steel manufacturers across the UK and EU have imposed surcharges of up to 30% to offset surging input costs. The ECB has already postponed planned rate cuts and revised its inflation forecasts higher.

The International Energy Agency announced what would be the largest strategic petroleum reserve release in its history — 400 million barrels — as a near-term stabilizer. It addresses the pressure but not the cause. With two chokepoints now in play, no diplomatic resolution on the table, and 50,000 U.S. troops in the region, the structural bid under oil prices isn’t dissipating this week.

The energy industry’s own assessment is blunt: this may only be the beginning of the supply shock, not the peak of it.

$110 Oil and a Blocked Strait: The Iran Shock Is Now Splitting Small-Cap Stocks in Two

Posted on by [email protected]

The Iran war didn’t just push Brent crude past $100 a barrel — it drew a sharp line through the small-cap market, separating companies that are printing cash from those quietly bleeding out. One month in, that divide just got wider.

Brent crude surged 2.82% to $111.06 per barrel on Friday after two ultra-large container vessels owned by China Ocean Shipping Company — COSCO, the world’s fourth-largest shipping line by capacity — attempted to transit the Strait of Hormuz and were turned back. The incident carries significant weight: China is an ally of Iran, and Tehran had previously signaled that friendly nations’ ships could pass freely. The fact that even Chinese vessels are being blocked signals that Iran’s chokehold on the waterway remains firmly in place, despite diplomatic noise suggesting otherwise.

Iran controls access to a strait that handles roughly 20% of the world’s daily oil supply. Since the U.S.-Israeli strikes began on February 28, close to 500 million barrels of total liquids have been lost, with approximately 17.8 million barrels per day of oil and fuel flows disrupted, according to Rystad Energy. WTI, meanwhile, climbed to $97.01 on Friday — up from roughly $65 in February. The buffer that kept prices from going completely vertical is now gone. Rystad’s chief oil analyst described the global supply system as having shifted from “buffered to fragile,” with inventories drawn down to a point where there is little room left to absorb further shocks.

President Trump announced a 10-day pause on strikes targeting Iran’s energy infrastructure through April 6, and said talks were progressing — but markets barely reacted. The COSCO incident hit the same day, effectively negating any diplomatic optimism. Iran also reportedly allowed 10 oil tankers to pass through the strait this week as a goodwill gesture, but analysts were quick to caution that isolated shipments do not signal a reopening.

The Winners: Domestic Producers and LNG Players

The clearest beneficiaries are U.S.-based exploration and production companies with no Middle East operational exposure. They’re capturing elevated prices without the liability of stranded tankers, damaged facilities, or rerouting costs eating into the margins of globally integrated operators.

Small- and mid-cap names like Antero Resources (AR), Solaris Energy Infrastructure (SEI), and SM Energy (SM) have all been flagged by analysts as well-positioned to benefit from both higher prices and the scramble among European and Asian buyers to replace Persian Gulf supply. Antero in particular benefits from the LNG export surge — Asian LNG prices have skyrocketed more than 140% since the war began as Qatar halted exports, and U.S. natural gas producers with export exposure are capturing that spread directly. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is up roughly 10% since the conflict started, significantly outpacing the broader market.

The Losers: Everyone Paying the Energy Tax

For small-cap companies outside the energy sector, $110 oil is a cost, not a catalyst. Airlines, regional manufacturers, consumer discretionary companies, and logistics-heavy businesses are absorbing higher input costs with limited pricing power and thin margins. Unlike large-caps with robust balance sheets, smaller companies can’t easily hedge energy exposure or wait out a prolonged commodity spike.

The macro backdrop makes it worse. The Russell 2000 entered correction territory this month and the timing is brutal. Approximately 32% of the debt held by Russell 2000 companies is floating-rate, meaning every basis point that rate-cut expectations get pushed back translates directly into higher interest expenses. With the Fed holding rates steady at its March 18 meeting and revising its inflation outlook higher, the one rate cut markets were pricing in for late 2026 is increasingly in doubt. Small-cap firms are facing approximately $368 billion in debt maturing in 2026 alone, much of it originally issued at near-zero rates — now needing to be refinanced at 6.5% to 8%.

Bank of America has noted that small caps with oil exposure but limited refinancing risk may be best positioned in the current environment. That framing is the right lens heading into Q1 earnings. The question isn’t whether oil stays at $110. It’s whether your small-cap holdings are collecting the windfall or paying the price for it — and with the Strait of Hormuz turning away even Chinese vessels, there’s no telling when this resolves.

Release – Comstock Inc. Announces 2026 Annual Meeting

Posted on by [email protected]

Research News and Market Data on LODE


Virginia City, Nevada, March 26, 2026 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) is pleased to announce that its 2026 Annual Meeting of Shareholders has been scheduled for Thursday, May 28, 2026, starting at 9:00 a.m. Pacific Daylight Time in Reno, Nevada, at the Peppermill Hotel. The meeting will feature Comstock Metals, strategic investments, and clean energy systems.

The 2026 Annual Meeting schedule for May 28, 2026, is as follows: 

8:00 am to 9:00 am PDT – Continental Breakfast 
9:00 am to 11:30 am PDT – 2026 Annual Shareholders Meeting, Company Presentations, Q & A 
12:00 pm to 1:00 pm PDT – Lunch and Conversations with Company Management and Directors

The record date for the Annual Meeting is March 31, 2026.  Only shareholders of record at the close of business on March 31, 2026, may vote at the meeting.  The Company’s proxy statement will be sent to shareholders of record and will describe all matters to be voted on. Shareholders are invited to register for the 2026 Annual Meeting: Register to Attend. 

About Comstock Inc.

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

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

Comstock Social Media Policy

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

Contacts

For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
[email protected]

For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
[email protected]

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,” “forecast,” “seek,” “target,” “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: expectations regarding the completion of the proposed securities offering, 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, 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; and 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: sales of, and demand for, our products, services, and/or properties; industry market conditions, including the volatility and uncertainty of commodity prices; the speculative nature, costs, regulatory requirements, and hazards of natural waste resource identification, exploration, development, availability, recycling, extraction, processing, and refining activities, including operational or technical difficulties, and risks of diminishing quantities or insufficiency of grades of qualified resources;; changes in our planning, exploration, research and development, production, and operating activities; research and development, exploration, production, operating, and other variable and fixed costs; throughput rates, margins, earnings, debt levels, contingencies, taxes, capital expenditures, net cash flows, and growth; restructuring activities, including the nature and timing of restructuring charges and the impact thereof; employment and contributions of personnel, including our reliance on key management personnel; the costs and risks associated with developing new technologies; our ability to commercialize existing and new technologies; the impact of new, emerging, and competing technologies on our business; the possibility of one or more of the markets in which we compete being impacted by political, legal, and regulatory changes, or other external factors over which we have little or no control; the effects of mergers, consolidations, and unexpected announcements or developments from others; the impact of laws and regulations, including permitting and remediation requirements and costs; changes in or elimination of laws, regulations, tariffs, trade, or other controls or enforcement practices, including the potential that we may not be able to comply with applicable regulations; changes in generally accepted accounting principles; adverse effects of climate changes, natural disasters, and health epidemics, such as the COVID-19 outbreak; global economic and market uncertainties, changes in monetary or fiscal policies or regulations, the impact of terrorism and geopolitical events, volatility in commodity and/or other market prices, and interruptions in delivery of critical supplies, equipment and/or raw materials; assertion of claims, lawsuits, and proceedings against us; potential inability to satisfy debt and lease obligations, including because of limitations and restrictions contained in the instruments and agreements governing our indebtedness; our ability to raise additional capital and secure additional financing; interruptions in our production capabilities due to equipment failures or capital constraints; potential dilution from stock issuances, recapitalization, and balance sheet restructuring activities; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to maintain the listing of our securities on any securities exchange or market; and our ability to implement additional financial and management controls, reporting systems and procedures and comply with Section 404 of the Sarbanes-Oxley Act, as amended. 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.

Resolution Minerals Ltd (RLMLF) – Idaho’s Next Gold and Critical Minerals District

Posted on by [email protected]


Thursday, March 26, 2026

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

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

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

Initiating coverage with an Outperform. Resolution Minerals Ltd (ASX: RML, OTCQB: RLMLF) is advancing the Horse Heaven Gold–Antimony–Tungsten–Silver Project in Idaho, now covering 14,580 hectares. Following China’s December 2024 ban on antimony exports to the U.S., the country faces a structural supply deficit with no meaningful domestic mining or processing capacity. Resolution is positioned to address this gap through both resource development and intention to build a commercial-scale hydrometallurgical processing facility, aligning the project with U.S. policy priorities around domestic critical mineral supply chains.

Golden Gate. Phase 1 drilling at the Golden Gate Prospect confirmed a fault-controlled Intrusion Related Gold System with indications of meaningful scale. All 14 holes intersected mineralization from surface, including intercepts of 253m at 1.50 g/t Au, 265m at 0.60 g/t Au, and 189m at 1.30 g/t Au, all open at depth, while a second discovery at Golden Gate South expanded the mineralized footprint to more than 1.5km of strike. Importantly, the historical Golden Gate Tungsten Mine, last in production in 1980, is located within Resolution’s property boundary, with management evaluating a restart. A Phase 2 program of up to 45 diamond holes across 13,700 meters commences in early May 2026.


Get the Full Report

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. 

First Phosphate Corp. (FRSPF) – NRCan Contribution Agreement Signed; Funding Secured

Posted on by [email protected]


Wednesday, March 25, 2026

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

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

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

Investor webinar. CEO John Passalacqua recently presented to investors via Simone Capital. During the call, Mr. Passalacqua commented on the signed contribution agreement with Natural Resources Canada, the ongoing drill program and future feasibility study, the ADR launch, and the strength of the stock in recent weeks relative to a difficult broader market. Management attributed the stock’s resilience to the quality of the shareholder base, consistent milestone execution, and the visible de-risking effect of government backing.

NRCan contribution agreement signed. First Phosphate has executed a formal agreement with Natural Resources Canada providing up to C$16.7 million in non-repayable government funding under the Global Partnerships Initiative. The structure is a reimbursement model, whereby the company incurs eligible expenditures and receives reimbursement of up to 75% within approximately three months, supporting technical and engineering validation work through 2028. Combined with approximately C$20-C$22 million in cash on hand, we estimate total accessible financial resources of approximately C$36-C$38 million, sufficient to fund the company through drill completion, feasibility study, and final investment decision.


Get the Full Report

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. 

Comstock (LODE) – Review of 2025 and Outlook for 2026

Posted on by [email protected]


Wednesday, March 25, 2026

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

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

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

A year of repositioning. During 2025, Comstock Inc. repositioned itself around two scalable growth businesses: Comstock Metals, which targets solar panel recycling and critical mineral recovery, and its investment in Bioleum Corporation, which is advancing biomass-based renewable fuels.

Near-term revenue visibility. Comstock Metals represents the most immediate catalyst for value creation. Comstock has validated a zero-landfill solar panel recycling process and completed permitting for its first industry-scale facility in Nevada, with operations expected to commence in the second quarter of 2026. The company has also secured logistics infrastructure and customer agreements across key U.S. regions, reflecting growing demand for end-of-life solar panel processing. Over time, the strategy could include multiple facilities and integrated refining capabilities that target recovery of higher-value metals such as silver.


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Release – Comstock Announces Full Year 2025 Achievements and Results

Posted on by [email protected]

Research News and Market Data on LODE

Expands Board as Company Accelerates Growth in Solar Recycling and Critical Metals Recovery

VIRGINIA CITY, NEVADA, March 24, 2026 – Comstock Inc. (NYSE: LODE) (“Comstock,” “our” and the “Company”), today announced its full year 2025 results, 2025 summary achievements, and our 2026 business outlook.

“Last year marked a number of critical achievements that punctuated the turnaround from a junior mining opportunity into a validated, leading metals recovery company positioned for global growth, including final proof of our zero-landfill recycling concept from our demonstration facility, team-building, full permitting, final, first-of-its-kind engineered and tested designs, secured industrial scale facility and storage capacity and fully funded the facility and operations while also receiving direct investment from Marathon Petroleum Corp and another third party investor, directly into Bioleum Corp., validating our efforts,” stated Corrado De Gasperis, the Company’s Executive Chairman and Chief Executive Officer. “Comstock has now founded, developed and positioned two distinct, high-growth businesses: a Nevada-based metals recovery company and an Oklahoma-based renewable fuels company, each with sophisticated strategic and financial partners and clear paths toward commercialization and growth.”

Recent Corporate Transactional and Liquidity and Capital Resources Highlights

  • Completed, in early 2026, an oversubscribed equity financing of $57.5 million in gross proceeds and $53.0 million, net of offering expenses, driven by demand from leading institutional investors and further strengthening our capital base to accelerate the commercialization and development of the Comstock Metals recycling and refining processes;
  • Eliminated all debt obligations, including convertible and promissory notes, and extinguished multiple other non-debt obligations, resulting in a strong financial position for accelerating growth and further monetizing non-core assets;
  • Separated Bioleum Corp. from Comstock based on $35 million in direct strategic investments from Marathon Petroleum Corp and another investor and secured our investment through a $65 million Convertible Preferred Stock.
  • Secured power equivalent to 250-300 MW supporting a high value monetization of Nevada real estate investments;
  • Expands Board with three outstanding, experienced, independent directors representing two of the Company’s top four shareholders, reflecting support of the exceptional opportunity positioned for solar recycling and critical metals. Cash and cash Equivalents were $17.0 million at December 31, 2025, and of cash and cash equivalents, prior to the net proceeds from the 2026 financing; and $56.1 million at March 20, 2026.
  • Common shares outstanding were 51.9 million at December 31, 2025, and 74.1 million shares at March 20, 2026.

“The successful capitalization of our Company with aligned, long term investors positions and enables global industrial growth and further non-core asset and investment sales to become a highly focused, highly-profitable, multi-billion dollar valued corporation,” stated Mr. De Gasperis. “This also positioned the interest and opportunity to further align, expand and enhance our board and governance with the competencies and capacities for governing a multi-billion-dollar global enterprise. Having two of our top four investors excited to support and participate this remarkable opportunity is highly gratifying, to say the least.”

Selected Segment Highlights for Comstock Metals (for the year ended December 31, 2025)

“We have now received all permits for commissioning and operating our first industry-scale facility. Equipment is arriving daily with all equipment expected on site in early April, with commissioning underway, and operations start up, on plan, during the second quarter of this year just as our order pipeline grows,” said Dr. Fortunato Villamagna, President of Comstock Metals.

Comstock Metals

  • Certified the R2v3/RIOS Responsible Recycling Standard by Sustainable Electronics Recycling International (“SERI”), authenticating the first zero-landfill recycling process that safely repurposes all recycled materials;
  • Received all operating and storage permits for our first-of-its-kind industry-scale facility in Nevada;
  • Receiving and installing major precision-manufactured equipment for the industrial production line, with commissioning ongoing and continuous operations on schedule for commencement in the second quarter of 2026;
  • Secured Master Service Agreements with multiple major utilities, developers, EPC firms, contractors, installers, and asset owners across the Southwest and multiple other regions of the United States;
  • Secured permits and received approval from California’s Department of Toxic Substances Control (“DTSC”), becoming one of a select group of companies authorized and operating as a universal waste recycler in California;
  • Established an Ohio and California-based logistics and aggregation hubs supporting two of the largest end-of-life solar panel geographic markets in the United States;
  • Completed preliminary design and feasibility for a U.S.-based, industrial metal refining solution for our tailings; and
  • Selected and submitted state-level permit applications for a second industry-scale production facility in Nevada.

“We remain the only certified R2v3/RIOS Responsible Recycling Standard by SERI for solar panel recycling (100% of the entire panel) and, with permits secured, the only solution that can efficiently scale to meet our customers rapidly growing need for end-of-life panel disposal,” said Dr. Villamagna. “Our sales and marketing teams are solely focused on expanding and capturing that market while our facility planning team simultaneously coordinating strategic site selections (processing and storage) across the whole country.”

Selected Segment Highlights for Comstock Mining (for the year ended December 31, 2025)

  • Closed on the sale and monetization of the northern district claims for approximately $3.0 million in total proceeds, including the acquisition, for no additional consideration, of more than 238 acres of Lyon County mineral properties, further enhancing our portfolio of Lyon County mineral properties and directly supporting the Dayton resource mine plans;
  • Increased our internal economic mineralized material estimates based on significantly higher gold and silver prices;
  • Completed the purchase of the Haywood industrial mineral properties, a key location for processing Dayton materials, and further enhancing our Lyon County mineral holdings and directly supporting the Dayton resource plans; and
  • Engaged multiple, sophisticated mining companies about the sale and monetization of our mineral and mining assets.

“The rapidly rising industrial silver demand and ongoing geopolitical concerns created an unprecedented runup in gold and a possibly even greater set up for silver prices, benefitting both our recycling and mining businesses. Our historic, world-class Nevada mining assets are now very well positioned for monetization, and we are directly engaged with a number of sophisticated mining concerns,” said Comstock’s Chief Financial Officer and Comstock Mining President, Mr. Judd Merrill.

Selected Highlights for Bioleum Corporation (“Bioleum”) (for the year ended December 31, 2025)

  • Separated our fuels portfolio and resources into the newly-created, Oklahoma-headquartered Bioleum Corporation:
  • Agreed on a $13.0 million strategic pre-Series A investment from subsidiaries of Marathon Petroleum Corp. (“MPC”);
  • Closed on a $20.0 million Series A preferred equity financing, with additional Series A planned for early 2026;
  • Exchanged our five-year, $65.0 million funding into a Series 1 Convertible Preferred Stock that is convertible into 32.5 million of the underlying common shares of stock of Bioleum Corporation;
  • Advanced our Cooperative Research and Development Agreement (“CRADA”) activities with the National Laboratory of the Rockies (“NRL”) and MIT for advancements in our low cost, high energy solutions;
  • Restarted the Madison, Wisconsin MPC pilot facility, fully integrating the Madison development teams;
  • Secured the first site and advanced site-specific engineering for the planned Oklahoma-based Bioleum refinery; and
  • Earned the second $1 million of the $3 million in awards from Oklahoma’s Quick Action Closing Fund.
  • Acquired Hexas Biomass Inc. and the entire RenFuel IP portfolio in December 2025.

“Bioleum is positioned for an unprecedented, versatile, and exceptionally high-yielding, ultra-low-carbon biofuel solution that integrates waste streams and purpose-grown crops in an extending eco-system designed to produce an abundance of extremely low carbon liquid fuels,” said Mr. DeGasperis. “Bioleum’s working teams in Wisconsin and Oklahoma are integrating their efforts into a system designed for accelerating commercially viable technologies while working on commercializing a series of farm-and-waste woody biomass to fuels production platforms.”

Outlook for 2026

Comstock Metals has established the goal of setting the global standard for solar panel recycling. Our process creates no waste, no landfilled materials, and results in clean recycled products safe for reuse.

Bioleum seeks to commercialize technologies, systems and supply chains that produce renewable fuels from waste, purpose grown energy crops and other forms of woody biomass, enabling and integrating agricultural and clean energy economics.

The growth opportunities for both Comstock Metals and Bioleum have and continue developing beyond our original plans, and we have now realigned both the organizations and their respective capital bases with some of the most sophisticated partners for investment, feedstocks, technologies, operations, and offtakes, including significant investments.

The Company’s Corporate objectives for 2026 include: 

  • Monetize our legacy mineral and mining properties, plants and equipment;
  • Secure sufficient power source to enable hyper-scale data center developments in Silver Springs, NV;
  • Restructure, align, power, and expand the ownership in the Sierra Springs Opportunity Fund Inc. and monetize;
  • Monetize all other legacy, non-core real estate in Silver Springs, NV;
  • Support the next phases of accelerating Metals growth, including refining; and
  • Support the next phases of accelerating Fuels growth, including the commercialization of Hexas-based biomass solutions.

The Company’s progress to date has now resulted in two, fully dedicated, high-growth potential companies: our Nevada-based renewable metals operation with expanding, multiple, industry-scale production sites and our Oklahoma-headquartered Bioleum Corporation, with major research, development and pilot production operations based in Wausau and Madison, Wisconsin and Hexas Biomass farming and purpose grown energy crop solutions in Olympia, Washington.

Comstock Metals 

Comstock Metals has now been operating its first commercial demonstration facility for nearly two years and in November of 2024, submitted permits for the first industry-scale photovoltaic recycling facility in northern Nevada. The permits were received in early January of 2026. Comstock Metals has also selected its second site in the southern part of the State of Nevada. These industry-scale facilities are designed for recycling up to 3.3 million panels (or approximately 100,000 tons) of annual capacity, with operations for the first facility commencing post commissioning activities during the first quarter of 2026 for operations in the second quarter 2026. 

Additional site selection activities are ongoing for the next five industry-scale facilities (that is, industry-scale recycling facilities #3-#7) and multiple associated storage sites and at least one centralized, industrial scale refining facility capable of handling the metals-rich tailings produced by its recycling facilities. 

The Company’s Metals objectives for 2026 include:

  • Receive, deploy, assemble and commission our first industry-scale facility in Silver Springs, NV;
  • Operate our first industry-scale facility in Silver Springs profitably;
  • Secure additional Master Service Agreements (MSA) with national and regional customers; 
  • Select and secure additional sites, expand storage capabilities and secure permits for these additional sites; 
  • Submit permits for our second industry-scale facility in southern, NV;
  • Procure the equipment for our second industry-scale recycling and processing facility and commence commissioning;
  • Complete site selection for at least three additional solar panel recycling locations and commence permitting; 
  • Evaluate international expansion opportunities with international strategic and capital partners; and
  • Advance development efforts, with strategic partners, to recover more and higher-purity materials from recycled streams.

The capital expenditures for each of the first and second facilities with 100,000 tons of annual capacity are expected to be approximately $14.0 million each, which includes expanded storage. The Company estimates total capital spending of approximately $13.0 million to be fully paid by the end of the first quarter of 2026. Revenues were three times greater in 2025 of $1.4 million, as compared to 2024 of $0.4 million. Total billings in 2025 were over $3.5 million. Master Service Agreements are being signed with major utility and electronic recycling aggregators across the U.S. and particularly in the southwest regions including California, Arizona and Nevada. Future revenue growth will depend on the rate of customer replacements, pricing, and operating performance as the Company scales production.

Comstock Mining 

Comstock Mining has amassed the single largest known land position within the Comstock mineral district, including an extensive repository of drilling data, engineering, and gold and silver resources, including the Lucerne and Dayton resources. 

The Company’s Mining objectives for 2026 include: 

  • Commercialize agreements that monetize our mining and related mining beneficiation assets; and 
  • Publish the Dayton Consolidated Project technical work with preliminary economics and sensitivities.

The Company’s 2026 efforts will be to monetize these assets completely or partially, with partners willing to acquire and deploy capital and capacity to develop, advance and ultimately further monetize these assets to the benefit our shareholders. 

Bioleum 

Bioleum is actively engaged in the expansion of its pilot production facilities and the planning for its first commercial demonstration facilities and the associated supply chain participants (including feedstock, site selection, engineering, construction and offtake). 

Bioleum’s objectives for 2026 include: 

  • Complete the remaining “Series A” equity financing for Bioleum;
  • Deploy a Hexas-based, commercial demonstration fuel farm;
  • Expand integrated pilot production capabilities to up to five barrels per week of intermediates and fuels;Commercialize at least one major new project for purpose grown feedstock applications;Commercialize at least one major new project for renewable fuel applications;Commercialize at least one major project that integrates our technology solutions into existing production platforms; andAdvance our innovation and development efforts toward even higher yields, lower costs and lower capital.

Bioleum also offers integrations of its solutions into existing agriculture, forestry, pulp and paper, ethanol, and existing petroleum infrastructures to generate additional capacities, revenues, technical services, engineering and royalties. The plans also include integrating Bioleum’s high yield Bioleum refining platform with Hexas’ high yield energy crops to provide enough feedstock to produce upwards of 100 barrels of fuel per acre per year, effectively transforming agricultural lands into perpetual “drop-in sedimentary oilfields” with the potential to dramatically boost domestic energy resources.

Summary

“In 2026, we plan on increasing our early mover advantage in solar panel recycling as we commission our first industry-scale facility, select and secure the next three sites for processing and storage and rapidly expand our national footprint,” concluded Mr. De Gasperis. “We are winning in the market and continue securing and forging market share from the largest and fasting growing customers while advancing refining development efforts to recover more and higher-purity metals and materials.” 

CONFERENCE CALL DETAILS

Comstock’s Chief Executive Officer, Corrado De Gasperis, and its Chief Financial Officer, Judd Merrill, will present an overview of the year end 2025 financial results, upcoming commercial and monetization milestones, and how the Company’s systemic platform is optimizing results on Tuesday, March 24, 2026, via a webinar.

Investors and all other interested parties are invited to register below.

Date:     Tuesday, March 24, 2026
Time:     4:30 p.m. ET
Register: Webinar Registration

HAVE QUESTIONS? There will be an allotted time following the results presentation for a Q&A session. Unaddressed questions will be reviewed by management and responded to accordingly. You may submit your question(s) beforehand in the registration form (linked above) or by email at: [email protected].

About Comstock Inc.

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

Comstock Social Media Policy

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

Contacts

For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
[email protected]

For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
[email protected]

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,” “forecast,” “seek,” “target,” “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: expectations regarding the completion of the proposed securities offering, 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, 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; and 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: sales of, and demand for, our products, services, and/or properties; industry market conditions, including the volatility and uncertainty of commodity prices; the speculative nature, costs, regulatory requirements, and hazards of natural waste resource identification, exploration, development, availability, recycling, extraction, processing, and refining activities, including operational or technical difficulties, and risks of diminishing quantities or insufficiency of grades of qualified resources;; changes in our planning, exploration, research and development, production, and operating activities; research and development, exploration, production, operating, and other variable and fixed costs; throughput rates, margins, earnings, debt levels, contingencies, taxes, capital expenditures, net cash flows, and growth; restructuring activities, including the nature and timing of restructuring charges and the impact thereof; employment and contributions of personnel, including our reliance on key management personnel; the costs and risks associated with developing new technologies; our ability to commercialize existing and new technologies; the impact of new, emerging, and competing technologies on our business; the possibility of one or more of the markets in which we compete being impacted by political, legal, and regulatory changes, or other external factors over which we have little or no control; the effects of mergers, consolidations, and unexpected announcements or developments from others; the impact of laws and regulations, including permitting and remediation requirements and costs; changes in or elimination of laws, regulations, tariffs, trade, or other controls or enforcement practices, including the potential that we may not be able to comply with applicable regulations; changes in generally accepted accounting principles; adverse effects of climate changes, natural disasters, and health epidemics, such as the COVID-19 outbreak; global economic and market uncertainties, changes in monetary or fiscal policies or regulations, the impact of terrorism and geopolitical events, volatility in commodity and/or other market prices, and interruptions in delivery of critical supplies, equipment and/or raw materials; assertion of claims, lawsuits, and proceedings against us; potential inability to satisfy debt and lease obligations, including because of limitations and restrictions contained in the instruments and agreements governing our indebtedness; our ability to raise additional capital and secure additional financing; interruptions in our production capabilities due to equipment failures or capital constraints; potential dilution from stock issuances, recapitalization, and balance sheet restructuring activities; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to maintain the listing of our securities on any securities exchange or market; and our ability to implement additional financial and management controls, reporting systems and procedures and comply with Section 404 of the Sarbanes-Oxley Act, as amended. 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.

Gold Just Had Its Worst Week Since 1980 — Here’s the Uncomfortable Reason Why

Posted on by [email protected]

For decades, the playbook has been simple: when war breaks out, buy gold. But the ongoing U.S.-Israeli conflict with Iran is rewriting that script in real time, and investors are scrambling to make sense of a metal that is behaving more like a speculative trade than the world’s oldest store of value.

Gold has dropped nearly 10% this week, putting it on track for its worst weekly performance in 43 years, with the metal’s total decline since the war began now sitting at approximately 13%. On Friday, gold was trading around $4,570 per troy ounce — erasing two months of gains in a matter of days.

The Rate Problem Nobody Saw Coming

The paradox at the heart of gold’s collapse is this: the same war that should theoretically be sending investors rushing into safe-haven assets is also the reason central banks are slamming the door on interest rate cuts.

The Federal Reserve held rates steady and cited uncertain impacts from the conflict, while the Bank of Japan kept rates unchanged, noting that inflation risks are now tilted to the upside. Central banks across Europe — including the U.K. and the eurozone — followed suit. Market expectations for Fed rate cuts have shifted dramatically, with traders now pricing in no cuts until as late as June 2027 — a full twelve months later than pre-war projections. That matters enormously for gold, which pays no yield. When bonds and other interest-bearing assets become more attractive, gold loses its competitive edge almost immediately.

The Dollar Is Doing Gold No Favors Either

The U.S. dollar has rebounded approximately 2.2% since the Iran war began, halting a months-long slide. Because gold is priced in dollars, a stronger greenback makes the metal relatively more expensive for international buyers, dampening global demand.

Oil prices have remained above $100 per barrel following attacks on major energy infrastructure, including one of the world’s largest natural gas fields shared by Iran and Qatar, with the conflict showing no signs of resolution. Energy-driven inflation is now feeding directly into the rate calculus that is punishing gold.

From Safe Haven to Meme Trade — and Back?

Part of what’s happening is a hangover from an extraordinary run. Gold surged 66% in 2025, its best annual performance since 1979, before hitting $5,000 per troy ounce for the first time in January 2026. Retail investors piled in chasing momentum, and when that momentum began to reverse, the selling accelerated. Some analysts have raised the possibility that central banks, which were previously aggressive buyers, may now be turning into net sellers — an additional headwind few had anticipated.

The longer-term bull case hasn’t disappeared. J.P. Morgan maintains a 2026 year-end target of $6,300 per ounce, while Deutsche Bank holds firm at $6,000 — though both forecasts were set before the Iran escalation.

For long-term holders, the fundamental case remains intact. Real interest rates, global monetary policy, and persistent geopolitical uncertainty have historically been the primary drivers of sustained gold bull markets, and none of those underlying forces have been resolved.

The question isn’t whether gold’s story is over. The question is whether the market has finally priced in a world where geopolitical chaos and monetary tightening can coexist — and where gold, at least temporarily, is caught in the crossfire.

Release – Nicola Mining Announces The Completion Of The Ubc Master’s Thesis Concluding That Craigmont Is Part Of A Porphyry-Linked Skarn System

Posted on by [email protected]

Research News and Market Data on HUSIF

March 19, 2026

News Releases

VANCOUVER, BC, March 19, 2026 – Nicola Mining Inc. (the “Company” or “Nicola”) (TSX: NIM) (OTCQB: HUSIF) (FSE: HLIA) is pleased to announce that Warren Wagner has completed his Master of Science (M.Sc.) thesis, at the university of British Columba’s (UBC) Mineral Deposit Research Unit (MRDU), on the New Craigmont copper project[1]. His thesis is titled The Skarn to Porphyry Transition: Establishing Links Between Skarn and Porphyry-Type Mineralization at New Craigmont British Columbia. The full publication and supplementary data tables are available for download on the UBC website: https://open.library.ubc.ca/soa/cIRcle/collections/ubctheses/24/items/1.0451531

The purpose of the thesis was to examine the potential connection between the historically mined Craigmont skarn and undiscovered porphyry systems in the surrounding area. Using field observations, petrography, whole-rock and mineral chemistry, and integrated geochronology, Warren’s thesis has redefined Craigmont as a porphyry-linked skarn system genetically tied to multi-pulsed Late Triassic magmatism within the Guichon Creek batholith’s Border Phase.

Mineral ages determined through geochronology lab work defined two discrete hydrothermal stages: massive calcsilicate skarn alteration at ~215 Ma related to the earliest Border Phase intrusions and overprinting, vein-hosted porphyry-type mineralization at ~209 Ma associated with later, oxidized intrusions.

Potassic, phyllic, calc-potassic, and propylitic alteration styles indicate the presence of a larger porphyry system proximal to the skarn deposit. Epidote mineral chemistry from propylitic assemblages further supports this. New Craigmont epidote contains elevated porphyry indicator trace elements consistent with other porphyry deposits in British Columbia and worldwide. Finally, epidote mineral chemistry systematics within the Guichon Creek batholith reveal that New Craigmont contains a separate, porphyry centre, unrelated to those of the Highland Valley district. The study also highlights the importance of structural permeability and reactive Nicola Group host rocks in focusing hydrothermal fluids and controlling the distribution of skarn and porphyry-style mineralization.

Conclusions of the study have positive implications for ongoing exploration at New Craigmont. The study confirms Nicola’s ongoing hypothesis that the historical skarn is driven by a nearby porphyry system. Detailed geochemistry work has helped narrow exploration to broadly two regions within the property: West Craigmont (where the Draken target is located), and east of the historical mine (where the Jotun target is located). Nicola is integrating MRDU data into ongoing vectoring work and target generation.

Peter Espig, CEO of Nicola, stated, “We applaud Warren and MRDU on two years of fruitful work at our New Craigmont Copper Project. The thesis’ conclusion aligns with our growing confidence in our three years of geological work, mapping and 2025 porphyry vectoring. Given the size of our land package and location, which includes sharing Guichon Batholith with Highland Valley Copper, the prospect of having one or more porphyries at New Craigmont is increasingly compelling, as highlighted in the thesis. We are very encouraged to commence our 2026 Exploration Program.”

Qualified Person

The scientific and technical disclosures included in this news release have been reviewed and approved by Will Whitty, P.Geo., who is the Qualified Person as defined by NI 43-101. Mr. Whitty is Vice President, Exploration for the Company.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the TSX-V 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 BC-based 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 property that hosts historical high-grade copper mineralization and covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

On behalf of the Board of Directors

“Peter Espig”   
Peter Espig
CEO & Director

For additional information

Contact:  Peter Espig
Phone: (778) 385-1213
Email: [email protected]
URL: www.nicolamining.com

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

[1] Initially disclosed June 29, 2022