Mining Archives - Channelchek

Anfield Energy Acquires BRS Engineering to Boost In-House Uranium and Vanadium Expertise

Posted on December 18, 2025December 18, 2025 by slightbourne@noblecapitalmarkets.com

Anfield Energy Inc. (TSX.V: AEC; NASDAQ: AEC; FRANKFURT: 0AD) announced it has entered into a definitive agreement to acquire BRS Inc., a Wyoming-based engineering and consulting firm specializing in uranium and vanadium projects. The transaction represents a strategic step toward strengthening Anfield’s internal technical capabilities as the company advances its portfolio toward near-term production.

BRS has served as a long-standing technical partner to Anfield since 2014, providing engineering, geology, mine development, and construction management services across multiple assets. The firm has authored numerous technical reports, Preliminary Economic Assessments (PEAs), and resource updates for projects including Slick Rock, the West Slope Projects, and the Velvet-Wood Mine. By integrating BRS directly into its operations, Anfield aims to streamline project execution while reducing reliance on third-party consultants.

The acquisition brings decades of specialized expertise in uranium exploration, in-situ recovery (ISR), conventional mining, and mill reactivation directly under Anfield’s corporate umbrella. Douglas L. Beahm, founder of BRS and Anfield’s Chief Operating Officer, will continue in his executive role while serving as principal engineer. Beahm is a Qualified Person under NI 43-101 with more than 50 years of experience in uranium resource development, mine operations, and regulatory permitting seen as critical to Anfield’s growth strategy.

From an operational standpoint, the transaction is expected to improve cost efficiency and shorten development timelines across Anfield’s asset base. Internalizing engineering and technical functions allows the company to move more quickly on resource updates, economic studies, permitting applications, and mine planning activities. This is particularly relevant as Anfield continues efforts toward restarting the Shootaring Canyon mill, which anchors its hub-and-spoke development strategy in the U.S.

Beyond operational efficiencies, the acquisition also creates new growth avenues. BRS is expected to expand its external consulting services with the support of a publicly traded platform, potentially offering turnkey development solutions to third-party toll-mill partners. The expanded technical team may also help Anfield identify and evaluate acquisition opportunities more rapidly, supporting resource expansion and portfolio optimization.

The deal terms include total cash consideration of US$5 million paid to Beahm over a two-year period. An initial payment of US$1.5 million will be made at closing, followed by US$1.5 million after the first anniversary and a final US$2 million payment after the second anniversary. No securities will be issued as part of the transaction, and no finder’s fees are payable. Completion of the acquisition remains subject to customary closing conditions and regulatory approvals.

As a related-party transaction under Multilateral Instrument 61-101, the acquisition qualifies for exemptions from formal valuation and minority shareholder approval requirements, as the total consideration does not exceed 25% of Anfield’s market capitalization.

Anfield Energy is a uranium and vanadium development company focused on building a vertically integrated domestic energy fuels platform. The acquisition of BRS marks a meaningful step toward that goal, enhancing internal technical depth while positioning the company to advance its projects more efficiently amid rising demand for U.S.-based uranium supply.

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

Posted on December 11, 2025December 11, 2025 by slightbourne@noblecapitalmarkets.com

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

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

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

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

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

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

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

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

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

Posted on December 8, 2025December 8, 2025 by slightbourne@noblecapitalmarkets.com

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

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

A Material Boost to Revenue and Scale

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

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

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

Strategic Exposure to Gold and Copper

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

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

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

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

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

A Meaningful Signal for the Mining Royalty Space

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

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

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

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

Posted on December 5, 2025December 5, 2025 by slightbourne@noblecapitalmarkets.com

Friday, December 05, 2025

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

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

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

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

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

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

Posted on November 28, 2025November 28, 2025 by slightbourne@noblecapitalmarkets.com

Friday, November 28, 2025

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

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

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

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

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

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Alliance Resource Partners (ARLP) – Third Quarter Results Exceed Our Expectations

Posted on October 29, 2025October 29, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, October 29, 2025

ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.

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.

Third quarter financial results. Alliance reported third quarter adjusted EBITDA and earnings per unit (EPU) of $185.8 million and $0.73, respectively, compared to $170.4 million and $0.66 during the prior year period. We had projected EBITDA and EPU of $176.2 million and $0.68. Total revenue amounted to $571.4 million compared to $613.6 million during the prior year period and our $577.9 million estimate. While revenue from coal sales exceeded our estimate, oil and gas royalties, transportation, and other revenues were below. Third quarter results benefited from expenses that were lower than our estimates and contributions from equity method investments and the change in value of ARLP’s digital assets.

Outlook for the remainder of 2025 and 2026. Management updated its 2025 guidance. Within ARLP’s coal operation, guidance ranges were narrowed. Total sales are expected to be between 32.50 million tons and 33.25 million tons compared to prior guidance of between 32.75 million tons and 34.0 million tons. Within the oil and gas royalty segment, volumes were lowered to reflect the timing of a multi-well pad in the Delaware Basin of the Permian, which is expected to come online in early 2026.

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Critical Minerals Take Center Stage as U.S. Accelerates Domestic Mining Investments

Posted on October 7, 2025October 7, 2025 by slightbourne@noblecapitalmarkets.com

Trilogy Metals’ stock has skyrocketed following news that the Trump administration has taken a 10% stake in the company and approved a long-debated access road to Alaska’s Ambler Mining District. The move marks a major step in the administration’s ongoing push to strengthen the U.S. supply chain for critical minerals and metals—resources essential to clean energy, defense, and technology production.

Shares of Trilogy Metals surged more than 200% after reports confirmed that the administration invested roughly $35.6 million for the initial stake, with options to expand its position further. The approval of the Ambler Access Project is equally significant, as it clears the way for road construction to one of Alaska’s most mineral-rich areas, known to contain large deposits of copper, cobalt, silver, and other valuable metals.

The Ambler project, previously blocked due to environmental and tribal concerns, now represents one of the most promising developments in North American mining infrastructure. The administration justified the decision on the basis of national interest, emphasizing the need for reliable access to domestic sources of critical materials. To address environmental worries, the plan reportedly includes measures to protect local wildlife and mitigate ecological disruption.

This latest investment is part of a broader strategy that has seen the administration take direct stakes in several companies tied to the U.S. mineral supply chain. Earlier this year, similar investments were made in Lithium Americas and MP Materials—both key players in lithium and rare earth mining. These moves, combined with support for projects like Arizona’s Resolution copper mine and semiconductor manufacturing expansion, highlight a coordinated effort to reduce U.S. dependence on foreign suppliers, particularly China.

The ripple effects of these initiatives extend beyond the headline companies. Smaller-cap mining and exploration firms, many of which struggle to secure funding or regulatory approval, could see renewed investor interest as confidence builds in the sector. The U.S. government’s involvement signals a stronger commitment to domestic resource development, which could make financing and partnerships easier to obtain for junior mining companies.

Moreover, rising demand for materials like copper, cobalt, and lithium—driven by the energy transition, electric vehicles, and AI data centers—continues to push commodity prices higher. Smaller players positioned near viable deposits may become acquisition targets or strategic partners for larger corporations aiming to secure supply lines. As institutional investors seek exposure to the metals space, many could turn to small- and mid-cap miners as leveraged opportunities for growth.

However, this surge in optimism also brings potential volatility. Commodity-dependent small caps are notoriously cyclical, and their valuations can swing sharply with policy shifts, environmental challenges, or fluctuations in global metal prices. Still, the overarching narrative remains favorable: a renewed national focus on critical mineral independence, supported by both public and private capital, may ignite a renaissance in the U.S. mining and metals sector.

In the wake of Trilogy Metals’ dramatic rally, market watchers are increasingly eyeing other under-the-radar resource companies that could benefit from this wave of strategic investment. If current trends persist, the metals sector—long overshadowed by tech and energy—could become one of the most dynamic areas for small-cap growth over the next several years.

Century Lithium Corp. (CYDVF) – Progress on the Permitting Front

Posted on October 2, 2025October 2, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, October 02, 2025

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

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

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

Moving through the permitting process. Century has completed all required environmental baseline studies to begin Angel Island’s National Environmental Policy Act (NEPA) permitting process, which is expected to take up to two years before reaching a record of decision. The studies will be used by the Bureau of Land Management (BLM) to support the company’s upcoming Plan of Operations submission and subsequent NEPA analysis.

FAST-41 designation. In August 2025, Angel Island was formally designated as a FAST-41 Transparency project under a federal initiative designed to improve the transparency, coordination, and timeliness of the federal environmental review and permitting process. The designation reflects Angel Island’s strategic importance in supporting the U.S. critical minerals supply chain. We think the Angel Island project is well-positioned for a timely progression through the permitting process.

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Alliance Resource Partners (ARLP) – U.S. Coal as a Strategic and Competitive Advantage

Posted on September 30, 2025September 30, 2025 by slightbourne@noblecapitalmarkets.com

Tuesday, September 30, 2025

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

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

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

Investments to reinvigorate the U.S. coal industry. The U.S. Department of Energy announced a $625 million program to expand and reinvigorate the U.S. coal industry. This includes $350 million to recommission or modernize coal power units, $175 million for coal power projects directly benefiting rural communities, $50 million to support advanced wastewater management systems to enable coal plants to extend their service life and reduce operational costs, $25 million for dual-firing retrofits, and $25 million for development and testing of natural gas cofiring systems.

Expanded coal leasing on federal lands. Moreover, the U.S. Department of the Interior announced it is making up to 13.1 million acres of federal land available for coal leasing and streamlining approvals for projects. The Department is accelerating efforts to fast-track projects that can recover strategic minerals from mine waste and abandoned sites. The One Big Beautiful Bill, passed on July 4, established lower coal leasing royalty rates of not more than 7% for both surface and underground mines for the period July 4, 2025, to September 30, 2034.

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Aurania Resources (AUIAF) – Heightened Risk in Ecuador

Posted on September 26, 2025September 26, 2025 by slightbourne@noblecapitalmarkets.com

Friday, September 26, 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. As an exploration company, Aurania does not generate revenue and has expenses to advance its projects. During the second quarter of 2025, the company generated a net loss of C$1,610,843 or C$0.01 per share. We had projected a loss of C$1,432,419 or C$0.01 per share. The variance to our estimate was mostly due to higher exploration expenditures, along with higher stock-based compensation. We project a full-year 2025 net loss of C$11.1 million, or C$(0.10) per share, compared to our prior loss estimate of C$10.5 million, or C$(0.09) per share.

Mining service fee. Ecuador recently implemented a new mining service fee on the resource sector (refer to our note dated July 29, 2025). The Ecuadorian Control and Regulation Agency (ARCOM) requested payment from Aurania of US$2,012,618 by July 31, 2025, representing one month of the total annual fee of US$24,151,420. While the penalty for non-payment is unclear, we think Aurania is withholding payment until it becomes clear whether TASA will stand in its current form due to multiple constitutional challenges.

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

Posted on September 8, 2025September 8, 2025 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.

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

Posted on September 3, 2025September 3, 2025 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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Nicola Mining Inc. (HUSIF) – Early Innings of a Compelling Growth Story

Posted on September 2, 2025September 2, 2025 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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