Core Insights - Blackrock Silver Corp. has announced the final results from its Eastern Expansion Drill Program at the Tonopah West project, revealing several mineralized northwest structures with shallow mineralization over a 1.2-kilometre trend [2][3][5] Summary by Sections Eastern Expansion Program Highlights - The Eastern Expansion Program was fully funded and aimed at expanding the resource area at Tonopah West, which is 100% owned by the company [2][3] - The program commenced in July 2025 and involved a total of 6,798 metres drilled across 24 drillholes, with 22 completed [4] Drilling Results - The drilling identified at least three distinct, parallel mineralized zones oriented northwest, suggesting a series of footwall fault splays rather than a singular structure [5][8] - Significant drill results include: - TXC25-173: 0.92 metres of 2,122.7 grams per tonne (g/t) silver equivalent (AgEq) from 220.9 metres [5] - TXC25-178: 6.4 metres of 296.6 g/t AgEq, including 0.46 metres of 3,853 g/t AgEq from 183.8 metres [5] - The results will be incorporated into an updated mineral resource estimate and preliminary economic assessment expected by February 2026 [5][6] Mineralization and Structural Insights - The program confirmed the presence of shallow, high-grade, and thick mineralization in the identified structures, indicating potential for further expansion [8][9] - Historical context suggests that the Pittsburg-Monarch fault has been a significant ore control in the district, with the current drilling confirming the importance of its associated structures [8] Quality Assurance and Control - All sampling was conducted under strict supervision, ensuring a chain of custody from the project site to the laboratory for accurate assay results [19][20] Company Overview - Blackrock Silver Corp. is focused on exploration and development of precious metals, particularly in Nevada, with a portfolio that includes low-sulphidation, epithermal gold and silver mineralization [23]

Core Viewpoint - Silver One Resources Inc. is advancing its Candelaria project in Nevada directly to a Pre-Feasibility Study (PFS), which is a significant step towards development, while also enhancing its Phoenix Silver project in Arizona, indicating a potentially impactful year ahead in 2026 [2][4]. Candelaria Project - The Candelaria project has an in-ground mineral resource of 108.18 million ounces of silver equivalent in the Measured and Indicated categories and 29.46 million ounces in the Inferred category [3]. - The company is moving towards completing a PFS, which will provide a more detailed and robust evaluation than a Preliminary Economic Assessment (PEA) [4]. - Additional metallurgical testing is planned to optimize gold and silver recoveries, and the heap leach pad resources will be upgraded to Measured and Indicated [4][6]. - Mine planning, production scheduling, and preliminary engineering have been mostly completed, with a resource update of leach pads expected in Q1 2026 [4][7]. Phoenix Silver Project - The Phoenix Silver project is undergoing an Induced Polarization (IP) survey to define copper-silver targets, which has faced delays due to severe weather conditions [8][9]. - The IP survey aims to test two priority porphyry targets in the southern part of the property, which are near significant copper mining operations [9]. - High-grade silver exploration in the 417 area has shown anomalous silver with copper, lead, and zinc values, although extremely high-grade massive silver was not encountered [10][11]. - Ground penetrating radar (GPR) and drone magnetometer surveys are planned to better define silver targets, with potential follow-up gravity surveys if warranted [11][17]. Future Plans - The Pre-Feasibility Study for Candelaria is estimated to be completed in Q2-Q3 2026, with a Plan of Operations scheduled for H2 2026 [16]. - The IP/MT survey at Phoenix Silver is expected to be completed by the end of December 2025, with final interpretations to follow in early 2026 [17].

Core Insights - Big Ridge Gold Corp. has made significant progress in 2025, including increasing its ownership of the Hope Brook Gold Project to 100% and engaging SGS Geological Services for a Preliminary Economic Assessment [3][4][6] - The company is also preparing concentrate samples for marketing and potential offtake agreements, while its partner Caprock Mining has initiated a Phase I drill program at the Destiny Gold Project [3][7] Hope Brook Gold Project - The Hope Brook Gold Project has a historical production of approximately 750,000 ounces of gold from 1987 to 1997, with a flotation circuit producing a concentrate of about 22% Cu and 34.28 g/t Au [4][11] - The project hosts an Indicated gold resource of 16,190,000 tonnes grading 2.32 grams per tonne for a total of 1.2 million ounces, and Inferred resources of 2,215,000 tonnes grading 3.25 grams per tonne for 231,000 ounces [12] - The company expects positive economics from the Preliminary Economic Assessment due to the high-grade open pit copper and gold resource and strategic location on tidewater, with completion anticipated in the first half of 2026 [4][5] Metallurgical Test Work - Recent metallurgical test work has produced high-grade Cu-Au concentrates ranging from 26% to 30% Cu with 270 to 539 g/t Au, indicating strong potential for marketing and partnerships [5] - The strategic location of the Hope Brook project on tidewater is expected to generate notable interest from potential partners due to current negative smelter treatment and refining charges [5] Destiny Gold Project - Caprock Mining has commenced a Phase I drill program at the Destiny Gold Project, targeting high-grade mineralization identified in historical drill holes with gold grades as high as 26 g/t Au [7] - Big Ridge owns 18 million shares of Caprock Mining and anticipates first anniversary payments under the option agreement, consisting of $100,000 in cash and common shares valued at $250,000 by December 31, 2025 [8]

Core Viewpoint - Aldebaran Resources Inc. has filed an updated Technical Report and Preliminary Economic Assessment for the Altar copper-gold project, indicating a strong economic outlook for the project with significant production potential and attractive financial metrics [1][3]. Group 1: Project Details - The Altar Preliminary Economic Assessment (PEA) has an effective date of September 1, 2025, and was prepared by SRK Consulting Inc. with Knight Piesold as a subcontractor [1]. - The PEA indicates a base case scenario with a Net Present Value (NPV) of US$2 billion and an Internal Rate of Return (IRR) of 20.5%, highlighting the project's long-term viability and profitability [3]. - Aldebaran holds an 80% interest in the Altar project, which is located in San Juan Province, Argentina, and is part of a cluster of world-class porphyry copper deposits [6]. Group 2: Joint Venture Update - Nuton Holdings Ltd., a venture of Rio Tinto, has terminated its option to joint venture agreement to acquire a 20% interest in the Altar project, citing a shift in focus to later-stage projects [2]. - Despite the termination, there remains the potential for a licensing agreement between Nuton and Aldebaran to utilize Nuton Technology at the Altar project [2]. Group 3: Management Commentary - The CEO of Aldebaran expressed confidence in the Altar project, emphasizing its significance for both the company and Argentina, and acknowledged Nuton's participation while understanding their strategic shift [3].

Core Insights - Q-Gold Resources Ltd. has signed an agreement with Kappes, Cassiday & Associates to initiate a preliminary economic assessment on the Quartz Mountain Gold Project in Oregon, USA [1][2] - The project is expected to unlock significant shareholder value, supported by a recently completed NI 43-101 technical report and financing [2][4] - The PEA will evaluate the project's economic potential, including mining methods, processing options, capital and operating costs, and projected financial returns [3][4] Project Details - The Quartz Mountain Gold Project was acquired from Alamos Gold in Q3 2025 and is located in a historically proven mining district in southcentral Oregon [2] - The recent mineral resource estimate indicates approximately 1,543,000 ounces of gold at a grade of 0.96 g/t and 2,049,000 ounces of silver at a grade of 1.27 g/t within 50,002,000 tonnes in the indicated category [5] - An additional 148,000 ounces of gold at a grade of 0.77 g/t and 135,000 ounces of silver at a grade of 0.70 g/t are found within 5,992,000 tonnes in the inferred category [5] Strategic Advantages - The project benefits from a favorable location, established infrastructure, and a solid mineral resource base, with gold designated as a strategic asset in the USA [4] - The results of the PEA are anticipated to be completed in the coming months and will inform future technical studies and permitting activities [4]

Core Viewpoint - Moon River Moly Ltd. has announced a positive Preliminary Economic Assessment (PEA) for the Endako Molybdenum Mine, indicating strong potential for the restart of operations, which could position it as Canada's largest molybdenum producer again [4][5]. Project Overview - The Endako Mine is currently on care and maintenance and is located in British Columbia, approximately 190 kilometers west of Prince George [4][10]. - The PEA suggests a 10-year mine life with a throughput of 75,000 tonnes per day, producing an average of 9.3 million kg (20.5 million pounds) of molybdenum annually [6][39]. Financial Metrics - The pre-tax net present value (NPV) is estimated at CAD 1.1 billion, with an internal rate of return (IRR) of 46% [6]. - After-tax NPV is CAD 790 million, with an IRR of 40% at an 8% discount rate, assuming a long-term molybdenum price of USD 49.73 per kg (USD 22.50 per pound) [6][40]. - The estimated total average operating cost is approximately CAD 11.84 per tonne of potentially mineable resources [36]. Capital Expenditures - Pre-production capital expenditures are estimated at CAD 493.7 million, including contingencies of CAD 83.7 million [32][34]. - The breakdown includes costs for processing plants, tailings management facilities, and water management [33]. Mining and Processing Plan - The mining plan involves open-pit techniques, with a focus on higher-grade material for the first 10 years [14][15]. - The processing plant will have a capacity of 75,000 tonnes per day, utilizing existing facilities with refurbishments and new equipment for concentrate leaching and drying [16][19]. Mineral Resources - The measured and indicated mineral resource is 335.7 million tonnes grading 0.072% MoS2 (0.043% Mo) [6][29]. - The resource estimate excludes inferred resources and is based on a cutoff grade of 0.040% MoS2, which reflects the long-term potentially economic mineralization [28][30]. Project Schedule - The restart of mining operations is projected to take approximately 1.5 to 2 years from the approval of the restart plan to the start of production [25]. Environmental and Permitting - The Endako Mine is currently compliant with all necessary permits for its care and maintenance status, but a restart will require reactivation of water and operating permits [24].

Core Viewpoint - Surge Copper Corp. is advancing its Pre-Feasibility Study (PFS) for the 100% owned Berg Project in British Columbia, marking a significant step in the project's development and potential mineral reserve declaration [1][5]. Project Development - The PFS is progressing into full design and cost estimation, with completion expected in the middle of the first half of 2026 [2]. - The PFS will integrate recent drilling, metallurgical, geotechnical, and environmental datasets to update the mineral resource estimate and improve the mine plan [4]. - The PFS is essential for future advancement activities, including initial mineral reserve declaration and Environmental Assessment (EA) readiness [4]. Technical Advancements - The company has completed trade-off studies and finalized key design decisions on throughput and power connection [2]. - Since the 2023 Preliminary Economic Assessment (PEA), the drilling inventory has increased from approximately 54,384 meters in 210 holes to 64,574 meters in 237 holes, enhancing confidence in grade continuity [7]. - A comprehensive metallurgical testwork program has shown improvements in copper and molybdenum recovery expectations compared to PEA assumptions [9]. Engineering and Consulting Engagement - Ausenco Engineering Canada ULC has been appointed as the lead consultant for the PFS, focusing on process plant design and overall report preparation [6]. - Moose Mountain Technical Services Inc. will lead mineral resource estimation and open pit design [6]. Environmental and Indigenous Engagement - Surge is conducting environmental baseline studies to support future permitting and project design, including water quality, wildlife surveys, and socio-economic assessments [11]. - The company emphasizes responsible project design and early alignment with Indigenous Nations and the BC Environmental Assessment process [12]. Policy and Fiscal Environment - The policy and fiscal environment for critical mineral development in British Columbia is evolving positively, with increased support for critical minerals and proposed tax changes to enhance competitiveness [13].

Core Viewpoint - Allied Critical Metals Inc. has announced a significant increase in the Mineral Resource Estimate (MRE) for its Borralha Tungsten Project in Northern Portugal, which is expected to advance towards a Preliminary Economic Assessment (PEA) targeted for Q1 2026, amid strong tungsten prices and increasing demand for critical raw materials [3][4][6]. Mineral Resource Estimate Update - The updated MRE for the Borralha Tungsten Project shows a substantial increase to 13.0 million tonnes Measured and Indicated (M+I) at 0.21% WO₃ and 7.7 million tonnes Inferred at 0.18% WO₃, compared to the previous estimate of 4.98 million tonnes Indicated at 0.21% WO₃ and 7.01 million tonnes Inferred at 0.20% WO₃ [4][6]. - The MRE is based on a cut-off grade of 0.09% WO₃ and does not include other potential mineralized deposits on the property [5][6]. Geological and Metallurgical Context - The Santa Helena Breccia is confirmed as a large, mineralized system with strong structural control and excellent lateral continuity, indicating significant potential for further resource growth [9][10]. - Existing metallurgical programs suggest a simple, low-cost gravity flowsheet with a recovery rate of approximately 75-85% WO₃, with potential by-products including copper, tin, and silver [10][11]. Strategic Importance - The Borralha Project is positioned as a critical asset in Europe, especially given the EU's reliance on tungsten imports from China, with over 80% of its tungsten supply coming from there [24][25]. - The project is aligned with the EU Critical Raw Materials Act and NATO strategic autonomy initiatives, emphasizing its importance in developing a secure domestic supply of tungsten [24][25]. Next Steps - The company plans to conduct further drilling campaigns in early 2026 to expand the resource base and support the upcoming PEA [7][12]. - Ongoing environmental and hydrogeological baseline programs are in place to facilitate the permitting process, with anticipated approvals expected in Q1 2026 [7][12].

Core Insights - Magna Mining Inc. has announced a significant Mineral Resource Estimate (MRE) for the Levack Mine, confirming substantial mineralization that can be accessed using existing infrastructure [1][2][4] - The MRE includes over 5.9 million tonnes of contact-type mineralization in the Indicated category and 178,000 tonnes of high-grade mineralization at the Morrison Footwall Cu-PGE deposit [2][4] - The company plans to use the MRE to complete a Preliminary Economic Assessment (PEA) aimed at restarting production and exploring further mineralization [2][6] Mineral Resource Estimate Highlights - The Levack Mine MRE includes 6.1 million tonnes in the Indicated category at 3.5% copper equivalent (CuEq) and 5.2 million tonnes in the Inferred category at 3.6% CuEq [4][9] - High-grade footwall-type deposits contain 368,000 tonnes in the Inferred category at 9.4% CuEq, with the Morrison Footwall Cu-PGE deposit grading 15.5% CuEq [4][10] - The No. 3 Footwall deposit is noted for its rich precious metals content, with significant potential for ongoing exploration [4][10] Future Plans and Developments - The company is preparing to award a contract for the PEA, which will evaluate the potential for accessing shallow deposits and restarting production from the Morrison Footwall Cu-PGE deposit [2][6] - A contractor has been engaged to develop the scope of work for re-establishing hoisting capabilities, with work expected to begin in early 2026 [2][6] - The Levack Mine is positioned as the flagship project for the company, with exploration efforts focused on new copper-precious metals deposits in the footwall environment [5][6]

Core Insights - Allied Critical Metals Inc. has confirmed and expanded an ultra high-grade tungsten zone at its Borralha project in Portugal, reinforcing its significance as a major tungsten discovery in Europe amid rising global prices [2][4][11]. Company Updates - The company is focused on its 100% owned Borralha and Vila Verde tungsten projects in northern Portugal, with recent assay results from the ongoing 2025 Reverse Circulation drilling campaign [3][30]. - New assay results from holes Bo_RC_25/25, Bo_RC_20/25, and Bo_RC_29/25 confirm exceptional tungsten grades and strong mineralization continuity, supporting a significant expansion of the upcoming Mineral Resource Estimate (MRE) [4][11][15]. Market Context - Tungsten prices have recently reached USD $700/MTU APT, reflecting a 70% increase over the past six months due to rising demand for critical raw materials and tightening global supply [5][30]. - The Borralha project is strategically important as the EU currently relies on over 80% of its tungsten imports from China, making it a key opportunity for developing a secure domestic supply [33]. Geological Insights - The drilling results indicate a continuous, steeply dipping, high-grade tungsten backbone that remains open along strike and at depth, which is crucial for the forthcoming MRE update and Preliminary Economic Assessment [13][30]. - The mineralization at Borralha is characterized by coarse-grained wolframite, which is highly desirable in global markets due to its favorable processing characteristics [30][33]. Future Plans - The company plans to complete the Phase 1 drilling campaign and finalize assay results, which will inform the updated Mineral Resource Estimate and subsequent economic studies [14][15]. - The updated MRE is expected in Q4 2025, alongside a Preliminary Economic Assessment scheduled for Q1 2026 [15][30].