Core Viewpoint - Blackrock Silver Corp. has granted stock options, performance share units, and deferred share units to its directors, management, and consultants as part of its Omnibus Equity Incentive Compensation Plan, aimed at enhancing shareholder value through incentivizing key personnel [1][5]. Group 1: Stock Options - A total of 824,380 stock options have been granted, each allowing the purchase of one common share at an exercise price of $1.57 [1][2]. - The stock options will vest in three equal parts over three years and will expire on January 19, 2031 [2]. Group 2: Performance Share Units (PSUs) - Blackrock has awarded 344,766 PSUs, which can be converted into common shares or cash based on the fair market value at the time of vesting [1][3]. - The PSUs will also vest in three equal parts over three years, contingent upon meeting specific corporate and individual performance criteria [3]. Group 3: Deferred Share Units (DSUs) - The company has granted 86,538 DSUs, which will fully vest on the first anniversary of the grant date, January 19, 2027 [1][4]. - DSUs will be settled upon the termination of service of the holder with the company [4]. Group 4: Company Overview - Blackrock Silver Corp. is a junior precious metal exploration and development company focused on increasing shareholder value through its Nevada properties, which feature low-sulphidation, epithermal gold and silver mineralization [6].

Core Viewpoint - Pinnacle Silver and Gold Corp. has confirmed strong gold-silver mineralization in the Estrella Vein at the El Potrero project in Mexico, indicating significant potential for further exploration and development [1][3]. Group 1: Estrella Vein Findings - Surface and underground sampling of the Estrella Vein revealed two mineralized zones with grades of 5.49 g/t Au and 48 g/t Ag over 0.72 metres, and 1.87 g/t Au and 51 g/t Ag over 1.1 metres [1]. - Individual samples from the Estrella Vein assayed up to 17.7 g/t Au and 24 g/t Ag over 0.5 metres, and 3.51 g/t Au and 196 g/t Ag over 0.8 metres [1]. - The vein has been traced for nearly 150 metres along strike and is open in both directions, with a maximum width of 6.0 metres at the northern end [1]. Group 2: La Dura 2 Mine Developments - Surface sampling at the La Dura 2 mine has extended the known mineralization to approximately 45 metres, with notable assays including 6.89 g/t Au and 208 g/t Ag over 1.4 metres [2]. - The identification of higher-grade mineralization at La Dura 2 has more than tripled the known strike length of this mineralized zone [4]. Group 3: Geological Context and Exploration Potential - The Estrella vein is located approximately 500 metres southwest of the main Dos de Mayo structure, suggesting significant vertical continuity of the epithermal system [3]. - The geological characteristics of the vein, including brecciated textures and the presence of clay minerals, indicate it is part of a low-sulphidation epithermal system [3]. - The intersection of the Estrella vein with the Dos de Mayo structure could be a significant locus for mineralization, extending the Estrella structure by 600-800 metres [5]. Group 4: Sampling and Quality Assurance - A total of 62 underground channel samples were taken, with 35% of gold assays exceeding 1.0 g/t Au and 27% of silver assays exceeding 31 g/t Ag [6]. - Systematic chip channel sampling was conducted to ensure accurate representation of the mineralized structures [8]. Group 5: Project Overview - The El Potrero project is located in the Sierra Madre Occidental region of Mexico, near several operating mines, indicating a favorable mining environment [13]. - The property has significant exploration potential due to its history of limited systematic exploration [14]. - A previously operational 100 tpd plant can be refurbished for near-term production once permits are secured [15].

Core Insights - T2 Metals Corp. announced high-grade silver and gold results from grab sampling at the Shanghai mineral project in Yukon, validating the project's prospectivity [1][4]. Group 1: Sampling Results - Eleven rock samples were collected from historical mine dumps at the Shanghai Silver Mine, with gold values ranging from 0.02 to 2.71 g/t and averaging 1.01 g/t; silver values ranged from 0.5 to 451 g/t, averaging 128 g/t [3][19]. - Copper values ranged from 2.2 to 1070 ppm, averaging 192 ppm; zinc values ranged from 0.052% to 19.13%, averaging 4.91% [3][19]. - Anomalous accessory elements such as antimony, arsenic, and mercury were also detected, indicating potential for Intrusion-Related Gold Systems (IRGS) [3][5]. Group 2: Project Context - The Shanghai Silver Mine is located within the Tombstone Gold Belt, a highly prospective area known for significant gold discoveries [10][15]. - The project has a Class 3 permit allowing for drilling and road construction without additional permissions, and it has never been drilled despite its proximity to other significant deposits [6][10]. - Historical exploration by Silver Titan Mines Ltd. in the 1960s revealed substantial underground development, with previous assays indicating high-grade mineralization [14][5]. Group 3: Future Plans - T2 Metals plans to integrate the recent sampling results with reconnaissance mapping to finalize targets for the 2026 summer exploration season [4][5]. - The company aims to leverage the geological similarities between the Shanghai project and other successful mining operations in the region to enhance exploration efforts [4][10].

Core Viewpoint - GoGold Resources Inc. reported a production of 456,179 silver equivalent ounces for the first quarter ending December 31, 2025, with a strong cash flow and a solid balance sheet positioning the company well for future projects [1][2]. Production Summary - The production for the first quarter included 205,104 silver ounces, 2,914 gold ounces, 96 tonnes of copper, and 150 tonnes of zinc [1]. - Silver production decreased by approximately 3% compared to the previous quarter, while gold production increased by about 8% [2]. - The silver equivalent production for the last six quarters shows a peak of 555,479 ounces in March 2025, with the latest quarter showing a decline to 456,179 ounces [3]. Financial Position - The company has a cash balance of $245 million USD, which supports its upcoming mine build and ongoing projects [2]. - The strong cash flow from the Parral mine has contributed to the company's robust financial health [2]. Project Development - GoGold is awaiting the final environmental permit for the Los Ricos South project and is completing detailed engineering work [2]. - The company anticipates placing orders for long lead time items in the coming weeks as part of its project development strategy [2]. Company Overview - GoGold Resources is a Canadian-based producer focused on silver and gold, operating the Parral Tailings mine and developing the Los Ricos projects in Mexico [4]. - The company aims to build a portfolio of low-cost, high-margin projects [4].

Core Viewpoint - Aya Gold & Silver Inc. has achieved financial completion under its US$100 million project loan with the European Bank for Reconstruction and Development for the expansion of the Zgounder Silver Mine in Morocco [1][2]. Financial Milestones - Financial completion was reached after a thorough technical and financial review by the EBRD, indicating the mine's successful transition to commercial production and compliance with financial covenants and the Environmental and Social Action Plan [2]. - This achievement leads to a reduction in the Corporation's security guarantees and a decrease in the debt service recovery account, which is recorded as restricted cash in the financial statements [3]. Company Operations and Growth - The President & CEO of Aya Gold & Silver highlighted that achieving financial completion is a significant milestone, showcasing the team's execution and operational robustness, positioning the company to generate strong free cash flow and pursue its next growth phase [4]. - Aya operates the Zgounder mine, a unique silver-only mine, and is expanding its processing facility. The company also has a growth pipeline that includes the Boumadine polymetallic project, which has substantial mineral resources and exploration potential [5]. Corporate Vision - Aya is led by a team of experienced mining professionals and is committed to responsible mining practices, aiming to deliver sustainable value for shareholders, employees, and host communities [6].

Core Viewpoint - Denarius Metals Corp. has reported significant production results from its Zancudo Project in Colombia, marking the beginning of operations at the new gold mine and projecting a transformational year ahead as it transitions to producing high-grade gold-silver concentrates in 2026 [2]. Production Results - The Zancudo Project commenced mining operations in Q2 2025, with early production involving artisanal mining and expected to continue through the first half of 2026 [2][6]. - The company shipped a total of 2,093 tonnes of crushed material to Trafigura by the end of December 2025, with average head grades of 8 g/t for gold and 224.8 g/t for silver, resulting in total revenue of approximately US$1.7 million for 2025 [2][3]. - The first shipment of 64 tonnes occurred in June 2025, increasing to 814 tonnes in Q3 and 1,215 tonnes in Q4 [2]. Financial Performance - The shipments contained approximately 538 ounces of gold and 15,129 ounces of silver, with payments received for 340 ounces of gold and 5,770 ounces of silver [3]. - Trafigura's payability rates during the early production phase range from 30% to 70% for gold and 20% to 40% for silver, which will increase to 86%-90% for gold and 35%-45% for silver once concentrates are shipped [3]. Capital Structure Update - Denarius Metals has issued a total of 1,640,255 common shares from warrant exercises at CA$0.60 and CA$0.66 per share, along with 300,000 stock options exercised at CA$0.52 per share, generating approximately CA$1.4 million in gross proceeds [4]. - As of January 19, 2026, the company had 153,786,093 common shares outstanding and a market capitalization of approximately CA$107.7 million [4]. Company Overview - Denarius Metals is a Canadian junior mining company focused on precious metals and polymetallic projects in Colombia and Spain, with its Zancudo Project being a high-grade gold-silver deposit [5][6]. - The company also has interests in three projects in Spain, including the Aguablanca Project, recognized as a Strategic Project by the EU [7].

Core Viewpoint - Fortuna Mining Corp. has announced updated Mineral Reserves and Resources for the Séguéla Mine, indicating a total of 1.54 million ounces of gold in Mineral Reserves as of December 31, 2025, with significant potential for further growth and expansion in production capacity [1][2][9]. Mineral Reserves - The Séguéla Mine has Proven and Probable Mineral Reserves of 16.0 million tonnes, containing 1.54 million ounces of gold, reflecting a 31% increase in contained gold ounces compared to October 31, 2025 [9]. - Mineral Reserve tonnes increased by 23% and the average gold grade rose by 7% to 3.01 g/t Au during the same period [9]. - The first-time estimation of underground Mineral Reserves at the Sunbird deposit totals 3.5 million tonnes at an average grade of 3.60 g/t Au, containing 401,000 ounces of gold [13]. Mineral Resources - Measured and Indicated Mineral Resource gold ounces, exclusive of Mineral Reserves, decreased by 333,000 ounces due to the application of modifying factors for the estimation of underground Mineral Reserves [9]. - Inferred Resources remained relatively unchanged compared to October 31, 2025 [10]. Production and Expansion Potential - The mine life of Séguéla now exceeds 9 years at current production rates, with exploration drilling indicating further growth potential [2]. - A processing plant expansion study has been initiated, which could increase annual gold production to over 200,000 ounces, with completion expected in Q2 2026 [2][14]. - Current mining rate is 1.75 million tonnes per annum, with plans to expand capacity to between 2.0 and 2.5 million tonnes per year [7][14]. Exploration and Future Growth - Exploration drilling completed in 2025 suggests that mineralization at the Sunbird deposit remains open down plunge and down dip, with an updated estimate planned for Q2 2026 [7]. - Drilling at Kingfisher, Koula, and Ancien deposits shows that mineralization remains open at depth, indicating additional potential for underground mining expansion [7].

Core Viewpoint - The precious metals market is expected to perform strongly in 2025, with prices for gold, silver, platinum, and ruthenium reaching historical highs, driven by geopolitical uncertainties and concerns over the sustainability of U.S. debt and the dollar's status as a global reserve currency [1] Gold - Gold prices have shown strong performance at the beginning of 2026, influenced by rising market risk aversion due to U.S. military actions in Venezuela, with prices reaching approximately $4,500 per ounce, just 1% below the historical high of $4,550 set in December [2] - The outlook for gold remains bullish, with expectations for new highs driven by ongoing uncertainties in U.S. policies and economic health concerns, alongside a supportive environment from continued Federal Reserve rate cuts and rising fiscal deficits [4] - Institutional investment demand is expected to be a major driver for gold prices, despite a potential increase in supply due to rising recycling and mining output [5] Silver - Silver prices surged by 147% in 2025, marking the best annual performance since 1979, with expectations for further price increases despite potential short-term corrections due to commodity index rebalancing [7] - Strong investment demand, tariff uncertainties, and structural supply-demand gaps are expected to support silver prices, with the possibility of reaching three-digit price levels [7] - The performance of silver relative to gold may improve initially, but a reversal is anticipated mid-2026 as tariff policies clarify and industrial demand adjusts [7] Platinum - Platinum prices increased by 33% in 2025, breaking out of previous trading ranges, with supply constraints from South African floods and increased demand from jewelry manufacturers contributing to price support [10] - The market is expected to remain in a supply-demand deficit for the fourth consecutive year in 2026, although the gap may narrow as supply recovers and industrial demand expands [10] Palladium - Palladium prices rebounded in 2025, with an average increase of 17%, driven by geopolitical risks and the introduction of palladium futures in Guangzhou [11] - The outlook for palladium in the first half of 2026 remains positive, with prices potentially testing $2,000 per ounce, although a correction of 10%-20% may occur later in the year as uncertainties ease [11] Rhodium - Rhodium prices strengthened in 2025, with a 37% year-on-year increase, despite a narrowing supply-demand gap [12] - The outlook for 2026 suggests further price increases, driven by renewed speculative interest and a continued supply-demand imbalance [13] Ruthenium - Ruthenium prices surged by 66% in 2025, supported by strong demand from the electronics sector and its potential to replace iridium in electrolytic applications [14] - The market is expected to remain in a supply-demand deficit for the eighth consecutive year in 2026, with continued investor interest supporting prices [14] Iridium - Iridium prices experienced an 8% decline in 2025 despite ongoing supply shortages, with resilient demand in electrochemical applications offsetting weaknesses in other sectors [16] - The outlook for 2026 indicates a significant narrowing of the supply-demand gap, with potential short-term price strength followed by a gradual decline as market fundamentals stabilize [16]

Core Viewpoint - Newlox Gold Ventures Corp. is planning a non-brokered private placement to raise up to $1,023,000 through the issuance of convertible debentures and warrants, while also amending existing debentures and warrants from a previous placement [1][2][9][10]. Group 1: Private Placement Details - The private placement will consist of up to 1,000 units priced at $1,023 each, totaling gross proceeds of up to $1,023,000 [1]. - Each unit will include a two-year 5% unsecured convertible debenture and 9,300 common share purchase warrants [1]. - The new debentures will have a principal amount of $1,000, a 5% annual interest rate, and will be convertible into common shares at a price of $0.11 per share [3]. - Each new warrant will allow the holder to acquire one common share at a price of $0.15 for two years from the date of issue [4]. Group 2: Related Party Transaction - Mr. MacKay, an insider of the Corporation, plans to participate in the private placement with an investment of $41,400 [6]. - This participation is classified as a "related party transaction" under Multilateral Instrument 61-101, but is expected to be exempt from formal valuation and minority shareholder approval requirements [7]. Group 3: Use of Proceeds - The net proceeds from the private placement will be utilized for general corporate purposes [8]. Group 4: Amendments to Prior Debentures and Warrants - The Corporation will amend the terms of $403,500 in prior convertible debentures, extending their maturity by 24 months and reducing the interest rate from 10% to 5% [2][9]. - The conversion price of the prior debentures will be reduced from $0.15 to $0.11 [9]. - The Corporation also intends to extend the expiry date and reduce the exercise price of the prior warrants from $0.25 to $0.15, extending the exercise period by two years [10]. Group 5: Company Overview - Newlox Gold Ventures Corp. is focused on recovering gold and silver from artisanal and small-scale mining operations in Latin America, utilizing technology to recover precious metals while addressing historical mine waste and supporting local economic development [12].

Core Viewpoint - Bear Creek Mining Corporation has filed materials for a special meeting to approve a proposed arrangement with Highlander Silver Corp and interest deferral agreements with Royal Gold and Equinox [1][4]. Meeting Details - The special meeting is scheduled for February 19, 2026, at 10:00 a.m. Vancouver time, at the offices of Borden Ladner Gervais LLP [3]. - Securityholders of record as of January 13, 2026, are entitled to attend and vote at the meeting [3]. Arrangement Details - Highlander will acquire all outstanding Bear Creek Shares not already owned, with each Bear Creek Shareholder receiving 0.1175 of a common share of Highlander for each Bear Creek Share [4]. - The arrangement agreement was initially made on December 18, 2025, and amended on January 9, 2026 [4]. Support for the Arrangement - Directors, officers, and major shareholders representing approximately 30% of Bear Creek Shares have signed voting support agreements in favor of the arrangement [5]. - Highlander acquired 50,000,000 Bear Creek Shares for $18 million, demonstrating confidence in the arrangement [6]. Benefits of the Arrangement - The arrangement is expected to provide a pathway to the construction and operation of Bear Creek's Corani Project in Peru, unlocking value for shareholders [13]. - Debt restructuring with major creditors is anticipated, resulting in a financially robust company with no debt [13]. - The combination of assets is expected to enhance the capital markets profile, with a combined equity market capitalization of approximately C$625 million [13].