This article first appeared on GuruFocus.
Release Date: December 09, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Compass Minerals International Inc (NYSE:CMP) reduced its net debt by 14%, or $125 million, through improved working capital management.
-
The company achieved a significant improvement in adjusted EBITDA, increasing by almost 107% year over year to $35 million.
-
CMP successfully refinanced its debt, enhancing liquidity and financial flexibility by extending the maturity wall of its outstanding debt.
-
The company reported a consolidated revenue increase of 11% year over year, reaching approximately $1.25 billion.
-
CMP's salt segment saw a 13% increase in revenue for the fourth quarter, driven by a 20% increase in highway deicing volumes.
Negative Points
-
The decision to curtail rock salt production resulted in higher per ton costs, adversely impacting margins in 2025.
-
CMP reported a consolidated net loss of $80 million for the full fiscal year, despite improvements in other areas.
-
The plant nutrition segment experienced a 9% decline in volumes during the fourth quarter.
-
Pricing dynamics in the salt segment were mixed, with highway deicing prices down 2% year over year.
-
The company forecasts a decline in sales volumes for 2026, with an expected 8% decrease at the midpoint of guidance.
Q & A Highlights
Q: Could you address the volume decline you're forecasting in highway deicing and whether it's a structural or cyclical decline? A: Ben Nichols, Chief Commercial Officer: The decline is a reversion to more typical winter assumptions. The prior winter operated at over 95% of commitment levels, and our guidance is moving back to more typical weather expectations.
Q: What are the drivers to reach the upper and lower end of the full-year guidance range for EBITDA? A: Ben Nichols, Chief Commercial Officer: The primary driver would be upside in winter weather, which would impact market demand and efficiencies. Ed Dowling, CEO, added that consistent operations and success with improvement efforts at the mines are also crucial.
Q: Given that you expect lower volumes in both segments year over year, does that mean inventories are unlikely to grow next year? A: Peter Feldman, CFO: We continue to align inventories and production levels to meet demand. Ed Dowling, CEO, emphasized that the company plans to manage inventory carefully to use cash and retire debt, without building excess inventory.
Q: Do you expect to use working capital in 2026? A: Ben Nichols, Chief Commercial Officer: We feel confident that our inventory is aligned with our sales forecast for the current season. Decisions on production planning and inventory strategy will be adjusted based on how the winter informs the next season.
Q: In plant nutrition, why were volumes pulled forward, and how much of your volumes do you think were pulled forward? A: Ben Nichols, Chief Commercial Officer: The exact number is hard to pin down, but it was a significant portion of the year-over-year variance. It was due to market behavior, and we were able to serve the business and monetize it in fiscal 2025 due to production stability at Ogden.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
REAlloys, which is in the process of merging with Blackboxstocks Inc. (NASDAQ: BLBX), has moved to the front of the rare earth sector with a new agreement that gives it control over the lion’s share of North America’s upcoming heavy rare earth production.
Its partnership with the Saskatchewan Research Council (SRC) brings commercial volumes of dysprosium, terbium, and high-purity NdPr into the region for the first time, directly targeting the largest bottleneck in Western magnet manufacturing.
Reuters described the transaction as a “rare earths tie-up with strategic implications for the North American supply chain” because policymakers have their eyes glued to this space in light of 2027 procurement rules.
As new U.S. sourcing laws tighten, REAlloys now holds the supply position that downstream defense and advanced-manufacturing buyers will depend on, the Globe & Mail heralding the SRC facility as “North America’s first vertically integrated rare-earth processing complex–capable of separation and smelting at commercial scale”.
This is the segment of the supply chain the United States has been trying to rebuild for nearly two decades.
Heavy rare earths are the performance elements. They dictate whether a magnet can withstand heat, acceleration, and EMI without losing stability. These are all capabilities that extend far beyond defense. They are central to electric-vehicle motors, high-efficiency industrial equipment, medical imaging, renewable-energy generation, satellites, aerospace controls, and precision manufacturing. In short, they sit at the core of technologies that underpin both modern economies and military readiness.
And until now, North America has had no commercial-scale ability to refine them.
A Midstream Capability the Region Has Never Had
SRC’s facility in Saskatoon is North America’s first rare-earth complex designed to integrate monazite processing, separation, and metal production at a commercial scale. That’s a capability the region has lacked for decades.
The new agreement with REAlloys accelerates that evolution by adding a full heavy rare earth line, transforming the site from an advanced separation plant into the continent’s only integrated source of dysprosium, terbium, and high-purity NdPr metals.
Under the partnership, REAlloys will invest approximately $21 million to expand SRC’s refining capacity, increasing heavy rare earth throughput by roughly 300% and boosting NdPr metal output by about 50%.
When the upgraded system enters production in early 2027, SRC expects to deliver 30 tonnes of dysprosium oxide, 15 tonnes of terbium oxide, and 400-600 tonnes of high-purity NdPr metal annually.
REAlloys has secured 80% of this expanded output under a long-term offtake arrangement, a position that gives the company the dominant share of the first commercial heavy rare earth production run in North America.
According to the announcement, the redesigned system will also include “AI-driven separation and smelting infrastructure,” enabling SRC to move directly into metal production rather than stopping at oxide, a step most Western facilities historically have been unable to achieve.
This changes where REAlloys sits in the market. It is no longer a magnet manufacturer with upstream ambitions. Instead, it’s the principal customer of the only heavy rare earth refining platform in the region, and one of the few companies globally positioned to supply high-performance magnet metals into compliant supply chains.
The timing is highly strategic.
Beginning January 1, 2027, the U.S. Department of Defense will be barred from sourcing rare earth metals, magnets, and components from China, Russia, Iran, or North Korea. Federal buyers will shift procurement to domestic or allied suppliers. And for heavy rare earth metals, SRC’s upgraded facility–with REAlloys as its primary offtake partner–will be the only operation ready to meet that requirement at commercial scale.
Integrating the Chain From Source to Magnet
This agreement fits into a larger structure REAlloys has been putting in place across the rare-earth chain.
At the upstream level, the company anchors its plans in Hoidas Lake in Saskatchewan, a deposit with roughly 2.15 million tonnes of measured and indicated TREO and one of Canada’s most significant rare-earth resources. It gives REAlloys a defined long-term feedstock, supported by additional allied and recycled material sources that broaden the supply base.
The midstream is defined by the Saskatchewan Research Council’s separation and metal-making operation, now being expanded with AI-driven separation and smelting systems to create North America’s first commercial-scale heavy rare earth production line. Under the new agreement, REAlloys becomes the primary offtake partner for this upgraded capacity, securing 80% of the heavy rare earth output and effectively linking its upstream resource base to a domestic refining platform capable of producing dysprosium, terbium, and high-purity NdPr metals at meaningful scale.
Downstream, the Euclid Magnet Facility in Ohio forms the final step in the chain. Established in 2013 to serve U.S. Department of Defense and Department of Energy customers, the facility produces advanced alloys and magnet materials, holds SBIR status that permits sole-source federal procurement, and has earned multiple R&D 100 awards and associated materials-science distinctions. Together, these assets give REAlloys something Western operators have struggled to assemble: a vertically aligned system that spans ore, metals, alloys, and magnets inside a single continental corridor.
Adding to this structure is a clear signal from Washington.
The U.S. Export-Import Bank issued a $200 million Letter of Interest in support of REAlloys’ integrated mine-to-magnet strategy, underscoring federal recognition of the need for a domestic magnet industry as procurement rules tighten.
Piece by piece, the company has begun to build the architecture of a supply chain that has been missing from North America for decades and is now central to reindustrialization efforts on both sides of the border.
A Shift in Market Dynamics
Demand for high-performance magnets continues to accelerate across defense, electric mobility, automation, satellites, and clean energy. Still, the bottleneck has always been the same. Even when Western miners produced rare earth concentrate, they still depended on China for metal-making and heavy rare earth preparation.
That pressure point is now tightening under new procurement rules. Beginning January 1, 2027, the U.S. Department of Defense will be barred from sourcing rare earth metals, magnets, and components from China, Russia, Iran, or North Korea.
This shift forces federal buyers to transition toward domestic or allied supply. Most manufacturers are not ready for that deadline.
REAlloys, through its partnership with SRC, is now one of the only groups positioned to supply dysprosium, terbium, and NdPr metals at the volumes required by the U.S. and Canadian industrial base.
Heavy rare earths remain the least substitutable inputs in magnet production. They determine stability under heat, acceleration, magnetic load, and environmental stress–all the things that define missile guidance accuracy, aircraft efficiency, EV motor durability, satellite maneuvering, and industrial automation reliability. For nearly 15 years, every Western supply chain assessment has identified heavy rare earths as the system’s most acute vulnerability.
With this agreement, that vulnerability lessens. REAlloys and SRC are establishing the first commercially scaled heavy rare earth production line in North America, and for the first time, a significant portion of that output is contracted directly to a domestic magnet producer.
Execution Will Define the Next Step
North America’s rare earth problem has never been about geology. It has always been the absence of a functioning midstream, the refining and metal-making steps that turn mined material into usable inputs. This gap has forced the United States and Canada to depend on offshore supply even when domestic or allied resources were available.
Heavy rare earths have been the hardest of all to source, leaving defense, aerospace, and advanced manufacturing exposed to single-country dependence for the materials that determine thermal stability, precision, and performance.
SRC’s expansion arrives as North America finally confronts the part of the rare earth chain it never built: the part rare earths are converted into usable critical materials. Beginning in 2027, U.S. defense buyers must shift away from Chinese supply, but the region has had no commercial-scale source of dysprosium, terbium, or NdPr metals, prompting Reuters to note that the SRC upgrade is the first step toward filling that gap.
The REAlloys agreement doesn’t close the loop, but it does create the first steady flow of heavy rare earth metals inside the U.S.-Canada system. For defense, auto manufacturing, and advanced industrial applications, it marks a shift from theoretical supply to material that can be contracted, scheduled, and built into production plans.
What happens next depends on execution. If SRC delivers its upgraded capacity on schedule and if downstream buyers adapt to the new procurement landscape, 2027 could mark the first time North America has had a functional heavy rare earth channel of its own. It would not eliminate vulnerability, but it would begin to narrow the exposure that has shaped every rare earth strategy discussion since the early 2000s.
Other companies to watch in the resources sector:
Vale S.A. (NYSE: VALE)
Vale S.A. continues to aggressively decouple its base metals operations from its traditional iron ore business to capture higher valuations in the green energy market. The Brazilian mining giant has formally structured Vale Base Metals as a distinct entity tasked with managing its vast nickel and copper assets in Canada, Brazil and Indonesia. This strategic separation allows the unit to operate with the agility of a growth-focused company while leveraging the massive capital resources of its parent.
Vale is currently executing a $25 billion to $30 billion capital investment program aimed at increasing its copper production to 900,000 metric tons per year and its nickel output to 300,000 metric tons per year by 2030. The company’s operations in Sudbury, Ontario, and Voisey’s Bay in Labrador remain the linchpins of this strategy, providing low-carbon nickel rounds and pellets that Western automakers prioritize for their compliance with inflation-reduction incentives and ESG mandates.
Beyond simple extraction, Vale has deepened its downstream integration to secure its role as a direct supplier to the battery supply chain. The company is advancing joint ventures in Indonesia to process laterite nickel ore using high-pressure acid leaching technology, a method essential for producing the mixed hydroxide precipitate required for battery cathodes. Simultaneously, Vale has solidified long-term supply agreements with major automotive partners, including General Motors and Tesla, ensuring that a significant percentage of its high-grade Class 1 nickel is allocated directly to North American and European electric vehicle production.
Energy Fuels Inc. (NYSE American: UUUU)
Energy Fuels Inc. has successfully transitioned from a pure-play uranium miner into a diversified critical minerals processor, leveraging its White Mesa Mill in Utah to bridge a critical gap in the U.S. supply chain. As of late 2025, the company is processing commercial volumes of monazite sands—a radioactive byproduct of heavy mineral sand operations—to recover both uranium and rare earth elements.
The White Mesa Mill is the only facility in the United States with the existing licenses and tailings capacity to handle the radionuclides associated with monazite, giving Energy Fuels a distinct regulatory advantage. The company has moved beyond producing a mixed rare earth carbonate and is now operating Phase 1 separation circuits to produce commercial quantities of separated neodymium and praseodymium oxides. This operational shift effectively bypasses the historical necessity of shipping American feedstocks to China for separation, creating a nascent but vital domestic pathway for magnet materials.
To secure sufficient feedstock for this expansion, Energy Fuels has aggressively acquired heavy mineral sand projects in the Southern Hemisphere, including the acquisition of Base Resources and its Toliara Project in Madagascar, as well as the Bahia Project in Brazil. These acquisitions provide the company with a vertically integrated supply of monazite, insulating it from spot market volatility. The company is utilizing its "crack and leach" capacity to extract the rare earths while simultaneously recovering uranium for the nuclear fuel market, creating a dual-revenue model that lowers the effective cost of production for both commodities.
MP Materials Corp. (NYSE: MP)
MP Materials Corp. has completed its multi-year strategy to restore the full rare earth magnet supply chain to the United States. While the company continues to maximize output at its Mountain Pass mine in California, its strategic focus has shifted heavily toward midstream and downstream manufacturing.
In 2025, MP Materials ramped up commercial production at its magnet manufacturing facility in Fort Worth, Texas. This facility is now actively producing finished neodymium-iron-boron magnets, sourcing the metal alloy directly from the company’s own separated oxides. This vertical integration allows MP Materials to control every step of the process, from the open pit in California to the finished component in Texas, effectively insulating its customers from the geopolitical risks associated with the Chinese supply chain. The Fort Worth plant is designed to produce approximately 1,000 tonnes of finished magnets annually in its initial phase, with plans to scale significantly to meet demand from General Motors and other automotive partners.
MP Materials has secured substantial backing from the Department of Defense to refine heavy rare earths as well, acknowledging that a complete magnet supply chain requires dysprosium and terbium. The company is currently fulfilling a contract to supply rare earth materials to the Pentagon, underscoring the dual-use nature of its products. By successfully closing the loop between mining and manufacturing, MP Materials has established itself not just as a mining firm, but as the foundational industrial anchor for the American electrification and defense sectors.
Critical Metals Corp. (NASDAQ: CRML)
Critical Metals Corp. is advancing its "trans-Atlantic" strategy to supply strategic materials to Western markets through its flagship assets in Austria and Greenland. The company’s Wolfsberg Lithium Project in Carinthia, Austria, has moved through the definitive feasibility stage and is positioning itself as the first fully permitted lithium mine in Europe.
Located roughly 170 miles from major battery manufacturing hubs, Wolfsberg offers a logistical advantage that reduces transportation emissions and aligns with the European Union’s Critical Raw Materials Act. The project is designed as an underground mine to minimize surface disruption, a key factor in securing local community support and regulatory approval in an environmentally sensitive region. Critical Metals has signed binding offtake agreements with top-tier partners like BMW, ensuring that the lithium hydroxide produced at Wolfsberg has a guaranteed route to market as soon as commercial production begins.
In parallel, the company is developing the Tanbreez Rare Earth Project in Greenland, which hosts one of the largest known deposits of heavy rare earth elements and zirconium in the world. The Tanbreez asset differs from many competitors because its mineralization is hosted in kakortokite rather than carbonatite, which allows for different processing metrics and a potentially lower acid consumption profile.
USA Rare Earth, Inc. (NASDAQ: USAR)
USA Rare Earth, Inc. is executing a strategy centered on the revitalization of the American magnet manufacturing sector, anchored by its new facility in Stillwater, Oklahoma. Unlike peers that focus primarily on extraction, USA Rare Earth prioritizes the downstream production of sintered neo magnets, the highest-performance category of permanent magnets used in electric vehicle traction motors and defense systems.
The Stillwater plant has commenced initial qualification runs, utilizing equipment and intellectual property acquired from former Hitachi Metals facilities in North Carolina. This approach has allowed the company to leapfrog the typical research and development timeline, deploying proven commercial-scale technology to meet immediate demand. The company aims to scale production to meet a substantial portion of the U.S. defense industry's annual requirement, reducing the Pentagon's exposure to foreign supply shocks.
To support this manufacturing capacity, USA Rare Earth is developing the Round Top Heavy Rare Earth and Critical Minerals Project in West Texas. Round Top is a unique geological deposit containing a wide suite of magnetic rare earths alongside lithium, beryllium and gallium. The company is piloting a continuous ion exchange processing method to efficiently separate these materials from the rhyolite host rock. While the mine development continues, the company has secured intermediate feedstock supplies to ensure the Oklahoma plant can operate independently of the mine’s timeline.
Lynas Rare Earths Ltd. (OTC: LYSDY)
Lynas Rare Earths Ltd. remains the most significant producer of separated rare earth materials outside the People’s Republic of China, providing the global market with a proven non-Chinese supply of NdPr oxide. The Australian firm has substantially reconfigured its industrial footprint to mitigate regulatory risks and expand capacity.
The company’s new cracking and leaching facility in Kalgoorlie, Western Australia, is now fully operational. This plant processes the lanthanide concentrate from the Mt Weld mine locally, removing radioactive waste material before shipping a mixed rare earth carbonate to Malaysia for final separation. This operational change was necessitated by tightened environmental regulations in Malaysia but has ultimately strengthened the company’s supply chain by retaining the most hazardous waste handling within the mining jurisdiction of Australia.
Simultaneously, Lynas is constructing a heavy rare earth separation facility in Seadrift, Texas, a project partially funded by the U.S. Department of Defense. This facility is designed to process heavy rare earth feedstock to produce separated dysprosium and terbium, materials that are currently sourced almost exclusively from China.
General Motors Company (NYSE: GM)
General Motors Company has fundamentally altered its procurement strategy to become an active participant in the mining sector, recognizing that raw material availability is the primary bottleneck for its "Ultium" electric vehicle platform. The automaker is investing directly in resource development to secure the lithium, nickel, cobalt and manganese required for its battery cells. GM’s $650 million equity investment in Lithium Americas Corp. has facilitated the development of the Thacker Pass mine in Nevada, the largest known lithium source in the United States. This deal grants GM exclusive access to the Phase 1 production from Thacker Pass, ensuring a domestic supply of lithium carbonate that enables its vehicles to qualify for full consumer tax credits under the Inflation Reduction Act.
Beyond lithium, GM has forged a web of direct supply agreements for other battery metals, bypassing traditional intermediaries. The company has multi-year contracts with Glencore for cobalt and with Vale for low-carbon nickel sulfate from Canada. GM is also constructing a localized cathode active material supply chain through a joint venture with POSCO Chemical in Quebec, which will process materials sourced from GM’s mining partners. The automaker is heavily investing in a closed-loop battery recycling ecosystem through its collaboration with Li-Cycle, aiming to recover up to 95 percent of the critical minerals from end-of-life batteries and manufacturing scrap.
Southern Copper Corporation (NYSE: SCCO)
Southern Copper Corporation is leveraging its position as the holder of the world’s largest copper reserves to meet the structural supply deficit projected for the late 2020s. The company operates open-pit mines in Peru and Mexico that are among the lowest-cost producers in the industry, allowing it to generate robust cash flows even during periods of price volatility.
A major development for the company is the advancement of the Tía María project in the Arequipa region of Peru. After more than a decade of social and political delays, the company has commenced construction on the $1.4 billion greenfield mine. Tía María is expected to produce 120,000 tons of copper cathodes annually using solvent extraction and electrowinning technology, which eliminates the need for a smelter and reduces the environmental footprint. The successful activation of this project signals a significant improvement in the company’s ability to navigate complex community relations in Peru.
In Mexico, Southern Copper is investing heavily to expand its Buenavista Zinc and Pilares projects, aiming to increase its total production capacity to over 1.2 million tons of copper per year. The company is also advancing the massive Michiquillay project in Cajamarca, Peru, a world-class deposit that is currently in the exploration and social baseline study phase. Southern Copper’s strategy focuses on organic growth through the development of its own extensive concession portfolio rather than through expensive acquisitions.
Piedmont Lithium Inc. (NASDAQ: PLL)
Piedmont Lithium Inc. is establishing itself as a multi-jurisdictional supplier of lithium hydroxide, balancing near-term revenue generation with long-term domestic development. The company’s Carolina Lithium project in Gaston County, North Carolina, has received its state mining permit, a crucial regulatory victory that clears the path for construction. This fully integrated project is designed to mine spodumene ore and convert it into battery-grade lithium hydroxide on the same site, minimizing logistics costs and carbon emissions.
However, recognizing the time required to build such a facility, Piedmont has executed a strategy to secure lithium units earlier through international partnerships. The company holds a supply agreement and equity interest in Sayona Mining’s Quebec operations, where production is already underway at the North American Lithium complex. This partnership allows Piedmont to sell commercial shipments of spodumene concentrate to the global market while its U.S. assets are developed.
Piedmont is also advancing the Ewoyaa Lithium Project in Ghana in partnership with Atlantic Lithium. The company is funding the development of this asset in exchange for a 50 percent interest in the project’s production. The Ewoyaa material is intended to serve as a primary feedstock for Piedmont’s proposed conversion facility in Tennessee, known as Tennessee Lithium. This merchant plant aims to process foreign concentrate into domestic lithium hydroxide, further expanding the U.S. refining base.
Nouveau Monde Graphite Inc. (NYSE: NMG)
Nouveau Monde Graphite Inc. is nearing the completion of its "ore-to-anode" business model, aimed at providing a carbon-neutral alternative to Chinese synthetic and natural graphite. The company is constructing the Matawinie Mine in Saint-Michel-des-Saints, Quebec, which is notable for being the world’s first open-pit mine designed to operate with an all-electric fleet of mining equipment. This electrification strategy allows the company to produce graphite concentrate with a significantly lower carbon footprint than competitors. The extracted material will be transported to the company’s advanced manufacturing plant in Bécancour, Quebec, a dedicated battery materials industrial park. Here, the concentrate will be shaped and purified to produce the coated spherical graphite required for lithium-ion battery anodes.
The company has solidified its commercial viability through multi-year offtake agreements with anchor customers General Motors and Panasonic Energy. These contracts cover the vast majority of the company’s projected Phase 1 production, providing the revenue certainty needed to secure project financing. Nouveau Monde has also attracted strategic capital investments from Mitsui & Co. and Pallinghurst Resources, partners that bring both financial strength and logistical expertise.
Perpetua Resources Corp. (NASDAQ: PPTA)
Perpetua Resources Corp. has achieved a historic regulatory milestone for its Stibnite Gold Project in central Idaho, securing a Final Record of Decision from the U.S. Forest Service. This approval authorizes the company to proceed with the restoration and redevelopment of the brownfield site, which was abandoned by previous operators decades ago. The project is unique in that it contains one of the largest economic reserves of antimony not controlled by China.
Antimony is a federally designated critical mineral essential for the production of munitions, specifically as a hardening agent for lead in bullets and in the primers of small-caliber ammunition. It is also increasingly vital for large-scale liquid metal batteries used in grid energy storage.
Recognizing the national security implications of the project, the U.S. Department of Defense has awarded Perpetua Resources nearly $75 million in funding through the Defense Production Act and other initiatives to accelerate the project's development. This government backing effectively de-risks the permitting and construction timeline, validating the project's strategic necessity.
Perpetua’s plan involves reprocessing historical tailings to recover gold and antimony while simultaneously repairing the environmental damage left by World War II-era mining, including the restoration of fish passage for native salmon populations.
By. Michael Scott
The AI boom is triggering an unexpected and unprecedented bull run in natural gas and power stocks. If you aren't paying attention to the energy demands of data centers, you will miss the biggest energy story of the decade. The smart money is already quietly moving into the few companies prepared to power the trillion-dollar AI machine.
Oilprice Intelligence brings you the inside view on where the next gains will come from, breaking down the market's biggest growth driver with analysis from veteran oilmen and experts. Click here to get this crucial intel for free
Important Disclosure: The owner of Oilprice.com owns shares and/or stock options of the company and therefore has an incentive to see the company’s stock perform well. We encourage you to conduct your own due diligence and seek the advice of your financial advisor or broker before investing.
Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else.
You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions – and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here.
Toronto, Ontario–(Newsfile Corp. – December 8, 2025) – Olive Resource Capital Inc. (TSXV: OC) ("Olive" or the "Company") is pleased to provide investors an update on its investments for the period ending November 30, 2025.
Table 1: Olive's Investment Portfolio
| Name | Ticker | Sector | Category | (Audited)Value Dec 31, 2024 | (Unaudited)Value Sep 30, 2025(1) | (Unaudited)Value Nov 30, 2025(1) |
| Omai Gold Mines Corp.(2) | OMG.v | Precious Metals | Public Equity | $456,720 | $3,379,050 | $3,253,900 |
| Black Sheep Ventures Inc. | Private | Real Estate | Private Equity & Conv. Debenture | $1,265,936 | $1,265,936 | $1,265,936 |
| Sterling Metals Corp. (inc. Warrants) | SAG.c | Base Metals | Public Equity | $85,906 | $1,625,864 | $1,252,706 |
| Arizona Sonoran Copper Co. | ASCU | Base Metals | Public Equity | $255,780 | $581,400 | $748,600 |
| Troilus Gold Corporation (inc. Warrants) | TLG | Precious Metals | Public Equity | $190,800 | $610,680 | $738,840 |
| Bravo Mining Corp. | BRVO.v | Precious Metals | Public Equity | $169,100 | $477,500 | $530,400 |
| Aurion Resources Ltd. | AU.v | Precious Metals | Public Equity | $222,075 | $458,280 | $446,220 |
| Sailfish Royalty Corp. | FISH.v | Precious Metals | Public Equity | $166,888 | $435,402 | $408,358 |
| Aquitaine Metals Corp. | Private | Precious Metals | Private Equity | – | $323,190 | $324,536 |
| Public Equity Liquid Investments and Working Capital (3) | $1,417,143 | $2,755,927 | $2,473,384 | |||
| Other Public Equity Fundamental Investments Incl. Warrants (4) | $1,378,797 | $1,691,263 | $2,161,914 | |||
| Other Private Equity, Loans, & Convertible Debenture Investments | $809,979 | $747,795 | $929,548 | |||
| Total Value | $6,419,124 | $14,352,286(5) | $14,534,343(5) | |||
Samuel Pelaez, the Company's President, CEO, CIO, and Director stated: "November was a strong month for the commodity complex. Gold and copper rose strongly, with the equities outperforming the commodity. In oil, despite negative sentiment for the commodity, the equities posted strong positive performance. With strong global liquidity continuing, and the weak seasonal Fall period coming to an end, at Olive we were net buyer of equities for the month. We are looking ahead to the first months of the new year, which are historically associated with strong performance for the commodity complex."
Derek Macpherson, the Company's Executive Chairman stated: "With copper and gold rallying, Olive's portfolio rallied, erasing the small losses from October and moving Olive's investment performance into positive territory for Q4 2025 despite a challenging October. Olive is now up 126% on its investments in 2025."
Normal Course Issuer Bid ("NCIB")
As of the date of this release, the Company holds 1,000,000 common shares in treasury pending cancellation.
As of the date of this release Olive Resource Capital Inc. has 106,144,709 common shares outstanding.
About Olive Resource Capital Inc.:
Olive is a resource-focused merchant bank and investment company with a portfolio of publicly listed and private securities. The Company's assets consist primarily of investments in natural resource companies in all stages of development.
For further information, please contact:
Derek Macpherson, Executive Chairman at derek@olive-resource.com or by phone at (416)294-6713 or Samuel Pelaez, President, CEO & CIO at sam@olive-resource.com or by phone at (202)677-8513. Olive's website is located at www.olive-resource.com.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way approved nor disapproved the information contained herein.
Cautionary Note Regarding Forward-Looking Statements: This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should", "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements.
This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of Olive to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. All statements contained in this news release, other than statements of historical fact, are to be considered forward-looking, including, without limitation, statements concerning Olive's intended future disclosure practices. Although Olive 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 in the forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: past success or achievement does not guarantee future success; negative investment performance; downward market fluctuations; downward fluctuations in commodity prices and changes in the prices of commodities in general; uncertainties relating to the availability and costs of financing needed in the future; interest rate and exchange rate fluctuations; changes in economic and political conditions that could negatively affect certain commodity prices; and those risks set out in the Company's public documents filed on SEDAR+. Accordingly, readers should not place undue reliance on forward-looking information. Olive does not undertake to update any forward-looking information except in accordance with applicable securities laws.
This commentary is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. The information provided in this recording has been obtained from sources believed to be reliable and is believed to be accurate at the time of publishing but we do not represent that it is accurate or complete and it should not be relied upon as such.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277259
VANCOUVER, BC, Dec. 8, 2025 /CNW/ – Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce that it has entered into an agreement to acquire an existing royalty (the "Royalty") on the Pedra Branca mine, from BlackRock World Mining Trust plc ("BlackRock") for $70 million in cash (the "Transaction"). Pedra Branca is an operating copper and gold mine located in Brazil and currently owned and operated by a subsidiary of BHP Group Limited ("BHP"). In August 2025, BHP announced the sale of the Pedra Branca mine and other assets in the Carajás region to CoreX Holding BV, which is expected to complete upon the satisfaction of customary closing conditions. All amounts are expressed in U.S. dollars unless otherwise noted.
David Garofalo, Chairman and CEO of Gold Royalty, commented: "We are pleased to announce another significant addition to our portfolio. The acquisition of the Pedra Branca royalty represents an immediate and material addition to our cash flows. On completion, our portfolio of high-quality assets will include eight cash flowing assets and a deep pipeline of over 250 royalty and streaming interests."
Transaction Highlights:
-
Materially accretive to Gold Royalty cash flows: For the 12 months ended June 30, 2025, the Royalty expense recorded to the prior royalty holder was approximately $7.9 million, equivalent to approximately 2,800 gold equivalent ounces ("GEOs")* at an average gold price of $2,811 per ounce. The Royalty is expected to add significant and meaningful cash flow to Gold Royalty after completion of the acquisition, including as a result of the current gold pricing climate.
-
Enhances leverage to gold and copper: The Royalty's terms include a 25% net smelter return royalty ("NSR") on gold and 2% NSR on copper produced from Pedra Branca. This further enhances Gold Royalty's already strong gold exposure from both a revenue and asset value perspective. Gold Royalty believes the enhanced copper exposure is timely, given the currently strong long-term fundamentals for the metal based on demand projections to support the coming global transition to renewable energy.
-
Attractive royalty structure: The Royalty has full coverage over the Pedra Branca East and Pedra Branca West deposits. The Royalty does not include any step-down options so it provides full exposure to longer term optionality of the asset.
-
Exposure to top quality asset: The Pedra Branca East underground copper and gold mine achieved first production in 2020 and had an approximate 800 ktpa mining rate operated by OZ Minerals. BHP acquired Pedra Branca when it acquired OZ Minerals in 2023 and has continued to extend the mine life and reported increases in Pedra Branca's Mineral Resources and Ore Reserves, as reported in the BHP Annual Report for the year ended June 2025.
-
World-class operators: The mine was constructed by OZ Minerals and is currently operated by BHP. On August 18, 2025, BHP announced that a wholly-owned subsidiary of CoreX Holding BV had agreed to acquire Pedra Branca, along with BHP's other Carajás copper assets in Brazil.
-
Top-tier jurisdiction: Pedra Branca is located in the Carajás region in Brazil's Pará state, a prolific mining region which is home to world-class iron ore deposits as well as copper, gold, manganese, copper, tin, and aluminum.
* GEOs is a non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" for further information.
The Transaction and Royalty
Pursuant to the transaction, Gold Royalty will acquire the Royalty in exchange for $70 million in cash, payable to Blackrock at closing. The Company has available resources and commitments to fund the purchase price. Completion of the acquisition is subject to customary closing conditions.
Pursuant to the agreement, after closing, Gold Royalty will receive all payments relating to production from the Royalty for periods ending after December 31, 2025.
The Royalty consists of a 25% NSR on gold and a 2% NSR on copper and other products produced from the Pedra Branca mine, comprising the Pedra Branca West and Pedra Branca East areas, and the former Antas North mine which has been fully depleted as depicted on the map in Figure 1 below.
Pedra Branca
The Pedra Branca mine is located in Água Azul do Norte, which is approximately 160 km from Marabá and 900 km from Belém in the state of Pará, Brazil. Electricity is supplied to the mine via a 5 MW transmission line. Material is transported from Pedra Branca and is processed at the Antas North Plant, located in the municipality of Curionópolis, Brazil. The plant has been operating and depositing tailings into a nearby exhausted open pit.
The mine consists of an iron oxide copper gold deposit. High-grade zones of semi-massive and breccia mineralization with dominant chalcopyrite as the key copper-bearing mineral.
Pedra Branca was acquired by OZ Minerals in 2018 when OZ Minerals purchased Avanco Resources including its projects in the Carajás Copper Region and the Gurupi Greenstone Belt. OZ Minerals commenced mine construction in 2019; the mine was ramped up to full production in 2022. Subsequently, BHP acquired OZ Minerals in 2023.
In its annual report for the year ended June 30, 2025, BHP disclosed JORC-based estimated measured mineral resources of 2.4 Mt at 1.68% copper and 0.47 g/t gold and indicated mineral resources of 12 Mt at 1.41% copper and 0.40 g/t gold, utilizing a cut-off based on an NSR value of $78.73/t. It also disclosed estimated proven mineral reserves at Pedra Branca of 1.3 Mt at 1.8% copper and 0.48 g/t gold and probable mineral reserves of 2.5 Mt at 1.85% copper and 0.49 g/t gold, utilizing cut-offs based on NSR values of $78.73/t above mining level 810 and $84.20/t below the 810 mining level.
On August 18, 2025, BHP announced that a wholly-owned subsidiary of CoreX Holding BV had agreed to acquire Pedra Branca, along with BHP's other Carajás copper assets in Brazil. CoreX Holding is a global, highly diversified industrial conglomerate established in 2024. It operates across a wide range of industries including metals and mining, ports and terminals, green energy, shipping and logistics, and other sectors. The company operates in over 55 countries with a workforce exceeding 20,000 employees. CoreX Metals & Mining, the metals and mining subsidiary of CoreX Holding, is one of the world's largest chromite and ferrochrome producers and also has operations in nickel, copper, and gold.
Figure 1: Regional map showing exploration tenements and the Pedra Branca Mine. Source: Pedra Branca Mineral Resource and Ore Reserve Statement and Explanatory Notes as at 30 June 2022, published by OZ Minerals. (CNW Group/Gold Royalty Corp.)
About Gold Royalty Corp.
Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to invest in high-quality, sustainable, and responsible mining operations to build a diversified portfolio of precious metals royalty and streaming interests that generate superior long-term returns for our shareholders. Gold Royalty's diversified portfolio currently consists primarily of net smelter return royalties on gold properties located in the Americas.
Qualified Person
Alastair Still, P.Geo., Director of Technical Services of the Company, is a "qualified person" as such term is defined under Canadian National Instrument 43-101 ("NI 43-101") and has reviewed and approved the technical information disclosed in this news release.
Notice to Investors
Except where otherwise stated, the disclosure in this news release relating to the Pedra Branca mine has been derived from BHP's annual report for the year ended June 30, 2025, a copy of which is available on its website at www.bhp.com, its other disclosures identified herein and other public information disclosed by it. Such information has not been independently verified by the Company. Specifically, Gold Royalty has limited, if any, access to the property subject to the Royalty. Although Gold Royalty does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.
Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this news release, including any references to mineral resources or mineral reserves, was prepared by the BHP under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, which differs from the requirements under NI 43-101 and those of the U.S. Securities and Exchange Commission, including under subpart 1300 of Regulation S-K under the Securities Exchange Act of 1934 ("SK 1300"). Accordingly, the scientific and technical information contained or referenced in this news release may not be comparable to similar information prepared by entities under NI 43-101 or SK 1300.
In addition, the disclosure herein includes information regarding resource and reserve estimates and other exploration information prepared and disclosed by BHP, which has been included by the Company pursuant to Item 1304 of SK1300 as such information was prepared and disclosed by BHP prior to the Company's acquisition of an interest in the Royalty. The Company is not treating such information as a current estimate of mineral resources or mineral reserves under SK1300 and notes that a qualified person of the Company has not done sufficient work to classify the estimate as such under SK1300.
Forward-Looking Statements:Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"), including but not limited to statements regarding: the benefits of the acquisition, its expected impact on the Company's cash flows and financial position; expectations regarding the closing of the transaction announced herein, and expectations regarding the operations and/or development of the Pedra Branca mine and the projects underlying the Company's royalties, stream. Such statements can be generally identified by the use of terms such as "may", "will", "expect", "intend", "believe", "plans", "anticipate" or similar terms. Forward-looking statements are based upon certain assumptions and other important factors, including assumptions of management regarding the accuracy of the disclosure of the operators of the projects underlying the Company's current and proposed interests, their ability to achieve disclosed plans and targets, macroeconomic conditions, commodity prices, the ability of the parties to satisfy conditions to the completion of the transaction announced herein and the Company's ability to finance future growth and acquisitions. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements including, among others, the possibility that the transaction announced herein does not close when expected, or at all, because conditions to closing are not satisfied on a timely basis, any inability to any inability of the operators of the properties underlying the Company's royalties, stream and other interests to execute proposed plans for such properties or to achieved planned development and production estimates and goals, risks related to the operators of the projects in which the Company holds interests, including the successful continuation of operations at such projects by those operators, risks related to exploration, development, permitting, infrastructure, operating or technical difficulties on any such projects, the influence of macroeconomic developments, the ability of the Company to carry out its growth plans and other factors set forth in the Company's Annual Report on Form 20-F for the year ended December 31, 2024, and its other publicly filed documents under its profiles at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Non-IFRS Measures
We have included, in this document, certain performance measures, including: (i) GEOs which is a non-IFRS measures. The presentation of such non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures do not have any standardized meaning prescribed by IFRS and other companies may calculate these measures differently.
GEOs
GEOs applicable to the Royalty were determined by dividing Total Revenue, Land Agreement Proceeds and Interest received by the prior holder by the average gold prices for the applicable period:
|
(in thousands of dollars, except Average Gold Price/oz and GEOs) |
Average Gold Price/oz |
Total Revenue, Land Agreement Proceedsand Interest |
GEOs |
|||
|
For the three months ended September 30, 2024 |
2,475 |
1,193 |
482 |
|||
|
For the three months ended December 31, 2024 |
2,661 |
2,769 |
1,041 |
|||
|
For the three months ended March 31, 2025 |
2,865 |
1,935 |
676 |
|||
|
For the three months ended June 30, 2025 |
3,279 |
1,967 |
600 |
|||
|
For the twelve months ended June 30, 2025 |
2,811 |
7,865 |
2,798 |
Cision
View original content to download multimedia:https://www.prnewswire.com/news-releases/gold-royalty-to-acquire-producing-pedra-branca-gold-and-copper-royalty-302635091.html
Cision
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2025/08/c3461.html
Compass Minerals (CMP) came out with a quarterly loss of $0.17 per share versus the Zacks Consensus Estimate of a loss of $0.15. This compares to a loss of $0.77 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -13.33%. A quarter ago, it was expected that this minerals producer would post a loss of $0.13 per share when it actually produced a loss of $0.39, delivering a surprise of -200%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Compass, which belongs to the Zacks Chemical – Diversified industry, posted revenues of $227.5 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.69%. This compares to year-ago revenues of $208.8 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Compass shares have added about 80.3% since the beginning of the year versus the S&P 500's gain of 16.8%.
What's Next for Compass?
While Compass has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Compass was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.03 on $381.03 million in revenues for the coming quarter and $0.62 on $1.31 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical – Diversified is currently in the bottom 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
RPM International (RPM), another stock in the broader Zacks Basic Materials sector, has yet to report results for the quarter ended November 2025.
This specialty chemicals company is expected to post quarterly earnings of $1.43 per share in its upcoming report, which represents a year-over-year change of +2.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
RPM International's revenues are expected to be $1.94 billion, up 4.9% from the year-ago quarter.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Compass Minerals International, Inc. (CMP) : Free Stock Analysis Report
RPM International Inc. (RPM) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
OVERLAND PARK, Kan. (AP) — OVERLAND PARK, Kan. (AP) — Compass Minerals International Inc. (CMP) on Monday reported a loss of $7.2 million in its fiscal fourth quarter.
On a per-share basis, the Overland Park, Kansas-based company said it had a loss of 17 cents.
The minerals producer posted revenue of $227.5 million in the period.
For the year, the company reported a loss of $79.8 million, or $1.91 per share. Revenue was reported as $1.24 billion.
Compass expects full-year revenue in the range of $955 million to $1.03 billion.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CMP at https://www.zacks.com/ap/CMP
Company Provides Financial Outlook for Fiscal Full-Year 2026
OVERLAND PARK, Kan., December 08, 2025–(BUSINESS WIRE)–Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today reported fiscal fourth-quarter and full-year 2025 results. Unless otherwise noted, time periods referenced below are on a fiscal-year basis.
MANAGEMENT COMMENTARY
"Last year was a pivotal one for Compass Minerals, as we executed our back-to-basics strategy aimed at improving the performance of our core Salt and Plant Nutrition businesses. We aligned our North American highway deicing production with market conditions and executed several organizational, operational, and financial actions to strengthen the business. As a result, Compass Minerals is a leaner and more resilient company today," said Edward C. Dowling Jr., president and CEO. "With advantaged assets and a renewed focus on operational, commercial, and financial performance, we are prioritizing stronger cash generation and the reduction of absolute debt. This combination positions Compass Minerals well to generate long-term value for shareholders."
FISCAL FOURTH-QUARTER AND FULL-YEAR 2025 SUMMARY
- Net loss for the fourth quarter of 2025 of $7.2 million, improved from a net loss of $48.3 million in comparable prior year period;
- Total company adjusted EBITDA for the fourth quarter of 2025 of $41.6 million, up from $15.6 million in the prior-year;
- Reported net loss of $79.8 million for fiscal 2025 compared to a full year net loss of $206.1 million in fiscal 2024;
- Total company reported adjusted EBITDA down 4% year over year to $198.8 million, reflecting the deliberate curtailment of mine operating rates to release cash flow from inventory; modifying for the impact of the Fortress North America, LLC (Fortress) contingent consideration in both 2024 and 2025, adjusted EBITDA increased 4% year over year;
- Annual adjusted EBITDA per ton for Salt business declined to $20.20 as sales of higher cost inventory, which was produced in 2024 while activity was temporary curtailed to align inventory with market conditions, flowed through the financial statements;
- Annual Plant Nutrition sales volumes increased 19% in 2025 to 326 thousand tons, with realized improvements in profitability resulting from positive progress in reducing the cost structure;
- Successful initiatives to optimize inventory levels saw North American highway deicing inventory value and volumes reduced by 33% and 36%, respectively, year over year;
- Reduced net total debt by 14%, or $125 million, year over year, to $772.5 million at year end; and
- Completed successful refinancing activity that enhances liquidity, provides operational flexibility and extends the debt maturity profile.
FISCAL 2026 OUTLOOK SUMMARY
- Guidance range for total adjusted EBITDA for 2026 is $200 million to $240 million.
- Guidance range for Salt segment adjusted EBITDA in 2026 is $225 million to $255 million.
- Salt adjusted EBITDA expected to improve year over year on lower sales volumes as a result of stronger margins led by stronger pricing and lower anticipated per-ton costs resulting primarily from higher fixed cost absorption from restoring production levels at the North American mines.
- Guidance range for Plant Nutrition segment adjusted EBITDA in 2026 is $31 million to $36 million.
- Segment expected to generate similar adjusted EBITDA in 2026 compared to 2025 on lower anticipated sales volumes due to higher pricing and an improving cost structure.
- Sales volumes forecast aligned with anticipated market demand and production plan designed to continue restoration of pond complex at Ogden, Utah solar evaporation facility.
- Guidance range for adjusted EBITDA related to corporate overhead and other is $(56) million to $(51) million.
- Results reflect cost rationalization efforts begun in 2025.
- Mid-point of guidance implies an improvement of 15% year over year when excluding the impact of the $7.9 million gain recognized in 2025 related to the write off of Fortress contingent consideration liability.
2025 FINANCIAL RESULTS
|
(in millions, except per share data) |
|
Three Months Ended Sept. 30, 2025 |
|
Fiscal Year Ended Sept. 30, 2025 |
||||
|
Revenue |
|
$ |
227.5 |
|
|
$ |
1,243.9 |
|
|
Operating income |
|
|
12.0 |
|
|
|
25.3 |
|
|
Adjusted operating income* |
|
|
12.0 |
|
|
|
85.4 |
|
|
Adjusted EBITDA* |
|
|
41.6 |
|
|
|
198.8 |
|
|
Net loss |
|
|
(7.2 |
) |
|
|
(79.8 |
) |
|
Net (loss) income per diluted share |
|
|
(0.17 |
) |
|
|
(1.91 |
) |
|
Adjusted net (loss) income* |
|
|
(7.2 |
) |
|
|
(20.1 |
) |
|
Adjusted net (loss) income* per diluted share |
|
$ |
(0.17 |
) |
|
$ |
(0.48 |
) |
|
* Non-GAAP financial measure. Reconciliations to the most directly comparable GAAP financial measure are provided in tables at the end of this press release. |
||||||||
SALT BUSINESS RECAP
Salt segment fiscal 2025 fourth-quarter revenue totaled $181.6 million, up 12% year over year, due to a 13% increase in total sales volumes offset by a 1% decrease in price. Fourth-quarter sales volumes year over year saw 20% higher volumes in highway deicing product and a slight decline of 3% in consumer and industrial (C&I) salt product. Aggregate pricing for the segment was down 1% as a result of increased weighting of highway deicing volume in the current quarter, which saw a 1% and 7% increase in price per ton for highway deicing and C&I products, respectively. Operating income increased 2% to $21.5 million, while adjusted EBITDA increased 5% to $40 million in each case from the prior-year period. These increases reflect a slight improvement in the company's per ton cost structure year over year, with improvements in distribution costs offset by increased production costs.
For the fiscal full-year 2025, Salt segment revenue was up 13% year over year to $1,022.5 million. A return to more normal winter weather in the North American deicing season led to a 20% increase in highway deicing sales volumes. C&I sales volumes were up 1%, reflecting an increase in retail consumer deicing sales offset by a decline in other product categories. The 3% decline in total Salt pricing was due to changes in sales mix and lower prices for highway deicing salt (down 2%), partially offset by higher C&I salt (up 4%). The Salt segment generated $145.9 million in operating income and adjusted EBITDA of $219.2 million, down 11% and 4%, respectively, year over year. As a result of the company's decision to curtail production in 2024 to align inventory levels with business conditions, the salt segment's adjusted EBITDA per ton declined to approximately $20.20 per ton in fiscal 2025, which is an 18% decrease from fiscal 2024 levels.
PLANT NUTRITION BUSINESS RECAP
Plant Nutrition segment fourth-quarter revenue totaled $41.8 million, essentially flat year over year on a 9% decrease in sales volumes offset by an 8% increase in price. The segment had operating income of $6.2 million for the quarter, up from an operating loss of $29.7 million in the corresponding period last year. Adjusted EBITDA improved over the same period to $13.5 million from negative adjusted EBITDA of $(3.7) million. These increases reflect both improvement in the segment's distribution costs per ton as well as lower production costs. The prior-year period also includes non-cash impairment costs.
For the full fiscal year, the segment grew revenue 14% to $206.3 million, due to a 19% increase in sales volumes partially offset by a decline of 4% in sales price year over year. The increase in sales volumes during the year is a result of being able to pursue markets outside the company's core western U.S. markets due to improved operational performance at the Ogden, Utah, facility. The segment had operating income of $6.5 million for the year versus an operating loss of $86.4 million in fiscal 2024. Adjusted EBITDA improved to $34.9 million for the full year compared to $16.9 million in the prior year. Improvements in both operating income and adjusted EBITDA, adjusted to account for non-cash impairments, reflect an improvement in production costs tied to the company's efforts to restore the Ogden site's pond complex.
CASH FLOW AND FINANCIAL POSITION
Net cash provided by operating activities amounted to $197.7 million for fiscal 2025, a significant improvement from the $14.4 million reported in the prior year. The improvement year over year reflects the company's deliberate actions to curtail production and rationalize inventory levels, which allowed the company to convert excess inventory into cash during the year.
Net cash used in investing activities was $50.0 million for fiscal 2025, down $66.1 million year over year. Capital expenditures for fiscal 2025 were $69.7 million, which were intentionally reduced early in the year due to a slow start to the North American highway deicing season. These outflows were offset by proceeds of $19.6 million from the sale of the majority of assets and intellectual property associated with the company's exit from the fire retardant business.
Net cash used in financing activities was $108.3 million for fiscal 2025, compared to $83.1 million provided by financing activities in the comparable prior-year period. Current year activities include net repayments of $77.0 million of debt and reflect the successful refinancing efforts completed during the year.
The company ended the fiscal year with $59.7 million in cash and cash equivalents and $304.9 million of availability under its $325.0 million revolving credit facility, resulting in available liquidity of $364.6 million.
FISCAL 2026 OUTLOOK
|
Salt Segment Guidance |
|
|
|
2026 Range |
|
Highway deicing sales volumes (thousands of tons) |
8,000 – 8,400 |
|
Consumer and industrial sales volumes (thousands of tons) |
1,650 – 1,900 |
|
Total salt sales volumes (thousands of tons) |
9,650 – 10,300 |
|
|
|
|
Revenue (in millions) |
$955 – $1,035 |
|
Adj. EBITDA (in millions) |
$225 – $255 |
Consistent with the results disclosed in the company's third-quarter fiscal 2025 results, the average contract price for the upcoming North American winter season is expected to be approximately 2% to 4% above the prior year's bid season results and total committed bid volumes will increase by approximately 3% to 5% compared to prior-year bid season. It is important to distinguish between committed bid volumes, which are used to establish minimum and maximum service levels for certain customers, and expected sales volumes, which will be driven ultimately by winter weather activity in the coming year. Sales volumes can be above or below committed volumes in any given deicing season.
While demand for deicing salt is stable over time, the nature of winter weather and the manner in which customers respond to weather events make forecasting deicing sales volumes difficult during any single year. The company refined it's process for forecasting volumes this year to more closely align its production, sales, and inventory processes. The company used a combination of factors, including historic relationships of sales-to-commitments, market data and historical weather-based trends. Based on the company's current view of these factors, sales volumes are forecasted to decline approximately 8% at the midpoint of guidance. Ultimately, sales will be driven by winter weather and how that drives demand in served markets.
Compass Minerals expects that approximately 75% of its highway deicing sales will be achieved in the first half of the fiscal year.
|
Plant Nutrition Segment Guidance |
|
|
|
2026 Range |
|
Sales volumes (thousands of tons) |
290 – 310 |
|
Revenue (in millions) |
$190 – $205 |
|
Adj. EBITDA (in millions) |
$31 – $36 |
The company expects a decline in sales volumes in 2026 that aligns with anticipated market demand and conforms to the company's anticipated production plan for the year. Operationally, key areas of focus will be continuing the restoration efforts of the pond complex at Ogden. Sulfate of potash prices are expected to improve slightly year over year as a result of expected strengthening in global potash prices.
|
Corporate |
|
|
|
2026 Range |
|
|
Total |
|
Adj. EBITDA (in millions) |
($56) – ($51) |
Projected Corporate results shown in the table above include corporate expenses in support of our core businesses and the results of DeepStore, the company's records management business in the U.K.
|
Total Compass Minerals |
||||
|
|
2026 Adjusted EBITDA |
|||
|
|
Salt |
Plant Nutrition |
Corporate1 |
Total |
|
Adj. EBITDA (in millions) |
$225 – $255 |
$31 – $36 |
($56) – ($51) |
$200 – $240 |
|
|
|
|
|
|
|
|
2026 Capital Expenditures |
|||
|
|
|
|
|
Total |
|
Capital expenditures (in millions) |
|
|
|
$90 – $110 |
|
(1) Includes financial contribution from DeepStore. |
||||
Total capital expenditures for the company in fiscal 2026 are expected to be within a range of $90 million to $110 million. The capital program is scheduled in a manner that would allow scaling back of expenditures in the second half of the year in the event of a mild winter.
|
Other Assumptions |
|
|
($ in millions) |
2026 Range |
|
Depreciation, depletion and amortization |
$105 – $115 |
|
Interest expense, net |
$65 – $70 |
|
Effective income tax rate (excl. valuation allowance) |
30% – 34% |
The guidance for the 2026 effective income tax rate reflects the income mix by country with income recognized in foreign jurisdictions offset by losses recognized in the U.S.
CONFERENCE CALL
Compass Minerals will discuss its results on a conference call tomorrow morning, Tuesday, Dec. 9, 2025 at 9 a.m. ET. To access the conference call, please visit the company’s website at investors.compassminerals.com or dial 800-715-9871. Callers must provide the conference ID number 7896827. Outside of the U.S. and Canada, callers may dial 646-307-1963. Replays of the call will be available on the company’s website.
A corporate presentation with fiscal 2025 results is available at investors.compassminerals.com.
About Compass Minerals
Compass Minerals (NYSE: CMP) is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. The company’s salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial, chemical and agricultural applications. Its plant nutrition products help improve the quality and yield of crops, while supporting sustainable agriculture. Compass Minerals operates 12 production and packaging facilities with more than 1,800 employees throughout the U.S., Canada and the U.K. Visit compassminerals.com for more information about the company and its products.
Forward-Looking Statements and Other Disclaimers
This press release may contain forward-looking statements, including, without limitation, statements about the outcome of the North American bid season, including pricing and commitment sizes, the execution of the company's back-to-basics strategy, tax rates, and the restoration of certain of the company's facilities and operations; cash generation capability; debt reduction; value creation; the company's outlook for 2026, including its expectations regarding pricing, sales volumes, revenue, corporate and other expenses, depreciation, depletion and amortization, interest expense, tax rates, capital expenditures, operating expenses, and Adjusted EBITDA. Forward-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters. We use words such as "may," "would," "could," "should," "will," "likely," "expect," "anticipate," "believe," "intend," "plan," "forecast," "outlook," "project," "estimate" and similar expressions suggesting future outcomes or events to identify forward-looking statements or forward-looking information. These statements are based on the company’s current expectations and involve risks and uncertainties that could cause the company’s actual results to differ materially. The differences could be caused by a number of factors, including without limitation (i) weather conditions, (ii) inflation, the cost and availability of transportation for the distribution of the company’s products and foreign exchange rates, (iii) pressure on prices and impact from competitive products, and (iv) any inability by the company to successfully implement its strategic priorities or its cost-saving or enterprise optimization initiatives. For further information on these and other risks and uncertainties that may affect the company’s business, see the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections of the company’s Annual Report on Form 10-K for the period ended Sept. 30, 2025, its Quarterly Reports on Form 10-Q for the quarters ended Dec. 31, 2024, and March 31, 2025, and June 30, 2025 filed or to be filed with the SEC, as well as the company's other SEC filings. The company undertakes no obligation to update any forward-looking statements made in this press release to reflect future events or developments, except as required by law. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties.
Non-GAAP Measures
In addition to using U.S. generally accepted accounting principles ("GAAP") financial measures, management uses a variety of non-GAAP financial measures described below to evaluate the company’s and its operating segments’ performance. While the consolidated financial statements provide an understanding of the company’s overall results of operations, financial condition and cash flows, management analyzes components of the consolidated financial statements to identify certain trends and evaluate specific performance areas.
Management uses EBITDA, EBITDA adjusted for items which management believes are not indicative of the company’s ongoing operating performance ("Adjusted EBITDA") and EBITDA margin to evaluate the operating performance of the company’s core business operations because its resource allocation, financing methods and cost of capital, and income tax positions are managed at a corporate level, apart from the activities of the operating segments, and the operating facilities are located in different taxing jurisdictions, which can cause considerable variation in net income. Management also uses adjusted operating income, adjusted operating margin, adjusted net income, and adjusted net income(loss) per diluted share, which eliminate the impact of certain items that management does not consider indicative of underlying operating performance. The presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or non-recurring items. Management believes these non-GAAP financial measures provide management and investors with additional information that is helpful when evaluating underlying performance. EBITDA and Adjusted EBITDA exclude interest expense, income taxes and depreciation, depletion and amortization, each of which are an essential element of the company’s cost structure and cannot be eliminated. In addition, Adjusted EBITDA and Adjusted EBITDA margin exclude certain cash and non-cash items, including stock-based compensation and impairment charges and certain restructuring charges. Consequently, any measure that excludes these elements has material limitations. The non-GAAP financial measures used by management should not be considered in isolation or as a substitute for net income, operating income, cash flows or other financial data prepared in accordance with GAAP or as a measure of overall profitability or liquidity. These measures are not necessarily comparable to similarly titled measures of other companies due to potential inconsistencies in the method of calculation. The calculation of non-GAAP financial measures as used by management is set forth in the following tables. All margin numbers are defined as the relevant measure divided by sales. The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring, unusual items, and/or distinct non-core initiatives without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company’s results.
Adjusted operating income, adjusted operating income margin, adjusted net (loss) income, and adjusted net (loss) income per diluted share are presented as supplemental measures of the company’s performance. Management believes these measures provide management and investors with additional information that is helpful when evaluating underlying performance and comparing results on a year-over-year normalized basis. These measures eliminate the impact of certain items that management does not consider indicative of underlying operating performance. These adjustments are itemized below. Adjusted net (loss) income per diluted share is adjusted net (loss) income divided by weighted average diluted shares outstanding. You are encouraged to evaluate the adjustments itemized above and the reasons management considers them appropriate for supplemental analysis. In evaluating these measures you should be aware that in the future the company may incur expenses that are the same as or similar to some of the adjustments presented below.
Items Impacting Comparability
Comparability of reported results for Compass Minerals was impacted by the performance of Fortress, the company's fire retardant business. It was announced in March 2025 that Compass Minerals was exiting this business. Non-cash gains related to the decline in value of the contingent consideration liability associated with the acquisition of Fortress were $7.9 million and $22.1 million, respectively, in 2025 and 2024.
The company's presentation of adjusted EBITDA adjusts for loss on impairments; changes in the valuation of the contingent consideration liability are not adjusted out of reported adjusted EBITDA consistent with accounting guidance. Given the significance of the adjustment to the reported periods and for ease of comparability, the following table is provided to present the impact to adjusted EBITDA for changes in the valuation of the contingent consideration liability. As the fair value of this liability is zero as of Sept. 30, 2025, the following reconciliation is not expected in future reporting periods.
|
(in millions, except per share data) |
|
Twelve Months Ended Sept. 30, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
Adjusted EBITDA, as reported* |
|
$ |
198.8 |
|
|
$ |
206.3 |
|
|
Impact of change in Fortress contingent consideration liability |
|
|
(7.9 |
) |
|
|
(22.1 |
) |
|
Adjusted EBITDA, as modified |
|
$ |
190.9 |
|
|
$ |
184.2 |
|
|
*Non-GAAP financial measure. Reconciliations to the most directly comparable GAAP financial measure are provided in tables at the end of this press release. |
||||||||
|
Special Items Impacting the Three Months Ended Sept. 30, 2024 (unaudited, in millions, except per share data) |
||||||||||||||||||||
|
Item Description |
|
Segment |
|
Line Item |
|
Amount |
|
Tax Effect(1) |
|
After Tax |
|
EPS Impact |
||||||||
|
Restructuring charges(2) |
|
Corporate and Other |
|
Other operating expense |
|
$ |
(1.4 |
) |
|
$ |
— |
|
|
$ |
(1.4 |
) |
|
$ |
(0.04 |
) |
|
Impairments |
|
Plant Nutrition |
|
Loss on impairments |
|
|
17.6 |
|
|
|
— |
|
|
|
17.6 |
|
|
|
0.43 |
|
|
Product recall costs |
|
Salt |
|
Other operating expense |
|
|
0.8 |
|
|
|
(0.2 |
) |
|
|
0.6 |
|
|
|
0.01 |
|
|
Total |
|
|
|
|
|
$ |
17.0 |
|
|
$ |
(0.2 |
) |
|
$ |
16.8 |
|
|
$ |
0.40 |
|
|
Special Items Impacting the Fiscal Year Ended Sept. 30, 2025 (unaudited, in millions, except per share data) |
|||||||||||||||||
|
Item Description |
|
Segment |
|
Line Item |
|
Amount |
|
Tax Effect(1) |
|
After Tax |
|
EPS Impact |
|||||
|
Restructuring charges(2) |
|
Corporate and Other |
|
Other operating expense |
|
$ |
4.0 |
|
$ |
— |
|
|
$ |
4.0 |
|
$ |
0.09 |
|
Restructuring charges(2) |
|
Salt |
|
Other operating expense |
|
|
0.3 |
|
|
— |
|
|
|
0.3 |
|
|
0.01 |
|
Impairments |
|
Corporate and Other |
|
Loss on impairments |
|
|
53.7 |
|
|
— |
|
|
|
53.7 |
|
|
1.30 |
|
Product recall costs |
|
Salt |
|
Other operating expense |
|
|
2.1 |
|
|
(0.4 |
) |
|
|
1.7 |
|
|
0.03 |
|
Total |
|
|
|
|
|
$ |
60.1 |
|
$ |
(0.4 |
) |
|
$ |
59.7 |
|
$ |
1.43 |
|
Special Items Impacting the Fiscal Year Ended Sept. 30, 2024 (unaudited, in millions, except per share data) |
|||||||||||||||||
|
Item Description |
|
Segment |
|
Line Item |
|
Amount |
|
Tax Effect(1) |
|
After Tax |
|
EPS Impact |
|||||
|
Restructuring charges(2) |
|
Corporate and Other |
|
Other operating expense |
|
$ |
14.8 |
|
$ |
— |
|
|
$ |
14.8 |
|
$ |
0.36 |
|
Restructuring charges(2) |
|
Salt |
|
Other operating expense |
|
|
0.4 |
|
|
— |
|
|
|
0.4 |
|
|
0.01 |
|
Restructuring charges(2) |
|
Plant Nutrition |
|
Other operating expense |
|
|
0.6 |
|
|
— |
|
|
|
0.6 |
|
|
0.01 |
|
Impairments |
|
Corporate and Other |
|
COGS and Loss on impairments |
|
|
124.8 |
|
|
— |
|
|
|
124.8 |
|
|
3.02 |
|
Impairments |
|
Plant Nutrition |
|
Loss on impairments |
|
|
68.6 |
|
|
— |
|
|
|
68.6 |
|
|
1.66 |
|
Product recall costs |
|
Salt |
|
Other operating expense |
|
|
0.8 |
|
|
(0.2 |
) |
|
|
0.6 |
|
|
0.01 |
|
Total |
|
|
|
|
|
$ |
210.0 |
|
$ |
(0.2 |
) |
|
$ |
209.8 |
|
$ |
5.07 |
|
(1) |
There were no substantial income tax benefits related to these items given the U.S. valuation allowances on deferred tax assets The product recall costs reflects an impact from Canadian taxes. |
|
|
(2) |
Restructuring charges do not include certain reductions in stock-based compensation associated with forfeitures stemming from the restructuring activities. Amounts in the quarter ended Sept. 30, 2024, reflect the reversal of certain previously recognized costs related to the terminated lithium program after outstanding purchase commitments were finalized. |
|
Reconciliation for Adjusted Operating (Loss) Income (unaudited, in millions) |
|||||||||||||||
|
|
Three months ended Sept. 30, |
|
Twelve months ended Sept. 30, |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Operating income (loss) |
$ |
12.0 |
|
|
$ |
(29.8 |
) |
|
$ |
25.3 |
|
|
$ |
(116.8 |
) |
|
Restructuring charges(1) |
|
— |
|
|
|
(1.4 |
) |
|
|
4.3 |
|
|
|
15.8 |
|
|
Total impairment loss(2) |
|
— |
|
|
|
17.6 |
|
|
|
53.7 |
|
|
|
193.4 |
|
|
Product recall costs(3) |
|
— |
|
|
|
0.8 |
|
|
|
2.1 |
|
|
|
0.8 |
|
|
Adjusted operating income (loss) |
$ |
12.0 |
|
|
$ |
(12.8 |
) |
|
$ |
85.4 |
|
|
$ |
93.2 |
|
|
Sales |
|
227.5 |
|
|
|
208.8 |
|
|
|
1,243.9 |
|
|
|
1,117.4 |
|
|
Operating margin |
|
5.3 |
% |
|
|
(14.3 |
)% |
|
|
2.0 |
% |
|
|
(10.5 |
)% |
|
Adjusted operating margin |
|
5.3 |
% |
|
|
(6.1 |
)% |
|
|
6.9 |
% |
|
|
8.3 |
% |
|
(1) |
During the fiscal year ended Sept. 30, 2025, the company incurred severance and related charges due to a reduction in workforce. During the fiscal year ended Sept. 30, 2024, the company incurred severance and related charges related to reductions in workforce, changes to executive leadership and additional restructuring costs related to the termination of our lithium development project. |
|
|
(2) |
The company recorded impairment loss of $53.0 million for intangible assets and $0.7 million related to Fortress long-lived assets, during the 12 months ended Sept. 30, 2025. The company recognized impairments of long-lived assets of $74.8 million related to the termination of the lithium development project; goodwill of $32.0 million, long-lived assets of $15.6 million and inventory of $2.4 million related to Fortress; goodwill of $51.0 million related to Plant Nutrition; and water rights of $17.6 million for the fiscal year ended Sept. 30, 2024. Impairments of long-lived assets, intangible assets, and goodwill are included in loss on impairments, while the impairment of inventory is included in product cost, both on the Consolidated Statements of Operations. |
|
|
(3) |
The company recorded product recall costs related to a recall for food-grade salt produced at its Goderich Plant. |
|
Reconciliation for Adjusted Net (Loss) Income (unaudited, in millions) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Three months ended Sept. 30, |
|
Twelve months ended Sept. 30, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net loss |
$ |
(7.2 |
) |
|
$ |
(48.3 |
) |
|
$ |
(79.8 |
) |
|
$ |
(206.1 |
) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Restructuring charges(1) |
|
— |
|
|
|
(1.4 |
) |
|
|
4.3 |
|
|
|
15.8 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total impairment loss(2) |
|
— |
|
|
|
17.6 |
|
|
|
53.7 |
|
|
|
193.4 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Product recall costs(3) |
|
— |
|
|
|
0.8 |
|
|
|
2.1 |
|
|
|
0.8 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Income tax effect |
|
— |
|
|
|
(0.2 |
) |
|
|
(0.4 |
) |
|
|
(0.2 |
) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Adjusted net (loss) income |
$ |
(7.2 |
) |
|
$ |
(31.5 |
) |
|
$ |
(20.1 |
) |
|
$ |
3.7 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Diluted net loss per common share |
$ |
(0.17 |
) |
|
$ |
(1.17 |
) |
|
$ |
(1.91 |
) |
|
$ |
(4.99 |
) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Adjusted net (loss) income per diluted share |
$ |
(0.17 |
) |
|
$ |
(0.77 |
) |
|
$ |
(0.48 |
) |
…
These 13 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch. What Is GoGold Resources' Investment Narrative? To own GoGold Resources, you need to believe that its improving profitability and growing silver equivalent production at Los Ricos can eventually justify a premium valuation, despite relatively modest forecast revenue growth. The recent C$125.0 million composite units financing, on top of this year’s earlier C$75.0 million equity raise, materially reshapes the near term picture: funding risk around advancing Los Ricos South and broader exploration has eased, but dilution has increased and the bar for returns on this new equity is now higher. Short term catalysts still hinge on how efficiently management converts this fresh capital into progress against the feasibility study, production growth and resource expansion, especially given the high price to earnings multiple and low forecast return on equity. The financing strengthens the balance sheet, but also sharpens scrutiny on capital allocation. However, the recent capital raises introduce a risk that some shareholders may be underestimating. According our valuation report, there's an indication that GoGold Resources' share price might be on the expensive side. Exploring Other PerspectivesTSX:GGD Community Fair Values as at Dec 2025 Three Simply Wall St Community fair value views span from C$2.20 to a very large C$80.00, underlining how far opinions diverge. Set this against the latest dilution and funding boost, and you can see why many will want to compare multiple viewpoints before deciding how GoGold’s risk and reward profile fits into their portfolio thinking. Explore 3 other fair value estimates on GoGold Resources – why the stock might be a potential multi-bagger! Build Your Own GoGold Resources Narrative Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.
Curious About Other Options? Markets shift fast. These stocks won't stay hidden for long. Get the list while it matters:
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include GGD.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com Modern analytical data to support upcoming interpretation, drill targeting and updated geological modelling VANCOUVER, BC / ACCESS Newswire / December 8, 2025 / Apex Critical Metals Corp. (CSE:APXC)(FSE:KL9)(OTCQB:APXCF) ("Apex" or the "Company"), a Canadian mineral exploration company focused on the identification and development of critical and strategic metals, is pleased to announce that it has completed its 2025 re-logging and re-sampling program of preserved historical drill core from the Rift Rare Earth Project, located near Elk Creek, Nebraska, USA. The program was designed to establish a modern analytical baseline for the Rift carbonatite system by applying today's advanced geochemical and geological methods to drill core originally drilled by Molycorp Inc. during the 1970s and 1980s. A substantial portion of this core was preserved through the Conservation and Survey Division, School of Natural Resources at the University of Nebraska-Lincoln, enabling a rare opportunity for modern re-evaluation (see Image 1 below). Image 1: Apex’s geological team evaluating historical drill core (left) and preserved core from EC-93 pictured (right). The 2025 program included:
Apex CEO, Sean Charland, stated: "Completing this program is an important milestone for Apex. Having access to the preserved Molycorp drill core is a unique advantage, and our 2025 re-logging and re-sampling initiative provides the first modern analytical foundation for understanding the scale and grade potential at Rift. This work allows us to accelerate our geological modelling, refine drill targeting, and build toward a more comprehensive evaluation of this significant rare earth and niobium system." The Rift Project covers a series of carbonatite and related intrusive rocks forming part of the broader Elk Creek Carbonatite Complex, one of North America's most prospective districts for rare earth elements ("REE") and niobium. Historical drilling by Molycorp identified multiple zones of REE- and niobium-bearing carbonatite within Apex's holdings; however, these historical results pre-date NI 43-101, are non-compliant, and are not being treated as current resources. Modern re-logging and assay data will allow Apex to improve geological and structural interpretations, validate and refine historical intervals, support 2026 drill targeting, and progress toward potential future resource modelling after the Company has completed its planned phased drilling during 2026. With the 2025 program now complete, the Company is compiling and interpreting newly generated analytical data, updating the geological model for the Rift carbonatite system, defining additional priority drill targets for the next phase of exploration, and continuing permitting and operational planning for drilling anticipated to commence in early 2026. A further update will be provided upon completion of data interpretation and integration into the Rift geological framework. Marketing Update The Company is also pleased to announce it has extended its investor relations agreement with Rumble Strip Media Inc. ("Rumble") to enhance its investor awareness. Pursuant to the agreement, Rumble will provide certain social media, marketing and consulting services to Apex. In consideration, Apex will pay CAD$1,000,000 to Rumble, with CAD$250,000 to be paid upfront. The extension commences December 5, 2025, for a three-month term ending March 5, 2025. The services to be provided by Rumble constitutes investor relations activities within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange. Rumble and its principals are arm's length to the Company and, to the knowledge of the Company, Rumble does not own, control, or direct any securities of the Company. Stock Options The Company wishes to announce that it has granted (the "Grant") an aggregate of 75,000 incentive stock options (each, an "Option") to purchase up to 75,000 common shares of the Company (each, a "Share") to a consultant under its Equity Incentive Plan. The Options are exercisable for a period of four (4) years from the date of Grant, expiring on December 5, 2027, at a price of $2.50 per Share. Additionally, the Company announces that is has granted an aggregate of 25,000 restricted share units (each, a "RSU"). The Options and RSU's will vest six (6) months from the date of grant. All Options and the Shares underlying such Options are subject to a hold period of four months and one day from the date of issuance. Qualified Person The technical content of this news release has been reviewed and approved by Nathan Schmidt, P. Geo., Geologist for Dahrouge Geological Consulting Ltd. and a Qualified Person under NI 43-101 on standards of disclosure for mineral projects. The results discussed in this document are considered historical. An Apex Critical Metals Corp. qualified person has not performed sufficient work or data verification to validate these historical results in accordance with NI 43-101, and therefore results should not be relied upon until such time that the Company has carried out its own sampling, drilling and modern analysis. About Apex Critical Metals Corp. (CSE: APXC) (OTCQX: APXCF) (FWB: KL9) Apex Critical Metals Corp. is a Canadian exploration company focused on advancing rare earth element (REE) and niobium projects that support the growing demand for critical and strategic metals across the United States and Canada. The Company's flagship Rift Project, located within the highly prospective Elk Creek Carbonatite Complex in Nebraska, U.S.A., hosts extensive rare earth rights surrounding one of North America's most advanced niobium-REE deposits. Historical drilling across the complex has reported broad intervals of high-grade REE mineralization, including intercepts such as 155.5 m of 2.70% REO and 68.2 m of 3.32% REO. In Canada, Apex continues to advance its 100%-owned Cap Project, located 85 kilometres northeast of Prince George, British Columbia. The 2025 drill program confirmed a significant niobium discovery with 0.59% Nb₂O₅ over 36 metres, including 1.08% Nb₂O₅ over 10 metres, within a 1.8-kilometre-long niobium trend. The Cap Project continues to demonstrate strong potential for niobium mineralization within a large and previously unrecognized carbonatite system. With a growing portfolio of critical mineral projects in both Canada and the United States, Apex Critical Metals is strategically positioned to help strengthen domestic supply chains for the minerals essential to advanced technologies, clean energy, and national security. Apex is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC and quoted on the OTCQX market in the United States under the symbol APXCF, and in Germany on the Borse Frankfurt under the symbol KL9 and/or WKN: A40CCQ. Find out more at www.apexcriticalmetals.com and to sign up for free news alerts please go to https://apexcriticalmetals.com/news/news-alerts/, or follow us on X (formerly Twitter), Facebook or LinkedIn. On Behalf of the Board of Directors APEX CRITICAL METALS CORP., Sean CharlandChief Executive OfficerTel: 604.681.1568Email: info@apexcriticalmetals.com Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release may contain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include (without limitation) statements with respect to anticipated assay results from remaining 2025 drillholes, statements regarding the Company's US-based prospective assets (more particularly described above), including the potential for additional acquisitions and the potential for exploration, and statements regarding the potential for future exploration and drilling to confirm the source of magnetic anomalies. Forward-looking statements are subject to various known and unknown risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Risks that could change or prevent these events, activities or developments from coming to fruition include: the Company's properties are at an early stage of development and no current mineral resources or reserves have been identified by the Company thereof, that we may not be able to fully finance any additional exploration on the Company's properties; that even if we are able to raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from our properties may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for REE and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements herein are made as of the date hereof, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. SOURCE: Apex Critical Metals Corp. View the original press release on ACCESS Newswire /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ OTTAWA, ON, Dec. 8, 2025 /CNW/ – Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to announce a strategic non-brokered private placement with Labrador Gold Corp. (TSXV: LAB) ("LabGold"), whereby LabGold will subscribe for 16,666,667 subscription receipts of the Company ("Subscription Receipts") at a price of $0.06 per Subscription Receipt for aggregate gross proceeds of $1,000,000 (the "Offering"). "We are very pleased with the proposed investment partnership with Labrador Gold and are also proud that we will be their first investment as an investment issuer. Under the leadership of Mr. Roger Moss, LabGold has a successful track record in Newfoundland and Labrador by implementing a systematic exploration strategy that ultimately led to the buyout of their Kingsway project by NewFound Gold. Roger has recognized that traditional financings for early-stage greenfield projects, where the big discoveries are usually made, are disappearing and the proposed transition to a hybrid mining/investment issuer is timely and fits well with Northern Shield's innovative thinking. There is continuing, and increasing, interest in the potential for porphyry copper/gold systems in the Avalon Terrane in Newfoundland, as exemplified at the Mineral Resources Review Conference in St, John's in November where an update on the Root & Cellar Project was well received with the rocks on display attracting much attention. Northern Shield's recent exploration results at the Creston target is an indication that the porphyry potential is significant for the Property to host a large, well-preserved, epithermal gold and porphyry copper system. We are glad that this rare opportunity was recognized by Roger and his strong technical team. This funding is the cornerstone for the exploration program at Root & Cellar planned for the remainder of 2025 and into 2026, which will include geophysical surveys over the copper target and 5,000+ metres of drilling split between Creston copper and Conquest gold, and also follow up at the Braxton Bradley Zone, located 5 km north-east of Creston, which hosts gold-silver-tellurium mineralization, where soil sampling was recently completed and where copper-gold-silver mineralized boulders have been found. We look forward to the investment partnership with LabGold which will help us bring the property to the next level" – Ian Bliss, President and CEO, Northern Shield The aggregate gross proceeds of the Offering (the "Escrowed Funds") will be held in escrow pursuant to the terms of a subscription receipt escrow agreement to be entered into between the Company and LabGold, and the release of the Escrowed Funds will be conditional upon, among others, receipt of LabGold shareholder and regulatory approval with respect to LabGold's change of business (the "Escrow Release Conditions"). Each Subscription Receipt will entitle LabGold to receive, without any further action or any additional consideration, and subject to adjustment, one (1) unit of the Company (a "Unit") upon satisfaction of the Escrow Release Conditions (the "Escrow Release Date"). Each Unit consists of one (1) common share of Northern Shield (a "Common Share") and one (1) common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one additional Common Share (a "Warrant Share") at a price of $0.10 per Warrant Share for a period of 36 months from the Escrow Release Date. As additional consideration for LabGold in respect of the Offering, for as long as LabGold retains at least a 10% equity interest in the Company, LabGold shall have the following rights: (i) a pre-emptive right to participate in future financings of Northern Shield to maintain its equity interest in the Company following the issuance of the Units to LabGold; and (ii) the right to appoint a technical advisor to help guide exploration activities carried out on the Company's properties. The Units will be subject to a voluntary lockup agreement prohibiting the trading of the Common Shares, Warrants, or Warrant Shares for a period of four months from the Escrow Release Date. If the Escrow Release Conditions are not satisfied or waived on or before the date that is 120 days following the closing date of the Offering, or if the Offering is terminated, the Subscription Receipts will be cancelled without any further action, and the Escrowed Funds and any interest earned thereon will be returned to LabGold, less an amount of $20,000 to be paid to Northern Shield as reimbursement for its reasonable expenses in relation to the Offering. Closing of the Offering is subject to certain customary conditions, including, without limitation, approval of the TSX Venture Exchange ("TSXV"), and all of the securities issued under the Offering will be subject to a four-month and one-day statutory hold period. In connection with the Offering, the Company will use the cash proceeds to continue the diamond drilling program at the Company's Root & Cellar Project and for general working capital purposes. The securities have not and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable state securities laws and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons," as such term is defined in Regulation S promulgated under the U.S. Securities Act, absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. About Northern Shield Resources Northern Shield Resources Inc. is a Canadian-based company known as a leader in generating high-quality exploration targets that views greenfield exploration as an opportunity to find a Tier 1 asset, near surface, and at relatively low cost. We implement a model driven exploration approach to reduce the risk associated with early-stage projects for ourselves, our shareholders, and the environment. This approach led us to option the Root & Cellar Project from a Newfoundland prospector, who discovered the mineralization, and then its advancement to a large gold-silver-tellurium and copper porphyry system. Forward-Looking Information This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking information"). Such forward-looking information is provided to inform the Company's shareholders and potential investors about management's assessment of the Company's plans and operations relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipate", "proposed", "estimates", "would", "expects", "intends", "plans", "may", "will", and similar expressions, although not all forward-looking information contains these identifying words. More particularly and without limitation, the forward‐looking information in this news release includes (i) expectations regarding the Company's financing plans and receipt of TSXV approvals and the timing thereof; (ii) expectations regarding the Offering and the timing and closings thereof; (iii) expectations concerning the Company's plans and objectives in respect of the Offering's gross proceeds; (iv) expectations regarding satisfaction of the Escrow Release Conditions; and (v) expectations concerning the Company's business plans and operations. Forward-looking information is based on a number of factors and assumptions that have been used to develop such information, but which may prove to be incorrect and are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. The forward-looking information in this news release reflects the Company's current expectations, assumptions and/or beliefs based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement. 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 of this release. View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2025/08/c2148.html Toronto, Ontario–(Newsfile Corp. – December 8, 2025) – Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) ("Honey Badger" or the "Company") is pleased to announce that Michael Jalonen, who has served as a trusted long-time advisor to the Company, has been appointed to its Board of Directors. Mr. Jalonen brings 34 years of capital markets expertise, including 33 years with Bank of America Securities (1989-2022), where he was consistently ranked as one of world's leading precious metals mining analysts. Michael covered twenty companies in the North American senior, mid-tier and intermediate gold and silver producer sector and five senior precious metal royalty and streaming companies. His independent studies on publicly traded companies, gold and silver prices, and the precious metals sector were well recognized by investors and mining companies globally. Throughout his career, he travelled globally conducting on-site tours of well over a hundred mining projects. Chad Williams, Executive Chairman and Interim CEO, commented: "We are very fortunate to add Mr. Jalonen to our Board. His experience in the global precious metals space is extensive. He is widely respected, including by many institutional investors, because of his very solid track record of success analysing precious metal companies for decades. Mr. Jalonen was instrumental in the idea of Honey Badger acquiring the Nanisivik claims, as well as providing many other value-added insights, since he joined as an advisor several years ago." Prior to BofA, Mr. Jalonen was junior mining analyst for Dean Witter Canada for one year (1988-89). Mr. Jalonen also worked for 1.5 years as a corporate development analyst with Somicom Mining (1986-88) and as a junior geologist at Nanisivik Mines (summers of 1980-83). He holds an Honors B.Sc., Geology, from University of Windsor (1982) and an MBA from McMaster University (1986). He was awarded the CFA designation in 1992. About Honey Badger Silver Inc. Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred(1) located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The Company's Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc(2). The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002(3). A qualified person has not done sufficient work to classify the foregoing historical resources as current mineral resources, and the Company is not treating the estimates as current mineral resources. The historical resource estimates are provided solely for the purpose as an indication of the volume of mineralization that could be present. Additional work, including verification drilling / sampling, will be required to verify any of the historical estimates as a current mineral resources. (1) Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold. (2) Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead. (3) Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis."2) Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead. ON BEHALF OF THE BOARD, Chad Williams, Executive Chairman Sonya PekarInvestor Relationsspekar@honeybadgersilver.com | +1 (647) 498-8244 For more information, please visit our website www.honeybadgersilver.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. Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "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 and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company's public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger's issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277225 GoGold Resources (TSX:GGD) just closed a CAD 125 million composite units offering at CAD 2.65 per unit, a move that both strengthens its balance sheet and raises questions about future project plans. See our latest analysis for GoGold Resources. The timing of this financing lines up with a powerful run, with GoGold Resources posting a year to date share price return of around 121 percent and a 1 year total shareholder return of roughly 124 percent, suggesting momentum is still very much in play. If that kind of momentum has your attention, it could also be worth exploring fast growing stocks with high insider ownership as you look for other fast moving opportunities with aligned insiders. Yet even after this financing fueled rally, analysts still see upside to their price targets. This leaves investors to ask: Is GoGold Resources undervalued today, or is the market already pricing in its next leg of growth? Most Popular Narrative Narrative: 96.7% Undervalued Compared with the last close at CA$2.66, the most widely followed narrative argues that GoGold Resources could be worth many multiples of today’s price under bullish precious metal scenarios. At $100 silver, the estimated stock price could reach around $46.47/share, making it a compelling high risk, high reward opportunity for silver investors. Investors may be curious how a mid cap miner gets mapped to those kinds of levels, and what production ramp, margins, and cash flow multiples are included in that view. The narrative’s model stacks future ounces, cost curves, and fully diluted share counts into one aggressive roadmap. Want to see exactly which growth milestones and metal price assumptions drive that upside math, and how Los Ricos reshapes the picture? Dive in to unpack the full valuation story behind those targets. Result: Fair Value of $80 (UNDERVALUED) Have a read of the narrative in full and understand what’s behind the forecasts. However, that upside depends on timely permits and disciplined financing. Delays, cost creep, or heavy dilution could sharply reduce the projected rewards. Find out about the key risks to this GoGold Resources narrative. Another View: Market Multiples Flash a Warning While the narrative model leans heavily toward upside, GoGold’s current 68.5x price to earnings ratio looks stretched against the Canadian metals and mining industry at 21.2x, peers at 48.4x, and a fair ratio of 19.6x. This points to meaningful valuation risk if sentiment cools. See what the numbers say about this price — find out in our valuation breakdown. TSX:GGD PE Ratio as at Dec 2025 Build Your Own GoGold Resources Narrative If you see the numbers differently or want to stress test your own assumptions, you can build a complete narrative in minutes: Do it your way. A great starting point for your GoGold Resources research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision. Looking for more investment ideas? Before you move on, explore your next opportunities with targeted screeners that surface stocks for further research before they reach a wider audience.
This article by Simply Wall St is general in nature. We provide commentary based on historical data Companies discussed in this article include GGD.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com We came across a bullish thesis on FMC Corporation on DeepValue Capital’s Substack. In this article, we will summarize the bulls’ thesis on FMC. FMC Corporation's share was trading at $13.84 as of December 1st. FMC’s trailing and forward P/E were 30.22 and 5.92 respectively according to Yahoo Finance. hedgehog94/Shutterstock.com FMC Corporation (NYSE: FMC) is a global agricultural chemical company specializing in herbicides, fungicides, and insecticides, known for its strong research pipeline and deep intellectual property moat. Following a 75% stock decline from 2022 highs amid a destocking cycle and weaker pricing, the company now trades at historically low valuation levels, presenting a potential turnaround story. FMC’s destocking headwinds appear to be easing as product use on farms has surpassed distributor sales in recent quarters, signaling inventory normalization. Its innovation-led model—anchored by patented molecules such as Rynaxypyr® and Cyazypyr®—and new products like Fluindapyr, Isoflex™, and Dodhylex™ support a path toward renewed growth, especially as markets like Brazil and Latin America expand. The company is also divesting its low-margin India commercial business to reallocate capital toward higher-return opportunities while establishing a direct-to-grower sales model in Brazil. With biologicals growing over 20% annually and favorable industry tailwinds tied to global food demand, FMC is well-positioned for a cyclical rebound. Financially, FMC maintains a strong balance sheet with manageable maturities beginning only in 2029 and ample liquidity. Management aims to reduce leverage while sustaining a 7%+ dividend yield. Historical returns on capital have been robust, with a median ROIC near 17%. Risks remain tied to commodity cycles, competitive pressures, and execution of new initiatives, but the destocking recovery, new product launches, and balance sheet strength underpin the upside case. Based on management’s 2027 targets and normalized free cash flow assumptions, fair value estimates suggest potential appreciation toward $75–$80 per share—implying nearly 2.5x upside from current levels. Previously we covered a bullish thesis on Corteva, Inc. (CTVA) by Business Model Mastery in May 2025, which highlighted the company’s strong patent portfolio, digital ecosystem, and margin-rich biologicals. The company’s stock price has appreciated approximately by 7.66% since our coverage. This is because the thesis played out amid resilient IP-driven growth. The thesis still stands as agricultural innovation remains durable. DeepValue Capital shares a similar view but emphasizes FMC’s turnaround from destocking and innovation-led recovery. FMC Corporation is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held FMC at the end of the second quarter which was 38 in the previous quarter. While we acknowledge the potential of FMC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy NOW Disclosure: None. Virtual Investor Conferences Company Executives Share Vision and Answer Questions Live at VirtualInvestorConferences.com NEW YORK, Dec. 05, 2025 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Precious Metals & Critical Minerals Virtual Investor Conference, held December 2–4th are now available for online viewing. REGISTER AND VIEW PRESENTATIONS HERE The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may downloadinvestor materials from the company’s resource section. Select companies are accepting 1×1 management meeting requests through December 12th. Please schedule 1×1 meetings here December 2nd
December 3rd
December 4th
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com. About Virtual Investor Conferences® Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors. Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors. Media Contact: OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com Virtual Investor Conferences Contact:John M. ViglottiSVP Corporate Services, Investor AccessOTC Markets Group (212) 220-2221johnv@otcmarkets.com Vancouver, British Columbia–(Newsfile Corp. – December 5, 2025) – Sego Resources Inc. (TSXV: SGZ) ("Sego" or "the Company") is pleased to announce that the drilling in the South Gold Zone has been completed. The drill holes are those recommended by SRK Consulting Canada, Figure 1. Alkalic Porphyry Copper-Gold mineralization that occurs at Miner Mountain encompasses near-surface, disseminated gold mineralization in the South Gold Zone and deeper porphyry structural controlled copper-gold mineralization in the Cuba Zone. The drill core is now being logged and sampled with first samples ready to ship to the lab. The South Gold Zone diamond drill holes are now being logged and sampled with first samples ready to ship to AGAT Laboratories Calgary, Alberta To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1056/277056_image1.jpg Figure 1. Proposed drill holes (green) at the South Gold Zone, gold grade (Au) and intervals of diamond drill holes, the boundary of mineralization (red) and on a geological base map. To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1056/277056_28b8a22df4ae9905_001full.jpg Copper-Gold Cuba Zone deep hole drilling is now underway. Figure 2 Figure 2. North-northeast long section of the Cuba Zone mineralization; distance between horizontal lines is 150 m. To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1056/277056_6f86bf5004aabbe3_001full.jpg J Paul Stevenson, CEO, Director For further information please contact: J. Paul Stevenson, CEO (604) 682-2933 ceo@segoresources.com About the Project Sego is 100% owner of the Miner Mountain Project, an alkalic copper-gold porphyry and gold exploration project located near Princeton, British Columbia. The property is 2,056 hectares in size and is 15 km north of the Copper Mountain Mine operated by Hudbay Minerals Inc. Sego has a Memorandum of Understanding with the Upper Similkameen Indian Band on whose Traditional Territory the Miner Mountain Project is situated. Sego has received an Award of Excellence for its reclamation work on the Miner Mountain Project. 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. No regulatory authority has approved or disapproved the information contained in this news release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statement of historical facts that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects re forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, statements are not guarantees of future performance and actual results or developments may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277056 PERTH, Australia, December 05, 2025–(BUSINESS WIRE)–Australia’s first Cat® 793 XE Early Learner battery-electric haul trucks have arrived at BHP’s Jimblebar iron ore mine in the Pilbara, marking the start of on-site testing, in collaboration with Rio Tinto, of Caterpillar’s battery-electric heavy haulage technology in the region that powers the nation’s economy. The two Early Learner trucks, delivered through an industry-first collaboration between BHP, Rio Tinto and Caterpillar represent a major step toward a more sustainable future in mining, designed to deliver zero exhaust emissions while maintaining productivity and performance. Once safely commissioned, the trials will begin to test the viability of battery-electric technology as an alternative to diesel usage in large-scale iron ore mining operations. The trials will help inform the development of technology, processes, infrastructure and people required to support lower greenhouse gas emissions machines and mine sites of the future. Decarbonisation of Pilbara iron ore operations will rely on technology advancements and breakthroughs in research and development, which is why BHP and Rio Tinto are working closely with Caterpillar, supported by WesTrac, to accelerate development and transition their fleets as soon as commercially and operationally viable. Following the joint trial, BHP and Rio Tinto will independently determine progress towards scaled trials within their respective operational environments. BHP Western Australia Iron Ore Asset President Tim Day said: "Powering up our first battery-electric haul trucks in the Pilbara is an important step forward on the mining industry’s road to decarbonisation. "Replacing diesel isn’t just about changing energy sources, it’s about reimagining how we operate and creating the technologies, infrastructure and supply chains to transform mining operations. These trials will help us understand how all the pieces of the puzzle fit together: the battery technologies, generation and charging infrastructure, power management, as well as the supply chains to potentially deliver this at scale. "A significant shift like this demands a strong commitment to research and development, coupled with collaboration across the industry. This is going to take time to get right, which is why trials like this one with Rio Tinto and Caterpillar are so critical. "These trials are a critical part of this work as we bring the testing to the reality of the Pilbara. We're excited about what we’ll learn about how best to deliver the breakthroughs required to accelerate this transition." Rio Tinto Iron Ore Pilbara Mines Managing Director Andrew Wilson said: "Decarbonising Rio Tinto’s fleet across our 18 Pilbara mines is a significant challenge. By exploring solutions like this to reduce emissions, we hope that, over time, we will be able to move away from diesel. "No single company can achieve zero emissions haulage on its own. It takes the whole industry working together. That’s why we’re working with BHP and Caterpillar to develop new solutions that will reduce emissions in mining and help us reach our net zero commitments. "Through this industry-first collaboration to test Cat 793 XE Early Learner battery-electric haul trucks in Pilbara conditions, we hope to meet our shared goals as quickly and efficiently as we can." Caterpillar Inc. Resource Industries Sales Services and Technology Senior Vice President Marc Cameron said: "The arrival of the Early Learner trucks in the Pilbara marks a significant milestone in the journey toward a more sustainable future. "By working side by side with our customers, we’re delivering solutions to help them solve their toughest challenges while learning together each step of the way. This collaboration is key to accelerating innovation and shaping the next generation of mining technology, and we’re excited to be on this journey together with our Early Learner customers." Ongoing testing and development throughout this trial will enable learning toward future deployment. This will inform the approach for testing a larger number of haul trucks and the potential integration of battery-electric haul truck fleets into each company’s operations. The collaboration reflects the shared ambitions of BHP, Rio Tinto and Caterpillar to support BHP’s and Rio Tinto’s respective net zero operational greenhouse gas emissions goals by 2050. View source version on businesswire.com: https://www.businesswire.com/news/home/20251204183951/en/ Contacts Please direct all enquiries to media.enquiries@riotinto.com Media Relations, United Kingdom Matthew Klar M +44 7796 630 637David Outhwaite M +44 7787 597 493 Media Relations, Australia Matt Chambers M +61 433 525 739Alyesha AndersonM +61 434 868 118Rachel Pupazzoni M +61 438 875 469Bruce Tobin M +61 419 103 454 Media Relations, Canada Simon Letendre M +1 514 796 4973Malika Cherry M +1 418 592 7293Vanessa Damha M +1 514 715 2152 Media Relations, US & Latin America Jesse Riseborough M +1 202 394 9480 Investor Relations, United Kingdom Rachel ArellanoM +44 7584 609 644David Ovington M +44 7920 010 978Laura Brooks M +44 7826 942 797Weiwei Hu M +44 7825 907 230 Investor Relations, Australia Tom Gallop M +61 439 353 948Eddie Gan-OchM +976 95 091 237 Rio Tinto plc 6 St James’s SquareLondon SW1Y 4ADUnited KingdomT +44 20 7781 2000Registered in EnglandNo. 719885 Rio Tinto Limited Level 43, 120 Collins StreetMelbourne 3000AustraliaT +61 3 9283 3333Registered in AustraliaABN 96 004 458 404 Category: Pilbara This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids ("NI 62-104") and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. KETCHIKAN, Alaska, Dec. 5, 2025 /CNW/ – This release is being made by Randy Johnson to report information concerning holdings of Mr. Johnson and Orca Holdings, LLC ("Orca") in Ucore Rare Metals Inc. (the "Issuer" or "Ucore"). Orca is wholly owned by Mr. Johnson, serving as a holding company for Mr. Johnson's securities holdings. Mr. Johnson has been a director of Ucore since October 6, 2020. On December 4, 2025, at the direction of Mr. Johnson, Orca completed a secondary market sale (the "Disposition") of an aggregate of 20,000 common shares of the Issuer ("Common Shares") at an average price of approximately $6.60 per Common Share for aggregate consideration of $132,000. The Disposition was made in connection with Mr. Johnson's investment strategy, having regard for various factors including, without limitation, conditions in the securities markets and general economic and industry conditions, liquidity replenishment from recent exercise of warrants, estate planning and tax planning. As a result of the Disposition, Mr. Johnson now beneficially owns, or has control or direction over, 10,646,736 Common Shares, representing approximately 9.84% of the issued and outstanding Common Shares, as of the date hereof. As at the date of this press release, the Issuer reports having 108,205,120 Common Shares issued and outstanding. Immediately prior to the completion of the Disposition, Mr. Johnson (being the sole and controlling shareholder of Orca) directly or indirectly held beneficial ownership of, and control and direction over, 10,666,736 Common Shares, 10,368,165 Common Share purchase warrants and 380,000 stock options of the Issuer, representing approximately 9.86% of the issued and outstanding Common Shares (on a non-diluted basis) or approximately 18.00% upon exercise of the warrants and the stock options (on a partially diluted basis, in the absence of the Condition Precedent). A number of the above-referenced Common Share purchase warrants are subject to a condition precedent to their exercise such that no such warrants shall be exercisable if such exercise would cause Mr. Johnson's direct or indirect ownership of the Issuer, as calculated on a partially diluted basis, to exceed 19.99% of the aggregate of the issued and outstanding Common Shares, unless the Issuer obtains prior shareholder approval in accordance with the applicable requirements of the TSXV (the "Condition Precedent"). Immediately following the completion of the Disposition, Mr. Johnson directly or indirectly held beneficial ownership of, and control and direction over, a total of 10,646,736 Common Shares, 10,368,165 Common Share purchase warrants and 380,000 stock options of the Issuer, representing approximately 9.84% of the issued and outstanding Common Shares (on a non-diluted basis) or approximately 17.99% upon the exercise of the warrants and the stock options (on a partially diluted basis, in the absence of the Condition Precedent, which applies to certain of the above-referenced Common Share purchase warrants). Other Information Mr. Johnson may, from time to time, directly or indirectly (through Orca) increase or decrease his shareholdings or continue to hold the Issuer's securities as Mr. Johnson may determine appropriate in the normal course of investment activities. The Issuer is located in 210 Waterfront Drive, Suite 106, Bedford, Nova Scotia, Canada B4A 0H3, and Mr. Johnson is located in P.O. Box 8158, Ketchikan, Alaska, USA, 99901. For further information and to obtain a copy of the early warning report filed under applicable Canadian securities laws by Mr. Johnson in connection with the transactions referred to in this press release, please see Ucore's profile on SEDAR+ at www.sedarplus.ca. View original content: http://www.newswire.ca/en/releases/archive/December2025/05/c6157.html Let's talk about the popular Sociedad Química y Minera de Chile S.A. (NYSE:SQM). The company's shares received a lot of attention from a substantial price increase on the NYSE over the last few months. The company is now trading at yearly-high levels following the recent surge in its share price. As a large-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock. However, could the stock still be trading at a relatively cheap price? Let’s take a look at Sociedad Química y Minera de Chile’s outlook and value based on the most recent financial data to see if the opportunity still exists. What Is Sociedad Química y Minera de Chile Worth? The stock seems fairly valued at the moment according to our valuation model. It’s trading around 7.1% below our intrinsic value, which means if you buy Sociedad Química y Minera de Chile today, you’d be paying a reasonable price for it. And if you believe the company’s true value is $67.85, then there’s not much of an upside to gain from mispricing. Although, there may be an opportunity to buy in the future. This is because Sociedad Química y Minera de Chile’s beta (a measure of share price volatility) is high, meaning its price movements will be exaggerated relative to the rest of the market. If the market is bearish, the company’s shares will likely fall by more than the rest of the market, providing a prime buying opportunity. View our latest analysis for Sociedad Química y Minera de Chile What kind of growth will Sociedad Química y Minera de Chile generate?NYSE:SQM Earnings and Revenue Growth December 4th 2025 Investors looking for growth in their portfolio may want to consider the prospects of a company before buying its shares. Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. With profit expected to more than double over the next couple of years, the future seems bright for Sociedad Química y Minera de Chile. It looks like higher cash flow is on the cards for the stock, which should feed into a higher share valuation. What This Means For You Are you a shareholder? SQM’s optimistic future growth appears to have been factored into the current share price, with shares trading around its fair value. However, there are also other important factors which we haven’t considered today, such as the track record of its management team. Have these factors changed since the last time you looked at the stock? Will you have enough confidence to invest in the company should the price drop below its fair value? Are you a potential investor? If you’ve been keeping an eye on SQM, now may not be the most advantageous time to buy, given it is trading around its fair value. However, the optimistic prospect is encouraging for the company, which means it’s worth diving deeper into other factors such as the strength of its balance sheet, in order to take advantage of the next price drop. If you'd like to know more about Sociedad Química y Minera de Chile as a business, it's important to be aware of any risks it's facing. Every company has risks, and we've spotted 2 warning signs for Sociedad Química y Minera de Chile (of which 1 doesn't sit too well with us!) you should know about. If you are no longer interested in Sociedad Química y Minera de Chile, you can use our free platform to see our list of over 50 other stocks with a high growth potential. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. It has been about a month since the last earnings report for Archer Daniels Midland (ADM). Shares have added about 6.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is ADM due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Archer Daniels Midland Company before we dive into how investors and analysts have reacted as of late. ADM Q3 Earnings Beat Estimates, Revenues Increase 2.2% Y/Y Archer Daniels Midland posted third-quarter 2025 results, wherein the top line fell short of the Zacks Consensus Estimate but increased year over year. Meanwhile, earnings surpassed the Zacks Consensus Estimate but declined from the same period last year.Adjusted earnings of 92 cents per share surpassed the Zacks Consensus Estimate of 89 cents. However, the figure decreased from adjusted earnings of $1.09 per share in the year-ago quarter. On a reported basis, Archer Daniels’ third-quarter earnings were 22 cents per share, up from 4 cents in the year-ago quarter.Revenues gained 2.2% year over year to $20.4 billion, but missed the consensus estimate of $20.7 billion. Segment-wise, revenues for Ag Services & Oilseeds increased 3.5% year over year to $15.6 billion, while Carbohydrate Solutions’ revenues decreased 5.9% year over year to $2.7 billion. Nutrition’s revenues rose 4.6% year over year to $1.92 billion. The Zacks Consensus Estimate for the segments’ revenues was pegged at $15.7 billion, $2.9 billion and $1.9 billion, respectively. Revenues from Other Business are flat at $109 million compared with the figure in the prior-year period.The gross profit decreased 7% year over year to $1.3 billion, while the gross margin stood at 6.2%. Selling, general and administrative expenses declined to $873 million from $905 million in the year-ago quarter.Archer Daniels reported adjusted segmental operating profit of $845 million, down 19% from the year-ago quarter. The company has a trailing four-quarter return on invested capital of 6.7% on an adjusted basis. ADM’s Segmental Operating Profit Adjusted operating profit for Ag Services & Oilseeds dropped 21% year over year to $379 million. The Ag Services subsegment’s operating profit rose 78%, driven by higher export activity in North America and improved results in South America. This quarter included $4 million in net positive mark-to-market (MTM) impacts, versus $50 million in net negative impacts a year earlier.The Crushing subsegment’s operating profit plunged 93% year over year on lower margins resulting from muted demand tied to the deferral of U.S. biofuel policy and international trade challenges. There were about $41 million of net positive mark-to-market timing impacts in the quarter against zero of net negative impacts in the year-ago quarter.Refined Products and Other operating profit was down 3% from the prior year, as biodiesel and refining margins were affected by the delayed biofuel policy, weighing on North American demand. The quarter included $8 million in net negative MTM impacts, versus $20 million in the prior-year period. Equity earnings from the company’s investment in Wilmar decreased by approximately 10% from the prior-year quarter.The Carbohydrate Solutions segment posted an operating profit of $336 million in the third quarter of 2025, reflecting a 26% decline from the year-ago period. Operating profit in the Starches & Sweeteners subsegment also fell 36% due to lower global S&S demand, which pressured both volumes and margins. The subsegment also continued to face higher corn costs in EMEA stemming from corn quality issues, further weighing on profitability.Global wheat milling performance remained relatively stable versus the prior-year quarter, though last year’s results had benefited from $47 million in insurance proceeds, amplifying the year-over-year comparison. Vantage Corn Processors posted a $46 million increase in operating profit, supported by strong export flows and elevated pricing amid lower industry inventory levels caused by plant downtime from maintenance programs.The Nutrition segment reported an operating profit of $130 million in the third quarter of 2025, marking a 24% increase from the same period last year. Operating profit in the Human Nutrition subsegment gained 12% year over year. Within this segment, Flavors saw profit growth, driven by higher margins, particularly in North America. The Health & Wellness category also contributed to the increase, benefiting from stronger biotics demand.Meanwhile, the Animal Nutrition subsegment posted an operating profit of $34 million, marking a 79% year-over-year upsurge, fueled by margin expansion from a strategic focus on higher-value product lines and continued portfolio streamlining and cost optimization initiatives. Archer Daniels’ Other Financials The company ended the quarter with cash and cash equivalents of $1.24 billion, long-term debt, including current maturities, of $7.6 billion, and shareholders’ equity of $22.5 billion. As of Sept. 30, 2025, ADM generated $5.77 billion in cash from operating activities. It paid out dividends of $743 million during the nine months of 2025. For 2025, based on performance over the first nine months of the year and current expectations regarding the timing of anticipated benefits from favorable biofuel policy developments and the evolution of global trade dynamics, the company has revised its full-year adjusted EPS guidance. Adjusted earnings are now expected to be in the range of $3.25 to $3.50 per share, compared to the previous guidance of approximately $4.00. How Have Estimates Been Moving Since Then? In the past month, investors have witnessed a downward trend in estimates revision. The consensus estimate has shifted -13.16% due to these changes. VGM Scores At this time, ADM has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a score of A on the value side, putting it in the top quintile for value investors. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Outlook Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise ADM has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months. Performance of an Industry Player ADM belongs to the Zacks Agriculture – Operations industry. Another stock from the same industry, FMC (FMC), has gained 1.8% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025. FMC reported revenues of $961.3 million in the last reported quarter, representing a year-over-year change of -9.8%. EPS of $0.89 for the same period compares with $0.69 a year ago. For the current quarter, FMC is expected to post earnings of $1.26 per share, indicating a change of -29.6% from the year-ago quarter. The Zacks Consensus Estimate has changed +2% over the last 30 days. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #5 (Strong Sell) for FMC. Also, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Archer Daniels Midland Company (ADM) : Free Stock Analysis Report FMC Corporation (FMC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). TORONTO, Dec. 3, 2025 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") announces that it has renewed its preliminary short form base shelf prospectus (the "Preliminary Shelf Prospectus") with the securities commissions in each of the provinces of Canada (other than Québec) in order to provide the Company with greater financial flexibility going forward but has not entered into any agreements or arrangements to authorize or offer any Securities (as defined below) at this time. When made final or effective, the final short form base shelf prospectus (the "Final Shelf Prospectus") would allow Bravo to undertake offerings of common shares, warrants, subscription receipts and units (collectively, the "Securities"), or any combination thereof, up to an aggregate total of CAD$300,000,000 from time to time during the 25-month period that the Final Shelf Prospectus remains effective. The Securities may be offered in amounts, at prices and on terms to be determined at the time of sale and, subject to applicable regulations, may include "at-the-market" transactions, public offerings or strategic investments. The specific terms of any offering of Securities, including the use of proceeds from any offering, will be set forth in one or more shelf prospectus supplement(s) to be filed with applicable securities regulators. In connection with the Preliminary Shelf Prospectus filing, the Company has filed an independent technical report titled "NI 43-101 Preliminary Economic Assessment, Luanga Project, Pará, Brazil" dated effective July 7, 2025, issued on August 20, 2025 and revised on November 28, 2025 (the "PEA Technical Report"), which report was prepared by Porfirio Cabaleiro Rodriguez (B.Sc Mining Engineering, FAIG), Bernardo Viana (BSc Geology, FAIG), Paulo Roberto Bergmann Moreira (B.Sc Mine Eng, FAusIMM) and Juliano Lima (B.Sc Geology Eng, MAIG) of GE21 Consultoria Mineral Ltda. The PEA Technical Report replaces the previous technical report with the same title, dated July 7, 2025, issued on August 20, 2025 and filed on SEDAR+ on August 21, 2025 following questions identified during an Ontario Securities Commission staff review in order to clarify that (a) the qualified persons responsible for the PEA Technical Report are Mr. Porfirio Cabaleiro Rodriguez, Mr. Bernardo Viana, Mr. Paulo Roberto Bergmann Moreira and Mr. Juliano Felix de Lima; and (b) Mr. Eduardo Dequech de Carvalho, who is a mining engineer and a MAusIMM, with 7 years of experience in mineral reserve estimation and mine planning, supported Mr. Porfirio Cabaleiro Rodriguez with the preparation of information regarding mining methods, infrastructure, market studies and contracts, and economic analysis. About Bravo Mining Corp. Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its PGM+Au+Ni Luanga Project, as well as our copper-gold exploration opportunities in the world-class Carajás Mineral Province, Para State, Brazil. Bravo is one of the most active explorers in Carajás. The team, comprising of local and international geologists and engineers, has a proven track record of PGM, nickel, and copper discoveries in the region and elsewhere. The individuals in the team have successfully taken a past iron oxide copper gold (IOCG) greenfield project from discovery to development and production in the Carajás. The Luanga Project is situated on mature freehold farming land and benefits from being located close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, ports, and hydroelectric grid power. Bravo's current Environmental, Social and Governance activities include planting and donating more than 42,000 high-value trees in and around the project area in the past 30 months, while hiring personnel and contracting services locally. Forward-Looking Statements Certain statements ("forward-looking statements") in this news release contain forward-looking information concerning the Preliminary Shelf Prospectus and Final Shelf Prospectus filings, the Securities which may become issuable thereunder and the anticipated benefits thereof. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, but are not limited to, continued capitalization and commercial viability; global economic conditions; competition; and delays in obtaining requisite regulatory and other approvals for the filing of the Final Shelf Prsopectus. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements included in this news release, Bravo has applied several material assumptions, including, but not limited to, the assumption that Bravo will be able to raise additional capital as necessary, that the proposed exploration and development activities will proceed as planned, that market fundamentals will result in sustained demand and prices for platinum group metals, gold, copper and nickel and that all requisite regulatory approvals will be obtained in a timely manner. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Bravo expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this Press release. View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2025/03/c7123.html Toronto, Ontario–(Newsfile Corp. – December 3, 2025) – Minnova Corp. (TSXV: MCI) ("Minnova" or the "Company"), is pleased to announce the closing of its previously announced "best efforts" private placement (the "Offering") for aggregate gross proceeds of C$4,820,154 from the sale of (i) 12,900,000 units of the Company (each, a "Unit") at a price of C$0.20 per Unit (the "Unit Price"), and (ii) 9,739,800 flow-through units of the Company (each, a "FT Unit") at a price of C$0.23 per FT Unit. Red Cloud Securities Inc. ("Red Cloud") acted as sole agent and bookrunner under the Offering. Each Unit consists of one common share of the Company (a "Unit Share") and one common share purchase warrant (each, a "Warrant"). Each FT Unit consists of one common share of the Company (each, a "FT Share") and one Warrant each issued as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada). Each Warrant entitles the holder to purchase one common share of the Company at a price of C$0.30 at any time on or before December 3, 2028. The Company intends to use the net proceeds from the Offering for the exploration and advancement of the Company's PL Gold Mine Project located in Manitoba as well as for working capital and general corporate purposes, as is more fully described in the Amended Offering Document (as herein defined). The gross proceeds from the sale of FT Shares will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's PL Gold Mine Project on or before December 31, 2026. All Qualifying Expenditures will be renounced in favour of the purchasers of the FT Units effective December 31, 2025. In accordance with National Instrument 45-106 – Prospectus Exemptions ("NI 45-106"), the Units were sold to Canadian purchasers pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "Listed Issuer Financing Exemption"). The securities issuable from the sale of the Units are immediately freely tradeable in accordance with applicable Canadian securities legislation for Units sold to purchasers resident in Canada. The FT Units were sold by way of the "accredited investor" and "minimum amount investment" exemptions under NI 45-106. All securities issuable from the sale of FT Units are subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the issue date, being April 4, 2026. As consideration for their services in the Offering, Red Cloud received aggregate cash fees of C$256,809.24 and 1,196,388 non-transferable common share purchase warrants (the "Broker Warrants"). Each Broker Warrant is exercisable into one common share of the Company (each, a "Broker Warrant Share") at the Unit Price at any time on or before December 3, 2028. The Broker Warrants and Broker Warrant Shares are subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the issue date, being April 4, 2026. There is an amended and restated offering document (the "Amended Offering Document") related to the Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at: www.minnovacorp.ca. The closing of the Offering remains subject to the final approval of the TSX Venture Exchange (the "TSXV"). The securities to be offered pursuant to the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Minnova Corp. Minnova Corp. is a near term gold producer focused on the restart and expansion of its 100%-owned PL Gold Mine in the prolific Flin Flon Greenstone Belt of Central Manitoba. The project is situated on a past-producing mine site and benefits from significant existing infrastructure, including a 1,000 tpd processing plant and valid underground mining permit (Environment Act License 1207E). A positive 2018 Feasibility Study, based on an underground development plan and a gold price of US$1,250 per ounce, outlined a robust 5-year mine life with an annual production rate of 46,493 ounces. Considering current high gold price Minnova is revising the mine development plan to prioritize lower-cost open pit mining methods for the initial years of production before transitioning to underground methods. The new mine plan leverages the full 1,000 tpd mill capacity and targets reduced operating costs compared to the previous underground-only model. The revised mine development plan is underway and will be the subject of a Preliminary Economic Assessment and Feasibility Study to be completed in 2026. The current global gold resource remains open to expansion, as does the reserve. The Mineral Resource Estimate will be revised in 2026, using current consensus gold price assumption and will incorporate all drilling conducted after the 2018 Feasibility Study, including the upcoming 15,000-meter drill program scheduled for 2025 and 2026. Minnova Corp. Gorden GlennPresident & Chief Executive Officer For further information, please contact Investor Relations: info@minnovacorp.caVisit our website at www.minnovacorp.ca Forward Looking Statements Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements herein includes, but is not limited to, statements that address activities, events or developments that Minnova expects or anticipates will or may occur in the future including statements regarding the intended use of proceeds of the Offering, the tax treatment of the FT Shares and the final approval of the Offering by the TSXV. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information. NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276798 SINGAPORE, December 03, 2025–(BUSINESS WIRE)–Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, has announced that its Global Occupier Services (GOS) team has secured an off-market contract extension with BHP, one of the world’s leading resources companies. The renewed agreement reaffirms Cushman & Wakefield’s position as a trusted partner in delivering an integrated suite of workplace and real estate services across BHP’s global corporate office portfolio. The partnership spans 12 countries, 19 offices and over 1,466,000 square feet across Australia, Asia, North America, South America and the United Kingdom. Under the extended agreement, Cushman & Wakefield will provide an expanded range of services, including:
"BHP made the decision to exercise its option to extend our agreement. We very much appreciate the trust and commitment this demonstrates in our expanding partnership," said Cameron Ahrens, Head of Global Occupier Services, Asia Pacific at Cushman & Wakefield. The partnership began in 2017 as a regional contract for Australia and Asia and expanded to a global engagement in 2021. BHP cited Cushman & Wakefield’s strong operational performance, collaborative approach and mutual commitment to cost containment and innovation – particularly in supporting BHP’s Workplace Digital and AI Roadmap – as key factors in the renewal decision. The continued partnership reinforces both organizations’ commitment to delivering high-performance workplaces that support people, productivity and sustainability across BHP’s global footprint. Learn more about Cushman & Wakefield’s Global Occupier Services. About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20251202065568/en/ Contacts Media Contact:Foo Chek Yee Head of Public Relations, APAC+65 6317 8353chekyee.foo@cushwake.com We can readily understand why investors are attracted to unprofitable companies. Indeed, Stillwater Critical Minerals (CVE:PGE) stock is up 214% in the last year, providing strong gains for shareholders. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse. Given its strong share price performance, we think it's worthwhile for Stillwater Critical Minerals shareholders to consider whether its cash burn is concerning. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'. Does Stillwater Critical Minerals Have A Long Cash Runway? A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. When Stillwater Critical Minerals last reported its September 2025 balance sheet in December 2025, it had zero debt and cash worth CA$3.9m. Importantly, its cash burn was CA$6.2m over the trailing twelve months. Therefore, from September 2025 it had roughly 8 months of cash runway. That's quite a short cash runway, indicating the company must either reduce its annual cash burn or replenish its cash. The image below shows how its cash balance has been changing over the last few years. TSXV:PGE Debt to Equity History December 3rd 2025 Check out our latest analysis for Stillwater Critical Minerals How Is Stillwater Critical Minerals' Cash Burn Changing Over Time? Stillwater Critical Minerals didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. With the cash burn rate up 27% in the last year, it seems that the company is ratcheting up investment in the business over time. However, the company's true cash runway will therefore be shorter than suggested above, if spending continues to increase. Admittedly, we're a bit cautious of Stillwater Critical Minerals due to its lack of significant operating revenues. We prefer most of the stocks on this list of stocks that analysts expect to grow. How Hard Would It Be For Stillwater Critical Minerals To Raise More Cash For Growth? Given its cash burn trajectory, Stillwater Critical Minerals shareholders should already be thinking about how easy it might be for it to raise further cash in the future. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. Commonly, a business will sell new shares in itself to raise cash and drive growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn. Stillwater Critical Minerals has a market capitalisation of CA$120m and burnt through CA$6.2m last year, which is 5.2% of the company's market value. Given that is a rather small percentage, it would probably be really easy for the company to fund another year's growth by issuing some new shares to investors, or even by taking out a loan. So, Should We Worry About Stillwater Critical Minerals' Cash Burn? On this analysis of Stillwater Critical Minerals' cash burn, we think its cash burn relative to its market cap was reassuring, while its cash runway has us a bit worried. Looking at the factors mentioned in this short report, we do think that its cash burn is a bit risky, and it does make us slightly nervous about the stock. Taking a deeper dive, we've spotted 5 warning signs for Stillwater Critical Minerals you should be aware of, and 2 of them are significant. Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts) Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Vancouver, British Columbia–(Newsfile Corp. – December 3, 2025) – Golcap Resources Corp. (CSE: GCP) (the "Company" or "Golcap") announces that, further to its news release of October 14, 2025, it has issued the initial 4,000,000 common shares of Golcap at a deemed price of $0.25 per share (the "Initial Share Issuance") in connection with an option to acquire up to a 100% interest in the Itaituba Vanadium Titanium Project located in the Tapajos Mineral Province of northern Brazil from Lara Exploration Ltd. (TSXV: LRA) ("Lara"), pursuant to the terms of an option agreement originally entered into between Mineral Road Partners Inc. ("MRP") and Lara on August 25, 2025 (the "Option Agreement") which has been assigned to Golcap. The shares issued are subject to a four month and one day hold period expiring April 4, 2026. The Initial Share Issuance will be held in escrow pending approval of the final exploration report submitted by Lara concerning the Itaituba Project (the "Final Exploration Report") by the Brazilian Agency of Mines ("ANM"). Upon receipt of approval by the ANM, the Initial Share Issuance will be released from escrow and Golcap and Lara will execute a definitive property agreement further documenting the terms described in the October 14th news release. If the ANM does not approve the Final Exploration Report, the Option Agreement will terminate and the Initial Share Issuance will be cancelled and returned to Golcap's treasury. The Company also announces that it has entered into a Debt Settlement Agreement dated November 25, 2025 (the "Settlement Agreement") with an arm's length creditor to settle an outstanding debt totalling $75,600.00 (the "Debt Settlement"). Pursuant to the Settlement Agreement, the Company will issue an aggregate of 200,000 common shares at a deemed price of $0.378 per share. The Debt Settlement is subject to approval by the Canadian Securities Exchange and all shares issued in connection with Debt Settlement will be subject to a hold period of four months and one day in accordance with applicable securities laws. The Board of Directors has determined that completing the Debt Settlement is in the best interests of the Company as it will preserve cash for working capital purposes. FOR FURTHER INFORMATION CONTACT: Christopher ReynoldsInterim Chief Executive Officer Garry StockDirector Golcap Resources Corp.Telephone: 778-819-3793 Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276847
TORONTO, Dec. 02, 2025 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce 10 additional assay results from its 2025 drill program where drill hole GD-25-383 intersected 7.28 g/t Au over 8.00 meters, within 5.85 g/t Au over 10.00 meters in Eocene-aged granitoid dyke. The same interval also includes 9.20 g/t over 5.92 meters as well as 12.75 g/t Au over 4.02 meters, containing multiple occurrences of VG-NE that remains open at the Surebet Discovery on its 100% controlled Golddigger Property (the “Property”), Golden Triangle, British Columbia. Assays are still pending for 70 holes from this year’s exploration campaign, of which 55 (representing 79% of the pending holes) contain up to 12 occurrences of VG-NE; see images above and table below. The high-grade gold-mineralization seen in the Bonanza Zone has been expanded by drilling to 1.25 km along its east-west orientation that remains open for expansion, and also to the northwest where Bonanza extends for 580 meters and remains open for expansion. Continuity of strong gold mineralization has also been confirmed by drilling in the higher up Surebet Zone that extends for 1.2 km in a southwest-northeast direction and remains open for expansion. The continuity, widths and grades demonstrated by drilling in multiple lodes shows this extensive 1.8 km2 gold system continues to demonstrate strong potential to become one of the most significant gold discoveries in British Columbia’s Golden Triangle in many years. The strong results received to date vector to targets that remain open with excellent expansion potential. The strong gold-mineralization in the Bonanza Zone has been expanded in the third dimension to 1.25 km along its east-west orientation, while the northwest extent of 580 meters has been confirmed with additional drill holes in the third dimension and remains open, the series of stacked veins (at the Bonanza Zone and Surebet Zone) has a vertical relief of 800 meters and contains widespread VG-NE. Continuity of strong gold mineralization has been confirmed in the Surebet Zone that extends for 1.2 km in a southwest-northeast direction and remains open. The continued extent, continuity and grade of mineralization in the Surebet System shows it has the potential to become one of the most significant gold discoveries in British Columbia’s Golden Triangle in many years, providing for strong expansion potential in 2026. Remaining drill results from the 2025 drill season have the potential to provide desirable widths, grades and continuity observed thus far. 100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization as well as 83 of the 110 drill holes (or 76%) from 2025 contain gold visible to the naked eye (VG-NE) clearly demonstrating the discovery potential remaining on the property. Dr. Quinton Hennigh, Geologic & Technical Advisor to Crescat Capital, a strategic investor in Goliath, states: “With every newly reported gold intercept, the picture that is emerging at Goliath’s Surebet project is continually being enhanced with respect to both consistency and scale of this remarkable quartz-sulfide lode system. Over and over, we are seeing strong gold grades across stout lode thickness, commonly exceeding 4 meters true width. This bodes well for potentially employing bulk, cost effective mining techniques. Also important, given that the Surebet gold system is comprised of a network of stacked quartz-sulfide lodes, tonnages can build up quickly with these sorts of lode thicknesses. Updated models of the Surebet lode network such as those presented in this news release illustrate this potential quite well. The 2025 drill program continues to strengthen the Surebet story in every respect.” Mr. Roger Rosmus, Founder & CEO of Goliath states: ““The Surebet discovery is rapidly emerging as a high-grade gold system in the Golden Triangle. As can be seen by the widespread VG-NE over a vast area, contained within a series of stacked, gently dipping veins that remain open and are expanding with every drill hole. One series of stacked veins in the Surebet Zone dip in the southwest direction, while the series of stacked veins at the Bonanza Zone dip in the southeast direction. Which opens up the possibility that they are coming from two separate sources approximately 4,000 metres, or more, apart. Additionally, the vertical RIRG Eocene-aged dykes could be coming off a large magma chamber underlying the entire gold mineralizing system. In future drilling we need to continue following the Surebet Zone stacked veins to the southwest and the Bonanza Zone to the southeast, plus explore deeper for the magmatic source to determine if there are more than one source or one common source. What we have discovered through drilling, so far, is located within a mountain and as we follow the high-grade gold system deeper we can drill from the valley floor to drill for the source of the stacked gently dipping veins and vertical RIRG Eocene-aged dykes. Another exciting element is that at the top of the mountain the VG-NE is fine-grained and sporadic, it then quickly transitions into abundant fine-grained VG-NE, then deeper transitions into coarse-grained and abundant VG-NE. Which helps us to follow the system deeper for the source to assess the abundance of coarse-grained VG-NE. More work is needed to expand toward the limits of the various zones, but our team couldn’t be more enthusiastic with what we have found which is emerging as a rare high-grade gold discovery. Once we have all the assays from this year’s campaign, we will continue to update our 3D models along with advanced analysis at the Colorado School of Mines. We believe the Surebet discovery continues to demonstrate it’s quickly becoming one of the most significant high-grade gold discoveries in British Columbia’s Golden Triangle in many years.” Drill hole GD-25-383 intersected 7.28 g/t Au over 8.00 meters, within 5.85 g/t Au over 10.00 meters. The same interval also includes 9.20 g/t over 5.92 meters as well as 12.75 g/t Au over 4.02 meters, containing multiple occurrences of VG-NE within an Eocene-aged Reduced Intrusion Related Gold (RIRG) dyke that remains open. Drill hole GD-25-311 intersected multiple gold-rich veins, including 15.13 g/t Au over 3 meters from a section of quartz-sulphide veining with multiple occurrences of VG-NE corresponding to the Bonanza Zone that remains open, as well as 2.6 g/t Au over 4.01 meters corresponding to the Surebet Zone that remains open. Drill hole GD-25-370 intersected the Bonanza Zone that remains open in an interval that assayed 5.66 g/t Au over 5.05 meters, including 9.24 g/t Au over 3.05 meters from a zone of strong quartz sulphide veining and breccia with numerous occurrences of VG-NE. Drill hole GD-25-387 intersected 4.05 g/t Au over 6.13 meters, including 5.36 g/t Au over 4.15 meters from a zone containing substantial quartz-sulphide mineralization corresponding to the Bonanza Zone that remains open. Drill hole GD-25-385 intersected 6.59 g/t Au over 4 meters, including 8.4 g/t Au over 3.13 meters from a series of quartz-sulphide veins and breccias belonging to the Surebet Zone that remains open. Drill hole GD-25-398 intersected mineralization corresponding to the Bonanza Zone that remains open in an interval that assayed 5.41 g/t Au over 4.64 meters within 3.73 g/t Au over 6.77 meters. An additional interval of Bonanza Zone mineralization assayed 2.68 g/t Au over 3.00 meters. Drill hole GD-25-378 intersected 4.83 g/t Au over 4.54 meters, including 6.28 g/t Au over 3.44 meters part of the Bonanza Zone that remains open where multiple occurrences of VG-NE were noted. Additionally, gold mineralization was also intercepted in an interval of the Surebet Zone that remains open and assayed 2.49 g/t Au over 9.12 meters. Drill hole GD-25-410 intersected 4.18 g/t Au over 5.14 meters, including 5.28 g/t Au over 4.06 meters in an interval of strong quartz-sulphide mineralization containing multiple occurrences of VG-NE located in the easternmost part of the system which extends the Bonanza Zone to 1.25 km and remains open. Drill hole GD-25-356 intersected part of the Bonanza Zone that remains open where multiple occurrences of VG-NE have been observed in an interval that assayed 4.98 g/t over 3.87 meters. Drill hole GD-25-376 intersected 4.32 g/t Au over 4.2 meters including 5.47 g/t Au over 3.2 meters corresponding to the Surebet Zone that remains open where multiple occurrences of VG-NE were observed, as well as 3.55 g/t Au over 3.93 meters corresponding to the Bonanza Zone that remains open. All intercepts are approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received). The gold grades, coupled with VG-NE within substantial quartz-sulphide veins, stockworks, and breccias, which are mineralized with sphalerite, pyrrhotite, and chalcopyrite, highlight the potential for further expansion. Table 1: Collar information for VG-NE drill holes reported in this news release.
Table 2: Assay highlights from 2025 drill holes reported in this news release.
High-grade gold mineralization has been confirmed in three distinct rock packages at the Surebet Discovery, which include: gently dipping gold-rich mineralized stacked quartz-sulphide breccias/stock work veins; gold-rich intermediate to felsic Eocene-aged RIRG dykes that crosscut the veins; and the broad zones of calc-silicate altered breccia. All three rock packages contain substantial amounts of VG-NE (from fine-grained to coarse-grained gold) and remain open. Which strongly indicates the presence of a Motherlode magmatic causative source at depth responsible for the widespread high-grade gold mineralization at the Surebet Discovery. Table 3: Collar information for drill holes reported in this news release.
The 2025 drill consisted of 64,364 meters of systematic drilling with 9 drill rigs. The campaign was aimed at expanding the geometry of the Surebet Discovery laterally and to depth. 100% of the drilling was focused on the Surebet Discovery. The Company designed a detailed drill plan that consisted of: testing for the Motherlode Magmatic intrusive gold source; testing an additional 13 Eocene-aged dykes observed on the surface that had never been drill tested for RIRG mineralization; infill drilling with the goal of increasing pierce points density in all known stacked veins. With a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain; testing zones where the RIRG dykes and gently dipping veins crosscut which are being called Goldilocks Zones (as they are key locations where there are two styles of gold mineralization enriching the zones) and expanding the known mineralized veins laterally and to depth where they currently remain open. Surebet Discovery Highlights
About Golddigger Property The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in a highly prospective geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area, in close proximity to the Red Line, has hosted some of Canada’s greatest gold mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization. The Surebet discovery has predictable continuity and good metallurgy with gold recoveries from gravity and flotation at a 327-micrometer crush of 92.2% including 48.8% free gold from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present (see news release dated March 1, 2023). The Property is in a well positioned location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power. Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the West Coast of British Columbia and houses an international container seaport also with direct access to railway and an airport. About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining) Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world’s largest research centers in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources’ membership in CASERM has allowed a high level of research to be performed on the Surebet Discovery. Qualified Person Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is an Independent Director of the Company. About Goliath Resources Limited Goliath Resources is an explorer of precious metals projects in the highly prospective Golden Triangle of Northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath recently completed its largest fully funded drill campaign to date for a total of 64,364 meters in 2025 and is fully funded for a large (40k – 50k meter) drill program in 2026. The Company’s key strategic cornerstone shareholders include Crescat Capital, a Global Commodity Group (Singapore), McEwen Inc. (NYSE: MUX) (TSX: MUX), Waratah Capital Advisors, Mr. Rob McEwen, Mr. Eric Sprott and Mr. Larry Childress. For more information please contact: Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com QA/QC Protocol & Disclaimer Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2024 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half: one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. The bagged samples are then weighed and secured with a zip tie. Certified reference materials (CRMs), blanks and duplicates are added in the sample stream at a rate of 10%. To ensure analytical anonymity, CRM identification labels are removed prior to submission to the laboratory. Additional out-of-sequence blanks are introduced immediately following core samples that contain VG-NE or high-grade sulphide mineralization. Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples are then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, certified reference materials, and duplicate samples are inserted regularly into the sample sequence at a rate of 10%. All samples are transported in rice bags sealed with numbered security tags. The rice bags are transported from the core shacks to the MSALABS facilities in Terrace, BC. MSALABS is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. The core samples undergo preparation via drying, crushing to ~70% of the material passing a 2 mm sieve and riffle splitting. The sample splits are weighed and transferred into three plastic jars, each containing between 300 g and 500 g of crushed sample material. A 250 g split is pulverized to ensure at least 85% of the material passes through a 75 µm sieve. The crushed samples are transported to the MSALABS PhotonAssayTM facility in Prince George, where gold concentrations are quantified via photon assay analysis (method CPA-Au1). Samples that result in gold concentrations ≥5 ppm are analyzed to extinction. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, inducing the emission of secondary gamma rays, which are measured to quantify gold concentrations. The assays from all jars are combined on a weight-averaged basis. Multielement analyses are carried at the MSALABS facilities in Surrey, BC, where 250 g of pulverized splits are analyzed via ICF6xx and IMS-230 methods. The IMS-230 method uses 4-acid digestion (a combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by inductively coupled plasma emission spectrometry to quantify concentrations of 48 elements. Samples with over-limit results for Ag, Cu, Pb and Zn undergo ore-grade analysis via the ICF-6xx method (where ‘xx’ denotes the target metal). This method employs 4-acid digestion followed by inductively coupled plasma emission spectrometry. Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and Gold Equivalent (AuEq) metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project. The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above. The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Source: Getty Images Written by Jitendra Parashar at The Motley Fool Canada The Tax-Free Savings Account (TFSA) is one of the few investment tools in Canada where you get to keep all your gains — no taxes on dividends, interest, or capital appreciation. Whether you’re aiming for early retirement or simply building long-term wealth, buying high-quality stocks early at lower prices could give your TFSA portfolio a serious edge. In this article, I’ll cover three of the best, growth-oriented Canadian stocks you can buy right now to create a powerful TFSA portfolio for peace of mind and outstanding long-term returns. GoGold Resources stock Among the top stocks for TFSA, GoGold Resources (TSX:GGD) stands out for its consistent progress and strong project base. This Halifax-based company primarily focuses on developing and operating gold and silver projects across the Americas, with its Parral Tailings and Los Ricos properties being the backbone of its production growth. Currently trading at $2.68 per share with a market cap near $1.2 billion, GoGold stock has jumped by 141% so far in 2025 due partly to renewed optimism in silver and gold prices, which helped it recover from earlier market volatility. The company continues to advance its Los Ricos South and Los Ricos North developments, supported by strong drilling results and a growing resource base. Its recent technical updates point to increasing project scale and improving economics, giving investors confidence in its next growth phase. For TFSA investors, GoGold stock aligns well with the idea of holding assets backed by real value and strong long-term growth potential. Collective Mining stock Now, let’s talk about Collective Mining (TSX:CNL), a Toronto-headquartered exploration firm that’s setting a new benchmark for early-stage exploration success. The company is advancing its Guayabales and San Antonio projects in Caldas, Colombia, and its recent drilling success has fueled growing investor interest. Trading at around $15.63 per share with a market cap close to $1.4 billion, Collective stock has skyrocketed by 162% so far in 2025. In mid-October, the company reported visual mineralization at both projects, followed by assay results from its Apollo system — including a drill intercept of 486 metres at 2.01 grams per tonne gold equivalent. Backed by a team that previously built and sold Continental Gold for US$2 billion, this company has strong technical and financial credibility. With US$145 million in cash, it plans up to 100,000 metres of new drilling in 2026, with a focus on expanding its high-grade Ramp Zone and further testing new targets. For TFSA investors seeking early-stage exposure to the mining sector with scalable upside, Collective Mining looks like a great stock that could offer powerful long-term, tax-free returns. Lightspeed Commerce stock Rounding out this list of top stocks for TFSA is Lightspeed Commerce (TSX:LSPD), a Canadian tech stock that’s showing real progress in its turnaround. Headquartered in Montreal, the company provides a unified platform for payments, point-of-sale, and e-commerce, serving businesses in more than 100 countries. After rallying 23% over the last eight months, LSPD stock currently trades at $15.73 per share with a market cap of $2.2 billion. In the second quarter of its fiscal 2026 (three months ended in September), Lightspeed’s revenue jumped 15% year-over-year to US$319 million. Its gross profit margins also improved during the quarter to 42% with the help of cost controls and stronger pricing. Encouraged by these results, Lightspeed raised its full-year outlook, now expecting at least 12% revenue growth and US$70 million in adjusted earnings before interest, taxes, depreciation, and amortization for fiscal 2026. As it continues scaling globally, LSPD looks well-positioned as one of the top stocks for TFSA portfolios looking for growth beyond traditional sectors. The post 3 of the Best Stocks TFSA Investors Can Buy Now appeared first on The Motley Fool Canada. Should you invest $1,000 in Collective Mining right now? Before you buy stock in Collective Mining, consider this: The Motley Fool Stock Advisor Canada analyst team identified what they believe are the 15 best stocks for investors to buy now… and Collective Mining wasn’t one of them. The 15 stocks that made the cut could potentially produce monster returns in the coming years. Consider MercadoLibre, which we first recommended on January 8, 2014 … if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $21,105.89!* Now, it’s worth noting Stock Advisor Canada’s total average return is 95%* – a market-crushing outperformance compared to 72%* for the S&P/TSX Composite Index. Don’t miss out on our top 15 list, available when you join Stock Advisor Canada. #start_btn6 { #start_btn6 a { #start_btn6 a:hover { @media (max-width:480px) { margin_bottom_5 {margin-bottom:5px;} * Returns as of November 17th, 2025 More reading Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy. 2025 Brisbane, Australia–(Newsfile Corp. – December 1, 2025) – Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is proud to announce the launch of pre-sales for GMG's THERMAL-XR® spray skit with electric spray gun and prep detergent with manual pump foaming gun, as seen in Figure 1. The product is now available to pre-order in Australia at the following web site address: https://thermal-xr.com/. Kits will be dispatched for delivery before the end of December 2025. Please see explainer video which shows how the THERMAL-XR® kit can be used: Cannot view this video? Visit:https://www.youtube.com/watch?v=agrmEO3MK4M Figure 1: GMG THERMAL-XR® Kit with Electric Spray GunTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8082/276363_gmg.jpg The product's instruction manual is shown in 16 languages – English, French, German, Italian, Spanish, Portuguese, Polish, Turkish, Indonesian, Hindi, Vietnamese, Mandarin Chinese, Japanese, Korean, Thai and Arabic. The spray kit will progressively be available for sale around the world as GMG onboards distributors for this product. The product includes the following:
The kit has been simplified and the graphene coating is now only a 2-step process: PREP (detergent) then ENHANCE (graphene coating). GMG's Managing Director and CEO, Craig Nicol, commented: "We are thrilled to bring this product to market for pre-sales – the product has been through intensive product development to reduce the complexity of the THERMAL-XR® spray process and make available for all, whether individuals using in their own homes, businesses or the first step for technicians in a professional setting." GMG's Chairman and Non-Executive Director, Jack Perkowski, commented: "We expect big things from our small pack range, including this kit through distributors globally – congratulations to the GMG team! I know how hard they have worked on this." About GMG GMG is an Australian based clean-technology company which develops, makes and sells energy saving and energy storage solutions, enabled by graphene manufactured via in house production process. GMG uses its own proprietary production process to decompose natural gas (i.e. methane) into its natural elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, 'tuneable' and low/no contaminant graphene suitable for use in clean-technology and other applications. The Company's present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications. In the energy savings segment, GMG has initially focused on graphene enhanced heating, ventilation and air conditioning ("HVAC-R") coating (or energy-saving coating) which is now being marketed into other applications including electronic heat sinks, industrial process plants and data centres. Another product GMG has developed is the graphene lubricant additive focused on saving liquid fuels initially for diesel engines. In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries ("G+AI Batteries"). GMG has also developed a graphene additive slurry that is aimed to improve the performance of lithium-ion batteries. GMG's 4 critical business objectives are: Produce Graphene and improve/scale cell production processes Build Revenue from Energy Savings Products Develop Next-Generation Battery Develop Supply Chain, Partners & Project Execution Capability For further information please contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. Cautionary Note Regarding Forward-Looking Statements This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the products being available for order or delivery to distributors around the world and the anticipated timing of delivery times for the spray kit. Such forward-looking statements are based on a number of assumptions of management, including, without limitation, that GMG will be able to take orders and deliveries to meet distributor demand around the worldwide. Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation, that products may not be available for sales or delivery to meet customers' expectations. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276363 Nutrien Ltd. NTR is gaining from healthy demand for crop nutrients, its actions to reduce costs and strategic acquisitions. Higher fertilizer prices are providing further support. However, exposure to volatile input costs and supply tightness could pressure margins.The NTR stock has gained 21.8% over the past year, compared with the Zacks Fertilizers industry’s 4.2% rise. Image Source: Zacks Investment Research Let’s find out why NTR stock is worth retaining at the moment. Healthy Demand, Acquisitions & Cost Cuts Aid NTR Stock Nutrien is well-placed to benefit from higher demand for fertilizers, backed by the strength in global agriculture markets. It is seeing healthy fertilizer demand in its major markets. Tight inventories are expected to support crop commodity prices in 2025. Strong demand and supply tightness have also led to an uptick in fertilizer prices this year. Favorable farmer economics, improved affordability and low inventory levels are expected to drive potash demand globally. The phosphate market is also supported by low producer and channel inventories. Restricted exports from China have also led to supply tightness in this market. Demand for nitrogen fertilizer also remains healthy in major markets. Global nitrogen requirement is driven by demand in North America, India and Brazil. A resurgence in industrial nitrogen demand also bodes well. The company expects record crop production prospects in the United States and sees strong demand for crop inputs. NTR saw record potash sales volumes in the first nine months of 2025, driven by favorable potash affordability and robust consumption in North America and major offshore markets. Third-quarter volumes also rose due to strong demand in North America and offshore. NTR has raised potash sales volume guidance for 2025 to 14-14.5 million tons, driven by anticipated higher global demand.NTR should also gain from acquisitions and increased adoption of its digital platform. It continues to expand its footprint in Brazil through acquisitions. It is expected to continue pursuing targeted opportunities in its core markets. The company expects to utilize part of its free cash flow for incremental growth investments, including tuck-in acquisitions in the retail business in 2025.Cost and operational efficiency initiatives are also expected to aid the company’s performance. NTR remains focused on lowering the cost of production in the potash business. It has announced several strategic actions to reduce its controllable costs and boost free cash flow. NTR has accelerated operational efficiency and cost savings initiatives, and anticipates achieving around $200 million of total savings in 2025. The company is ahead of schedule on this cost-reduction goal. Nutrien Exposed to Input Cost Volatility Nutrien uses sulfur and natural gas as key inputs. Supply disruptions from Russia amid the war with Ukraine contributed to the rise in natural gas prices. Plant shutdowns and maintenance also resulted in a tight supply of these inputs, which, coupled with strong demand, pushed up their prices. The company saw higher sulfur input costs and natural gas prices in the third quarter, leading to a higher cost of goods sold per ton in phosphate and nitrogen businesses, respectively. The company remains exposed to a volatile input cost environment amid supply tightness. NTR’s Zacks Rank & Other Key Picks NTR currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the Basic Materials space are Kinross Gold Corporation KGC, Fortuna Mining Corp. FSM and Harmony Gold Mining Company Limited HMY. At present, KGC sports a Zacks Rank #1 (Strong Buy), while FSM and HMY carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Kinross Gold’s current-year earnings is pegged at $1.65 per share, indicating a year-over-year rise of 142.7%. KGC’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 17.4%. The Zacks Consensus Estimate for FSM’s current fiscal-year earnings stands at 83 cents per share, reflecting an 80.4% year-over-year increase. FSM’s shares have surged 123% in the past year.The Zacks Consensus Estimate for HMY’s fiscal 2026 earnings is pegged at $2.68 per share, indicating a rise of 111% from the year-ago levels. HMY’s shares have rallied roughly 120% in the past year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report Fortuna Mining Corp. (FSM) : Free Stock Analysis Report Nutrien Ltd. (NTR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Toronto, Ontario–(Newsfile Corp. – December 1, 2025) – CEO.CA ("CEO.CA"), the leading investor social network in junior resource and venture stocks, shares exclusive updates with CEOs of junior mining explorers. Founded in 2012, CEO.CA, a wholly owned subsidiary of EarthLabs, Inc., is one of the most popular free financial websites and apps in Canada and for investors globally – with industry leading audience engagement and mobile functionality. Millions of people visit CEO.CA each year to connect with investors from around the world, share knowledge and view impactful stories about stocks, commodities, and emerging companies. Meet the Executive Shaping the Mining Landscape 'Inside the Boardroom' is more than just an interview series – it's a chance to gain firsthand knowledge from industry leaders, understanding their vision, challenges, and strategy. We caught up with Chad Williams, Executive Chairman of Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF). Follow what investors are saying and join our community: https://ceo.ca/tuf Honey Badger Silver(TSXV: TUF) (OTCQB: HBEIF) Cannot view this video? Visit:https://www.youtube.com/watch?v=D-EAFYJjOmQ Tune in to 'Inside the Boardroom' each week and be part of the conversation that's shaping the business landscape. Visit CEO.CA or our YouTube page for hundreds more executive interviews from CEO.CA here. Interested in showcasing your company on 'Inside the Boardroom'? Get in touch with our team at sales@ceo.ca for further details and opportunities. About CEO.CA The leading community for investors & traders in junior resource & venture stocks. CEO.CA is one of the most popular free financial websites and apps in Canada and for small-cap investors globally — with industry leading audience engagement and mobile functionality. Since 2012, CEO.CA has brought millions of investors together from over 164 countries to discuss their portfolio holdings and find new investment opportunities. Download our App on iOS or Android marketplace or visit us today at CEO.CA to set up your free account. CEO.CA is a wholly owned subsidiary of EarthLabs, Inc. For further information please contact: CEO.CA Email: hello@ceo.caWebsite: CEO.CA Neither the TSX Venture Exchange ("TSXV"), OTC Best Market ("OTCQX") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. Cautionary Statement The information regarding any issuer contained or referred to in any interviews conducted by CEO.CA has been furnished by such issuer directly, and neither CEO.CA nor any of its affiliates or principals assumes any responsibility for the accuracy or completeness of such information or for any failure by an issuer to ensure disclosure of events or facts which may affect the significance or accuracy of any such information. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the objectives, goals, future plans, statements regarding exploration results and exploration and/or development plans of companies featured on the CEO.CA platform. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects, currency risk and the other risks involved in the applicable exploration and development industry, and those risks set out in the public documents of such companies filed on SEDAR or elsewhere from time to time. Undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. CEO.CA disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276444 Toronto, Ontario–(Newsfile Corp. – December 1, 2025) – Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) ("Honey Badger" or the "Company") is pleased to share the results from the recent geophysical survey and prospecting work completed at it's 100%-owned Nanisivik Project, Nunavut. Nanisivik is a former polymetallic-silver mine that produced over 20 Moz of silver between 1976 and 2002(3), when low metal prices forced the mine into closure. Since then, silver and zinc prices are up approximately 1,000% and 300% respectively, and infrastructure access has improved with the construction of a deep-water port only a few kilometers from the former mine site. The Company's Executive Chairman, Chad Williams, commented, "The recent surface exploration program completed at Nanisivik was a success: several large new zones with strong conductivity at the Area 14 and Oceanview targets were discovered. Some of these new zones may significantly extend the strike length of unmined mineralization at these targets while other new zones may represent completely new areas of mineralization. We are also very encouraged with assay results up to 249 g/t silver and 51.5% zinc collected from distal zones at the Area 14 target that coincide with underlying conductors from the Loupe EM survey. Nanisivik was a high-quality mining operation until 2002 when low commodity prices forced the mine to cease operations. We plan to drill these high-priority targets in 2026. We believe Nanisivik has substantial exploration potential." 2025 Data Review and Target Prioritization Earlier in the year, the Company announced three priority target areas that were identified during data review, each hosting significant zinc and silver intercepts from historical drilling (see press release dated March 25, 2025). The areas are Deb, Ocean View North, and Area 14. A review of historical exploration drilling at the former mine site identified several significant drill intersections located outside mined areas. These discoveries were not followed up in the past due to the previous operator's tight focus on production. As a result, each of these represents a priority target for follow up work. A selection of significant silver and/or zinc mineralized intercepts from these priority target areas is provided in the Table 2 and the locations of the target areas are illustrated in Figure 1. 2025 Exploration Program Summary The recent exploration program at Nanisivik was primarily focused on utilizing ground geophysics (Loupe Time Domain Electromagnetics or "TDEM") as a cost-effective and portable method to: Reconnaissance sampling was also completed around the Area 14 target to identify new zones of mineralization. Results from the Loupe EM survey are very encouraging and have exceeded expectations for this program. The survey successfully identified conductors underlying unmined and partially mined mineralized areas at both Area 14 and across the broader Oceanview area. Importantly, the Loupe EM data shows several strong untested conductors at both Area 14 and Oceanview that are located between or adjacent to known zones of massive sulfide mineralization. These untested Loupe EM anomalies also coincide with historic airborne EM conductors, which further validates these areas as high-priority drill targets with potential for the discovery of new silver-lead-zinc massive sulfide mineralization (Figure 1). Figure 1. Map of the main Nanisivik block showing results from the recently completed Loupe EM surveys at the Oceanview and Area 14 targets as well as locations of rock samples collected during the work program. Strong untested conductors are highlighted in the dark blue dotted boxes. The locations of historical underground, open pit, or trenched silver-zinc-lead ore bodies are also shown on the map. To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3204/276371_3ba41a2c24f1f953_001full.jpg In addition to the success of the Loupe EM Survey, reconnaissance prospecting work has identified an area of potentially sub-cropping massive sulfide mineralization at Area 14 that has returned values up to 249 g/t silver and 51.5% zinc. In total, 21 grab samples were primarily collected from large angular boulders interpreted by the field geologist to potentially represent sub-crop from underlying or nearby bedrock. Due to partial snow cover at the time of sampling plus the historical disturbance related to reclamation after mine closure, it remains to be confirmed if each of these large angular boulders truly represent in-situ mineralization. These grab samples validate the high-grade nature of the mineralization seen in historic drilling at Area 14 and occur on top of a conductive body identified by the Loupe EM survey. Table 1. 2025 Assay Results of Grab Samples from Area 14* To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3204/276371_3ba41a2c24f1f953_002full.jpg Overview of Priority Target Areas Oceanview North TargetThere are no indications of any mining having been completed at the Oceanview North target area, which is located approximately 1.7 km east northeast from the main Nanisivik orebody and some 400 m north of the historically mined main Oceanview zone (Figure 1). At the Oceanview North area, data from some 72 historical exploration drillholes was examined and a cluster of high-grade Ag-Zn intersections were identified at the northern extent of the drilling. Highlight silver (Ag) and zinc (Zn) intersections at the Ocean View North target area include hole 87-63, which intersected 5.3m of 97.6 g/t Ag and 22.79% Zn, and hole 90-28 which intersected 1.3m of 116 g/t Ag and 20.3% Zn. Area 14 TargetThe Area 14 target is located approximately 1.8 km southeast of the main Nanisivik orebody (Figure 1). Historical data indicates that a portal was developed and some stope mining was carried out at Area 14. However, Honey Badger has examined the data from a cluster of 27 historical drillholes located immediately east and northeast of the historically mined area where a number of high-grade Ag-Zn intersections have been identified, including; hole A14_85-08 which intersected 2.3m of 280.0 g/t Ag and 27.43% Zn, hole A14_85-10 which intersected 2.3m of 239.3 g/t Ag and 6.10% Zn, and hole 86-191 which intersected 3.0m of 143.3 g/t Ag and 26.16% Zn. Deb TargetThe Deb target area is located approximately 3 km southwest of the main orebody at Nanisivik and is unmined. The Company has examined data from 15 drillholes completed in this area in the 1980's and 1990's. High-grade Ag-Zn intersections include; hole 90-51 which intersected 1.3m of 54.9 g/t Ag and 5.74% Zn, hole 90-59 which intersected 0.7m of 263 g/t Ag and 34.6% Zn, and hole 91-19 which intersected 0.6m of 290 g/t Ag and 43.0% Zn. Table 2. Select Historical Drillholes from Unmined Areas at the Nanisivik Project* To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3204/276371_3ba41a2c24f1f953_003full.jpg *reported as core length intervals as no information regarding true width is available (may include minor sample gaps where no grade has been assumed/assigned) QAQC Loupe TDEM Survey The Loupe TDEM survey was completed by APEX Geoscience between August 27 to September 3, 2025. At the Oceanview target, a total of 16.7-line kilometers was completed over 14 lines. Lines were N-S oriented and spaced 250m apart with 125m infill spacing on the west side of the grid. At Area 14, a total of 11.4 line-kilometers was completed over 13 lines. Lines were E-W oriented and spaced 100m apart. The survey had a 10m Tx-Rx coil separation and used a 450 Hz base frequency. Loupe TDEM is a man-portable, rapid, and inexpensive system developed by Loupe Geophysics (www.loupegeophysics.com.au) used to assess the conductivity of an area, particularly where there is significant outcrop and little to no weathering. The system is designed to measure electrical conductivity in the near-surface (generally between 20-50m depth) at high resolutions. The system provides x, y and z components of the EM field and is equipped with a real time RTK GPS system for accurate ground location. Rock Samples Sample preparation and multi-element analyses for rock samples were carried out at ALS Minerals' laboratories in Vancouver, British Columbia. Each rock sample was dried and fine crushed to better than 70% passing 2 mm, and then a 250 g split was pulverized to better than 85% passing 75 microns. The fine fraction was analyzed for 48 elements using four acid digestion (ME-MS61). For all samples, silver, lead and zinc were analyzed using an ore grade four acid digestion package with an inductively coupled plasma and atomic emission spectroscopy finish (Ag-OG63, Pb-OG62, Zn-OG62). Samples with zinc values over 30% and lead values over 20% were further analyzed using titration (Zn-VOL50 and Pb-VOL70). For all samples, an additional 30 g charge was further analyzed for gold by fire assay with inductively coupled plasma and atomic emission spectroscopy finish (Au-ICP21). At this early stage of mineral exploration, no Quality Control (QC) samples were inserted into the sample stream with the rock grab samples. About Nanisivik The Nanisivik Mine (near Arctic Bay, Nunavut) produced over 20 million ounces of silver between 1976 and 2002, from 17.9 million tons of ore, grading 9% zinc, 0.72% lead, and 35 grams per tonne of silver(3). In addition to the polymetallic orebody, previous exploration identified massive sulphide bodies (principally pyrite) still in place, totaling about 100 million tonnes(3) containing locally anomalous base metal and silver values. Qualified Person Technical information in this news release has been reviewed and approved by Benjamin Kuzmich, P. Geo., a consultant, who is a Qualified Person (QP) for the purpose of National Instrument 43-101 "Standards of Disclosure for Mineral Projects". About Honey Badger Silver Inc. Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a track record of value-creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred(2) located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The Company's Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc(3). The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002(4). In each instance, the reliability of the historical resource estimates (the "Historical Estimates") are considered reasonable, but a qualified person has not done sufficient work to classify the foregoing Historical Estimates as current mineral resources, and the Company is not treating the estimates as current mineral resources. There is no technical report associated with the Historical Estimates. The Historical Estimate contains categories that are not consistent with current CIM definitions. The Company considers the Historical Estimates to be relevant for the proper understanding of its mineral properties, however, significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person for the Historical Estimates to be in accordance with NI 43-101 standards and to verify the Historical Estimates as current mineral resources. No more recent estimates of the mineral resources or other data are available to the Company. There can be no certainty, following further evaluation and/or exploration work, that the historical estimates can be upgraded or verified as mineral resources or mineral reserves in accordance with NI 43-101. (1) Sunrise Lake historic resource (2000-2003): Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold. The resource estimate for the Sunrise Deposit was carried out by Silver Standard Resources Inc. (SSR) using a classical polygonal method that relied on 72 diamond drillholes and an average density of 4 t/m3. Drill hole intercepts were taken directly from the drill logs (CBA 1998). Polygons were created within AutoCAD and AutoCAD calculated the areas. Horizontal widths were calculated using the ratio of core length to the width used by CBA in their 1998 estimate. Intercepts not used by CBA were measured on the cross sections. The intercepts were composited primarily using a geological cut-off based on the sulphide content and a nominal 30 g/t Ag grade. Internal values below 30 g/t were included for geological continuity if the composite remained above cut-off. Stringer mineralization was included where silver grades were above 30 g/t and occasionally lower if base metal grades were high. It is assumed the upper 100 m could be mined by open pit methods and the stringer mineralization would have to be removed to access the massive sulphides. The classification of the mineralization is based on the number of drill holes on a section and the continuity of the mineralization. The main massive sulphide horizon has been drilled on sections spaced 40 m apart, and above the -280 m elevation, the down dip continuity of the horizon has been tested with holes 25 to 30 m apart down dip. All mineralization in the massive sulphide horizon above 280 m is considered an Indicated Resource while the near surface stringer mineralization and the massive sulphides below 280 m are considered to be Inferred Resources. Forty holes define the massive sulphide Indicated Resource horizon. In a 2003 report to SSR, Roscoe Postle Associates Inc. (RPA) concluded SSR's resource estimate was reasonable based on approximating a NSR using typical smelter contracts, assuming metallurgical recoveries based on the limited metallurgical testing and on the following price assumptions: USD$ 5.50 per ounce silver, USD$ 400 per ounce gold, USD$ 0.45 per pound zinc, USD$ 0.25 per pound lead, and USD$ 0.80 per pound copper, as well as a USD$ 75 transportation cost, and a CDN$ 1.45:USD$ 1.00 exchange rate. (2) Clear Lake historic Resource (2010): Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead. In 2010 SRK was engaged to complete a NI 43-101 compliant resource estimate for the Clear Lake deposit for Copper Ridge Explorations Inc. The estimate was made utilizing 1,842 assays from within the deposit, from a total of 13,168 m of drilling in 63 historical drill holes. An average density of 4.07 gm/cc was used, based on a limited number of field measurements that were confirmed in the laboratory, and with a minimum thickness of 2 m. Mineral resources were estimated by ordinary kriging in 12m by 12m by 9m blocks. The mineral resources are reported at a 4% (Pb+Zn) cut-off. Pb grades have been capped at 1.5% and Ag grades were capped at 60 g/t. Although SRK placed this resource in the inferred category due to uncertainties related to the historical nature of the available data, they noted that most of the resource has been drilled at a sufficiently close enough spacing to support indicated classification. The above information has been taken from a news release by Copper Ridge dated January 18th, 2010, as no technical report is publicly available. (3) Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis." ON BEHALF OF THE BOARD, Chad Williams, Executive Chairman Sonya PekarInvestor Relationsspekar@honeybadgersilver.com | +1 (647) 498-8244 For more information, please visit our website www.honeybadgersilver.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. Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release, including without limitation, the potential of the Nanisivik project. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "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 and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company's public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger's issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276371 If you would like to receive our free newsletter via email, simply enter your email address below & click subscribe. CONNECT WITH USTweetsTweet with hash tag #miningfeeds or @miningfeeds and your tweets will be displayed across this site. MOST ACTIVE MINING STOCKSDaily Gainers
© 2026 MiningFeeds.com. All rights reserved.
MENU
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Follow us on Twitter
Become our facebook fan
