Denarius Receives Permit; Gold, Potash, Uranium, and Copper Updates

PR Title: Announces $4M private placement (QP: Stephen Kenwood, P.Geo., Director of Sonoro Gold Corp.)

Analyst Opinion: Positive – After a 30-month break, we are resuming coverage on SGO, and will publish a reinitiating coverage report shortly, including an updated fair value estimate and rating. SGO owns two gold projects, Cerro Caliche and San Marcial, both in Sonora, Mexico. The flagship Cerro Caliche project, located near several well-known operating and historic mines held by Agnico Eagle (TSX: AEM), Bear Creek Mining (TSXV: BCM), Alamos Gold Inc. (TSX: AGI), and First Majestic (TSX: FR), hosts an oxide (near-surface) gold-silver resource totaling 440 Koz AuEq at 0.45 g/t. A 2023 PEA suggested the project could be advanced to production at a very low CAPEX of US$16M, with cash costs of US$1,295/oz. The study returned an after-tax NPV5% of US$77M, and a high after-tax IRR of 63%, based on US$2,000/oz gold vs the current spot price of US$4,350/oz. SGO’s current MCAP is only US$36M. Management intends to complete an updated resource estimate and PEA in the coming weeks. Given the higher current gold prices, the resource cut-off grade will fall, and we expect a 50–100% increase in resource along with significantly improved project economics. The company recently secured a surface rights lease for the Cerro Caliche project, giving it 100% control of the surface and mineral rights, with exclusive access for exploration, development, and mining infrastructure. SGO is also planning to spin out its San Marcial gold-silver project. In September, the company closed a $2M private placement, and is currently pursuing a $4M financing. Management and insiders hold 28% of SGO’s equity, reflecting their conviction in the project. Our reinitiating coverage report will include detailed analysis and an updated fair value estimate.

PR Title: Receives final permit for its Zancudo gold-silver project in Colombia

Analyst Opinion: Positive - DMET has received final approval to begin construction of a 1,000 tpd processing plant at its Zancudo project in Colombia. The plant is expected to start producing concentrates by Q2-2026 under an existing offtake agreement with Trafigura (a global commodities trading company). The project is currently in its early production phase, with initial sales starting in Q2-2025. So far, combined Q2 and Q3 shipments contained approximately 207 oz of gold, and 5 Koz of silver. With the upcoming processing plant, production is expected to ramp up significantly in 2026. DMET is also preparing to restart operations at its Aguablanca project in Spain, the country’s only nickel mine, and an EU-recognized strategic project.

PR Title: Initiates metallurgical tests (QP: Joseph Campbell, P.Geo, VP Exploration at Power Metallic)

Analyst Opinion: Positive – PNPN has initiated metallurgical testing on samples from two mineralized zones at its Lion target. The company discovered two high-grade polymetallic zones: the Lion zone in early 2024, and the Tiger zone in early 2025, at its Nisk nickel-copper-PGM-gold-silver project in Quebec. Key investors include Robert Friedland, Rob McEwen, and Gina Rinehart. Following a $50M equity raise, PNPN is well-capitalized, and plans to continue drilling at the Lion and Tiger zones ahead of a potential maiden resource estimate in 2026.

PR Title: Step-out hole intersects potash mineralization at Banio project, Gabon (QP: Peter J. MacLean, PhD, P.Geo., Director of MLP and Sebastiaan van der Klauw, EurGeol of ERCOSPLAN)

Analyst Opinion: Positive – MLP’s latest step-out drill hole intersected over 164.5 m of potash mineralization, including 101.5 m grading 16.8% KCl, slightly higher than the current resource average of 15.9% KCl, indicating strong potential for resource expansion. We expect this to positively impact the upcoming resource update, and feasibility study, as mineralization has been extended both along strike and at depth. The current resource estimate covers only 1.5% of the project area. A 2024 PEA outlined an after-tax NPV10% of US$1.1B, and a robust IRR of 33%, based on a 25-year average muriate of potash (gMOP) price of US$387/t vs the current spot price of US$353/t. MLP is currently trading at just 21% of its NPV.

PR Title: Announces $1M private placement

Analyst Opinion: Positive – Proceeds will fund exploration at the company’s Turnagain project in northern B.C., which hosts one of the largest undeveloped nickel-cobalt deposits in the world. The company is undertaking a geophysical program to evaluate the project’s potential for copper, platinum, and palladium mineralization. Successful exploration in this space can lead to large gains in stock price.  A notable success story in recent times is Power Metallic Mines (TSXV: PNPN), mentioned above, which made a significant polymetallic discovery at its nickel project in Quebec. PNPN’s MCAP has risen from $30M in early 2024, to $341M currently.

PR Title: Partner North Shore Uranium (TSXV: NSU) discovers significant radioactivity at the Falcon project, Athabasca basin, Saskatchewan (QP: Serdar Donmez, P. Geo., VP Exploration of Skyharbour Resources)

Analyst Opinion: Positive – Four of the 18 targets from the company’s prospecting program returned significant radioactivity, suggesting the presence of potential uranium mineralization. Management is awaiting assay results, which will be used to identify drill targets. To date, NSU has identified 36 uranium targets at the Falcon project.