Major Milestones: Resource Update, JV, Offtake, and Drill Results

PR Title: Reports significant increase in resource estimate (QP: Sebastiaan van der Klauw, EurGeol, of ERCOSPLAN, and Peter J. MacLean, Ph.D., P. Geo, Director of MLP)

Analyst Opinion: Positive - We view the updated resource estimate as a major milestone. Measured and indicated resources have increased by 275%, and inferred resources by 210%. We believe this growth could support a higher production profile than assumed in the 2024 Preliminary Economic Assessment (PEA), significantly improving project economics. The 2024 PEA reported robust economics, with an after-tax NPV10% of US$1.1 B using a long-term granular Muriate of Potash (gMOP) price of US$387/t (spot price: US$352/t). MLP is trading at just 17% of its NPV, and we plan to publish a detailed update shortly, adjusting our fair value estimate to incorporate the latest resource.

PR Title: Forms four joint ventures with Denison Mines (TSX: DML/MCAP: $3B) at Russell Lake with consideration up to $61.5M

Analyst Opinion: Positive - SYH has entered a strategic agreement with Denison under which Denison can acquire a 20–70% stake in the Russell claims for up to $61.5M, including $21.5M in cash/shares, and up to $40M in exploration expenditures over seven years. Russell Lake’s proximity to Denison’s Wheeler River project makes it a highly strategic addition for Denison. This partnership is a major positive for SYH: it brings a leading player on board, validates the project’s potential, and allows Denison to advance exploration while SYH retains significant exposure. It also strengthens SYH’s balance sheet, providing capital to advance its other projects.

PR Title: Preliminary drill results from its Contact Lake gold project in Saskatchewan (QP: Cornell McDowell, P.Geo., VP Exploration of Trident Resources Corp.)

Analyst Opinion: Positive – All three holes from the ongoing drill program returned significant gold mineralization over long intervals, including 43.3 m of 7.03 g/t, 29.6 m of 2.49 g/t, and 29.5 m of 0.56 g/t. The first two are particularly promising given their high grades, well above the project’s historical resource. This is the first drill program on the property in 30 years. Contact Lake, located in the La Ronge gold belt, includes the past-producing Contact Lake mine, which hosts historical resources totaling 1.05 Moz at 1.13 g/t across three targets. The region contains several high-grade deposits. ROCK is up 140% since the news. With momentum building, all eyes will be on the next assay results to see if the follow-up holes deliver similar grades.

PR Title: Announces an offtake agreement with Glencore (LSE: GLEN); Signs LOI for due diligence on a rare earth project

Analyst Opinion: Positive – COBA has signed an offtake agreement with Glencore for 100% of the cobalt and copper produced by its copper-gold projects in northern Chile. In 2024, Chilean Cobalt, Glencore, and US Strategic Metals (USSM) formed a non-binding strategic partnership. Under this arrangement, cobalt and copper concentrates from COBA’s Chilean projects will be shipped to USSM’s Missouri facility for downstream processing, supporting an Americas-centric cobalt supply chain. We believe this offtake agreement will support COBA’s financing efforts. The company already has a LOI from the U.S. EXIM Bank for up to US$317M, potentially covering around 80% of the initial CAPEX for its flagship La Cobaltera project. Management plans to complete a resource estimate in 2026, followed by a PEA in 2026–2027. COBA has also signed a LOI to acquire a rare-earth project in southern Chile, with near-term production potential. Upon completion of due diligence, the parties will negotiate terms if COBA decides to proceed. While COBA’s focus remains on its flagship copper-cobalt project, we believe this potential acquisition brings a new dimension to the company.

PR Title: Prepares for drilling at its Mohave project in Arizona (QP: Bradley C. Peek, CPG, Director of Kingman Minerals Ltd.)

Analyst Opinion: Positive – We are resuming coverage on KGS, and will publish a reinitiating coverage report shortly. KGS owns the Mohave gold-silver project in Arizona’s Music Mountain district, which includes the historic Rosebud gold mine, with an existing underground development (400-ft shaft and 2,300 ft of drifts, raises, and crosscuts), and historical resources of 664 Koz Au, and 2.6 Moz Ag. With a MCAP of $6M, the company’s shares trade at <$20/oz gold, well below the $80–$100/oz levels of comparable junior gold explorers. Underground sampling and drilling by KGS have returned bonanza-grade gold, and management plans to validate these historic values with a new drill program. Last month, KGS closed a $1.5M private placement, and insiders hold 60% of equity, reflecting strong management conviction. Our upcoming report will provide detailed analysis, and an updated fair value estimate.

PR Title: Confirms presence of rare earth elements at its Graphite Creek project in Alaska

Analyst Opinion: Positive – This is a highly promising development, given the Western push to build rare earth supply sources outside China. That said, it is too early to comment on the prevalence and recoverability of REEs or their potential impact on the economics of the Graphite Creek project. Graphite Creek is the largest known graphite deposit in the Americas. A recent bankable feasibility study returned an AT-NPV8% of US$5B, and an AT-IRR of 27%. GPH is trading at just 3% of its NPV. GPH aims to build a fully integrated mine-to-battery anode material supply chain in the U.S. for lithium-ion batteries in EVs and energy storage systems.

PR Title: Promising drill results from the Aurora project in Peru (QP: Ian Gendall, CEO of DLP Resources)

Analyst Opinion: Positive – Additional results from an ongoing drill program at the Aurora copper-molybdenum project returned significant mineralization over wide intervals, including 810 m at 0.47% CuEq, extending mineralization to the southeast of the current resource envelope. Aurora hosts a large inferred resource of 10.2 B lbs CuEq at 0.44%. DLP plans to complete a resource update and a PEA in Q1-2026.

PR Title: Extends the No 3 Vein to Depth at the Silver Queen Property, BC (QP: Robert Macdonald, MSc. P.Geo, VP Exploration of Equity Metals Corporation)

Analyst Opinion: Positive - The company’s summer drill program has extended mineralization in the No. 3 vein beyond the 2022 resource limits, with highlights including high-grade values up to 37 g/t AuEq. Drilling confirms continuity along strike and down to 450 m depth, intersecting multiple veins. An updated resource statement is expected in Q1 2026. Based on 2023–2025 drill results, we believe resources could increase by at least 30 Moz AgEq from the current 85 Moz AgEq.

PR Title: Preparing for aphase one drill program at the Kenbridge nickel-copper-cobalt project in Ontario

Analyst Opinion: Positive - Tartisan is preparing a 3,600 m drill program to potentially upgrade and expand resources at Kenbridge, which hosts high-grade open-pit and underground nickel-copper-cobalt deposits. A 2022 PEA returned an after-tax NPV5% of $109 M using US$10/lb nickel (current spot: US$7/lb) vs a break-even price of US$8/lb.