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Aurum Returns High Grade Gold Intercepts at Tchaga, Napié Gold Project, Côte d’Ivoire

Investing 3 Mins Read

Aurum Resources (ASX: AUE, “Aurum” or “the Company”) is pleased to announce encouraging, broad gold intercepts from its ongoing 30,000m drilling program at the 0.87Moz Napié Gold Project1 in Côte d’Ivoire. The drill program is designed to grow Mineral Resources at Napié and has successfully confirmed multiple shallow, open-pitable gold intercepts from 18 holes drilled for 5,479m at the Tchaga deposit (0.54Moz @ 1.16g/t Au).

Encouraging new drill intercepts from Napié’s Tchaga deposit include2:

  • Tchaga Deposit:
    • 5.00m @ 10.09 g/t Au from 209.00m inc. 1.00m @ 49.10 g/t Au (NADD062)
    • 50.00m @ 0.62 g/t Au from 363.00m inc. 1.00m @ 7.55 g/t Au (NADD062)
    • 10.80m @ 4.52 g/t Au from 73.00m inc. 1.90m @ 23.45 g/t Au (NADD060)
    • 36.70m @ 0.66 g/t Au from 93.30m inc. 4.70m @ 1.06 g/t Au (NADD076)
    • 6.00m @ 3.82 g/t Au from 226.00m inc. 1.00m @ 22.37 g/t Au (NADD064).

Exploration Growth & Project Development:

  • Mineralisation remains open: Gold mineralisation confirmed over 2,300m and remains open along strike and at depth (tested to over 400m vertical), indicating significant potential for resource growth.
  • Drilling fleet expanded: Aurum has two drill rigs working at Napié and 12 drill rigs at Boundiali and is targeting more than 130,000m of drilling at Boundiali and Napié in CY2025.
  • Major Resource updates pending: Two major MRE updates (Boundiali and Napié) are scheduled for Q1 CY2026, aimed at growing the Company’s current 3.28Moz resource base.
  • Well-funded for growth: Aurum maintains a strong balance sheet with ~$43M cash3 to fund its exploration and development programs.

Aurum’s Managing Director Dr. Caigen Wang said: “We are hitting multiple broad shallow, open-pitable gold intercepts from this latest round of step-back diamond drilling at Napié’s Tchaga deposit. Most of these intercepts are outside of the current MRE and have been drilled on a 100m line spacing, and in places down to over 400m vertical depth, well below the current MRE. Within this we are seeing a higher-grade core of around 400m strike, which includes our previous result 17m @ 9.38 g/t gold4 from 236m. Drilling is ongoing and we are awaiting assays which will be used for the planned MRE update in Q1 CY2026.

Our unique advantage is our owned and operated fleet of 12 diamond drill rigs, which allows us to aggressively and cost- effectively test these major gold systems, and we continue to drill with two rigs at Napié in parallel with our aggressive program at Boundiali. We have 12 diamond drill rigs active at Boundiali on multiple deposits, as we focus on delivering an increase in quantity and confidence in our Mineral Resources.

As we close out CY2025 we have a strong cash balance of $43M, a clear development pathway with the Boundiali PFS underway, and resource growth from major updates at both gold projects pending. This places Aurum in an excellent position to continue to deliver substantial shareholder value in 2026.’


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Finlay Minerals Announces Grant of Stock Options

Investing 4 Mins Read

finlay minerals ltd. (TSXV: FYL,OTC:FYMNF) (OTCQB: FYMNF) (‘Finlay’ or the ‘Company’) announces that it has granted an aggregate of 2,725,000 stock options of the Company (each, a ‘Stock Option’) to certain directors, officers, employees and consultants of the Company. Each Stock Option entitles the holder thereof to acquire one common share of the Company at an exercise price of $0.13 until December 10, 2030. The Stock Options were issued pursuant to the terms of the Company’s rolling 10% stock option plan, which was most recently approved by the shareholders of the Company on June 20, 2025.

The above-noted stock option grant brings the total number of the Company’s issued and outstanding stock options to 11,925,000.

The Stock Options vest as of the date of the grant. The Stock Options and any common shares of the Company issued upon exercise of the Stock Options will be subject to a four-month resale restriction from the date of grant of the Stock Options.

About finlay minerals ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits through the advancement of its ATTY, PIL, JJB, SAY and Silver Hope Properties; these properties host copper-gold porphyry and gold-silver epithermal targets within different porphyry districts of northern and central BC. Each property is located in areas of recent development and porphyry discoveries with the advantage of hosting the potential for new discoveries.

Finlay trades under the symbol ‘FYL’ on the TSXV and under the symbol ‘FYMNF’ on the OTCQB. For further information and details, please visit the Company’s website at www.finlayminerals.com

On behalf of the Board of Directors,

Robert F. Brown,
Executive Chairman of the Board

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.

Forward-Looking Information: This news release includes certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘forward-looking statements’) within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as ‘expect’, ‘plan’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘schedule’, ‘forecast’, ‘budget’, ‘estimate’, ‘intend’ or ‘believe’ and similar expressions or their negative connotations, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’, ‘should’ or ‘might’ occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the Properties. Although Finlay 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 forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay’s proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements, and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law. 

SOURCE finlay minerals ltd.

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Heliostar Announces Positive Prefeasibility Study for Cerro del Gallo with Significant Expansion Potential

Investing 23 Mins Read

Company Highlights:

  • Upside Case shows US$972M post tax NPV5, 59.3% IRR, with a 1.4 year payback at a US$3,900/oz gold price

  • 1.31M GEOs produced over a 15.3 year mine life, averaging approximately 85,700 GEOs/yr (94,000 GEOs/yr over Years 1-5) at a co-product AISC of US$1,390/GEO

  • Initial capital expenditure of US$195.3M for an open pit, heap leach mine and SART plant, including owner’s costs, contingency and initial working capital requirements

  • Average annual free cash flow of US$47.6M at $2,300/oz gold price (US$104.5 at $3,900/oz) driven by 0.73 g/t AuEq life of mine head grade, low strip ratio (0.3:1) and low sustaining capital

  • Indicated resource of 240Mt grading 0.63 g/t AuEq for 4.9M GEOs (0.38g/t gold, 13.78g/t silver, 0.10% copper), and an Inferred resource of 24Mt grading 0.52 g/t AuEq for 0.4M GEOs (0.28g/t gold, 13.67g/t silver, 0.09% copper), providing significant upside opportunities if property boundary constraints lifted

Vancouver, British Columbia–(Newsfile Corp. – December 11, 2025) – Heliostar Metals Ltd. (TSXV: HSTR,OTC:HSTXF) (OTCQX: HSTXF) (FSE: RGG1) (‘Heliostar‘ or the ‘Company‘) is pleased to announce strong economics in an updated Prefeasibility Study (‘PFS’) for its 100% owned Cerro del Gallo project located in the state of Guanajuato, Mexico.

Heliostar CEO, Charles Funk, commented, ‘The Cerro del Gallo Prefeasibility Study demonstrates a mine that fits perfectly with Heliostar’s growth trajectory to larger, lower cost operations. The project has low CAPEX, shows strong free cash flow at a conservative gold price and significant resource upside. With this study the value of Cerro del Gallo to Heliostar has now been established, having been delayed due to our initial focus on operations following the acquisition of the mines and properties in November 2024. This study confirms Cerro del Gallo as an important development project in the Heliostar portfolio, and the Company plans to continue technical work, permitting and community engagement to advance the project to a feasibility level. Organic growth from Ana Paula first, and later from Cerro del Gallo, is planned to launch Heliostar to 300,000 ounces of annual gold equivalent production by the end of the decade.’

The technical report supporting this news release will be available on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.heliostarmetals.com) within the next 45 days. The Cerro del Gallo technical report that is the subject of this news release will use United States dollars (USD or US$) unless otherwise noted.

Cerro del Gallo Prefeasibility Study Overview

The Prefeasibility Study is based on the current reserve base of 2.27M GEOs of Probable Mineral Reserves as shown in the Mineral Reserves Update effective July 31, 2025.

The study outlines a 15.3 year mine life, producing 85,700 koz gold equivalent ounces (‘GEOs’) per year at an average total cash cost of $1,252/GEO and an all-in sustaining cost (AISC) of $1,390 GEO, and costing $195.3M in initial capital expenditures (‘CAPEX’) to bring into production. At the base case gold price of $2,300 per ounce, this results in an after-tax NPV of $424M, an IRR of 33.1% and a payback period of 2.3 years.

The Cerro del Gallo project is envisaged as a 6 million tonne-per-year open-pit mining operation using conventional drill, blast, load, and haul methods, with mining activities performed by a contractor-supplied fleet. Ore will be crushed using a multi-stage crushing circuit, including conventional crushing and High Pressure Grinding Roll (‘HPGR’), and stacked on a lined heap-leach pad. Leaching will use conventional cyanide solution application. Pregnant solution will be processed through an adsorption, desorption and recovery (‘ADR’) circuit for gold recovery, producing gold doré on-site. Copper and silver dissolved in solution will be recovered through a sulphidization, acidification, recycling, and thickening (‘SART’) circuit and shipped to smelters.

A dedicated waste rock storage facility will be located adjacent to the open pit, sized according to life-of-mine requirements, with engineered drainage and environmental controls. Processing residues will consist primarily of leached material on the heap-leach pad; therefore, no conventional tailings storage facility will be required. Site infrastructure will include an upgraded connection to the national power grid, a reliable water supply from permitted local wells, and supporting buildings such as a maintenance shop, warehouse, administration offices, security facilities, and expanded camp accommodations for operational staff.

Key Highlights

Forecast Production Highlights
Ore Feed 6,000 Ktpa
Strip Ratio 0.32:1 W:O
Grade – LOM 0.73 g/t AuEq
Grade – Years 1-5 0.80 g/t AuEq
Life of Mine Produced 1,310 Koz GEO
Processing Rate 16,438 Tpd
Process Recovery (Gold / Silver / Copper) 59.4 / 49.3 / 61.8 %
Life of Mine 15.3 Years
Annual Production – LOM 85.7 Koz GEO
Annual Production – Years 1-5 94.2 Koz GEO

 

Forecast Financial Highlights
Average Cash Costs (US$ per GEO) 1 $1,252 /oz
Average AISC (US$ per GEO) 1 $1,390 /oz
Total Initial Capital Cost $195.3 M
Total Sustainable Capital Cost $160.3 M
Total Life of Mine Capital Cost 2 $355.6 M

 

  1. Non-International Financial Reporting Standards (IFRS) measures. All-in sustaining costs (AISC) were first issued by the World Gold Council (WGC) in 2013 with an updated Guidance note issued in 2018.
  2. Includes US$132.0 million reclamation expenditure at the end of the mine life.
 Forecast Return Estimates based on Gold Price 1, 2
   US$2,300/oz 3  US$3,900/oz 4
 IRR 33.1%  59.3%
 NPV @ 5% discount $423.9M  $972.4M
 Payback 2.3 years  1.4 years

 

  1. All other key parameters set at base assumptions, including the 5% discount rate used. More detailed analysis will be presented in the full technical report.
  2. After tax return estimates.
  3. Base gold price assumption used in the technical report.
  4. Comparison gold price of US$3,900 with reference to US$4,198 London Bullion Market Association (LBMA) PM gold price on trading day December 9, 2025.

Figure 1 – Isometric View of Cerro del Gallo Resource with Reserve Pit Shell

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/277693_7638a1be94ca1834_001full.jpg

Figure 2 – Cross Section through Cerro del Gallo Resource with Reserve Pit Shell

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/277693_7638a1be94ca1834_002full.jpg

Forecast Operating Cost Estimates

Operating costs at the Cerro del Gallo Project will benefit from the simplicity of a truck and shovel open pit mine, very low strip ratio, and access to low-cost grid power and regional infrastructure. The crush-agglomerate-heap-leach-ADR-SART flowsheet utilizes industry standard equipment and processes. It supports efficient processing of the Cerro del Gallo ore with moderate reagent use and no requirement for milling or conventional tailings storage.

Estimations of total cash costs average US$1,252/GEO, with AISC of US$1,390/GEO over the 15.3-year mine life. Revenue credits from copper and silver recovered through the SART circuit further strengthen operating margins and contribute to a robust, long-life cost profile.

Total Operating Cost Summary

Operating Costs Operating Cost
(US$/GEO) 		Operating Cost
(US$/t ore)
Total mining $274.02 $3.79
Total processing $658.44 $9.12
Total site general and administrative $65.61 $0.91
Smelter, Refinery and Transport $68.55 $0.95
Cash operating costs $1,066.62 $14.77
Production taxes $80.29 $1.11
Royalties $105.12 $1.46
Total cash costs $1,252.03 $17.33
Sustaining capital costs $138.2 $1.91
Total AISC $1,390.23 $19.25

 

Forecast Capital Cost Estimates

The initial capital cost for the project is estimated to be $195.3M including $15.6M for initial working capital (60 days) and $22.3M in total contingency. The total initial required capital expenditure will benefit from proximity to infrastructure and the assumption of a contractor-supplied fleet. Sustaining capital costs are primarily related to completion of a powerline to the site and three leach pad expansions. The cost estimate is based on more advanced work that will progress into a feasibility study, however, it includes a contingency of 17.5% of the total cost.

The Company’s LOM plan allocates US$132.0M for reclamation work at the end of the mine life.

Forecast Capital Cost Summary

Capital Costs Initial
(US$M) 		Sustaining
(US$M) 		Total LOM
(US$M)
Mining Costs $1.4 – $1.4
Mobile Equipment $3.9 – $3.9
Site & Utilities General $10.2 – $10.2
Power Generation & Site Distribution $11.0 – $11.0
Crushing Circuit $28.8 – $28.8
Agglomeration $4.9 – $4.9
Stacking System $6.8 – $6.8
Heap Leach Solution $21.1 – $21.1
SART Plant $20.3 – $20.3
Recovery Plant $13.3 $35.1 $48.4
Reagents $2.5 – $2.5
Laboratory $2.9 – $2.9
Total direct costs $127.2 $35.1 $162.3
Spare Parts $5.7 – $5.7
Initial Fills $0.9 $0.9
Contingency $22.1 $8.8 $30.9
Indirect Costs $6.5 – $6.5
Other Owner’s Costs $3.6 – $3.6
EPCM $13.8 – $13.8
Working Capital (60 days) $15.6 -$15.6 –
Closure and reclamation – $132.0 $132.0
Total indirect costs $68.2 $125.2 $193.4
Total Costs (excluding IVA) $195.3 $160.3 $355.6

 

Economic Analysis

The economic analysis shows a base case after-tax net present value at a discount rate of 5% of US$423.9M, an after-tax internal rate of return of 33.1%, and a payback period of 2.3 years at US$2,300/oz gold. The projected mine life is 15.3 years in the PFS. Approximately 1,310k GEOs (888 koz gold, 22.2 Moz silver and 59 kT copper) are projected to be produced and sold over the life of the mine.

Summary Economic Results

Project Valuation Overview Units After Tax Before Tax
Total cash flow US$ M $724.1 $1,166.9
Average annual cash flow US$ M $47.6 $76.3
Average annual cash flow – Years 1-5 US$ M $77.6 $104.7
NPV @ 5.0% (base case) US$ M $423.9 $699.4
Internal rate of return % 33.1% 44.9%
Payback period Years 2.3 1.8
Payback multiple x 4.4 6.5

 

Metal Prices

The gold market has experienced significant upward price movement in the past few years. The gold price at the effective date of the technical report is about 83% above the base case gold price used in the study.

The sensitivity analysis presents gold price scenarios up to US$4,100/gold ounce (near spot prices) to understand the potential impact of continued gold price movements. From the base case price of $2,300/oz, a change in the average gold price of 10% (US$230/gold ounce) would change the after-tax NPV5% by approximately US$76.2M.

The economics of the Prefeasibility Study are most sensitive to changes in gold price and grade and less sensitive to operating costs and initial capital costs.

Gold Price Sensitivity Analysis

Gold Price
(US$/oz Gold) 		Net Cash Flow
(US$M) 		After-Tax NPV
@ 5.0% Discount Rate
(US$ M) 		IRR
(%)		 Payback Period
(years) 		Payback Multiple
900 -$43.38 -$60.62 – 9.5 0.8
1,100 $66.08 $9.89 6.1% 5.6 1.3
1,300 $176.64 $79.94 12.4% 3.9 1.8
1,500 $286.0 $148.8 17.3% 3.1 2.3
1,700 $395.4 $217.6 21.6% 3.5 2.8
1,900 $505.3 $286.8 25.7% 2.9 3.4
2,100 $614.7 $355.4 29.5% 2.6 3.9
2,300 $724.1 $423.9 33.1% 2.3 4.4
2,500 $833.5 $492.5 36.7% 2.0 4.9
2,700 $942.8 $561.0 40.1% 1.9 5.4
2,900 $1,052.2 $629.6 43.5% 1.8 5.9
3,100 $1,161.6 $698.2 46.8% 1.7 6.4
3,300 $1,270.9 $766.7 50.0% 1.6 6.9
3,500 $1,380.3 $835.3 53.2% 1.5 7.4
3,700 $1,489.66 $903.85 56.3% 1.4 7.9
3,900 $1,599.03 $972.41 59.3% 1.4 8.5
4,100 $1,708.40 $1,040.97 62.3% 1.3 9.0

 

Figure 3 – Planned Cerro del Gallo Site Layout

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https://images.newsfilecorp.com/files/7729/277693_7638a1be94ca1834_003full.jpg

Figure 4 – Cerro del Gallo Process Flow Sheet

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https://images.newsfilecorp.com/files/7729/277693_7638a1be94ca1834_004full.jpg

Figure 5 – Cerro del Gallo Planned Production Schedule

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/277693_7638a1be94ca1834_005full.jpg

Next steps

The next steps by Heliostar at Cerro del Gallo will focus on conversion of resources to reserves and additional resource growth.

This plan includes additional resource and reserve drilling, updating geological interpretations, metallurgical testing and trade off studies. Positive changes to the gold price have resulted in an increase to the potential size of the reserve. Additional metallurgical analysis and data points are required on the deposit to support this increase.

The Company intends to drill with a focus on increasing both mineral resources and reserves and to improve the geological interpretation for the deposit. Mineralization remains open to the north and at depth. The north is considered a high potential target for reserve growth but historically was not drilled due to surface access limitations. The drill density decreases at depth as noted in Figure 2 with in-fill drilling having potential to improve resource classifications. Further, mineralization is open at depth with potential to expand resources.

Subject to confirming the extent of the mineral resource at Cerro del Gallo, the Company intends to refine the planned process flowsheet, start preparing permitting and social plans and commence work to prepare a feasibility study. Development of Cerro del Gallo is planned after Ana Paula has been commissioned and is in production.

Mineral Resource Estimates

Mineral Resources for the Cerro del Gallo deposit were updated as part of the 2025 Prefeasibility Study and are summarized in the accompanying table. The Mineral Resources have an effective date of July 31, 2025, and are reported on an in-situ basis in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves.

Mineral Resources Statement

Classification Material 
Type		 NSR Cutoff Tonnes (kt) Grade Contained Metal
Au 
g/t		 Ag 
g/t		 Cu
%		 AuEq 
g/t		 Gold 
(koz)		 Silver (koz) Copper 
(t)		 AuEq (koz)
Indicated Oxide $11.81 10,733 0.41 17.92 0.09 0.60 141 6,184 9,659 207
Mix Oxide $10.66 13,613 0.28 11.12 0.08 0.50 123 4,867 10,890 219
Mix Sulfide $11.81 70,066 0.40 13.70 0.09 0.68 901 30,862 63,060 1,532
Sulfide $11.23 145,572 0.38 13.77 0.11 0.62 1778 64,447 160,129 2,902
Total 239,984 0.38 13.78 0.10 0.63 2,944 106,359 243,739 4,859
Inferred Oxide $11.81 2,042 0.19 21.08 0.09 0.40 12 1,384 1,838 26
Mix Oxide $10.66 1,604 0.14 16.12 0.07 0.40 7 831 1,123 21
Mix Sulfide $11.81 10,501 0.28 13.75 0.11 0.57 95 4,642 11,552 192
Sulfide $11.23 10,300 0.33 11.74 0.07 0.51 109 3,888 7,210 169
Total 24,448 0.28 13.67 0.09 0.52 224 10,746 21,722 408

 

Notes to accompany Mineral Resources table:

  1. Mineral Resources are reported within a resource shell constrained by the property boundary using the 2014 CIM Definition Standards.
  2. Mineral Resources have an effective date of 31 July 2025. The Qualified Person for the estimate is Mr. Timothy O. Kuhl, Reg Mem SME and Principal Geologist with Mine Technical Services.
  3. An NSR is used for reporting Mineral Resources by material type. NSR cutoffs of $11.81 for Oxide, $10.66 for Mixed Oxide, $11.81 for Mixed Sulfide and $11.23 for Sulfide were used. The NSR is determined based on estimated processing costs of US$9.10/t, general and administrative costs of US$0.90t, production taxes and royalty costs of US$1.40/t. Metal prices of US$2,500/oz Au, US$30.50/oz Ag, and US$4.60/lb Cu were used in calculating the NSR. In addition, a gold recovery of 74%, a silver recovery of 60% and a copper recovery of 17% were used for Oxide material; a gold recovery of 68%, a silver recovery of 73% and a copper recovery of 62% were used for Mixed Oxide material; a gold recovery of 61%, a silver recovery of 58% and a copper recovery of 73% were used for Mixed Sulfide material; and a gold recovery of 53%, a silver recovery of 35% and a copper recovery of 59% were used for Sulfide material in the NSR calculation.
  4. Based on the stated metal prices and recoveries, the gold equivalent grades were calculated as AuEq = Au Grade + (((Cu Price in US$/lb * 22.0462 * Cu Recovery and Payable) / (Au Price in US$/g * Au Recovery and Payable)) * Cu Grade) + (((Ag Price in US$/g * Ag Recovery and Payable) / (Au Price in US$/g * Au Recovery and Payable)) * Ag Grade). The average overall payables from the smelter and refineries were estimated at 98.8% for gold, 90.1% for silver, and 88.2% for copper.
  5. Tonnage and grade estimates are in metric units.
  6. Mineral Resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.

Mineral Reserve Estimates

Mineral Reserves for the Cerro del Gallo deposit as part of the 2025 Prefeasibility Study have an effective date of July 31, 2025, are reported at the point of delivery to the leach facility, and are stated in accordance with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.

The Mineral Reserves estimate is based on a 6 Mtpa open-pit mining operation, with ore processed through the established crushing, agglomeration, heap-leach, ADR, and SART circuits. The resulting Mineral Reserves statement is provided in the following table.

Mineral Reserves Statement

Classification Material 
Type		 Tonnes (kt) Grade Contained Metal
Au 
g/t		 Ag
 g/t		 Cu
%		 AuEq 
g/t		 Gold 
(koz)		 Silver (koz) Copper 
(t)		 AuEq (koz)
Probable Oxide 9,198 0.46 18.46 0.08 0.65 137 5,459 7,714 193
Mix Oxide 4,411 0.42 10.74 0.09 0.64 59 1,524 4,115 91
Mix Sulfide 38,761 0.50 15.26 0.10 0.80 629 19,020 37,354 995
Sulfide 39,524 0.53 15.00 0.12 0.78 670 19,064 45,557 997
Total 91,893 0.51 15.25 0.10 0.77 1,495 45,066 94,740 2,275

 

Notes to accompany Mineral Reserves table:

  1. Mineral Reserves are reported at the point of delivery to the process plant, using the 2014 CIM Definition Standards.

  2. Mineral Reserves have an effective date of 31 July 2025. The Qualified Person for the estimate is Mr. Jeffrey Choquette, P.E., of Hard Rock Consulting.

  3. An NSR cutoff of $12.50/t was used for reporting the Mineral Reserves which is based on estimated processing costs of US$9.10/t, general and administrative costs of US$0.90t, production taxes and royalty costs of US$1.40/t. Metal prices of US$2,200/oz Au, US$26.50/oz Ag, and US$4.00/lb Cu were used in calculating the NSR. In addition, a gold recovery of 74%, a silver recovery of 60% and a copper recovery of 17% were used for Oxide material, a gold recovery of 68%, a silver recovery of 73% and a copper recovery of 62% were used for Mixed Oxide material, a gold recovery of 61%, a silver recovery of 58% and a copper recovery of 73% were used for Mixed Sulfide material and a gold recovery of 53%, a silver recovery of 35% and a copper recovery of 59% were used for Sulfide material in the NSR calculation.

  4. Based on the stated metal prices and recoveries, the gold equivalent grades were calculated as AuEq = Au Grade + (((Cu Price in US$/lb * 22.0462 * Cu Recovery and Payable) / (Au Price in US$/g * Au Recovery and Payable)) * Cu Grade) + (((Ag Price in US$/g * Ag Recovery and Payable) / (Au Price in US$/g * Au Recovery and Payable)) * Ag Grade). The average overall payables from the smelter and refineries were estimated at 98.8% for gold, 90.1% for silver and 88.2% for copper.

  5. Mineral Reserves are reported within the ultimate reserve pit design.

  6. Tonnage and grade estimates are in metric units.

  7. Mineral Reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding

Qualified Persons

The technical report for the Cerro del Gallo Project will be prepared for Heliostar Metals Ltd. by Mr. Ted Eggleston, Ph.D., RM SME, PGEO, Mr. Tim Kuhl, MSc, RPG, RM-SME, Mr. Jeffrey Choquette, P.E., Mr. Marvin Silva, PhD, PE, PEng., Mr. Todd Minard P.E., Mr. Travis Manning, P.E., QP, Mr. Carl Defilippi, RM SME, and Ms. Dawn Garcia, CPG. Each of these Qualified Persons has reviewed and approved the technical information contained in this news release in their area of expertise and are independent of the Company.

Qualified Persons with Respect to this News Release

Gregg Bush, P.Eng. and Mike Gingles, the Company’s Qualified Persons, as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information not derived from the updated technical reports and included in this news release in the Company Overview, Commentary by the Company on Relevant Matters and Commentary by the Company on Next Steps and Permitting sections for each property and have approved the disclosure herein.

Data Verification

The Qualified Persons for the technical reports verified the data in the report for their areas of expertise and concluded that the information supported Mineral Resource estimation, and could be used in mine planning and economic analysis. The verification completed by each Qualified Person is discussed in each technical report and included site visits, and could include data audits, evaluation of the suitability of data for use in estimation and mine planning, quality assurance and quality control checks, review of available technical and economic study data, review of data collection and evaluation methods, review of production data including reconciliation where available, review of actual cost data for operations, and review of third-party inputs to forecasts.

The Company’s Qualified persons verified the information that was not derived from the technical reports. The data verification included site visits, data audits, review of available study data, review of data collection and evaluation methods, review of production data including reconciliation where available, review of actual cost data for operations, and review of third-party inputs to forecasts, and consideration of the Company’s plans for the projects.

About Heliostar Metals Ltd.

Heliostar is a gold mining company with production from operating mines in Mexico. This includes the La Colorada Mine in Sonora and the San Agustin Mine in Durango. The Company also has a strong portfolio of development and exploration stage projects in Mexico and the USA. These include the Ana Paula project in Guerrero, the Cerro del Gallo project in Guanajuato, the San Antonio project in Baja Sur, all in Mexico and the Unga project in Alaska, USA.

FOR ADDITIONAL INFORMATION PLEASE CONTACT:

Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: charles.funk@heliostarmetals.com
Phone: +1 844-753-0045		 Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com
Phone: +1 844-753-0045

 

Neither 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 Statement Regarding Forward-Looking Information

This news release contains ‘forward-looking statements’ and ‘forward-looking information’ (together, ‘forward-looking statements’) within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements and are based on the opinions and estimates of management as of the date hereof. Forward-looking statements in this release include, but are not limited to: the economic potential or projections of the PFS, including, but not limited to, estimates of capital and operating costs, mine life, throughput, grades, recoveries, production rates, payback period, NPV and IRR; statements regarding expected timing, scope and cost of planned exploration, drilling, metallurgical and engineering programs, or any future work or social programs generally; the anticipated timing of completion of a Feasibility Study; expectations concerning permitting, submission and approval of amendment applications; the timing and potential development of an underground decline or early-works program; the potential for additional mineralization at depth and future exploration success or improvements in resource classification; the availability of the PFS within the prescribed deadline, the Company’s plans regarding financing arrangements, including the potential for a project finance facility; the expectation that cash flow from existing operations may fund future development; projections of future metal prices; the potential for Cerro Del Gallo to be placed into production and the timing thereof; and other statements regarding the Company’s future plans, strategies, objectives, expectations and intentions.

Forward-looking statements are based on a number of assumptions considered reasonable by management at the time of making such statements, including, without limitation: the accuracy of the PEA assumptions and parameters; that required permits and approvals will be obtained on reasonable terms and within expected timeframes; the availability of financing for exploration and development activities on acceptable terms; that projected metallurgical recoveries and operating costs will be achieved; that community and governmental support for operations will continue; the reliability of certain assumptions and known risks; and general stability in economic and market conditions, exchange rates and commodity prices.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. Such risks include, without limitation: the preliminary nature of the PFS; risks related to exploration, development, permitting and operating activities; cost escalation and inflation; geopolitical or economic uncertainty or force majeure events; changes in metal prices and exchange rates; financing and liquidity risks; community and environmental risks; reliance on contractors and third parties; title, tax and legal risks; and those risks set out in the Company’s continuous disclosure filings available on SEDAR+ (www.sedarplus.ca).

There can be no assurance that the Cerro del Gallo Project will be developed into a producing mine or that the results of the PFS will be realized. The purpose of the forward-looking statements is to provide information about management’s current expectations and plans and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release. Except as required by applicable securities laws, the Company does not undertake to update any forward-looking statements, whether as a result of new information, future events or otherwise.

No Production Decision: The Company cautions that it has not made a production decision with respect to the Cerro del Gallo Project. Any such decision would only be made following completion of a Feasibility Study, the arrangement of project financing, and receipt of all necessary permits and approvals.

Cautionary Note to U.S. Investors

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and U.S. investors are cautioned that terms such as ‘Measured,’ ‘Indicated’ and ‘Inferred Mineral Resource’ are recognized and required by Canadian regulations but may not be comparable to similar terms used in U.S. reporting standards.

Non-IFRS Financial Measures

This news release includes certain non-International Financial Reporting Standards (‘IFRS’) performance measures, including cash costs (‘Cash Costs’) and all-in sustaining costs (‘AISC’). These measures are not standardized financial measures under IFRS and may not be comparable to similar measures used by other issuers. They are provided as additional information to investors and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Cash Costs and AISC are common financial performance measures in the gold mining industry but do not have any standardized meaning under IFRS. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use these metrics to evaluate the economic performance of mining projects and their potential to generate operating earnings and cash flow.

AISC is calculated in accordance with the guidelines published by the World Gold Council (‘WGC’) in 2013, as updated in 2018, which define AISC as the sum of total cash costs, sustaining capital expenditures, and corporate general and administrative costs, among other items. Other companies may calculate this measure differently due to variations in underlying principles and policies applied. Note that in respect of AISC metrics disclosed herein, corporate general and administrative expenses have not been included, as such economics are presented at the project level.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277693

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Uranium Price 2025 Year-End Review

Investing 6 Mins Read

After 2024’s rapid rise, the U3O8 spot price remained more constrained through 2025, fluctuating between a relatively short range of US$63.17 (March 13) and US$83.33 (September 25) per pound.

Entering the year, the price was sitting at US$74.56 before economic and geopolitical uncertainty pushed values to a year-to-date low of US$63.71 in mid-March. Long-term positivity in the demand forecast began pushing the price upward in April through to the end of June, when spot U3O8 touched US$78.93, an H1 high.

Following a brief dip to an H2 low of US$70.98 in mid-July, investor appetite, supply concerns and government support converged, driving the price to US$83.33 on September 25, a year-to-date high. Starting December at US$76.36, U3O8 appears to have found a floor at the US$75 level, holding above the threshold since the end of August.

U3O8 spot price, December 5, 2024, to December 5, 2025.

Chart via Trading Economics.

Despite a subdued stretch for the price, uranium’s long-term drivers remain firmly intact, and arguably have only improved over the course of the year. Combined with renewed investor appetite, that strength has helped lift uranium equities throughout 2025, reinforcing confidence in the sector’s long-term thesis.

Uranium investment demand surges

For Joe Kelly, CEO of Uranium Markets, one of the most compelling uranium market trends in 2025 was the growth in investor demand, particularly for physical uranium.

SPUT had added 7.8 million pounds, growing its uranium holdings to 74.04 million pounds, as of December 2, a 12 percent increase from 2024’s tally. Its net asset value had increased to US$5.68 billion.

Kelly explained that SPUT’s momentum was the result of broader investor enthusiasm, allowing the trust to purchase millions of pounds from the spot market, which “drove the price considerably higher.”

That dynamic extended beyond institutional vehicles.

“You also had investors buying uranium directly because they thought it was cheap and a good investment,” he said.

The result was a layer of financial demand on top of utility needs. According to Kelly, this speculative interest created demand outside of the nuclear power plants in the world. “That drove the price up a little bit higher than it would have been otherwise, without that enthusiasm from the investing community,” he added.

SPUT’s aggressive accumulation has become a clear market signal.

The trust’s growing holdings highlight how institutional investors increasingly view uranium as scarce, tightening available supply by removing material from the open market. As inventories shrink, upward pressure on prices builds.

At the same time, SPUT’s rising net asset value reflects renewed investor confidence tied to reactor buildouts, energy security priorities and the broader clean energy shift.

If the trust keeps buying while mine output lags and utilities lock in long-term contracts, the market could be moving toward a structural deficit, drawing even more attention to uranium equities and physical vehicles.

Uranium term price underscores market momentum

Often described as a more accurate barometer of market activity and sentiment, the long-term contract price displayed less volatility in 2025, starting the 12 month period at US$80 and reaching US$86 at the end of November.

Tiggre stressed that the uranium sector’s “real market is the long-term contract price,” not the day-to-day noise of the spot price. Long-term contracting, he said, is where “actual buyers, sellers, users and suppliers” negotiate prices that determine what it really takes to bring new pounds to market.

The challenge, however, is opacity. “It’s not transparent … they don’t disclose individual contracts,” he said. That leaves analysts to piece together trends from quarterly averages.

Long-term contract price, January 1 to November 30, 2025.

Chart via Cameco.

That underlying market has continued to strengthen from 2024 to 2025.

As Tiggre noted, the long-term price has been “going up, pausing, consolidating, going up,” reaching levels that “clearly do incent production” — yet even the world’s biggest producers have struggled to deliver.

Global uranium majors Cameco (TSX:CCO,NYSE:CCJ) and Kazatomprom “both failed to hit their targets and have officially moved their goal posts,” a signal he called “significant and … bullish.”

Meanwhile, would-be junior producers have not stepped in to fill the gap.

“None of them have been able to say, ‘Yeah, we’re going to build this or rehabilitate that’ and deliver on time,” he noted. What looked like low-hanging fruit has proven “thorny,” reinforcing that supply remains constrained.

At the same time, demand momentum has only accelerated. Headlines showcasing new reactor builds are now “weekly,” Tiggre said, with BRICS nations expanding aggressively and western governments shifting decisively pro-nuclear. Even in the US, he noted, “Trump has doubled down … he’s strongly pro-nuclear.”

The result: A structurally tight market where volatile spot moves obscure a far more durable trend.

“The fundamentals are just super strong,” Tiggre said. “I’m very bullish.”

Uranium doubles as a tech play

Part of uranium’s demand story is tied to forecast growth in artificial intelligence (AI) data center deployment, a segment where electricity consumption has grown by 12 percent since 2019, as per the International Energy Agency (IEA).

Currently data centers use 415 terawatt hours (TWh), representing 1.5 percent of global electricity demand, and that number is projected to increase rapidly over the next five years.

“Our Base Case finds that global electricity consumption for data centres is projected to double to reach around 945 TWh by 2030 in the Base Case, representing just under 3 percent of total global electricity consumption in 2030,” the IEA’s Energy Demand from AI report reads. “From 2024 to 2030, data centre electricity consumption grows by around 15 percent per year, more than four times faster than the growth of total electricity consumption from all other sectors.”

For Gerardo Del Real, publisher at Digest Publishing, the uranium sector’s momentum has shifted as an unexpected coalition of “tech bros” and “mining bros” reshapes the narrative around nuclear power.

“Who would have thought?” said Del Real, noting that after an 18 month stretch where the uranium trade “seemed stuck in the mud,” sentiment turned sharply once markets began viewing nuclear as a technology story.

“The market is one part fundamentals and the other part psychology,” Del Real explained, adding that the psychological boost from the booming tech sector has been powerful.

While he’s skeptical that every AI-fueled data center proposal will materialize, Del Real argued that even limited progress could supercharge energy demand. If tech companies “fulfill 35 percent to 50 percent of their promises,” he said, the resulting power requirements would be “absolutely spectacular.”

This comes as the uranium market was already heading toward a significant deficit by 2026, a trend Del Real believes has now accelerated. Leaning into his contrarian instincts, he said he has written “more checks than ever” for early stage uranium companies with trusted management teams.

“I am thrilled with the results thus far,” said Del Real.

“I think 2026 is going to be an inflection year where the breakout is really pronounced across the board.”

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article

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Walker Lane Resources Ltd. Provides an Update on its Marketing Activities

Investing 9 Mins Read

TSX-V: WLR

Walker Lane Resources Ltd. (TSXV: WLR,OTC:CMCXF) (Frankfurt: 6YL) ‘Walker Lane’) announces that it has engaged Stockhouse Publishing Limited, Marcus Brummell, and Baystreet.ca to conduct marketing and publishing services. The purpose of these marketing activities is to increase market awareness and visibility of Company activities, detail recent acquisitions, and generate a better understanding of the exploration potential of its gold and silver prospects in Nevada and Canada. 

The Company has entered into contracts dated August 15, 2025 and have been fully paid in cash. Both of these firms are arm’s length service providers and are in accordance with the policies of the TSX Venture Exchange (‘TSX-V’) and applicable securities laws.

Stockhouse Publishing Limited

Stockhouse Publishing Limited (‘Stockhouse’) will complete marketing and advertising services designed to connect Walker Lane with North America’s largest small cap investor community. Stockhouse’s investor community includes investors from Canada, United States, Australia, New Zealand, China, Germany and the United Kingdom. The campaign is expected to commenced in October, 2025 and will continue for up to a 12-month period at an aggregate cost of $75,000 CAD.

Marcus Brummell

The Company engaged Marcus Brummell of Langley B.C. (‘consultant’) in a contract dated August 15, 2025 to conduct a marketing awareness campaign of Company activities. Mr. Brummell has considerable experience in creating and publishing marketing materials for the mining sector and implements projects aimed to increase market awareness levels. The consultant was fully paid in cash for a total of $10,000 CDN for a minimum of 38 days of services but is also continuing to promote activities of the Company beyond the initial contractual obligation as a goodwill gesture to continue efforts to improve market visibility of the Company activities as some planned activities had been delayed for reasons beyond the control of the Company.

Baystreet.ca

Baystreet.ca (‘Baystreet’) is one of the leading financial content providers in Canada and has been actively assisting a broad range of clientele including junior mining companies for the past 27 years. Baystreet have established contacts with over 100 tier one financial publications with tens of thousands of downstream partners in Canada and the United States. The company established a contract to Baystreet to provide marketing services for a three-month period with the campaign commencing in October 2025 and continuing through to the end of December, 2025, at an aggregate total cost of $66,000 CAD plus applicable taxes. However, after the initial month, the parties reached a mutual agreement to discontinue the marketing program and a refund of $44,000 plus GST for two months of services not completed will be provided to the Company by Baystreet.ca

These consultants have no direct or indirect interest in the Company and do not intend to acquire an interest in the Company during the period of their contracts. The Consultants will be communicating directly with existing prospective investors. Any information distributions will be reviewed and approved by the Company prior to release. The services of these consultants are being provided in accordance with the policies and the approval of the TSX Venture Exchange (‘TSX-V’) and also align with the policies the BC Securities Commission.

If anyone would like further details on the marketing plans of the Company you are asked to contact Kevin Brewer at the contact information below.

About Walker Lane Resources Ltd.

Walker Lane Resources Ltd. is a growth-stage exploration company focused on the exploration of high-grade gold, silver and polymetallic deposits in the Walker Lane Gold Trend District in Nevada and the Rancheria Silver District in Yukon/B.C. and other property assets in Yukon. The Company intends to initiate an aggressive exploration program to advance the Tule Canyon (Walker Lane, Nevada) and Amy (Rancheria Silver, B.C.) projects through an aggressive drilling program to resource definition stage in the near future.

On behalf of the Board:
‘Kevin Brewer’
Kevin Brewer, President, CEO and Director
Walker Lane Resources Ltd.

Cautionary and Forward Looking Statements

This press release and related figures, contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘anticipate’, ‘plans’, ‘continue’, ‘estimate’, ‘expect’, ‘may’, ‘will’, ‘project’, ‘predict’, ‘potential’, ‘should’, ‘believe’ ‘targeted’, ‘can’, ‘anticipates’, ‘intends’, ‘likely’, ‘should’, ‘could’ or grammatical variations thereof and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this presentation. These forward-looking statements include, but are not limited to, statements concerning: our strategy and priorities including certain statements included in this presentation are forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Tule Canyon, Cambridge, Silver Mountain, and Shamrock Properties in Nevada (USA), and its properties including Silverknife and Amy properties in British Columbia, the Silver Hart, Blue Heaven and Logjam properties in Yukon and the Bridal Veil property in Newfoundland and Labrador all of which now comprise the mineral property assets of WLR. WLR has assumed other assets of CMC Metals Ltd. including common share holdings of North Bay Resources Inc. (OTC-US: NBRI) and all conditions and agreements pertaining to the sale of the Bishop mill gold processing facility and remain subject to the condition of the option of the Silverknife property with Coeur Mining Inc. (TSX:CDE). These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the Company and assumptions the Company believes are reasonable. The Company has made various assumptions, including, among others, that: the historical information related to the Company’s properties is reliable; the Company’s operations are not disrupted or delayed by unusual geological or technical problems; the Company has the ability to explore the Company’s properties; the Company will be able to raise any necessary additional capital on reasonable terms to execute its business plan; the Company’s current corporate activities will proceed as expected; general business and economic conditions will not change in a material adverse manner; and budgeted costs and expenditures are and will continue to be accurate.

Actual results and developments may differ materially from results and developments discussed in the forward-looking statements as they are subject to a number of significant risks and uncertainties, including: public health threats; fluctuations in metals prices, price of consumed commodities and currency markets; future profitability of mining operations; access to personnel; results of exploration and development activities, accuracy of technical information; risks related to ownership of properties; risks related to mining operations; risks related to mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently anticipated; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; changes in operating expenses; changes in general market and industry conditions; changes in legal or regulatory requirements; other risk factors set out in this presentation; and other risk factors set out in the Company’s public disclosure documents. Although the Company has attempted to identify significant risks and uncertainties that could cause actual results to differ materially, there may be other risks that cause results not to be as anticipated, estimated or intended. Certain of these risks and uncertainties are beyond the Company’s control. Consequently, all of the forward-looking statements are qualified by these cautionary statements, and there can be no assurances that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences or benefits to, or effect on, the Company.

The information contained in this presentation is derived from management of the Company and otherwise from publicly available information and does not purport to contain all of the information that an investor may desire to have in evaluating the Company. The information has not been independently verified, may prove to be imprecise, and is subject to material updating, revision and further amendment. While management is not aware of any misstatements regarding any industry data presented herein, no representation or warranty, express or implied, is made or given by or on behalf of the Company as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any person for such information or opinions. The forward-looking statements and information in this presentation speak only as of the date of this presentation and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law. Although the Company believes that the expectations reflected in the forward-looking statements and information are reasonable, there can be no assurance that such expectations will prove to be correct. Because of the risks, uncertainties and assumptions contained herein, prospective investors should not read forward-looking information as guarantees of future performance or results and should not place undue reliance on forward-looking information. Nothing in this presentation is, or should be relied upon as, a promise or representation as to the future. To the extent any forward-looking statement in this presentation constitutes ‘future-oriented financial information’ or ‘financial outlooks’ within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s revenue and expenses. The Company’s financial projections were not prepared with a view toward compliance with published guidelines of International Financial Reporting Standards and have not been examined, reviewed or compiled by the Company’s accountants or auditors. The Company’s financial projections represent management’s estimates as of the dates indicated thereon.

SOURCE Walker Lane Resources Ltd

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2025/10/c6157.html

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Copper Price Forecast: Top Trends for Copper in 2026

Investing 7 Mins Read

Copper prices were volatile in 2025 due to supply-side constraints, high demand and geopolitical concerns.

Experts are calling for many of these trends to carry over into 2026, sending the market into deficit.

Beyond supply and demand fundamentals, copper will also be met with global uncertainty as China continues with its recovery efforts, the US pursues new trade plans, including a renegotiation of the Canada-US-Mexico trade pact, and XXX pressures to end the ongoing conflict in Eastern Europe.

Copper supply in 2026

A significant copper story that developed in 2025 was strained supply. Throughout the year, significant events dragged on the availability of mined copper, delaying its arrival to global markets.

Early on, there was a temporary shutdown of BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida mine, the largest copper mine in the world. However, the most significant disruption came late in the year, when 800,000 metric tons (MT) of wet material poured into the primary Grasberg block cave (GBC) at Freeport-McMoRan’s (NYSE:FCX) Grasberg mine in Indonesia. The incident cost seven workers their lives and halted production across the operation.

While the company plans to restart the Big Gossan and Deep Level zones before the end of 2025, a phased restart at the GBC won’t start until the middle of 2026, with full operations not resuming until 2027.

Elsewhere, a seismic event at Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula mine in the Democratic Republic of Congo (DRC) in May caused flooding and forced the temporary suspension of mining activities. Although some underground operations have resumed, the company is focused on dewatering the lower portions of the mine.

Since the incident, Ivanhoe has been processing stockpiled materials, but in an update on December 3, it suggested that those stores will be depleted during the first quarter of 2026. Subsequently, it has set its 2026 guidance at 380,000 to 420,000 MT before ramping back up to the 500,000 to 540,000 MT range in 2027.

“Grasberg remains a significant disruption that will persist through 2026, and the situation is similar to constraints at Ivanhoe Mines’ Kamoa-kakula, which experienced output cuts this year,’ he said.

‘We believe these outages will keep the market in deficit in 2026.’

Some relief on the copper supply side may come from the restart of operations at First Quantum Minerals’ (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine. It was forced to shut down in November 2023 after Panama’s supreme court cancelled new 20 year mining contract signed in October 2023. This past Septembe, the Panamanian government ordered a review of the mining lease to restart operations at the site in late 2025 or early 2026.

Similar to Grasberg, restarting mining operations may take some time to return to full production, causing a lag before material from the mine can ease undersupplied market conditions.

Copper demand in 2026

Copper demand is on the rise due to demand from the energy transition, artificial intelligence (AI) and the expansion of data centers, as well as the rapid urbanization of the Global South. However, in 2025, significant demand was also driven by US tariff concerns, as traders have worked to import refined material into the country.

“A huge amount of this tightness has to do with US tariff concerns with refined copper inflows into the US having jumped MT over the year, putting inventory in the country to 750,000 MT,” she said.

Scott-Gray pointed to a “perfect storm” brewing in 2025’s fourth quarter , including a warming outlook driven by easing China-US tensions, US interest rate cuts and China’s 15th five year plan, set to run from 2026 to 2031.

Historically, one of the biggest demand drivers for copper has been the Chinese real estate sector; however, tighter regulations, high debt and low liquidity led to its collapse in 2021, even though the Chinese government has instituted several policies over the past several years to stimulate the sector, to no avail.

According to Reuters, Chinese home prices are set to fall 3.7 percent in 2025, and are expected to decline into the new year as well. Despite these issues, the Chinese economy proved to be robust in 2025 and is expected to post growth of 4.9 percent in 2025 and 4.8 percent in 2026, fueled by high-tech exports.

Additionally, the five-year plan outlays upgrades to the metals sector and growth in new energy.

“Weakness in the property market is likely to continue in 2026, but the story for copper is constructive. Policy focus and capital are expected to prioritize expanding the electricity grid, upgrading manufacturing, renewables and AI-related data centers. These copper-intensive areas are set to more than compensate for a subdued property market, yielding net growth in China’s copper demand next year,” White said.

Copper crunch keeps building

“These things are taking years to fix — so let’s say it takes some of them a year to get fixed and back on track, some of them two years. We’re looking at 2027; by then, the copper demand side will have kicked up even more. My base case is actually for copper deficits to broaden in the next couple of years, then just continue broadening,” he said.

The supply side is also facing headwinds as new operations haven’t come online to replace existing mines that are increasingly challenged by declining grades. While there is new supply in the pipeline, like Arizona Sonoran Copper Company’s (TSX:ASCU,OTCQX:ASCUF) brownfield Cactus project and the Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and BHP joint venture Resolution project, both in Arizona, they’re still years away.

“While new projects may add tonnage at the margin, demand growth is likely to outpace any supply additions, which points to further supply deficits that escalate over the coming years,” White said.

A May 1 report by the UN Conference on Trade and Development notes that demand is expected to grow by 40 percent by 2040, requiring US$250 billion in investment capital and the construction of 80 new mines.

The report stated that half of the world’s copper reserves are currently located in just five countries.

Chile, Australia, Peru, the DRC and Russia, with structural challenges setting up that go beyond declining grades, most notably geopolitical risk and long mining times.

The scale of the challenges was recently outlined in a report from Wood Mackenzie, which forecast demand increasing by 24 percent to 43 million MT per year by 2035. To balance the market, the report states that 8 million MT of new supply will be required, along with 3.5 million MT from scrap.

Investor takeaway

Overall, according to the International Copper Study Group’s (ICSG) most recent forecast, released on October 8, mine production is expected to increase 2.3 percent in 2026 to 23.86 million MT.

However, refined production is only predicted to increase by 0.9 percent to 28.58 million MT.

Regarding demand, the group stated that refined copper use is expected to grow by 2.1 percent to 28.73 million MT in 2026, outpacing production growth and leading to a 150,000 MT deficit by the end of the year.

White is bullish on copper in 2026, citing low inventories and mine and concentrate deficits. He also suggested tariff threats may not be over, and that regional price differentials and high physical premiums are likely to continue.

With copper deficits expected to accelerate in 2026, prices are set up to hit record highs. Scott-Gray said 2026 could see the average price climb to US$10,635 per MT, with higher prices likely to be off-putting to more price-sensitive buyers.

Additionally, with long-term premiums near record highs, she said market players may look to make purchases on a “just-in-time” basis from alternative sources, such as bonded warehouses or directly from smelters.

Depending on price and supply, consumers could also look to swap out copper for aluminum where practical, though Scott-Gray noted that the switch would have its own limitations.

In data provided by Scott-Gray from StoneX’s Base Metal Front Desk Call, 40 percent of respondents to an LME Metals Poll believe that copper will be the best-performing base metal in 2026.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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Sankamap Metals

Investing 5 Mins Read

Investor Insight

Sankamap Metals offers exposure to new copper–gold discovery potential in one of the last underexplored regions of the Ring of Fire, with two fully owned, drill-ready assets positioned along a world-class mineral belt.

Company Highlights

  • Two 100 percent owned copper and gold properties – Kuma and Fauro – within a highly prospective copper-gold trend in the Solomon Islands.
  • Drill-ready targets supported by strong historical sampling, including grab samples up to 11.7 percent copper, 13.5 grams per ton (g/t) gold at Kuma, and 173 g/t gold; plus, drill intercepts of 35 m at 2.08 g/t gold at Fauro.
  • Strategically located along the same mineral belt as major deposits, including Newmont’s 71.9 Moz Lihir gold mine.
  • Underexplored mining-friendly jurisdiction with strong government support and established local workforce.
  • Large-scale system potential, including a km-scale copper-gold anomaly at Kuma and multiple high-grade epithermal and porphyry-style targets at Fauro.
  • Inaugural drilling at Kuma, scheduled to begin in January 2026, marking a major catalyst for the project.
  • Strong technical leadership, with a management team that has collectively raised over $1 billion and delivered significant shareholder returns.

Overview

Sankamap Metals (CSE:SCU) is a Canadian exploration company advancing the Oceania Project, a high-impact copper–gold opportunity in the mineral-rich South Pacific. The project includes two fully permitted properties – Kuma and Fauro – in the Solomon Islands, one of the last untapped frontiers of the Pacific Ring of Fire.

The company’s land package is strategically positioned near world-class deposits, such as Newmont Mining’s 71.9 Moz Lihir gold mine and Bougainville Copper’s historic Panguna deposit with 19.3 Moz gold and 5.3 Mt copper resources.

CEO John Florek investigating mineralized outcrop at Kuma property during the summer site visit

Kuma and Fauro are 100 percent owned and drill-ready. Both assets benefit from compelling historical sampling, large-scale geophysical anomalies, and district-scale geological characteristics that support the potential for major porphyry and epithermal systems.

The company focuses on systematic exploration, delineating high-priority drill targets to unlock discovery opportunities. With strong national support for mining and a leadership team deeply experienced in major global jurisdictions, Sankamap is well positioned to generate early and meaningful shareholder value as exploration advances.

Key Properties

Kuma Property

The Kuma property spans 43 sq km and lies 37 km southeast of Honiara on Guadalcanal Island. The property is considered a highly compelling drill-ready porphyry target. Historical sampling returned values up to 11.7 percent copper and 13.5 g/t gold, accompanied by a kilometre-scale copper-gold geochemical anomaly. Airborne geophysical surveys, including mobile magnetotelluric (MT), reveal resistive and conductive features consistent with porphyry, epithermal and skarn-style mineral systems.

Kuma benefits from year-round access and proximity to the Gold Ridge mine. Lidar, surface geochemistry, and geophysics surveys have advanced target definition toward a 2026 drill program. Alteration mapping defined a 2 km lithocap, indicating a potential significant porphyry below that’s not yet tested by drilling.

Kuma is positioned for discovery potential on a scale comparable to other major systems in the region.

Current work at Kuma is focused on refining priority drill targets through ongoing analysis of newly released geophysical and geological datasets. A field visit in November was aimed at ground-truthing these targets, confirming interpretations, and finalizing on-the-ground logistics. Pad and camp construction began in late November, ahead of the inaugural drilling campaign set for January 2026, an important milestone in advancing the Kuma property toward discovery.

Fauro Property

The 147 sq km Fauro property encompasses a high-grade epithermal gold target with indications of a porphyry system at depth. Formed by the collapse of the Fauro calc-alkaline volcano, the property hosts seven prospects, three of which are drill-ready. Historical results include a grab sample of 173 g/t gold, trench results of 8 m at 27.95 g/t gold, and drilling intercepts such as 35 m at 2.08 g/t gold. Multiple zones, including Meriguna, Ballyorlo and Kiovakase, exhibit robust soil anomalies and magnetic highs, underscoring the property’s potential to host a large-scale deposit comparable in setting to the Lihir gold system.

Since 2024, new sampling has confirmed continued high-grade potential, with assays returning up to 19.25 g/t gold and up to 4 percent copper, expanding evidence for a hybrid epithermal-porphyry system. With year-round drilling access and efficient transport via helicopter and boat, Fauro represents a major exploration opportunity with multiple existing gold intercepts and untested porphyry indicators.

Management Team

John Florek – Chief Executive Officer

John Florek has more than 35 years of experience with major and junior mining companies, including BHP, Placer Dome, Barrick, Teck, and Detour Gold/Kirkland Lake Gold/Agnico Eagle. He has identified and advanced significant mining assets from early exploration through development and currently sits on the board of McEwen Mining. He is also CEO, president and director of Emperor Metals.

John Williamson – Chairman, Co-founder and Director

A professional geologist with more than 35 years in the global mining sector, John Williamson founded more than 20 successful companies and the Metals Group. He has raised more than $1 billion across public and private markets, delivering strong returns to shareholders.

Sean Mager – CFO and Director

With 30+ years in the global mining sector, Sean Mager brings extensive experience in corporate development, stakeholder relations, regulatory affairs, finance and operations. He is a co-founder of the Metals Group.

Krystle Adair – Vice-president, Exploration

A geologist with more than 13 years of exploration experience across the Americas, Krystle Adair has managed projects across multiple deposit types. She has worked extensively with Metals Group companies and is a registered professional geoscientist in British Columbia.

Hannett – Director

A Bougainville Island national and professional engineer with 17+ years of experience, Arthur Hannett has worked with major operators including Placer Dome, Barrick, Glencore and Agnico Eagle.

Donald Marahare – Director

A seasoned legal professional with 20+ years of experience in the Solomon Islands, Donald Marahare is the principal at DNS & Partners Law Firm, admitted to the High Court in 2000. He also serves as president of the Solomon Islands Football Federation.

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Prismo Metals Announces Continuance into British Columbia

Investing 2 Mins Read

(TheNewswire)

Vancouver, British Columbia, December 8, 2025 TheNewswire – Prismo Metals Inc. (‘ Prismo ‘ or the ‘ Company ‘) (CSE: PRIZ,OTC:PMOMF) (OTCQB: PMOMF) is pleased to announce that it has continued out of the jurisdiction of Canada under the Canada Business Corporations Act into the provincial jurisdiction of British Columbia under the Business Corporations Act (British Columbia) (the ‘ BCBCA ‘). Shareholders approved the continuance at the Company’s annual general and special meeting of shareholders held on October 2, 2025.

In connection with the continuance, the Company has replaced its articles and bylaws with new notice of articles and articles, respectively, under the BCBCA. The CUSIP / ISIN numbers for the Company’s common shares and the stock symbol for the Company’s common shares remain unchanged.

About Prismo Metals Inc.

Prismo (CSE: PRIZ,OTC:PMOMF) is mining exploration company focused on advancing its Silver King, Ripsey and Hot Breccia projects in Arizona and its Palos Verdes silver project in Mexico.

Please follow @ PrismoMetals on , , , Instagram , and

Prismo Metals Inc.

1100 – 1111 Melville St., Vancouver, British Columbia V6E 3V6

Phone: (416) 361-0737

Contact:

Alain Lambert, Chief Executive Officer alain.lambert@prismometals.com

Gordon Aldcorn, President gordon.aldcorn@prismometals.com

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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