Breaking
Multi Trade Space
Author

admin

Browsing
Investing

How to Invest in Gold Royalty and Streaming Stocks

Investing 15 Mins Read

Gold royalty companies offer investors exposure to gold and silver with the benefits of diversification, lower risk and a steady income stream.

Royalty companies operating in the resource sector will typically agree to provide funding for the exploration or development of a resource in exchange for a percentage of revenue from the deposit if it begins producing. Similarly, a company with a streaming model may work out an agreement with a resource company for a share of the metal produced from a deposit in exchange for an investment.

These kinds of arrangements benefit both parties. Streamers get access to the underlying commodity at a fixed price and are shielded from cost overruns and spikes in production. Further, if there is a price decrease the metals can be warehoused until the market conditions improve.

In both cases, mining companies receive considerable upfront investment during the expensive construction and expansion phases, and unlike loans these investments have longer-term payouts at a fixed amount.

Let’s take a deeper look at how royalties and streaming works, the benefits of the royalty business model, and the gold and silver royalty and streaming stocks you can invest in.

In this article

    How do gold and silver royalties work?

    Gold and silver royalty agreements involve royalty companies agreeing to provide funding for the exploration or development of a precious metals resource in exchange for a percentage of revenue from the deposit if it begins producing metals.

    The foundation for royalties dates back a few hundred years. Originally, they were payments made to the British monarchy in exchange for miners’ rights to operate gold and silver mining operations on lands held by the crown. Today, these arrangements still exist, with mining operators paying the government a share of the revenues generated from exploiting resources on public lands.

    The first royalty paid to a company in the gold sector was an agreement in 1986 in which Franco-Nevada (TSX:FNV,NYSE:FNV) made a US$2 million investment into Western States Minerals’ Goldstrike small heap-leach mine in Nevada, US, for a 4 percent share of revenues collected from the mine. Western States was sold the same year to Barrick Gold (TSX:ABX,NYSE:GOLD). Barrick discovered a far larger resource at the site, and the royalty has since earned Franco-Nevada more than US$1 billion and continues to pay out approximately US$20 million per year.

    This early example set a precedent for the industry. It saw Franco-Nevada, which was then a gold exploration company, lock itself into what became one of the largest gold mineral resources in the world at a relatively low overhead while avoiding future costs associated with the growth and maintenance of the mine.

    How do gold and silver streams work?

    Gold and silver streams work in a similar manner to the royalty model but returns are in the form of physical metals rather than funds. In return for investing in an asset, a gold streaming company may work out an agreement with a resource company for a share of the metal produced from a deposit, or for the ability to purchase the metal at a lower price than market value.

    This is also a popular model with base metal mining companies whose operations result in gold and/or silver by-products. In these cases, gold and silver streaming companies may work out a deal with a base metal mining operation to take delivery of a certain amount of precious metals at an agreed upon price.

    The Goldstrike royalty made Franco-Nevada what it is today, but its largest contributing asset in its portfolio is a deal with Lundin Mining (TSX:LUN,OTC Pink:LUNMF) for a stream of the gold and silver resources extracted from its Candelaria copper mine in Chile.

    Under the terms of the deal, which was part of Lundin’s 2014 acquisition of Freeport-McMoRan’s (NYSE:FCX) stake in Candelaria, Franco-Nevada provided a US$648 million deposit in exchange for a 68 percent stream of the asset’s silver and gold. This will decrease to 40 percent once 720,000 ounces of gold and 12 million ounces of silver have been delivered.

    While Franco-Nevada does have to pay for the metal, the agreed upon amount is far under the current market value. At the time, the deal was set at US$400 for each ounce of gold and US$4 per ounce of silver with a 1 percent inflationary adjustment, or market price if that was less.

    Are royalty and streaming companies a good investment?

    Royalty and streaming companies are largely seen as a lower-risk investment than mining companies. Lower operational costs and higher portfolio diversification means they are hedged against a mine shutdown, natural disaster, market forces or the politics that may affect the nature of an operation or project. However, that’s not to say royalty and streaming deals aren’t without their risks.

    In many ways, gold royalty companies are like venture capitalists in the tech industry, working to fund many projects in the hopes that some will see big payoffs that offset the loss from the ones that don’t make it. This means they need large access to funding in order to build their portfolios.

    To get funding, royalty and streaming companies have several options: using cash on hand, raising debt through loans or issuing more shares. Each of these options carries risk. Using cash to pay for investments could reduce the size of the safety net and eat into company liquidity, debt needs to be managed to ensure that payments don’t exceed income and the issuance of stock could lead to an overall devaluation of share price and impact investor sentiment.

    Once companies have developed strong cash flows and good liquidity, they are able to take advantage of their own reserves, without the need to worry about loans or stock dilution. The same cannot be said for the up-and-coming companies who need to rely on external funding to make deals, making them riskier.

    These companies provide a good entry point for investors with lower share price, and have more potential to return higher percentage gains in share price, they also bear more risk. With more reliance on raising external capital, there is a greater need for deals to be successful and a greater chance for a company to incur more debt load or stock dilution.

    Diverse portfolios can help reduce the risk associated with a royalty company, and companies like Franco-Nevada have the industry knowledge and financial capital to take some risks. As of February 2025, the company has 430 assets on their books; of those, 119 are producing, and 38 are in the advanced stages of development. It’s the 273 more that are in the exploration phase, many of which will never provide returns, that represent the greatest risk.

    Of course, unforeseen events can affect both mining and royalty companies alike, particularly when assets that take up a larger percentage or a portfolio are affected. Franco-Nevada had more than US$1 billion invested in First Quantum’s (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine before it was shuttered by the Panamanian government following protests at the end of 2023. The mine brought in US$223.3 million for Franco-Nevada in 2022 and represented nearly a quarter of its precious metal income. While it fared better than First Quantum, the royalty company’s share price took a significant hit.

    Top 5 gold and silver royalty companies

    The biggest companies in the precious metals royalty and streaming space have long histories and have built positive reputations on the backs of strong investments. They offer a means for investors to de-risk an entry into the gold sector by maintaining an arms-length attachment to it.

    The five large-cap gold and silver royalty and streaming companies on this list had market caps above $1 billion in their respective currencies as of February 24, 2026.

    1. Wheaton Precious Metals (TSX:WPM,NYSE:WPM)

    Market cap: C$96.95 billion
    Share price: C$215.66

    Wheaton Precious Metals was established in 2004 as Silver Wheaton with a focus on silver streaming. Goldcorp held a majority interest, but began to reduce it in 2006 and by 2008 had completely divested itself. By that time, Silver Wheaton had begun to diversify into other precious metals. The following year, Silver Wheaton acquired rival silver streaming stock Silverstone Resources in a C$190 million deal.

    Silver Wheaton changed its name in 2017 to Wheaton Precious Metals and has since built itself into one of the largest players in the gold and silver royalty and streaming space, with investments in 23 operating mines and 25 development projects across five continents.

    Included in Wheaton’s assets are investments in Newmont’s (TSX:NGT,NYSE:NEM,ASX:NEM) Peñasquito mine in Mexico, Sibanye Stillwater’s (NYSE:SBSW) Stillwater and East Boulder mines in Montana, United States, and Hudbay Minerals’ (TSX:HBM,NYSE:HBM) Copper World Complex project in Arizona, US.

    2. Franco-Nevada (TSX:FNV,NYSE:FNV)

    Market cap: C$71.55 billion
    Share price: C$374.47

    A trailblazer in the gold royalty business, Franco-Nevada has set a high bar. The current iteration of the company was spun out of Newmont in what became a C$1.1 billion initial public offering, one of the biggest IPOs of 2007.

    Franco-Nevada now has a portfolio of royalties and streams on 119 producing assets around the world including gold, silver, base metal and oil and gas operations, which generate more than US$1.2 billion for the company annually. Additionally, the company’s portfolio includes 38 advanced-stage assets and 273 exploration-stage assets.

    Among the producing assets for which Franco-Nevada has precious metals streams and royalties are Glencore’s (LSE:GLEN,OTC Pink:GLCNF) Antapaccay mine in Peru, Agnico Eagle’s (NYSE:AEM,TSX:AEM) Detour Lake mine in Ontario, Canada, and Gold Fields’ (NYSE:GFI) Salares Norte mine in Chile.

    See the sections above for more information on Franco-Nevada’s royalty and streaming deals.

    3. Royal Gold (NASDAQ:RGLD)

    Market cap: US$24.43 billion
    Share price: US$288.04

    Royal Gold got its start in 1981 as oil and gas exploration and production company Royal Resources.

    Responding to shifts in the overall resource market, by 1987, Royal Gold was born with a focus on building a portfolio of minority positions in significant gold properties operated by major mining firms.

    Today, Royal Gold is a leading precious metals streaming and royalty company with interest in about 400 properties, of which 82 are producing assets, across 31 countries.

    About half of its portfolio came from its October 2025 acquisition of Sandstorm Gold and Horizon Copper, which combined for 230 royalty assets, including 40 producing assets.

    Among Royal Gold’s royalty assets are Barrick Mining (TSX:ABX,NYSE:B) and Newmont’s Cortez mine in Nevada, US, Teck’s (TSX:TECK.A,TECK.B,NYSE:TECK) Andacollo mine in Chile and Centerra Gold’s (TSX:CG,NYSE:CGAU) Mount Milligan mine in British Columbia, Canada.

    4. Triple Flag Precious Metals (TSX:TFPM)

    Market cap: C$10.96 billion
    Share price: C$53.67

    Triple Flag Precious Metals was founded in 2016 by Shaun Usmar, a former Barrick executive and current CEO of Vale’s (NYSE:VALE) Vale Base Metals.

    Although the company is a relative newcomer to the royalty and streaming space, it has quickly established itself as a frontrunner through several significant deals. Among them was the acquisition of Maverix Metals in January 2023, which helped them become the fourth-largest precious metals royalty company.

    Today, Triple Flag has a global portfolio of gold and silver assets on nearly every continent, comprising 33 production assets and 206 in development or exploration.

    Highlights from its portfolio include streaming and royalty deals on Evolution Mining’s (ASX:EVN,OTC Pink:CAHPF) Northparkes mine in New South Wales, Australia, Nexa Resources’ (NYSE:NEXA) Cerro Lindo mine in Peru, and Westgold Resources’ (ASX:WGX,OTC Pink:WGXRF) Beta Hunt mine in Western Australia.

    5. OR Royalties (TSX:OR,NYSE:OR)

    Market cap: C$11.49 billion
    Share price: C$62.31

    Previously named Osisko Gold Royalties, OR Royalties was created in 2014 as a spinoff deal between Osisko Mining (TSX:OSK), Yamana Gold and Agnico Eagle Mines (TSX:AEM,NYSE:AEM). The deal was made in an attempt to prevent a hostile takeover of Osisko Mining and its Canadian Malartic gold complex by Goldcorp, now part of Newmont.

    In the deal, OR Royalties carried with it a 5 percent net smelter return royalty from the Canadian Malartic mine. Now owned by Agnico Eagle, the complex in Québec remains a cornerstone of the royalty company’s business today.

    The gold and silver royalty and streaming company has gone on to amass royalties, streams and offtakes for 195 assets, 22 of which are producing, across six continents.

    The majority are located in North America, including one of the most well-known gold-producing mines in the world, Agnico Eagle’s Canadian Malartic complex in Québec, as well as SSR Mining’s (NASDAQ:SSRM,TSX:SSRM) Seabee mine in Saskatchewan, Canada, and Kinross Gold’s (TSX:K,NYSE:KGC) Bald Mountain mine in Nevada.

    Small-cap gold and silver royalty companies

    There are also small-cap gold and silver royalty and streaming companies you can invest in and offer a lower-cost option for investors who are comfortable with a little more risk. Like their larger counterparts, small-cap gold royalty stocks offer a lower-risk investment than getting into a small-cap mining company but still provide access to the underlying precious metals market.

    The five small-cap gold and silver royalty companies on this list had market caps above $10 million in their respective currencies as of February 24, 2026.

    1. Gold Royalty (NYSEAMERICAN:GROY)

    Market cap: US$1.04 billion
    Share price: US$4.59

    Gold Royalty is building a diversified portfolio of more than 240 gold royalty and gold streaming interests based on net smelter return royalties on properties in the Americas.

    The company’s revenue generating investments include Agnico Eagle’s Canadian Malartic complex in Québec, DPM Metals’ (TSX:DPM) Vareš mine in Bosnia and Herzegovina, and Discovery Silver’s (TSX:DSV,OTCQX:DSVSF) Borden mine in Ontario.

    2. Metalla Royalty & Streaming (TSXV:MTA,NYSE:MTA)

    Market cap: C$1.04 billion
    Share price: C$11.67

    Metalla Royalty & Streaming focuses on gold, silver and copper projects. The company’s royalty model involves acquiring royalties and streams by offering resource companies Metalla shares and cash.

    The mid-tier royalty and streaming company’s asset portfolio includes more than 100 projects across North America, South America and Australia. Its cornerstone assets include IAMGOLD (TSX:IMG,NYSE:IAG) and Sumitomo Metal Mining’s (OTC Pink:SSUMF,TSE:5713) Côté gold mine in Ontario, Canada, and First Quantum Minerals’ (TSX:FM) Taca Taca project in Argentina.

    3. Vox Royalty (TSX:VOXR,NASDAQ:VOXR)

    Market cap: C$518.16 million
    Share price: C$7.81

    Vox Royalty is a precious metals focused royalty company first established in 2014. The company has acquired an asset portfolio of 70 royalties, 32 of which were added since 2019, across Australia, the Americas and South Africa.

    Roughly 70 percent of its portfolio is dedicated to gold, silver and platinum group companies. The remainder of its portfolio is diversified across a wide range of resources, including copper, uranium, iron and diamonds.

    The majority of the eight producing assets in its portfolio are located in Australia, including a 1 percent net smelter return from Black Cat Syndicate’s Bulong gold mine, and a 2.5 percent net smelter return from Northern Star Resources’s (ASX:NST,OTCPL:NESRF) Otto Bore gold mine.

    As for development stage projects, its assets in Canada include a 1 percent net smelter return on NexGold Mining’s (TSXV:NEXG,OTCQX:NXGCF) Goldlund project and a 2 percent gross proceeds royalty on Alamos Gold’s (TSX:AGI,NYSE:AGI) Lynn Lake project in Canada.

    4. Sailfish Royalty (TSXV:FISH,OTCQX:SROYF)

    Market cap: C$324.08 million
    Share price: C$3.79

    Founded in 2014, Sailfish Royalty’s asset portfolio is much smaller than the other gold royalty stocks on this list. It consists of one producing mine as well as two development-stage and two exploration-stage properties in the Americas.

    In Nicaragua, Sailfish has a gold stream equivalent to a 3 percent net smelter return on Mako Mining’s (TSXV:MKO,OTCQX:MAKOF) San Albino gold mine and a 2 percent net smelter return on the area surrounding the mine. The company also holds a 13,500 ounce per quarter silver stream at the property, which was set to expire in May 2025. At the end of April 2025, Sailfish chose to exercise its option to purchase all silver for the life of the mine.

    5. Nations Royalty (TSXV:NRC,OTCQB:NRYCF)

    Market cap: C$160.68 million
    Share price: C$1.16

    Nations Royalty is a fledgling royalties company that first began trading in June 2024 and holds Indigenous-owned royalties. It was founded by the Nisga’a Nation of British Columbia, Canada, and by Wheaton Precious Metals co-founder Frank Giustra. It is the first publicly traded company in Canada to have a majority Indigenous ownership.

    The company has a portfolio of royalties covering one production and four development assets, all located in Northwestern British Columbia. The majority of these royalties are in the form of annual payments equal to a percentage of the mineral tax the assets’ operators pay.

    The producing mine in its portfolio is Newmont’s (NYSE:NEM,ASX:NEM) Brucejack gold-silver operation. The four development assets consist of Ascot Resources’ (TSX:AOT,OTCID:AOTVF) Premier and Red Mountain projects, Seabridge Gold’s (TSX:SEA,NYSE:SA) KSM project and New Moly’s Kitsault molybdenum project.

    Gold and silver royalty ETFs

    Those who want more broad exposure to the precious metals markets may want to buy shares of an exchange-traded fund that includes gold and silver royalty and streaming stocks. Here are a few to get you started, including ASX gold ETFs and a US gold ETF.

    Betashares Global Royalties ETF (ASX:ROYL)
    The Betashares Global Royalties ETF is an Australian ETF that tracks the performance of an index of global companies that earn a significant amount of their revenue from royalty income, royalty-related income and intellectual property income. The fund’s top two holdings are Wheaton Precious Metals and Franco-Nevada, with Royal Gold and OR Royalties also among its significant holdings.

    Betashares Global Gold Miners ETF (ASX:MNRS)
    The Betashares Global Gold Miners ETF tracks the performance of an index of the world’s largest gold mining companies outside of Australia, hedged into Australian dollars. Wheaton Precious Metals, Franco-Nevada and Royal Gold are also among the fund’s top holdings.

    VanEck Gold Miners ETF (ARCA:GDX)
    The VanEck Gold Miners ETF is a US gold ETF that aims to replicate the performance of the MarketVector Global Gold Miners Index by holding large-cap gold mining stocks and precious metals royalty companies. As with the other gold ETFs on this list, its top holdings include Franco-Nevada, Wheaton Precious Metals and Royal Gold.

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

    This post appeared first on investingnews.com

    Keep Reading
    Investing

    Copper Quest Exploration

    Investing 9 Mins Read

    Investor Insight

    Copper Quest Exploration controls more than 40,000 hectares of copper porphyry projects across tier one jurisdictions in Canada and the United States, offering investors diversified exposure to drill ready targets and multiple near term discovery catalysts.

    Overview

    Copper Quest Exploration (CSE:CQX,OTCQB:IMIMF,FRA:3MX) is a North American mineral exploration company focused on discovering and advancing copper porphyry systems in established mining jurisdictions. Its portfolio spans more than 40,000 hectares across projects in British Columbia and Idaho, including several district scale land packages within proven copper belts.

    Copper Quest holds a diversified portfolio of exploration assets, including 100 percent interests in the Stars, Stellar, Thane, and Kitimat projects, and the option to earn up to 80 percent in the Rip project. The company has rapidly expanded its portfolio and identified multiple high-priority exploration targets through strategic acquisitions, targeted drilling, and geophysical surveys.

    In late 2025 and early 2026, Copper Quest significantly extended its presence with the acquisition of two key gold assets: the past-producing Alpine Gold Property in British Columbia’s West Kootenay region—a 4,611-hectare project with historical high-grade gold resources and existing underground workings—and an option to acquire the drill-permitted Auxer Gold Property in Bonner County, Idaho, a road-accessible, high-grade orogenic gold asset.

    Copper Quest is focused on advancing its assets through systematic exploration including induced polarization surveys, mapping, sampling and drilling. Its strategy is to build value through discovery while leveraging partnerships or joint ventures to accelerate development where appropriate.

    Company Highlights

    • Large Tier One Land Position: More than 40,000 hectares across British Columbia and Idaho, coveringmultiple porphyry belts.
    • Flagship Discovery atStars: Drill interceptsincluding 0.466 percent copper over 195.07 m confirm a fertile coppermolybdenum system.
    • District Scale Portfolio: Core projects Stars, Stellar, Rip and Thanecollectively span 19,853 hectares within the Bulkley porphyry district alone.
    • US Expansion Strategy: Acquisition of the Nekash copper gold project inLemhi County adds exposure to the Idaho Montana porphyry belt.
    • Strategic Acquisitionsin British Columbia: Agreements to acquirethe Kitimat Copper Gold Project and the Alpine Gold Property expand regionalfootprint.
    • Multiple UntestedTargets: Large geophysicalanomalies and historic showings across several properties remain undrilled.
    • Strong Technical Bench: Leadership and advisors include former seniorexecutives from major mining companies with global discovery and developmenttrack records.
    • Clear ExplorationPipeline: Planned drilling,geophysics and target testing across multiple projects with multiple plannedexploration catalysts.

    Key Projects

    Stars Project — British Columbia

    The Stars project is a 9,694 hectare road accessible copper molybdenum property in the Bulkley porphyry belt. The project hosts a 5 by 2.5-kilometre annular magnetic anomaly coincident with a mineralized monzonite intrusion. Historic and modern drilling has confirmed widespread mineralization, including 0.466 percent copper over 195.07 m from 23 m and 0.2 percent copper over 396.67 m from 28.37 m.

    Drilling indicates a productive porphyry environment characterized by strong alteration, multi phase veining and elevated copper values ranging from 10 times to 400 times background levels. Only one location along the intrusion contact has been drill tested, suggesting significant discovery potential across more than 30 km of untested contacts. Planned work includes step out drilling at the Tana Zone, IP surveys and testing of additional targets such as the Big Dipper anomaly.

    ​

    Rip Project — British Columbia

    The Rip project covers 4,770 hectares located about 60 km south of Houston. A 2024 airborne magnetic survey and 3D DCIP program identified two concentric chargeability anomalies surrounding separate magnetic highs, classic signatures of porphyry systems.

    Two diamond drill holes totaling 1,033 m completed in 2024 intersected multi phase porphyry intrusions with quartz, pyrite, chalcopyrite, molybdenite veining and long intervals of anomalous copper above 0.1 percent. The southern anomaly remains untested and represents the highest priority target. Copper Quest can earn up to 80 percent ownership by spending $1 million by the end of 2025.

    Stellar Project — British Columbia

    The 5,389-hectare Stellar property lies immediately north of Stars and consolidates multiple historic showings into a single geological framework. The project hosts several priority targets including the Cassiopeia anomaly, a 2.5-kilometre-diameter magnetic bullseye with an 800 m magnetic low core consistent with porphyry models.

    The Jewelry Box area hosts eight documented showings across a 15 sq km zone with historical samples returning grades up to 36.7 percent copper, 31.2 percent copper, 22.6 percent copper with 4,860 g/t silver and gold values up to 42 g/t. Additional targets include the Galena Zone and Northwest showings. Planned work includes IP surveys, mapping, sampling and drill targeting across the property.

    Thane Project — British Columbia

    The 20,658 hectare Thane project is located in the Toodoggone District within the Quesnel Terrane. The property contains a 14 by 6 kilometre alteration footprint hosting at least ten mineralized centres including Cirque, Fairway, Bananas, Gail and Aten.

    Historic exploration totaling more than $5 million identified strong copper and gold mineralization, with rock samples returning copper values exceeding 9,000 ppm and gold values up to 12.8 g/t. Only 12 short drill holes have been completed, all in one area, leaving much of the system untested. New high resolution geophysics is expected to help vector future drilling. Copper Quest is evaluating potential joint venture opportunities to advance the project.

    Nekash Project — Idaho

    The Nekash project consists of 70 unpatented federal lode claims covering about 585 hectares in Lemhi County along the Idaho Montana porphyry belt. Historic sampling confirmed high grade surface mineralization including up to 3.8 percent copper, 0.9 g/t gold and 25 g/t silver over 6.4 m, as well as porphyry style veins grading up to 6.6 percent copper.

    The property is fully road accessible and was acquired for 4.25 million shares with no cash payment or royalties. The project adds US exposure and early stage discovery potential supported by geophysical, geochemical and drilling programs.

    Kitimat Copper-Gold Project — British Columbia

    Copper Quest has acquired a 100 percent interest in the Kitimat copper-gold project, located approximately 10 km northwest of the deep-water port of Kitimat. Covering nearly 2,954 hectares, the project offers year-round road access, proximity to rail, hydroelectric infrastructure, and is situated within a prolific copper-gold belt, strengthening the company’s strategic presence in western Canada.

    Alpine Gold Property — British Columbia

    The Alpine Gold Property is a road-accessible, 4,611.49-hectare project featuring a 2018 historical inferred resource of 142,000 ounces of gold (Au) from 268,000 tonnes at an average grade of 16.52 g/t Au, estimated using a 5.0 g/t gold cut-off grade. The current resource is based on only about 300 meters of the roughly two-kilometer-long vein system, indicating substantial potential to expand the resource along strike and to depth.

    The property includes 1,650 meters of clean underground workings and a mineralized stockpile estimated at 24,000 tonnes on the surface, which could offer near-term cash flow. Additionally, the property hosts at least four other relatively unexplored vein systems—Black Prince, Cold Blow, Gold Crown, and past-producing King Solomon—all with historic high-grade gold values, suggesting multiple avenues for future exploration and resource growth.

    Auxer Gold Project — Idaho

    The Auxer Gold Property is a road-accessible, high-grade orogenic gold opportunity located in Bonner County, Idaho. Under an option agreement signed in 2026, Copper Quest has the right to earn up to 75 percent interest in the project by funding exploration, advancing a drill-ready gold target within a favorable mining jurisdiction. The property is strategically situated near existing infrastructure and historic gold workings, enhancing access and permitting potential.

    Gold mineralization at Auxer has been identified through surface sampling and historic data, with notable results including significant gold in soils and rock samples, supporting multiple structural targets. The addition of Auxer diversifies Copper Quest’s portfolio beyond copper porphyries into a precious metals domain, providing near term exploration catalysts that complement its existing projects. Planned work includes systematic mapping, sampling and drill permitting to define high-priority targets for follow up drilling.

    Management Team

    Brian Thurston — President, CEO and Director

    Brian Thurston is a professional geologist with over 32 years of experience specializing in porphyry deposits in British Columbia, the Yukon and Peru. Thurston has more than 20 years of corporate leadership experience and has founded several public companies, serving as director, officer and committee member across multiple resource ventures.

    Dong Shim — Chief Financial Officer

    Dong Shim is a chartered professional accountant with extensive experience in public company auditing and financial reporting in both the United States and Canada. Shim has helped numerous startups achieve listings on the TSX Venture Exchange, CSE and OTC Markets and is a CPA registered in Illinois and a member of the Chartered Professional Accountants of British Columbia.

    Dr. Mark Cruise — Director

    Dr. Mark Cruise has more than 25 years of experience in mine discovery, development and operations across Europe, South America, Canada and Africa. Cruise is the founder of Trevali Mining, which he built into a top ten global zinc producer, and previously worked as a senior geologist at Anglo American.

    Jason Nickel — Director

    Jason Nickel is a mining engineer with over 25 years of experience in operations, feasibility and development projects. Nickel has served as mine manager for major copper and gold producers and has led underground and open pit operations across British Columbia, Alaska and the Arctic.

    Cameron MacDonald — Director

    Cameron MacDonald has more than 18 years of capital markets experience as founder and CEO of the Macam Group of Companies. MacDonald has helped raise over $300 million in equity and more than $650 million in debt financings and has invested in startup companies since 2002.

    Joshua White – Technical Advisor

    Joshua White is an exploration geologist with more than 13 years of experience and is principal of Aqua Terra Geoscientists LLC. White previously worked for Kinross Gold as a project generation geologist supporting exploration programs across four continents.

    This post appeared first on investingnews.com

    Keep Reading
    Investing

    Red Mountain Mining Continues to Advance the United States Critical Minerals Portfolio

    Investing 3 Mins Read

    Red Mountain Mining Limited (ASX: RMX, US CODE: RMXFF, or “Company”), a Critical Minerals exploration and development company with an established portfolio in Tier-1 Mining Districts in the United States and Australia, is pleased to announce an update on the Company’s portfolio of high-quality Antimony projects in the United States.

    Over the past six months, Red Mountain has moved decisively to acquire assets in Tier-1 regions in highly prospective antimony mineral districts in Montana, Utah and Idaho, USA, placing the Company in a strong strategic position as the US Government moves aggressively to secure domestic supply of Antimony which is classified as a Critical Metal by the United States and Australian Governments.

    HIGHLIGHTS:

    • Red Mountain continues to deliver repeated successful project and development programs across its high-quality Critical Minerals portfolio, systematically advancing its United States and Australian projects toward development and directly supporting the US Government’s drive to secure domestic supply of critical metals

    Thompson Falls Antimony Project, High-grade Antimony next to UAMY Antimony Smelter

    • Thompson Falls Antimony Project is 4.2km from the operations of United States Antimony Corporation (NYSE: UAMY; Market Cap $A1.5 billion), with the country’s only operating Antimony smelter
      • Initial sampling from Red Mountain’s Thompson Falls Project returned high-grade values of up 36.5% Sb and 0.65g/t Au
      • Additional assay results are now expected to be received by the end of February
    • Comprehensive surface mapping and sampling program to fast-track the definition of the Thompsons Falls Antimony Project resource potential, planned to launch next month
    • Red Mountain has recently strengthened its US technical team with dedicated drill-permitting expertise, driving the permitting process forward across all of the Company’s US Projects

    Utah Antimony Project, Antimony Mining District

    • Utah Antimony Project adjoins American Tungsten and Antimony Ltd’s (ASX: AT4; Market cap A$200 million) Antimony Canyon Project (ACP), one of the largest and highest-grade Antimony projects in the USA, which has reported assays of up to 33% Sb and has a defined conceptual Exploration Target of 12.8 to 15.6 Mt @ 0.75% to 1.5% Sb, containing between 96,000 to 234,000 tons of Antimony metal
      • Recent visible stibnite mineralisation observed between AT4’s claims and RMX’s project provides evidence the ACP system may extend into the Utah Antimony Project*
      • Mapping analysis previously undertaken by RMX suggests that both the same type of host rocks and extensions of the large epithermal Antimony mineralising system targeted by AT4 at Antimony Canyon are present within the Utah Antimony Project**

    Exceptionally Strong Antimony results from Thompson Falls and further assays pending

    Red Mountain acquired the Thompson Falls Antimony Project on 5 February1, next to the only operating antimony smelter in the USA, US Antimony Corporation’s (NYSE: UAMY; Market Cap ~AU$1.5 billion) Thompson Falls Smelter and UAMY’s Stibnite Hill Mine in Montana (Figure 1).

    First-pass exploration of Red Mountain’s Thompson Falls Antimony Project, by the Company’s US field team, successfully located three historical underground mines and pit within the project area. Initial sampling of material from Eastern Star returned multiple samples with high antimony and gold results, with peak results of 36.5% Sb and 0.65g/t Au1 (Figure 1; Figure 2).

    Samples collected from Eastern Star closely resemble the quartz-stibnite veins mined at UAMY’s Stibnite Hill deposit, ~7km east of Red Mountain’s Thompson Falls Project area, although these veins are not recorded as producing gold. Red Mountain’s field team also collected additional rock samples from the project area, with assay results expected this month.

    Click here for the full ASX Release

    This post appeared first on investingnews.com

    Keep Reading
    Investing

    Crypto Market Update: Trump’s Tariff Reset Jolts Bitcoin Below US$65,000

    Investing 4 Mins Read

    Here’s a quick recap of the crypto landscape for Monday (February 23) as of 9:00 p.m. UTC.

    Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

    Bitcoin (BTC) was priced at US$64,409.84, down by 4.4 percent over the last 24 hours.

    Bitcoin price performance, February 23, 2026.

    Chart via TradingView.

    XS.com senior market analyst Linh Tran suggested that the medium-term uptrend is limited without major catalysts. She predicts that Bitcoin will fluctuate between US$65,000 support and US$70,000 resistance; however, if current pressures persist, there is a risk of Bitcoin retesting the US$60,000 low, which could trigger a deeper decline.

    Software stocks slipped alongside a further decline in crypto prices after Anthropic said its Claude platform can help ‘break the cost barrier to COBOL modernization,’ a high-level, compiled computer programming language that the firm says ‘runs in production every day, powering critical systems in finance, airlines, and government.’

    Ether (ETH) was priced at US$1,860.34, down by 4.1 percent over the last 24 hours.

    Altcoin price update

    • XRP (XRP) was priced at US$1.36, down by 2 percent over 24 hours.
    • Solana (SOL) was trading at US$78.37, down by 5.6 percent over 24 hours.

    Today’s crypto news to know

    Yield Basis thrives on market volatility

    Some parts of the DeFi ecosystem have benefited from the chaos of Bitcoin’s sudden price drop in January, which liquidated billions of dollars’ worth of positions. A DeFi project called Yield Basis, which helps people trade Bitcoin and Ether through its liquidity pools, says it’s handled US$769 million in trades since the beginning of 2026, with more than half occurring after January 28, when crypto prices began swinging wildly.

    According to a recent report, the protocol has collected US$12.15 million in fees since it launched its v2 pools in November 2025, compared to US$5.31 million worth of tokens it paid out as rewards, leaving about US$6.84 million in net profit for the users providing liquidity and holding the project’s tokens.

    Open-source AI project distances itself from crypto

    An open-source AI agent framework known as OpenClaw has inadvertently become the center of a crypto controversy. The project, built to power autonomous agents capable of browsing the web and executing complex tasks, was briefly rebranded amid a naming dispute before scammers launched a fake Solana-based token using its former branding.

    The token’s market capitalization surged to roughly US$16 million within hours before collapsing more than 90 percent after developer Peter Steinberger disavowed any connection.

    Steinberger publicly rejected the speculation, writing on X: “To all crypto folks: please stop pinging me, stop harassing me. I will never do a coin. Any project that lists me as coin owner is a SCAM.”

    USDT contraction flashes rare stress signal

    Tether’s USDT stablecoin is signaling liquidity strain reminiscent of the market turmoil following the FTX collapse.

    According to CryptoQuant, the 60 day change in USDT supply has dropped to negative US$3 billion, which marks only the second time such a contraction has occurred. Bloomberg reported that USDT is on pace for its steepest monthly supply decline since December 2022, already shrinking by roughly US$1.5 billion in February alone.

    Large-scale redemptions typically suggest institutions or major holders are pulling capital out of the crypto ecosystem rather than simply rotating between tokens. The last comparable contraction came as Bitcoin fell toward US$16,000 during the FTX crisis before stabilizing and beginning a multi-year recovery.

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

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

    This post appeared first on investingnews.com

    Keep Reading
    Investing

    Mining’s New Reality: Strategic Nationalism, Gold Records and a Fractured Cost Curve

    Investing 6 Mins Read

    The era of “smooth globalization” is over, and mining is entering a more fragmented, politically charged phase defined by strategic nationalism, according to speakers at S&P Global’s latest webinar.

    Jason Holden, who opened the “State of the Market: Mining Q4 2025” session with a macro overview, said the industry is operating in a world increasingly shaped by supply chain security and state intervention.

    “For decades we operated under a model of frictionless trade,” said Holden, a senior mining analyst at the firm. “That era is over. We’ve entered a world of strategic re-nationalization.”

    While the base economic outlook remains resilient, with moderate growth and easing headline inflation, Holden warned that “sticky core inflation remains stubbornly high.”

    For mining companies, that has two major implications: higher capital costs and less room for the easy-money valuation surges seen in past cycles. Central banks, led by the US Federal Reserve, are no longer aggressively tightening, but are also not on a clear-cut path to interest rate cuts.

    “We’re no longer on a predictable path of easing,” Holden explained to listeners. “The market is now focused on if and when cuts might resume.” At the same time, geopolitical disputes are increasingly spilling into trade policy. The conversation around critical minerals, he noted, has shifted decisively.

    “It’s no longer just about economics,’ said Holden. “It’s explicitly framed as national security.”

    That shift is driving greater government intervention, subsidies, capital screening and “friend-shoring,” where materials are sourced from politically aligned nations.

    Gold’s insurance premium

    Nowhere has geopolitical risk been more visible than in gold.

    The metal surged to fresh highs in early 2026 after setting 40 new records in 2024 and 53 more in 2025, a pace not seen since 1979. The price briefly pushed beyond US$5,500 per ounce at the start of the year.

    “The message from this price action is unmistakable,” Holden said. “In an uncertain world, the market is paying a premium for insurance, and gold is the ultimate safe asset.”

    While short-term flashpoints helped fuel the rally, the structural driver has been central bank buying. Since sanctions in 2022 prompted reserve managers to rethink US dollar exposure, official sector purchases have accelerated.

    “The sustained buying from central banks is the real engine behind the rally,” Holden said.

    S&P’s base case sees gold averaging US$4,247 per ounce in 2026, with upside potential toward US$6,000 by 2027 in a more bullish scenario.

    Copper tightness, nickel politics

    Luiz Amaral from S&P’s exploration team said copper ended 2025 on strong footing, with London Metal Exchange (LME) prices reaching US$12,500 per metric ton in December.

    Supply-side tightness, a weaker US dollar and copper’s growing role in electrification supported prices. The US decision to formally list copper as a critical mineral reinforced its strategic importance.

    S&P has lifted its 2026 copper price forecast to US$11,400 per metric ton, projecting a 543,000 metric ton concentrate deficit next year. However, the refined market is expected to move into surplus later in the decade as new smelter capacity ramps up. Longer term, the concentrate picture darkens again.

    “Our base case shows a 3 million metric ton shortfall by 2036,” Amaral said.

    Nickel’s recent rally, by contrast, has been driven more by policy than fundamentals. The price broke above US$18,000 per metric ton in January after Indonesia reduced its 2026 production quota.

    “The market is responding emotionally to policy updates,” Amaral said, noting that despite the rally, the broader market remains in surplus and LME inventories are building.

    Lithium rebounds amid persistent surplus

    Lithium prices have also staged a sharp rebound, rising 57 percent in China between mid-December and mid-January on renewed demand optimism and supply concerns. Yet S&P expects the market to remain oversupplied for most of the decade, with deficits not emerging until the early 2030s.

    New supply from Australia, Latin America and China continues to outpace demand growth, even as electric vehicles account for roughly 75 percent of lithium consumption through 2035.

    Diverging margins

    At the mine level, gold producers are enjoying some of the strongest margins in years, with prices rising faster than all-in sustaining costs. Silver has outperformed even more dramatically, climbing 154 percent in 2025 versus gold’s 71 percent gain, compressing the gold-silver ratio to below 70.

    Battery metals face a tougher backdrop.

    “Lithium and nickel continue to face margin pressure as prices lag elevated costs amid oversupply,” said Monica Ramirez from S&P’s mine economics and emissions team.

    Across 12 metals analyzed, S&P sees a structurally higher cost environment emerging due to inflation, energy expenses and maturing ore bodies. Precious metals retain the strongest buffers, while copper remains positive but increasingly sensitive at the upper end of the cost curve.

    Exploration at a crossroads

    Despite record prices in some commodities, exploration spending tells a more cautious story.

    Global exploration budgets totaled US$12.4 billion in 2025, down 1 percent year-on-year. Adjusted for inflation, spending has slipped back to levels last seen nearly two decades ago.

    “Gold continues to dominate,” Amaral said, accounting for roughly half of global exploration budgets. Lithium, once a standout, saw budgets fall nearly 50 percent amid weaker prices.

    More concerning is the structural shift away from grassroots exploration.

    In the mid-1990s, two-thirds of spending targeted generative programs. Today, that share has fallen to a record low as companies prioritize near-mine and late-stage work.

    “We are underinvesting at the very front end of the supply chain,” Amaral warned. Without renewed grassroots spending, the long-term discovery pipeline could suffer.

    M&A: Quality over quantity

    Mining M&A remained active into late 2025, though deal value normalized after earlier mega-mergers. Transaction value fell 45 percent quarter-on-quarter to US$16.1 billion, but deal count rose to its highest level in more than five years.

    Gold led activity, with buyers focusing on large-scale, long-life assets in low-risk jurisdictions.

    “Gold M&A today is no longer about simple volume growth,” Ramirez emphasized to viewers. “It’s about asset quality, jurisdictional safety and durable cashflow.”

    As the webinar made clear, mining is navigating a landscape defined by geopolitical risk, tighter capital and structural cost pressures. For companies able to secure high-quality assets and control costs, opportunities remain, but the margin for error is narrowing.

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

    This post appeared first on investingnews.com

    Keep Reading
    Investing

    Cygnus targets resource growth with start of new drilling and geophysics programs

    Investing 14 Mins Read

    Chibougamau Copper-Gold Project, Canada

    HIGHLIGHTS:

    • Cygnus sets up value drivers for 2026 with exploration and resource growth a high priority
    • At Cedar Bay, Downhole Electromagnetics (‘DHEM’) is in progress to identify follow-up targets from recent intersections1 such as:
      • 28.9m at 2.5g/t AuEq (1.0g/t Au, 1.0% Cu & 12.0g/t Ag) (CDR-25-16)
      • 10.6m at 4.1g/t AuEq (3.6g/t Au, 0.3% Cu & 2.8g/t Ag) (CDR-25-11W1)
    • This is the first time DHEM is being used at Cedar Bay in over 20 years
    • Drilling has started at Golden Eye to test extensions below the current resource, which stands at 0.5Mt at 5.6g/t AuEq for 91koz AuEq (Indicated) and 1.2Mt at 4.6g/t AuEq for 182koz AuEq (Inferred)2
    • At Joe Mann, a detailed Induced Polarisation (‘IP’) survey is underway to identify walk-up drill targets analogous to IAMGOLD’s Nelligan Complex deposits which contain 4.3Moz Au (M&I) and 7.5Moz Au (Inferred)3 located just 10km west of Joe Mann
    • Permits are being submitted for the Gwillim prospect for drilling in the coming quarter; This will co-funded by 50% JV partner Alamos Gold, which has a market capitalisation of ~C$25B. Initial targets will follow up historic intersections4 of:
      • 7.6m @ 38.1g/t Au from 314.9m (87-KOD-18);
      • 15.2m @ 9.4g/t Au from 155.1m (87-KOD-1); and
      • 16.4m @ 8.3g/t Au from 168.3m (87-KOD-10).
    • Cygnus believes there is significant potential to continue growing the Chibougamau resource, which stands at 6.4Mt at 3% CuEq for 193kt CuEq (M&I) and 8.5Mt at 3.5% CuEq for 295kt CuEq (Inferred)2

    Cygnus Executive Chairman David Southam said: ‘There is overwhelming evidence which points to the potential for substantial resource growth at Chibougamau. The resources remain open in many places and we have a pipeline of compelling targets to test.

    ‘We have devised an extensive program of drilling and geophysics to unlock this upside. This will include brownfields drilling as well as testing new targets. After growing the resource by 29 per cent last year, we are confident that our exploration strategy will deliver more strong results and create more value for shareholders.

    ‘We are now drilling at Golden Eye and Cedar Bay, which provide substantial resource upside.

    ‘Joe Mann and Gwillim have excellent discovery potential and have been materially overlooked for the last 20 years. With this potential and the current gold price we are excited to commence exploration on these targets’.

    Cygnus Metals Limited (ASX: CY5; TSXV: CYG,OTC:CYGGF; OTCQB: CYGGF) (‘Cygnus’ or the ‘Company’) is pleased to announce the start of extensive exploration programs aimed at growing the resources at its Chibougamau Copper-Gold Project in Quebec.

    Resource growth and discovery remain a key pillar of Cygnus’ growth strategy as the Company continues to unlock the Chibougamau district. A key focus is brownfields exploration, including extensions to deposits such as Cedar Bay and Golden Eye.

    At Cedar Bay, Downhole Electromagnetics (‘DHEM’) is in progress to define follow up drill targets from recent exploration drilling1 which returned:

    • 28.9m at 2.5g/t AuEq (1.0g/t Au, 1.0% Cu & 12.0g/t Ag) (CDR-25-16)
    • 10.6m at 4.1g/t AuEq (3.6g/t Au, 0.3% Cu & 2.8g/t Ag) (CDR-25-11W1)

    Recent drilling successfully demonstrated extensions to the current resource at Cedar Bay of 0.3Mt at 8.1g/t AuEq for 67koz (M&I) and 0.8Mt at 7.8g/t AuEq for 205koz (Inferred).2 DHEM aims to define resource extensions as well as identifying high grade shoots which are typically associated with semi massive sulphides. This will be the first time DHEM is being used at Cedar Bay in over 20 years, presenting a huge opportunity for Cygnus.

    At Golden Eye, drilling has commenced with three rigs to grow the Indicated Resource and extend the resource below the currently defined depth of just 450m. Golden Eye was a new resource defined by Cygnus last year of 0.5Mt at 5.6g/t AuEq for 91koz (Indicated) and of 1.2Mt at 4.6g/t AuEq for 182koz (Inferred)2 and remains open at depth with one of the deepest intersections5 from last year of:

    • 2.9m @ 10.2g/t AuEq (8.3g/t Au, 1.4% Cu & 3.3g/t Ag) from 463.8m (LDR-25-08)

    The Company also has a strong focus on defining new resources and making discoveries. Two key areas identified as high priority are gold targets Joe Mann and Gwillim.

    At Joe Mann, the Company has commenced a detailed Induced Polarisation (‘IP’) survey along major structures to identify walk-up drill targets for Q2 this year. Cygnus is targeting analogous mineralisation to IAMGOLD’s Nelligan Complex, which is located just 10km west of the project and contains 4.3Moz Au (M&I) and 7.5Moz Au (Inferred).3

    This survey will help to generate further drill targets in addition to some of the high-grade historic intersections which also require follow up.4 These include:

    • 0.7m @ 480.2g/t Au from 92.3m (H-118);
    • 3.8m @ 20.8g/t Au from 287.2m (H-214); and
    • 8.4m @ 6.3g/t Au from 175.6m (H-374).

    At Gwillim, permits are underway for drilling to commence in the coming quarter. Drilling at Gwillim will be co-funded by 50% JV partner Alamos Gold, which has a market capitalisation of ~C$25B. Gwillim is just 12km from the Chibougamau processing facility and has high potential for defining new resources. Initial drilling will focus on following up high-grade historic intersections4 such as:

    • 7.6m @ 38.1g/t Au from 314.9m (87-KOD-18);
    • 15.2m @ 9.4g/t Au from 155.1m (87-KOD-1); and
    • 16.4m @ 8.3g/t Au from 168.3m (87-KOD-10).

    The Chibougamau area has well-established infrastructure, giving the Project a significant headstart as a copper-gold development opportunity. This infrastructure includes a 900,000tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site. Significantly, the Chibougamau processing facility is the only processing facility within a 250km radius.

    Figure 1: Exploration progressing across mutiple fronts with a focus on both resource extensions and discovery

    Figure 2: Joe Mann IP survey covering key structures from IAMGOLD’s major deposits Nelligan and Phillibert3

    This announcement has been authorised for release by the Board of Directors of Cygnus.

    David Southam
    Executive Chair
    T: +61 8 6118 1627
    E: info@cygnusmetals.com     		Nicholas Kwong
    President & CEO
    T: +1 647 921 0501
    E: info@cygnusmetals.com     		Media:
    Paul Armstrong
    Read Corporate
    T: +61 8 9388 1474


    About Cygnus Metals

    Cygnus Metals Limited (ASX: CY5, TSXV: CYG,OTC:CYGGF, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.

    Forward Looking Statements

    This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond Cygnus’ control. Cygnus makes no representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly, to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in this release or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.

    End Notes

    1. Refer to Cygnus’ ASX announcements dated 30 October 2025 and 8 December 2025.
    2. Refer to Cygnus’ ASX announcement dated 17 September 2025 and subsequent technical report dated 31 October 2025 titled ‘NI 43-101 Technical Report Chibougamau Hub and Spoke Complex, Québec, Canada’ prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (‘NI 43-101’) and the Joint Ore Reserves Committee (JORC) Code (2012 Edition).
    3. Refer to IAMGOLD’s news release dated 17 February 2026.
    4. Refer to Cygnus’ ASX announcement dated 20 January 2026.
    5. Refer to Cygnus’ ASX announcement dated 8 May 2025.

    Qualified Persons and Compliance Statements

    The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a ‘qualified person’ as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

    The information in this release that relates to the Mineral Resource Estimate for the Chibougamau Project reported in accordance with the JORC Code (2012 Edition) and NI 43-101 was released by Cygnus in an announcement titled ‘Major Resource Update’ released to the ASX on 17 September 2025 and subsequent technical report dated 31 October 2025 titled ‘NI 43-101 Technical Report Chibougamau Hub and Spoke Complex, Québec, Canada’ prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (‘NI 43-101’) and the JORC Code (2012 Edition). Details of the Mineral Resource Estimate are included in Appendix A.

    The information in this announcement that relates to previously reported Exploration Results at the Company’s projects has been previously released by Cygnus in ASX Announcements as noted in the End Notes.

    Individual grades for the metals included in the metal equivalents calculations for the Mineral Resource Estimate, as well as the price assumptions, metallurgical recoveries and metal equivalent calculations themselves, are in Appendix A of this release. Individual grades for the metals included in the metal equivalents calculation for the exploration results are in the original market announcements. Metal equivalents for exploration results have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz and silver price of US$25/oz, with copper equivalents calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Metallurgical recovery factors have been applied to the copper equivalents calculations for the exploration results, with copper metallurgical recovery assumed at 95% and gold metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility, and the metallurgical results contained in Cygnus’ announcement dated 28 January 2025. It is the Company’s view that all elements in the copper and gold equivalent calculations have a reasonable potential to be recovered and sold.

    Cygnus is not aware of any new information or data that materially affects the information in these announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    APPENDIX A – Mineral Resource Estimate for the Chibougamau Project as at 17 September 2025

    Cu
    Project    		 Classification COG
    CuEq    		 Tonnage Average Grade Contained Metal
    Cu Au Ag CuEq AuEq Cu Au Ag CuEq AuEq
    % Mt % g/t g/t % g/t kt koz koz kt koz
    Corner Bay Indicated 1.2 4.9 2.5 0.3 8.4 2.8 4.1 124 43 1,316 137 638
    Inferred 5.4 2.7 0.2 8.9 3.0 4.3 146 41 1,543 159 744
    Devlin Measured 1.5 0.1 2.7 0.3 0.5 2.9 4.7 4 1 2 4 19
    Indicated 0.6 2.0 0.2 0.2 2.1 3.4 13 4 5 13 69
    M&I 0.8 2.1 0.2 0.3 2.3 3.6 16 5 7 17 88
    Inferred 0.3 2.0 0.2 0.3 2.1 3.4 7 2 3 7 36
    Joe Mann Inferred 2.0 0.7 0.2 6.0 – 4.6 6.3 2 143 – 34 151
    Cedar Bay Indicated 1.8 0.3 1.6 6.0 9.9 6.4 8.1 4 50 82 16 67
    Inferred 0.8 2.0 5.1 11.8 6.1 7.8 17 134 309 50 205
    Golden Eye Indicated 0.5 1.0 4.3 9.9 4.4 5.6 5 69 161 22 91
    Inferred 1.2 0.9 3.4 7.9 3.6 4.6 11 134 313 45 182
    Project Classification Tonnage Average Grade Contained Metal
    Cu Au Ag CuEq AuEq Cu Au Ag CuEq AuEq
    Mt % g/t g/t % g/t kt koz koz kt koz
    Hub and Spoke Measured 0.1 2.7 0.3 0.5 2.9 4.7 4 1 2 4 19
    Indicated 6.3 2.3 0.8 7.8 3.0 4.3 146 166 1,563 189 865
    M&I 6.4 2.3 0.8 7.6 3.0 4.3 149 167 1,565 193 884
    Inferred 8.5 2.1 1.7 7.9 3.5 4.8 182 454 2,168 295 1,318


    Notes:

    1. Cygnus’ Mineral Resource Estimate for the Chibougamau Copper-Gold project, incorporating the Corner Bay, Devlin, Joe Mann, Cedar Bay, and Golden Eye deposits, is reported in accordance with the JORC Code and the Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM’) (2014) definitions in NI 43-101.
    2. Mineral Resources are estimated using a long-term copper price of US$9,370/t, gold price of US$2,400/oz, and silver price of US$30/oz, and a US$/C$ exchange rate of 1:1.35.
    3. Mineral Resources are estimated at a CuEq cut-off grade of 1.2% for Corner Bay and 1.5% CuEq for Devlin. A cut-off grade of 1.8 g/t AuEq was used for Cedar Bay and Golden Eye; and 2.0 g/t AuEq for Joe Mann.
    4. Corner Bay bulk density varies from 2.85 tonnes per cubic metre (t/m3) to 3.02t/m3 for the estimation domains and 2.0 t/m3 for the overburden. At Devlin, bulk density varies from 2.85 t/m3 to 2.90 t/m3. Cedar Bay, Golden Eye, and Joe Mann use a bulk density of 2.90 t/m³ for the estimation domains.
    5. Assumed metallurgical recoveries are as follows: Corner Bay copper is 93%, gold is 78%, and silver is 80%; Devlin copper is 96%, gold is 73%, and silver is 80%; Joe Mann copper is 95%, gold is 84%, and silver is 80%; and Cedar Bay and Golden Eye copper is 91%, gold is 87%, and silver is 80%. 
    6. Assumptions for CuEq and AuEq calculations (set out below) are as follows: Individual metal grades are set out in the table. Commodity prices used: copper price of US$9,370/t, gold price of US$2,400/oz and silver price of US$30/oz. Assumed metallurgical recovery factors: set out above. It is the Company’s view that all elements in the metal equivalent calculations have a reasonable potential to be recovered and sold.
    7. CuEq Calculations are as follows: (A) Corner Bay = grade Cu (%) + 0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t) ; (B) Devlin = grade Cu (%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t); (C) Joe Mann = grade Cu (%) + 0.72774* grade Au (g/t); and (D) Golden Eye and Cedar Bay = grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t).
    8. AuEq Calculations are as follows: (A) Corner Bay = grade Au (g/t) + 1.45097* grade Cu(%)+0.01282* grade Ag (g/t); (B) Devlin = grade Au (g/t) + 1.59957* grade Cu(%)+0.01379* grade Ag (g/t); (C) Joe Mann = grade Au (g/t) + 1.37411* grade Cu (%); and (D) Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
    9. Wireframes were built using an approximate minimum thickness of 2 m at Corner Bay, 1.8 m at Devlin, 1.2 m at Joe Mann, and 1.5 m at Cedar Bay and Golden Eye.
    10. Mineral Resources are constrained by underground reporting shapes.
    11. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
    12. Totals may vary due to rounding.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/9f3d9271-0c1d-4946-b6b7-907187bb4f3a

    https://www.globenewswire.com/NewsRoom/AttachmentNg/bf51280f-9701-4436-8255-c21949f90dfe

    News Provided by GlobeNewswire via QuoteMedia

    This post appeared first on investingnews.com

    Keep Reading