Subject to Division approval and confirmation that treated water meets permit limits, Anfield is targeting commencement of treated-water discharge in the second week of November, clearing the path to active dewatering of the historic underground workings.

These steps follow the Company’s August 27th announcement of the first underground blast at Velvet-Wood in nearly 40 years and rehabilitation of the first 700 feet of the decline.

Construction of the water treatment plant and installation of the dewatering pump have continued in parallel. Once discharge begins, Anfield expects the remaining portion of the decline to dewater within approximately the first month of active pumping, with roughly two to three months required to dewater the existing underground workings.

Velvet-Wood last produced uranium and vanadium in 1984. Bringing the historic underground workings back into a dry, workable condition is a central step in Anfield’s hub-and-spoke strategy, which centers on the fully permitted Shootaring Canyon Mill in Utah — one of only three licensed, permitted, and constructed conventional uranium mills in the United States.

Corey Dias, CEO of Anfield, commented: “We are moving Velvet-Wood from restart milestones into an executable dewatering timeline. Utah’s Concept Approval of our water treatment plan, together with our request to reactivate Outfall, puts us on track to begin treated discharge as early as November 7, subject to final Division approval and permit compliance. Combined with the first underground blast in nearly four decades and ongoing decline rehabilitation, Velvet-Wood is advancing as a real near-term contributor to our Shootaring-centered hub-and-spoke platform.”

About Anfield

Anfield Energy is a uranium and vanadium development and near-term production company committed to becoming a significant supplier of energy-related fuels through sustainable, efficient growth of its U.S.-based assets. The Company’s flagship asset is the Shootaring Canyon Mill in Utah, one of only three licensed, permitted, and constructed conventional uranium mills in the country. Anfield’s portfolio includes the advanced Velvet-Wood project (Utah) and other conventional uranium-vanadium assets in Utah, Colorado, Arizona, and New Mexico. All of Anfield’s assets are located in the United States, positioning the Company to help meet America’s growing nuclear fuel needs. The U.S. consumes nearly 50 million pounds of uranium annually yet produces only a small fraction domestically.

Anfield Energy is a market awareness client of Capital 10X. For more information, including potential conflicts of interest please see our Content Disclaimer.

The post Anfield Receives Water Treatment Plan Approval, Targets Dewatering to Begin in November appeared first on Capital 10X.

Figure 1: Gold Chain Property Map Highlighting Geology and 2026-2027 Target Areas.

Northeast (“NE”) Tyro
The best drill results at the Gold Chain project to date have been from NE Tyro. This shallow zone has returned significant grades and widths. Drilling in 2026 materially expanded this zone along strike and at depth, providing critical mass for the pending maiden resource. The next drilling phase at this zone will focus on pushing gold mineralization deeper and below some of the final high-grade holes from the most recent drill program (Target Area 1 – Figure 2). Additionally, the zone remains open to the northeast towards the Frisco Mine fault, the southwest boundary of the Frisco Graben target. West Point Gold believes that the Frisco Mine fault may serve as a regional conduit for mineralizing fluids, and moving toward the fault and downwards along the footwall is very prospective. Figure 2 shows the target areas at NE Tyro (Target Area 2). The amount of drilling at NE Tyro will be dependent on results.
 
Tyro Main Zone
Tyro Main is also expected to contribute materially to the maiden resource. Recent drilling at the Tyro Main Zone demonstrated weakening gold grades to depth; however, the alteration in those drill holes appears to more closely resemble what one would typically see above a low sulphidation epithermal gold zone, not below. As such, the plan is to continue testing the Tyro Main zone to depth (Target Area 3 – Figure 2) using two strategies: first, stepping down below the 2026 intercepts; and second, pushing the limits of Target Area 1 to the southwest and beneath the current Tyro Main mineralized zone.

 
Figure 2: Tyro Long Section showing drill hole traces and intercepts. Also shown are the generalized targets (#1 – #3) in order of priority for the upcoming drilling campaign.

Black Dyke Target
Black Dyke has evolved from a historical prospect into a credible second potential resource-development area at Gold Chain but will not be included in the maiden resource. Its shallow, low-angle geometry, along with its oxidized nature, could make it particularly attractive for potential open-pit development if additional drilling establishes sufficient scale and continuity. The zone is located approximately 4km west of the Tyro Main Zone along the Roadside Mine fault, which borders the southwest flank of the Katherine Horst. Alteration and vein textures observed in the shallow drilling suggest additional potential exists at depth, which has been supported by recently acquired historical drilling data.
 
Initial RC drilling has defined a shallow-dipping zone extending for at least 200m along strike and approximately 250m down-dip. Importantly, mineralization begins at or near surface, is largely oxidized, and remains open to the west and down-dip to the southwest. Initial drilling returned encouraging, relatively consistent widths and grades, highlighted by 36.6 m at 1.04 g/t Au (GC26-095) from surface, 21.3 m at 0.92 g/t Au (GC26-098), 7.6 m at 1.56 g/t Au (GC26-099), and 12.2 m at 1.09 g/t Au (GC26-101).
 
Drilling is planned to follow up on the high-grade historical results and continue expanding the zone towards the Roadside Mine fault.

Figure 3: Geologic Map of the Black Dyke prospect showing historical and 2026 (purple) drill holes along with surface samples. Please note historical holes BD8837 and BD8840 with 1.5 to 4.6m of >1 opt Au.

Sheep Trail
Sheep Trail was the highest grade mine in the Katherine (North Oatman) District when it was last mined over 100 years ago. Recent drill results suggest that it is a third potential resource-development area at Gold Chain. Located approximately 600 metres south of the Tyro Main Zone, drilling at Sheep Trail has intersected broad zones of shallow gold mineralization within an extensive structural corridor that can be traced for more than one kilometre. Recent drilling has returned encouraging near-surface intersections, including 32.0 metres grading 1.05 g/t Au from only 9.1 metres depth (GC26-106), 19.8 metres grading 1.42 g/t Au from 51.8 metres (GC26-111), and 7.6 metres grading 2.41 g/t Au from 61.0 metres (GC26-113).
 
Importantly, mineralization remains open along strike, providing an opportunity to expand the system through additional drilling. Continued drilling will focus on expanding the known mineralized zones, testing extensions along the broader Banner–Sheep Trail trend and evaluating the potential for Sheep Trail to contribute meaningful additional ounces to the Gold Chain resource base.
 
Bull 8 Target
Bull 8 is an early-stage gold discovery located approximately 6 km northwest of the Tyro Zone.  The prospect occurs along the northwest-trending Union Pass Fault Corridor characterized by strongly sheared, brecciated and altered Precambrian granite cut by fault-bounded dikes. Historical pits, adits and trenches occur throughout the prospect, with surface samples returning up to 2.09 g/t Au. Widespread quartz veining, hydrothermal alteration and anomalous gold occur along the broader Union Pass Fault Corridor, which extends for roughly 12 km across the property. The fault corridor is interpreted as a major pre-, intra- and post-mineral structural control on the broader Gold Chain mineralizing system. The 2026 drilling consisted of six RC holes totalling 856 m, with gold mineralization intersected in every hole. The standout result was GC26-136: 21.4 m at 1.01 g/t Au, including an estimated 18 m true width, beginning at 71.6 m depth. A second hole, GC26-130, returned 12.2 m at 0.41 g/t Au from only 6.1 m depth, demonstrating that mineralization also occurs close to surface. 
 
Drilling is expected to follow up on the 2026 results and expand the zone to depth and along strike.
 
Frisco Graben
The Frisco Graben represents one of the largest and most compelling discovery opportunities at the Gold Chain Project. Located immediately northeast of the high-grade Northeast Tyro zone, Frisco Graben is a large-scale, concealed low-sulphidation epithermal gold target extending approximately four kilometres in length and up to 750m in width. The target lies at the intersection of the northeast extension of the mineralized Tyro structural corridor and the regionally significant northwest-trending Frisco Mine Fault, creating a highly prospective structural setting for the development of a substantial gold system (Figure 4).
 
Exploration at Frisco has identified widespread, intense hydrothermal alteration associated with rhyolite dikes, flow domes, volcanic rocks, and major graben-bounding structures. Initial drilling encountered broad zones of deeply oxidized kaolinite-silica-hematite alteration in the hanging wall of the Frisco Mine fault. Prior drilling intersected anomalous gold and elevated mercury, an important pathfinder element in low-sulphidation epithermal systems. Hyperspectral and geochemical studies indicate that the initial drill holes remained within the upper, steam-heated portion of the hydrothermal system, suggesting that the prospective gold-bearing boiling zone may occur deeper and remains largely untested.
 
Drilling conducted in 2026 at NE Tyro reveals that gold mineralization is extending toward and plunging into the footwall of the Frisco Mine fault. This provides West Point Gold the opportunity to follow mineralization into and beneath the Frisco Graben domain. Recognizing the complex structural and hydrothermal history at Gold Chain, determining the relationship between gold mineralization in the footwall and steam-generated alteration in the hanging wall of the Frisco Mine fault is an important objective in the 2026-2027 drilling campaign.
 

Figure 4: Geologic Map of the intersection of the Tyro Vein System and the Frisco Mine fault revealing the spatial relation between gold mineralization and steam-generated alteration of the Frisco Graben target area.

Approval of Deferred Share Unit and Restricted Share Unit Plan
The Company also announces that, on August 20, 2026, disinterested shareholders of the Company approved the adoption of its deferred share unit and restricted share unit plan (the “DSU/RSU Plan”). The DSU/RSU Plan is intended to attract, retain, and motivate key individuals to provide services to the Company. The DSU/RSU Plan permits a maximum of 13,708,176 common shares in the capital of the Company that may be issued to eligible participants under the DSU/RSU Plan, subject to adjustment as provided for in the DSU/RSU Plan. Please refer to the Company’s management information circular dated July 21, 2026, available on SEDAR+ under the Company’s profile, for a copy and summary of the DSU/RSU Plan.

Equedia Marketing Agreement
West Point Gold has engaged Equedia Network Corp., an arm’s-length service provider, to provide communications and advisory services in accordance with TSX Venture Exchange policies and applicable securities laws.
Based in Richmond, B.C., Equedia specializes in marketing, communications, media engagement and public awareness services within the mining and metals sector. Under a media and investor relations services agreement dated September 8, 2026, Equedia will provide communications, marketing and advisory services to the company for a three-month term for a one-time fee of $500,000, plus applicable taxes payable at the commencement of services.
The company will not issue any securities to Equedia as compensation for its marketing services. As of the date hereof, to the Company’s knowledge, Equedia (including its directors and officers) does not own any securities of the Company.
The marketing agreement with Equedia is subject to TSX Venture Exchange approval.

Qualified Person
Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration, is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for overseeing all phases of the drilling program, including logging, labelling, bagging and transport from the project to American Assay Laboratories of Sparks, Nevada. Drillholes have a diameter of about 10cm, and samples have an approximate weight of 5 to 10kg.  Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, and over-limit samples were determined by fire assay and gravimetric finish. Silver plus 15 other elements were determined by Aqua Regia ICP-AES (IM-2A16), and over-limit samples were determined by fire assay and gravimetric finish. Both certified standards and blanks were inserted on site along with duplicates, standards and blanks inserted by American Assay. The results summarized above have been carefully reviewed with reference to the QA/QC results. Standard sample chain of custody procedures were employed during drilling and sampling campaigns until delivery to the analytical facility.
 
The QP has not completed sufficient work to verify the historical information received on the Black Dyke, Bull 8 and Gold Chain Hill targets, particularly with regard to historical drill results. However, the QP believes that prior drilling and analytical results were completed to industry standard practices at the time they were drilled.
 
About West Point Gold Corp.
West Point Gold is an exploration and development company focused on unlocking value across four strategically located projects along the prolific Walker Lane Trend in Nevada and Arizona, USA, providing shareholders with exposure to multiple discovery opportunities across one of North America’s most productive gold regions. The Company’s near-term priority is advancing its flagship Gold Chain Project in Arizona.

West Point Gold is a research client of Capital 10X. For more information, including potential conflicts of interest please see our Content Disclaimer.

The post West Point Gold Commences 30,000 Meter Drill Program at Gold Chain Target in Arizona appeared first on Capital 10X.

Highlights
The La Verde porphyry discovery has delivered another round of high-grade, near-surface coppergold drill results, supporting the Company’s objective of integrating La Verde into the Costa Fuego
copper-gold (Cu-Au) Project, located on Chile’s coastal range at low elevation.
Three high-grade intersections from shallow depths headline the latest Reverse Circulation (RC)
drilling at La Verde, supporting the continuity of wide mineralised zones across the deposit.
Significant intersections include:

• DKP063 recorded 398 m grading 0.45% CuEq (0.35% Cu, 0.12 g/t Au) from surface
  o Including 62 m grading 0.91% CuEq (0.70% Cu, 0.30 g/t Au) from 20 m depth
  o Which included 12 m grading 1.00% CuEq (0.66% Cu, 0.49 g/t Au) from 20 m depth
  o And included 34 m grading 1.00% CuEq (0.80% Cu, 0.27 g/t Au) from 42 m depth
• DKP075 recorded 132 m grading 0.57% CuEq (0.45% Cu, 0.16 g/t Au) from 24 m depth (partial)
  o Including 42 m grading 0.70% CuEq (0.57% Cu, 0.19 g/t Au) from 96 m
  o Assays are still outstanding for the remaining 177 m, results expected shortly
• DKP064 recorded 126 m grading 0.45% CuEq (0.38% Cu, 0.08 g/t Au) from 54 m depth
  o Including 26 m grading 0.70% CuEq (0.60% Cu, 0.13 g/t Au) from 108 m
  Assays from 22 drillholes (two Diamond Drill (DD), one DD tail and 19 RC) remain pending,
  providing a steady flow of results as assay turnaround time improves from two accredited laboratories.

________________________________________________________________________________________________________________________

1 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery).
The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) announced another set of high-grade drill results from its La Verde Cu-Au porphyry discovery (La Verde), located 30 km south of the Company’s Costa Fuego Cu-Au Project (Costa Fuego) planned central processing hub in Chile’s coastal Atacama region.

Christian Easterday, Managing Director of Hot Chili, said: “DKP063 is among the strongest near-surface
intersections we have drilled at La Verde so far, with comparable grades are now appearing across the
deposit, we have confidence in the scale of a potential high-grade starter pit for Costa Fuego. With assays
from 22 holes still to come, our focus is on converting this drilling into a maiden Mineral Resource and,
from there, integrating this into an enhanced and upscaled Costa Fuego Prefeasibility study.”

Three New, Near-Surface High-Grade Intersections Highlight Scale

Three RC drillholes targeting the up-dip extension of high-grade mineralisation at La Verde have each
returned wide intersections of copper-gold mineralisation from shallow depths. Importantly, these results
are distributed across the deposit, highlighting the scale and continuity of La Verde’s growing high-grade
core.

These results are headlined by DKP063 (Figure 3 and 4), which recorded 398 m grading 0.45% CuEq
(0.35% Cu, 0.12 g/t Au) from surface. Within this, a significant higher-grade component includes 62 m
grading 0.91% CuEq (0.70% Cu, 0.30 g/t Au) from just 20 m depth, demonstrating the continuity of highgrade mineralisation at shallow depths (Figure 6) and reinforcing the potential for a high-grade starter pit,
capable of delivering early higher-grade material to the Costa Fuego mine plan.

DKP075 recorded a partial result of 132 m grading 0.57% CuEq (0.45% Cu, 0.16 g/t Au) from 24 m
depth which included 42 m grading 0.70% CuEq (0.57% Cu, 0.19 g/t Au) from 96 m (Figure 5). The hole
was designed to test a near-surface data gap between two interpreted high-grade areas, with the result
indicating continuity of a broad blanket of oxide mineralisation in this area. Results from the final 177 m of
this hole are still outstanding and are expected to be reported shortly.
Additionally, DKP064, which was collared at the southern extent of La Verde’s high-grade core, returned
126 m grading 0.45% CuEq (0.38% Cu, 0.08 g/t Au) from 54 m depth, including 26 m grading 0.70%
CuEq (0.60% Cu, 0.13 g/t Au) from 108 m, together with a second intersection of 74 m grading 0.35%
CuEq (0.29% Cu, 0.07 g/t Au) from 276 m.

Importantly, the presence of these grades at the southern margin of the interpreted high-grade core further
supports the lateral continuity of higher-grade mineralisation and suggests potential for expansion in this
direction, which remains to be tested (Figure 4).

Updated DKD060 Result Extends Mineralisation to 765m Down-Hole Depth

Final assay results for the deeper portion of DKD060 have been added to the previously reported
intersection of 472 m grading 0.41% CuEq (0.34% Cu, 0.08 g/t Au) from 49 m (see announcement dated
24 August 2026).

An additional intersection of 123.1 m grading 0.30% CuEq (0.27% Cu, 0.02 g/t Au) from 642.1 m confirms
continuity of the mineralised porphyry system to 765.2 m, close to the end-of-hole depth of 772.7 m,
highlighting the vertical extent and scale potential of the La Verde discovery (Figure 4). The interval is
punctuated by a narrow, higher-grade zone of 2.3 m grading 4.56% Cu from 655.5 m hosted within
chalcopyrite-rich veining.

Advancing Toward Maiden MRE and Pre-Feasibility Study (PFS) Integration

Hot Chili continues to advance resource definition and development workstreams at La Verde, with a maiden
Mineral Resource Estimate (MRE) targeted for completion later this year. The Company expects to follow
with a revised Costa Fuego Pre-Feasibility Study (PFS), incorporating La Verde, ahead of formal submission
of the Costa Fuego Environmental Impact Assessment (EIA) in Q2 2027.

Ongoing drilling continues to expand and upgrade confidence in La Verde’s high-grade copper-gold
mineralisation, supporting the Company’s objective of integrating the discovery into the Costa Fuego mine
plan and development strategy.

Figure 1. Location of La Verde in relation to Costa Fuego, coastal range Chile

1asl = above sea level

Table 1. New significant drilling intersections from La Verde

Notes to Table 1: Significant intercepts for La Verde are reported above a nominal cut-off grade of 0.20% Cu. Reported intersections may include internal dilution (intervals below 0.20% Cu), including zones exceeding 30 m downhole width, where the overall weighted average grade of the intersection remains above the cut-off grade. Significant intersections are separated where zones of internal dilution result in discrete intervals that do not meet the reporting criteria. The selection of a 0.20% Cu cut-off grade is aligned with a marginal economic cut-off for bulk tonnage polymetallic copper deposits of comparable grade in Chile and globally.

1 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

Figure 2. Plan view map of La Verde showing recent drill hole results and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants. Drilled holes with pending assays are shown in black. Position of A – A’ long section (Figure 3), B – B’ cross section (Figure 4) and C – C’ cross section (Figure 5) annotated with white dashed lines. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2

1 See Page 11 of this announcement for detail on the US$3.50 Cu and US$6.00 Cu conceptual open pit shells (Exploration Targets). Any potential tonnage and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

2 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

Figure 3. Long-section slice (A – A’) showing recent drill hole results and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants. Returned Cu grades shown on hole traces, drilled holes with pending assays are shown in black. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2.

1 See Page 11 of this announcement for detail on the US$3.50 Cu and US$6.00 Cu conceptual open pit shells (Exploration Targets). Any potential tonnage and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

2 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

Figure 4. Cross section slice (B – B’) showing recent drill hole results DKP063, DKP064, DKP059 and DKD060 (± 75m clipping) and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants. Returned Cu grades shown on hole traces, drilled holes with pending assays are shown in black. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2.

1 See Page 11 of this announcement for detail on the US$3.50 Cu and US$6.00 Cu conceptual open pit shells (Exploration Targets). Any potential tonnage and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

2 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

Figure 5. Cross section slice (C – C’) showing partial drill hole results DKP075 (± 75m clipping) and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants. Returned Cu grades shown on hole traces, drilled holes with pending assays are shown in black. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2.

1 See Page 11 of this announcement for detail on the US$3.50 Cu and US$6.00 Cu conceptual open pit shells (Exploration Targets). Any potential tonnage and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

2 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

Figure 6. Oblique slice towards NW (Azi 325°, Plunge+26°). 0.3% and 0.4% Cu interpolants displayed for oxide and transitional material, sliced along NNE orientation with the front removed. US$3.50/lb Cu conceptual open pit shell displayed in dark grey; US$6.00/lb Cu conceptual open pit shell displayed in light grey1. Base of weathering shown as dashed blue line. Results reported including CuEq2.

1 See Page 11 of this announcement for detail on the US$3.50 Cu and US$6.00 Cu conceptual open pit shells (Exploration Targets). Any potential tonnage and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

2 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

Qualifying Statements
Conceptual Open Pit Shells
Conceptual open pit shells represent Exploration Targets as defined in the 2012 Edition of the ‘Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). They are
based on completed exploration activities reported in the announcement released 19 May 2025 (‘Hot Chili
Announces Latest Drill Results for La Verde, Doubling Porphyry Discovery Footprint’).

The conceptual open pit shells were generated using copper (Cu) prices of US$3.50/lb Cu and US$6.00/lb
Cu on a series of nested Cu grade shells. Other input parameters informing the conceptual open-pit shells
(pit slope angles, mining cost, processing cost, etc.) were derived from values reported in the March 2025
Costa Fuego Pre-Feasibility Study and are considered appropriate for the style of mineralisation encountered
at the La Verde Cu-Au porphyry discovery.

Any potential quantity and grade of the Exploration Target shown is conceptual in nature. There has been
insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further
exploration will result in the estimation of a Mineral Resource.

Further exploration activities are detailed in this announcement and include (but may not necessarily be
limited to) a program of diamond drillholes aiming to extend the mineralised footprint at La Verde. Drilling
commenced on 22 September 2025, with the length of the program dependent on a number of considerations
including (but not limited to) the results of the exploration activities and regulatory applications and approvals.

Qualified Person – NI 43-101
The technical information in this announcement has been reviewed and approved by Mr Christian Easterday,
MAIG, Hot Chili’s Managing Director and a qualified person within the meaning of National Instrument 43-101
– Standards of Disclosure for Mineral Projects. For further information, please refer to the Company’s
technical report titled “Costa Fuego Project, NI 43-101 Technical Report Preliminary Feasibility Study”, with
an effective date of 27 March 2025, a copy of which is available for review under the Company’s issuer profile
on SEDAR+ (www.sedarplus.ca).

Competent Person – JORC
The information in this announcement that relates to Exploration Results and Exploration Targets for the La
Verde project is based upon information compiled by Mr Christian Easterday, the Managing Director and a
full-time employee of Hot Chili Limited, who is a Member of the Australasian Institute of Geoscientists (AIG).
Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposits
under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined
in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves’ (JORC Code). Mr Easterday consents to the inclusion in this announcement of the matters
based on their information in the form and context in which it appears.

The information in this announcement relating to previously reported Exploration Results for La Verde was
previously reported in the Company’s announcements ‘Hot Chili Confirms Major Cu-Au Porphyry Discovery
at La Verde’, ’Hot Chili Announces Latest Drill Results for La Verde, Doubling Porphyry Discovery Footprint’,
‘District-Scale Porphyry Cluster Potential Emerging at La Verde Cu-Au Discovery’, ‘First Diamond Drillhole
Confirms Gold-Rich Major Copper Discovery in Coastal Chile’, ‘Near-Surface Higher-Grade Core Confirmed
at La Verde’, ‘Rapid Growth of High Grade Core Continues at La Verde’, ‘Shallow High Grade Results
Continue at La Verde’, ‘Hot Chili Confirms Major High-Grade Extension at La Verde’, ‘Latest Drilling Lifts HG
Core Potential of La Verde’, ‘Strong Copper-Gold Results Continue at La Verde’, ‘La Verde Emerging as
Cornerstone Asset for HCH’, and ‘Hot Chili Delivers More Copper-Gold at La Verde’ released to ASX on 26
February 2024, 19 May 2025, 29 May 2025, 27 November 2025, 10 December 2025, 20 January 2026, 16

The post Thick, High-Grade, Surface Enrichment Zone Extends at La Verde appeared first on Capital 10X.

Ecora is a leading critical minerals focused royalty and streaming company. Copper is at the core of the portfolio which also includes other commodities linked to the trend of electrification, energy transition, infrastructure renewal and urbanisation, digital infrastructure, robotics and energy security. 

Marc Bishop Lafleche, Chief Executive Officer of Ecora, commented:

“Ecora’s strong first-half performance builds on the momentum established in 2025. The core critical minerals portfolio delivered another record performance, further demonstrating its underlying cash generation potential, with revenue growth converting to a significant increase in adjusted earnings growth, highlighting the scalability of the royalty model. Strong cash generation is expected to continue to drive deleveraging in the second half of 2026, with the additional benefit of commodity price tailwinds should the price of copper, and other key commodity exposures, remain at or above current levels.

“Looking forward, a number of our operating partners are targeting near-term milestones which are expected to advance the next wave of organic growth in our portfolio. Within the base metals portfolio, the evaluation of brownfield expansion opportunities are being progressed at Voisey’s Bay and Mantos Blancos, alongside the greenfield Santo Domingo project that is moving towards Final Investment Decision. Elsewhere, a Definitive Feasibility Study on the Phalaborwa rare earths project continues to progress towards completion.

“This combination of strong cash generation, commodity price tailwinds, deleveraging, potential key derisking milestones underpinned by a positive fundamental outlook for copper and other critical minerals, gives us great confidence in the near and long-term outlook for Ecora.”

Financial highlights:

·    Total portfolio contribution increased 75% to $31.3m (H1 2025: $17.9m) with royalty and metal stream related revenue increasing 102% to $32.0m (H1 2025: $15.8m)

·    159% increase in base metals portfolio contribution to $22.5m (H1 2025: $8.7m)

·    509% increase in adjusted earnings to $19.5m (H1 2025: $3.2m)

·    Adjusted earnings per share of 7.81c (H1 2025: 1.27c)

·    Profit before tax of $24.3m (H1 2025: loss $10.9m)

·    Free cash flow of $12.1m (H1 2025: $2.0m)

·    Net debt decreased to $74.9m as at 30 June 2026 (31 December 2025: $85.5m), and down from $124.6m as at 30 June 2025

·    Interim dividend of 1.90 cents per share, equating to ~ 25% of free cash flow (H1 2025: 0.60 cents per share)

Portfolio Highlights:

Base metals

Producing

• Voisey’s Bay (cobalt):

o 266 tonnes of cobalt received (H1 2025: 140 tonnes)

o Ramp-up of operations to full production capacity largely completed

o Portfolio contribution net of stream costs up 230% to $13.5m (H1 2025: $4.1m)

o Average sales price realisation in H1 of $28.4/lb (H1 2025: $16.5/lb)

o As part of its analyst and investor tour to Voisey’s Bay in June, Vale Base Metals published materials that referenced several growth areas at Voisey’s Bay, including:

• plans to expand mill capacity from ~2.8 Mtpa to ~3.8 Mtpa by 2030

• pre-feasibility study ongoing with an FID targeted by 2028

o 2026 exploration program (underground drilling of 48,695m and surface drilling of 26,500m) focused on:

• near-term mine plan optimization

• long-term underground resource growth to potentially support life of mine extension

o Two-week planned annual maintenance scheduled at the Voisey’s Bay processing plant and Long Harbour refinery during Q3 2026 and Q4 2026 respectively 

• Mantos Blancos (copper):

o Portfolio contribution up 26% to $4.8m (H1 2025: $3.8m)

o Payable copper volumes of 23.4 kt (H1 2025: 26.3 kt) were lower than the corresponding period in 2025 due to lower sulphide feed grades and lower recoveries driven by the planned mine sequence, more than offset by higher realised copper prices during H1 2026 of $5.92/lb (H1 2025: $4.33/lb)

o Capstone Copper (Capstone) is targeting the publication of the Mantos Blancos Phase II expansion Pre-Feasibility Study (PFS), outlining the details of increased throughput from the concentrator plant and increased cathode production via historical tailings re-leaching, toward the end of 2026, and is targeting expanded production to commence between 2030 and 2031

• Mimbula (copper):

o Portfolio contribution net of stream costs of $3.7m (H1 2025: $0.5m)

o Phase II expansion project continues to advance, with the commissioning of additional solvent extraction (SX) capacity commencing in June 2026

o Project focus now moves to the construction of the ETL circuit and additional EW cells

Near production and development stage

• Santo Domingo (copper):

o Capstone continues to advance the remaining workstreams towards a final investment decision (FID) on Santo Domingo, expected in Q4 2026. The remaining workstreams include:

• Advancing detailed engineering towards the target of 60% completion

• Evaluating district infrastructure optimization opportunities; and

• Securing financing for the project

o Capstone also progressed copper production upside projects with the 2026 exploration drill programme of 54,700m, 52% complete, targeting delineation of oxide minerals at the top of Santo Domingo and Estrellita sulphide orebodies

• Nifty (copper):

o Cyprium Metals Ltd (Cyprium) advanced the project towards the commencement of copper cathode production (Phase 1 Restart) of ~6,000 tpa, targeted for H2 2026

o Work continues in parallel to expand production to ~20,000 tpa through refurbishment of the SXEW plant

o Evaluation of the shallow oxide material has also advanced and on completion of this work Cyprium expects to update Mineral Resources & Ore Reserves estimates for the Nifty Copper Complex during the second half of 2026

o Royalty payments to Ecora are not triggered until cumulative 800 kt of copper has been produced from the mine. Taking into account historical copper production, this threshold is not expected to be reached until at least 5 years from production restarting

• Cañariaco (copper):

o In March, Fortescue Ltd. completed the acquisition of the remaining 64% of Alta Copper Corp. shares not already owned by Fortescue. Alta Copper is the 100% owner of the Cañariaco copper project in Peru over which Ecora holds a 0.5% NSR royalty

o Expected average annual production for the first ten years of 158 ktpa of copper, 70 koz of gold and 1.5 Moz of silver

Specialty metals & uranium

Producing

• McClean Lake (uranium)

o Portfolio contribution of $1.3m (H1 2025: $2.2m)

o Throughput at the McClean Lake Mill totalled 8.1Mlbs (H1 2025: 10.1Mlbs), the reduction compared to H1 2025 was driven by the timing of the annual maintenance outage which occurred in Q2 2026 compared to Q3 in 2025

o Subsequent to the period end, production at Cameco’s Cigar Lake mine, which feeds the McClean Lake Mill, was suspended for two weeks due to operational challenges at the McClean Lake Mill. The Cigar Lake mine production outlook remains unchanged at 17.5-18.0 Mlbs

• Maracás Menchen (vanadium)

o Portfolio contribution of $1.2m (H1 2025: $0.8m)

o Vanadium sales subject to the royalty in the period totalled 9.5 Mlbs (H1 2025: 6.5 Mlbs) reflecting operational improvement at the Maracás Menchen mine

o In July, Largo Inc agreed a $60.1 million delivery order from the U.S. Defense Logistics Agency Strategic Materials under a five-year contract. The order supports the supply of high-purity vanadium products and reinforces the Company’s strategic role in U.S. critical mineral supply chains

o Brazilian origin vanadium oxide and hydroxide products were expressly included on the published exemption list with respect to Section 301 tariffs announced on 15 July 2026 applicable to certain products of Brazil imported to the USA

o In August, Largo announced the agreement of a binding term sheet to refinance $82 million of commercial bank debt, with an extended maturity profile to 2030

o The average realised sales price for royalty payments was $7.56/lb (H1 2025: $7.47/lb)

Development and early stage

• Phalaborwa (rare earths)

o Rainbow Rare Earths (Rainbow) announced a share issuance in March raising £11.1m (~$14.6m) with proceeds to fund the completion of the Phalaborwa Definitive Feasibility Study (DFS) amongst other uses

o On 1 July, Rainbow announced that its Phalaborwa test work and pilot plant operations have optimised and simplified the flowsheet, with 75% now in the engineering phase of the definitive feasibility study with final optimisation of the solvent extraction underway

• Patterson Corridor East (uranium)

o NexGen Energy (Nexgen) continues to report outstanding results from the drilling programme at Patterson Corridor East (PCE)

o The mineralised footprint at PCE and high-grade sub-domain has expanded over the period and is open in nearly all directions. NexGen are continuing to advance their 2026 drill campaign over H2 2026 with the addition of a 5th drill rig

Bulks & other

Producing

• Kestrel (steelmaking coal)

o Mining activity at Kestrel returned to the Group’s private royalty area at the end of the period, with 100 kt of saleable volumes registered

o Operations are expected to remain in the Group’s private royalty area throughout Q3, with FY 2026 total saleable volume guidance remaining unchanged at 1.0 mt – 1.1 mt

Outlook

• Critical minerals portfolio set to continue year-on-year volume growth during the second half of the year, currently benefiting from strong copper and other commodity price tailwinds

• Operator partners are targeting a number of key development milestones including:

o Santo Domingo (FID),

o Mantos Blancos (publication of Phase II PFS),

o Phalaborwa (publication of DFS); and

o Nifty (Cathode production restart)

• Portfolio cashflows expected to drive further debt reduction during H2, providing balance sheet flexibility to fund further royalty and stream acquisitions that meet Ecora’s investment criteria

Analyst presentation

A live webcast of the presentation including Q&A will be held today at 2:00pm BST for investors and analysts and will be available via our website at www.ecoraroyalties.com or on https://brrmedia.news/ECOR_HY26.

This will be available for playback after the event.

Please join the event 5-10 minutes prior to the scheduled start time.

The post Ecora Royalties Reports 75% Royalty Growth YTD Through June appeared first on Capital 10X.

The Private Placement will consist of 4,000,000 units of the Company (the “Units”) at a price of C$2.50 per Unit. Each Unit will consist of one common share in the capital of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share (each, a “Warrant Share”) at an exercise price of C$3.35 per Warrant Share for a period of 24 months from the closing date of the Private Placement.

Closing of the Private Placement is expected to occur on or about September 4, 2026 and remains subject to customary closing conditions, including the approval of the TSX Venture Exchange. All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange.

The Company intends to use the net proceeds of the Private Placement for working capital and general corporate purposes.

Mark Brennan, CEO and Chairman, commented: “We are pleased to welcome Mr. Sprott as a strategic investor in Cerrado.”

The securities to be issued pursuant to the Private Placement have not been and will not be registered under the United States Securities Act of 1933, as amended, or any applicable state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Cerrado

Cerrado Gold is a Toronto-based gold production, development, and exploration company. The Company is the 100% owner of the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina. In Portugal, the Company holds an 80% interest in the highly prospective Lagoa Salgada VMS project through its position in Redcorp – Empreendimentos Mineiros, Lda. In Canada, Cerrado Gold is developing its 100% owned Mont Sorcier Iron project located outside of Chibougamau, Quebec.

In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas operation through continued operational optimization and is growing production through its operations at the Las Calandrias heap leach project. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Massif.

In Portugal, Cerrado is focused on the development and exploration of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near the deposit and at prospective step-out targets across the large 7,209-hectare property concession. Located just 80km from Lisbon and surrounded by existing infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its mineable scale and cash flow generation potential.

In Canada, Cerrado is developing its 100% owned Mont Sorcier high-purity, high-grade, Direct Reduced Iron project, located on the traditional Cree territory of Eeyou Istchee James Bay in the municipality of Chibougamau. The Mont Sorcier high-purity, high-grade DRI Iron project has the potential to produce a premium iron concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high-grade and high-purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces, contributing to the decarbonization of the industry and the achievement of sustainable development goals.

For more information about Cerrado, please visit our website at: www.cerradogold.com.

Mark Brennan
CEO and Chairman

Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
mmcallister@cerradogold.com

The post Cerrado Gold Receives $10 Million Investment From Eric Sprott appeared first on Capital 10X.

Anfield has now rehabilitated the first 700 feet of the decline. Rehabilitation work completed to date includes the installation of rock bolts and wire mesh for improved ground support, road building, mucking (removal of waste rock from the decline), surveying, and the installation of mine ventilation and utilities. This includes a primary surface ventilation fan and attendant ducting, an air compressor, air line, water line, electrical power and communication infrastructure.

In parallel, construction of the water treatment plant and installation of the dewatering pump is nearly complete. The Company expects to begin testing and sampling of the plant within the coming weeks.

After construction is complete, Anfield will undertake a 60-day testing and reporting period to confirm the system’s effectiveness before advancing to the dewatering of the historic workings.

The Company expects the remaining portion of the decline to dewater within three weeks of active dewatering, with approximately two to three months required to dewater the existing underground workings.

This work supports Anfield’s hub-and-spoke uranium and vanadium strategy, centered on the fully permitted Shootaring Canyon Mill in Utah. Velvet-Wood last produced in 1984.

Anfield also recently hosted a site visit attended by representatives of San Juan County, the Utah State Senate, the Governor’s Office of Economic Development, the Utah Division of Oil, Gas and Mining, and the Utah Office of Energy Development. The visit underscores continued strong support within the State of Utah for projects such as Anfield’s Shootaring Canyon Mill and Velvet-Wood Mine.

This progress at Velvet-Wood continues against the backdrop of the Trump Administration’s sustained focus on strengthening America’s domestic nuclear fuel supply chain and critical minerals production. Utah’s recent selection as one of five state contenders for Department of Energy nuclear lifecycle campuses further underscores the state’s strategic importance in advancing responsible U.S. uranium and vanadium development.

Corey Dias, CEO of Anfield, commented: “Completing the first underground blast at Velvet-Wood since the mid-1980s, following the receipt of our ATF blast permit in June, is a concrete step in rehabilitating the decline and moving the project toward dewatering of the historic workings. The water treatment plant and dewatering pump are nearly complete, which gives us a defined path to the next phase of underground development. Continued engagement from Utah state and local officials underscores support for responsible development of domestic uranium and vanadium resources. We remain focused on advancing Velvet-Wood as a key component of our hub-and-spoke strategy centered on the Shootaring Canyon Mill.”

About Anfield

Anfield Energy is a uranium and vanadium development and near-term production company committed to becoming a significant supplier of energy-related fuels through sustainable, efficient growth of its U.S.-based assets. The Company’s flagship asset is the Shootaring Canyon Mill in Utah, one of only three licensed, permitted, and constructed conventional uranium mills in the country. Anfield’s portfolio includes the advanced Velvet-Wood project (Utah) and other conventional uranium-vanadium assets in Utah, Colorado, Arizona, and New Mexico. All of Anfield’s assets are located in the United States, positioning the Company to help meet America’s growing nuclear fuel needs. The U.S. consumes nearly 50 million pounds of uranium annually yet produces only a small fraction domestically.

Anfield Energy is a market awareness client of Capital 10X. For more information, including potential conflicts of interest please see our Content Disclaimer.

The post Anfield Energy Provides Operational Update on Velvet-Wood Mine Restart appeared first on Capital 10X.

Strong drill results continue as Hot Chili accelerates its integration of the La Verde porphyry discovery into the Company’s Costa Fuego copper-gold (Cu-Au) project, located in Chile’s coastal range.

Recently returned Reverse Circulation (RC) and Diamond (DD) drill results continue to expand La Verde’s high-grade core, and confirm strong continuity of shallow, wide zones of Cu-Au mineralisation ahead of a planned maiden Mineral Resource Estimate (MRE). Significant intersections include:

• DKD060 recorded 472 m grading 0.41% CuEq (0.34% Cu, 0.08 g/t Au) from 49 m depth
  • Including 63.7 m grading 0.50% CuEq (0.42% Cu, 0.10 g/t Au) from 93.4 m, and
  • Including 105.8 m grading 0.70% CuEq (0.58% Cu, 0.15 g/t Au) from 397 m
• DKP058 recorded 182 m grading 0.50% CuEq (0.41% Cu, 0.10 g/t Au) from 24 m depth
  • Including a 74 m downhole extension to the previously reported² 108 m grading 0.54% CuEq (0.45% Cu, 0.11 g/t Au) from 24 m
• DKP052 recorded 272 m grading 0.40% CuEq (0.32% Cu, 0.10 g/t Au) from 82 m depth
  • Including 42 m grading 0.50% CuEq (0.39% Cu, 0.14 g/t Au) from 92 m
  • Including 28 m grading 0.60% CuEq (0.48% Cu, 0.16 g/t Au) from 252 m

Assays are pending for 18 drillholes (one DD, one DD tail, and 16 RC), and a fourth rig has been added to accelerate drilling operations following recent heavy rain in the Atacama region.

1 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t). 2 See announcement ‘La Verde Emerging as Cornerstone Asset for HCH’ dated 28 July 2026

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or the “Company”) is pleased to announce another set of strong drill results from its La Verde Cu-Au porphyry discovery (La Verde), located 30 km south of the Company’s Costa Fuego Cu-Au Project (Costa Fuego) planned central processing hub in Chile’s coastal Atacama region.

Step-Out DD Drilling Continues to Expand High Grade Core

Recently returned assay results from DD holes DKD060 and DKP045D confirm the high-grade core remains open and extends at depth to the south and north, respectively.

DKD060 intersected 472m grading 0.41% CuEq (0.34% Cu, 0.08g/t Au) from 49m depth, including a significant higher-grade component comprising 105.8m grading 0.70% CuEq from 397m, which also included 32.6m grading 0.90% CuEq from 438m.

Results from DKD060 have refined the geological interpretation, with fewer late-stage dykes than previously modelled, supporting the expansion of the +0.4% Cu grade model (Figure 3 and 5). Results from DKD060 are partial, with assays pending for the final 142.7 m, from 630 m to the end of hole at 772.7 m.

DKP045D was collared on the western edge of the mineralised footprint and intersected multiple zones of copper-gold mineralisation across the north-western flank (Figure 3 and 4).

In-fill RC Drilling Confirms Continuity of Near-Surface, Bulk Mineralisation

Assay results from DKP058 (Figure 3 and 5) extended the previously reported intersection (see announcement dated 28 July 2026) by a further 74 m downhole, increasing the total intersection to 182 m grading 0.50% CuEq (0.41% Cu, 0.10 g/t Au) from 24 m depth. Together with previously reported drill holes DKP053 and DKP054, the result further strengthens confidence in the continuity and growth potential of a broad near-surface enrichment horizon along the eastern flank.

Shallow RC drilling targeting the up-dip extension of La Verde’s high-grade core also returned a significant result from drill hole DKP052 (Figure 4), which recorded 272 m grading 0.40% CuEq (0.32% Cu, 0.10g/t Au) from 82 m depth, including multiple intervals which confirm the continuity of higher-grade zones (Table 1), such as 42 m grading 0.50% CuEq from 92 m, 16 m grading 0.64% CuEq from 226 m and 28 m grading 0.60% CuEq from 252m.

RC drill hole DKP051 was collared on the western margin of the La Verde mineralised footprint. The hole was designed as a pre-collar for a planned diamond drill hole aiming to test a potential north-western extension to DKD039, which previously returned 725 m grading 0.42% CuEq (0.36% Cu, 0.07 g/t Au) from 18 m depth (see announcement dated 8 April 2026). The pre-collar intersected 12 m grading 0.45% CuEq (0.39% Cu, 0.07 g/t Au) from 68 m, extending the interpreted near-surface oxide mineralisation horizon along the western flank.

Hot Chili Supports Local Communities During Recent Atacama Weather Event

During the severe weather events in July in Chile that prompted a government-declared state of emergency, Hot Chili worked alongside local communities to support recovery efforts, providing essential supplies and assisting with the re-establishment of access across affected areas.

The once-in-fifty-year rainfall event also impacted the Company’s operations, resulting in a temporary pause to activities at La Verde while significant earthworks were undertaken to repair access tracks and re-establish safe operations.

(Left) Hot Chili Community Team providing support to neighbours of the Costa Fuego Project and (Right) impact of the recent rain event on regional infrastructure

A fourth rig has now been added to accelerate drilling at La Verde, with the Company expanding drilling operations to six shifts per day (two DD rigs on double-shift and two RC rigs on single-shift).

As Hot Chili advances toward a maiden MRE for La Verde later this year, the Company expects to follow with a revised Pre-Feasibility Study (PFS) for Costa Fuego, including La Verde, and the formal submission of the Costa Fuego Environmental Impact Assessment (EIA) in Q2 2027.

The integration of La Verde is anticipated to significantly enhance Costa Fuego’s scale and economics – elevating its standing amongst the world’s few remaining meaningful scale and near-term independent copper development projects.

Costa Fuego currently ranks among the five largest copper development projects globally that are not controlled by a major mining company^¹.

Figure 1. Location of La Verde in relation to Costa Fuego, coastal range Chile

1asl = above sea level

Table 1. New significant drilling intersections from La Verde

Notes to Table 1: Significant intercepts for La Verde are reported above a nominal cut-off grade of 0.20% Cu. Reported intersections may include internal dilution (intervals below 0.20% Cu), including zones exceeding 30 m downhole width, where the overall weighted average grade of the intersection remains above the cut-off grade. Significant intersections are separated where zones of internal dilution result in discrete intervals that do not meet the reporting criteria. The selection of a 0.20% Cu cut-off grade is aligned with a marginal economic cut-off for bulk tonnage polymetallic copper deposits of comparable grade in Chile and globally.

1 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

Figure 2. Plan view map of La Verde showing recent drill hole results and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants.

1See Page 10 of this announcement for detail on the US$3.50 Cu and US$6.00 Cu conceptual open pit shells (Exploration Targets). Any potential tonnage and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. 2Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

Figure 3. Long-section slice (A – A’) showing recent drill hole results and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants.

Figure 4. Cross section slice (B – B’) showing recent drill hole results DKP052 and DKP045D (± 75m clipping) and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants.

Figure 5. Cross section slice (C – C’) showing recent drill hole results DKD060 and DKP058 (± 75m clipping) and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants.

Qualifying Statements

Conceptual Open Pit Shells

Conceptual open pit shells represent Exploration Targets as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). They are based on completed exploration activities reported in the announcement released 19 May 2025 (‘Hot Chili Announces Latest Drill Results for La Verde, Doubling Porphyry Discovery Footprint’).

The conceptual open pit shells were generated using copper (Cu) prices of US$3.50/lb Cu and US$6.00/lb Cu on a series of nested Cu grade shells. Other input parameters informing the conceptual open-pit shells (pit slope angles, mining cost, processing cost, etc.) were derived from values reported in the March 2025 Costa Fuego Pre-Feasibility Study and are considered appropriate for the style of mineralisation encountered at the La Verde Cu-Au porphyry discovery.

Any potential quantity and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Further exploration activities are detailed in this announcement and include (but may not necessarily be limited to) a program of diamond drillholes aiming to extend the mineralised footprint at La Verde. Drilling commenced on 22 September 2025, with the length of the program dependent on a number of considerations including (but not limited to) the results of the exploration activities and regulatory applications and approvals.

Qualified Person – NI 43-101

The technical information in this announcement has been reviewed and approved by Mr Christian Easterday, MAIG, Hot Chili’s Managing Director and a qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. For further information, please refer to the Company’s technical report titled “Costa Fuego Project, NI 43-101 Technical Report Preliminary Feasibility Study”, with an effective date of 27 March 2025, a copy of which is available for review under the Company’s issuer profile on SEDAR+ (www.sedarplus.ca).

Competent Person – JORC

The information in this announcement that relates to Exploration Results and Exploration Targets for the La Verde project is based upon information compiled by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited, who is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Easterday consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.

The information in this announcement relating to previously reported Exploration Results for La Verde was previously reported in the Company’s announcements ‘Hot Chili Confirms Major Cu-Au Porphyry Discovery at La Verde’, ’Hot Chili Announces Latest Drill Results for La Verde, Doubling Porphyry Discovery Footprint’, ‘District-Scale Porphyry Cluster Potential Emerging at La Verde Cu-Au Discovery’, ‘First Diamond Drillhole Confirms Gold-Rich Major Copper Discovery in Coastal Chile’, ‘Near-Surface Higher-Grade Core Confirmed at La Verde’, ‘Rapid Growth of High Grade Core Continues at La Verde’, ‘Shallow High Grade Results Continue at La Verde’, ‘Hot Chili Confirms Major High-Grade Extension at La Verde’, ‘Latest Drilling Lifts HG Core Potential of La Verde’, ‘Strong Copper-Gold Results Continue at La Verde’ and ‘La Verde Emerging as Cornerstone Asset for HCH’ released to ASX on 26 February 2024, 19 May 2025, 29 May 2025, 27 November 2025, 10 December 2025, 20 January 2026, 16 February 2026, 8 April 2026, 5 May 2026, 16 June 2026, and 28 July 2026 respectively, which are available to view on the Company’s website at www.hotchili.net.au/investors/investor-centre/market-announcements. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements.

The post Hot Chili Returns More High Grades and Long Intervals at La Verde Copper Discovery appeared first on Capital 10X.

• Gold equivalent production of 15,415 Gold Equivalent Ounces (“GEO”) at AISC of $1,933/oz Au during Q2 2026
• Adjusted EBITDA of $28.2 million for Q2 2026 and Strong Cash Position of $25.3 million at quarter end
• Annual Production Guidance of 50,000 to 60,000 GEO reiterated for 2026
• Preliminary Economic Assessment targeted for Q1/27 supported by ongoing exploration program and recent property acquisitions expected to support resource growth leading to increased mine life and a structural increase in production levels 
• Continued progress at both the Lagoa Salgada and Mont Sorcier projects
• Management to host conference call on August 19th, 11:00 AM EDT

Cerrado Gold Inc. (TSX.V:CERT) (OTCQX:CRDOF) announces its operational and financial results for the second quarter ended June 30, 2026 (“Q2/26”), including its Minera Don Nicolas (“MDN“) gold mine in Santa Cruz Province, Argentina, its Lagoa Salgada Polymetallic Project in Portugal, and its Mont Sorcier High Purity DRI Iron Project in Quebec.

Production results for MDN were previously released on July 13, 2026. The Company’s financial results are reported and available on SEDAR+ (www.sedarplus.com) and the Company’s website (www.cerradogold.com).

Q2/26 MDN Operating Highlights:

• Q2 Production of 15,415 vs 11,437 GEO in Q2 2025 and 12,842 in Q1 2026
• Heap leach production of 9,981 GEO in Q2 2026; continues to increase
• Underground development work continues at an accelerated pace supporting higher production expected in H2/26
• CIL plant continues to process a blend of stockpile material and additional ore from underground development, resulting in total production of 5,434 GEO in Q2

Operational results for Q2 2026 continued the trend of increasing production relative to the previous quarters. Production rates increased at the heap leach operations versus the previous quarter as irrigation issues subsided and more crushed material was placed on the heap leach pads, benefiting from recent improvements in the crushing circuit. As more water for irrigation becomes available, all the gold inventory placed on the pad earlier should be recovered over time. Average gold recovery rates remained lower than expected due to the mix of primary ore placed on the leach pads due to mine sequencing, while silver recoveries improved significantly versus the prior quarter. CIL production remained steady, supporting overall production levels. Unit costs per ounce of gold sold were $1,933/oz Au, an increase compared to the prior year primarily as a result of the initial effect of cost-cutting measures and increased labor costs in Argentina.

The focus on underground development continued during the quarter, which reduced the ore available for immediate processing, but increased development will allow access to greater amounts of ore in future quarters and is expected to lift production and improve head grades to the plant over the balance of the year. During 2026, underground ore operations are expected to follow a cycle of development and then ore extraction, as the underground workings follow the ore zone deeper under the current pit.

The Company continues to advance its exploration program at MDN, focused on near-mine targets with the potential to materially extend resources and mine life. This includes supporting medium-term operational sustainability through high-grade underground feed to the CIL plant, as well as increasing resources available for heap leach processing. A new underground drill rig arrived on site in July and should accelerate underground exploration.

At MDN, the company is planning to complete a new Preliminary Economic Assessment and Mineral Resource Estimate in Q1/27 to incorporate results from the ongoing exploration program and recent property acquisitions adjacent to MDN. This is expected to demonstrate an enhanced mine life and growing production profile.

At Lagoa Salgada, the Company continued to work on the Optimized Feasibility Study (OFS) while progressing permitting and project financing activities. Due to permitting uncertainty, workflows have slowed during the period but are positioned to accelerate when appropriate. In June 2026, the court ruled in favour of the Company’s Portuguese subsidiary and granted it an injunction which has the effect of suspending the effects of the unfavorable opinion relating to environmental permitting. Legal proceedings relating to the principal case pertaining to environmental permitting remain ongoing. As a result, the timing of completion of the OFS is expected to be delayed somewhat pending more clarity on permitting issues.

In Canada, at the Company’s Mont Sorcier High-Grade 67% Iron project, work continued on the delivery of a Bankable Feasibility Study (BFS). As the BFS progressed, the Company identified several opportunities to further optimize project economics and reduce both capital and operating costs, despite ongoing industry-wide inflation. A number of trade-off studies are expected to be completed to evaluate and capture these improvements. As such, the BFS is now targeted for completion in H1/27 (see Press Release dated July 15, 2026).

The most significant opportunity to enhance the project is to convert a modest amount of currently Inferred Resources to Measured Resources within a defined area to the east of the current planned pit. The material in this region is expected to be shallower and should reduce stripping and tailings management costs over the life of mine. As a result, the Company will undertake a small, targeted definition drill program in Q3/26 so that any resources which may be converted from inferred to measured may be incorporated into the optimized mine plan. Additional trade-off studies will also be undertaken on product quality and an overall review of OPEX and CAPEX estimates in light of ongoing inflation. Work on the Environmental and Social Impact Assessment (“ESIA”), which is still expected to be filed in Q2/ 2027, remains ongoing, albeit there is some risk to this timing. We note that recent comments by policymakers indicate a desire to accelerate the permitting process; however, no clear timeline for how this will impact Mont Sorcier is available at this time.

The Mont Sorcier project is being designed as an 8 Mtpa concentrate operation, compared with 5 Mtpa in the PEA, to reflect strong demand for high-grade iron concentrates with low silica and alumina suitable for the direct reduction iron (DRI) or pellet feed markets, the fastest-growing segments of the iron ore market for which premium prices are expected. Development is expected to occur in two phases, with Phase 1 producing 4 Mtpa and a second 4 Mtpa expansion targeted approximately three years after start-up.

Mark Brennan, CEO and Chairman, commented, “Positive results for the second quarter continued to benefit from recent operational improvements at MDN, highlighting growing production and strong cash flows for the quarter. We expect this to be sustained going forward, given the previously discussed operational upgrades, sustained high gold prices, and our unhedged gold position. The strong cash flow generated from operations continues to support our growing cash balance, while we continue to see benefits from recent cost-cutting measures despite significant wage inflation pressure in Argentina. Our full year production looks increasingly likely to come in at the higher end of guidance as we see continued strong production month over month.”

Q2 Financial Performance

Table 1. Q2 2026 Operational and Financial Performance 

The Company produced 15,415 gold equivalent ounces (“GEO”) during the three months ended June 30, 2026, as compared to 11,437 GEO for the three months ended June 30, 2025. In the period ended June 30, 2026, heap leach production was 27% higher compared to the prior year due to significantly higher silver production and 85,940 additional tonnes placed on the pad.

The Company generated revenue of $64.6 million for the three months ended June 30, 2026, from the sale of 13,628 ounces of gold and 121,460 ounces of silver at an average realized price per gold ounce sold of $4,184 and average realized price per silver ounce sold of $62. For the three months ended June 30, 2025, the Company generated revenue of $29.6 million from the sale of 10,301 ounces of gold and 56,839 ounces of silver. Revenue is higher for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, due primarily to higher average realized gold and silver prices, as well as 43% higher GEO ounces sold.

Cost of sales for the three months ended June 30, 2026, were $41.6 million as compared to $23.4 million for the three months ended June 30, 2025. The Company incurred $10.0 million higher production costs for the three months ended June 30, 2026, primarily as a result of an increase in labour and fuel costs. Additionally, the Company incurred a $1.6 million increase in sales expenses and a $6.6 million increase in depreciation expenses compared to 2025, primarily due to an increase in production.

Total cash costs (including royalties) per ounce sold was $1,783 per ounce in the three months ended June 30, 2026, as compared to $1,770 per ounce for the three months ended June 30, 2025 (refer to reconciliation of Non-IFRS performance metrics).

Net income from operations for the three months ended June 30, 2026, was $9.2 million as compared to a net income of $1.2 million for the three months ended June 30, 2025. The increase in net income is primarily a result of a $35.0 million increase in revenue and an increase in other income of $7.9 million, offset by higher cost of sales of $18.3 million and higher taxes of $13.1 million.

The Company incurred general and administrative expenses of $6.3 million for the three months ended June 30, 2026, compared with the $2.8 million of general and administrative expenses incurred during the three months ended June 30, 2025. The increase is primarily as a result of an increase in share-based compensation of $2.2 million compared to 2025.

Other income of $6.5 million during the three months ended June 30, 2026, includes a gain on the remeasurement of MDN stream obligation of $5.8 million and a foreign exchange gain of $2.5 million, offset by finance expense of $0.7 million and loss on fair value remeasurement of Ascendant secured note and stream obligation of $1.1 million.

Outlook

Looking towards the remainder of 2026 and beyond, Cerrado anticipates Heap Leach operations to continue to benefit from the recent improvements in crushing infrastructure to grow and improve production rates. At the CIL plant, the focus remains on increasing the volume of underground high-grade ore, supporting increased production rates from the plant, and supplementing the lower-grade stockpiles. Combined, these are expected to support higher production rates in the second half of the year and generate strong cash flows, given the current gold price environment and our now unhedged gold position.

The Company maintains its 2026 annual production guidance of 50,000 – 60,000 GEO. Management continues to expect overall costs to decline as production continues to ramp up in the coming quarters.

Exploration and resource growth remain a key focus at MDN to extend the mine life. During Q2/26, all four new drill rigs remained in operation. The underground drilling has recently commenced and should accelerate underground resource growth. Furthermore, the Company continues to work to certify the lab on site, which will help shorten assay times. The focus at MDN remains on growing the known resources at MDN beyond those outlined in the current Mineral Resource Estimate (“MRE”). The Company expects to be in a position to provide a summary of results in the near term once complete assays have been received and, as indicated, plans to complete a new Preliminary Economic Assessment and Mineral Resource Estimate in Q1/27 to incorporate the results from the ongoing exploration program and to incorporate the recent property acquisitions around MDN. This is expected to demonstrate an enhanced mine life and growing production profile.

Subsequent to quarter end, on July 20, 2026, the Company announced that it had repurchased for aggregate consideration of approximately $31.34 million the following streaming assets on its properties: (i) the amended and restated metals purchase and sale agreement with Sprott Streaming dated March 2, 2023 in respect of MDN; and (ii) the metals purchase and sale agreement dated November 25, 2022, as amended on December 1, 2023 with Sprott Streaming in respect of Lagoa Salgada, including the secured note in the aggregate principal amount of US$19 million. The transaction closed effective July 17, 2026. (see Press Release dated July 29, 2026, for full details)

Conference Call Registration and Webcast Details

Cerrado Management will host a conference call and Webcast on August 19, 2026, at 11:00 AM EDT to discuss the Q2 2026 Financial and Operational results. The presentation for the call can be found on the investor page on Cerrado Gold’s website at www.cerradogold.com on the morning of August 19, 2026.

Webcast Details

For those who wish to participate via webcast, please navigate to the link below to join:

https://edge.media-server.com/mmc/p/i3275ju2

Conference Call Pre-Registration Details

Pre-Registration for the conference call is required. Participants can preregister for the conference by navigating to:

https://register-conf.media-server.com/register/BIbc25f3d9275044838a3bf2412e7958e0

Participants will receive dial-in numbers and a PIN number to connect directly upon registration completion or can select the “Call Me” feature to receive a call to connect.

IR Service Agreement

The Company also announces that, subject to approval of the TSX Venture Exchange, it will enter into an engagement with ENGAGE360 (the “Consultant”) for strategic marketing and investor relations services to raise Cerrado’s investor profile.

The Consultant will assist in marketing the Company to investors and potential investors. The Agreement will be set for an initial term of 2 years with the option to extend based on a successful outcome for a fee of C$7,500 per month. No bonus fees or stock options will be paid to the Consultant. The Consultant is at arm’s length to the Company.

The agreement is subject to approval by the TSX.V Exchange.

Review of Technical Information
The scientific and technical information in this press release has been reviewed and approved by Andrew Croal P.Eng, Chief Technical Officer for Cerrado Gold, who is a Qualified Person as defined in National Instrument 43-101.

Cerrado Gold is a market awareness client of Capital 10X. For more information, including potential conflicts of interest please see our Content Disclaimer.

The post Cerrado Gold Announces Second Quarter 2026 Financial Results appeared first on Capital 10X.

Every input into the uranium bull case is now sitting at, or near, an all-time high. Production costs are at a record. Long-term contract prices are at a record. Enrichment prices are at a record. And yet the equities tied to all of that — the miners, the developers, the explorers — spent July getting crushed.

This disconnect between true demand, and purchases is the opportunity facing any producer why can get production online by the end of the decade. s the whole story right now, and it’s the lens through which US-based, near-term producers like Anfield Energy (NASDAQ:AEC, TSXV:AEC), Uranium Energy Corp (NYSE American: UEC), Ur-Energy Inc. (NYSE American: URG / TSX: URE), Energy Fuels (NYSE American: UUUU) and enCore Energy Corp (NASDAQ: EU / TSXV: EU) need to be evaluated.

Rising Costs Signal a Higher Floor for Uranium

TradeTech’s latest Production Cost Indicator — the weighted-average global cost of getting a pound of U3O8 out of the ground before a producer earns any margin — closed July at an all-time high of $62.90/lb. Alongside it, spot U3O8 rose $1.25 to $86.50, while the long-term price held at its own record of $97/lb.

A rising cost floor means the price at which new supply actually clears the market keeps ratcheting higher, and it’s happening at the same time utilities are still under-bought relative to what they’ll eventually need to burn.

The Buyers Aren’t Buying at Replacement Rate — And That’s a Bullish Signal

What’s happening this cycle from buyers, may be tripping up newer uranium investors. Utility contracting volume — the actual long-term pounds utilities sign up for each year — has been running well below the roughly 150 million lb/year replacement rate the market needs just to meet regular operations, let alone supply the new reactors coming online. Coming out of 2025, cumulative long-term contracting had reached only about 75 million lbs, roughly half of replacement, after a year defined by policy uncertainty and utilities’ willingness to simply defer.

That may sounds like weak demand, but in reality its simply deferred demand. The reactors need to keep running, so they will need this uranium sooner or later. Utility buyers have chosen to let stockpiles draw down hoping they can catch up on their buying quotas at lower prices in the future. The buyer’s ability to sit on their hands is limited though and the longer they wait, the risk grows they will have to panic buy at any price as has happened in prior cycles.

Uranium investor Sprott’s own uranium desk has made this point directly: producers are done selling into weakness, utilities are running out of room to keep waiting, and “the stalemate that we’ve seen is eventually going to break.”

Cameco’s second-quarter 2026 results, released in the past few weeks, provide useful color. Realized uranium prices rose 15% year-over-year to $93.13/lb even as production came in lower on weather-related disruptions at Key Lake, MacArthur River and Cigar Lake. Management described market-related contracts now carrying price floors in the high $70s and ceilings near $160 — both escalated — and said contracting activity continued to improve through the quarter even though the market remains short of replacement-rate volume.

Cameco raised its full-year realized-price guidance on the back of it. That is a Tier 1 producer telling you, in the driest language available to a public company, that the floor under this market keeps rising even in a quarter with messy operational headlines.

Meanwhile the paper market has been telling the opposite story. $URNM closed out its worst July on record in July 2026, compounding the worst May and worst March of the year — all after an extraordinary January that saw spot prices punch through $100/lb intraday for the first time since 2007. Every month like that, as one uranium-focused investor we spoke with put it, “pushes the beach ball deeper under water.” Producers, developers and explorers were broadly down 40–50% from 52-week highs by mid-year, even with spot still elevated versus where it traded a year ago.

That gap — record fundamentals, beaten-down equities — is a classic feature of the early-to-middle innings of a commodity cycle, not the late innings. Late-cycle blow-offs are characterized by euphoric buying chasing a price that’s already run; what the sector is showing instead is capitulation in the paper alongside quiet strength in the physical and contract markets.

Sprott Physical Uranium Trust added another 100,000 lbs to its holdings in early August, taking advantage of a roughly 10% discount to NAV even with its trust sitting on $93.2 million of cash still to deploy. The fund with a mandate to buy physical pounds, doing exactly that, at a discount, while sentiment is beaten down.

Washington Has Picked a Side

Policy reinforces the same read. The Department of Energy spent early 2026 rebuilding a domestic fuel cycle that doesn’t run through Moscow. In January, DOE awarded a combined $2.7 billion in task orders to three companies, American Centrifuge Operating (Centrus), General Matter, and Orano Federal Services, to expand domestic LEU and HALEU enrichment capacity ahead of the 2028 ban on Russian enriched uranium imports. Congress has separately funded a national uranium reserve, and utilities on both the sovereign and commercial side are increasingly framing purchases around supply security rather than price alone, per Cameco’s own commentary on its customer base.

That federal posture reaches down to the mine level too, not just enrichment. The Department of the Interior’s emergency permitting procedures, built to compress environmental review from years down to as little as 14 days for priority energy projects, have already been used once on a uranium mine. It is probably not a coincidence that the beneficiary was tied to the company at the center of this note.

Investing in Near Term Production Seems Like the Lowest Risk Strategy in This Market

If the macro argument is that the US needs domestic uranium supply and needs it soon, Anfield Energy is one of the few companies actually positioned to deliver both a mine and a mill inside the current cycle.

The centerpiece of Anfield’s story is the Shootaring Canyon Mill in Garfield County, Utah — one of only three conventional uranium mills ever licensed, permitted and constructed in the United States. Built in 1980, it ran for six months in 1982, produced 27,825 lbs of concentrate, and then sat idle for more than four decades as uranium prices collapsed.

Anfield picked up the asset from Uranium One in 2015 and has spent the past several years positioning it as the central processing hub for a network of satellite uranium-vanadium mines across Utah and Colorado — a “hub-and-spoke” model that lets Anfield bring multiple smaller deposits into one centralized mill rather than building standalone processing at each site.

The past six months of press releases tell a clean, sequential story of a restart actually being executed rather than merely promised:

In May, Anfield filed an updated Preliminary Economic Assessment combining Shootaring with its Velvet-Wood, Slick Rock and West Slope tributary mines. The numbers were strong: a pre-tax IRR of 106% and NPV of $606 million at an 8% discount rate (post-tax IRR of 97%, NPV of $533 million), built around a uranium price assumption of $100/lb — in-line with where the long-term price sits today.

Average annual production is projected at roughly 1.3 million lbs of U3O8 and 6.4 million lbs of vanadium pentoxide over a 15-year mine life, with peak-year output of 1.9 million lbs of uranium. Meaningful for Anfield but just a drop in the bucket vs the more than 55 million lbs consumed by utilities in North America every year.

Anfield’s required CAPEX for the restart is modest, at $97 million, with a payback period of just 1.3 years.

In June, Anfield provided an operational update confirming refurbishment work had begun at Shootaring, with removal of the facility’s existing leach tanks underway to reduce reclamation liabilities and clear the site for physical upgrades.

The company said it expects to complete its radioactive materials license renewal by year-end 2026, positioning it to move immediately into full refurbishment once approval is granted, with production restart still targeted for 2027.

In July, Anfield received its ATF blasting permits for its Utah and Colorado mines — the regulatory step that converts Velvet-Wood from a development project into an active underground mine. CEO Corey Dias called it a milestone that “unlocks our ability to advance underground development,” noting Velvet-Wood was the first uranium mine advanced under the current administration’s expedited permitting framework, and reiterated the company remains on track to return Velvet-Wood to production by the end of 2026 — ahead of Shootaring’s own 2027 restart.

On top of these many small, but important restart steps, Anfield has also completed 11 groundwater monitoring wells across Shootaring and Slick Rock to support environmental compliance during and after restart, taken delivery of its first purpose-built underground haul truck, filed for a Colorado permit to restart the JD-8 mine targeting production in the second half of 2026, and hosted a delegation of roughly 20 Utah state legislators for an on-site tour of Velvet-Wood — a project both Utah regulators and federal officials have treated as a flagship for the broader domestic uranium restart effort.

Mills, Not Mines are the Near Term Bottleneck

The reason Shootaring sits at the center of the investment case rather than any individual satellite deposit is straightforward: mills, not mines, are the bottleneck in the US uranium supply chain.

Currently, the only operating conventional uranium mill in the country is Energy Fuels’ White Mesa facility near Blanding, Utah. Every pound of US uranium ore mined outside of in-situ recovery operations ultimately needs somewhere to be processed, and there are effectively two candidates for that role. A successful Shootaring restart doesn’t just unlock Anfield’s own Velvet-Wood, Slick Rock and West Slope production — its PEA explicitly notes room for incremental throughput from 13 additional Department of Energy leases with minimal added capital, plus potential third-party mill feed from other Utah and Colorado producers who have ore but nowhere domestic to process it.

That’s the revenue and margin lever investors should be watching closest: Shootaring’s economics scale with utilization, and utilization isn’t capped by Anfield’s own mine pipeline alone.

The Broader Race to Build Capacity

Anfield isn’t operating in isolation. Denison Mines’ Phoenix project in Saskatchewan moved from site prep into full-scale construction in late July, with the first phase of its freeze wall now going in — set to become Canada’s first large-scale uranium mine since Cigar Lake entered production in 2014. That’s a reminder that the supply response to record prices is a multi-year, multi-jurisdiction undertaking, and that the US, without a second operating conventional mill, remains structurally behind Canada, Kazakhstan and Australia in bringing new domestic pounds to market. It’s also exactly the gap that Shootaring’s restart is designed to close.

Anfield Offers a Large Margin of Safety

From our point of view, Anfield continues to move towards a planned mill restart in 2027 and we do not yet see any indication this timeline is unrealistic, yet the stock has fallen back to only a fraction of the NPV of Shootaring Canyon. This signals either the market hasn’t noticed the opportunity 18 months in the future, or more likely, doesn’t believe it. Anfield trades at roughly 0.2x NAV against a soon to produce peer group closer to 1.0x–1.5x.

With a large margin of safety built into Anfield’s valuation and near term catalysts, we think it is one of the most attractively positioned small-cap uranium production stories.

Along with Anfield, we’ve identified some other ramping producers that may be worth additional due diligence.

Energy Fuels Inc. (NYSE: UUUU / TSX: EFR). What we like about Energy Fuels is the sheer optionality that comes with owning the only operating conventional uranium mill in the country. White Mesa gives the company a processing advantage and Energy Fuels has already produced roughly 1.6 million lbs of finished U3O8 by mid-2026, tracking comfortably inside its 1.5 to 2.5 million lb full-year range. The company also has rare earth optionality with plans to shift part of White Mesa’s capacity toward commercial-scale dysprosium and terbium production later in 2026. When uranium buyers eventually capitulate and need to buy large quantities in a short amount of time, Energy Fuels will likely be one of the first producers they call in North America.

Uranium Energy Corp (NYSE American: UEC). We like the scale of UEC’s ambition here. The company is running a genuine multi-project hub-and-spoke build-out across Texas and Wyoming rather than betting on a single asset, and we noticed it followed through on that plan by bringing Burke Hollow, its second Texas hub, into operation in April 2026. A third project, Ludeman, is lined up for 2027, which gives UEC a staggered production ramp rather than a single point of failure. What we find most compelling, though, is the resource base behind all of it. At more than 330 million lbs across the US, Canada, and Paraguay, UEC has one of the deepest inventories in the sector, and we think that gives it more room to keep layering on new production centers than almost any peer we cover.

Ur-Energy Inc. (NYSE American: URG / TSX: URE). What stood out to us in particular about Ur-Energy was how quickly Shirley Basin followed Lost Creek into production. The company brought its second ISR facility online in April 2026, reviving a district that historically produced more than 28 million lbs, and we like that this pushes combined licensed capacity between the two sites up to 4.2 million lbs a year, more than triple Lost Creek’s original 1.2 million lb rating on its own. We also noticed the underlying operational trend at Lost Creek itself: production was up 41 percent quarter over quarter in Q1 2026 on plant optimizations alone, before Shirley Basin even entered the picture. With first uranium-loaded resin shipments from Shirley Basin to Lost Creek’s central plant expected this summer, we think Ur-Energy is one of the cleaner near-term production growth stories in the group.

enCore Energy Corp (NASDAQ: EU / TSXV: EU). We like that enCore already has two operating ISR plants in South Texas rather than a restart plan still on paper. Rosita and Alta Mesa give the company a real claim to the title of America’s newest uranium producer, and we noticed Alta Mesa working through a phased wellfield and ion-exchange build-out aimed at reaching full configured capacity, roughly 1 million lbs a year, by early 2027. What we find encouraging beyond the current operations is the pipeline behind them. Dewey Burdock’s federal fast-track permitting status stood out to us as a signal that enCore’s next leg of growth in South Dakota may move faster than a typical uranium permitting timeline would suggest.

The company has disappointed investors recently with a slower production ramp than expected and rising purchase costs to satisfy large future contract orders, but the recent stock weakness, down 60% in 2026, may signal a lot of bad news is already priced in.

Demand Keeps Growing, Regardless of Supply

On the buy side, the demand picture keeps getting reinforced by forces that didn’t exist in prior uranium cycles.

Hyperscalers signing power purchase agreements to secure electricity for AI data centers have become a recurring feature of uranium price commentary through 2026, adding a structurally new source of electricity demand growth on top of traditional utility load growth.

At the same time, Europe’s nuclear fleet showed its own fragility in recent weeks, with France forced to curtail additional nuclear output as extreme heat strained cooling capacity across the continent — a reminder that even mature nuclear fleets face operational constraints that argue for more redundancy in global generation capacity, not less. France and Technip Energies also moved forward on their EPR2 reactor delivery partnership, another data point in a global new-build pipeline that includes Westinghouse’s 91-reactor AP1000 opportunity pipeline, backed by a potential $17.5 billion DOE financing commitment disclosed alongside Cameco’s results.

Early Cycle or Late Cycle?

Every recognizable marker points to early-to-mid cycle rather than late cycle. Utility contracting remains below replacement rate a full year after prices broke to multi-decade highs — the opposite of the urgent buying that marks a cycle’s top. Producers are still described as being in “supply discipline” mode, holding pounds rather than chasing volume, which is a posture sellers take when they believe higher prices are still ahead of them, not behind them. Equity markets are pricing in the discouragement of the last several months rather than the structural deficit still building beneath the surface — precisely the setup that has preceded prior uranium re-ratings.

For the companies with production growth on the near horizon, the growing demand outlook is a significant opportunity. Companies like Anfield Energy and Uranium Fuels offer investors a levered way to own the ongoing US uranium production restart before replacement-rate contracting catches up to the price.

Yes the uranium sector performance has hurt many investors in 2026, but if you believe that even half of planned reactors globally will be built, the ongoing mismatch between supply and demand can only be resolved with higher prices. Fuel buyers have been able to afford to sit on their hands the last few years with the next wave of reactors not scheduled to come online until next decade, but now we are in the tail end of 2026, meaning the window to restock is quickly closing. Fuel buyers have chosen to wait out the current rise in prices, betting they are temporary. The longer uranium prices stay in the current range around $100/lb or rise, the more likely holdout buyers blink. History suggests that this restocking, once it starts, doesn’t happen quietly or slowly.

Anfield Energy is a market awareness client of Capital 10X. For more information, including potential conflicts of interest please see our Content Disclaimer.

The post Record Prices but Reluctant Buyers: Why the US Uranium Restart Story Is Still Early appeared first on Capital 10X.

“The completion of these Agreements starts the process of simplifying the ownership structure of our landholdings at Gold Chain and eliminates future potential royalty and bonus payments related to these 107 claims. With the recent exploration success that we have had at Black Dyke and at Bull 8, the elimination of these future payments is expected to add long-term value,” stated Derek Macpherson, President and CEO.

These Agreements resulted in the acceleration of existing cash payments under the Option Agreement; the extinguishment of the 2% net smelter return royalty (“NSR”) on gold and silver production; and the removal of any bonus cash payment that may have become payable related to the determination of resources in any future Preliminary Economic Assessment compliant with National Instrument 43-101. Total consideration payable under the Agreements comprised a cash payment of US$960,000.

The 107 BLM claims relating to the Agreements comprise the western portion of the Gold Chain Project which hosts the Black Dyke, Bull 8, and Gold Chain Hill prospects. In total, the Gold Chain Project consists of 614 BLM claims covering approximately 4,539 hectares and 15 patented claims covering approximately 114 hectares, including the Tyro, Banner and Sheep Trail claim groups.

Black Dyke Target

Black Dyke has evolved from a historical prospect into a credible second potential resource-development area at Gold Chain, separate from Tyro. Its shallow, oxidized geometry could make it particularly attractive for potential open-pit development if additional drilling establishes sufficient scale and continuity. The zone is located approximately 4km west of the Tyro Main Zone along the Roadside Mine fault, which borders the southwest flank of the Katherine Horst. Geologically, Black Dyke contains a shallow, southwest-dipping vein-breccia system with fragments of chalcedony-rich hydrothermal breccia in a late-stage calcite matrix; the vein is hosted by Precambrian granite and spatially associated with rhyolitic intrusive/volcanic rocks. Alteration and vein textures observed in the shallow drilling suggest additional potential exists at depth, which remains largely untested. Initial RC drilling has defined a shallow-dipping zone of quartz veinlets and breccia approximately 7.6 to 36.6 m thick, extending for at least 200m along strike and approximately 250m down-dip. Importantly, mineralization begins at or near surface, is largely oxidized, and remains open to the west and down-dip to the southwest. Initial drilling returned encouraging, relatively consistent widths and grades, highlighted by 36.6 m at 1.04 g/t Au (GC26-095) from surface, 21.3 m at 0.92 g/t Au (GC26-098), 7.6 m at 1.56 g/t Au (GC26-099), and 12.2 m at 1.09 g/t Au (GC26-101).

Bull 8 Target

Bull 8 is an early-stage gold discovery located approximately 6 km northwest of the Tyro Zone. The prospect occurs along the northwest-trending Union Pass Fault Corridor characterized by strongly sheared, brecciated and altered Precambrian granite cut by fault-bounded dikes. Historical pits, adits and trenches occur throughout the prospect, with surface samples returning up to 2.09 g/t Au. Widespread quartz veining, hydrothermal alteration and anomalous gold occur along the broader Union Pass Fault Corridor, which extends for roughly 12 km across the property and is interpreted as a major structural control on the broader Gold Chain mineralizing system. The 2026 drilling consisted of six RC holes totalling 856 m, with gold mineralization intersected in every hole. The standout result was GC26-136: 21.4 m at 1.01 g/t Au, including an estimated 18 m true width, beginning at 71.6 m depth. A second hole, GC26-130, returned 12.2 m at 0.41 g/t Au from only 6.1 m depth, demonstrating that mineralization also occurs close to surface.

Gold Chain Hill Target

Gold Chain Hill is a historical gold prospect within the broader Roadside Mine structural corridor and represents another potential near-surface bulk-tonnage target outside of the Tyro Main Zone. Historical drilling returned a notable intercept of approximately 52.0 m grading 0.53 g/t Au (Fischer Watt, 1986), demonstrating broad gold mineralization at potentially economic grades. The target is characterized by quartz-chalcedony stockwork and breccia hosted within strongly silicified rhyolite and surrounding Precambrian granite. Mapping has identified a close relationship between gold mineralization and rhyolite dikes, a feature also observed throughout the Gold Chain project area. Gold occurs in surface exposures while historical drilling indicates that the mineralized system continues at depth.

Qualified Person

Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration, is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for overseeing all phases of the drilling program, including logging, labelling, bagging and transport from the project to American Assay Laboratories of Sparks, Nevada. Drillholes have a diameter of about 10cm, and samples have an approximate weight of 5 to 10kg. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, and over-limit samples were determined by fire assay and gravimetric finish. Silver plus 15 other elements were determined by Aqua Regia ICP-AES (IM-2A16), and over-limit samples were determined by fire assay and gravimetric finish. Both certified standards and blanks were inserted on site along with duplicates, standards and blanks inserted by American Assay. The results summarized above have been carefully reviewed with reference to the QA/QC results. Standard sample chain of custody procedures were employed during drilling and sampling campaigns until delivery to the analytical facility.

The QP has not completed sufficient work to verify the historical information received on the Black Dyke, Bull 8 and Gold Chain Hill targets, particularly with regard to historical drill results. However, the QP believes that prior drilling and analytical results were completed to industry standard practices at the time they were drilled.

About West Point Gold Corp.

West Point Gold is an exploration and development company focused on unlocking value across four strategically located projects along the prolific Walker Lane Trend in Nevada and Arizona, USA, providing shareholders with exposure to multiple discovery opportunities across one of North America’s most productive gold regions. The Company’s near-term priority is advancing its flagship Gold Chain Project in Arizona.

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