“The Mt. Margaret deposit is a significant copper-gold porphyry system,” said Robert McLeod, President and CEO of Cambria Gold Mines. “With a mineralized footprint starting at surface and spanning over one square kilometre with multiple drill holes ending in mineralization over 400m below surface, this deposit has the potential to be one of the most significant undeveloped copper deposits in the United States. It is our intention to spin this asset out into a new US focused listed entity in the near future.”

About Mt. Margaret

The Mt. Margaret deposit is a calc-alkaline porphyry deposit with copper, gold, and molybdenum mineralization located approximately 22 km southwest of Randle, Washington. Duval Corporation (“Duval“) actively explored the project from 1971-1980, completing a total of 20,729m over 105 diamond drill holes. In 2010, Cambria’s predecessor, Ascot Resources Ltd., completed 4,880m of infill diamond drilling over 11 holes, which confirmed and expanded the mineralized zones defined by Duval’s drilling (see January 12, 2011 Press Release: Ascot Resources Drills 496.0 Meters of 0.459% Copper in drill hole eleven on the Mt. Margaret Property⁷).

A historical resource estimate was completed by Duval for the Mt. Margaret deposit, with 577Mt grading 0.36% Cu, 0.24 g/t Au, 0.011% Mo, and 1.58 g/t Ag (Taylor, 1980 & Derkley et al, 1990).^1,2 This historic estimation work predates the implementation of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101“) guidelines and was not classified based on currently accepted reserve and resource classifications as set forth by the Canadian Institute of Mining and Metallurgy, August 20, 2000 (CIM Guidelines) or the United States Securities and Exchange Commission’s Regulation Subpart 1300 of Regulation S-K (“S-K 1300“). Cambria cautions it is not treating the historic Duval work as a current mineral resource estimate, and there has been insufficient work completed by a Qualified Person to do so at any point in the project’s history. Furthermore, uncertainty regarding cut off grade, metal prices, modelling methodology, or other parameters and assumptions used in the Duval work could impact the reliability of the historic estimation. Cambria still considers the Duval work relevant given the number of supporting historical drillholes, many of which were confirmed by subsequent Ascot drilling in 2010. Further work including additional infill drilling, geological modelling, and assay certificate and collar validation by a Qualified Person pursuant to NI 43-101 would be required to produce a NI-43-101 or an S-K 1300 compliant resource. There are no guarantees that this additional work would confirm the historical resource estimate defined by Duval.

In addition to the recently staked unpatented lode claims, Cambria retains 50% ownership of patented federal mining claims covering the Mt. Margaret deposit, with the other 50% held by the federal US government. In March 2010 the Company signed an option agreement, whereby it acquired a 100% interest in General Moly Inc.’s 50% interest in the Mt. Margaret property. Cambria has the right to earn a 100% interest in the Mt. Margaret property subject to a 1.5% NSR and a negotiated federal royalty. The Company may purchase one-half of the NSR upon completion of a preliminary economic assessment. The purchase price is negotiable but shall not be less than 50% of the net present value of the NSR.

Table of Previously Reported Results from 2010 Ascot Drilling

Information Sources

1. Derkey et al (1990). P. 338. Metal Mines of Washington – Preliminary Report; Open File Report 90-18; https://dnr.wa.gov/sites/default/files/2025-03/ger_ofr90-18_metal_mines_pt2.pdf
2. Taylor, J.D., 1980, Margaret project status report: Duval Corporation report (unpublished). Available in the Washington Department of National Resources Archives
3. October 13, 2010 Press Release “Ascot Resources Drills 500 Meters of 0.337% Copper on its First Drill Hole on the Mt. Margaret Property”. Available under the Company’s profile on Sedar+ at www.sedarplus.ca.
4. November 3, 2010 Press Release “Ascot Resources Drills 343.85 Meters of 0.507% Copper on its Second Hole on the Mt. Margaret Property”. Available under the Company’s profile on Sedar+ at www.sedarplus.ca.
5. November 23, 2010 Press Release “Ascot Resources Drills 322.5 Meters of 0.412% Copper on its Third Hole on the Mt. Margaret Property.” Available under the Company’s profile on Sedar+ at www.sedarplus.ca.
6. December 1, 2010 Press Release “Ascot Resources Drills 380.2 Meters of 0.500% Copper on its Sixth Hole on the Mt. Margaret Property.” Available under the Company’s profile on Sedar+ at www.sedarplus.ca.
7. January 12, 2011 Press Release “Ascot Resources Drills 496.0 Meters of 0.459% Copper in drill hole eleven on the Mt. Margaret Property.” Available under the Company’s profile on Sedar+ at www.sedarplus.ca.

Qualified Person and Technical Information:

The scientific and technical information within this news release was reviewed and approved by Blaine Smit, P.Geo. Vice President Exploration for Cambria Gold Mines Inc. and is therefore not independent. Mr. Smit is a “Qualified Person” as defined under NI 43-101 and visited the Mt. Margaret project in March of 2026 to review 2010 drill core, property geology, and monumented drill collars. Mr. Smit was not involved with the 2010 drill program by Ascot Resources Ltd. and is relying on the publicly available disclosures and internally available assay and QA/QC files, along with physical review of drill core, to verify the results of the 2010 drilling.

About Cambria Gold Mines

Cambria Gold Mines is a Canadian mining company headquartered in Vancouver, British Columbia, and its shares trade on the TSX-V under the ticker CAMB and on the OTCID under the ticker AOTVF. Cambria is the 100% owner of the Premier Gold mine and Red Mountain Gold Project that are located on Nisga’a Nation Treaty Lands, in the prolific Golden Triangle of northwestern British Columbia. For more information about the Company, please refer to the Company’s profile on SEDAR+ at www.sedarplus.ca or visit the Company’s web site at www.cambriagold.com.

The post Cambria Gold Mines Announces Expansion of Claim Package at the Mt. Margaret Copper and Gold Deposit and Intention to Spin Out the Asset to Shareholders appeared first on Capital 10X.

• 73.86g/t Au over 5.0 m (incl. 552.0 g/t Au over 0.5 m) within 17.95 g/t Au over 22.0 m in P26-2686
• 19.63 g/t Au over 1.6 m within 3.98 g/t Au over 15.4 m in P26-2690
• 8.23 g/t Au over 2.0 m within 3.35 g/t Au over 6.0 m in P26-2689

“This drilling at the 602 Zone is delineating high-grade mineralization, which could be accessed with additional development from the recently constructed underground workings at the historic Premier Mine,” said Robert McLeod, President and CEO of Cambria Gold Mines. “Two underground drills are currently delineating the Prew Zone at Premier; our objective is to establish the strong continuity similar to the nine primary shoots that were historically mined at the deposit.”

Results from the first five diamond drillholes completed, totalling 1,815m are reported herein from the “602 Zone” of the Premier-Northern Lights (“PNL“) deposit. Drilling is focused on infill of Indicated and Inferred Resources at the Premier deposits to provide the necessary drill spacing for development planning. The Company is of the opinion that the lack of infill drilling during development was a critical factor in the difficulties encountered during the mining operations that led to a shut down of operations in 2024.

Gold mineralization is hosted within zones of quartz breccia, with sulfide infill and veining both within and outside the breccia zones. Sulfide mineralization includes pyrite, sphalerite, and galena with lesser amounts of chalcopyrite. Visible gold was identified in 2 of the 5 holes reported in this news release, including an intercept of 552.0 g/t Au over 0.5m in P26-2686 (see Figure 3(a)). This intercept occurs within a wider interval of 17.95 g/t Au over 22.0m represented by a well-defined zone of quartz-sulfide-cemented breccias and veins. Gold veining is interpreted as a later stage event occurring within the wider mineralized zone.

The 602 zone plunges gently to the northwest, and the lower part of the zone is truncated at depth by an interpreted off-setting fault, highlighting a potential future exploration opportunity. The zone remains open down plunge.

The Company is also pleased to announce the commencement of underground drilling, with two diamond drills currently turning at the Prew Zone. Surface drilling will recommence in mid-May when winter conditions end, targeting additional zones of the PNL deposit before moving to the Big Missouri and Silver Coin deposits. The Company intends to complete a total of 27,000m of infill development drilling this year across the Premier Project deposits.

Figure 1: Plan Map showing 602 Zone surface drilling at the Premier – Northern Lights deposit

Figure 2: Long section showing reported composite results.

Figure 3a: P26-2686 (324.6 m): Visible gold within quartz-breccia and sulfide mineralization

Figure 3b: P26-2686 (325.5 m): Mineralized quartz breccia with sulfide cement in hole P26-2686

Table 1: Drill Results – Significant Intersections:

1 – ETW = Estimated True Width. All reported intervals are down-hole lengths, with true width estimates ranging from 96-99% of the reported interval. True widths are estimated based on the angle of the drill hole with the interpreted trend of the mineralized zones. 

Composite Calculations for Significant Intersections
Composites for significant intersections were calculated using a 1g/t gold (Au) cut off grade and maximum 3m internal waste. “Including” results are reported at a 10g/t Au cut off grade with maximum 3m internal waste.

Table 2: Drill collar locations and Hole Orientations

Composite calculations for Drill Results

Composites were calculated using a 1g/t gold (Au) cut off grade and maximum 3m consecutive internal waste. “Including” results are reported at a 10g/t Au cut off grade with maximum 3m waste. Only composites that meet a threshold of 5 Au gram-metres (Au grade x interval thickness) are reported as “significant intervals”. Composites were not subjected to “capping” of gold grades. Cambria believes that applying the 200g/t Au top cut used in the feasibility study effective April 15, 2020 for the Premier and Red Mountain Gold Project would have a negligible effect on composite reporting (see the “Premier & Red Mountain Gold Project – Feasibility Study NI 43-101 Technical Report” dated effective April 15, 2020 prepared by Sacré-Davey Engineering Inc. for more information on capping).

All reported intervals are down-hole lengths, with true width estimates ranging from 64-99% of the reported interval. True widths are not estimated where there is insufficient geological understanding of mineralization controls.

Quality Assurance/Quality Control and Sample Preparation

Core samples from the 2024 drill program were prepared and initially analyzed by 30g fire assay at a non-accredited grade control laboratory facility in Stewart BC, operated under contract by SGS to support the ongoing mine operations. The samples were dried and then crushed to specifications of 75% passing 2mm. The core samples were riffle split to 250g and pulverized to 85% passing 75µm. Samples did not undergo an internal sample QA/QC screening process to verify sample preparation parameters were achieved. In 2025, all 2024 pulps were sent for reanalysis at ALS Canada’s North Vancouver laboratory. ALS re-pulverized the 2024 program pulp samples to ensure samples met specifications and to promote re-homogenization of the sample pulp prior to analytical work.

Core samples from the 2025 drill program were prepared at the ALS preparation lab in Terrace, BC. The samples were dried and then crushed to specifications of 70% passing 2mm. Crushed samples were riffle split to 250g and pulverized to 85% passing 75µm.

Analytical work for all reported 2024 and 2025 results was completed by ALS Canada Ltd. which maintains an internal quality assurance and quality control (QAQC) program and is ISO:17025 certified for the analytical methods used in this release. Pulp splits were sent directly from the two sample preparation facilities to the ALS Canada Ltd. geochemistry laboratory facility in North Vancouver for analysis. Each sample was analyzed for gold by conventional 30g fire assay with atomic absorption finish (Au-AA23) and most samples for multielement analysis by four-acid digest with an ICP finish (ME-ICP61).

Samples over 10ppm gold were re-analyzed by an overlimit 30g fire assay with a gravimetric finish (Au-GRA21). Samples over 100ppm silver were re-analyzed with an ore grade method (ME-OG62) which is a four-acid digest method followed by an ICP-AES finish (up to 1,500ppm). Samples over 1,500ppm silver triggered the overlimit silver fire assay method (Ag-GRA21) which used a 30g aliquot and gravimetric finish. Sampling and storage activities are conducted at the Company’s secure facility in Stewart, British Columbia.

The Company maintained a QAQC program during the 2024 and 2025 drill programs which included the submission and review of coarse blank materials to monitor contamination, certified reference materials to assess analytical accuracy, and quarter-core duplicate samples to infer sampling precision.

Qualified Person and Technical Information:

The scientific and technical information within this news release was reviewed and approved by Blaine Smit, P.Geo. Vice President Exploration for Cambria Gold Mines Inc. Mr. Smit is a “Qualified Person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects and is of the opinion that the sampling and QAQC practices employed in 2025 met industry standards and results reported within this release are acceptable. While the best practice would be for both sample preparation and analysis to be completed by an accredited laboratory, the QAQC procedures and results for the pulp re-assaying completed by ALS Canada give confidence the reported results for 2024 drilling are also acceptable.

To verify the information related to the 2024 and 2025 drilling programs at Premier, Mr. Smit visited the property in January and February of 2026, reviewed assay grades against mineralized core and sample tags, reviewed QAQC methodology and results, and discussed deposit mineralization and geological controls with on site staff.

The post Cambria Gold Mines Intersecting High Grades From Premier Mine Infill Drill Program appeared first on Capital 10X.

Lion MRE In-fill program
Drilling continued to define the high-grade Lion Zone in preparation for a 2026 Mineral Resource Estimate (MRE). The majority of infill drill holes in this release are for holes that are mostly defining the eastern side of the Lion zone (Figure 1) for future mineral resource estimates to an Indicated Resource classification. The 2026 winter drill campaign continues to support the modelled interpretation of the Lion Zone based on earlier wider spaced drilling and includes PML-26-050 intersected the Lion Zone and confirmed the eastern edge of the high-grade copper shoot with 4.76m @ 10.43% CuEqRec¹ (Table 1).

Hole PML-26-052 tested the eastern edge of the western high-grade shoot 4.35m @ 5.94% CuEqRec¹) and confirmed the expected mineralization modeled from the wider spaced earlier drilling in this area.

Figure 1 – Lion Drill holes reported in this news release (CNW Group/Power Metallic Mines Inc.)

Note: Reported length is downhole distance; true width based on model projections is estimated as 85% of downhole length

¹Copper Equivalent Rec Calculation (CuEqRec¹)
CuEqRec represents CuEq calculated based on the following metal prices (USD) : 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and recovered grades based on recent locked-cycle metallurgical recoveries by SGS Canada Inc (see press release Jan 21, 2006).

Current MRE drilling has concentrated on the Lion zone near surface that may be amenable to early open pit extraction in a possible future mining operation. This drilling continues to intersect strong copper sulphide mineralization (Figures 2 and 3).

Figure 2 – Lion Drill hole PML-26-095 shallow MRE in-fill drilling (assays pending) (CNW Group/Power Metallic Mines Inc.)

Figure 3 – Lion Drill hole PML-26-101 shallow MRE in-fill drilling (assays pending) (CNW Group/Power Metallic Mines Inc.)

Exploratory Drilling – East and West of Lion
Drill holes PML-26-056, 058, 059 and 060 were designed to define the eastern edge of the Lion Zone, which is interpreted as possibly being fault controlled. All these holes (Figure 1) encountered low grade mineralization, Cu (up to 0.22%), Au (up to 0.20 g/t Au), Pd (up to 0.60 g/t Pd), and Pt (0.21 g/t Pt) and effectively define the eastern boundary of the Lion Zone.

Holes PML-26-060 and 064 were drilled 400-450 meters west of the Tiger Zone (Figure 1) and failed to intersect any sulphide mineralization or the ultramafic unit that occurs at Lion.

Hole PML-26-066 was designed to test above an interpreted arm of the Tiger Zone. The hole collared in mineralization (0.27% Cu, 0.17 g/t Pd) at the overburden bedrock contact before intersecting 2 wide ultramafic units of the type found at Lion. Between these two units 1.31m @ 32.9 g/t Ag was intersected. It is unknown how this may relate to the Tiger mineralization down dip of this intersection. When ground conditions permit, testing behind the initial Cu, Pb mineralization will be done.

Hole PML-26-062 was drilled 800m to the west of Lion. Although the favourable ultramafic unit was encountered over a wide intersection, no significant mineralization was encountered.

Exploratory Drilling – Elephant Target
Hole PML-25-021 was extended (PML-25-021x) to test a large BHEM anomaly detected in PN-24-064. Hole PML-25-021x failed to explain the BHEM anomaly, and work is continuing to refine this target area for further drilling.

PML-25-021x entered the paragneiss formation that define the footwall of Power Metallic’s Nisk Ni-Cu-Pd deposit to the west of Lion. This formation was intersected more than a kilometer below surface and contained recognizable favourable geological units (Figure 4) that had hosted a high-grade gold intersection in PMX-25-016 (1.5m @ 34.6 g/t). Assay results from PML-25-021x returned 6m @ 0.78 g/t Au, including 1.5m @ 2.56 g/t Au. Although low grade, this intersection establishes a large sized area of gold structure. Associated with wide anomalous Au, As and W, summer surface mapping, prospecting and re-interpretation of geophysics will be done to localize this recognizable unit and determine whether this gold target requires more drill follow-up.

Figure 4 – Lion Drill hole PML-25-021x intersecting the gold zone discovered in PMX-25-016 (CNW Group/Power Metallic Mines Inc.)

“Lion MRE drilling continues to deliver as or better than expected. The shallow hole success, which we expect assays to confirm what we are seeing in the cores, should be very supportive to the starter open pit. This all will support the upcoming MRE and PEA. On the exploration side the drill bit continues to give us clues and points us to more structures to test. We have 37 holes in for assay and we’re drilling our last few holes of the winter campaign. The team remains very bullish on our discovery process”, commented Terry Lynch, CEO & Director.

Qualified Person

Joseph Campbell, P. Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

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

The post Power Metallic Releases Additional Drill Results from Winter Campaign appeared first on Capital 10X.

Key Highlights

• Regulatory Clearance: Anfield has addressed all outstanding technical, financial and environmental comments from the DOE and DRMS.
• Production Timeline: The JD-8 Mine remains on schedule for potential approval and mobilization in mid-2026, with a targeted production restart in the second half of 2026.
• Operational Base: The JD-7 mine infrastructure will now serve as the central base of operations for the entire Monogram Mesa Mine Complex, improving efficiency and reducing costs. Mined material from JD-8, as part of Anfield’s hub-and-spoke production strategy, will be processed at Anfield’s Shootaring Canyon mill in Utah, one of only three licensed conventional mills in the United States.
• Competitive Advantage: The Company is leveraging its recent acquisition of BRS, Inc. to streamline the regulatory process and technical development.

This permit amendment builds directly on the Company’s initial comprehensive Plan of Operations permitting application submitted to DRMS on November 19, 2025, which received an affirmative initial completeness determination from DRMS on December 22, 2025, confirming that all required technical, environmental, reclamation, and financial assurance components were in place to advance to full substantive review. The permit amendment incorporates all regulatory feedback received and further strengthens the application as it progresses through the review process. The Company is confident regarding the quality and completeness of the current submission and reaffirms that the JD-8 Mine remains on track for potential approval and mobilization in mid-2026, with targeted production restart in the second half of 2026.

About the JD-8 Mine and Monogram Mesa Mine Complex

The JD-8 Mine is the flagship asset within Anfield’s Monogram Mesa Mine Complex (also referred to as part of the broader West Slope project and Paradox Mine Complex). It was the last of the historic Cotter Corporation mines to suspend operations in 2006 due to market conditions and remains in excellent condition, with well-preserved underground workings, infrastructure, and historical production records.

The Monogram Mesa Mine Complex encompasses several past-producing uranium and vanadium mines, including the JD-5, JD-6, JD-7, JD-8, and JD-9 mines. As part of the permit amendment, the Company has included all buildings and infrastructure at the JD-7 mine to serve as the central base of operations for the entire mine complex. This strategic integration will enhance operational efficiency, reduce costs, and support coordinated development across the multiple deposits.

The restart plan for the JD-8 Mine employs proven conventional underground long-hole stoping methods with updated ventilation, ground control, and water management systems, alongside enhanced monitoring and modern reclamation standards. The JD-8 Mine leverages existing underground workings and is designed to deliver uranium and vanadium to Anfield’s 100%-owned Shootaring Canyon Mill in Utah — one of only three licensed conventional uranium mills in the United States.

CEO Commentary

Corey Dias, CEO of Anfield, commented: “Promptly and thoroughly addressing all comments from both the DOE and DRMS demonstrates our team’s commitment to regulatory compliance and responsible development. Our continued close collaboration with BRS Inc. enabled us to leverage our longstanding relationship to quickly prepare the initial plan and allowed the Company to completely and effectively address all regulatory comments. We believe this seamless partnership between the BRS Inc. and Anfield teams gives the Company a unique competitive advantage in the U.S. uranium sector.

Finally, incorporating the JD-7 mine infrastructure as the operational hub for the Monogram Mesa Mine Complex further optimizes the JD-8 Mine and positions the entire complex for efficient, long-term uranium and vanadium production. We remain on track to bring the JD-8 Mine—and by extension, the broader Monogram Mesa Mine Complex—back into production later this year. This advancement both supports our hub-and-spoke production strategy and contributes to U.S. energy security by supplying domestic uranium and vanadium.”

JD-8 Uranium-Vanadium Mine Production Decision

The Company notes that its decision to advance development of the JD-8 Mine is based on historical production data and analysis of drilling samples, and not on a feasibility study of mineral reserves demonstrating economic and technical viability. As a result, there is additional uncertainty and risk related to the economics and viability of development.

Douglas L. Beahm, P.E., P.G., is the Company’s qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed, verified and approved the scientific and technical information contained in this news release. Mr. Beahm is not independent of the Company, as he is the Company’s Chief Operating Officer.

About Anfield

Anfield is a uranium and vanadium development company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly traded corporation listed on the NASDAQ (AEC-Q), the TSXV (AEC-V) and the Frankfurt Stock Exchange (0AD).

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 Submits Permit Amendment for the Restart of Past-Producing JD-8 Uranium and Vanadium Mine appeared first on Capital 10X.

Two drill rigs in operation at the La Verde porphyry discovery, Cost Fuego copper-gold project, coastal Chile

Highlights

• Latest results from ongoing drilling across the Company’s La Verde copper-gold (Cu-Au) discovery in Chile
  confirm a major extension to the deposit’s rapidly growing high-grade core
• DKD039 returned the widest drill result recorded to date, intersecting 725 m grading 0.42% CuEq (0.36%
  Cu, 0.07 g/t Au) from 18 m depth down-hole, including:
  o 22 m grading 0.71% CuEq (0.67% Cu, 0.03 g/t Au) from 42 m depth
  o 46 m grading 0.65% CuEq (0.54% Cu, 0.12 g/t Au) from 249 m depth
  o 51 m grading 0.62% CuEq (0.51% Cu, 0.10 g/t Au) from 433 m depth
  o 62 m grading 1.03% CuEq (0.90% Cu, 0.18 g/t Au) from 671 m depth
• The shallow result of 22 m grading 0.71% CuEq from 42 m, further expands the extent of an emerging
  higher-grade starter pit for the Company’s Costa Fuego Cu-Au Project
• The deeper result of 61 m grading 1.03% CuEq from 670 m, significantly extends La Verde’s high-grade
  core by approximately 200 m down-dip
• Drilling operations accelerating with two drill rigs on site (Diamond (double shift) and Reverse Circulation
  (RC, single shift)) and a third drill rig planned to be mobilised in May
• Assay results pending for eleven drill holes (four diamond and seven RC)

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’s Managing Director Mr. Christian Easterday commented:

“We are very pleased to deliver the most significant drill result to date from our La Verde copper-gold
porphyry discovery in Chile. Drill hole DKD039 recorded 725 m grading 0.42% CuEq from 18 m depth – the widest significant drill intersection so far at La Verde. Most importantly, it has confirmed a major 200 m down-dip extension to the high-grade core of the deposit, recording 62 m grading 1.03% CuEq from 671 m depth – also the widest high-grade intersection recorded to date.

With two drill rigs now in operation and a third planned, the Company is focused on accelerating its
definition of a potential higher-grade starter pit for Costa Fuego, as well as continued expansion and
integration of La Verde’s high-grade core into Costa Fuego’s resource base and mining inventory this year”.

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) provided a drilling update from its La Verde Cu-Au porphyry discovery (La Verde), located 30 km south of the Company’s Costa Fuego Cu-Au Project planned central processing hub in Chile’s coastal Atacama region.

Diamond Drill Hole DKD039 – Most Significant Result to Date at La Verde

A standout significant intersection of 725 m grading 0.42% CuEq1 from 18 m depth has been recorded
in diamond drill hole DKD039, along with several other significant drill results across La Verde.
Drill hole DKD039 was collared on the western extent of La Verde’s discovery footprint (Figure 2), and
intersected multiple wide zones of +0.6%CuEq1 mineralization from near surface (Figure 3 and 4).
Importantly, DKD039 achieved two key objectives:

• Further extended near-surface higher-grade mineralization by approximately 60m to the
  west – recording 22 m grading 0.71% CuEq1 from 42 m depth within a wider intersection of 48 m
  grading 0.55% CuEq (0.50% Cu, 0.03 g/t Au) from 18 m depth, located immediately beneath shallow
  gravel cover, and

• Confirmed a significant 200 m down-dip extension of La Verde’s high-grade core – recording 61
  m grading 1.03% CuEq1 (0.90% Cu, 0.18 g/t Au, 1.81g/t Ag) from 671 m in association with high
  Cu/Au, A+B vein abundances >5% and massive and disseminated chalcopyrite (Figure 5).
  Infill Diamond Drill holes DKD037 and DKD038 – Confirm Continuity
  Further results received from additional diamond drill holes (collared from surface) continue to confirm
  continuity of bulk tonnage mineralization, including:
  
• DKD037 recorded 184 m grading 0.42% CuEq1 (0.32% Cu, 0.12 g/t Au) from 105 m depth
  o including 27 m grading 0.60% CuEq (0.48% Cu, 0.15 g/t Au) from 203 m
• DKD038 recorded 221 m grading 0.37% CuEq1 (0.29% Cu, 0.11 g/t Au) from 48 m depth
  o including 45 m grading 0.51% CuEq (0.37% Cu, 0.19 g/t Au) from 53 m

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)

Drill hole DKD037 was designed to target a gap between two higher-grade zones, with assay results now
confirming expansion and continuity of mineralization across this zone (Figure 2).

Similar to drill hole DKD039, the significant intersection from DKD038 also commences immediately
beneath shallow gravel cover, suggesting a large part of the potential higher-grade starter pit will only
require simple, cost-effective, shallow overburden removal (Figure 4).

Diamond Drill Tail Extensions DKP009D and DKP012D – Continue to Expand Footprint

Latest assay results from diamond drill tail DKP009D also extended La Verde’s Cu-Au mineralization
footprint along the eastern flank of the discovery (Figures 2 and 4). The drillhole was a 200 m diamond tail
to earlier RC drillhole DKP009 and reported 68 m grading 0.42% CuEq (0.33% Cu, 0.11 g/t Au) from 354
m depth extending mineralization downhole of DKP009.

Similarly, diamond drill tail DKP012D extended La Verde’s Cu-Au mineralization footprint along the
northern flank of the discovery. The drillhole was a 284 m diamond tail to earlier RC drillhole DKP012 and
reported 132 m grading 0.36% CuEq (0.26% Cu, 0.05 g/t Au) from 306 m depth extending mineralization
downhole of DKP012. Several higher-grade zones were intercepted in the tail, confirming the system is still
open and mineralized to the north and will be followed up with additional drilling along the interpreted NNEtrending structural corridor (Figure 2 and 4).

Including the new diamond tail extensions:

• DKP009D now records 388 m grading 0.41% CuEq (0.32% Cu, 0.12 g/t Au) from 34 m
• DKP012D now records 394 m grading 0.46% CuEq (0.35% Cu, 0.11g/t Au) from 44 m

Assay results are outstanding for four diamond and seven RC drillholes and the Company looks forward to
providing further updates as results are received.
This announcement is authorized by the Board of Directors for release to ASX and TSXV.

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

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. Significant intersection widths (interval) have been rounded to the nearest metre.

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 mineralization 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 returned diamond drilling compared with 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’ cross section (Figure 3) and B – B’ long section (Figure 4) annotated in black. Conceptual open pit shells1 displayed for $US3.50/lb Cu (blue) and $US6.00/lb Cu (green) displayed as dashed lines. Results reported including CuEq2.

1 See 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.

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 mineralization 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. Cross section slice along DKD039 (± 75m clipping) showing +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralization interpolants and returned assay results for DKD039, DKP012D, DKD037, DKP009D. Returned Cu grades shown on hole traces.

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 mineralization 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. NNW facing longitudinal section of the La Verde porphyry system showing +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta)
mineralization interpolants. Returned Cu grades shown on hole traces. Drilled holes with pending assays are shown in black.

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 mineralization 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. Core photos for DKD039 showing high-grade zone of 19.6 m grading 1.51% CuEq (1.30% Cu, 0.29g/t Au, 2.26g/t Ag) from 693.1 m within the broader high-grade zone 61.5m grading 1.03% CuEq (0.90% Cu, 0.18g/t Au) from 670.7 m.

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 mineralized 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.

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’ and ‘Shallow High Grade Results
Continue 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 and 16 February 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.

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

The post Hot Chili Drills Best Result to Date at La Verde Discovery in Chile. appeared first on Capital 10X.

Fast forward to today and the royalty industry is now more than 35 companies worth $66 billion of market value, exeeding the value of the entire junior mining industry.

The royalty industry has demonstrated it can generate value over decades.

Even though the industry has exploded in popularity and value over the past three decades, individual investors and small advisors still think of mining exposure primarily through publicly traded explorers, not royalties.

This is a mistake.

History has shown that a well diversified mining portfolio with explorers and royalties generates superior risk adjusted returns over time.

To help anyone not familiar with the royalty business model understand its value, we’ve put together a comprehensive primer on all things royalties.

Royalty economics, key differences, how to find quality royalty operators and three interesting ideas to get you started.

The Funding Landscape Has Changed In Favor of Royalties

A fundamental shift is taking place across the fundraising landscape, with important implications for royalty investors.

20 years ago, active asset managers provided the incremental dollar to mining companies. They had dozens of analysts poring over drill assay’s and providing the capital for each company to move through the riskiest stages of a mine’s life: funding, permitting and construction.

Today these same investment groups are a shadow of what they once were. We’ve seen 10 years of asset outflows and the analyst teams are down to one or two people and marching orders from management to hug the benchmark, not step outside the box for underfollowed small-cap opportunities.

Money is Flooding into Passive Portfolios at the Expense of Active Funds

 As a result, passive ETF’s now control more of the market than once dominant active managers.

Explorers and developers across the commodity spectrum now find themselves scrambling to find capital with passive funds no longer participating in most private capital raises.

Royalty companies and high net worth investors have now become the major source of funding in the mining industry

The lack of competition for funding has created an important opportunity for royalty companies to step into the void and generate even better returns than they ever have.

Investors who own mining companies but have never looked at royalty companies are missing out on potentially the best risk adjusted return option in the mining industry.

So What is a Royalty?

A royalty is an interest in the ultimate production of a mine. Royalties differ from owning an entire mining company in that the royalty owner usually gets paid directly from selling the output of the mine, before any operating costs are factored in. This is a huge advantage for the royalty owner.

The one advantage to owning a mining stock over a royalty is the mining stock owns the economics of 100% of the property while a royalty is sometimes on only a portion of the property.

Royalties are usually revenue based and use terms like NSR (Net Smelter Royalty) or GR (Gross Royalty). The visual below explains the most popular types of royalties and how they work.

The visual below is a helpful guide to understanding the economic of different royalties.

The main difference you should notice is that a royalty has essentially zero production costs. Every $1 of revenue reaches the royalty investor as profit, less taxes.

The only costs you have to worry about is the corporate overhead from paying the salaries of the management team picking the royalties.

Royalty vs Operator Economics (Oil Example)

Looking at historical EBITDA margins for a gold miner and a gold royalty company we can see the difference in margins. The royalty generated EBITDA margins between 70%-80% while the miner is half that.

EBITDA Margins Royalty (White) vs Miner (Blue)

Royalties Have Three Key Advantages Over a Pure Mining Stock

Diversification

This is the huge differentiator and the main reason we believe every investor who invests in the mining space should consider owning royalties as well.

Yes we’ve all heard of the mining stock that went up 10 times or more, but what you rarely hear about are the mining stocks that went to zero, and there are a lot of them.

Mining is a risky business, but at a royalty company you own pieces of many different projects picked by a team with significant experience evaluating opportunities.

Royalty companies buy small royalties in many different mines giving investors key diversification by geography, commodity, mine or all three.

If one project dies on the vine, it doesn’t mean an automatic writeoff for your investment.

Mining is by nature a very risky business due to exploration and commodity price uncertainty and diversification is key to staying in the game long enough to find a world class project or discovery.

No Exposure to Cost Inflation

Another significant advantage of owning a royalty is that you aren’t exposed to rising operating costs.

Any investor whose been through more than one commodity cycle knows that operating costs are almost always rising, especially when commodity prices are rising as well.

So while the margins on a project end up being squeezed in a bull market, royalty investors are paid out from revenue, capturing 100% of the upside from higher prices.

As long as the company’s margins are high enough to justify keeping the mine in business, royalty investors don’t have to care about operating cost inflation.

This is a huge advantage to owning a royalty.

Mining Costs Rise with Prices Squeezing Producer Margins but not Royalty Payments

Lower Cost of Capital 

The diversification benefits of a royalty company feed over into its cost of funding as well.

With less risk that one problem project will sink the company, lenders are willing to offer debt at lower rates.

Debt costs today range between 5%-8.5% depending on the size and operating history of the company which is significantly below debt costs of 10%+ for 102 asset mining companies.

This capital cost arbitrage enhances royalty returns over owning the underlying mining company stock.

Royalty companies still have to compete with public and private markets to fund mining projects which keeps internal rates of return in check somewhat, but with the lack of asset managers in the space, future returns are on the rise.

Royalty Companies Generate Upside Three Ways

The beauty of royalties and miners is they can generate value above and beyond what is priced into the estimated net asset value.

Some royalties even trade at a discount to net asset value which offers additional upside if they can simply execute on the current resource.

We would argue that the company’s trading at a premium to net asset value are simply mispriced vs the true asset value of what they own, meaning good operators can often be bought for a discount before they build a multi-decade track record of success.

As you judge the upside potential of each royalty company, keep in mind the three ways a management team can add value over time.

1: Exploration Success

The value of a royalty increases as more pounds of metal are discovered. While royalty companies aren’t usually the operators of a project, partner drilling and exploration success still accrues to the royalty.

As an example, owning a 1.5% royalty on a property where drilling discovers another 1 million ounces of gold = 1Moz X $2,430 X 1.5% =  $36.5M of additional value accruing to the royalty.

Analyst NAV estimates don’t fully account for exploration upside as a general rule making an active drilling campaign very valuable to royalty investors.

2: Accelerating Production

Both the mine operator and the royalty owner come out winners when a mine increases production above what was originally planned.

The main reason ramping up production is so valuable is because of the time value of money. An ounce produced in year 30 all else equal is worth far less to us today than an ounce produced in year 5.

Pulling forward production and cashflow significantly increases the value of a project to royalty holders.

How Exploration Success is Used Depending on Mine Life

In practice a mine with only a 5 year life is unlikely to accelerate production if they find more ounces, they will extend the mine instead. A mine with a 40 year life in contrast, is very likely to accelerate production with drilling success because as we discuss below, pulling forward cashflow that was previously 40 years away is far more valuable than adding a few years to the mine life.  

3: Earning the Project’s Cost of Capital

This one is the most straightforward but also least appreciated.

Say a royalty company trades at NAV with an 8% discount rate applied. This means if the portfolio of projects start up on time and produce as expected, you will earn an 8% return over time all else equal.

Over time the gap between the undiscounted net asset value and the NAV with an 8% discount rate closes.

An example will help illustrate. Say we have a mine expected to produce 100,000 oz per year for fifteen years. At $2,200/oz gold the project is worth $29.1 million to us today.

Value of a 100k oz Gold Mine (Year 1)

Now lets move forward in time 1 year. The mine has generated $3.3 million of royalties so it should now be worth $29.1M – $3.3M = $25.8M.

But instead the present value is now $28 million, how can this be?

As you move through time the value of future cashflows increase as the NPV approaches the total undiscounted value of the project ($46.2 million).

In this example the NPV of each year gained 8%!

Value of a 100k oz Mine at $2,200 Gold (Year 2)

A mine that can simply produce as planned can generate a significant return for equity owners. But in mining this is often harder than it looks.

You want to find management teams with significant experience building successful mines and working on similar commodities and geological trends if possible.

Three Interesting Royalty Opportunities

Ecora Royalties (ECOR:TO, LSE:ECOR) Market Cap: C$648 Million

Ecora Royalties is a royalty stock that ticks many of the boxes we discuss in this article.

• Rapidly transitioning its commodity mix to in-demand commodities.
• Ecora’s current share price puts it at ~40% multiple discount to peers, even though the company has best in class expected royalty growth of 12%-18% per year depending if copper prices stay around $5/lb or rise to $7.00-$8.00/lb by the end of the decade.

Given the company plans to continue signing additional royalties, the discount will only grow without a commesurate increase in share price.

Ecora has completely transitioned away from the legacy coal business

Ecora trades at an Iron Ore multiple but will be generating ~90% of cashflow from Copper, Uranium, Cobalt and Nickel by the end of this year. This represents a significant rerating opportunity in addition to typical cashflow and production growth.

Ecora Valuation vs Peers

Royalty income is expected to grow at least 75% from now until 2030 and could be higher if copper prices average above $5.00/lb.

Ecora owns royalties on commodities with strong growth trends, trades at a discount to NAV and most importantly is going through a radical transformation that is currently not priced in by the market.

Franco Nevada (NYSE:FNV) Market Cap: C$68 Billion

Franco is regarded as potentially the highest quality royalty company globally. The company has grown dividends for 17 years straight and generated a 15% compounded return for investors since IPO.

Management has also been prudent in growing corporate costs slower than revenue leading to a dramatic decline in overhead costs over time.

An Impressive Track Record of Growth and Execution

Due to the superior economics of the royalty model, Franco is generating impressive margins of 83% before reinvestment and 56% on a net basis.

Franco Nevada Generates Impressive Margins

Franco is well diversified, owning 431 royalties across the globe with 27% in Production, 10% advancing and 63% exploration stage.

The main reason the company trades at a premium to NAV is a history of generating significantly better returns that what was implied when the royalties were signed.

As we mentioned above, exploration success and stable or accelerating production can generate excess returns for investors and this is exactly what has happened for Franco Nevada shareholders in the past.

With the stock underperforming gold over the past 5 years due to issues at the Cobre Panama royalty, there looks to be a potentially attractive entry point for investors new to the company.

Franco already wrote down the mine by $1.2 billion, so the difficulties are largely priced in leaving upside if political tensions can be resolved.

Franco is yielding 0.6%, close to its all-time low, reflecting record gold prices but still offers a catchup opportunity vs where gold prices trade today.

Franco Nevada Indicated Dividend Yield

Altius Minerals (NYSE:SAND) Market Cap: C$2.4 Billion

Altius is a St. John’s-based royalty company with 13 paying mineral royalties and a 57%-owned subsidiary, Altius Renewable Royalties (ARR), holding 13 renewable energy royalties across the U.S.

Revenue by Metal

The NAV breakdown tells the story: base and battery metals make up 42% of consensus NAV, potash 18%, iron ore 15%, electricity 13%, and gold 8%. This is not an accident. Copper is the indispensable metal for electrification and faces a structural supply deficit as mine development timelines lengthen.

Potash underpins global food security, and Nutrien and Mosaic — Altius’s royalty counterparties — are guiding for a third consecutive year of rising global demand to 74–77 million tonnes with potential record production from Esterhazy in 2026. The renewable electricity royalties, through ARR’s joint venture Great Bay Renewables, provide contracted cash flows largely insulated from power price volatility via long-term PPAs.

The newest and most exciting addition is lithium. In March 2026, Altius completed its acquisition of Lithium Royalty Corp. (LRC), adding 37 royalties across producing, development, and exploration-stage lithium projects. Four of those royalties cover mines commissioned during the last lithium incentivization cycle, now ramping up.

With lithium demand expected to exceed 1.5 Mt LCE and growing, and prices recovering sharply off their 2024 lows, the timing of this acquisition looks counter-cyclically astute.

Altius Has a Distinguished History of Dividend and Royalty Growth

Altius stands alone in the royalty universe on forward growth.

Management’s pipeline points to 150–200% cumulative royalty revenue growth by 2031, well ahead of Ecora’s 75%-100% expected growth and the low-to-mid single-digit compound growth typical of the precious metal peer group.

There is no other diversified royalty company with such a long track record of operations and dividend payments offering such rapid growth in the market today.

That exceptional growth profile justifies the meaningful valuation premium. Altius has earned its valuation based on its long history of profitable growth and shareholder payouts. The dividend per share has grown from C$0.11 in 2015 to C$0.40 in 2025, a 264% increase over a decade, with a further 11% raise in 2025 alone. That unbroken track record of dividend growth, backed by a 28-year history of per-share value creation, gives the 36x EV/EBITDA multiple a credibility that pure growth-stage royalty companies simply cannot claim.

A Long History of Dividend Growth

You Can’t Afford Not to Own Royalty Companies

Any mining investor, without millions to invest like Eric Sprott and others, who doesn’t own a barbelled portfolio of mining companies and royalties is signaling a significant lack of experience.

At this point the royalty model has been tried, tested and emerged victorious. The lack of exposure to cost inflation and protection through asset diversification removes the two main risks that usually sink a portfolio owning pure play miners.

Now with asset managers, a major competitor, shrinking away from the market, royalty company’s are emerging as a critical source of project funding for miners, likely leading to better terms on deals and better future returns for royalty investors.

The post The Royalty Primer: Everything You Need to Know to Successfully Build Wealth Through Royalties appeared first on Capital 10X.

The planned underground drilling program is designed to verify and potentially expand existing mineral resources at SM-18. In parallel, the Company will use the drilling campaign as an opportunity to advance the preparation of a comprehensive Plan of Operations, targeted for completion later this year. This work supports the longer-term development of SM-18 as a producing mine.

Sources: 
*Summary: DOE Final Uranium Leasing Program Programmatic Environmental Impact Statement (ULP PEIS), March 2014
**Technical Report Prepared for General Atomics, Behre Dolbear & Company, August 16, 2007

The Company notes that the underground workings at SM-18 remain in good condition, with the overall mine area benefiting from well-preserved historic infrastructure that will facilitate efficient access and drilling activities.

Upon successful advancement, SM-18 is expected to become Anfield’s fourth mine, joining the Company’s Slick Rock and JD-8 projects in Colorado and the Velvet-Wood project in Utah. Each of these four mines—Velvet-Wood, Slick Rock, JD-8, and SM-18—will become flagships for Anfield within their respective mine complexes. 

This progression aligns with Anfield’s hub-and-spoke production model, which leverages the Company’s 100%-owned Shootaring Canyon mill in Utah (the “Shootaring Canyon Mill”) — one of only three licensed and permitted conventional uranium mills in the United States.

Processing Expansion Planned for Shootaring Canyon Mill

The Company is also advancing plans to expand the Shootaring Canyon Mill’s capacity to 1,000 tons per day (tpd) with a licensed annual production capacity of 3,000,000 pounds of U₃O₈. This upgrade, part of the mill reactivation process currently under review by the Utah Department of Environmental Quality (“UDEQ”), will significantly enhance the Shootaring Canyon Mill’s ability to process feed from multiple mines efficiently, supporting scaled production of both uranium and vanadium.

Corey Dias, CEO of Anfield, commented: “Submitting the NOI for SM-18 marks a meaningful milestone as we build out our production pipeline across the Uravan Mineral Belt. This underground drilling will help to both confirm and, potentially, increase resources at the project, while the associated Plan of Operations work sets the stage for SM-18 to become a key producing asset. The underground workings are in good condition and the mine area as a whole is well preserved, allowing us to move forward efficiently. Together with Velvet-Wood, Slick Rock and JD-8, these flagship mines will anchor their respective complexes and feed into our centralized processing strategy.

Our brownfield development strategy has positioned Anfield to become a fast-growing U.S. uranium company, with a target of opening two mines per year from our rich portfolio of holdings within two of the most prolific U.S. uranium mining districts — Lisbon Valley in southeastern Utah and the Uravan Mineral Belt in southwestern Colorado.

In addition, we have continued to acquire all of the necessary mining equipment to operate each of the four mines to be brought into production. At the same time, expanding the Shootaring Canyon Mill from 750 tpd to 1,000 tpd of throughput capacity and 3,000,000 pounds of licensed annual production capacity will give us the scale needed to capitalize on today’s strong uranium market and assist in addressing America’s burgeoning energy needs and strategic requirements.

We are proud to have successfully brought on experienced local talent and plan to manage development and mining operations across all of our owned mines using our in-house team. We firmly believe this approach will help revitalize the rural communities in the western U.S. that once prospered during the earlier days of uranium development and which are very supportive of the Company’s plans. Finally, given the US Government’s commitment to the advancement of domestic uranium production means that Anfield is well positioned to benefit from initiatives which will facilitate the Company’s expected uranium production.”

The SM-18 project is part of Anfield’s broader West Slope and regional portfolio in Colorado, which benefits from historical production data and proximity to existing infrastructure. All of Anfield’s conventional uranium assets are located within a 200-mile radius of the Shootaring Canyon Mill, enhancing logistical and economic synergies.

Douglas L. Beahm, P.E., P.G., is the Company’s qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed, verified and approved the scientific and technical information contained in this news release. No limitations or failures to verify were identified. Mr. Beahm is not independent of the Company, as he is the Company’s Chief Operating Officer.

About Anfield

Anfield is a uranium and vanadium development company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly traded corporation listed on the NASDAQ (AEC-Q), the TSXV (AEC-V) and the Frankfurt Stock Exchange (0AD).

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 Builds Out Production Pipeline with Submission of a Notice of Intent for Underground Drilling in Colorado appeared first on Capital 10X.

In consideration for the Consent, the Company has agreed to issue 50,000 bonus common shares (the “Bonus Shares”) and 180,085 bonus common share purchase warrants (the “Bonus Warrants”) to Extract, with each such Bonus Warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of C$8.11 per share until September 26, 2028. The issuance of the Bonus Shares and Bonus Warrants is made in accordance with TSX Venture Exchange (“TSXV”) Policy 5.1 – Loans, Loan Bonuses, Finder’s Fees and Commissions. For so long as the Credit Facility remains outstanding, all proceeds from the exercise of the Bonus Warrants by the lender shall be used to repay the principal amount of the Credit Facility. The Consent is conditional upon the Company’s issuance of the Bonus Shares and Bonus Warrants to Extract. The issuance of the Bonus Shares and Bonus Warrants is subject to the approval of the TSXV.

About Anfield

Anfield is a uranium and vanadium development company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly traded corporation listed on the NASDAQ (AEC-Q), the TSXV (AEC-V) and the Frankfurt Stock Exchange (0AD).

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

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Ecora Royalties PLC (LSE/TSX: ECOR) announces full year results for the year ended 31 December 2025. The Company will publish its audited 2025 Annual Report and Accounts later today, which will be available on the Group’s website at www.ecoraroyalties.com and on

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, commented:

“2025 was a landmark year for Ecora. Our critical minerals royalties and streams delivered record portfolio contribution representing the first time in the Group’s history where the majority of the Group’s portfolio contribution was derived from critical minerals.

“Project’s underlying Ecora’s development stage portfolio saw a number of meaningful advances during 2025, with our operator partners targeting further derisking events in the upcoming twelve months which will move these projects closer to production, underpinning a key part of Ecora’s organic growth profile during the remainder of the decade and beyond.

“Ecora has delivered strong deleveraging post the acquisition of the Mimbula copper stream, which is expected to continue in 2026. Ecora retains the financial flexibility to continue to further diversify its portfolio, with a primary focus on acquiring producing or advanced stage near-production royalties or streams, to complement Ecora’s existing growth portfolio.”

Financial Highlights:

·      $57.0m portfolio contribution for the year ended 31 December 2025 (2024: $63.2m) with significant increase in contribution from base metals royalties largely offsetting reduction in Kestrel steelmaking coal contribution

·      Royalty and metal stream-related revenue of $55.9m (2024: $59.6m)

·      Profit after tax of $22.2m (2024: loss of $9.8m)

·      The latest Voisey’s Bay mine plan extends production by four years to 2044 and accelerates near-term volumes, as a result, the Group has recognised an impairment reversal of $14.1m and a related deferred tax credit of $9.8m relating to carry forward losses which are now expected to be utilised

·      Adjusted earnings of $22.1m (2024: $28.9m) and adjusted earnings per share of 8.86c (2024: 11.43c)

·      Free cash flow of $27.4m (2024: $22.1m), a 21% increase

·      Strong deleveraging post the $50.0m Mimbula stream acquisition with net debt as at 31 December 2025 of $85.5m (31 Dec 2024: $82.3m), significantly below the peak of $124.6m during Q2 2025

·      Final dividend of 1.4c per share in line with policy, bringing the total dividend for the year to 2.0c per share (2024: 2.81c per share)

Base Metals

·      Base metals portfolio contribution of $28.5m, up 150% (2024: $11.4m) and representing 50% of Group portfolio contribution, driven by:

o  Strong production ramp-up at Voisey’s Bay, which generated a net portfolio contribution of $15.3m (2024: $5.0m) from 448t of attributable cobalt (2024: 210t) at an average realised price of $19.11/lb (2024: $13.34/lb)

o  Record year portfolio contribution from Mantos Blancos of $9.5m (2024: $5.8m)

o  Acquisition of a copper stream over the Mimbula mine in March 2025, which generated portfolio contribution net of metal purchase costs of $2.9m in 2025 (2024: n/a)

Specialty metals & uranium

·      Specialty metals portfolio contribution of $7.6m (2024: $8.1m) representing 13% of the Group’s portfolio contribution:

o  Toll milling rate at McClean Lake Mill stepped down in 2025 following the processing of an agreed volume of uranium, leading to a portfolio contribution of $3.7m (2024: $4.5m)

Bulks & other

·      Bulks and other portfolio contribution of $20.9m (2024: $43.7m) represented 37% of the Group’s portfolio contribution:

o  Kestrel steelmaking coal royalty generated $17.5m from 2.2mt of sales from the Group’s private royalty area, down vs. 2024 due to a lower average realised sale price of $143/t (2024: $223/t)

·      Sold a non-core royalty over the development stage Dugbe Gold Project in Liberia for a $16.5m upfront cash payment and contingent consideration of up to $3.5m

Outlook

·      Ecora’s key commodity exposures performed strongly in early 2026. The conflict in Iran has resulted in market and commodity price volatility, however the long-term commodity price outlook, in particular copper, continues to be underpinned by strong supply/demand fundamentals

·      Volume growth in base metals royalties and streams expected to continue to offset a reduction in volumes from Kestrel associated with mining increasingly moving outside the Group’s private royalty area

·      Series of value catalysts during the next twelve months with operator partners targeting a number of key project development milestones, including:

o Santo Domingo:       Final investment decision

o Mantos Blancos:        Phase II study mid-2026

o Phalaborwa:            Publication of DFS

o Nifty:                     Restart of cathode operations, DFS on restart of mining operation                                                                        

Analyst and investor presentation and call

A live webcast of the presentation including Q&A will be held today at 2:00 pm GMT for investors and analysts and will be available via our website at www.ecoraroyalties.com.

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

This will be available for playback after the event.

The post Ecora Royalties Releases Full Year 2025 Results appeared first on Capital 10X.

Drilling since October 2025 has completed 7 exploration drill holes for a total of 1,026.4m along structures surrounding El Molino to the east and south of El Rubi, and 11 infill drill holes representing 4,620.0m through the core of the previously released resource model (Press Release June 14, 2021) at El Rubi. Results for a total of 5,646.4m of drilling are available so far with drilling ongoing at the site. The originally announced 5,000m drill program is being expanded to facilitate further infill drilling at El Rubi to convert “Inferred” classified resources to “Indicated” or better.

Drill highlights from assays received so far include:

From El Molino:

Drill Hole LV25-331 returned 3.5m of 1.25 g/t Au and 24.81 g/t Ag from 56.0m including 0.5m of 5.0 g/t Au and 27.9 g/t Ag from 56.5m. This is a newly identified mineralized structure.

Drill hole LV25-336 returned 3.2m of 1.66 g/t Au and 4.27 g/t Ag from 28.6m, 150m north-northwest of the structure hit by LV25-331. This is a newly identified mineralized structure.

From El Rubi:

Drill hole LV25-338 returned 1.0m of 8.92 g/t Au and 79.8 g/t Ag from 255m down hole: 7.1m of 1.57 g/t Au and 16.9 g/t Ag starting at 300m downhole which includes 1.7m of 4.26 g/t Au and 14.0 g/t Ag starting from 304m downhole. These intervals are roughly in the central part of the planned pit at El Rubi.

Drill hole LV25-339 returned 14.6m of 1.49 g/t Au and 66.7 g/t Ag from 116m downhole and includes 3.10m of 3.30 g/t Au and 198.5 g/t Ag from 116m, and 5.6m of 1.73 g/t Au and 42.1 g/t Ag from 123.0m; 17.3m of 2.00 g/t Au and 28.8 g/t Ag from 358.2m including 1.0m of 8.79 g/t Au and 58.5 g/t Ag from 358.2m and 1.5m of 4.95 g/t Au and 64.9 g/t Ag from 365.5m and 2.5m of 4.34 g/t Au and 107.9 g/t Ag from 373m; 1.5m of 14.8 g/t Au and 52.3 g/t Ag from 402.5m including 0.5m of 43.3 g/t Au and 147.0 g/t Ag from 403m.

Drill hole LV26-341 returned 7.0m of 1.07 g/t Au and 14.0 g/t Ag from 250.0m including 1.0m of 5.0 g/t Au and 20.0 g/t Ag from 255m.

Drill hole LV26-343 returned 2.2m of 4.5 g/t Au and 347.7 g/t Ag from 169.0m including 0.5m of 13.8 g/t Au and 1,205 g/t Ag from 170.2m; 5.0m of 1.26 g/t Au and 62.5 g/t Ag from 221.0m including 2.0m of 1.87 g/t Au and 72.9 g/t Ag from 221.0m; 26.4m of 1.25 g/t Au and 72.2 g/t Ag from 242.6m including 1.2m of 3.84 g/t Au and 206.4 g/t Ag from 242.6m as well as 3.5m of 5.31 g/t Au and 319.7 g/t Ag from 262.5m.

Drill hole LV26-344 returned 1.1m of 12.34 g/t Au and 604.5 g/t Ag from 150.95m; 3.0m of 3.66 g/t Au and 18.25 g/t Ag from 258.0m including 2.0m of 6.46 g/t Au and 19.8 g/t Ag from 258.0m, also including 0.5m of 16.1 g/t Au and 18.7 g/t Ag from 258.5m; 2.6m of 50.66 g/t Au and 158.1 g/t Ag from 278.5m including 0.6m of 208.0 g/t Au and 435.0 g/t Ag from280.5m; 5.0m of 1.49 g/t Au and 94.3 g/t Ag from 296.5m including 2.0m of 2.73 g/t Au and 176.7 g/t Ag from 299.5m.

Drill hole LV26-345 returned 11.7m of 9.18 g/t Au and 352.0 g/t Ag from 236.5m including 4.2m of 24.79 g/t Au and 955.1 g/t Ag from 244.0m also including 1.5m of 65.87 g/t Au and 2,527.3 g/t Ag from 244.7m also including 0.5m of 183.5 g/t Au and 6,850.0 g/t Ag from 244.7m.

Drill hole LV26-347 returned 13.5m of 2.79 g/t Au and 37.5 g/t Ag from 89.5m including 2.5m of 11.62 g/t Au and 52.8 g/t Ag from 90.5m; 10.5m of 2.11 g/t Au and 35.9 g/t Ag from 202.5m including 4.0mof 3.75 g/t Au and 15.0 g/t Ag from 204.0m and including 1.0mof 3.72 g/t Au and 178.0 g/t Ag from 212.0m.

Silver Viper President and CEO Steve Cope comments: “We are thrilled to be back drilling La Virginia. The results to date show why this property is one of our flagship assets and we look forward to providing regular updates moving forward. Exploration work at El Molino has identified anomalous structures and we look forward to expanding on the work in that zone. Resource drilling at El Rubi has so far surpassed our expectations returning extremely high grade intervals of 14.2 g/t AuEQ or 994.3 g/t AgEQ over 11.7m in hole LV26-345 including 0.5m of 281.4 g/t AuEQ or 19.7 kg AgEQ. Hole LV26-344 also returned great values over 2.62m of 52.92 AuEQ or 3.7kg/t AgEQ which includes 0.62m of 214.2 g/t AuEQ or 15.0kg/t AgEQ. These are some of the highest grade drill intercepts encountered on the property to date. The overall program continues to position Silver Viper well for both new discoveries and meaningful resource growth.”

2025-2026 Drill Program Overview

The original 5,000m drill program started on October 1, 2025 with drill hole LV25-331 at the El Molino zone to the east and south of the El Rubi resource area. The intent was to test geophysical and structural targets to identify new mineralized zones outside of the resource presented at El Rubi. Two of the total seven drill holes intersected anomalous zones coinciding with breccias or veins in drill holes LV25-331 and LV25-336 returning assay results of 3.5m @ 1.25 g/t Au and 24.81 g/t Ag from 56.0m in hole LV25-331 and 3.2m @ 1.66 g/t Au and 4.27 g/t Ag in hole LV25-336. Both of these holes are 145m apart and possibly represent different structures in the same mineralized corridor. The other holes at El Molino were drilled north and south of these anomalous hits and did not intersect any significant intervals.

Infill drilling of the 2021 resource model at El Rubi commenced on October 30, 2025 and is still in progress. By the time the drill hole LV26-347 was completed on January 26, 2026, the planned 5,000m had been exceeded but promising visual inspection of drill core and validation using a hand held XRF analytical tool provided the motivation to keep the drill program going. At the end of drill hole LV26-348, a total of 5,646.4m has been completed. Drilling is continuing as a result of the promising results to date.

So far, results from 11 drill holes from El Rubi have been received with encouraging results from a number of drill holes:

LV25-338: drilled as an infill hole 30m north of the historical hole LV21-289, roughly in the southern third of the defined resource area, intersected mineralization hosted within a swarm of intrusive dikes associated with hydrothermal breccias and quartz veining stockwork. Locally these structures exhibit fine inclusions of acanthite (1%), sphalerite (1%), galena (1%) and chalcopyrite (1%) and pyrite (3%), emplaced along this fault-controlled structural corridor, which appears to have acted as a pathway for Au–Ag mineralizing.

LV25-339: located approximately 50m south of historical hole LV21-289 (and 80m south of hole LV25-338), intersected mineralization hosted within a swarm of intrusive and silicified dikes emplaced along a fault-controlled structural corridor represented by quartz stockwork and small low angle hydrothermal breccias cemented by dark gray silica with fine disseminated sulfides including pyrite (2%) and chalcopyrite (1%). The breccias also contain fault gouge material.

LV25-341: located approximately 30m south of historical drill hole LV21-289 and collared approximately 100m east of hole LV25-339 along the same cross section line, intersected mineralization hosted within a swarm of intrusive dikes emplaced along a fault-controlled structural corridor represented by stockworks of quartz veins, quartz stringers as well as breccias. The main mineralized structures along the drill hole are small low angle hydrothermal breccia zones with disseminated sulfides including pyrite (1%), chalcopyrite (1%), galena (1%) and argentite (1%).

LV26-343: was drilled at 070 degrees azimuth sub-parallel to historical drilling, intersected mineralization in andesitic dikes and silicified agglomerates with strong presence of fresh sulfides consisting of pyrite (1%), chalcopyrite (1%), galena (1%), sphalerite (1%) and traces of magnetite within the Rubi West zone, a structurally controlled corridor located parallel to the main Rubi structure at shallower levels.

LV26-344: located approximately 40m north of hole LV26-338, this hole intersected mineralization within both the shallow Rubi West structure and the deeper Rubi structural corridor represented by quartz veinlets and breccia zones with strong presence of disseminated sulfides including pyrite (1%), chalcopyrite (1%), galena (1%) and argentite (1%). The hole also intersected a swarm of silicified intrusive dikes with abundant sulfides comprising chalcopyrite (1%) and galena (1%), confirming the structural and magmatic control of mineralization in this portion of the system.

LV26-345: intersected 11.7 m, of intense quartz stockwork and sulphide mineralization within the deeper portion of the Rubi structural corridor in the center of the proposed pit area, where sulfide mineralization occurs mainly as sphalerite (5%) and galena (5%) associated with quartz veins with crustiform texture, pyrite and chalcopyrite patches (<1.0cm) and breccia zones cemented by gray color quartz, containing sulfide clusters of pyrite, chalcopyrite and sphalerite. Reflected-light thin section observations locally identified electrum grains greater than 100 µm, confirming the presence of native Au–Ag mineralization.

LV26-347: drilled approximately 90m west of hole LV26-344 along the same section line, intersected mineralization within both the shallow Rubi West structure and the deeper Rubi structural corridor, represented by silicified andesite dikes and andesitic-magnetic dikes with good sulphide mineralization consisting of pyrite (1%), sphalerite (1%), galena (1%) and chalcopyrite (1%).

Summary Drill Results Table:

No significant results were received for holes LV25-332 to LV25-335 and LV25-337 at El Molino, and LV26-340, LV26-342, LV26-346, and LV26-348 at El Rubi.

About the La Virginia Project

The La Virginia Project is a large epithermal gold-silver system located in Sonora, Mexico. The Project covers a series of mineralized structures extending across multiple kilometres of strike length, hosted within volcanic sequences. High-grade mineralization is associated with quartz veining, brecciation, and strong hydrothermal alteration.

Silver Viper has previously identified and drilled several zones at La Virginia, highlighted by its El Rubi discovery, and delivered the Company’s maiden mineral resource estimate. The Project remains open for expansion, with El Rubi continuing to grow and high-priority untested targets such as El Molino offering significant discovery potential.

About Silver Viper Minerals Corp.

Silver Viper Minerals Corp. (TSX-V: VIPR; OTCQB: VIPRF) is a Canadian-based junior mineral exploration company focused on advancing precious-metals projects in Mexico. The Company’s portfolio includes the La Virginia Gold-Silver Project in Sonora, the Cimarron Gold-Copper Project in Sinaloa, and the recently announced Coneto Silver-Gold Project acquisition (March 16, 2026 Press Release), collectively representing a strong pipeline of district-scale exploration opportunities within Mexico’s prolific silver belt.

QA/QC

Analytical results of drill intercepts reported by Silver Viper reflect samples of halved HQ or NQ2 diameter diamond drill core submitted directly to Bureau Veritas and ALS Chemex located in Hermosillo, Sonora, Mexico. Samples were crushed, split and pulverized as per Bureau Veritas method PRP70-250 and ALS Chemex method PREP-31, then analyzed for gold by lead collection fire assay fusion on a 30-gram split with AAS finish and Au-Gra21, and for a multi-element suite including silver by multi-acid digestion with ICP-ES/MS finish (Lab code MA300 and ME-MS61). Samples triggering precious metal over-limit thresholds of 10g/t Au or 200g/t Ag and 10000g/t Ag were re-tested by lead collection fire assay fusion with gravimetric finish (method code FA530, Ag-OG62). Silver Viper monitors QA/QC using commercially sourced standards and locally sourced blank materials inserted within the sample sequence at regular intervals. Silver Viper has submitted sample pulp duplicates to ALS Labs in Hermosillo, Mexico for third party verification.

Silver Viper has possession of all current and historical diamond drill core and sample pulps as generated on the property since 2010. The Company has conducted a review of the historical drilling data by physical checks of existing drill pads and drill core and verified the tenor of mineralized intervals by portable XRF on core and sample pulps.

Qualified Person

Gernot Wober, P.Geo., Technical Advisor to Silver Viper Minerals Corp., is the Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical information contained in this release.

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