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In 2025, supply disruptions highlighted a growing concern as copper mines in the top copper-producing countries were aging without new mines to replace them.
Additionally, copper demand from electrification is expected to rise significantly in the coming years.
The competing forces of the global macroeconomic situation and a tightening supply and demand situation caused major swings in the copper price last year, and the red metal set a new all-time high in January 2026 as it moved above the US$6 per pound mark on the COMEX for the first time.
Despite a tight supply situation, demand from the energy transition has largely been muted as China, traditionally the largest consumer of copper for its infrastructure, works to stimulate its flagging economy.
The forecast for copper over the next few years is that supply deficits will continue to widen, which in turn should provide more tailwinds for the price of copper and greater upside to company balance sheets.
For investors interested in copper, it’s worth looking at copper production by country. According to the latest US Geological Survey data, global copper production reached 23 million metric tons (MT) in 2025.
Chile again took the crown to become the top copper producing country last year, but some of the others on the list may surprise you. Read on to find out the top 10 copper countries and what mines are driving each country’s copper output.
1. Chile
Copper production: 5.3 million metric tons
In 2025, Chile produced 5.3 million metric tons of copper, making it the world’s largest copper producing country with about 23 percent of the total global copper output. Its copper production dropped 210,000 MT in 2025 compared to its 2024 output. Chile also takes first place for copper reserves with 180 million MT.
Naturally, many of the world’s leading copper miners have substantial operations in Chile, including the state-owned Codelco, Anglo American (LSE:AAL,OTCQX:AAUKF), Glencore (LSE:GLEN,OTC Pink:GLCNF) and Antofagasta (LSE:ANTO,OTC Pink:ANFGF).
Chile is also home to BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida, the largest copper mine in the world with an annual output in the 2 million metric ton range. BHP owns a 57.5 percent stake in the operation, with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) owning 30 percent and Jeco holding the remaining stake.
According to BHP’s 2025 annual report, the company’s portion of Escondida production came in at 1.13 million MT of copper in 2025.
Despite production disruptions at Codelco’s El Teniente, Chile’s copper production is expected to grow to 5.61 million MT in 2026, according to Chile’s copper industry watchdog Cochilco.
2. Democratic Republic of Congo
Copper production: 3.2 million metric tons
In 2025, the Democratic Republic of Congo (DRC) produced 3.2 million metric tons of copper, accounting for nearly 14 percent of global copper output.
The DRC has rapidly increased its copper production in recent years, and its 2025 output marked a continuation of the trend, rising from 2.99 million MT the previous year.
One of the country’s largest copper operations is the Kamoa-Kakula copper complex, a joint venture between Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF) and Zijin Mining Group (HKEX:2899,SHA:601899,OTCPL:ZIJMF). The operation’s Phase 3 expansion commenced commercial production in August 2024.
In 2025, Kamoa-Kakula produced 388,838 MT of copper, a significant decrease from the 437,061 MT produced in 2024. While its copper output was supported by Phase 3, it was impacted by a temporary shutdown of sections of the mine in May 2025 after seismic activity and flooding occurred at the complex. On January 2, 2026, the company announced that it was proceeding to stage 3 dewatering as it works to ramp up production at the affected areas of the mine.
3. Peru
Copper production: 2.7 million metric tons
In 2025, Peru produced 2.7 million metric tons of copper, accounting for just below 12 percent of the world’s copper output. Its total is down a slight 40,000 MT from its copper output in 2024.
Freeport-McMoRan (NYSE:FCX) operates Cerro Verde, the largest copper mine in Peru. In its Q4 2025 report, the company reported that the mine produced 863 million pounds of copper, equivalent to 391,450 MT. This was down from 949 million pounds in 2024.
Other significant copper operations in Peru include Anglo American’s (LSE:AAL,OTCQX:NGLOY) Quellaveco mine and Southern Copper’s (NYSE:SCCO) Tia Maria mine. The majority of copper produced in Peru is shipped to China and Japan, and South Korea and Germany are other top export destinations.
4. China
Copper production: 1.8 million metric tons
In 2025, China mined 1.8 million metric tons of copper, marginally lower than the 1.84 million metric tons produced in 2024. The country’s production hit a peak of 1.94 million MT in 2022.
While the country is fourth place for mine production, when it comes to refined copper production, China is by far the winner. In 2025, China’s refined copper production totaled 14 million metric tons, representing more than 48 percent of global refined copper production and six times the production of the DRC, the second highest refined copper producer.
Zijin Mining Group, a leading metal producer in China, owns a majority stake in the Qulong copper-molybdenum-silver-gold mine in Tibet, the largest copper mine in China.
Zijin reported the Qulong mine produced over 190,000 MT of copper in 2025. Phase 2 started production in January 2026, and is expected to raise its copper output to 300,000 MT in 2026.
5. Russia
Copper production: 1.3 million metric tons
Russia produced 1.3 metric tons of copper in 2025, a sizable increase from the 1.02 million MT produced the previous year.
One of the key contributions to the rise in Russian copper output is the ramp up of Phase 1 production at Udokan Copper’s Udokan mine in Siberia, which entered production in 2023. Phase 1 is expected to produce up to 135,000 MT of copper per year once fully online. This is expected to grow to 450,000 MT if Phase 2 enters production.
Although the copper hydrometallurgical plant at Udokan was delayed by fires in late 2023, copper mining was reported to be unaffected. Udokan pivoted to exporting its copper concentrate instead of refining it domestically, and in a September 2025 release, the company reported it had cumulatively exported 160,000 MT of copper equivalent since the start of production.
6. United States
Copper production: 1 million metric tons
The United States produced 1 million metric tons of copper in 2025. This was down slightly from 1.04 million MT of copper the prior year, and continued a downward trend from the 1.23 million MT the country produced in 2022.
The majority of US copper comes from Arizona, which accounts for 70 percent of domestic supply. Other states with significant copper output include Michigan, Missouri, Montana, Nevada and New Mexico. Overall, 17 mines are responsible for 99 percent of copper production in the United States.
Freeport McMoRan’s Morenci mine in Arizona, a joint venture with Sumitomo (OTC Pink:SSUMF,TSE:8053), is the largest copper mine in the US. According to Freeport’s Q4 2025 report, its combined US operations produced 1.3 billion pounds of copper over the course of the year, equivalent to 591,484 MT.
Other significant operations include Freeport’s Safford and Sierrita mines, at which copper production totaled 249 million MT and 165 million MT respectively.
7. Zambia
Copper production: 940,000 metric tons
In 2025, Zambia produced 940,000 metric tons of copper, up significantly from 823,000 MT in 2024. Production fell to 712,000 MT in 2023 after reaching 840,000 MT in 2021; however, over the last two years, production has rebounded.
There are four major mines that dominate the country’s copper production, including Barrick’s (TSX:ABX,NYSE:B) Lumwana and First Quantum Minerals’ (TSX:FM,OTCPL:FQVLF) Kansanshi.
According to First Quantum’s fourth quarter report, Kansanshi produced 181,183 MT of copper during 2025, up from 170,929 MT the prior year.
Mopani Copper Mines is another major copper producer in the country. While the company was previously owned by a joint venture between Glencore (LSE:GLEN,OTCPL:GLCNF) and First Quantum, the Zambian government, which previously held a 10 percent stake, acquired full ownership in 2021.
8. Australia
Copper production: 730,000 metric tons
In 2025, Australia produced 730,000 metric tons of copper, a slight decrease from the 765,000 MT produced in 2024.
The country’s largest copper operation is BHP’s Olympic Dam mine in South Australia. According to BHP’s annual report, its Australian operations produced 101,900 MT of copper in 2025, down from 106,300 MT in 2024.
The state of Queensland is home to the Mount Isa complex, run by a subsidiary of Glencore. While it was one of Australia’s largest copper producers, the operation was shuttered in July 2025 after a 70 year mine life.
Although it may have modest output compared to those at the top of the list, Australia holds the second highest copper reserves in the world at 100 million metric tons.
9. Indonesia
Copper production: 710,00 metric tons
In 2025, Indonesia produced 710,000 metric tons of copper. While the country’s output had been rising steadily in recent years, it plummeted last year from 1.01 million MT in 2024 due to an accident at the Grasberg copper-gold complex, the country’s largest copper mine.
Grasberg is a 51/48 joint venture between the Indonesian state-owned PT Indonesia Asahan Aluminium and Freeport-McMoRan.
On September 8, 2025, a sudden ingress of wet materials at the mine’s primary Grasberg Block Cave killed seven workers. While Freeport was able to restart operations at unaffected portions of Grasberg during Q4 2025, the mine is unlikely to see full production return until sometime in 2027, with the companies projecting a 600,000 MT loss of contained copper by the end of 2026.
Another of the country’s largest operations is PT Amman Mineral’s (OTCPK:AMMNF,IDX:AMMN) Batu Hijau copper-gold mine. During the first nine months of 2025, the mine produced 145 million pounds of copper in concentrate, equivalent to about 65,770 MT. This marked a 51 percent decline from the same period in 2024 as Amman’s activities transitioned to Phase 8 of the operation. The company set full year 2025 copper guidance at 103,400 MT, and projected a significant increase to 220,000 MT in 2026.
10. Kazakhstan
Copper production: 710,000 metric tons
In 2025, Kazakhstan produced 710,000 metric tons of copper, slightly lower than the 724,000 MT produced in 2024. Still, Kazakhstan’s copper output has climbed substantially in recent years; it produced just 510,000 MT in 2021.
The nation plans to continue that trend, releasing a National Development Plan in February 2024 that aims to increase mineral production by 40 percent by 2029. The plan will involve increased exploration, project co-financing and tax incentives for investment.
Among the country’s largest mining companies is private firm KAZ Minerals, which owns the Aktogay mine. According to the company’s Q3 2025 production report, the mine produced 171,600 MT of copper during the first nine months of the year, in line with the 172,200 MT produced in 2024.
10. Mexico
Copper production: 690,000 metric tons
Rounding out our list of top copper producers, Mexico produced 690,000 metric tons of copper in 2025, a decrease from 2024’s 717,000 MT.
The country’s Sonora state holds Mexico’s two largest copper mines, Buenavista mine and La Caridad. Both mines are owned by Southern Copper (NYSE:SCCO), a subsidiary of Grupo Mexico (OTC Pink:GMBXF,BMV:GMEXICOB).
According to the company’s Q4 2025 report, Buenavista produced 332,710 MT during the year, down from 348,960 MT in 2024.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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With technology, energy and society set to undergo massive transformations over the next few decades, the mining sector may never have been more important than it is today.
Globally, demand for consumer electronics such as mobile phones, air conditioners and refrigerators is on the rise. Additionally, the energy needs and technological advancement associated with artificial intelligence (AI) and data centers are driving even more demand from commercial sectors.
However, the mining industry has been known for its heavy environmental footprint and complex relationships with local communities. As much of the world pushes towards a greener future, mining companies are increasingly integrating environmental and social responsibility as they operate mines and projects around the world.
In the opening keynote speech at the 2026 Prospectors & Developers Association of Canada convention in Toronto, Vale (NYSE:VALE) CEO Gustavo Pimenta, who joined the company in 2021 following one of the worst mining accidents in Brazil’s history, spoke about these challenges and the importance of addressing them.
Electrification continues driving minerals demand
Since the start of the third millennium, there has been a broad societal shift.
Not only has the Earth’s population exploded from about 6 billion in 2001 to over 8 billion today, but the needs of both developing and developed nations are changing and growing.
Increasingly, the populations in many developing nations are urbanizing, driving demand for the materials necessary to build and modernize the infrastructure, including electricity grids, needed to adequately support them.
Likewise, western desires and demands are also changing. Consumers are driving a transition to low-carbon and sustainable industries, while also moving toward more service- and tech-reliant economies.
These shifts in both developed and developing economies have one thing in common: they are not possible without the mining sector. However, it’s struggling to match the pace of demand growth.
“We’ll have to increase the supply of minerals in general by effect of five to six times, vis-a-vis everything with mining to date,” Pimenta said. He pointed out that without mining, there is no AI and no energy transition.
“Electrification is a massive theme and trend, the electrification of everything, that is driving so much of the copper excitement lately,” he added. However, Pimenta said it isn’t just copper demand that is increasing — he pointed to rising demand for other metals such as nickel, iron and rare earths.
Although demand for these commodities has been high, it’s only recently that more consumers are becoming aware of the important role they play in how electricity is delivered or how mobile phones are made.
For Pimenta, this has led to a disconnect, with NVIDIA (NASDAQ:NVDA) and its US$4.3 trillion market cap exceeding the US$3.8 trillion captured by the top 300 mining companies.
However, he sees some balance returning.
“That is certainly something that is imbalanced, and we started to see a little bit of that rebalance today with money moving away from tech into real, important assets like the commodity assets,” he said.
Evolving economic and environmental strategies for mining
As awareness increases alongside demand, there has been a greater pressure on mining companies to move beyond their checkered pasts and to recognize their own role in creating a sustainable, responsible industry.
Pimenta emphasized this point.
“We can’t just stand and have a conversation where we are telling people, ‘I’m sorry that you have to buy from me.’ We have to go beyond that. We have to move from being essential to something else,” he said.
He noted that his company, Vale, isn’t just focused on its operations in Canada or Brazil; it has operations in 31 countries, and the scope of its responsibility is global.
Pimenta suggested that the future of mining will require a different way of operating, and that some of the needed changes are already being implemented today, citing the adoption of technology and greater automation.
In terms of how Vale is progressing this at its own operations, the company’s use of these technologies led to its Brucutu mine in Brazil being awarded the Shingo prize for operational excellence.
This marked the first time the prize has been awarded to an operation in Latin America.
“That classification shows that moving towards that future not only is the right thing because it’s safe, but also it’s more productive and more efficient. I think we have to make sure we continue to accelerate that,” Pimenta said.
Another area of focus for Pimenta is for Vale to develop what he sees as the workforce of the future.
“They have to be able to deal with AI and find ways to be more productive,” he said. “So there’s a new workforce needed that coexists with the senior, experienced workforce that is already in the companies.”
While automation addresses some core safety and business case aspects of mining’s future, Pimenta also focused on environmental concerns as a central concern. Using the example of Vale’s Carajás operation, he explained how mining companies can offer protection to the lands on which they operate.
The site covers about 800,000 hectares, but because of an agreement it made with the Brazilian government in the 1980s, the company uses only 2 percent of the total area for its mining operations, and preserves everything else.
“What has happened to that area? Everything outside the area we protect has been devastated. We protect with technology, guards, a partnership with the Brazilian Federal Police, and a lot of investment,” Pimenta said.
He acknowledged that mines will impact the environment, and it may seem counterintuitive that companies like Vale can be stewards of the land in ways that governments can’t.
However, Vale’s own past hasn’t been without incident. In 2019, a tailings dam collapsed at its Brumadinho operation, sending 13 million cubic meters of mud and mining waste downstream, killing 272 people.
For his part, Pimenta didn’t shy away from this, and said it forced the company to reassess its operations.
“Today 5 percent of our production is without dams, dry stack infiltration, and that’s the way we will continue to move. We are doing more use of circularity. It’s cheaper, less environmental impact,” he said, noting the use of reprocessing of mine waste to gather more resources.
Additionally, Vale has also been working to reduce its carbon footprint. Pimenta stated that the company had been looking at several ways to do this including using ethanol in its trucks at its Brazilian mines instead of diesel.
However, mines are only one part of the equation for decarbonization, as even more carbon dioxide is emitted during the production of steel.
“The steel industry is still very dependent on fossil fuel, coal, and that’s how most of the production is based. We are working on two main fronts. The first is green solutions, new products that will help our clients to decarbonize,” he said.
One of these solutions is a new iron ore briquette that Pimenta says uses a cold agglomeration process that can reduce the carbon footprint when used in a blast furnace.
The second front Vale is focused on is the development of mega hubs to produce steel in regions that have cheap access to lower-carbon fuels like hydrogen.
Supporting local communities is key
Beyond the economics and the environmental concerns with mining, Pimenta says that mining companies hold social commitments to the communities in which they operate.
“Back in 2021, when I joined the company, we announced a target to lift 500,000 people out of poverty,” he said.
This goal drew a lot of questions from Vale shareholders who asked how much it would cost, and if this meant putting people on payroll. Pimenta explained Vale co-developed a methodology to help them address the specific needs of different communities where they operate.
“Sometimes it’s education, sometimes it’s job opportunities, sometimes they just need to eat to have another day,” he explained. “Today we can measure, we know the social security number of each one of the 52,000 people that, from international standards measurement, have been lifted out of poverty.”
Operations should go beyond mining and making money; they should also contribute positively to the community. If they do so, Pimenta says there could be a shift in how mining companies are perceived. Rather than being pariahs, he hopes they can become welcomed for the value they bring to people.
The company also has the goal of increasing the percentage of women in its workforce. “Diversity is another element that, despite people not talking about it, is important. It was important before, and it continues to be important,” he said.
Investor takeaway
Pimenta addressed early in his keynote that demand for resources is there, but access requires money — it’s started to flow, but he suggested that changing perceptions and approaches within the mining industry is critical.
While there has been a push from some to move away from initiatives like ESG, or diversity, equity and inclusion, the reality is that they’ve permeated the mining industry for a long time now.
Throughout the presentation, Pimenta laid out how these goals have not only become foundational to the way Vale operates, but they can also provide long-term economic benefits to mining companies.
Initiatives, such as greater automation, have made Vale’s operations more efficient, driving cost-effectiveness, while dry tailings have enabled the reprocessing of mining waste and the maximization of output.
Social programs can drive community involvement and help make the operations more desirable to the communities where they operate. This alone has been a bottleneck in permitting in many jurisdictions; if communities welcome mines, it can reduce significant red tape.
Likewise, a diversified workforce can create more jobs in the community while opening the industry to people who haven’t been accepted in the past, helping address another industry challenge: finding new workers.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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CALGARY, AB / ACCESS Newswire / March 3, 2026 / Valeura Energy Inc. (TSX:VLE,OTC:VLERF)(OTCQX:VLERF) (‘Valeura’ or the ‘Company’) acknowledges that Thailand’s Ministry of Energy has, by way of a press release, requested that domestic oil producers cooperate in supporting national energy security in Thailand, in light of disruptions to the normal supply of oil from the Middle East region. This request includes postponing any planned downtime of oil production facilities and temporarily suspending crude oil exports.
Valeura is seeking further clarification from the Ministry of Energy to ensure compliance with the request and to continue supporting Thailand’s economy with domestically-produced energy. Valeura anticipates that this new government action will not interfere with the Company’s ongoing operations in Thailand, and production is continuing as usual and in accordance with Valeura’s high standards for health, safety, and environmental stewardship.
Thailand’s local network of crude oil purchasers constitutes a viable market for Valeura’s crude oil, and includes both refiners and blenders who have direct experience with the Company’s particular crude oil streams. Typically, approximately one third of Valeura’s oil is sold into the domestic Thai market, and from time to time, each of Valeura’s oil streams have been sold within the domestic market.
Thailand is a net importer of oil, with approximately 92% of its daily crude oil requirements coming from foreign sources, predominantly the Middle East region (2025 data, Energy Policy and Planning Office, Ministry of Energy). Thailand has issued similar requests in response to geopolitical developments in the past, to support national energy security by temporarily mandating that domestically-produced petroleum remains within Thailand. Valeura is well-versed in responding to such requests and intends to comply, to support Thailand’s energy needs.
For further information, please contact:
Valeura Energy Inc. (General Corporate Enquiries) +65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com
Valeura Energy Inc. (Investor and Media Enquiries) +1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com
Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Beacon Securities Limited, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, Roth Canada Inc., and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.
About the Company
Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.
Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.
Advisory and Caution Regarding Forward-Looking Information
Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as ‘anticipate’, ‘believe’, ‘expect’, ‘plan’, ‘intend’, ‘estimate’, ‘propose’, ‘project’, ‘target’ or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this news release includes, but is not limited to, the Company’s belief that the new government action will not interfere with the Company’s ongoing operations in Thailand; and the Company’s intent to comply with the government’s request, subject to further clarification.
Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; royalty rates and taxes; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.
Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.
The forward-looking information contained in this new release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this new release is expressly qualified by this cautionary statement.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Valeura Energy Inc.
View the original press release on ACCESS Newswire
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Cygnus Metals Limited (ASX:CY5) advises, in accordance with ASX Listing Rule 3.13.1, that the Annual General Meeting of the Company (‘Meeting’) will be held in West Perth, Western Australia on Friday, 1 May 2026. Further details in respect of the Meeting will be provided in the Notice of Meeting to be dispatched to shareholders prior to the Meeting.
An item of business at the Meeting will be the election and re-election of certain directors. In accordance with rule 6.1(p)(i) of the Company’s Constitution, the closing date for the receipt of nominations from persons wishing to be considered for election as a director is Monday, 9 March 2026.
Any nominations must be received at the Company’s registered office no later than 5.00pm (Perth time) on Monday, 9 March 2026.
This announcement has been authorised for release by the Board of Directors of Cygnus.
David Southam
Executive Chairman
T: +61 8 6118 1627
E: info@cygnusmetals.com
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG,OTC:CYGGF, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
News Provided by GlobeNewswire via QuoteMedia
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After-Tax NPV(8%) of $473M and IRR of 49% at USD $1,000/mtu WO3; Fully funded 20,000m Drill Program Underway to Expand Scale of the Borralha Project
Key Highlights:
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Robust Economics: After-tax NPV(8%)1 of $473.4 million (USD $346.6 million) and IRR2 of 48.8% at USD $1,000/mtu WO₃3.
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Capital Efficient Development: Initial capital4 of approximately $124.2 million (USD $91 million) with 4.2-year payback5.
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Strong Base Case: After-tax IRR2 of 27.2% and NPV(8%)1 of $182.7 million (USD $134.0 million) at ~USD $704/mtu WO₃ (Argus long-term forecast).
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Significant Upside Leverage: After-tax IRR2 of 78.4% and NPV(8%)1 of $963.8 million (USD $706.4 million) at USD $1,500/mtu WO₃.
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Resource Growth Just Beginning: Fully funded 20,000-metre drill program underway at the Borralha Project targeting resource expansion and potential mine life extension well beyond the initial 11-year mine plan.
All amounts in Canadian dollars unless stated otherwise.
Vancouver, British Columbia–(Newsfile Corp. – March 2, 2026) – Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) (‘Allied‘ or the ‘Company‘) is pleased to announce the results of its initial Preliminary Economic Assessment (‘PEA‘) for its 100%-owned Borralha Tungsten Project (‘Borralha‘ or the ‘Project‘) in northern Portugal.
‘The completion of the PEA marks another important milestone for the Company. In addition to the significant tailwinds provided by the significant increase in the price of tungsten, which has surged to more than USD $1,900/mtu [Source: Fastmarkets], we are very pleased to see have been able to receive support from idD Portugal Defence, the Portuguese public entity overseeing the nation’s Defence Industry, which has endorsed the Borralha Project as a strategic initiative of national importance. We have also received a favourable Environmental Impact Declaration, subject to standard regulatory conditions (Declaração de Impacte Ambiental Favorável Condicionada – ‘DIA’) from the Portuguese Environment Agency (Agência Portuguesa do Ambiente, I.P. – APA),’ commented Roy Bonnell, CEO and Director of Allied. ‘We could not be more pleased with the considerable advancement of the Borralha Project and look forward to continuing to more progress at the Borralha Project and the Vila Verde Project, which are both strategic critical mineral tungsten assets well positioned within the EU.’
The PEA outlines a technically robust and capital-efficient underground tungsten development project within the European Union, delivering strong economics across a range of pricing assumptions. Importantly, the study reflects only the Santa Helena Breccia deposit and an initial 11-year mine plan. The Company is committed to long term expansion of the current resource estimate and as such has recently commenced a fully funded 20,000-metre drill program designed to expand the current resource and enhance long-term project scale.
Initial PEA Economic Summary (After-Tax) for the Borralha Project
| Medium Case – USD $1,000/mtu WO₃ | ||
| NPV(8%)1 | IRR2 | Payback3 |
| $473.4 million4 | 48.8% | 4.2 years |
| (USD$ 346.6 million) | ||
| Base Case – Argus Long-Term Forecast (US$677 to $763/mtu WO₃; ~USD $704/mtu WO₃ Average) | ||
| NPV(8%)1 | IRR2 | Payback3 |
| $182.7 million4 | 27.2% | 5.8 years |
| (USD$ 134.0 million) | ||
| High Case – USD $1,500/mtu WO₃ | ||
| NPV(8%)1 | IRR2 | Payback3 |
| $963.8 million4 | 78.4% | 3.2 years |
| (USD$ 706.4 million) | ||
Notes:
1. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV.
2. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
3. Payback is a Non-GAAP measure. see notes below for additional information regarding payback.
4. Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
Mine design and cut-off grade selection were developed using a conservative USD $659/mtu WO₃ assumption. Recent reported tungsten market prices have reached approximately USD $1,998/mtu [Source: Fastmarkets; February 27, 2026], demonstrating meaningful leverage to current market conditions.
Initial Mine Plan – Strong Base with Expansion Potential
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Mine life: 11 years
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Average annual production: ~1,708 tonnes WO₃
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Peak annual production: 2,388 tonnes WO₃
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Processing rate: 1.4 million tonnes per annum
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Average mill feed grade: 0.20% WO₃
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All-in sustaining cost (AISC)6 estimate: ~USD $303/mtu WO₃ (CAD $413.84/mtu WO₃)
The PEA mine plan incorporates Measured, Indicated and Inferred Mineral Resources from the Santa Helena Breccia deposit. Mineralization remains open along strike and at depth.
The ongoing 20,000-metre drill program is targeting:
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Expansion of the current 13.0 Mt Measured & Indicated resource
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Conversion of Inferred resources into higher-confidence categories
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Potential extension of mine life beyond 11 years
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Evaluation of throughput optimization and scale growth
The Company views this initial PEA as a foundational step in what is expected to be a multi-stage growth strategy at the Borralha Project.
Roy Bonnell, CEO & Director commented, ‘This initial PEA confirms the Borralha Project as a high-return, capital-efficient tungsten development project in a Tier-1 European jurisdiction. At USD $1,000 per mtu (significantly below current reported market pricing) the Borralha Project generates a 48.8% after-tax IRR with modest initial capital of approximately USD $91 million.
Importantly, this PEA reflects only the Santa Helena Breccia and an initial 11-year mine plan. With future exploration work and the 20,000 meters of drilling currently underway, we are focused on expanding resources, extending mine life and enhancing overall project scale. We believe we are at the beginning of unlocking the Borralha Project’s full potential.
Combined with a favourable Environmental Impact Declaration, we believe that this PEA opens the door to project level financing for both our industrial scale plant and our pilot plant at the Vila Verde Project.’
Introduction
This initial PEA contemplates development of an underground mining operation at the Santa Helena Breccia deposit within Borralha with a nominal processing capacity of 1.4 million tonnes per annum, utilizing conventional crushing, grinding and gravity concentration to produce a saleable Wolframite concentrate grading approximately 65% WO₃.
The Borralha Project has received a favourable Environmental Impact Declaration (‘DIA’), materially advancing permitting and reducing development risk relative to many global tungsten projects.
Economic Summary
This initial PEA was developed using three pricing frameworks: (i) Low/Base Case: Argus long-term forecast (variable annually) averaging approx. USD $704 per mtu WO₃; (ii) USD $1,000 per mtu WO₃; and (iii) USD $1,500 per mtu WO₃.
Mine design and cut-off grade selection were developed using a conservative price assumption of USD $659 per mtu WO₃.
Table 1 — Economic Results (After-Tax)
| Scenario | Price1 | NPV (8%)2 | IRR3 | Payback4 |
| Medium | $1,365/mtu (USD $1,000/mtu) |
$473.4M (USD $346.6M) |
48.8% | 4.2 years |
| Base | $962/mtu (USD $704/mtu) |
$182.7M (USD $134.0M) |
27.2% | 5.8 years |
| High | $2,049/mtu (USD $1,500/mtu) |
$963.8M (USD $706.4M) |
78.4% | 3.2 years |
Notes:
1. Prices based on Argus Media Group price forecasts. Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
2. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV. M = million.
3. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
4. Payback is a Non-GAAP measure. see notes below for additional information regarding payback.
The results highlight significant sensitivity to tungsten price while maintaining positive economics under conservative long-term assumptions.
For reference, current reported tungsten market prices are materially above the $1,365 per mtu (USD $1,000 per mtu) sensitivity case presented herein, reaching recently $2,729 per mtu (USD $1,998 per mtu) as at February 27, 2026 [Source: Fastmarkets.]
1. Project Overview
The Borralha Tungsten Project is located in the parish of Salto, municipality of Montalegre, district of Vila Real, Portugal. The project comprises a continuous exploitation concession area of approximately 382.48 hectares (3.82 km²).
This initial PEA has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101‘) and is based on the updated Mineral Resource Estimate for the Santa Helena Breccia, effective December 30, 2025. See Company’s current technical report on Borralha (the ‘Technical Report‘) entitled ‘Technical Report on the Borralha Property, Parish of Salto, District of Vila Real, Portugal’, dated effective December 30, 2025, which is published on the Company’s website at www.alliedcritical.com and under its profile on SEDAR+ at www.sedarplus.ca.
Borralha represents one of the largest undeveloped tungsten resources within the European Union and benefits from gravity-dominant processing, reducing metallurgical risk relative to flotation-dependent systems. The project aligns with European critical raw material supply objectives.
2. Mineral Resource Estimate
This initial PEA is based on the updated Mineral Resource Estimate (‘MRE‘ or ‘2025 MRE‘) for the Santa Helena Breccia, which were presented in accordance with NI 43-101 in the Company’s current Technical Report.
Mineral Resources are reported in situ and undiluted and do not incorporate modifying factors such as mining dilution, mining recovery, metallurgical recovery, capital costs, operating costs, or economic analysis. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
MRE Cut-off Grade: 0.09% WO₃
The cut-off grade was selected based on reasonable prospects for eventual economic extraction under conceptual underground mining and gravity-dominant processing assumptions, including a very conservative tungsten price of USD$ 550/mtu WO₃ and assumed recovery of approximately 80% (for MRE cut-off determination only). The 2025 MRE reflects a material increase in tonnage and geological confidence relative to the previous mineral resource estimate published in March 2024.
Under the 2025 MRE, the Santa Helena Breccia has been tested by 41 drill holes and surface trenching over approximately 400 meters of strike length and to depths exceeding 350 meters below surface. Mineralization remains open along strike and at depth.
Table 2 — 2025 MRE for Borralha (see also Technical Report for further details)
| Classification | Tonnes (Mt) | Grade (% WO3) |
| Measured + Indicated | 13.0 | 0.21 |
| Inferred | 7.7 | 0.18 |
3. Mining Method and Production Plan
3.1 Selected Mining Method
The planned mining method for the Santa Helena Breccia involves using mostly long-hole open stoping with cemented paste backfill. This method was selected based on: (i) steeply dipping geometry of the breccia-hosted mineralization; (ii) demonstrated geological continuity; (iii) favorable rock mass conditions; (iv) productivity and operating cost advantages; and (v) reduced surface footprint.
Drift-and-fill mining is incorporated locally in narrower high-grade zones to enhance resource recovery. Open-pit mining and alternative underground methods were evaluated during the conceptual study stage and were not selected due to environmental constraints, scale suitability, and relative operating efficiency.
3.2 Mine Production Schedule
Key operating parameters:
- Nominal processing rate: 1.4 million tonnes per annum
- Estimated mine life: approximately 11 years
- Total life-of-mine processed tonnes: approximately 13.4 million tonnes
- Average life-of-mine mill feed grade: approximately 0.20% WO₃
The production schedule supports consistent mill feed and stable concentrate production throughout the mine life.
Table 3 — LoM Totals and Averages
| Item | Amount |
| Mine life (production years shown) | 11 years (2028–2039) |
| Total ore processed | 13,436,040 t |
| Weighted average WO₃ grade | 0.203% WO₃ (≈0.20%) |
| Total contained WO₃ | 27,332 t |
| Total recovered WO₃ @ 75% | 20,499 t |
| Average annual recovered WO₃ @ 75% | ~1,708 t/y |
Table 4 — Life-of-Mine Schedule Summary
| Year | Ore Processed (t) | Avg. WO₃ Grade (%) | Recovered WO₃ (t) |
| 2028 | 876,304 | 0.19 | 1,249 |
| 2029 | 988,042 | 0.20 | 1,482 |
| 2030 | 1,387,624 | 0.18 | 1,873 |
| 2031 | 1,339,273 | 0.19 | 1,908 |
| 2032 | 1,362,177 | 0.18 | 1,839 |
| 2033 | 1,373,856 | 0.23 | 2,370 |
| 2034 | 1,444,646 | 0.21 | 2,275 |
| 2035 | 1,447,061 | 0.22 | 2,388 |
| 2036 | 1,236,886 | 0.20 | 1,855 |
| 2037 | 1,226,553 | 0.20 | 1,840 |
| 2038 | 585,701 | 0.26 | 1,142 |
| 2039 | 167,917 | 0.22 | 277 |
3.3 Dilution and Recovery Assumptions
The mine plan incorporates Measured, Indicated, and Inferred Mineral Resources within a stope optimization framework consistent with long-hole open stoping methods.
Applied modifying factors include:
- Mining dilution: approximately 8% (average between primary and secondary stopes)
- Mining recovery: approximately 89%
- ~90% for primary stopes
- ~88% for secondary stopes
- Drift-and-fill: approximately 7.5% dilution and 95% recovery
After application of these factors, the projected average life-of-mine mill feed grade is approximately 0.20% WO₃.
The PEA includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized.
Inferred material represents less than approximately 40% of the life-of-mine stope inventory on a volumetric basis and is predominantly located along the margins and outer extents of the deposit.
4. Metallurgy and Processing
4.1 Metallurgical Test Work
Metallurgical test work completed to date indicates that Santa Helena Breccia mineralization is amenable to gravity-dominant processing.
The initial metallurgical program (2023–2024) evaluated crushing, grinding, sulfide flotation, gravimetric concentration, and magnetic separation. Subsequent optimization reduced reliance on flotation by incorporating dense media separation (‘DMS‘) pre-concentration and enhanced gravity recovery.
4.2 Process Flow Sheet
The proposed process plant includes:
- Three-stage crushing to approximately 6 mm
- DMS pre-concentration on the 6–2 mm fraction (rejecting approximately 40% of mass)
- Grinding of DMS product and -2 mm fraction to 1 mm
- Gravimetric concentration using spirals and shaking tables
- Magnetic and electrostatic separation for final concentrate upgrading
- Flotation circuit for copper and tin recovery
- Filtered tailings with dewatering and partial paste backfill return underground
4.3 Recovery and Concentrate Grades
Preliminary metallurgical recovery estimates:
- Tungsten: 75%
- Copper: ~60%
- Tin: 30%
Expected concentrate specifications:
- Tungsten concentrate: ~65% WO₃
- Copper concentrate: ~21% Cu
- Tin concentrate: ~50% Sn
Silver credits may partially report to the copper concentrate, subject to further test work confirmation.
5. Infrastructure and Site Requirements
The Borralha Project benefits from:
- Regional road access
- Grid power availability
- Underground mining configuration minimizing surface disturbance
- Filtered dry-stack tailings concept
- Closed-loop water management system
6. Environmental and Permitting
In January 2026, the Portuguese Environment Agency issued a Favourable Environmental Impact Declaration (‘DIA‘) for the Borralha Project, subject to standard regulatory conditions.
This milestone confirms environmental acceptability of the proposed development and enables progression to the RECAPE stage and subsequent construction permitting.
The Borralha Project aligns with European Union critical raw material strategy and contributes to regional economic development objectives.
7. Economic Framework
7.1 Pricing Framework
The life-of-mine design, cut-off grade selection and production schedule were developed using a conservative tungsten price assumption of USD $659 per metric tonne unit (‘mtu‘) WO₃, consistent with the Argus long-term base case forecast. The Base Case economic model applies the Argus high-case long-term forecast on a year-by-year basis, ranging from approximately USD $763 per mtu in 2028 and gradually declining toward approximately USD $677 per mtu by 2040, for an average price of approximately USD $704 per mtu. [Source: Argus Media Group.]
This approach maintains a conservative technical design basis while allowing the economic analysis to reflect updated long-term market expectations without re-optimizing mine geometry.
Flat price sensitivity scenarios at USD $1,000/mtu and USD $1,500/mtu WO₃ are presented for comparative purposes.
7.2 Operating Cost Summary
The Borralha Project is based on conventional underground mining and gravity-dominant processing, resulting in a competitive cost structure.
Life-of-mine average operating costs7 are estimated at:
- US$49 per tonne processed
- Equivalent to approximately USD $245 per mtu WO₃ produced (based on a 0.20% average mill feed grade and 75% metallurgical recovery)
Operating cost components include:
- Underground mining
- Processing and plant operations
- General and administrative costs
- Site services and infrastructure support
The cost structure incorporates modifying factors of approximately 8% mining dilution, 89% mining recovery, and 75% metallurgical recovery.
7.3 All-In Sustaining Cost (AISC)
The Project’s estimated all-in sustaining cost8, inclusive of sustaining capital and site-level costs, is approximately: USD $303 per mtu WO₃.
This positions the Borralha Project competitively within the global tungsten cost curve.
7.4 Capital Costs
The PEA estimates capital costs9 as follows:
- Initial capital cost: approximately USD $91 million (CAD $124.3 million)
- Sustaining capital: approximately USD $87 million (CAD $118.8 million)
- Total life-of-mine capital: approximately USD $178 million (CAD $243.1 million)
Capital estimates are preliminary in nature and carry an accuracy range of ±35%, consistent with PEA-level studies.
7.5 Economic Metrics (After-Tax)
| Medium Case – USD $1,000/mtu WO₃ | ||
| NPV(8%)1 | IRR2 | Payback3 |
| $473.4 million | 48.8% | 4.2 years |
| (USD$ 346.6 million) | ||
| Base Case – Argus Long-Term Forecast (US$677 to $763/mtu WO₃; ~USD $704/mtu WO₃ Average) | ||
| NPV(8%)1 | IRR2 | Payback3 |
| $182.7 million | 27.2% | 5.8 years |
| (USD$ 134.0 million) | ||
| High Case – USD $1,500/mtu WO₃ | ||
| NPV(8%)1 | IRR2 | Payback3 |
| $963.8 million | 78.4% | 3.2 years |
| (USD$ 706.4 million) | ||
Notes:
1. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV.
2. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
3. Payback is a Non-GAAP measure. see notes below for additional information regarding payback.
4. Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
Mine design and cut-off grade selection were developed using a conservative USD $659/mtu WO₃ assumption. Recent reported tungsten market prices have reached approximately USD $1,998/mtu [Source: Fastmarkets; February 27, 2026], demonstrating meaningful leverage to current market conditions.
7.6 Sensitivity Analysis
Sensitivity analysis demonstrates that Project economics are most sensitive to: (i) tungsten price; (ii) capital costs; (iii) operating costs; and (iv) metallurgical recovery.
The Project retains positive economics across a range of tungsten price assumptions. At the Base Case price assumption, the Project generates robust operating margins, with significant leverage to higher tungsten price scenarios.
The Project demonstrates strong leverage to tungsten price. The following sensitivity analysis illustrates the post-tax IRR and NPV (8%) across a flat tungsten price range of USD $500 to USD $1,700 per mtu WO₃.
Figure 1 — After-Tax NPV (8%) and IRR Sensitivity to Tungsten Price
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Notes: IRR is a Non-GAAP measure; see notes below for additional information regarding IRR. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV.
8. Growth and Expansion Opportunities
Mineralization at the Santa Helena Breccia remains open along strike and at depth, providing potential for future Mineral Resource expansion through additional drilling. The current underground mine design is based on the defined Mineral Resource; however, further infill and step-out drilling may support resource conversion and potential extension of mine life. The process plant has been designed at a nominal throughput of 1.4 Mtpa. Subject to further engineering studies and market conditions, the plant layout may allow for future throughput expansion. Selective mining and continued geological refinement may enhance grade control and support optimization of the life-of-mine grade profile.
9. Strategic Positioning
The Borralha Project represents one of the largest undeveloped tungsten resources within the European Union and is positioned to contribute to European supply chain security for this designated critical raw material. The combination of underground mining, gravity-dominant processing and significant permitting advancement materially reduces technical and development risk relative to many global tungsten development projects.
The favourable Environmental Impact Declaration (DIA) provides regulatory clarity and supports advancement toward the next stage of engineering and feasibility.
10. Project Risks and Uncertainties
This initial PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized.
Key risks and uncertainties include:
- Inclusion of Inferred Mineral Resources within the mine plan
- Variability in tungsten price and foreign exchange rates
- Capital cost escalation and schedule risk
- Metallurgical recovery variability
- Underground geotechnical and hydrogeological conditions
- Regulatory and permitting timelines
- Availability of equipment and human resources
11. Recommended Work Program
The Company intends to advance Borralha toward the next stage of engineering through:
- Infill drilling to upgrade Inferred Mineral Resources to higher confidence categories
- Step-out drilling to expand Mineral Resources and potentially extend mine life.
- Additional metallurgical optimization and variability testing
- Detailed geotechnical and hydrogeological investigations
- Engineering advancement toward a Pre-Feasibility Study
- Ongoing permitting and RECAPE progression
These activities are intended to further de-risk the Borralha Project and support advancement toward a Feasibility Study.
12. Quality Control
The Company has implemented a comprehensive and well-documented quality assurance and quality control (‘QA/QC‘) program consistent with industry best practices. Drill core and reverse circulation samples were prepared at ISO-accredited ALS Global facilities in Seville, Spain, and analyzed at ALS Global’s certified laboratory in Loughrea, Ireland, using XRF methods for tungsten (W-XRF05 and W-XRF10), with routine internal laboratory QA/QC procedures including pulp duplicates. The Company inserted certified reference materials (‘CRMs‘), blank samples, and field duplicates into the sample stream at regular intervals, including one CRM every 20 routine samples and two blanks per analytical batch.
Five independent CRMs covering multiple grade ranges were used. Samples exceeding ±3 standard deviations from expected CRM values, or blanks exceeding three times detection limits, triggered re-assay of the affected batch. Reverse circulation samples were weighed to monitor recovery and reject materials were securely stored. Independent verification sampling by a Qualified Person confirmed the reliability of the analytical database. The Qualified Persons are satisfied that the QA/QC procedures and resulting analytical data are appropriate for use in the Mineral Resource Estimate and the PEA.
13. Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved by the following Qualified Persons, as defined under NI 43-101:
J. Douglas Blanchflower, P.Geo.
Mr. Blanchflower is an independent Qualified Person under NI 43-101 and was retained by Allied Critical Metals Inc. to prepare the NI 43-101 Technical Report dated effective December 30, 2025. He has overall responsibility for the 2025 MRE and the Technical Report. Mr. Blanchflower is a Registered Professional Geoscientist in good standing with the Association of Professional Engineers and Geoscientists of British Columbia (No. 19086) and has more than five decades of experience in mineral exploration, resource estimation, and technical reporting. Mr. Blanchflower has reviewed and approved the scientific and technical information in this news release relating to the mineral resource estimate.
David Castro López, BSc, MIMMM, QMR
Mr. Castro López is a Mining Engineer and a Professional Member (MIMMM #685484) and Qualified for Minerals Reporting (QMR) of the Institute of Materials, Minerals and Mining (IOM3). He is independent of the Company and the Borralha Project. Mr. Castro López contributed to the metallurgical review and process design considerations supporting the PEA and takes responsibility for the metallurgical and mineral processing information contained herein. Mr. López has reviewed and approved the scientific and technical information in this news release relating to the metallurgical and mineral processing information contained herein.
Miguel Cabal, EurGeol, Licensed Geologist
Mr. Cabal is a licensed geologist with the European Federation of Geologists (EuroGeol #1439) with over 28 years of experience in mineral exploration, resource evaluation and mine development. He is Managing Director of Geomates (Spain) and has contributed to multiple NI 43-101 and JORC-compliant technical reports, including PEA, PFS and feasibility studies. Mr. Cabal is independent of Allied Critical Metals Inc. and the Borralha Project and has reviewed and approved the mining and economic components of the PEA. Mr. Cabal has reviewed and approved the scientific and technical information in this news release relating to the mining and economic components of this news release.
Vítor Arezes, BSc, MIMMM, QMR
Mr. Arezes is Vice President Exploration of Allied Critical Metals Inc. and a Qualified Person under NI 43-101. He is not independent of the Company due to his role as an officer. Mr. Arezes has extensive experience in tungsten and polymetallic mineral systems and has conducted multiple site visits to the Borralha Project, including during the 2025 drilling campaign. He contributed to geological interpretation, exploration oversight, and technical review supporting the PEA. He is a member of the Institute of Materials, Minerals and Mining (MIMMM #703197) and a Qualified Mineral Resources and Ore Reserves Professional (QMR), and by reason of education, professional experience, and accreditation, meets the definition of a Qualified Person as defined in NI 43-101. Mr. Arezes has reviewed and approved all of the scientific and technical information in this news release.
Figure 2 — South – North longitudinal section on mine design at Sta. Helena Breccia
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Figure 3 — East – West transversal section on mine design at Sta. Helena Breccia
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About Allied Critical Metals Inc.
Allied Critical Metals Inc. is a Canadian-based mining company focused on the advancement and revitalization of its 100%-owned Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal.
The Borralha Project is one of the largest undeveloped tungsten resources within the European Union and benefits from a favourable Environmental Impact Declaration (DIA), positioning the Project for advancement toward feasibility and development. Vila Verde represents additional exploration upside within the same strategic jurisdiction.
Tungsten has been designated a critical raw material by the United States and the European Union due to its strategic importance in defense, aerospace, manufacturing, automotive, electronics and energy applications. Currently, China, Russia and North Korea account for approximately 87% of global tungsten supply and reserves, highlighting the importance of secure western sources.
Further details regarding the Borralha Project are available in the Company’s NI 43-101 Technical Report dated December 30, 2025, filed on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.alliedcritical.com.
ON BEHALF OF THE BOARD OF DIRECTORS
‘Roy Bonnell’
CEO and Director
Additional information is also available by contacting the Company:
Dave Burwell
Vice President, Corporate Development
daveb@alliedcritical.com
Tel:403-410-7907
Toll Free: 1-800-221-0915
Please also visit our website at www.alliedcritical.com.
Also visit us at:
LinkedIn: https://www.linkedin.com/company/allied-critical-metals-inc/
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The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities laws (‘FLI‘). FLI in this release includes, without limitation, statements regarding: (A) the PEA results and economic indicators (e.g., NPV, IRR, payback and related sensitivities); (B) the conceptual mine plan and operating framework (mining approach, processing rates, production profiles, cost ranges and schedules); (C) the technical basis and process assumptions (cut-off approach, flowsheet concept and anticipated concentrate specifications); (D) the status and trajectory of permitting and approvals, infrastructure access and other site requirements; (E) market-related assumptions and the Project’s sensitivity and leverage to commodity pricing; (F) growth, conversion and expansion opportunities, including planned drilling and other technical programs; (G) the anticipated sequence of future studies, potential financing pathways and indicative timelines; and (H) the Project’s strategic positioning relative to regional and policy objectives. Such FLI is identified by, among other things, words such as ‘plans’, ‘expects’, ‘is expected’, ‘aims’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, ‘potential’, ‘target’, ‘opportunity’, ‘may’, ‘could’, ‘would’, ‘might’, ‘will’ and similar terminology, as well as statements regarding outcomes that ‘will’, ‘should’ or ‘would’ occur.
Material assumptions underlying the FLI include, but are not limited to: the accuracy of the 2025 MRE; geological continuity; the PEA-level capital/operating cost estimates (with typical PEA accuracy ranges); metallurgical recoveries and process performance consistent with test results to date; availability of labour, equipment and consumables at quoted/priced levels; access to grid power and water on contemplated terms; the ability to obtain land access, permits and approvals (including RECAPE) in a timely manner; tungsten pricing consistent with Argus long-term forecasts or stated sensitivity cases; foreign exchange and inflation consistent with study inputs; and availability of financing on acceptable terms. The Company believes these assumptions are reasonable as of the date hereof, but no assurance can be given that they will prove correct.
The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA results will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Any reference to potential production, mine life, NPV, IRR, payback, costs, recoveries, or other economic or technical parameters is preliminary and conceptual.
Key risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the FLI include, but are not limited to: (i) exploration, geological, modelling and grade-continuity risks, including the risk that further work does not confirm Inferred material or resource extensions; (ii) risks that metallurgical performance, WO₃ recoveries, concentrate quality or processing costs differ from test work and assumptions; (iii) capital cost escalation, schedule delays, contractor availability and supply-chain constraints; (iv) operating cost inflation (power, reagents, labour, transportation); (v) commodity price and FX volatility (including sustained periods below the Argus long-term or sensitivity prices assumed); (vi) permitting, environmental, social, community, land access and regulatory risks in Portugal (including RECAPE outcomes and permit conditions); (vii) water, tailings and geotechnical/hydrogeological risks inherent in underground operations; (viii) offtake, marketing and market-access risks for tungsten concentrates; (ix) availability and cost of equity, debt or project finance on acceptable terms; (x) changes in laws, regulations, taxes, royalties, or government policies; and (xi) other risks described under ‘Business Risks’ in the Company’s most recent MD&A and in other continuous disclosure filings available on SEDAR+. Readers are urged to carefully review those risk factors, which are expressly incorporated by reference into this cautionary note.
Non-GAAP Financial Measures
The Company has included certain non-GAAP financial measures in this press release. These financial measures are not defined under International Financial Reporting Standards (‘IFRS‘) and should not be considered in isolation. The Company believes that these financial measures, together with financial measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures are not necessarily standard and therefore may not be comparable to other issuers.
Net Present Value (NPV) – is the present value calculation of net profit from operations determined using a particular discount rate. All NPV values stated herein are on an after tax basis.
Internal Rate of Return (IRR) – is a financial metric used to assess an investment’s profitability by calculating the annual rate of return that makes the NPV of all cash flows (both positive and negative) equal to zero.
Payback – is calculated in years as the length of time that it takes to pay off the capital costs from annual net profit expected from operations at the Borralha Project.
Initial capital – is the initial capital cost amount required to be expended to construct the mine and tungsten concentrator process equipment and buildings to begin processing mineralized material into saleable tungsten concentrate at commercial quantities according to the life of mine plan at the Borralha Project. This is an estimate accurate to +/-35%.
Sustaining capital – is a supplementary financial measure which reflects cash basis expenditures which are expected to maintain operations and sustain production levels at the Borralha Project.
Capital costs – include the Initial capital and the sustaining capital.
Operating costs – are the costs required to process mineralized material into saleable tungsten concentrate at the Borralha Project. This includes: underground mining; processing and plant operations; general and administrative costs; and site services and infrastructure support. This can be calculated on the unit basis per mtu WO3 produced.
All-In Sustaining Costs (AISC) – are comprised of sustaining capital expenditures and site level costs to support ongoing operations and closure costs. All-in sustaining costs per mtu WO3 is calculated as AISC divided by the amount of mtu WO3 produced during the period that the costs are incurred. All-in sustaining costs capture the important components of the Company’s production and related costs and are used by the Company and investors to understand projected cost performance at the Borralha Project.
1 NPV(8%) = net present value at a 8% discount rate. NPV is a Non-GAAP measure; see notes below for additional information regarding NPV. USD = United States dollars. Canadian dollar (CAD) equivalents calculated used a foreign exchange rate of CAD $1.3658/USD.
2 IRR = internal rate of return. IRR is a Non-GAAP measure; see notes below for additional information regarding IRR.
3 mtu/WO3 = metric tonne unit of tungsten; WO3 is tungsten trioxide.
4 Initial capital is a Non-GAAP measure. see notes below for additional information regarding initial capital.
5 Payback is a Non-GAAP measure. see notes below for additional information regarding payback.
6 All-in sustaining cost (AISC); AISC is a Non-GAAP measure; see notes below for additional information regarding AISC.
7 Operating costs are a Non-GAAP measure; see notes below for additional information regarding operating costs.
8 All-in sustaining costs (AISC) is a Non-GAAP measure; see notes below for additional information regarding AISC.
9 Capital costs are a Non-GAAP measure; see notes below for additional information regarding capital costs.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285820
News Provided by TMX Newsfile via QuoteMedia
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Bold Ventures Inc. (TSXV: BOL,OTC:BVLDF) (the ‘Company’ or ‘Bold’) is pleased to provide an update on diamond drilling progress at its Burchell Base and Precious Metals Project, located 100 km west of Thunder Bay, Ontario. 4 holes totaling 669 meters have now been completed in the vicinity of the 111 Zone, where channel sampling results from last Fall were reported last December (see Bold news release dated December 2nd, 2025), and where one grab sample from December 2024 returned 68 gt Au (see Bold news release dated January 9th, 2025). 663 samples of drill core have now been submitted to the laboratory and results are pending. While awaiting results from this first phase of drilling, the drill has been moved to Bold’s Wilcorp property located approximately 13 km east of Atikokan, Ontario, and drilling has commenced there.
Bold’s CEO David Graham, President and COO Bruce MacLachlan, and VP Exploration Coleman Robertson will be meeting with investors at booth #2610 at the Prospectors and Developers Association of Canada (PDAC) Mineral Exploration and Mining Convention in Toronto from March 1st to 4th, 2026. Coleman Robertson will be presenting at the PDAC Spotlight with a talk titled ‘From Burchell to the Ring of Fire,’ at 11:10 a.m. on Monday March 2nd in the Northern Lights Learning Hub, Level 300, Hall A of the North Building of the Metro Toronto Convention Centre. During PDAC Bruce MacLachlan will also be interviewed by the Northern Miner on March 1st, and by CEO.CA on Monday March 2nd.
In continuing to build Bold’s name recognition and corporate message via video and digital media platforms, the Company will pay fees of $4,520 to the Northern Miner Group and $4,350 to CEO.CA for the interviews which will conclude at the end of the conference and will remain available for viewing at Bold’s website, www.boldventuresinc.com. The Northern Miner draws on 110 years of experience as the leading mining industry journal in Canada to cover the top developments and newsmakers around the globe. CEO.CA is a community for investors & traders in junior resource & venture stocks and is one of the most popular free financial websites and apps in Canada and for small-cap investors globally — with industry leading audience engagement and mobile functionality.
The Company has registered for the Resourcing Tomorrow 2026 convention to be held from Dec. 1-3 2026 at the Business Design Centre in London, UK. To optimize that event and to build Bold’s name recognition and brand in the United Kingdom, Bold has signed a 12-month contract with The Armchair Trader (Armchair Trader Limited) based in the United Kingdom. The contract begins immediately and provides promotional services to Bold Ventures for a fee of $10,000.
The Northern Miner Group, CEO.CA and Armchair Trader Limited are all arm’s length to the Company and do not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest.
Ring of Fire News
In other news, the Marten Falls Community Access Road project has moved to the public review stage. The road, which will provide year-round access to the community, is proposed to connect to a forestry road north of Aroland First Nation. The road is part of a broader plan to connect the Ring of Fire to Ontario’s highway network, which also includes the Northern Road Link and Webequie Supply Road projects. See links below:
Marten Falls road project moves to public review stage – Northern Ontario Business
Ontario First Nations complete fast-tracked assessments for Ring of Fire road | Globalnews.ca
The proposed Eagle’s Nest mine in the Ring of Fire has also cleared another regulatory hurdle. The Federal government has decided not to designate the mine for impact assessment. See link below:
https://globalnews.ca/news/11688531/ring-of-fire-northern-ontario/
About Bold’s Koper Lake Project in the Ring of Fire
The Koper Lake Project is a joint venture between Bold Ventures Inc. and Canada Chrome Corporation Inc. (CCC – formerly KWG Resources Inc.) where CCC is the Operator of the exploration effort.
Bold holds a 10% carried interest (through to production) in the Black Horse Chromite deposit on the Koper Lake Project which hosts an NI 43-101 Inferred Resource of 85.9 Mt grading 34.5% Cr2O3 at a cut-off of 20% Cr2O3 (KWG Resources Inc., NI 43-101 Technical Report, Aubut 2015). Bold also holds a 40% working interest in all other metals found within the Koper Lake claims and has a Right of First Refusal on a 1% NSR covering all metals found within the claim group.
The Black Horse is contiguous with the Blackbird Chromite deposits owned by Ring of Fire Metals (formerly Noront Resources Inc.). The Koper Lake claims are located approximately 300 m from the Eagle’s Nest Ni-Cu Massive Sulphide Deposit that is in the permit acquisition stage.
Chromite, nickel and copper are critical minerals that will play an important role in the electrification plans of Ontario and North America. The Company is encouraged by these ongoing developments in this emerging critical mineral mining camp.
The technical information in this news release was reviewed and approved by Coleman Robertson, B.Sc., P. Geo., the Company’s V.P. Exploration and a qualified person (QP) for the purposes of NI 43-101
Bold Ventures management believes our suite of Battery, Critical and Precious Metals exploration projects are an ideal combination of exploration potential meeting future demand. Our target commodities are comprised of: Copper (Cu), Nickel (Ni), Lead (Pb), Zinc (Zn), Gold (Au), Silver (Ag), Platinum (Pt), Palladium (Pd) and Chromium (Cr). The Critical Metals list and a description of the Provincial and Federal electrification plans are posted on the Bold website here.
About Bold Ventures Inc.
The Company explores for Precious, Battery and Critical Metals in Canada. Bold is exploring properties located in active gold and battery metals camps in the Thunder Bay and Wawa regions of Ontario. Bold also holds significant assets located within and around the emerging multi-metals district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario.
For additional information about Bold Ventures and our projects, please visit boldventuresinc.com or contact us at 416-864-1456 or email us at info@boldventuresinc.com.
| ‘Bruce A MacLachlan’ | ‘David B Graham’ |
| Bruce MacLachlan | David Graham |
| President and COO | CEO |
Direct line: (705) 266-0847
Email: bruce@boldventuresinc.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words ‘may’, ‘would’, ‘could’, ‘will’, ‘intend’, ‘plan’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’ and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285792
News Provided by TMX Newsfile via QuoteMedia
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Statistics Canada released its December data for gross domestic product (GDP) by industry on Friday (February 27).
While overall GDP increased 0.2 percent, the figures showed a broad 0.9 percent decline in the mining, quarrying, and oil and gas extraction sector, reversing a 0.1 percent increase in November. In real dollars, the sector contributed C$119.62 billion in the month, just shy of C$120.76 billion in November.
The decrease was due to a 1.1 percent contraction in the oil and gas subsector and a 1.4 percent decline in the mining and quarrying subsector. However, the fall off was slightly offset by a 1.6 percent increase in sector support activities.
The Canadian reporting agency also released its annual mineral production survey on Wednesday (February 25).
The data showed that 2025’s production and shipment numbers increased nearly across the board for copper, silver and gold.
In terms of production, copper output climbed to 499,896 metric tons, beating the 444,587 metric tons in 2024. The quantity of silver produced also rose significantly to 356,052 kilograms in 2025 from 331,965 kilograms. Gold also increased, though narrowly, to 186,923 kilograms from 185,555 kilograms the previous year.
As for shipments, copper climbed to 480,100 metric tons from 437,861 metric tons in 2024, while silver shipments increased to 344,133 kilograms from 325,705 kilograms. Of the three metals, only gold saw a decline, with shipments falling slightly to 184,456 kilograms from 185,376 kilograms a year earlier.
Several other resources, including cobalt and nickel, also saw sizeable jumps last year.
For more on what’s moving markets this week, check out our top market news round-up.
Markets and commodities react
Canadian equity markets were positive this week.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 2.3 percent over the week to close Friday (February 27) at 34,339.99, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 8.4 percent to 1,107.60.
The CSE Composite Index (CSE:CSECOMP) gained 4.02 percent to 174.55.
The gold price gained 1.36 percent to close at US$5,261.19 per ounce on Friday at 4:00 p.m. EST. The silver price fared better, closing the week up 6.55 percent at US$93.66 on Friday.
In base metals, the Comex copper price recorded a 3.24 percent increase this week to US$6.05.
The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) was up 2 percent to end Friday at 610.89.
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?Take a look at this week’s five best-performing Canadian mining stocks below.
Stocks data for this article was retrieved at 4:00 p.m. EST on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Adex Mining (TSXV:ADE)
Weekly gain: 171.43 percent
Market cap: C$27.09 million
Share price: C$0.095
Adex Mining is an exploration company that holds a 100 percent stake in the Mount Pleasant project in Southwest New Brunswick, Canada. The property contains two main deposits: the Fire Tower zone, which hosts tungsten and molybdenum mineralization, and the North zone, which hosts tin, zinc and indium.
The asset consists of 102 mineral claims covering 1,600 hectares, as well as equipment and facilities from historic mining operations conducted by BHP (ASX:BHP,NYSE:BHP,LSE:BHP) between 1983 and 1985.
According to its most recent investor presentation released on June 11, the property hosts the world’s largest indium reserve and North America’s largest tin deposit. Indicated resources for the North zone demonstrate contained metal values of 47 million kilograms of tin, and 789,000 kilograms of indium from 12.4 million metric tons with average grades of 0.38 percent tin and 64 parts per million indium.
Adex Mining has not released news since it published its interim management discussion and analysis on November 18.
The increase in Adex’s share price this week comes ahead of the Prospectors and Developers Association of Canada convention, which is taking place in Toronto, Ontario, from March 1 to 4.
In a mid-February interview, New Brunswick Natural Resources Minister John Herron revealed that a deal “is due imminently with a well-known company in the Canadian mining community” for Adex’s Mount Pleasant project.
Additionally, he said the provincial government plans to introduce its new minerals strategy at PDAC on March 2. According to Herron, New Brunswick will adopt a one project, one process framework to quickly advance critical minerals projects.
2. US Copper (TSXV:USCU)
Weekly gain: 100 percent
Market cap: C$37.17 million
Share price: C$0.28
US Copper is an exploration company working to advance its Moonlight-Superior project in Northeast California, United States.
The project covers approximately 13 square miles of patented and unpatented federal mining claims in the Lights Creek Copper District, near the Nevada border.
A preliminary economic assessment released on January 6, 2025, demonstrated a post-tax net present value of US$1.08 billion with an internal rate of return of 23 percent and a payback period of 5.3 years, assuming a copper price of US$4.15 per pound.
The included mineral resource estimate shows a total indicated resource of 2.5 billion pounds of copper, 21.7 million ounces of silver and 140,042 ounces of gold from 402.83 million metric tons of ore with a grade of 0.31 percent copper, 1.85 parts per million (ppm) silver and 0.012 ppm gold. The majority is hosted at its Moonlight and Superior deposits.
The company has not released any news since December 15, when it announced that it had staked 54 additional claims, totalling 1,104 acres near Moonlight-Superior, that US Copper intends to use for the project’s infrastructure development.
The company also stated that it had begun metallurgical testing, which it expected to be completed in April 2026, with the release of partial results starting in February 2026.
3. Doubleview Gold (TSXV:DBG)
Weekly gain: 95.62 percent
Market cap: C$27.09 million
Share price: C$2.68
Doubleview Gold is an exploration company working to advance its Hat copper-gold project in Northwestern British Columbia, Canada.
The project is located within BC’s Golden Triangle, an area that hosts numerous active mines and development projects. The property consists of 19 mineral tenures covering an area of 18,000 hectares.
On February 25, Doubleview released an updated mineral resource estimate for its Hat project, reporting copper equivalent resources of 5.82 billion pounds in the measured and indicated categories and 4.57 billion pounds in the inferred category.
The measured and indicated resource includes 2.42 billion pounds of copper, 3.22 million ounces of gold, 80.1 million pounds of cobalt and 5.05 million ounces of silver from 609 million metric tons of ore with average grades of 0.21 percent copper, 0.18 grams per metric ton (g/t) gold, 0.008 percent cobalt and 0.38 g/t silver.
Additionally, the MRE reported a recoverable measured and indicated scandium oxide resource of 2,415 metric tons, grading 28.77 g/t.
Doubleview’s president and CEO stated that exploration of the property has increased the deposit’s size over the years, with it now covering an area of about 1.6 kilometers by 1.6 kilometers. He also noted that the company discovered additional elements within the deposit that it plans to unveil soon.
4. BP Silver (TSXV:BPAG)
Weekly gain: 62.16 percent
Market cap: C$35.9 million
Share price: C$1.20
BP Silver is an exploration company focused on its flagship Cosuño project in Bolivia.
The property covers approximately 3,375 hectares and hosts a 10.5 square kilometer alteration zone within an underexplored jurisdiction. To date, the company has identified four primary targets in the southern project area.
On February 27, the company announced assay results from the final eight holes of the 11 hole drill program at Cosuño.
Exploration encountered several zones of silver mineralization at the Pocañita Chica target. One hole delivered high grades of 600.4 g/t silver over 5 meters, which included an intersection of 1,655 g/t over 1 meter.
The company said it achieved its main goal of “confirming mineralization within the lithocap beneath surface geochemical anomalies,” which it said de-risks the project.
Additionally, BP Silver stated the drill program confirmed a silver and polymetallic mineralized system along a 2.7 kilometer long corridor that remains open in all directions.
5. Tsodilo Resources (TSXV:TSD)
Weekly gain: 61.29 percent
Market cap: C$21.75 million
Share price: C$0.25
Tsodilo Resources is a metals exploration company advancing its Gcwihaba polymetallic project in Northwest Botswana, which hosts the C26 and C27 rare earth skarn anomalies. It also owns the Xaudum iron formation project in the country.
At Gcwihaba, Tsodilo has identified a conceptual exploration target of skarn ore in the 81 million to 97 million metric ton range with grades of 0.05 and 1.49 percent total rare earth oxides (TREO).
The company originally identified the C26 and C27 targets through ground magnetic and gravity surveys, with drilling confirming mineralization at depths of 20 to 50 meters below surface.
Tsodilo plans to perform 15,000 meters of drilling in 2026, with a focus on defining high-grade REE zones, while also evaluating the system’s overall polymetallic potential.
The most recent news from the company came on February 2, when it reported that it had closed a C$742,095 private placement by issuing 4.95 million shares. Proceeds from the financing will be used to advance its projects in Botswana.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many mining companies are listed on the TSX and TSXV?
As of December 2025, 898 mining companies and 71 oil and gas companies are listed on the TSXV, combining for more than 60 percent of the 1,531 total companies listed on the exchange.
As for the TSX, it is home to 175 mining companies and 51 oil and gas companies. The exchange has 2,089 companies listed on it in total.
Together, the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
This post appeared first on investingnews.com
We also break down next week’s catalysts to watch to help you prepare for the week ahead.
In this article:
This week’s tech sector performance
Tariff concerns sent global stocks drifting on Monday (February 23), with US futures pointing lower at the start of the week even though the Nasdaq Composite (INDEXNASDAQ:.IXIC) ended a three week losing streak the previous week.
Additionally, a Citrini Research report published on Sunday (February 22) projects that the dominance of artificial intelligence (AI) could lead to the collapse of the “human-centric consumer economy” and cause widespread unemployment, adding to the growing anxiety around AI-induced displacement.
Markets had a subdued reaction to Anthropic’s announcement of 10 new AI tools on Tuesday (February 24), including plugins that could help with investment banking tasks, private equity engineering and design.
Mohit Kumar, chief Europe economist at Jefferies Financial Group (NYSE:JEF), noted that, although AI disruption will remain a market theme for the foreseeable future, the company’s emphasis on “partnership rather than displacement” may have spurred a software sector rally in Tuesday afternoon trading.
Also aiding the software recovery was a handful of experts pushing back against the Citrini report, including a response published by Citadel Securities’ Frank Flight, who said the thesis is far-fetched at best.
On Wednesday (February 25), ahead of NVIDIA’s (NASDAQ:NVDA) much-anticipated earnings report, tech stocks boosted indexes in North America, Europe and Asia, with the S&P/TSX Composite Index (INDEXTSI:OSPTX) seeing advances in AI-related software and diversified tech amid positive quarterly reports from Canada’s main financial institutions; meanwhile, semiconductor companies led gains on Wall Street.
While positive sentiment lifted Canada’s main index to a new record on Thursday (February 26), the US had a weaker session after investors were unimpressed with NVIDIA’S results.
Although NVIDIA beat expectations, guidance shows deceleration. A 3.2 percent drop in the PHLX Semiconductor Sector (INDEXNASDAQ:SOX) index dragged the Nasdaq down to close 1.2 percent lower.
Indexes in Canada and the US slipped on Friday (February 27) as renewed positive sentiment from earlier in the week ultimately gave way to concerns over AI-led disruptions.
3 tech stocks moving markets this week
1. NVIDIA (NASDAQ:NVDA)
NVIDIA, which makes up almost 8 percent of the S&P 500 (INDEXSP:.INX), was up on Wednesday ahead of its Q4 earnings report, which showed US$68.1 billion in revenue, an increase of 73 percent. Net income was up 94 percent to US$42.9 billion, and the company generated US$96.6 billion in free cashflow for the year.
The results exceeded analysts’ estimates, but shares were flat in after-hours trading, despite CEO Jensen Huang’s claim of “skyrocketing” AI agent adoption and sales growth of 78 percent for the current quarter.
2. Salesforce (NYSE:CRM)
Salesforce rose modestly intraday ahead of its Q4 earnings release on Wednesday, which showed revenue growth of 12 percent year-on-year, beating analysts’ estimates at US$11.2 billion. Full-year revenue was at US$41.5 billion, up 10 percent, with the company reporting remaining performance obligations of US$72.4 billion, a 14 percent increase.
Annual recurring revenue from the company’s AI agent platform, Agentforce, led quarterly gains, reaching US$800 million, up 169 percent. Despite CEO Marc Benioff’s revenue projection of US$63 billion by the 2030 fiscal year, 2027 fiscal year guidance of US$45.8 billion to US$46.2 billion was below the consensus estimate of US$46.06 billion, which sent shares down around 5 percent in after-hours trading. The company also said it anticipates a slowdown in core business expansion, projecting organic growth of only 7 to 8 percent for the upcoming fiscal year.
2. Dell Technologies (NYSE:DELL)
Dell Technologies was trading higher ahead of its Q4 earnings. The firm delivered revenue of US$33.4 billion, beating estimates, and full-year revenue of a record US$113.5 billion.
Sales of AI servers hit US$9.8 billion, up 100 percent year-on-year, with a US$64 billion AI pipeline and US$43 billion backlog. Earnings per share topped estimates of US$2.36, coming in at US$2.86.
Momentum continued after hours following CEO Mike Dell’s comments on “skyrocketing” hyperscaler demand for AI infrastructure despite some margin pressure, with Dell’s share price soaring about 11 percent.
Top tech news of the week
Tech ETF performance
Tech exchange-traded funds (ETFs) track baskets of major tech stocks, meaning their performance helps investors gauge the overall performance of the niches they cover.
This week, the iShares Semiconductor ETF (NASDAQ:SOXX) advanced by 1.83 percent, while the Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ) advanced by 1.77 percent.
The VanEck Semiconductor ETF (NASDAQ:SMH) also increased by 1.76 percent.
Tech news to watch next week
Next week there will be light earnings, with results expected from MongoDB (NASDAQ:MDB), Alibaba (NYSE:BABA) and Broadcom (NASDAQ:AVGO); however, macro data alongside speeches from US Federal Reserve presidents will dominate alongside tariff developments and AI CAPEX and inflation concerns.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
This post appeared first on investingnews.com
(TheNewswire)
Secures Equity, Cash, and Ongoing Upside Exposure
Vancouver, British Columbia, February 26th, 2025 TheNewswire – Prismo Metals Inc. (‘Prismo’ or the ‘Company’) (CSE: PRIZ,OTC:PMOMF) (OTCQB: PMOMF) is pleased to announce that it has entered into a definitive assignment agreement (the ‘Agreement’) with Blade Resources Inc. (‘Blade’) pursuant to which Prismo has agreed to assign all of its rights, interests and obligations in the Hot Breccia copper project, located in the heart of the Arizona copper belt (the ‘Transaction’), to Blade. The Transaction is expected to close on or about March 2, 2026, or such other date as the Company and Blade may agree.
In consideration for the Transaction, Prismo will be issued 6,755,000 common shares of Blade and will receive a cash payment of $185,000. Following completion of the Transaction, Prismo will own approximately 24% of Blade’s issued and outstanding shares and will be Blade’s largest single shareholder (see additional early warning disclosure below).
Alain Lambert, CEO of Prismo, commented: ‘In our opinion, Hot Breccia is one of the best copper exploration opportunities in North America. Since optioning the project in January 2023, we have remained committed to advancing it toward drilling. After carefully evaluating our options – including funding a drill program internally, partnering with a major, or joining forces with like-minded explorers – we have concluded that the best way forward for Prismo is the latter hence this partnership with Blade.’ He added: ‘The principals and financial backers of Blade have a long history and strong track record in raising significant capital for exploration programs of the scale required at Hot Breccia.’
Strategic Rationale
The Transaction provides several strategic benefits:
Value Creation: Prismo is leveraging its investments in Hot Breccia into a significant stake in a company dedicated to advancing the Hot Breccia project.
Access to Capital with Limited Dilution: The structure provides enhanced access to capital for the Hot Breccia drill program through Blade, without direct dilution to Prismo shareholders.
Strategic Focus: Prismo will focus on advancing its remaining Arizona projects — Silver King and Ripsey Gold — while Blade dedicates its efforts to advancing Hot Breccia.
Enhanced Attractiveness to Strategic Partners: With the potential for 100% ownership of Hot Breccia, Blade will be in a better position to possibly attract majors or strategic buyers.
Prismo’s Investment in Blade
Regarding Prismo’s investment in Blade, Mr. Lambert said: ‘We see several potential pathways for our investment: holding it long term, monetizing a portion to fund other projects, distributing shares to our shareholders, or a combination of these last two approaches. At this time, we are entering this transaction with a long-term perspective. Successful development at Hot Breccia would have meaningful implications for shareholder value.’
Additional Prismo Rights under the Transaction
Under the terms of the Transaction:
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Prismo has the right to nominate one representative to Blade’s board of directors. The Company has not yet determined its initial nominee.
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Blade has granted Prismo participation rights in future equity offerings, allowing Prismo to subscribe for shares on substantially the same terms as other investors in order to maintain its undiluted ownership percentage in Blade.
Dr. Linus Keating, manager of Walnut Mines LLC, the underlying landowner of Hot Breccia enthusiastically commented: ‘Walnut Mines strongly supports any initiative that advances Hot Breccia toward a serious drill program. We are optimistic that this transaction will help achieve that objective in 2026. In our view, this property continues to represent an excellent copper exploration opportunity in North America.‘
Early Warning Disclosure
This news release is issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Prior to the Transaction, Prismo did not own any common shares of Blade. The common shares of Blade will be acquired by Prismo for a total consideration of $2,364,250 and will be acquired for investment purposes with a view to Blade’s potential listing on a Canadian stock exchange.
Except as described in this news release, Prismo has no present plans or intentions that relate to or would result in any of the matters enumerated in paragraphs (a) through (k) of Item 5 of Form 62-103F1.
Prismo will file an early warning report in accordance with applicable securities laws, which will be available under Blade’s profile on SEDAR+ at www.sedarplus.ca . A copy of the early warning report may be obtained by contacting Gordon Aldcorn at the contact details below.
About the Hot Breccia Project
The Hot Breccia project lies at the heart of the Arizona Copper Belt, which hosts several globally significant porphyry copper deposits. Examples of these significant deposits are Freeport McMoRan’s Miami-Inspiration mining complex, BHP’s San Manuel mine, Rio Tinto and BHP’s Resolution deposit and others (see Figure 1).
Figure 1. Location of the Hot Breccia Project in the Arizona Copper Belt.
Note that the Company and its qualified person have not been able to independently verify the information on these producing mines, and that the information is not necessarily indicative of the mineralization on the Hot Breccia project.
About Prismo Metals Inc.
Prismo (CSE: PRIZ,OTC:PMOMF, OTCQB: PMOMF) is a mining exploration company focused on advancing its Silver King, Ripsey and Hot Breccia projects in Arizona and its Palos Verdes silver project in Mexico.
About Blade Resources Inc.
Blade Resources is a private mining exploration company focused on development of North American copper and precious metals projects.
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Prismo Metals Inc.
1100 – 1111 Melville St., Vancouver, British Columbia V6E 3V6 Phone: (416) 361-0737
Contact:
Alain Lambert, Chief Executive Officer alain.lambert@prismometals.com
Gordon Aldcorn, President gordon.aldcorn@prismometals.com
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information relates to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘intends’ or ‘anticipates‘, or variations of such words and phrases or statements that certain actions, events or results ‘may’, ‘could’, ‘should’, ‘would’ or ‘occur’. This information and these statements, referred to herein as ‘forward‐looking statements’, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the anticipated closing and closing date of the Transaction; the strategic rationale and potential upside of the transaction with Blade, the future development of the Hot Breccia project and Blade’s ability of Blade to successfully implement its strategic and business objectives, including potentially attracting majors or strategic buyers; and the ability of Prismo to fund its exploration activities on its other projects.
These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: that the Transaction may not close as anticipated, or at all; delays incurred by Blade in obtaining or failure to obtain appropriate funding to finance the exploration program at Hot Breccia; the inability of Blade to successfully acquire a 100% interest on the Hot Breccia project; delays incurred by the Company in obtaining or failure to obtain appropriate funding to finance exploration programs for its other projects; the risk that mineralization will not be as anticipated at the Hot Breccia project or at the Company’s other projects; metal prices; market uncertainty; and other risks and uncertainties application to exploration activities and the Company’s business as set forth in the Company’s disclosure documents available for viewing under the Company’s profile on SEDAR+ at www.sedarplus.com.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the timeline for closing the Transaction will be as anticipated; the Transaction will close; the ability to raise capital to fund exploration programs at Hot Breccia or on the Company’s other projects, and the timing of such exploration programs; the ability of Blade to complete the option to acquire a 100% interest in the Hot Breccia project and to successfully carry out its business and strategic objectives following completion of the transaction; and that the Hot Breccia project and the Company’s other projects will have the anticipated mineralization and other qualities.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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