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Rubio says US has no plan to use force in Venezuela — but warns ‘imminent threat’ could change that

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The U.S. is not preparing to utilize additional military force in Venezuela, but won’t hesitate to employ such force in the event of an ‘imminent threat,’ according to Secretary of State Marco Rubio. 

‘The president never rules out his options as commander-in-chief to protect the national interest of the United States,’ Rubio told lawmakers on the Senate Foreign Relations Committee Wednesday. ‘I can tell you right now with full certainty, we are not postured to, nor do we intend or expect to have to take any military action in Venezuela at any time. The only military presence you will see in Venezuela is our Marine guards at an embassy.’ 

That said, Rubio said that certain events could warrant military actions — pointing to a hypothetical scenario where an Iranian drone factory emerged in the region and threatened U.S. presence or allies there. 

‘The president does reserve the option in self-defense to eliminate that threat,’ Rubio said. ‘We don’t see that, we don’t anticipate that, but it could happen. We hope not … But I think it would require the emergence of an imminent threat of the kind that we do not anticipate at this time.’ 

Rubio’s remarks came in response to questions about his prepared statement, which said that the U.S. is prepared to exert military force to ensure cooperation from Venezuela’s interim government if it defies Washington following the ouster of dictator Nicolás Maduro. 

‘We are prepared to use force to ensure maximum cooperation if other methods fail,’ Rubio’s prepared testimony had said, which he ultimately did not end up using. ‘It is our hope that this will not prove necessary, but we will never shy away from our duty to the American people and our mission in this hemisphere.’

Rubio’s prepared testimony also maintained that there are no U.S. troops in Venezuela, and that the operation did not amount to waging a war in Caracas.

‘There is no war against Venezuela, and we did not occupy a country,’ Rubio said in his prepared remarks. ‘There are no U.S. troops on the ground. This was an operation to aid law enforcement.’

The move to ouster Maduro has attracted scrutiny, mostly from Democrats, who have called into question the legality of the operation in Venezuela, which was conducted without Congress’ approval. 

But efforts in Congress to pass a war powers resolution that would have limited the Trump administration from conducting additional military action in Venezuela failed to pass earlier in January. Rubio previously has claimed Congressional approval wasn’t required because the operation was not an ‘invasion.’

On Wednesday, Rubio said that should U.S. military forces be involved in Venezuela in a ‘sustained’ way, Congress would receive notification 48-hours after the fact, and would be required to receive Congressional approval if the engagement lasted longer than 60 days. 

Rubio also told lawmakers that Congress wasn’t consulted about the potential raid due to concerns from the Department of War about leaks, and because it wasn’t even a possibility to execute such a mission until late December 2025 after all negotiation efforts with Maduro had failed. 

‘It was also a trigger-based operation. It may never have happened,’ Rubio said. ‘It required a number of factors to all align at the right place, at the right time, in a very limited window, and it wasn’t even clear if it was ever going to be possible.’ 

On Jan. 3, President Donald Trump announced that U.S. special forces had executed a ‘large-scale strike’ against Caracas, Venezuela, and seized Maduro and his wife, Cilia Flores. The two were transported to New York and appeared in a Manhattan federal court Jan. 5 on drug charges, where they each pleaded not guilty.

The raid followed months of pressure on Venezuela to squeeze out Maduro amid more than two dozen strikes in Latin American waters against alleged drug traffickers — which the Trump administration claimed aligned with Trump’s effort to curb the influx of drugs into the U.S.

Since Maduro’s capture, the U.S. has conducted at least one additional strike against alleged drug trafficking vessels in the region. 

The Trump administration had previously asserted that it did not recognize Maduro as a legitimate head of state and instead, claimed he was the leader of a drug cartel. Additionally, Trump said in December 2025, shortly before the operation, that he believed it would be ‘smart’ for Maduro to step down.

The Trump administration has so far backed Maduro’s vice president, Delcy Rodríguez, to lead Venezuela’s interim government. 


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Redmoor – Continuation of High-Grade Tungsten and Identification of High-Grade Tin Zones

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Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is delighted to announce that its wholly owned subsidiary, Cornwall Resources Limited (‘CRL’), has received assay results from drillhole CRD036 – the first from Pad 2 within the Redmoor Tungsten-Tin-Copper Project (‘Redmoor’) in southeast Cornwall – including further confirmation high-grades of tungsten and tin within the Sheeted Vein System (‘SVS’).

CRD036 was aimed at twinning*1 historical drillholes and identifying mineralised continuity at shallower depths and within a hole designed to intersect a higher-grade, tin-dominant portion of the high-grade tungsten deposit.

Highlights:

Tin downhole intersections

  • · High-grade intersections from new tin-dominant zones include:
    • 0.50m @ 1.26% Sn, 0.02% Cu & 0.02% WO3 (1.06% WO3.Eq) from 314.82 m
    • 0.95m @ 1.18% Sn, 0.01% Cu & 0.02% WO3 (0.99% WO3.Eq) from 336.05 m
    • 0.70m @ 1.92% Sn, 1.09% Cu & 0.37% WO3 (2.23% WO3.Eq) from 383.40 m

Tungsten downhole intersections

  • High-grade tungsten intersections include:
    • 4.50m @ 0.47% WO3, 0.14% Sn & 0.24% Cu (0.65% WO3.Eq) from 372.50 m
    • 1.00m @ 1.00% WO3, 0.02% Sn & 0.58% Cu (1.17% WO3.Eq) from 406.00 m
    • 0.70m @ 0.86% WO3, 0.07% Sn & 0.82% Cu (1.13% WO3.Eq) from 432.00 m
  • Further high-grade sample intervals, inside broad intersections, including:
    • 18.50 m @ 0.14% WO3, 0.20% Sn & 0.25% Cu (0.37% WO3. Eq) from 371.50 m, (see Figure 1) containing:
      • 0.80m @ 1.02% WO3, 0.09% Sn & 0.45% Cu (1.21% WO3.Eq) from 372.50 m
      • 0.54m @ 1.85% WO3, 0.28% Sn & 0.22% Cu (2.13% WO3.Eq) from 374.51 m

Copper downhole intersections

  • High-grade intersections include:
    • 1.65m @ 1.09% Cu, 0.05% Sn & 0.23% WO3 (0.56% WO3.Eq) from 401.90 m
    • 1.00m @ 1.03% Cu, 0.04% Sn & 0.01% WO3 (0.32% WO3.Eq) from 415.00 m

Silver*2

  • CRD036, like previous drill holes, reports elevated silver values in relation to mineralisation within zones that are copper-rich, demonstrated by:
    • 5.10m @ 0.66% Cu, 0.03% Sn & 0.34% WO3, and 15.5g/t Ag from 401.90 m, including 1.65 m @ 33.9 g/t Ag from 401.90 m

Twinning Results and Model Updates

Positive results from the drillhole twinning, and new insights into Redmoor deposit, including:

  • Twinning results between CRD036 and RM80_05B & 05C (1980s drillholes) highlight continuity of structures and reproducibility of historical results. This provides confidence for the use of the 1980s drillhole data in the deposit model and Mineral Resource estimate (‘MRE’) thereby reducing future prefeasibility drilling requirements.
  • Drillhole results have returned multiple zones of high-grade tin and copper intersections, supporting the presence and continuity of tin-copper lode structures within the existing Redmoor Mineral Resource, which will be further studied as part of the MRE update – these will be further detailed in a forthcoming update on the new Redmoor deposit model.

Figure 1: Box photos with sample intervals (Yellow Arrows), highlighting an 18.50m intersection including highlighted high-grade tungsten and tin intervals. All samples are listed in tungsten trioxide equivalent (WO3.Eq).

Dennis Rowland, CRL Managing Director, said:

‘The assay results report a trifecta of high-grade tungsten, tin and copper intersections for the first time from the 2025 programme within a tin-dominant zone of the deposit, along with analytical results for silver – which are being further investigated as part of ongoing metallurgical studies.

Drillhole results continue to return multiple zones of high-grade tin and copper intersections, supporting the presence and continuity of tin-copper lode structures within the existing Redmoor Mineral Resource, which will be further modelled. This drillhole was designed as a twin of holes drilled by Southwest Minerals (SWM) in the 1980s and provides further confidence in these historical datasets.

Following the receipt of these results, an update on the new Redmoor deposit model and the outcome of the twinning programme is expected shortly.’

Mark Burnett, Strategic Minerals Executive Director, said:

‘Positive results such as these further highlight Redmoor’s position as the highest-grade, undeveloped tungsten resource in Europe, and amongst the highest grade globally.

This is a crucial time for critical minerals projects, given significant global supply chain shifts alongside export controls resulting in a marked increase in metal prices and interest in the sector. The Board are focussed on the acceleration of the Redmoor project through an updated mineral resource and planned prefeasibility study (‘PFS’) thereafter. This will be supported by the recently completed fundraise for a significant infill drilling programme, designed to shorten drillhole spacing within the resource, as the major requirement for converting the deposit to an Indicated resource classification ahead of the planned PFS.’

Detail of analytical results from CRD036

Table 1: Drillhole collar data for CRD036.

Pad

Number

Collar

Orientation at Collar

Total Depth (m)

Easting (m)

Northing (m)

Elevation (m)

Azimuth (⁰)

Dip (⁰)

2

235710.00

71254.00

185

176

65

461.70

Figure 2: Plan (top-down) view of the previously modelled high-grade domains (gold) used in the 2019 Redmoor MRE, showing CRD036 (in red) and other CRL and SWM drillhole traces (black). CRD036 is an infill hole aimed at testing short-spaced continuity of structure and grade.

Drill hole CRD036 (see Table 1 & Figure 2) was intentionally drilled to twin historical drilling results and confirm the presence of tin and copper-rich structures historically drilled (drill hole RM80_05B and 05C), along with identifying the higher-grade tin-rich section of the resource and shallower extent of the SVS system. The outcomes of the twinning programme will be further detailed shortly alongside updates to the deposit model, ahead of the MRE update expected Q1 2026.

Laboratory assay results for drillhole CRD036 have returned further positive results from the current drilling programme, containing high-grade results, with tungsten (WO3) grades reaching 1.85%, copper (Cu) grades reaching 1.09%, and very-high-grade tin (Sn) grades reaching 1.92%, from a zone of the deposit known to be enriched in tin concentrations, coupled with silver (Ag) grades of up to 33.9 g/t correlated with copper mineralisation.

Table 2 below, contains the details of the composite sample intersections including sample depths, thickness, metal content, and tungsten equivalent calculations, as well as the mineralisation style recorded by CRL geologists. The tungsten equivalent (WO3. Eq.) highlights the value-add from tin and copper to the tungsten grades of the sample intervals. Appendix 1 includes full details of each sample included in these composite intersections.

Table 2: Highlights of downhole composite sample intersections returned from recently received results from drillhole CRD036 showing interval lengths and subsequent assay results for WO3, Sn & Cu. A tungsten equivalent result has also been calculated. Composited values use a downhole length weighted average of grades.

Sample Start

From (m)

To (m)

Interval (m)

WO3 %

Cu %

Sn %

WO3 eq. %

Comments

CRL005876-81

308.72

315.32

6.60

0.02

0.08

0.26

0.25

Lode-Style Sn Mineralisation

incl. CRL005876

308.72

309.36

0.64

0.01

0.15

0.38

0.36

Lode-Style Sn Mineralisation

incl. CRL005878

311.02

313.00

1.98

0.03

0.05

0.24

0.24

Lode-Style Sn Mineralisation

and CRL005881

314.82

315.32

0.50

0.02

0.02

1.26

1.06

Lode-Style Sn Mineralisation

CRL005893-95

333.00

337.00

4.00

0.21

0.13

0.37

0.55

Lode-Style Sn Mineralisation

incl. CRL005893

333.00

335.00

2.00

0.41

0.09

0.14

0.55

S.V.S Mineralisation

incl. CRL005895

336.05

337.00

0.95

0.02

0.01

1.18

0.99

Lode-Style Sn Mineralisation

CRL005901-03

344.95

348.00

3.05

0.16

0.15

0.13

0.31

Lode-Style + SVS Mineralisation

incl. CRL005901

344.95

345.50

0.55

0.01

0.34

0.57

0.57

Lode-Style Sn Mineralisation

and CRL005903

347.05

348.00

0.95

0.52

0.13

0.04

0.59

S.V.S Mineralisation

CRL005907-08

352.00

354.00

2.00

0.00

0.43

0.13

0.22

Lode-Style Cu+Sn Mineralisation

CRL005913

356.60

357.30

0.70

0.45

0.06

0.04

0.51

S.V.S Mineralisation

CRL005925-44

371.50

390.00

18.50

0.14

0.25

0.20

0.37

S.V.S Mineralisation

incl. CRL005927-33

372.50

377.00

4.50

0.47

0.24

0.14

0.65

S.V.S Mineralisation

cont. CRL005927

372.50

373.30

0.80

1.02

0.45

0.09

1.21

S.V.S Mineralisation

and CRL005931

374.51

375.05

0.54

1.85

0.22

0.28

2.13

S.V.S Mineralisation

incl. CRL005939

383.40

384.10

0.70

0.37

1.09

1.92

2.23

Lode-Style Cu+Sn Mineralisation

and CRL005944

389.00

390.00

1.00

0.02

0.25

0.36

0.39

Lode-Style Sn Mineralisation

CRL005948

394.00

395.00

1.00

0.09

0.50

0.35

0.52

Lode-Style Cu+Sn Mineralisation

CRL005954-55

399.00

401.00

2.00

0.02

0.09

0.29

0.28

Lode-Style Cu+Sn Mineralisation

CRL005957-61

401.90

407.00

5.10

0.34

0.66

0.03

0.55

S.V.S Mineralisation

incl. CRL005957

401.90

403.55

1.65

0.23

1.09

0.05

0.56

S.V.S Mineralisation

incl. CRL005961

406.00

407.00

1.00

1.00

0.58

0.02

1.17

S.V.S Mineralisation

CRL005963

408.00

409.00

1.00

0.00

0.21

0.32

0.32

Lode-Style Cu+Sn Mineralisation

CRL005966-77

411.48

420.77

9.29

0.15

0.39

0.05

0.29

Lode-Style + SVS Mineralisation

incl. CRL005966-71

411.48

415.00

3.52

0.18

0.29

0.09

0.33

S.V.S Mineralisation

incl. CRL005972

415.00

416.00

1.00

0.01

1.03

0.04

0.32

Lode-Style Cu Mineralisation

and CRL005975

418.00

420.77

2.77

0.22

0.47

0.02

0.37

S.V.S Mineralisation

CRL005982-84

425.96

428.78

2.82

0.16

0.56

0.08

0.38

S.V.S Mineralisation

incl. CRL005982

425.96

426.9

0.94

0.45

0.51

0.07

0.64

S.V.S Mineralisation

CRL005988

432.00

432.70

0.70

0.86

0.82

0.07

1.13

S.V.S Mineralisation

Note*1 Twinned drillholes refer to new CRL drillholes which are aimed to intersect SVS mineralisation in close proximity to previous historical drilling undertaken by South West Minerals in 1978-1982, in order to verify the robustness of the historical drilling data, as well as test the continuity/reproducibility of grade and structure across the spacing between the drillholes.

Note*2 Further silver analysis and commentary will follow completion of metallurgical testworks and resource modelling, noting there is no assumption at this stage that silver will be recoverable or economically reportable in the Mineral Resource.

Note*3 Tungsten Equivalent (WO3.Eq) Calculation: WO₃ (EQ)% = WO₃%+(Sn% x 0.82) + (Cu% x 0.27)

Commodity price assumptions: WO₃ US$ 43,000/t, Sn US$ 32,525/t, Cu US$ 9,429/t. Using the 12-month average to September 2025. Recovery assumptions: total WO₃ recovery 72%, total Sn recovery 68% and total Cu recovery 85%. Payability assumptions of 81%, 90% and 90% respectively.

Competent Person Statement:

The information in this announcement that relates to Sampling Techniques and Data and Exploration Results has been reviewed and approved by Mr Laurie Hassall, MSci (Geology), FIMMM, QMR, FGS, who is a full-time employee of Snowden Optiro. Mr Hassall holds a Master of Science degree in Geology from the University of Southampton and is a Fellow of the Institute of Materials, Minerals and Mining (FIMMM), through which he is also accredited as Qualified for Minerals Reporting (QMR). He is also a Fellow of the Geological Society of London (FGS).

Snowden Optiro has been engaged by Cornwall Resources Limited to provide independent technical advice. Mr Hassall, a full-time employee of Snowden Optiro, is acting as the Competent Person and is independent of Cornwall Resources Limited. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and under the AIM Rules.

Mr Hassall consents to the inclusion in this announcement of the matters based on his information, in the form and context in which it appears. He confirms that, to the best of his knowledge, there is no new information or data that materially affects the information contained in previous market announcements, and that the form and context in which the information is presented has not been materially modified.

For further information, please contact:

Strategic Minerals plc

+44 (0) 207 389 7067

Mark Burnett

Executive Director

Website:

www.strategicminerals.net

Email:

info@strategicminerals.net

Follow Strategic Minerals on:

X:

@StrategicMnrls

LinkedIn:

https://www.linkedin.com/company/strategic-minerals-plc

SP Angel Corporate Finance LLP

+44 (0) 20 3470 0470

Nominated Adviser and Broker

Matthew Johnson/Charlie Bouverat/Grant Barker

Zeus Capital Limited

Joint Broker

Harry Ansell/Katy Mitchell

+44 (0) 203 829 5000

Vigo Consulting

+44 (0) 207 390 0234

Investor Relations

Ben Simons/Peter Jacob/Anna Sutton

Email:

strategicminerals@vigoconsulting.com

Notes to Editors

About Strategic Minerals plc and Cornwall Resources Limited

Strategic Minerals plc (AIM: SML; USOTC: SMCDY) is an AIM-quoted, producing minerals company, actively developing strategic projects in the UK, United States and Australia.

In 2019, the Company completed the 100% acquisition of Cornwall Resources Limited and the Redmoor Tungsten-Tin-Copper Project.

The Redmoor Project is situated within the historically significant Tamar Valley Mining District in Cornwall, United Kingdom, with a JORC (2012) Compliant Inferred Mineral Resource Estimate published 14 February 2019:

Cut-off (SnEq%)

Tonnage (Mt)

WO3

%

Sn

%

Cu

%

Sn Eq1

%

WO3 Eq

%

>0.45 <0.65

1.50

0.18

0.21

0.30

0.58

0.41

>0.65

10.20

0.62

0.16

0.53

1.26

0.88

Total Inferred Resource

11.70

0.56

0.16

0.50

1.17

0.82

1 Equivalent metal calculation notes; Sn(Eq)% = Sn% x 1 + WO3% x 1.43 + Cu% x 0.40. WO3(EQ)% = Sn% x 0.7 + WO3 + Cu% x 0.28. Commodity price assumptions: WO₃ US$ 33,000/t, Sn US$ 22,000/t, Cu US$ 7,000/t. Recovery assumptions: total WO3 recovery 72%, total Sn recovery 68% & total Cu recovery 85% and payability assumptions of 81%, 90% and 90% respectively

More information on Cornwall Resources can be found at: https://www.cornwallresources.com

In September 2011, Strategic Minerals acquired the distribution rights to the Cobre magnetite project in New Mexico, USA, through its wholly owned subsidiary Southern Minerals Group. Cobre has been in production since 2012 and continues to provide a sustainable revenue stream for the Company.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Australia. The Company has entered into an exclusive Call Option with South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals to acquire 100% of the project.

About the CIOS Good Growth Fund and UK Shared Prosperity Fund

This project is part-funded by the UK Government through the UK Shared Prosperity Fund. Cornwall Council is responsible for managing projects funded by the UK Shared Prosperity Fund through the Cornwall and the Isles of Scilly Good Growth Programme.

Cornwall and Isles of Scilly has been allocated £184 million for local investment through the Shared Prosperity Fund. This new approach to investment is designed to empower local leaders and communities, so they can make a real difference on the ground where it’s needed the most.

The UK Shared Prosperity Fund proactively supports delivery of the UK-government’s five national missions: pushing power out to communities everywhere, with a specific focus to help kickstart economic growth and promoting opportunities in all parts of the UK.

For more information, visit

https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus

For more information, visit https://ciosgoodgrowth.com

Appendix 1

Table 3: Composite intersections and individual sample results, including, sample numbers, depths and widths, metal contents and tungsten equivalent calculations.

Sample Start

From (m)

To (m)

Interval (m)

WO3 %

Cu %

Sn %

WO3 eq. %

CRL005876-81

CRL005876

308.72

309.36

0.64

0.01

0.15

0.38

0.36

CRL005877

309.36

311.02

1.66

0.03

0.05

0.07

0.10

CRL005878

311.02

313.00

1.98

0.03

0.05

0.24

0.24

CRL005879

313.00

314.82

1.82

0.02

0.12

0.11

0.15

CRL005881

314.82

315.32

0.50

0.02

0.02

1.26

1.06

CRL005893-95

CRL005893

333.00

335.00

2.00

0.41

0.09

0.14

0.55

CRL005894

335.00

336.05

1.05

0.00

0.31

0.10

0.17

CRL005895

336.05

337.00

0.95

0.02

0.01

1.18

0.99

CRL005901-03

CRL005901

344.95

345.50

0.55

0.01

0.34

0.57

0.57

CRL005902

345.50

347.05

1.55

0.00

0.10

0.03

0.06

CRL005903

347.05

348.00

0.95

0.52

0.13

0.04

0.59

CRL005907-08

CRL005907

352.00

353.00

1.00

0.00

0.34

0.03

0.12

CRL005908

353.00

354.00

1.00

0.00

0.52

0.22

0.32

CRL005913

356.60

357.30

0.70

0.45

0.06

0.04

0.51

CRL005925-44

CRL005925

371.50

372.00

0.50

0.01

0.42

0.21

0.29

CRL005926

372.00

372.50

0.50

0.02

0.08

0.07

0.10

CRL005927

372.50

373.30

0.80

1.02

0.45

0.09

1.21

CRL005928

373.30

374.51

1.21

0.05

0.04

0.03

0.08

CRL005931

374.51

375.05

0.54

1.85

0.22

0.28

2.13

CRL005932

375.05

376.00

0.95

0.12

0.39

0.30

0.48

CRL005933

376.00

377.00

1.00

0.15

0.20

0.08

0.27

CRL005934

377.00

378.00

1.00

0.02

0.39

0.22

0.30

CRL005935

378.00

378.90

0.90

0.04

0.07

0.08

0.12

CRL005936

378.90

380.90

2.00

0.00

0.51

0.13

0.25

CRL005937

380.90

382.05

1.15

0.02

0.13

0.12

0.15

CRL005938

382.05

383.40

1.35

0.00

0.05

0.03

0.04

CRL005939

383.40

384.10

0.70

0.37

1.09

1.92

2.23

CRL005941

384.10

386.15

2.05

0.01

0.03

0.04

0.05

CRL005942

386.15

387.45

1.30

0.02

0.30

0.19

0.26

CRL005943

387.45

389.00

1.55

0.02

0.03

0.12

0.13

CRL005944

389.00

390.00

1.00

0.02

0.25

0.36

0.39

CRL005948

394.00

395.00

1.00

0.09

0.50

0.35

0.52

CRL005954-55

CRL005954

399.00

400.00

1.00

0.02

0.05

0.34

0.30

CRL005955

400.00

401.00

1.00

0.02

0.14

0.24

0.25

CRL005957-61

CRL005957

401.90

403.55

1.65

0.23

1.09

0.05

0.56

CRL005958

403.55

405.00

1.45

0.01

0.52

0.04

0.18

CRL005959

405.00

406.00

1.00

0.36

0.23

0.02

0.44

CRL005961

406.00

407.00

1.00

1.00

0.58

0.02

1.17

CRL005963

408.00

409.00

1.00

0.00

0.21

0.32

0.32

CRL005966-77

CRL005966

411.48

412.40

0.92

0.01

0.30

0.23

0.28

CRL005967

412.40

413.00

0.60

0.43

0.16

0.10

0.56

CRL005968

413.00

413.70

0.70

0.03

0.20

0.02

0.10

CRL005971

413.70

415.00

1.30

0.27

0.39

0.01

0.39

CRL005972

415.00

416.00

1.00

0.00

1.03

0.04

0.32

CRL005973

416.00

417.00

1.00

0.02

0.19

0.01

0.08

CRL005974

417.00

418.00

1.00

0.08

0.05

0.02

0.10

CRL005975

418.00

418.92

0.92

0.30

0.51

0.02

0.46

CRL005976

418.92

420.00

1.08

0.29

0.41

0.02

0.42

CRL005977

420.00

420.77

0.77

0.02

0.52

0.02

0.18

CRL005982-84

CRL005982

425.96

426.90

0.94

0.45

0.51

0.07

0.64

CRL005983

426.90

428.00

1.10

0.01

0.75

0.10

0.30

CRL005984

428.00

428.78

0.78

0.03

0.35

0.04

0.16

CRL005988

432.00

432.70

0.70

0.86

0.82

0.07

1.13

Source

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Purchase of Bitcoin and Gold Bullion

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Hamak Strategy Limited (LSE: HAMA / OTCQB: HASTF) a company combining traditional gold exploration in Africa with A Digital Asset Treasury Management strategy, is pleased to announces the acquisition of Bitcoin and gold bullion as part of its broader capital allocation and treasury management strategy. The Bitcoin was purchased via its FCA-regulated digital asset exchange broker and custodian, Archax. The gold was purchased via a Hamak Corporate Account held with the world’s largest online investment gold service, BullionVault UK (a member of the London Bullion Market Association).

Highlights

  • Number of Bitcoin Purchased (on 3 January 2026) : 3 Bitcoin
  • Average purchase price: £66,567 per Bitcoin
  • Total amount purchased: £199,703
  • Total Bitcoin held: 23
  • 1.65kg Gold purchased (on 27 January 2026)
  • Total amount of gold purchased (including buying commissions): £195,360

Executive Director Karl Smithson commented:

‘We believe the holding of both physical gold assets and Bitcoin, offers a distinctive differentiation in the junior resources sector, providing a blend of traditionally defensive and digitally disruptive exposure.

‘We aim to rapidly develop our hybrid treasury strategy, which the Board believes will deliver low correlation to conventional equity market cycles while offering clear potential upside from long-term structural trend.

‘This initiative forms part of a more comprehensive treasury framework designed to incorporate strategic reserves, liquidity tools, and non-dilutive value protection mechanisms for shareholders.’

For the purposes of UK MAR, the person responsible for arranging release of this announcement on behalf of Hamak is Karl Smithson, Executive Director.

For further information on Hamak you are invited to view the company’s website at https://hamakstrategy.com/ or please contact:

Hamak Strategy Limited

Karl Smithson

k.smithson@hamakstrategy.com

AlbR Capital Limited (Corporate Broker)

Yellow Jersey PR

Annabelle Wills

+44 (0) 20 7469 0930

+44 (0) 20 3004 9512

About Hamak Strategy Limited

Hamak Strategy Limited (LSE: HAMA / OTCQB: HASTF) is a UK listed company focussed on gold exploration in Africa and with a strategy of pursuing an appropriate and compliant BTC/ crypto treasury management policy.

Important Notice

The Company maintains some of its treasury reserves and surplus cash in Bitcoin, a form of cryptocurrency. The Company is not authorised or regulated by The Financial Conduct Authority (FCA) and Bitcoin investments are generally not subject to regulation by the FCA or otherwise in the United Kingdom. Neither the Company nor investors in the Company’s shares are protected by the UK’s Financial Ombudsman Service or the Financial Services Compensation Scheme.

However the FCA considers Bitcoin investments to be high-risk. The value of Bitcoin can go up as well as down, leading to fluctuations in the value of the Company’s Bitcoin holdings, and the Company may not be able to realise its Bitcoin holdings for the same amount it paid to acquire them, or even for the value the Company currently attributes to its Bitcoin positions.

The Company’s Board of Directors have identified the following risks in relation to the holding of Bitcoin, which are not exhaustive:

  • The value of Bitcoin can be highly volatile, with its value falling as quickly as it rises. Investors in Bitcoin must be prepared to lose all money invested.
  • The Bitcoin market is largely unregulated. There is a risk of losing money due to factors such as cyber-attacks, financial crime, and counterparty failure.
  • The Company may not be able to sell its Bitcoin at will. The ability to sell Bitcoin depends on various factors, including the supply and demand in the market at the relevant time. Operational failings such as technology outages, cyber-attacks, and comingling of funds could cause unwanted delays.
  • Cryptoassets carry a perception of fraud, money laundering, and financial crime.

An investment in the Company is not an investment in Bitcoin itself, but prospective investors in the Company are encouraged to conduct their own research before investing and should be aware that they will have indirect exposure to the high-risk nature of cryptoassets, including their volatility, and could therefore sustain large or total losses of their investment.

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Apollo Silver Closes Second and Final Tranche of $27.5 Million Private Placement Offering, with a $12.5 Million Investment from Jupiter Asset Management

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Apollo Silver Corp. (‘Apollo Silver’ or the ‘Company’) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce that it has closed the second and final tranche of its previously announced upsized non-brokered private placement (the ‘Offering’), previously announced on January 21, 2026. Pursuant to the closing of the second and final tranche of the Offering, the Company issued an aggregate of 2,500,000 units (the ‘Units’) at a price of $5.00 per Unit for aggregate gross proceeds of $12,500,000. With the completion of this tranche, the Offering is now fully subscribed for total gross proceeds of $27,500,000.

A fund managed by Jupiter Asset Management (the ‘Jupiter Fund’) subscribed for all of the Units under the second and final tranche of the Offering.

As a result of closing the second and final tranche of the Offering, the Jupiter Fund now beneficially owns and controls 7,452,456 common shares and 3,807,200 common share purchase warrants of the Company, representing approximately 11.9% of the Company’s outstanding common shares on a non-diluted basis and approximately 16.9% on a partially diluted basis, assuming exercise of such warrants.

‘We welcome and appreciate the continued participation of Jupiter Fund, as a key shareholder of Apollo Silver,’ said Ross McElroy, President and CEO of Apollo Silver. ‘Jupiter Fund’s commitment is a strong statement of support as we continue to advance our large scale, high quality silver assets in stable jurisdictions.’  

Each Unit issued pursuant to the Offering consists of one common share (a ‘Share’) in the capital of the Company and one common Share purchase warrant (a ‘Warrant’). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $7.00 for a period of 24 months from the closing date of the Offering.

Closing of the Offering remains subject to final acceptance of the TSX Venture Exchange.

In connection with subscriptions received in the second and final tranche of the Offering, the Company paid aggregate finder’s fees totaling $312,500 to BMO Capital Markets.

The securities issued under the second and final tranche of the Offering are subject to a four-month hold period from the date of closing. The Company intends to use the net proceeds from the Offering to continue advancing the Calico Silver Project in San Bernardino, California; support community relations initiatives at the Cinco de Mayo Silver Project in Chihuahua, Mexico; cover ongoing property maintenance costs at both projects; and for general corporate purposes.

The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Apollo Silver Corp.

Apollo Silver is advancing one of the largest undeveloped primary silver projects in the US. The Calico project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Ross McElroy
President and CEO

For further information, please contact:

Email: info@apollosilver.com

Telephone: +1 (604) 428-6128

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

Cautionary Statement Regarding ‘Forward-Looking’ Information

This news release includes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the final acceptance of the Offering by the TSXV, and the intended use of proceeds from the Offering. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, ‘potential’, ‘target’, ‘budget’ and ‘intend’ and statements that an event or result ‘may’, ‘will’, ‘should’, ‘could’ or ‘might’ occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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Ilhan Omar backed by House Republicans after Minnesota town hall attack

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House Republicans are coalescing around progressive ‘Squad’ member Rep. Ilhan Omar, D-Minn., after she was attacked during a town hall in Minneapolis on Tuesday night.

‘This is totally unacceptable. I am glad Rep. Omar is okay,’ Rep. Pete Stauber, R-Minn., wrote on X in response to a video of the incident.

It’s a rare show of bipartisanship in the face of political violence that has become common in recent years amid increasingly volatile rhetoric on both sides.

Support for Omar came from both conservative and moderate Republicans after a man appeared to confront her and spray a substance on her before he was quickly subdued at her public event.

‘Political, religious, and ideological differences never justify violence,’ Rep. Nathaniel Moran, R-Texas, wrote of the attack. ‘Those who resort to violence to make a political point should understand that such actions only undermine the very rights that form the foundation of our Republic.’

Rep. Tom Barrett, R-Mich., noted that political violence against members of Congress had been escalating for some time.

‘The assault on Congresswoman Omar is disturbing and unacceptable, and the attacker must be prosecuted and punished to the full extent of the law,’ he said in his own statement. ‘This attack is the latest of thousands of acts and threats of violence directed against Congress over the past year, resulting in a 57% increase just since 2024.’

Moderate Rep. Don Bacon, R-Neb., similarly said Wednesday morning, ‘I condemn the attack on Rep. Ilhan Omar that occurred yesterday.’

‘We always have the right to free speech and to petition the government, but political violence must be dealt with sternly. The criminal here needs to spend some time behind bars,’ Bacon said.

And Rep. Nancy Mace, R-S.C., noted she ‘deeply disagreed’ with Omar but said she was ‘deeply disturbed’ by the attack.

‘No elected official should face physical attacks. This is not who we are,’ Mace said.

It comes in addition to a slew of Democrats condemning the incident, though several immediately sought to blame President Donald Trump and the GOP for previously criticizing the progressive Minnesota lawmaker.

‘Trump’s hateful, dangerous rhetoric fuels this kind of political violence, and we must all reject it,’ said Rep. Rob Menendez, D-N.J.

And Rep. Alexandria Ocasio-Cortez, D-N.Y., wrote on X, ‘It is not a coincidence that after days of President Trump and [Vice President] Vance putting Rep. Omar in their crosshairs with slanderous public attacks, she gets assaulted at her town hall.’

The attack occurred minutes after Omar’s town hall began, and despite being urged to wrap up the event, she continued until the end.

Her office released a statement afterward, ‘During her town hall, an agitator tried to attack the Congresswoman by spraying an unknown substance with a syringe. Security and the Minneapolis Police Department quickly apprehended the individual. He is now in custody. The Congresswoman is okay. She continued with her town hall because she doesn’t let bullies win.’

The suspect who attacked her was arrested and charged with third-degree assault.


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Fundraise and update re Martello Gold Project

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Richmond Hill Resources PLC (AIM: RHR) announces that the Company has raised gross proceeds of £600,000 through a placing of 23,077,000 new ordinary shares of 0.1 pence each (‘Ordinary Shares’) at a price of 2.6 pence per new ordinary share (the ‘Issue Price’) (the ‘Placing’). In addition, further to the announcement on 18 December 2025, the Company has entered into a sale and purchase agreement (“SPA”) with Ulvestone Ltd (“the Vendor”) with respect to the Martello Gold Project in Canada.

Placing

Richmond Hill has raised gross proceeds of £600,000 comprising the Placing of 23,077,000 new Ordinary Shares at the Issue Price through its broker, Clear Capital Limited. The Issue Price represents a 6% premium to the mid-market closing price of 2.45 pence per Ordinary Share on 27 January 2026, being the latest practicable business day prior to the publication of this announcement.

The net proceeds of the Placing will be used to provide the Company with additional funding for general working capital and to progress its newly acquired Martello Gold Project in Ontario, Canada.

The Company is exploring the implementation of a facility to enable retail investors to participate in a future equity fundraise. A further announcement will be made in due course should such a facility be established.

Martello Gold Project

The Company has entered into an SPA to acquire the Martello Gold Project. The terms of the SPA are the same as the terms announced on 18 December 2025 with the exception that the vendor party has changed from Olerud Ltd to Ulvestone Limited. Ulvestone Ltd has assumed the Vendor’s rights and obligations under the transaction in place of Olerud Ltd. Both companies are controlled by James Ikin, a substantial shareholder in the Company.

As announced on 5 January 2026, work has commenced on historic data compilation and digitisation is ongoing to define high-priority drill targets for a maiden drill programme.The Company has been informed that the database compilation will be completed shortly.

Initial Cash and Equity Payment and Issue of Creditor Shares

Richmond Hill will shortly make a payment to the Vendor of £100,000 in cash.

Richmond Hill has also issued 38,750,000 new Ordinary Shares at a price of 2 pence per share (‘Consideration Shares’) to the Vendor in line with the first tranche payment due to the Vendor under the SPA.

The Company has also issued 1,300,000 new Ordinary Shares in the Company at a price of 2 pence per share to an outstanding creditor to settle existing liabilities (“Creditor Shares”).

Related Party Transaction

James Ikin, who is a substantial shareholder in the Company, controls the Vendor and therefore the entering into of the SPA constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The directors of the Company, all being independent of the transaction, having consulted with the Company’s nominated adviser, Cairn Financial Advisers LLP, consider that the terms of the transaction are fair and reasonable insofar as the Company’s shareholders are concerned.

Admission

Application will be made to the London Stock Exchange for the admission of 63,127,000 new Ordinary Shares to trading on AIM (‘Admission’). Admission is expected to occur on or around 11 February 2026.The new Ordinary Shares will rank pari passu with the existing Ordinary Shares.

Total Voting Rights

For the purposes of the Disclosure and Transparency Rules, following Admission, the Company’s issued share capital will comprise 657,337,949 Ordinary Shares of 0.1 pence each. This figure may be used by shareholders as the denominator for calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

Hamish Harris, CEO of Richmond Hill, commented: ‘The Board is delighted to have successfully raised funds at a premium to the prevailing share price on 27 January 2026. With gold trading above $5,000 per ounce at the time of this announcement and Richmond Hill is poised to commence drilling in the near term, we are excited about the significant momentum the Company has achieved in such a short period since listing. This fundraise positions us strongly to unlock value for shareholders as we advance our exploration programme.‘

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company’s ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

For further information, please contact:

Richmond Hill Resources

Hamish Harris

Tel: +44 (0)787958 4153

Cairn Financial Advisers LLP (Nominated Adviser)

Ludovico Lazzaretti / James Western

Tel: +44 (0)20 7213 0880

Clear Capital Limited (Broker)

Bob Roberts

Tel: +44 (0) 20 3869 6080

Further information on the Company can be found on its website at www.richmondhillresources.com

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Change of Company Name and ASX Code

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Raptor Metals Ltd (ASX: RAP) (formerly Eastern Metals Limited (ASX: EMS)), advises that, following the General Meeting of Shareholders held on 7 November 2025 at which Shareholders approved the change of Company name from Eastern Metals Limited to Raptor Metals Ltd, the Australian Securities and Investment Commission has recorded the change.

For ASX purposes, the effective date for the Company name and ASX code change is 29 January 2026.

The Company will commence trading under its new name and ASX code (ASX: RAP) from the commencement of trading on 29 January 2026.

The Company’s new website is www.raptormetals.com.au

Managing Director, Brett Wallace said:

‘We are very pleased to launch our exploration activities under the new banner of Raptor Metals Ltd. We believe the name Raptor Metals better represents our future, with an invigorated Board and management group plus the diversification into Canadian copper exploration within our portfolio’.

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

For further information, please contact:

Company
Raptor Metals
Brett Wallace
E. brett@raptormetals.com.au

Investor Relations
NWR Communications
Melissa Tempra
E. melissa@nwrcommunications.com.au

About Raptor Metals Ltd

Previously Eastern Metals Limited (ASX: EMS), Raptor Metals acquired Raptor Resources and is now focused on Canadian copper exploration with two projects in the historic Bathurst Mining Camp in New Brunswick. For further information regarding Raptor Metals and its portfolio of projects, please refer to the ASX announcement titled “Recompliance Prospectus” dated 10 October 2025 (released to ASX on 16 October 2025), or visit the Company’s website at www.raptormetals.com.au or ASX platform (ASX: RAP).

Forward-looking Statements

Any forward-looking statements in this document involve subjective judgment and are subject to uncertainties, risks, and contingencies outside the Company’s control. Actual events may vary materially. Recipients are cautioned not to place undue reliance on such statements. Raptor Metals disclaims liability for any loss arising from reliance on this information.

Competent Person Statement

The information in this announcement relating to the technical assessment of mineral assets, exploration results and mineral resources was reported in the ASX announcements released by the Company titled “Recompliance Prospectus” dated 10 October 2025 and “Pre-Reinstatement Disclosure” dated 7 January 2026. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements and that all material assumptions and technical parameters underpinning the original ASX announcements continue to apply and have not materially changed.

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Equity Metals Announces Crews and Drill Mobilized to Commence Winter ’26 Program on the Silver Queen Ag-Au Property, British Columbia; Arlington Property Drill Results Evaluated

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Equity Metals Corporation (TSXV: EQTY,OTC:EQMEF) (‘Equity’ or the ‘Company’) reports that crews have mobilized in preparation for drilling on its 100% owned 18,871-hectare Silver Queen Property, northern British Columbia.

In this initial drilling program, sixteen-holes totaling 4,200 metres are planned to test parts of the existing resource model and will include twinning of several historical holes. Intercepts will be used to continue validation of the historical drill results, and mineralization from the new holes will be used for additional metallurgical test work on the No. 3 vein. This phase of the 2026 program is designed to further de-risk the project in preparation for economic assessment.

In addition to this first phase of the 2026 program, a larger exploration/development program is planned on the property, which will include:

  • Relogging and sampling of several historical drill holes from 2017-18;

  • Re-establishing underground access to the historical workings via the Earl Adit on the No. 3 Vein for lidar scanning and re-sampling purposes; and

  • Drilling on newly developed greenfields targets in the broader district generated in part through the Fall ’25 sampling program and earlier compilation.

The No. 3 Vein hosts the single largest resource currently identified on the Silver Queen property and with its southern extension, the NG-3 Vein, account for 65% of the currently modelled mineral resources on a AgEq basis. The NI43-101 Mineral Resource Estimate with effective date December 1st, 2022 is detailed in a News Release issued on Jan 16, 2023, which can be found by clicking here and the full Technical Report can be found on SEDAR+ and the Company’s website.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5566/281868_ffd636bc54f76b9a_001.jpg

Figure 1: Plan of the Silver Queen project area showing proposed drill pads for Winter 2026 testing

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/281868_ffd636bc54f76b9a_001full.jpg

Arlington Property Update

The company also reports that final assays from 2025 drilling on the Arlington property have been received. Nine core holes totalling 3,407 metres were completed and tested three separate ‘hot-spot’ clusters of strongly anomalous Au-Ag-As values within the South Fresh Pots soil anomaly (Figure 2).

Drilling intersected several, shallowly dipping gold-enriched quartz veins within a granodioritic host rock

Assay highlights include:

  • A 1.6 metre interval averaging 3.9g/t Au, 0.29% Cu, (6.6g/t AuEq), from AR25-001;

  • A 7.0 metre interval averaging 1.2g/t Au, 0.03% Cu, (1.2g/t AuEq), from AR25-004; and

  • A 2.0 metre interval averaging 3.1g/t Au, 0.01% Cu, (3.1g/t AuEq), from AR25-005;

President Joe Kizis commented, ‘Drill results at South Fresh Pots indicated gold is closely associated with copper and a small granodiorite intrusion, potentially the distal part of a copper/gold-related intrusive system. The mineralization and IP chargeability (see figure and inset) suggest a vector towards a magnetic high beneath the North Fresh Pots target, which may be the source intrusion with thicker zones of mineralization surrounding the intrusion.’

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5566/281868_ffd636bc54f76b9a_002.jpg

Figure 2: 3-D rendering of the South Fresh Pots area showing potential vectoring to a conductivity high located beneath the north Fresh Pots target

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/281868_ffd636bc54f76b9a_002full.jpg

Work on the property in 2026 will include a Spring surface mapping and sampling program designed to upgrade new target areas for drilling, particularly the North Fresh Pots, Rona and Arlington target areas.

Earlier surface work on these targets includes a short Pack sack drill interval in the North Fresh Pots which returned a 0.7 metre interval of 2.2g/t Au, 11.34g/t Ag and0.35% Cu in magnetite skarn and surface chip sampling from the Arlington south area by previous management which returned 11.7g/t Au, 211g/t Ag and 3.22% Cu (see BC Assessment Report 41159).

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5566/281868_ffd636bc54f76b9a_003.jpg

Figure 3: 2026 drill hole distribution on the Arlington property

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/281868_ffd636bc54f76b9a_003full.jpg

Table 1: Select Composites from 2025 Drilling on the No. 3 North Target

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5566/281868_ffd636bc54f76b9a_004.jpg

Table 1: Select Composites from 2025 drilling on the Arlington property, BC

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/281868_ffd636bc54f76b9a_004full.jpg

Notes: drill core samples were analyzed by FA/AAS for gold and 48 element ICP-MS by MS Analytical, Langley, BC. Silver (>100ppm), copper, lead and zinc (>1%) overlimits assayed by ore grade ICP-ES analysis, High silver overlimits (>1000g/t Ag) and gold overlimits (>10g/t Au) re-assayed with FA-Grav. Silver >10,000g/t re-assayed by concentrate analysis, where a FA-Grav analysis is performed in triplicate and a weighed average reported. Downhole composites calculated using a 80g/t AgEq (1g/t AuEq) cut-off and <20% internal dilution, except where noted. Accuracy of results is tested through the systematic inclusion of QA/QC standards, blanks and duplicates into the sample stream. AuEq and AgEq were calculated using prices of $2,360/oz Au, $28.50/oz Ag, $4.25/lb Cu, $0.90/lb Pb and $1.20/lb Zn. AuEq and AgEq calculations utilized relative metallurgical recoveries of Au 70%, Ag 80%, Cu 80%, Pb 81% and Zn 90%.

Note that true thickness cannot be precisely calculated at this time, but is estimated between 70% and 80% of the down hole thickness

About Equity Metals Corporation

Equity Metals Corporation is a member of the Malaspina-Manex Group. The Company owns 100% interest, with no underlying royalty, in the Silver Queen project, located along the Skeena Arch in the Omineca Mining Division, British Columbia. The property hosts high-grade, precious- and base-metal veins related to a buried porphyry system, which has been only partially delineated. The Company also has a controlling JV interest (57.49%) in the Monument Diamond project, NWT, strategically located in the Lac De Gras district within 40 km of both the Ekati and Diavik diamond mines. As well, the Company has an option to acquire a 100% interest in the Arlington Property, located within the Boundary District of south-central British Columbia where 2025 exploration work consisted of geophysics and diamond drilling designed to identify and delineate an apparent gold system.

Robert Macdonald, MSc. P.Geo, is VP Exploration of Equity Metals Corporation and a Qualified Person as defined by National Instrument 43-101. He is responsible for the supervision of the exploration on the Silver Queen project and for the preparation of the technical information in this disclosure. He has reviewed and approved this news release.

On behalf of the Board of Directors
‘Joseph Anthony Kizis, Jr.’

Joseph Anthony Kizis, Jr., P.Geo
President, Director, Equity Metals Corporation

For further information, visit the website at https://www.equitymetalscorporation.com; or contact us at 604.641.2759 or by email at corpdev@mnxltd.com.

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Dollar Weakens as Markets Reprice US Political Risk

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For decades, US dollar dominance rested on a simple but profound foundation. Predictable institutions made the dollar stable, on the belief — sometimes overstated — that the United States would not deliberately undermine its own currency. That belief is now visibly eroding. 

The dollar has fallen to its weakest level in nearly four years, not because of a recession or crisis at home, but because investors are increasingly uneasy about the direction of American policy. Against a basket of other currencies, the US dollar is approaching the lows seen during the COVID pandemic as markets are beginning to price in something more corrosive than cyclical weakness. Political and institutional risk is emanating from Washington itself.

Bloomberg Dollar Index, 2020 – present

(Source: Bloomberg Finance, LP)

The immediate catalysts are not difficult to identify. A barrage of radical policy proposals — universal tariffs, explicit talk of engineering a weaker dollar to boost exports , revived speculation around a so-called Mar-a-Lago Accord, and even loose discussion of restructuring Treasury obligations — has injected deep uncertainty into currency markets. Add to that overt efforts to pressure the Federal Reserve toward lower interest rates, including attempts to shape the future composition of the FOMC, and the result is a growing conviction that the dollar is less insulated from political whim than at any point in recent history. Currency traders are responding accordingly. Options markets now show the most expensive hedges against dollar weakness since records began in 2011, while positioning across major currencies reflects a decisive shift away from the greenback.

What distinguishes this episode from earlier periods of dollar weakness is not simply the magnitude of the decline, but its character. Historically, the dollar tended to soften when global growth strengthened or when US monetary policy eased relative to its peers. Today, the US economy continues to perform reasonably well by conventional measures, yet the dollar is underperforming nearly every major peer currency. That disconnect is telling. Investors are no longer reacting solely to interest rate differentials or growth forecasts; they are embedding a political risk premium into the currency itself. Unpredictable Washington policymaking, threats against allies, widening fiscal deficits, and open speculation about currency coordination have transformed what was once a safe-haven asset into a policy-contingent one.

The renewed debate over coordinated foreign exchange intervention underscores that shift. Reports that US authorities have been checking dollar-yen levels, a step often associated with preparatory intervention, have revived memories of the 1985 Plaza Accord era, when the dollar was deliberately driven lower through multinational agreement. Whether or not any formal coordination ultimately emerges, the signal matters more than the mechanics. Markets interpret these gestures as tacit approval of dollar depreciation, particularly when paired with rhetoric favoring export competitiveness over currency stability. Once traders suspect policymakers are tolerant of a weaker currency, or actively seeking one, the long dollar trade becomes structurally fragile.

US Dollar Index versus gold price per ounce, Jan 2025 – present

(Source: Bloomberg Finance, LP)

This erosion of confidence is unfolding alongside a powerful and sustained rise in gold. Prices have surged above $5,000 an ounce after climbing roughly 85 percent over the past year. Silver, while more volatile and less purely monetary, has followed in its wake. These are not speculative curiosities; they are signals. Gold has long served as a barometer of trust in paper claims, especially when fiscal discipline and monetary independence come into question. That institutional investors, central banks, and sovereign wealth funds are among the largest buyers reinforces the point. This is not retail exuberance, but strategic reallocation.

The motivations behind this shift are straightforward. Large deficits, rising debt burdens, and persistent questions about the future independence of the Federal Reserve all raise doubts about the long-term purchasing power of dollar-denominated assets. When political actors treat interest rates, exchange rates, and even sovereign debt structure as tools to be manipulated for short-term advantage, investors naturally seek refuge in assets that lie outside the policy sphere altogether. Gold does not rely on promises, committees, or continuity of leadership. Its appeal rises precisely when those things appear uncertain.

This environment also helps explain the renewed seriousness of discussions around dedollarization. Contrary to some caricatures, dedollarization does not require the sudden collapse of the dollar or the emergence of a single rival currency. It is a gradual process of diversification: more trade invoiced in non-dollar currencies, more reserves held in gold or alternative assets, and more systematic hedging against dollar exposure. Recent strength in the euro, renewed interest in Asian currencies, and record highs in emerging market currency indices all point in this direction. When even long-standing US partners begin to question the durability of American policy commitments, diversification becomes a rational response rather than an ideological statement.

The rise in the dollar’s share of SWIFT transactions from roughly 38 percent five years ago to a little over 50 percent today does not, by itself, imply that the dollar is being adopted by more participants or that it has become structurally “stronger.” The SWIFT metric captures the share of transaction value denominated in a currency, not the number of users or the depth of confidence behind it, and that distinction is crucial. Over the past five years, higher US inflation has mechanically lifted nominal dollar transaction values even where real trade volumes have not increased, inflating the dollar’s apparent share without signaling greater monetary centrality.

At the same time, repeated episodes of geopolitical stress and financial volatility have driven derisking behavior, in which assets are liquidated, and capital is repatriated through dollar channels, temporarily boosting dollar settlement activity even as the longer-term appetite for dollar assets weakens. Legacy invoicing conventions in commodities, shipping, and trade finance also change slowly, meaning dollar usage can remain dominant or even rise in aggregate while marginal flows quietly diversify elsewhere. Taken together, the increase in SWIFT share over this period is better understood as a reflection of inflation, crisis-driven liquidity demand, and institutional inertia than as evidence of renewed confidence in the dollar’s long-run strength.

Real Trade-Weighted US Dollar and USD percent in SWIFT, Jan 2021 – present

(Source: Bloomberg Finance, LP)

Ironically, many of the policies intended to bolster US competitiveness may be accelerating this very shift. Tariffs invite retaliation and fragment trade relationships. Efforts to weaken the dollar to support exporters risk undermining confidence in US financial markets, which have long been among the country’s greatest competitive advantages. Pressure on the Federal Reserve blurs the line between monetary policy and politics, weakening the institutional credibility that supports low borrowing costs, and anchors inflation expectations.

Markets, however, are rarely sentimental. They respond to incentives, signals, and risks as they appear, not as policymakers wish them to be interpreted. The dollar’s slide, the surge in gold, and the growing urgency of dedollarization discussions are all manifestations of the same underlying judgment: that the rules governing US economic policy are becoming less stable, less predictable, and more politicized. 

Until that perception changes, skepticism toward the dollar and demand for monetary hedges are unlikely to fade.

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Crypto Market Update: Tether Amasses Massive Gold Reserve in Switzerland

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Here’s a quick recap of the crypto landscape for Wednesday (January 28) as of 9:00 a.m. UTC.

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

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$88,867.96, up by 2.0 percent over 24 hours.

Bitcoin price performance, January 28, 2025.

Chart via TradingView

Ether (ETH) was priced at US$2,990.46, up by 3.7 percent over the last 24 hours.

Altcoin price update

  • XRP (XRP) was priced at US$1.91, up by 2.3 percent over 24 hours.
  • Solana (SOL) was trading at US$126.72, up by 2.9 percent over 24 hours.

Today’s crypto news to know

Tether amasses massive gold reserve in Switzerland

Tether has quietly built what its CEO describes as the world’s largest non-sovereign gold hoard, holding roughly 140 tons of bullion worth about US$23 billion in a high-security Swiss bunker.

In an interview with Bloomberg, CEO Paolo Ardoino said the company has been buying more than a ton of physical gold per week, a pace that places it among the most active buyers in the global bullion market.

Executives say the strategy is designed to harden Tether’s balance sheet and hedge against fiat currency risk, particularly for its flagship stablecoin USDT and its gold-backed token XAUT.

Bullion traders note that sustained, price-insensitive buying of this scale can tighten supply and affect liquidity, especially when central banks and ETFs are also accumulating.

Critics, however, warn that concentrating so much physical gold in a single private entity adds a new layer of systemic and transparency risk.

South Dakota revives Bitcoin push

A South Dakota lawmaker has reintroduced legislation that would allow the state to allocate up to 10 percent of certain public funds to Bitcoin, reviving a proposal that stalled last year.

Filed by Republican Representative Logan Manhart, the bill would permit exposure through direct holdings, regulated custodians, or approved exchange-traded products. It also sets out strict custody and security standards, including exclusive control of private keys, encrypted hardware storage, and regular audits.

The measure has cleared its first procedural hurdle and is now with the state’s Committee on Commerce and Energy.

Similar initiatives have gained traction elsewhere, with several US states exploring or adopting crypto reserve strategies.

Paypal survey: large enterprises lead crypto payments adoption

Crypto payments are moving closer to routine checkout, driven largely by big businesses, according to a new survey from PayPal (NASDAQ:PYPL) and the National Cryptocurrency Association.

The survey found that about 40 percent of U.S. merchants now accept cryptocurrency, rising to 50% among companies with more than US$500 million in annual revenue.

Merchants cited growing customer demand as the main driver, with most saying shoppers have asked about paying with crypto and expect to use it regularly.

Ease of use remains the key barrier: respondents said adoption would accelerate if crypto payments felt as simple as card transactions.

PayPal said this demand is shaping product design, as firms look to integrate crypto without disrupting existing checkout flows.

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

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

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