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Obamacare’s Costly Illusion of Affordability: From Subsidies to Serfdom

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Since the enactment of the Affordable Care Act (ACA), health insurance premiums have steadily increased, as has healthcare’s proportion of the gross domestic product (GDP). In employer-sponsored insurance, escalating premiums are the primary driver for stagnant take-home wages.

The structure of the Affordable Care Act (ACA) and employer-sponsored insurance conceal the true cost of healthcare. The recent government shutdown exposed this underlying flaw to public scrutiny.

Should the premium tax credits lapse as expected, the Kaiser Family Foundation (KFF) projects that premiums for Americans will increase by more than 75 percent. This stark price increase will now confront consumers, leaving patients worried and dissatisfied.

Both the ACA and employer-sponsored healthcare obscure actual healthcare costs, promoting moral hazard and distorting economic incentives.

Unraveling the Mechanics of ACA Premium Subsidies

The ACA in 2010 established premium tax credits (PTCs) to enhance the affordability of health insurance through Marketplace exchanges. These refundable credits, authorized under IRC Section 36B, reduce premiums for households with modified adjusted gross income (MAGI) at or above 100 percent of the federal poverty level ($15,650 for an individual in 2025). In 2021, enhancements increased credit amounts for existing eligible participants and extended eligibility to those exceeding 400 percent of the federal poverty level. The 2023 resolution of the “family glitch” enables dependents to access PTCs when family coverage is deemed unaffordable.

Absent congressional intervention, enhanced subsidies will expire in 2025, potentially doubling premiums and disenrolling millions, thus undermining the coverage gains championed by ACA advocates. Estimates suggest that without renewal, enrollees would face an average premium increase of $1,016 on the marketplace. The expiration of enhanced PTCs is projected to escalate annual premium costs for subsidized enrollees by 114 percent, rising from an average of $888 in 2025 to $1,904 in 2026.

In essence, the collapse of this support structure threatens the stability of the ACA’s framework. The house of cards comes crashing down.

The Hidden Challenge With Employer-Based Coverage

A Kaiser Family Foundation survey revealed that the average premium for employer-sponsored family coverage increased by 26 percent from 2020 to 2025. In 2024, the average annual cost for single coverage was $8,951, with employees typically contributing $1,368, while family coverage averaged $25,572, with employees paying $6,296.

A recent Mercer survey reported that employers expect a 6.5 percent rise in employee healthcare costs for 2026, the largest increase since 2010. Likewise, a Business Group on Health poll indicated employers anticipate a 7.6 percent surge in healthcare expenses in 2026, the most significant jump in over a decade.

Employees often remain unaware of true healthcare costs, as their contributions are partially offset by tax-advantaged employer benefits. However, these costs indirectly suppress wage growth. Meanwhile, healthcare inflation consistently outpaces general wage increases.

Conversely, insurance companies are thriving.

Since the ACA’s passage, the top five health insurers’ annual profits have soared by 230 percent. In 2024, UnitedHealth’s CEO earned $26.3 million, Cigna’s CEO $23.2 million, and others followed suit.

This dynamic does not reflect true capitalism or free-market principles but rather crony capitalism bolstered by government subsidies.

The Core Economic Problem

Imagine a pizza system mirroring healthcare. Employers subsidize 80 percent of a Supreme Pizza plan for employees, lowering the visible cost per slice to $2, though the true price is $10. Uninformed consumers add extravagant toppings — pineapple, anchovies, glitter sprinkles — perceiving them as nearly free. With numerous pizza varieties available, consumption surges. Moral hazard drives daily orders, even for breakfast pizza, escalating demand. Pizzerias, aware of this price ignorance, promote lavish new combinations. An ACA-style “PizzaCare” program caps costs at a fraction of income, encouraging excessive consumption without consideration. Prices skyrocket, benefiting pizza companies. Government subsidies intensify this distortion, further inflating costs. Employees relish their pizza; it becomes part of their daily or weekly routine. They are unaware of its true cost, but may notice and object if their pizza price component rises from $2 to $2.50 or $3.

Hayek’s Warnings and the Dependency Trap

Notably, Marketplace enrollment doubled from 11 million to 24 million following the introduction of enhanced premium tax credits in 2021.

This is Hayek’s cautionary narrative.

The critical issue lies in the vulnerability of ordinary individuals, distracted by whether Notre Dame will secure a College Football Playoff berth, the Islanders will win the Stanley Cup, or their seven-year-old will score in Saturday’s soccer game. These individuals face significant financial strain, having grown reliant on subsidies to afford healthcare. The broader healthcare system similarly depends on government support, embodying Hayek’s warning of diminishing personal autonomy and deepening entanglement with state intervention.

In The Road to Serfdom, Friedrich Hayek vividly depicts government overreach as a frog slowly boiling in a pot, lulled by promises of security. The ACA’s subsidies, like a siren call, have enticed 24.2 million enrollees with affordable premiums, obscuring the escalating true cost of healthcare. Once established, these subsidies become indispensable, with millions now dependent on them, as evidenced by projected premium spikes.

Should the enhanced subsidies, originally temporary, expire as planned in 2025, the resulting premium surge reveals the trap: dependence on state generosity. As Hayek cautioned, this reliance, cloaked in equity and justice, erodes freedom, empowering a bureaucracy to dictate government-directed winners and losers.

Once entrenched, dismantling programs initially deemed temporary becomes politically toxic. Individuals adapt to a subsidized reality, viewing affordable premiums as essential, mirroring Hayek’s portrayal of populations bound to state largesse. The ACA’s framework, with 24.2 million enrollees dependent on credits, fosters a cycle of deepening reliance. Any rollback, such as the looming 2025 expiration, risks economic disruption, entrenching a system where insurers profit from inflated costs while patients, shielded from true price signals, remain tethered to subsidies. 

This validates Hayek’s thesis: centralized interventions breed dependency, eroding choice and fueling a gradual descent into serfdom.

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To Reach ‘Peak Human,’ Let Freedom Fuel Civilization

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Authors rarely get it right the first time. For three decades, Swedish historian and liberal debater Johan Norberg has made the case for liberty and free markets. Internationally, he first made a name for himself in 2001 with In Defense of Global Capitalism, arguing against anti-capitalist, left-wing movements, following the WTO summit in Seattle in 1999.

I first learned to appreciate Norberg’s flowing and impassioned style in a book about liberalism’s history in Sweden, and his early, economic history-focused — and Joel Mokyr-influenced — Swedish-only book När Människan Skapade Världen. When Mokyr won the Nobel this year, Norberg remarked that his secret sauce has unfortunately been revealed to the world: “The only problem with Joel Mokyr winning the Nobel Prize in Economic Sciences is that people will realize where I get all my ideas from.”

The final nail in the coffin that was my youthful socialism was Norberg’s short, obscure, and untranslated book on migration from 2012. In the spirit of a typical open-borders libertarianism, he and his co-author marshaled arguments for why free trade and free association among all the world’s peoples make us better off. That appealed to me strongly and was exactly the intellectual bridge I needed to cross over from the dark red side.

His recent creations have been less inspiring (which I’ve mostly chalked up to the fact that I’m no longer his target audience). His passionate The Capitalist Manifesto from a few years ago was rather dull and same-old, same-old… but presumably there are more people like me in desperate need of hearing the best case for freedom and markets by as astute a writer as Norberg. The most refreshing part of that book was Norberg’s own reflection on how the intellectual landscape has shifted: He used to debate people from the left, whereas now the enemies of globalization and free trade come mostly from the right — and nobody learned the lesson of trade as mutually beneficial. 

Open: The Story of Human Progress, released in 2020, was completely swamped by the fervor of that year’s desire to close societies — whether due to fear of diseases, market activities, or dreams of megalomaniac control. 

How Civilizations Rise and Fall

With this year’s Peak Human, Norberg got another shot at the story in Open. And he nailed it: This is the book that the COVID-drenched one should have been. His almost metaphysical perspective on societies growing and changing shines through; his painstaking collection of catchy quotes and observations by contemporary voices and historians is golden. Walking us through the rise and fall of seven famous empires — from Athens and Rome to Baghdad and Renaissance Italy and, of course, the Anglosphere takeover from around 1600 — we’re treated to some recurring patterns. Civilizations grow rich from their openness, creativity, and relatively free markets; they consequently fall apart when rulers squeeze too hard, overreach in their military adventures, and abandon the ideals and market liberty that once made them rich. 

This is the story of human civilization, seen not over election cycles or decades but generations and centuries. His great strength as an author and intellectual was always weaving together an inspiring, relevant story from a mismash of confusing scholarly records. His great value add isn’t original research (it’s all secondary sources), and instead he pulls together an impressive array of material across history and literature, economics and politics. 

Speaking both to a historical audience interested in the fall of civilizations past (thinking about Rome) and the chattering classes of a certain dominant hegemon currently dead-set on tearing itself apart, Norberg points out that outsiders “can’t kill curiosity or creativity. Only we can do that to ourselves.”

America’s history is deeply intertwined with the European civilization whence it came. The European civilizations of Renaissance Italy and the magnificent Dutch first jumped the English Channel and then the Atlantic. They had a curious tendency to project their ideas onto the next one: “Just as Great Britain was the proudest achievement of the Dutch, the United States was the greatest achievement of the British.” Long live the real King?

Perhaps you’ve heard that the dominance of the English-speaking peoples was built on the backs of slaves. While somewhat true, it’s far from the full story or even the most interesting one; compared to every other empire in human history, it’s even trivial. What’s so remarkable about the British empire, and the American one following in its scraps, wasn’t that it had slaves or dealt in the slave trade, but, remarks Norberg, that it stopped — and then used its technologically dominant navy to hunt down others who continued. 

Slaves arriving in America in 1619 were par for the course in world history: “It was just one in an until-then seemingly inevitable, endless series of crimes against the inalienable right to self-ownership.” What made the Anglosphere special was Britain’s intellectual and financial innovations and America’s permissionless experimentation. America became more European than the OG Europeans themselves, right down to the political philosophy forever enshrined in the Constitution. 

Who Will Build the Roads, Engels?

If you thought this was yet another anti-left tirade by a free marketeer, think again: Both the national right and the woke left, argues Norberg, are “hopelessly unhistorical in their crusades against cultural hotchpotch.” Civilizations, present and past, aren’t “monoliths with inherent traits, but complex, growing things defined by how they engage with, adopt and adapt […] what they find elsewhere.” It’s the connections between humans that make up the civilizations on which they rest. It’s the open-mindedness of embracing another culture’s better knowledge or practices that matters. 

One memorable observation in Norberg’s deep dive down the rabbit hole of intellectual history is found in Friedrich Engels, from The Condition of the Working Class in England, no less, where Engels remarked with wonder about the “network of the finest roadways.” Curiously, from the pen of a well-read nineteenth-century socialist as commonly as his twenty-first-century descendant, it was all “the work of private enterprise, the State having done very little in this direction.” 

Let’s close with how Norberg opens his introduction, timely enough quoting Mokyr from The Lever of Riches: “A society that has ceased to concern itself with the progress of the past will soon lose belief in its capacity to progress in the future.”

May we once more look up at the sky — or the dusty records of our past civilizations — and wonder about our place in the stars instead of quibbling over our place in the dirt.

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In Investing

Trigg Minerals

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Investor Insight

With strategic, US-based assets, Trigg Minerals is well-positioned to become a cornerstone supplier of antimony and tungsten into the United States and allied markets. With a sharpened focus on critical minerals in Tier-1 jurisdictions, Trigg is executing a strategy that aligns with urgent national security and energy transition needs.

Overview

Trigg Minerals (ASX:TMG,OTCQB:TMGLF) is an emerging leader in the global critical minerals space, focused exclusively on the development of antimony and tungsten assets in the US – both metals designated as critical minerals by the United States, Canada, Australia and the European Union for its role in national defense, energy transition technologies, and advanced industrial applications.

Map and graph of top worldwide antimony producers and price trends from 2007 to 2025.

Global supply of both antimony and tungsten is highly concentrated, with more than 80 percent controlled by China and Russia. Export restrictions, sanctions and the depletion of strategic stockpiles have created acute shortages, driving demand for alternative, conflict-free sources. This geopolitical backdrop creates a once-in-a-generation opportunity for new suppliers to anchor Western supply chains.

Trigg’s strategy is firmly focused on developing critical minerals projects in Tier-1 US jurisdictions, where stable regulatory frameworks, established infrastructure and strong government support provide a competitive advantage.

The company’s flagship Antimony Canyon project in Utah is one of the largest undeveloped antimony systems in the country, now secured through patented mining claims that streamline the pathway to production. Complementing this is the Tennessee Mountain tungsten project in Nevada, a historic tungsten district with confirmed high-grade mineralisation, and the newly acquired Central Idaho antimony project, which offers district-scale potential in a historically productive region.

By advancing this portfolio, Trigg aims to establish itself as a vertically integrated supplier, from mine development through to downstream smelting and refined metal production. With strong shareholder support, active engagement with US government and defence stakeholders, and membership in international industry associations, Trigg Minerals is positioned to play a leading role in rebuilding secure Western supply of antimony and tungsten.

Company Highlights

  • ASX-listed explorer advancing critical mineral projects in the United States, with a focus on antimony and tungsten.
  • Antimony Canyon Project (Utah) – flagship project with patented claims, high grades and a streamlined pathway to development.
  • Tennessee Mountain Project (Nevada) – historic tungsten district with confirmed high-grade mineralisation.
  • Central Idaho Antimony Project – district-scale landholding with grades up to 17.6 percent antimony.
  • Optionality in Australia, including Wild Cattle Creek, one of the world’s highest-grade undeveloped antimony resources.
  • Strong financial position and strategic investment support, including backing from Tribeca Investment Partners.
  • Proposal to rebrand as American Antimony and Tungsten at the November 2025 AGM to reflect US focus.

Key Project

Antimony Canyon Project

Map of Trigg

Antimony Canyon, located in Utah, is Trigg’s flagship project and one of the largest undeveloped antimony systems in the United States. Historically mined during the 20th century but never subject to modern exploration, the district hosts multiple high-grade stibnite deposits. In 2025, Trigg consolidated control through the acquisition of 20 patented claims, giving the company full ownership of both surface and mineral rights. This control materially de-risks permitting by allowing the project to proceed under Utah’s streamlined Mined Land Reclamation Act, avoiding lengthy federal processes.

An exploration target of 6.1 to 6.9 million tonnes (Mt) at 1.4 to 2.3 per cent antimony, containing between 86,000 and 158,000 tonnes of antimony metal, has been established on these claims. Sampling programs have confirmed exceptional grades, including channel results up to 33.2 percent antimony. With no active US antimony production, Antimony Canyon offers a unique opportunity to establish domestic supply, with Trigg advancing studies for a pilot-scale mining operation and downstream smelting in partnership with Metso, leveraging Ausmelt technology for the production of refined antimony metal.

Tennessee Mountain Tungsten Project

In August 2025, Trigg expanded into tungsten through the acquisition of the Tennessee Mountain project in Nevada, another Tier-1 US jurisdiction. This historic mining district hosts the Garnet Mine and widespread skarn-hosted tungsten mineralisation. Historical trenching and drilling reported thick intersections of mineralised zones, including 24.9 metres at 0.65 percent tungsten trioxide and 10.67 metres at 0.98 percent tungsten trioxide. A non-JORC historical estimate of 0.71 Mt, grading 0.3 to 0.5 percent tungsten trioxide, underscores the scale and potential of the system. With tungsten also recognised as a critical mineral for defence and clean energy technologies, Tennessee Mountain provides diversification and growth within Trigg’s US portfolio.

Central Idaho Antimony Project

In September 2025, Trigg acquired the Central Idaho antimony project, located within the historically productive Swanholm Mining District. Early fieldwork has already confirmed very high-grade mineralisation, including assays up to 17.6 percent antimony from surface samples, with associated gold values. The project covers a district-scale landholding in an area geologically analogous to Perpetua Resources’ Stibnite gold project, which has received substantial US federal support. With minimal historic disturbance and no legacy tailings, the project offers a clean environmental baseline and a potentially straightforward permitting pathway.

Australian Projects

Map of Trigg

While Trigg’s near-term focus is firmly in the US, the company maintains optionality through its Australian portfolio. The Wild Cattle Creek deposit in New South Wales contains a JORC 2012 resource of 1.52 Mt at 1.97 percent antimony, representing ~30,000 tonnes of contained metal and ranking as one of the world’s highest-grade undeveloped antimony deposits. Additional Australian projects, including Taylors Arm, Spartan and Nundle, as well as the Drummond gold project in Queensland, provide longer-term exploration upside.

Management Team

Timothy Morrison – Executive Chairman

Tim Morrison is a highly experienced executive in the Australian resource and capital markets sector. With a background in law and investment banking, Morrison has held senior roles in both private and public resource companies, including those focused on critical minerals, base metals, and energy. His leadership at Trigg is defined by a clear strategic focus: unlock value from the Wild Cattle Creek deposit and position the company as a cornerstone in the global antimony supply chain. Morrison brings extensive experience in stakeholder engagement, project financing, and government relations, having previously led funding rounds, IPOs, and major project negotiations across multiple jurisdictions. His vision for Trigg is underpinned by a disciplined growth strategy and sovereign supply positioning.

Jonathan King – Chief Geologist

Jonathan King is a seasoned geologist with over 20 years of experience in mineral exploration and resource development. He has worked across a broad range of commodities including antimony, gold, copper, and rare earths, and has been instrumental in leading exploration teams across Australia, Southeast Asia and Africa. At Trigg, King is responsible for designing and executing the company’s exploration programs, including the upcoming high-impact drill campaign at Wild Cattle Creek. His technical leadership ensures that resource expansion is driven by rigorous geoscientific methodology, with a focus on unlocking district-scale potential across the broader Achilles project area.

Andre Booyzen – Non-executive Director

Andre Booyzen is an experienced mine operator and leader and has 25+ years of experience in operational, senior and executive roles, and is a specialist in antimony mining. He brings extensive experience in mine development, operational strategy, and off-take agreements. Booyzen previously served vice-president of Mandalay Resources (TSX:MND,OTCQB:MNDJF), where he had full strategic and operational control including product sales, off takes and funding negotiations at the Costerfield gold-antimony mine in Victoria, currently Australia’s only producer of antimony concentrate. Booyzen also served on the board of the Minerals Council of Australia (Victoria) for more than five years and was chairman for three of those.

Chris Gregory – Non-executive Director

Chris Gregory is a highly accomplished global mining executive and geologist with over 30 years of experience. He has an extensive leadership track record in discovery, development, mine operation and strategic growth across a wide range of commodities and jurisdictions. Gregory’s career included 22 years with Rio Tinto, where he led the discovery and evaluation of Sepon gold/copper deposit in Laos. He was vice-president, exploration and geology at Mandalay Resources, where he was instrumental in the success of the Costerfield Antimony/Gold mine in Victoria for more than 10 years up to 2022.

Nicholas Katris – Non-executive Director and Company Secretary

Nicholas Katris has over 15 years of experience in corporate advisory and public company management, having begun his career as a chartered accountant. He has been actively involved in the financial management of public companies within the mineral and resources sector, holding roles on both the board and executive management teams. His expertise spans the advancement and development of mineral resource assets, as well as business development. Throughout his career, Katris has worked across Australia, Africa, Brazil and Canada, gaining extensive experience in financial reporting, capital raising, and treasury management for resource companies. He currently serves as company secretary for Leeuwin Metals (ASX:LM1) and Perpetual Resources (ASX:PEC).

James Graf – Non-executive Director

James Graf has over 35 years of international capital markets, M&A and corporate management experience, including roles as CEO, CFO and/or board director of eight US-listed special purpose acquisition companies, and as a managing director at Deutsche Bank in Hong Kong and Merrill Lynch in Singapore. Graf currently serves as CEO and board director of Graf Global (NYSE:GRAF) and as interim CFO of NKGen Biotech (OTC:NKGN). He was previously a board director of Velodyne Lidar (Nasdaq:VLDR) and also founded an enterprise software company with operations in the US, Malaysia and Ukraine.

This post appeared first on investingnews.com
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Peter Schiff: Gold, Silver Correction Over? Next Price Triggers, Where to Focus

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Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management and founder of Schiff Gold, shares his outlook on gold and silver prices.

He also discusses Bitcoin and emerging markets.

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

This post appeared first on investingnews.com
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Chris Marcus: Silver Supply Crunch Not Over, Price Path Clear Long Term

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Chris Marcus, founder of Arcadia Economics, shares his thoughts on silver and gold.

While it’s impossible to know exactly how precious metals prices will move in the short term, he’s confident they will maintain an upward trajectory in the long term.

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

This post appeared first on investingnews.com
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Top 10 Gold-mining Companies

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Regardless of how the gold price is doing, the top gold-mining companies are always making moves.

Right now, gold is in the limelight — stimulated by increasing global inflation, geopolitical turmoil and economic uncertainty, the gold price is repeatedly setting new highs in 2025, and broke through the US$4,400 per ounce mark in October.

Rising safe-haven demand for gold alongside concerns over gold mine supply have pushed the metal to record highs in recent years. and market watchers are eyeing world’s top gold-mining companies to see how they respond to market dynamics.

While the future of the economy remains uncertain, the rising gold price has been a boon to gold-mining companies as it improves their margins after several years of high inflation increasing the costs associated with mining operations.

According to US Geological Survey data, gold production came in at 3,300 metric tons in 2024. China, Australia and Russia were the top three gold-producing countries last year.

But what were the top gold-mining companies by production in 2024?

Read on to find out which companies produced the most gold this past year.

1. Newmont (TSX:NGT,NYSE:NEM)

Production: 213.03 metric tons

Newmont is the world’s top gold-mining company. In 2024, the company reported production of 192.96 metric tons of gold.

Newmont has a diverse portfolio of assets, with significant operations in North and South America, Australia and Africa.

Its portfolio includes a 38.5 percent interest in Nevada Gold Mines in Nevada, US, through a joint venture with majority owner Barrick Mining (TSX:ABX,NYSE:B).

In 2024, the Nevada Gold Mines complex produced 2.68 million ounces (83.48 metric tons) of gold. Newmont’s attributable share is 1.03 million ounces, or 32.14 metric tons.

The company’s next largest operation is its wholly owned Ahafo South Complex in Ghana. It consists of three mines, the Subika and Awonsu open pits, and the Subika underground mine. Last year, the asset produced 798,000 ounces (24.28 metric tons) of gold for Newmont. The company’s Ahafo North open pit mine achieved commercial production in late 2025 and is expected to average 275,000 and 325,000 ounces of gold per year.

In January 2025, Newmont sold its Porcupine Complex in Ontario, Canada, to Discovery Silver for total consideration of US$425 million. In 2024, the mine produced 270,000 ounces (8 metric tons) of gold. The sale is part of Newmont’s larger divestiture of US$4.3 billion in non-core assets.

2. Barrick Mining (TSX:ABX,NYSE:B)

Production: 121.65 metric tons

Barrick Mining produced 121.65 metric tons of attributable gold in 2024, landing it as the second highest gold producer in the world. Like Newmont, Barrick is a global producer and owns assets on nearly every continent.

Barrick’s largest operation is its 61.5 percent stake in Nevada Gold Mines alongside Newmont. The gold complex accounted for 1.65 million ounces, or 51.34 metric tons, of Barrick’s gold production in 2024.

The company’s second-largest producing asset is its 80 percent owned Loulo-Gounkoto gold complex in Mali, which produced 578,400 ounces of gold in 2024 for Barrick.

While much of Barrick’s production has remained steady over the past several years, disagreements with the Malian government, run by a military junta since a 2021 coup, has brought uncertainty to its operations there.

In 2024, the government accused Barrick of failing to pay its taxes amid changes to royalty rights and mining licenses. It arrested four workers there and issued an arrest warrant for then-CEO Mark Bristow.

In June 2025, the Mali government placed the mine under provisional administration, as a resolution of the dispute failed to materialize.

3. Agnico Eagle Mines (TSX:AEM,NYSE:AEM)

Production: 108.41 metric tons

In 2024, Agnico Eagle produced 108.41 metric tons of gold, taking third place among the world’s biggest gold producers. It wholly owns its portfolio of 11 mines, with seven in Canada, two in Mexico and one in each of Australia and Finland.

The company’s Detour Lake and Canadian Malartic mines in Canada are some of the world’s biggest gold mines.

In 2024, its Detour Lake operation, in Ontario near the Québec border, produced 671,950 ounces (20.9 metric tons) of gold. Just behind was the Canadian Malartic Complex in Québec, which produced 655,654 ounces (20.4 metric tons) in 2024.

Gold production at Canadian Malartic peaked at 715,000 ounces (22 metric tons) in 2021 The mine is a combination of open pit and underground mines; however, the main open pit was depleted in 2023, and the mine is expected to transition to fully underground operations by 2029.

4. Navoi Mining and Metallurgy Company

Production: 96.42 metric tons

In 2024, Navoi Mining and Metallurgy Company produced 96.42 metric tons of gold. NMMC is the largest mining company operating in Uzbekistan, with 12 mines. The company has been in operation since the 1960s, when the country was still part of the Soviet Union.

NMMC’s primary asset is the Muruntau mine, which produced an estimated 2.68 million ounces of gold in 2024. Muruntau is the world’s largest open pit mine and the second highest gold producing mine in the world. It has been in production since 1969.

The company is working on modernizing its operations and considering a potential public listing.

5. Polyus (LSE:PLZL,MCX:PLZL)

Production: 93.36 metric tons

Polyus produced 93.37 metric tons of gold in 2024. The gold company is the largest gold producer in Russia from five wholly owned operations in the country.

Polyus holds significant proven and probable gold reserves of 101 million ounces, or 3,141 metric tons.

Its largest asset is the Olimpiada mine in Eastern Siberia. In 2024, the mine produced 1.48 million ounces (46.93 metric tons) of gold, putting it among the top gold operations in the world. Its second biggest mine is Blagodatnoye, also in Siberia, which produced 500,300 ounces (15.56 metric tons) of gold in 2024.

6. AngloGold Ashanti (NYSE:AU,ASX:AGG)

Production: 82.35 metric tons

AngloGold Ashanti produced 82.74 metric tons of attributable gold in 2024, putting it among the top Africa-based gold mining companies.

The company has a portfolio of nine mining assets spread across seven countries in Africa, South America and Australia, as well as numerous exploration projects around the world.

AngloGold’s largest wholly owned operation is the Geita mine in Northwest Tanzania. The property consists of multiple open-pit and underground operations, which produced 483,000 ounces (15 metric tons) of gold in 2024.

The company also owns a 45 percent interest in the Kibali mine located in the Democratic Republic of Congo. The mine is the largest gold operation in Africa, producing 686,000 ounces (21.34 metric tons) in 2024, with 308,700 ounces (9.6 metric tons) attributable to AngloGold. The remaining ownership in the mine is held by Barrick Mining at 45 percent and the DRC government at 10 percent.

7. Kinross Gold (TSX:K,NYSE:KGC)

Production: 66.19 metric tons

Kinross Gold ranked seventh on our list of top gold producers with 66.17 metric tons of attributable gold equivalent production in 2024. Kinross maintains considerable and steady output from a portfolio of six assets across Canada, the US, Brazil, Chile and Mauritania.

Kinross has full ownership over all its operating assets, with the exception of its 70 percent owned Manh Choh mine in Alaska, US. The company began processing ore from Manh Choh at its Fort Knox operations through the Peak Gold joint venture in 2024.

The biggest contributor to Kinross’s output is its Tasiast mine in Western Mauritania, which produced 622,394 ounces (19.36 metric tons) of gold in 2024. Tasiast is currently an open-pit operation, and the company has been working to explore the underground potential of the mine at several key targets.

Among Kinross’ other assets, Paracatu stands out with its 528,574 ounces (16.44 metric tons) of gold production in 2024, making it the third largest gold mine in Brazil.

8. Gold Fields (NYSE:GFI)

Production: 64.21 metric tons

Gold Fields was the eighth biggest gold company in 2024, producing 61.75 metric tons of the yellow metal. The company is a globally diversified gold producer with nine mining operations across Australia, Chile, Peru, Ghana and South Africa. The company also owns the Windfall gold project in Canada.

Gold Fields’ most significant gold operation is the Tarkwa mine in Southern Ghana, one of the largest gold mines in West Africa. Gold Fields holds a 90 percent interest in the mine, with the remaining 10 percent owned by the Government of Ghana.

The mine consists of four open pits. In 2024, the operation produced 537,000 ounces (16.7 metric tons) for Gold Fields.

Its next largest asset is its wholly owned St Ives complex in the Eastern Goldfields region of Western Australia. The operation, which commenced production in the 1980s, currently consists of two open pits and two underground mines. It delivered 331,000 ounces (10.3 metric tons) of gold in 2024.

9. Zijin Mining Group (OTC Pink:ZIJMF)

Production: 62.21 metric tons

In 2024, Zijin Mining Group produced 62.21 metric tons of attributable gold from its mines across Asia, Africa, Australia and South America. Although the company is not exclusively a gold producer, its substantial portfolio of assets has helped it become China’s leading gold company.

Its most significant contributor to gold production came from its Norton complex near Kalgoorlie, Western Australia. The asset is a conglomeration of several different mines and delivered 263,000 ounces (8.18 metric tons) of gold in 2024.

Zijin’s next largest gold operation is Buriticá, an underground gold mine located near Medellín, Colombia, of which it holds 69.28 percent ownership. In 2022, the mine underwent an expansion that included upgrades to its mining equipment, improving the overall processing capacity. In 2024, the mine produced 322,000 ounces (10.02 metric tons) of gold, with 223,000 ounces (6.94 metric tons) attributable to Zijin.

10. Harmony Gold Mining Company (NYSE:HMY,JSE:HAR)

Production: 47.51 metric tons

In 2024, Harmony Gold Mining Company produced 47.51 metric tons of gold, making it the world’s 10th largest gold mining company.

The majority of the company’s large portfolio of wholly owned operations are located in South Africa, and it also operates the Hidden Valley mine in Papua New Guinea.

Harmony Gold’s top operation is the Mponeng mine in Northern South Africa. The underground mine is among the deepest in the world, where gold is retrieved from depths of approximately 4 kilometers. In the calendar year 2024, Mponeng produced 320,993 ounces (9.98 metric tons) of gold.

Harmony also owns the Moab Khotsong mine in Northern South Africa, an underground mine consisting of three vertical shaft systems. It started production in 2003, making it one of South Africa’s younger deep-level underground mines. In 2024, the mine contributed 202,742 ounces (6.31 metric tons) to Harmony’s total output.

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

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Standard Uranium: Advancing An Extensive Uranium Portfolio in the Athabasca Basin

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With a mission to “supply the fuel for a clean energy future,” Standard Uranium (TSXV:STND,USOTC:STTDF,FRA:9SU0) is unlocking the next generation of high-grade uranium discoveries to power global nuclear growth. The company’s dual-track strategy drives value through aggressive exploration at its flagship Davidson River Project—a premier discovery opportunity in the heart of the Athabasca Basin.

With a fully funded drill program scheduled for spring 2026 at its flagship Davidson River project, and joint ventures on other highly prospective projects, the company provides investors early stage exposure to the emerging nuclear energy market.

Located in the southwest Athabasca Basin, approximately 25 kilometres west of NexGen’s Arrow deposit and Paladin Energy’s Triple R deposit, the Davidson River project spans 30,737 hectares across 10 contiguous mineral claims. The property lies along the same structural trends that hosts these globally significant discoveries.

Company Highlights

  • Flagship Davidson River Project: Large-scale, high-priority exploration asset in the southwest Athabasca Basin, along trend from NexGen’s Arrow and Paladin Energy’s Triple R uranium deposits, positioned for a significant uranium discovery.
  • Extensive Portfolio in the Athabasca Basin: Over 235,000 acres (95,000+ hectares) across 13 projects in Canada’s premier uranium district, including active joint ventures at Sun Dog, Corvo, and Rocas.
  • Project Generator Model: Leverages strategic partnerships to fund exploration and generate cash flow while retaining upside through 25 percent ownership and a 2.5 percent net smelter return (NSR) royalty on joint-venture projects.
  • Fully Funded for Davidson River Drill Campaign: Financing completed to support 8,000 to 10,000 meters of drilling at Davidson River, planned for spring 2026.
  • Rocas Drill Program: The first-ever drill program to be conducted on Rocas will commence in winter 2026, comprising approximately 1,800 metres.
  • Corvo Drill Program: A skid-assisted diamond drill program totalling approximately 3,000 metres is planned for winter 2026, which will mark the first drill program on the Project in more than 40 years.
  • Riding the Nuclear Power Renaissance: Positioned to benefit from global decarbonization trends and a long-term rise in uranium demand.
  • Proven Team: Led by experienced geologists and exploration professionals with a track record of discoveries in the Athabasca Basin.

This Standard Uranium profile is part of a paid investor education campaign.*

Click here to connect with Standard Uranium (TSXV:STND,USOTC:STTDF,FRA:9SU0) to receive an Investor Presentation

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Sitka Drills 119.0 Metres of 1.01 g/t Gold from Surface, Including 10.7 Metres of 4.10 g/t Gold and 1.2 Metres of 24.8 g/t Gold, at the Contact Zone, Confirming Another near Surface Higher-Grade Gold Zone at Its RC Gold Project, Yukon

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Sitka Gold Corp. (TSXV: SIG) (FSE: 1RF) (OTCQB: SITKF) (‘Sitka’ or the ‘Company’) is pleased to announce analytical results for three diamond drill holes completed at the Contact Zone target located at its 100% owned, road accessible RC Gold Project (‘RC Gold’ or the ‘Project’) within the Yukon’s prolific Tombstone Gold Belt. DDRCCC-25-113 returned impressive results with up to 119.0 metres of 1.01 g/t gold returned from surface, including 10.7 m of 4.1 g/t gold and 1.2 metres of 24.8 g/t gold, confirming significant gold mineralization at the Contact Zone. Assays are currently pending for an additional three drill holes that were completed at Contact along with three holes that were completed at the adjoining Pukelman target (see Figures 2 and 3). Assays are also pending for an additional 46 diamond drill holes that have been completed across the Rhosgobel, Blackjack, Saddle, Eiger, Bear Paw and MayQu targets. Approximately 32,000 metres of diamond drilling has been completed across the RC Gold Project this year.

  • Sitka’s initial drilling at Contact returns >100 gram-metre (g/t*m) gold interval from surface, confirming the presence of significant gold mineralization
  • DDRCCC-25-113 intersected 119.0 metres of 1.01 g/t gold from surface, including 10.7 m of 4.1 g/t gold including 1.2 m of 24.8 g/t Au, and 1.2 m of 12.25 g/t Au
  • Historical drilling at Contact has returned significant high-grade gold intercepts including hole CC10-022 which intersected 1.5 m of 147.0 g/t Au located approximately 335 m east of hole DDRCCC-25-113 (see news release dated August 19, 2025; Figures 2 and 3)
  • Mineralization at Contact-Pukelman zone remains open in all directions with drilling to date confirming a mineralized footprint of approximately 900 m x 650 m (see Figure 2)
  • Results for several holes are still pending, including from the adjacent Pukelman target area where numerous instances of visible gold were observed in the drill core.

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‘Initial results from Sitka’s first pass of diamond drilling at the Contact zone are very encouraging, demonstrating the strong gold values present within this higher-grade gold zone,’ stated Cor Coe, CEO and Director of Sitka. ‘With an interval of over 100 gram-metres (g/t*m) from surface in Hole 113, we can add the Contact zone to our growing list of targets that demonstrate the potential to host additional multi-million ounce gold deposits within the Clear Creek Intrusive Complex. We look forward to receiving the remaining holes from this zone, along with the holes that were completed this year at the adjacent Pukelman zone, where numerous instances of visible gold were observed throughout the drill core, as we continue to delineate the potential of this exciting target area to add ounces to the growing gold resources at RC Gold.’

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Figure 1: A cross section through the Contact Zone showing the intercepts of 119.0 m of 1.01 g/t Au, including 10.7 m of 4.10 g/t Au and 3.9 m of 5.51 g/t Au in DDRCCC-25-113.

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Figure 2: A plan map of the Contact Zone target showing the drilling completed to date in 2025. All holes have intersected reduced intrusion-related gold system (RIRGS) style mineralization including centimetre-scale, sheeted, quartz veins within a structural corridor cutting the metasediments. Multiple occurrences of visible gold have been observed in most of the diamond drill holes completed to date (yellow stars). Assays are pending for the remaining holes. Drilling to date has traced gold mineralization across a lateral extent of approximately 900 m x 650 m and from surface to a depth of 430 m. Mineralization remains open in all directions.

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Figure 3: Plan map showing the broader Contact-Pukelman target area within a large 1.0 km x 1.5 km gold-in-soil anomaly. Drilling to date has been focused on the core of this target area and has traced gold mineralization across a lateral extent of approximately 900 m x 650 m and from surface to a depth of 430 m. Mineralization remains open in all directions.

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Figure 4: Examples of coarse visible gold (VG) observed in drill core at the Contact Zone. Drilling at the Contact Zone has intersected VG in all six holes completed this year, including the largest VG particles observed on the property in drill core to date (scale is the same for all pictures). Click HERE to see additional images of VG from the Contact Zone.

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Figure 5: Example of large particles of visible gold seen within a quartz vein in metasedimentary rock in the drill core of DDRCCC-25-115 from 39.4 to 39.7 m length drilled at the Contact zone

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Figure 6: An example of drill core from DDRCCC-25-113 showing quartz veins cutting strongly altered metasediments of the Contact Zone. The displayed section shows a well mineralized quartz vein containing 12.25 g/t Au over 1.2 m.

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CONTACT-PUKELMAN TARGET

In 2025, Sitka completed six diamond drill holes totalling 2,172 metres at Contact and three diamond drill holes totalling 1,876 metres at Pukelman (see Figure 2). Drilling intersected broad intervals of strongly altered metasediments cut by several quartz monzonite, and biotite-feldspar porphyritic dykes, along with abundant, cm scale, sheeted quartz veins. Visible gold was observed in the sheeted quartz veins and was often associated with arsenopyrite, bismuthinite, and minor scheelite (see Figures 3 and 4).

Sitka’s 2025 drill program was designed to expand the mineralized footprint of the Contact zone, test the zone with oriented diamond drill core to better understand controls on the mineralization and test the linkage between the metasedimentary and intrusion hosted mineralization of the Contact and Pukelman zones. The Contact zone was previously drilled in 2010 and 2011 with 1,660 metres in 12 holes of reverse circulation drilling and 254 metres in 2 holes of diamond drilling and encountered significant mineralization in quartz veining within metasedimentary rocks up to 450 metres south of the Pukelman intrusion. Current drilling to date has traced gold mineralization across a lateral extent of approximately 900 metres x 650 metres and from surface to a depth of approximately 430 metres.

* While visible gold observations are very encouraging and confirm the presence of gold mineralization, they are not intended to imply potential gold grades. Gold assays will be published after they are received from the lab for mineralized intervals in which visible gold particles were noted.

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Figure 7: A plan map of the Clear Creek Intrusive Complex (CCIC) showing the updated resource areas at Blackjack and Eiger, along with the newly discovered Rhosgoble zone and several other high-priority drill targets and multiple exploration targets. . The map highlights the numerous drill targets that Sitka has outlined within the CCIC which all are connected by the road network on the project and occur in an area measuring five (5) km north-south and twelve (12) km east-west. Additional areas highlighted by strong gold in soil anomalies are being advanced to the drill ready stage with additional geological work in 2025.

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Figure 8*: A plan map of the Clear Creek Intrusive Complex (CCIC) showing the updated resource areas at Blackjack and Eiger, and the six additional areas that have drill targets indicated by the mauve hatched areas. The map highlights the numerous drill targets that Sitka has outlined within the CCIC which all are connected by the road network on the project and occur in an area measuring five (5) km north-south and twelve (12) km east-west. Additional areas highlighted by strong gold in soil anomalies are being advanced to the drill ready stage with additional geological work in 2025.

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* References for Figure 7 drilling intervals:

Rhosgobel Intervals: Sitka Gold News Release dated November 25, 2024
Pukelman Intervals: Sitka Gold News Release dated January 7, 2025
Contact Intervals: O’Brien, 2010; Assessment Report, 2010 Diamond Drilling Program, Clear Creek Property (Assessment report 095539)

Shutty, 2011; Assessment Report, 2011 Exploration Program, Clear Creek Property (Assessment Report 095984)
Bear Paw Intervals: Shutty, 2011; Assessment Report, 2011 Exploration Program, Clear Creek Property (Assessment Report 095984)

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Figure 9: Regional map of the RC Gold Project located in the western portion of Yukon’s prolific Tombstone Gold Belt.

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Quality Assurance/Quality Control

On receipt from the drill site, the HTW/NTW-sized drill core was systematically logged for geological attributes, photographed and sampled at Sitka’s core logging facility. Sample lengths as small as 0.3 m were used to isolate features of interest, otherwise a default 2 m downhole sample length was used. Each sample is identified by a unique sample tag number which is placed in the bag containing the core to be assayed. Core was cut in half lengthwise along a predetermined line, with one-half (same half, consistently) collected for analysis and one-half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Sitka personnel at regular intervals into the sample stream. Bagged samples were placed in secure bins to ensure integrity during transport. They were delivered by Sitka personnel or a contract expeditor to ALS Laboratories’ preparatory facility in Whitehorse, Yukon, with analyses completed in North Vancouver.

ALS is accredited to ISO 17025:2005 UKAS ref. 4028 for its laboratory analysis. Samples were crushed by ALS to over 70 per cent passing below two millimetres and split using a riffle splitter. One-thousand-gram splits were pulverized to over 85 per cent passing below 75 microns. Gold determinations are by fire assay with an inductively coupled plasma mass spectroscopy (ICP-AES) finish on 50 g subsamples of the prepared pulp (ALS code: Au-ICP-22). Any sample returning over 10 g/t gold was re-analyzed by fire assay with a gravimetric finish on a 50 g subsample (ALS code: Au-GRA21). In addition, a 51-element analysis was performed on a 0.5 g subsample of the prepared pulps by an aqua regia digestion followed by an inductively coupled plasma mass spectroscopy (ICP-MS) finish (ALS code: ME-MS41).

About Sitka’s Flagship RC Gold Project

Sitka’s 100% owned RC Gold Project consists of a 431 square kilometre contiguous district-scale land package located in the heart of Yukon’s Tombstone Gold Belt. The project is located approximately 100 kilometres east of Dawson City, which has a 5,000 foot paved runway, and is accessed via a secondary gravel road from the Klondike Highway which is usable year-round and is an approximate 2 hour drive from Dawson City. It is the largest consolidated land package strategically positioned mid-way between the Eagle Gold Mine and the past producing Brewery Creek Gold Mine.

The RC Gold Project now has pit-constrained mineral resources that are contained in two zones: the Blackjack and Eiger gold deposits with 1,291,000 ounces of gold in 39,962,000 tonnes grading 1.01 g/t gold in an indicated category and 1,044,000 ounces of gold in 34,603,000 tonnes grading 0.94 g/t in an inferred category at Blackjack and 440,000 ounces of gold in 27,362,000 tonnes grading 0.50 g/t gold in an inferred category at Eiger. These resource estimate numbers are supported by the recently updated technical report for RC Gold, prepared in accordance with NI 43-101 standards, entitled ‘Clear Creek Property, RC Gold Project NI 43-101 Technical Report Dawson Mining District, Yukon Territory’, prepared by Ronald G. Simpson, P. Geo., of GeoSim Services Inc. with an effective date of January 21, 2025. This report is available on SEDAR+ (http://www.sedarplus.ca) and on the Company’s website (www.sitkagoldcorp.com).

Both of these deposits begin at surface, are potentially open pit minable and Initial bottle roll metallurgical testing confirmed the non-refractory characteristics of the gold mineralization and returned gold extraction rates averaging around 85%. Further metallurgical testwork in 2024 returned recoveries ranging from 77.6 to 93% for gravity followed by cyanidation.

For the purposes of the current resource model, it is assumed that a likely mill flowsheet would consist of a gravimetric, flotation, and cyanidation circuit.

The company has now completed 165 diamond drill holes for a total of 59,770 metres across the Clear Creek Intrusive Complex (CCIC), and an additional 3 holes for 858 metres in the May-Qu Intrusion. Drilling continues to outline higher grade mineralization at all zones including hole DDRCCC-24-068 at Blackjack which intersected 678.1 metres of 1.04 g/t gold starting from surface (see news release dated October 21, 2024), and hole DDRCCC-25-075 which intersected 352.8 metres of 1.55 g/t gold including 108.9 metres of 3.27 g/t gold and 45.0 metres of 4.52 g/t gold (see news release dated April 22, 2025). Drilling in 2024/2025 has resulted in the discovery of a new higher grade zone at Rhosggobel including hole DDRCRG-25-010 at Rhosgobel which intersected 235.9 metres of 1.11 g/t gold, including 40.0 m of 2.01 g/t gold and 10.0 m of 5.29 g/t gold, from surface (see news release dated September 18, 2025).

RC Gold Deposit Model

Exploration on the Property has mainly focused on identifying an intrusion-related gold system (‘IRGS’). The property is within the Tombstone Gold Belt which is the prominent host to IRGS deposits within the Tintina Gold Province in Yukon and Alaska. Notable deposits from the belt include: Fort Knox Mine in Alaska with current Proven and Probable Reserves of 230 million tonnes at 0.3 g/t Au (2.471 million ounces; Sims 2018)(1); Eagle Gold Mine with current Measured and Indicated Resources of 233 million tonnes at a grade of 0.57 g/t Au at the Eagle Main Zone (4.303 million ounces; Harvey et al, 2022)(2); the Brewery Creek deposit with current Indicated Mineral Resource of 22.2 million tonnes at a gold grade of 1.11 g/t (0.789 million ounces; Hulse et al. 2020)(3); the AurMac Project with an Indicated Mineral Resource of 112.5 million tonnes grading 0.63 gram per tonne gold (2.274 million ounces)(4) plus an Inferred resource of 280.6 million tonnes grading 0.60 g/t gold (5.454 million ounces)(4), the Valley Deposit, with a current Measured and Indicated Mineral Resource of 7.94 million oz gold at 1.21 g/t and an additional Inferred Mineral Resource of 0.89 million oz at 0.62 g/t gold(5), and the Raven deposit with an inferred mineral resource of 1.1 million oz (19.96 million tonnes at 1.67 g/t gold)(6). The QP has been unable to verify the information regarding the above resource estimations and the information is not necessarily indicative of the mineralization on the property that is the subject of the disclosure.

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Eric Sprott Announces Holdings in Maritime Resources Corp.

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Eric Sprott announces that, today, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 249,300 common shares (Shares) of Maritime Resources Corp over the TSX Venture Exchange (representing approximately 0.2% of the outstanding shares on a non-diluted basis) at an average price of approximately $2.20 per share for aggregate consideration of approximately $549,208.

Prior to the Acquisition of Shares, Mr. Sprott beneficially owned 10,005,700 Shares and 2,666,700 Share purchase warrants (Warrants) representing approximately 8.1% of the outstanding on a non-diluted basis, and approximately 10.0% on a partially diluted basis assuming exercise of such Warrants

As a result of the acquisition of Shares, Mr. Sprott now beneficially owns 10,255,000 Shares and 2,666,700 Warrants, representing approximately 8.3% of the outstanding Shares on a non-diluted basis and 10.2% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants, being an increase in holdings above 10% and, therefore, the filing of an early warning report.

The Shares were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Maritime Resources is located at 3200-650 West Georgia St., c/o Harper Grey LLP, Vancouver, British Columbia, V6B 4P7. A copy of the early warning report with respect to the foregoing will appear on Maritime Resources’ profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (2176423 Ontario Ltd., 1106-7 King Street East, Toronto, Ontario, M5C 3C5).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274282

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Rio Silver Announces Closing of the Private Placement

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Rio Silver Inc. (the ‘Company’ or ‘Rio Silver’) (TSX.V: RYO,OTC:RYOOD) (OTC: RYOOF) is pleased to announce that it has closed its non-brokered private placement (the ‘Offering’), previously announced on September 24, 2025, by issuing an aggregate of 22,000,000 units of the Company (the ‘Units’) at a price of $0.10 per Unit for gross proceeds of $2,200,000.

Each Unit is comprised of one common share of the Company and one share purchase warrant (a ‘Warrant’), with each Warrant exercisable to purchase an additional common share of the Company at a price of $0.15 per common share for a period of three years from the date of issue, subject to early expiry in the event that the closing price of the common shares of the Company is $0.25 or higher for fifteen consecutive trading days at any time after the closing of the Offering, upon which the Warrants will expire thirty calendar days after notice to warrant holders through the Company’s announcement with respect to the early expiry date.

In connection with the closing of the Offering, the Company paid finders’ fees of $70,920 in cash and issued 709,200 finder’s warrants, having the same term as the Warrants, in payment of finder fees. All securities issued are subject to a statutory 4-month hold period expiring on March 12, 2026.

The Company intends to use the net proceeds of the Offering towards the exploration and development of the Company’s projects in Peru, exploration and development of the Gerow Lake project in Northern Ontario and for general working capital purposes. Notwithstanding the foregoing, the Company will not use the proceeds of the Offering on the Maria Norte project until the TSX Venture Exchange has approved of the acquisition of the Maria Norte project, announced March 26, June 25, August 12 and September 17, 2025.

ON BEHALF OF THE BOARD OF DIRECTORS OF Rio Silver INC.

Chris Verrico

Director, President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

For further information,

Christopher Verrico, President, CEO

Tel: (604) 762-4448

Email: chris.verrico@riosilverinc.com

Website: www.riosilverinc.com

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.

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