Oversupply expected to meet rising lithium demand

The largest undercurrent for the lithium market is excessive supply. Since 2020, mined output has climbed 192 percent from 82,000 metric tons to 240,000 metric tons in 2024, as outlined by the US Geological Survey.

As supply grew, demand was unable to keep pace, leading to a mounting glut that has weighed on prices.

“While futures activity can catalyse short-term price movements, beneath the surface demand remains tepid, inventories high and buyers cautious, underscoring a disconnect between price action and market reality,” Paul Lusty, head of battery raw materials at Fastmarkets explained in a September update. “We expect continued price instability in the near term with potential for further corrections unless meaningful supply disruptions materialise.”

The supply increase was anticipated to satiate a growing appetite for EVs that has yet to fully materialize.

The EV boom has fueled strong long-term growth forecasts for lithium, but the market is now facing a sharp imbalance. Global EV sales climbed past 17 million units in 2024 and are projected to top 20 million in 2025, yet a 22 percent surge in mined supply last year has outpaced demand, pushing prices lower and creating a persistent oversupply.

This discrepancy was underscored by industry attendees at Fastmarkets’ Lithium Supply & Battery Raw Materials conference, who warned that the imbalance could persist until at least 2030.

As a result, lithium prices remain under pressure despite strong EV uptake, and a meaningful re-balancing will likely depend on new supply expansions being delayed, mine closures and steeper than anticipated demand growth — potentially in the second half of the decade.

With EV demand expected to accelerate beyond 2030 and new supply projects lagging, Q3 2025 could mark the start of a tighter era. For investors watching battery metals, the key question is whether the market has found a floor — or is merely in the calm before the next supply squeeze.

Chinese lithium supply and access in question

As mentioned, the market did find support through July and August, thanks in part to Chinese battery giant Contemporary Amperex Technology (CATL) (SZSE:300750,HKEX:3750) suspending operations at its Jianxiawo lepidolite mine. Located in the country’s Jiangxi province, it is one of the world’s largest lithium sources.

The shutdown followed the August 9 expiration of the mine’s operating permit, with CATL confirming it is seeking an extension but providing no timeline for restarting production. The halt was expected to last at least three months, removing about 65,000 metric tons of lithium carbonate equivalent — roughly 6 percent of global supply — from the market and reigniting bullish sentiment in an otherwise oversupplied sector.

The shuttering of the mine propelled lithium prices and mining stocks.

In mid-October China introduced new export restrictions on advanced lithium-ion batteries, key materials and production equipment — a move set to ripple through global supply chains.

Effective November 8, 2025, companies will now need export licenses to ship high-energy batteries, cathodes, synthetic graphite anodes and related machinery abroad. The new policy follows July’s limits on lithium iron phosphate (LFP) technology exports, tightening Beijing’s control over the battery sector.

China produces over 70 percent of global cathode materials and more than 95 percent of synthetic graphite, making its export decisions pivotal. S&P Global notes in an October briefing that the new controls are expected to delay production timelines and complicate sourcing for manufacturers outside China, particularly in the US, which imports roughly two-thirds of its lithium-ion batteries from Chinese suppliers.

“Export control does not mean an outright export ban, but rather a stricter approval process,” said Fastmarkets’ Walter Zhang. “We believe that the primary intent is to counter measures such as the US OBBB (One Big Beautiful Bill) Act, while preventing potential technology transfer demands from European or American governments and avoiding the military or dual-use applications of advanced battery technologies.”

Additionally, the move adds a new front to the US-China trade standoff, with Washington expected to deepen partnerships with Korean and Japanese producers like LG Energy Solution and Panasonic to reduce dependency.

While China’s CATL will likely pivot toward Europe and emerging markets, global battery costs and supply volatility are expected to rise through 2026.

US government makes lithium push

Outside of China, the US invested heavily in the lithium-mining segment in Q3.

On October 1, Washington released the first US$435 million tranche of a landmark US$2.23 billion loan to Lithium Americas (TSX:LAC,NYSE:LAC), marking one of the Trump administration’s most significant steps yet to strengthen domestic control over critical minerals.

The funds, directed through the Department of Energy, will support construction of the Thacker Pass lithium project in Nevada, which is set to become the largest lithium source in the Western Hemisphere.

As part of the deal, the department will receive warrants representing a 5 percent equity stake in Lithium Americas and an equivalent interest in its joint venture with General Motors (NYSE:GM).

The agency also agreed to defer US$182 million in debt service over five years, underscoring Washington’s long-term commitment to building a resilient battery supply chain.

Thacker Pass is central to US efforts to reduce reliance on Chinese lithium refining and rival major producers in Australia and Chile. Once operational, Phase 1 of the project will produce 40,000 metric tons of battery-grade lithium carbonate annually — enough to power roughly 800,000 EVs — and reinforce the administration’s push to secure supply.

Looking at the rest of the year and remainder of the decade sentiment towards lithium is cautiously optimistic, according to Benchmark analysts fresh off the heels of this year’s LME Week in London.

“Market participants noted that strong spodumene appetite continues amid limited lepidolite supply from Jiangxi,” a Benchmark overview states. “Attention turned to CATL’s Jianxiawo mine, with its start‑up – whether as soon as next month or delayed to early Q1 26 – likely to influence short‑term pricing.”

1. King Copper Discovery (TSXV:KCP)

Year-to-date gain: 1,580 percent
Market cap: C$186.31 million
Share price: C$0.84

King Copper Discovery, formerly Turmalina Metals, is a copper, silver and gold explorer that is developing a portfolio of projects in South America.

Its primary focus is the Colquemayo project in Moquegua, Peru. In July 2024, King Copper entered into an option agreement with Compania de Minas Buenaventura (NYSE:BVN) to wholly acquire the property.

The company has been relogging the historic drill core from the site. The 6,600 hectare site has seen more than 20,000 meters of historic core drilling and hosts multiple porphyry targets that have been identified but had gone untested. Highlighted drill samples show results of 2.4 percent copper and 10 grams per metric ton (g/t) silver over 237.3 meters, including 14.8 percent copper and 47 g/t silver over 31.3 meters.

In a broad corporate update on February 12, the company said it was intensifying its focus on the project and rebranded from Turmalina to reflect that. Additionally, it hired Insideo, a Lima-based environmental consulting firm, to help advance baseline studies and the drill permit process.

The company closed a C$15 million private placement with a strategic investor on September 15, which it plans to use for a 15,000 meter diamond drilling program at Colquemayo. The investor now holds a 9.99 percent interest in King Copper.

Its most recent update came on October 4, when King released an update on its ongoing work to relog and reinterpret the historic drill core. At that time, the company had completed 61 drill cores across the Amata-Cairani and Coripuquio zones, with work on 16 cores at the Yanarico zone still ongoing.

The company said it had identified multiple new high-priority targets for its fully funded diamond drill program and was sending a field crew to validate the discoveries.

Shares of King Copper reached a year-to-date high of C$0.90 on October 16.

2. Camino Minerals (TSXV:COR)

Year-to-date gain: 700 percent
Market cap: C$12.91 million
Share price: C$0.36

Camino Minerals is a copper explorer and developer with a portfolio of projects in South America.

Among its primary focuses since the start of the year is the construction-ready Puquois copper project in Chile, a 50/50 joint venture with Nittetsu Mining (TSE:1515). The partners jointly acquired Cuprum Resources, the project’s owner, via a definitive agreement that was completed on April 17, and are now focused on project financing.

Prior to the closing of the acquisition, the partners completed a prefeasibility study for the project in Chile on March 17.

The study results demonstrate a post-tax net present value of US$118 million, with an internal rate of return of 23.4 percent and a payback period of 3.1 years at a fixed copper price of US$4.28. It also outlines all-in sustaining costs of US$2 per pound for the 14.2 year mine life.

The included mineral resource estimate shows a measured and indicated resource of 149,000 metric tons of copper from 32.16 million metric tons of ore grading 0.46 percent copper.

Camino also owns the Los Chapitos project, located near the coastal town of Chala, Peru, which covers approximately 22,000 hectares and hosts near-surface mineralization. Nittetsu Mining has an earn-in agreement for the project through which it can earn a 35 percent interest in the project for a total investment of C$10 million over three years.

Camino announced on January 22 that it had initiated a discovery exploration program at Los Chapitos, with work funded by Nittetsu. The company said the program would consist of 11 holes and 1,200 meters of drilling along the La Estancia fault, focusing on newly identified copper breccias and mantos to determine their extension at depth.

Camino released the first results from the program on May 6, reporting continuity of mineralization at depth at the Pampero prospect, with a 0.5 meter interval found 157.6 meters downhole grading an average of 0.5 percent copper and 3.15 g/t silver. Rock chip samples at the prospect graded up to 3.8 percent copper and 4 g/t silver.

The company has continued its exploration efforts at Los Chapitos, with another fully funded exploration campaign running from June 1 to November 30.

As part of this ongoing exploration campaign, the company reported on October 15 that it had mobilized to the site for the drilling portion. The drilling will focus on discovering new deposits within newly identified and undrilled targets, and on extending known mineralization in other zones.

Additionally, Camino stated that the government of Peru chose Los Chapitos as one of 15 priority mineral projects as part of its national exploration initiative. The program aims to promote investment in exploration while building a portfolio of sustainable projects with regional and national impact.

Shares of Camino reached a year-to-date high of C$0.41 on July 21.

3. Finlay Minerals (TSXV:FYL)

Year-to-date gain: 550 percent
Market cap: C$22.17 million
Share price: C$0.13

Finlay Minerals is an exploration company with a portfolio of five projects in BC, Canada. In 2025, it has largely focused on its ATTY and PIL projects, which cover 3,875 hectares and 13,374 hectares respectively in BC’s Toodoggone mining district. The region is known for copper-molybdenum-gold porphyry deposits and gold-silver epithermal deposits.

Finlay’s shares rose sharply early in the year after Amarc Resources (TSXV:AHR,OTCQB:AXREF) announced the AuRORA discovery at its JOY property, located just south of the PIL project in the same porphyry corridor as PIL and ATTY.

On January 20, shortly after the discovery, Finlay announced it would be renewing its focus on its PIL project’s PIL South target, which lies approximately 750 meters from AuRORA. One month later, Finlay outlined numerous copper targets at both the PIL and ATTY properties after reviewing geological data, and was planning its 2025 exploration program at PIL to delineate drill targets.

Shares surged in Q2 after Finlay announced on April 17 it entered into an earn-in agreement with Freeport-McMoRan (NYSE:FCX) for PIL and ATTY. Freeport can earn an 80 percent stake in the properties through a total of C$35 million in exploration expenditures and C$4.1 million in cash payments over the next six years.

On June 18, Finlay began exploration programs at both properties, fully funded by Freeport. At both properties, exploration will include property-wide airborne magnetic surveys, and induced polarization geophysical surveys. It will also include detailed geological and alteration mapping, along with rock and soil sampling, on up to eight targets at PIL and three targets at ATTY.

Then on July 17, Finlay announced it had increased the exploration program budget for PIL to C$2.6 million from C$750,000 and the budget for ATTY to C$1 million from C$500,000. The company stated that the additional funding will be utilized to identify and prioritize as many targets as possible for drilling in 2026.

In parallel with the Freeport-funded work at PIL and ATTY, the company also advanced exploration at its independently held SAY and JJB properties, located in BC’s Stikine Terrane.

On September 22, Finlay announced that it had completed its field work at the properties, including 1,900 kilometers of airborne magnetic surveys between them and follow-up ground work on newly identified targets.

At the SAY project, Finlay identified the IFT target, a 2.5 kilometer by 2.5 kilometer magnetic anomaly with similar geophysical signatures to other copper porphyry deposits, and a kilometer-scale target named Ozzy. The company performed follow-up work at both targets, and is planning further follow-up work.

Fieldwork at JJB conducted during the summer focused on the PAT target and aimed to evaluate similarities between mineralization at JJB and two of SAY’s previously identified targets. The company staked the JJB property, which also hosts the Squingula and Quin targets, in February.

Shares in Finlay reached a year-to-date high of C$0.16 on September 22.

4. Domestic Metals (TSXV:DMCU)

Year-to-date gain: 536.36 percent
Market cap: C$11.72 million
Share price: C$0.35

Domestic Metals, formerly Norden Crown Metals, is a copper exploration company focused on advancing the Smart Creek project in Montana, US.

The company acquired the option to earn a 60 percent share in the project, which is owned by Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), when it purchased Domestic Copper in August 2024.

The property comprises 570 unpatented mining claims covering an area of 4,072 hectares and 45 patented claims spanning 312 hectares. It hosts the Smart Creek, Radio Tower and Sunrise targets, the latter located at the past-producing Sunrise mine. Drilling at the site carried out by Rio Tinto in 2022 produced a drill hole grading 0.75 percent copper and 18.74 g/t silver over 109.73 meters.

On March 31, the company announced it changed its name from Norden Crown Metals to Domestic Metals to reflect its shift in corporate strategy to focus on its operations in Montana.

In an update on April 17, the company reported results from geological reconnaissance work at Smart Creek, which included the definition of the high-priority Smart Creek, Radio Tower and Sunrise targets, along with new alteration vectors.

As of a September 11 project update, fieldwork, including mapping and geochemical sampling, was being conducted to advance the three targets for diamond drill testing during the fourth quarter of 2025.

The company has also been working on fundraising efforts throughout 2025. On August 22, it closed the final tranche of a non-brokered private placement, generating total aggregate proceeds of C$1.22 million. Then, on October 9, the company closed the first tranche of a LIFE offering for proceeds of C$1.31 million.

Shares in Domestic Metals reached a year-to-date high of C$0.38 on September 26.

5. Amarc Resources (TSXV:AHR)

Year-to-date gain: 485.37 percent
Market cap: C$265.89 million
Share price: C$1.20

Amarc Resources is a copper explorer primarily focused on advancing its JOY district in Northern BC. The 495 square kilometer property lies within the Toodoggone region and hosts the AuRORA prospect.

Exploration at the JOY district is funded as part of a May 2021 earn-in agreement with Freeport-McMoRan (NYSE:FCX), which allows Freeport to earn up to a 70 percent stake in the project.

Additionally, Amarc agreed to acquire the Brenda property, which lies directly to the east of the AuRORA discovery, from Canasil Resources on February 11. Under the terms of the deal, Amarc has the option to acquire a 100 percent interest in Brenda over five years. Canasil will retain a 2 percent net smelter return.

Shares of Amarc surged early in the year after it announced the discovery of AuRORA on January 17. In the release, it outlined the high-grade potential of the deposit, highlighting an assay of 0.63 percent copper over 162 meters, including an 81 meter intersection grading 0.92 percent copper, from near surface depths.

Amarc provided more drill assays from its 2024 program on February 28. One assay graded 0.63 percent copper over 132 meters, including 0.81 percent over a 90 meter segment.

On July 16, Amarc announced it had commenced drilling at targets including the AuRORA and PINE deposits and the Twins and Canyon discoveries. The announcement also reported the expansion of the JOY district through Freeport’s options on Finlay’s PIL property, discussed above.

Then, on September 4, the company reported Freeport is proceeding to Stage 2 of its earn-in for the JOY property after completing Stage 1 in May for a 60 percent interest. Under the terms of the deal, Freeport now has five years to earn an additional 10 percent in the property by spending C$75 million.

The most recent news from the project was released on September 22, when Amarc announced a partial assay from one drill hole southeast of the AuRORA discovery.

The assays that were released indicated a broad interval of 223.1 meters with an average grade of 0.27 percent copper from a depth of 217 meters, including a 65.25 meter interval grading 0.37 percent. Assays are still pending for the upper half of the hole.

The company reported that host rocks, alteration and mineralization in the hole are consistent with those encountered during its 2024 campaign at the property; however, the mineralization found in the hole ‘occurs well outside the strong magnetic high that hosts the high grade AuRORA mineralization.’

The company said it rushed the results due to the location of the drill hole, which is important for revealing large-scale exploration potential across the JOY District.

Shares of Amarc climbed significantly through September, and reached a year-to-date high of C$1.35 on September 26.

Investor Insight

West High Yield’s advanced-stage Record Ridge magnesium-silica project is now fully permitted and moving toward production. Backed by a positive pre-feasibility study and strong support from the Osoyoos Indian Band, the project is well-positioned to transition into development.

Overview

West High Yield (TSXV:WHY,FSE:W0H) is an exploration and development mining company focusing on strategic critical minerals with a high-grade magnesium/silica/nickel/iron project nearing production. The company’s Record Ridge property project leverages the opportunity to create a new supply of magnesium outside of China and Russia. West High Yield has an experienced management team ready to bring its project to production.

West High Yield’s advanced 100-percent-owned Record Ridge magnesium project in British Columbia, Canada is poised to create a secure, strategic domestic supply chain to cater to North America’s magnesium and silica demand. The company has received a draft permit from the British Columbia Ministry of Mining and Critical Minerals outlining the proposed conditions for proceeding with planned extraction activities. WHY has undertaken a thorough review of the permit, working with internal and external subject matter experts to evaluate the requirements and ensure all technical, environmental, and operational considerations are fully addressed.

Once production commences, West High Yield will start generating cash flow through the sale of ore and will seek additional offtake agreements.

The Record Ridge asset has one of the largest and highest-grade magnesium/silica deposits in North America, and globally. The company’s resource estimate shows 43 million tonnes (Mt) of ore at 24.6 percent magnesium, which implies a world-class asset containing 10.6 Mt of magnesium. The resource further contains 18.9 Mt of silica (Si02), 3.8 Mt of iron (Fe203) and 103,200 tonnes of Nickel (NiO). In addition, West High Yield’s pre-feasibility study indicates strong economics with an after-tax NPV of 5 percent of $872 million, an internal rate of return (IRR) of 72 percent over a 172-year mine life, and payback in 1.5 years.

Additionally, the company has developed a green mining and refinement process to minimize carbon emissions during production. This green process utilizes over 94 percent of the ore extraction, not only of magnesium but substantial saleable quantities of silica, nickel and iron. Magnesium is widely used in renewable energy technologies, so maintaining a strong ESG rating is essential for downstream manufacturing.

Record Ridge magnesium mine project general plan

WHY continues to engage with the local community and government on the Record Ridge permitting process and with the plans to begin construction and mining. In 2023, WHY Resources signed a cooperation agreement with the Osoyoos Indian Band (OIB). The agreement ensures OIB oversight to protect environmental and economic interests, with OIB’s Skemxist Solutions providing services for construction and mining operations.

An experienced management team with expertise throughout the mining industry leads the company towards fully leveraging its promising asset. Experts in geology, corporate administration and engineering create confidence in the team’s ability to reach its goals.

Company Highlights

• Flagship Asset for North America: West High Yield’s Record Ridge project has the potential to strengthen and secure North America’s onshore strategic critical mineral supply chain, reducing reliance on China and Russia for magnesium, silica, and nickel.
• Mines Act Permit Granted: The British Columbia Ministry of Mines and Critical Minerals (MCM) has officially issued the Mines Act Permit authorizing the development and operation of the Record Ridge Industrial Mineral Mine (RRIMM) near Rossland, British Columbia.
• Strong Economic Viability: A completed pre-feasibility study confirms robust project economics, supporting WHY’s commitment to moving forward with development.
• Sustainable, Low-Emission Operations: WHY prioritizes clean energy solutions, aiming to minimize emissions and maintain a strong ESG rating. The company’s low-cost, high-quality magnesium, silica, nickel, and iron products are produced with virtually zero CO₂ emissions.
• Experienced Leadership: A seasoned management team is steering WHY toward fully unlocking the potential of its assets, driving the company’s vision for a sustainable and strategically valuable critical minerals operation.

Key Project

Record Ridge Magnesium Mine

Record Ridge commercial proprietary hydrometallurgical process

The 100-percent-owned Record Ridge project spans 8,972 hectares, approximately 7.5 kilometers southwest of Rossland, BC. The project is only 5 kilometers away from the US-Canadian border and has excellent regional infrastructure, including power, water, roads, a proximate labor force and transportation. Permit application process is in its final stage with a draft permit under review and a final permit expected in the near term. .

Project Highlights:

• Nearing Production: The advanced-stage project is in the final technical review for its mining permit to initiate production. Once in production, the company expects to generate cash flow from ore sales, pursue additional offtake agreements, and leverage positive cash flow to advance development of the property’s gold deposits.
• Sustainable Production with Minimal Carbon Emissions: The HCI leaching process the company will be using produces minimal CO2 emissions. The company’s specific process was developed to recycle the HCI and produce virtually no waste and low environmental impact. These efforts result in a top-tier ESG rating that will reflect on downstream manufacturers.

High Purity MgO Plant

WHY is developing an advanced-stage Magnesium Oxide (MgO) Plant focused on producing multiple critical and strategic mineral products. The project is on track for a feasibility study in 2025 and aims to deliver high-purity MgO (>99 percent) and Mg(OH)₂, with valuable byproducts including nickel (Ni), iron (Fe), and silica (SiO₂).

A 2022 Pre-Feasibility Study (PFS) highlighted the project’s strong economics, demonstrating a rapid 1.5-year payback period. Additionally, a market study supports a premium pricing outlook, with baseline prices of US$1,500/Mt for >98 percent MgO and US$2,200/Mt for >99 percent MgO.

The company will commence pilot plant testing, followed by a feasibility study for the commercial-scale plant, scheduled for 2025.

The British Columbia Ministry of Mines and Critical Minerals (MCM) has issued the Mines Act Permit authorizing the development and operation of the Record Ridge Industrial Mineral Mine (RRIMM). West High Yield and its technical consultants will now complete post-permit environmental, safety, and engineering compliance activities. Once finalized, the company and Skemxist Solutions will begin site preparation and construct access roads and mine infrastructure to advance the Project toward production.

Management Team

Frank Marasco Jr. – Founder, President, CEO and Director

Frank Marasco is the founder of West High Yield Resources. Marasco is also president and director of Big Mountain Development Corp. Over the course of 45 years, Marasco has built and sold 47 successful businesses, including hotels, motels, rental units, RV and mobile home parks, apartments, retail liquor stores, pubs, nightclubs and a retail mall. At the age of 47, he retired and later entered the business sector, focusing on oil and mining. He had purchased 81 oil and gas development sections in S.E. Saskatchewan in the Bakken, as well as gold mines in Rossland, BC. After briefly exploring for and finding gold on the project, Marasco and his team then discovered what is now a world-class, 2,000-acre, high-grade, low-cost, critical mineral magnesium deposit known as Record Ridge.

Barry Baim – Director and Corporate Secretary

Barry Baim brings over 35 years of activating and inspiring teams to achieve profitable revenue growth. His senior leadership experience is diverse having held executive positions with both private and public companies including Tier one CPG and in the natural resource sector mining site development projects in oil sands, 3d seismic, logistics, remote lodging, and other service-related entities in energy, oil, and gas. Baim is currently a director for KMKR Holdings and a past board member with SGV Canada, Millennium Seismic, Paradigm Chemical Technologies, Camelot Exploration and Siksika Resource Developments Ltd.

Patricia L. Nelson – Director

Patricia Nelson was controller for Sabre Petroleum’s, Petroterra Natural Resources and manager of Financial Control for Suncor. She is the vice-chair and director of the In Situ Oil Sands Alliance, director of Altalink, and director of Optiom. Nelson served 15 years as an elected member of the Legislature of Alberta. She was appointed and served as minister of energy, minister of economic development and tourism, minister of government services, and finally, was appointed minister of finance. She served 12 years as a member of the treasury board and the agenda and priorities committee of the government. An active member of the community, she supports charitable organizations such as the kidney foundation, the cancer foundation, heart and stroke and juvenile diabetes.

Maria Marasco – Director

Maria Marasco is an independent businesswoman who has provided services in corporate restructuring finance, acquisitions, and strategic planning. She is also responsible for overseeing management information systems, human resource strategies, and property management systems.

Shelina Hirji – Chief Financial Officer

Shelina Hirji is a designated accountant with over 38 years of experience in infrastructure construction, oil and gas exploration, and mining. Hirji has been engaged in the oil and gas industry since early 1990, starting with various senior accounting and management roles in both public and private companies with extensive participation in growth opportunities. She has been a key member of the executive management team, assuming a strategic role in the overall management of the company. Hirji’s experience in financial management includes financial reporting, corporate accounting, budgeting and forecasting, as well as stewardship of internal controls. Hirji is a member of the Chartered Professional Accountants of Alberta and the advisory committee for the TSX Venture Exchange.

Fouad Kamaleddine – Advisor

Dr. Fouad Kamaleddine is the founder/principal of AIS Inc., an integrated mining consulting partnership that provides technical services to mining companies including processing and metallurgy, project development and engineering studies. He has been an officer and director of many public and private mining companies. Kamaleddine has over 20 years of academic and industry experience with demonstrated success in conducting challenging industrial research leading to several inventions and multiple achievement awards.

Rick Walker – P. Geologist and P. Engineer

Rick Walker has over 25 years of geological and structural mapping experience in the mineral exploration industry. Walker has a strong background, ranging from structurally complex areas to advanced exploration property definition. In addition, he has worked on a wide variety of deposit types, including porphyries, sedimentary exhalative, volcanogenic massive sulphides, low tonnage vein-type, industrial minerals; gold, silver, base metals, rare to strategic metals and diamonds. Walker has delivered significant geological value throughout his career for companies, ranging from junior to major resource companies, both nationally and internationally.

He has also served as a volunteer for industry-related organizations, serving for 12 years as president of the East Kootenay Chamber of Mines, five years as a director of the BC and Yukon Chamber of Mines (now the Association of Mineral Exploration for BC), on the committee that developed the initial Mineral Exploration Code for BC and as an industry representative in the Commission on Resources and Environment (CORE) process resulting in the East Kootenay Land Use Plan.

Corey Peck – Junior Geologist

Corey Peck is a junior geologist who came to West High Yield Resources in the spring of 2007. He studied at the University of Calgary, where he received a B.Sc. in geology, with a minor in earth science. He has extensive training in both the field and lab settings. His skill set encompasses all aspects of geology, geophysics and geography, with particular emphasis on geotechnical logging, mineralogy and mapping. He currently resides full-time in Rossland, BC.

Investor Insight

Rua Gold offers a compelling investment opportunity driven by its highly promising gold assets in New Zealand’s historic gold-producing regions, and supported by the government’s renewed focus on fast tracking economic growth.

Overview

Rua Gold (TSXV:RUA,OTC:NZAUF,WKN:A4010V,OTCQB:NZAUF) is a gold exploration company focused on two prolific, historic gold-producing regions in New Zealand: Hauraki Goldfield and Reefton Goldfield. Both these regions boast of previous high-grade gold production, with more than 15 million ounces (Moz) produced in the Hauraki district and over 2 Moz in the Reefton Goldfield. New Zealand is a tier 1 mining jurisdiction with highly prospective geology, and a skilled workforce. The new government of New Zealand has committed to promoting economic growth through mining- and business-friendly policies, such as the Fast Track Approval Bill, which proposes quicker approval timelines for a range of projects, including mining.

Rua Gold solidified its position as the dominant Reefton Goldfield explorer with the acquisition of Reefton Resources, a 100 percent owned subsidiary of Siren Gold (ASX:SNG). The completion of the transaction expands Rua Gold’s tenement package to cover over 95 percent of the Reefton Goldfield.

New Zealand’s critical minerals list includes both gold and antimony, enhancing the significance of Rua Gold’s ongoing exploration campaign which revealed promising antimony potential. Rua Gold sits on the majority of New Zealand’s known antimony inventory, a strategic advantage that positions the Reefton Project to contribute substantial economic value while strengthening New Zealand’s critical mineral supply.

Rua Gold benefits from a team of professionals boasting extensive expertise in geology and mining. The company’s board of directors is led by Oliver Lennox-King (Fronteer, Roxgold), who has a successful track record developing projects and companies.

Company Highlights

• Rua Gold is a gold exploration company advancing two highly prospective land packages in New Zealand’s historic gold districts – the Hauraki Goldfield and the Reefton Goldfield.
• Premiere Mining Jurisdiction: New Zealand is recognized as a tier 1 mining jurisdiction, underpinned by proven high grade geology and a long history of gold production. The country hosts orogenic deposits (+9 Moz), epithermal sources (+15 Moz), and alluvial deposits (+22 Moz).
• Key Assets: The company’s portfolio includes the Reefton Goldfield on New Zealand’s South Island and the Glamorgan property on the North Island.
• Supportive Government Policy: The new government has prioritized economic growth, highlighted by the Fast Track Approval Bill, which enables mining permits to be granted in less than 6 months, the fastest permitting timeline in the world.
• High-Quality Prospects: Rua Gold’s projects feature both orogenic and epithermal gold systems with historical production grades ranging from 16 to 50 g/t gold.
• Exploration Programs: The company is fully permitted and financed, with multiple near-term catalysts. Active exploration is underway, including drilling programs at the Reefton district properties.
• Leadership Team: Rua Gold is led by a seasoned board and management team with deep regional knowledge and a strong track record of discovery success. With financing and permits secured, the company is well-positioned to unlock value and drive growth.

Key Projects

Reefton Goldfield

Rua Gold holds six project areas at the Reefton Goldfield: Northern, Capleston, Murray Creek, Ajax, Crushington, and Southern. The Reefton district has a rich history of gold production with over 2 Moz of gold recovered at 24.5 g/t. Among the noteworthy findings from recent years of exploration is the greenfield discovery of the Pactolus quartz vein. Assays have unveiled significant high-grade gold concentrations in this vein.

Rua Gold’s systematic exploration has highlighted the potential for the rejuvenation of this district in renewed opportunities around the historic high-grade gold deposits. Rua Gold completed an extensive assessment of the historical mines situated within the company’s tenements in the Reefton Goldfield, yielding five targets in the Murray Creek area.

Rua Gold has expanded its Reefton exploration program with a third drill rig and a planned 4,000 m of diamond drilling at Auld Creek in the coming months. The company is targeting a resource of >300,000 oz AuEq by the end of 2025 and positioning to enter New Zealand’s proposed fast-track permitting process. At Glamorgan, access agreements are underway, with surface work scheduled for Q3 2025 and drilling expected to begin in Q4 2025. Rua Gold is fully funded to execute this growth strategy, with a cash balance of US$14 million as of June 30, 2025.

Drilling at Auld Creek has returned high-grade intercepts, including 17 m @ 9.8 g/t AuEq (with 10 m @ 15.3 g/t AuEq) and 8 m @ 8.9 g/t AuEq (with 5 m @ 11.1 g/t AuEq). These results extend the vertical extent of the Fraternal shoot from 160 m to 300 m and strike length from 350 m to 620 m, with mineralization remaining open in all directions. Surface geochemistry suggests the system may continue for more than 2.5 km, underscoring significant potential for resource growth.

Glamorgan Project

The Glamorgan project comprises over 4,600 hectares in the Hauraki district on New Zealand’s North Island. Hauraki boasts of a substantial presence of high-grade gold and silver mining, with approximately 50 epithermal deposits mined since the 1860s. These deposits have yielded over 15 Moz of gold and 60 Moz of silver. Glamorgan has a 3.8 km zone displaying indications of gold mineralization, backed by soil and rock samples, suggesting the presence of an epithermal gold mineralized system at the property.

Glamorgan is located 2.8 kms north of Oceana Gold’s recent significant discovery at Wharekirauponga. The company has applied for a minimum impact access agreement with the New Zealand Department of Conservation. Once granted, the company will commence an exploration program that includes soil sampling, magnetic and resistivity geophysical surveys, and geological mapping.

Rua Gold completed the first phase of surface exploration on its Glamorgan epithermal gold prospect which identified two significant soil anomalies over 4 kms in length. Rua Gold also completed the second phase of surface exploration at its Glamorgan Project, an epithermal gold system located in the Hauraki Goldfield on New Zealand’s North Island.

The Hauraki Goldfield is a prolific epithermal gold province that has produced more than 15 million ounces of gold from over 50 historic mines. The Glamorgan Project sits adjacent to OceanaGold’s Wharekirauponga deposit, which hosts Indicated Mineral Resources of 1.4 Moz at 17.9 g/t Au and is expected to commence construction in the second half of 2025.

Management Team

Oliver Lennox-King – Non-executive Chairman

Oliver Lennox-King boasts a distinguished and extensive career within the mineral resource sector, encompassing a broad experience in financing, research, and marketing. Since 1992, he has occupied senior executive and board roles in various junior exploration and mining enterprises. Most recently, Lennox-King was the chairman of Roxgold from 2012 until July 2021, when it was sold for $1.2 billion to Fortuna. In addition to Roxgold, he also served as chairman of other notable firms, including Pangea Goldfields, Aurora Uranium, and Fronteer Gold.

Robert Eckford – CEO and Director

Robert Eckford is a certified professional accountant with significant expertise in mergers and acquisitions, accounting, finance, and commercial management within the mining sector. Most recently, he was co-founder and head of finance for Aris Mining, and prior to that, he had worked with international mining companies, including Barrick Gold, Yamana Gold, and Leagold Mining.

Simon Henderson – COO and Director

Simon Henderson is an exploration specialist and has over 40 years of experience, most of which is in New Zealand. He was part of the discovery team for several significant gold finds in New Zealand, such as Wharekirauponga. He maintains robust connections with key local stakeholders and the country’s permitting authorities.

Zeenat Lokhandwala – CFO and Corporate Secretary

Zeenat Lokhandwala brings over a decade of expertise in mergers and acquisitions, finance, accounting and taxation. She is the former CFO of Great Bear Royalties and director of finance at Great Bear Resources.

Brian Rodan – Director

Brian Rodan has more than 43 years of experience who is currently serving as Fellow of the Australian Institute of Mining and Metallurgy. Rodan is the founding director of Dacian Gold (ASX:DCN)

Mario Vetro – Director

Mario Vetro has extensive experience structuring and providing guidance to resource companies. He is the co-founder of K92 Mining and the proprietor of Commodity Partners.

Paul Criddle – Director

Paul Criddle has extensive experience constructing and overseeing gold mines in Australia and West Africa. He was formerly a chief operating officer for West Africa at Fortuna and also served as the COO for Azimuth and Perseus. He was previously the managing director at Matador Mining.

Tyron Breytenbach – Director

Tyron Breytenbach is a geologist with operational and capital markets experience. He is currently the CEO of Lithium Africa Resources. Previously, he was senior vice-president of Capital Markets at Aris Mining and served as managing director at Cormark Securities. Before transitioning to capital markets, Breytenbach spent a decade in the mining sector as a geologist, focusing on orogenic and epithermal gold deposits and specializing in resource estimation. He earned his BSc (Honours) degree from Rand Afrikaans University in South Africa and is a designated professional geologist in Ontario.

Simon Delander – Vice President, Risk, Stakeholder & Regulatory Affairs

Simon Delander brings over 25 years of experience in regulatory affairs, stakeholder engagement, and risk governance within the resource sector. Before joining Rua Gold, Delander served as vice-president at Endura Mining (formerly Federation Mining), where he successfully guided the company through the consenting process and built strong stakeholder relationships. He has also held senior positions with Evolution Mining and MMG, overseeing ESG frameworks and regulatory initiatives. Delander serves on the boards of the New Zealand Minerals Council, the New Zealand Mine Rescue Trust, and Terra Firma Mining Limited.