Josef Schachter of the Schachter Energy Report shares his outlook for oil and natural gas, including when he thinks the next buying opportunity will be for stocks.

He also discusses his upcoming Catch the Energy conference.

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

News Provided by Canada Newswire via QuoteMedia

(TheNewswire)

October 14, 2025 – TheNewswire – Vancouver, British Columbia, Canada JZR Gold Inc. (the ‘Company’ or ‘JZR’) (TSXV: JZR,OTC:JZRIF) is pleased to announce that it has been advised by ECO Mining Oil & Gaz Drilling and Exploration (EIRELI) (‘ECO’), the operator of the Vila Nova gold project (the ‘Vila Nova Gold Project’) located in the State of Amapa, Brazil, that it has produced its first gold concentrate from the fully permitted Vila Nova Gold Project. ECO has advised that the 800 tonne-per-day bulk sampling gravimetric mill is still undergoing further testing and optimization in order to improve efficiency and to increase the volume of material that will be processed. The Company will provide updates on the results of the tests and progress of the Vila Nova Gold Project as such information is received from ECO.

JZR possesses a 50% net profit interest (the ‘NPI’) in all profit generated from the Vila Nova Project. The NPI was acquired pursuant to a Joint Venture Royalty Agreement dated July 6, 2020, as amended on January 9, 2023, between the Company and ECO.

Robert Klenk, the Company’s CEO commented: ‘We are very excited with the progress at the Villa Nova Gold Project. In addition, ECO states it has begun stock-piling material at the Mill in anticipation of increasing the through-put of the Mill in the near future.’

For further information, please contact:

Robert Klenk
Chief Executive Officer
E: rob@jazzresources.ca
T: 604-329-9092

Forward looking statement

This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking statements in this news release include statements with respect to the Mill and anticipated production of gold. Forward-looking information reflects the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These factors include, but are not limited to: risks associated with the business of the Company: business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions: geopolitical risk and social unrest; changes in general economic conditions or conditions in the financial markets: and other risk factors as detailed from time to time in the Company’s continuous disclosure documents filed with the Canadian securities regulators. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the ‘U.S. Securities Act’), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or ‘V.S. persons’ (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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IsoEnergy (TSX:ISO,NYSE American:ISOU) is set to acquire Australia’s Toro Energy (ASX:TOE,OTC Pink:TOEYF) in an all-share deal that will consolidate two uranium developers into a single diversified platform as global nuclear demand surges and uranium prices continue to strengthen.

The merger brings Toro’s 100 percent-owned Wiluna uranium project in Western Australia into IsoEnergy’s development pipeline, adding a large, scoping-stage asset to the company’s holdings that already include the high-grade Hurricane deposit in Canada’s Athabasca Basin and several past-producing US mines.

Once combined, the pro forma company will hold total measured and indicated resources of 55.2 million pounds U3O8 and inferred resources of 4.9 million pounds.

“The Wiluna uranium project strengthens our portfolio with a large, previously permitted asset in a top-tier jurisdiction at a time when global nuclear demand is accelerating,” said Philip Williams, IsoEnergy’s CEO and Director.

Toro’s Wiluna project, which comprises the Centipede-Millipede, Lake Way, and Lake Maitland deposits, sits about 30 kilometers south of the town of Wiluna and represents one of Western Australia’s most advanced undeveloped uranium assets.

The merger will also broaden IsoEnergy’s presence in Australia, which ranks first globally in uranium resources and was among the top five producers in 2024.

Toro Executive Chairman Richard Homsany said the deal provides Toro shareholders the opportunity to be part of a larger, leading uranium company listed on the TSX and NYSE.

Following the transaction, Toro shareholders will hold about 7.1 percent of IsoEnergy’s fully diluted shares and will gain indirect exposure to IsoEnergy’s assets in Canada and the US, including the Hurricane deposit in Saskatchewan and the company’s Utah-based projects.

The merger comes amid a uranium market revival driven by renewed global interest in nuclear power as a clean energy source.

The World Nuclear Association’s 2025 Fuel Report projects uranium demand to rise by roughly 30 percent by 2030 and to more than double by 2040, as nations expand reactor fleets to meet decarbonization goals.

Pending approval of the scheme by Toro shareholders, expected in early 2026, the Australian company will be delisted from the ASX, while IsoEnergy’s shares will continue trading on the NYSE American and TSX.

The company noted that an eventual ASX listing for IsoEnergy may be considered but is not a condition of the transaction.

In a separate announcement last month, IsoEnergy also launched its 2025 US exploration program focused on its uranium projects in southeast Utah.

The initiative includes drilling ten rotary holes totaling 15,000 feet at the Flatiron claims near the historic Tony M mine, as well as fieldwork at the Daneros and Sage Plain projects.

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

Empire Metals Limited – MRE Confirms World Dominant Titanium Discovery

Empire Metals Limited, the AIM-quoted and OTCQX-traded exploration and development company, is pleased to report a maiden Mineral Resource Estimate (‘MRE’) at its Pitfield Project in Western Australia (‘Pitfield’ or the ‘Project’). The MRE is reported in accordance with the Joint Ore Reserves Committee (‘JORC’) 2012 Code (The Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves) and includes both Indicated and Inferred categories.

Highlights

• One of the largest and highest-grade titanium resources reported globally¹, totalling:

2.2 billion tonnes grading 5.1% TiO₂ for 113 million tonnes of contained TiO₂

• The MRE is reported only for Pitfield’s Thomas and Cosgrove deposits, and contains an in-situ Weathered Zone, inclusive of both the saprolite and weathered bedrock, of:

1.26 billion tonnes grading 5.2% TiO₂ for 65.6 million tonnes of contained TiO₂

• The MRE also includes a significant Indicated Resource category, predominantly at the Thomas deposit, of:

697 million tonnes grading 5.3% TiO₂ for 37.2 million tonnes contained TiO₂

• Multi-generational mine life: the Thomas and Cosgrove deposits that contain the MRE extend over 39km² and 20km² respectively, however they represent less than 20% of the known mineralised surface area. The underlying geophysical anomaly extends for kilometres below the extent of the current depth of drilling.
• High-grade, high-purity titanium mineralisation: occurs from surface, showing exceptional grade continuity along strike and down dip.
• Rapid Product Development Success: Conventional processing has already produced a high-purity product grading 99.25% TiO₂ with negligible impurities, suitable for titanium sponge metal or pigment production.
• Friable, in-situ weathered zone: contains naturally forming TiO₂ minerals, anatase and rutile, suitable for low-cost strip mining, with no overburden, no inter-burden, and no blasting required.
• Drilling at Thomas has defined a large, high-grade central core averaging circa 6% TiO₂ across a continuous 3.6km strike length and over 2km width, expected to provide sufficient feedstock for over 30 years of initial mine life.
• Further resource expansion planned: additional drilling is expected to increase the size of the maiden MRE and upgrade portions of the resource into Measured and Indicated categories.
• Strategically located with access to global markets: Pitfield benefits from excellent logistics, with existing rail links to deep-water ports providing direct shipping access to Asia, USA, Europe and Saudi Arabia, ensuring secure and efficient delivery to global titanium and critical mineral markets.

¹US Geological Survey, 2025 Summary Sheets, World Resources of Titanium Minerals.

Shaun Bunn, Managing Director, said:‘Pitfield is truly one of the natural geological wonders of the world: a district scale, giant titanium rich ore deposit which has remained hidden in plain sight until recently discovered by Empire. Credit goes to our talented exploration and technical team who have delivered one of the world’s largest titanium MRE, a metallurgical flowsheet and a saleable product, all within a remarkable short period of 30 months from our first drill hole.

‘The incredible success achieved to date has only spurred our team’s endeavours to untap the true potential of this phenomenal project and we remain focused on completing our processing optimisation testwork and moving rapidly into continuous piloting early next year. We have already commenced engineering, environmental and marketing studies which combined, will help confirm the commercial viability of Pitfield and form the basis for a Final Investment Decision.’

Pitfield Mineral Resource Statement (100% basis)

The Pitfield MRE incorporates the titanium mineralisation hosted within the interbedded succession of sandstones, siltstones and conglomerates as delineated through Diamond Core (‘DD’), Reverse Circulation (‘RC’) and Aircore (AC) drilling, that is supplemented with geophysical surveys, surface mapping and soil and rock chip sampling.

The Pitfield MRE is being reported in accordance with the 2012 JORC Code and estimated by a Competent Person as defined by the Code. The Pitfield MRE contains a high percentage of Indicated category, highlighting the confidence level of the resource within the maiden statement.

Notably, the MRE consists of two, distinct, high-grade, near-surface, in-situ weathered bedrock zones referred to as the Thomas and Cosgrove Deposits, which are defined by an area of 11.75km² and 2.9km² respectively (refer Figure 2). The MRE is within the larger Thomas and Cosgrove prospect areas of a combined area of 59km².

The MRE has been subdivided to show the potential mineralisation at each prospect separately. It has been further subdivided to show the range of mineralisation within the in-situ saprolite zone and weathered bedrock zones, both being enriched in titanium dioxide minerals (anatase and rutile) and extending from surface to an average depth of approximately 30m to 50m (Table 1). Additionally, the MRE includes the uppermost portion of the underlying fresh bedrock mineralisation, which is primarily enriched with the titanium mineral titanite, as well as some rutile and titanium-iron oxides, and is completely open at depth.

Table 1 below summarises the MRE for Pitfield’s Thomas and Cosgrove deposits effective as of 13 October 2025 on a 100% basis. Empire owns 70% of Pitfield in a Joint Venture (JV) with Century Minerals Pty Ltd, which holds the remaining 30% JV interest. Empire is manager of the JV and the sole operator of the Project. Snowden Optiro was engaged to prepare a geological resource model for the MRE for Empire on the Pitfield Project. The MRE was reviewed and signed off in accordance with the JORC Code (2012) by Andrew Faragher (MAusIMM), Exploration Manager for Empire.

Notes:

The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies occur due to rounding to appropriate significant figures. The MRE is reported above a 2.5% TiO₂ cut-off, constrained to aReasonable Prospects for Eventual Economic Extraction (RPEEE)pitshell.

About the Pitfield Project

Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region’s capital and major port. Western Australia is a Tier 1 mining jurisdiction, with mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 1).

Thomas and Cosgrove MRE

The MRE has been completed on the Thomas and Cosgrove Deposits, which are located approximately 10km south-west and north-west of the town of Three Springs respectively. The Thomas Deposit has significantly more drill holes then the Cosgrove Deposit, due to the extensive drilling programme that was completed there in July 2025 (announced 8 July 2025). The greater drilling density at Thomas has resulted in a far larger MRE at Thomas than at Cosgrove, however further MRE grid drilling (AC/RC) is planned at Cosgrove over the next six months. Further infill MRE drilling at the Thomas Deposit (AC/RC) is scheduled for Q1/Q2 CY 2026 with drill holes to be drilled on existing cleared track lines within native vegetation areas under a standard clearance permit, while diamond drilling is scheduled in Q4 CY 2025 at Thomas focused on metallurgical and geotechnical work.

It is important to note that the maiden MRE presented herein is constrained by only the current number and density of drill holes and not currently by geology or extent of TiO₂ mineralisation. Additional resource development drilling is planned that is fully anticipated to both enlarge this maiden MRE but also provide for more higher confidence category tonnages, including both Measured and Indicated categories. This maiden MRE provides, without constraint, the basis for the preliminary engineering and economic studies that are underway.

Geology and Mineralisation Style

Pitfield lies in a unique geological setting along the western boundary of the Yilgarn Craton, within the Yandanooka Basin which consists mainly of interbedded sandstones, siltstone and conglomerates. The Basin is situated between the Eurella Fault to the west and the Darling Range Fault to the east, and is interpreted to be approximately 9km deep. Crustal mapping by Geoscience Australia shows there are several deep crustal faults intersecting beneath the Yandanooka Basin and these faults are potentially the conduits of hydrothermal fluids that have strongly altered the host sediments and provided an upgrade to the titanium mineralisation.

The titanium mineralisation is associated predominantly with anatase and rutile in the weathered cap and titanite and rutile in the underlying fresh bedrock. Three distinct events have controlled the formation and nature of the titanium mineralisation. A Ti-rich magmatic intrusion was initially formed, uplifted and eroded into a shallow basin whereby titanium minerals were concentrated into beds as the sediments were sorted by a natural density-based segregation on a significantly larger extent than occurs in surficial mineral sand type deposits. A subsequent hydrothermal event and regional greenschist metamorphism then altered the host sediments and titanium minerals within the sediments and produced an alteration assemblage dominated by titanite (CaTiSiO5), hematite, epidote, carbonate and chlorite. The titanium mineralisation was further upgraded by intense weathering altering the titanite to anatase by removal of the calcium and silica. The consequence of this geological history has been the upgrading of TiO₂ content in the ore mineralogy ultimately to >95% TiO₂ in the anatase found in the weathered cap. Uniquely, nature has in fact done much of the processing for Empire at Pitfield.

The mineralisation is completely stratabound and the best mineralisation is found within the weathered cap whereby the sandstones, siltstone and conglomerates have been altered to saprolite, predominantly quartz and kaolin and the titanite has altered to anatase (TiO₂). The weathered bedrock consists of altered rock, but weathering is less intense, quartz and kaolin are predominant but as the weathering profile turns to fresher material there is an increase in chlorite, epidote, mica, hematite and carbonate; the anatase content decreases and the titanite content increases.

The Pitfield MRE incorporates the Thomas and Cosgrove Deposits. Both Thomas and Cosgrove deposits (see Figures 2, 3 & 4) have near-surface, high-grade mineralisation that contains significant quantities of Indicated Mineral Resources. Thomas and Cosgrove both have large, high-grade central cores as per the Block Model. This in-situ weathered cap at Thomas alone would be sufficient to provide adequate feed for the first of several generational mine lives.

Drilling Techniques

Drilling was undertaken between 2023 and 2025 with all drilling managed entirely by Empire using contractors. RC holes were drilled at a diameter of 146mm, AC holes were drilled at a diameter of 90mm or 76mm. Diamond core holes were drilled using PQ3 (85mm,) HQ3 (61mm) or NQ2 (51mm) equipment. Drill core was oriented using the industry standard Reflex orientation tool.

Twin drilling was conducted between five drillhole pairs for a comparison of air core to both diamond and reverse circulation with little difference between the grade of the RC and AC twin drillholes.

Since commencing the maiden drilling campaign at Pitfield on 27 March 2023, Empire has completed 382 drill holes for a total 32,256 metres comprising:

• 17 DD drill holes for 2,704 m
• 140 RC drill holes for 18,764 m
• 225 AC drill holes for 10,797 m.

Sampling Techniques

Sampling at Thomas and Cosgrove utilised standard procedures employed across all drilling methods, with samples considered representative for the purposes of reporting.

• Air core (AC) samples were collected directly from an AC drill rig using a cone splitter at intervals every 2m downhole.
• Reverse circulation (RC) samples were collected directly from an RC drill rig using a cone splitter at intervals every 2m downhole.
• Diamond core samples were taken from the diamond core (HQ and NQ) that was sawn in half, with half going for assay and other half retained in core tray. Hole drilled with PQ, predominantly for metallurgical samples, were cut in half and then one half cut in quarter. The quarter was sent for assay and the remaining three quarters retained for metallurgical sampling. Samples were taken based on the geological logging of the drill holes.

Sample Preparation and Assay

Sample preparation for all AC, RC and DD samples was undertaken at Intertek Minerals laboratory in Maddington WA, where the samples received were sorted and dried. Primary preparation for diamond core samples was to crush each sample in its entirety to 3mm. AC and RC samples were primarily crushed to 3mm. Larger volume samples (>5kg) were split with a riffle splitter. All samples were pulverised via robotic pulveriser. Internal screen sizing QAQC is done at 90% passing 75um.

Prior to October 2024 a 4-acid digestion was used with ICP-MS finish (procedure 4A/MS48) as the initial assay technique. If the initial Ti values exceeded 2% Ti, the samples were re-assayed using a borate fusion digestion to ensure complete dissolution of Ti-bearing minerals, with a ICP-OES analytical finish (procedure FP1/OM).

In October 2024 the analytical methodology was modified to reduce the number of initial elements analysed to 33. The samples underwent a 4-acid digestion and were analysed by ICP-OES finish (procedure 4A/OE33). All samples with initial values exceeding 2% Ti were analysed again with an ICP-OES finish, but with a borate fusion digestion to ensure complete sample dissolution and total TiO₂ mineral assaying.

Certified analytical standards were inserted with sample numbers ending in 00, 25, 50 and 75 within the numbering sequence for all AC, RC and DD samples.

Duplicates were inserted with sample numbers ending in 20, 40, 60 and 80 sample numbers within the numbering sequence for all AC and RC samples.

Bulk Density

A total of 42 bulk density values were collected from diamond drill core from both Thomas and Cosgrove; the samples came from the saprolite, weathered bedrock and fresh bedrock zones and were sent to Terra Petrophysics in O’Connor, Perth. The density determinations were made using conventional laboratory procedures. The buoyancy (specific gravity) method is used to determine bulk rock densities, after the samples are saturated with distilled water for 24 hours. Dry bulk densities are determined by dry weight divided by the buoyancy determined volume of each sample. Porosities are calculated from water saturated weights, dry weights, and the buoyancy-determined volume.

The accuracy of the buoyancy technique of density measurement is better than 0.1 grams per cubic centimetre. The results of the laboratory density determinations are reported in grams per cubic centimetre.

Estimation Methodology

Geological interpretation was completed using Leapfrog Geo (v 2025.2.1) software to construct a material type (cover, saprolite, weathered and fresh rock domains) model, which used a combination of geological logging and element geochemical data. A further geological model representing the principle lithological units was constructed using logging codes to represent the Yandanooka sandstone and interbedded conglomerate units present at both deposits. Mineralisation domains were defined using a lower modelling cut-off approximating a 2% TiO₂ threshold, with a clear northwest-southeast trending boundary striking through both the Cosgrove and Thomas deposits.

Exploratory data analysis was then conducted by reviewing multi-element geochemical relationships for TiO₂ with Al, Fe, Ca, Mg, K and Na in each of the forementioned domains. Estimation domains were defined based on weathering intensity and above and below the TiO₂ modelling cut-off.

Drillholes were composited to 2m increments, representing the typical sampling interval used. Geostatistical analysis and grade continuity modelling was reviewed using Datamine’s Snowden Supervisor Software (v8.15.2) and estimation conducted using Datamine’s Studio RM Pro (v2.1.125.0).

The TiO₂ grade was estimated using ordinary kriging, employing a three-pass estimation strategy within parent blocks measuring 50 m(X) by 50 m(Y) by 10 m(RL). Sub-blocking was permitted to 2m in all directions.

Variograms were modelled separately for each deposit using normal scores transformed data, which was back-transformed on export. At Thomas, the nugget effect was modelled at <20% of total variance, with the remaining three structures modelled at 155m (0.31), 285m (0.11), and 535m (0.41). The variogram is aligned 000->345 for the major direction, 00->255 for the semi-major and 90->000 for the minor (vertical). Cosgrove has less data outside of the closely spaced drill area. At Cosgrove, the nugget effect accounted for approximately 25% of variance of the data. The remaining two structures were modelled at 125m (0.316) and 375m (0.435). The orientations were like Thomas, however favoured a slight rotation of the major to 00->340 was used, with 00->070 for the semi-major and 90->00 for the minor.

Density was assigned to the parent blocks based on bulk densities determined form the Archimedes water immersion method, conducted at Terra Resources. A total of 40 samples from both deposits were submitted across all weathering types. Density were assigned to the block model on the basis of material type, as per Table 3 below.

Due to the size of the deposits, any un-estimated blocks were hard-coded and were flagged in the model by way of an indicator variable and excluded from classified Mineral Resources.

Cut-off grade(s) and basis of selection

A cut-off grade of 2.5% TiO₂ was used and determined from optimisation studies which indicated a break-even cut-off of 2.36% TiO₂. Grade and tonnes have been reported within a constrained pit shell reported from a Whittle optimisation. The underlying parameters are listed in Table 4.

This decision was based on a high-level preliminary evaluation of potential modifying factors.

NB* Calculation derived from Total ore cost / (Process recovery*(Price*(1-Royalty)-Product Transport))*100

See JORC Table 1 Section 2 for more detailed explanation.

Future Drilling to Support MRE Upgrade in 2026

The MRE model is currently being reviewed to ensure future drilling supports an MRE upgrade in mid CY 2026, focused on conversion of some Indicated Resources to Measured at Thomas and Cosgrove deposits. This MRE upgrade would further assist with mine development planning, as well as growth in the overall resource from a substantial Cosgrove MRE grid drilling and Thomas infill drilling programmes, further bulk density work to increase density figure used and ongoing metallurgical test work focused on determining a final process flow sheet and end product specifications.

The Mineral Resource Estimate for Cosgrove is estimated based on the limited drilling completed to date, with no MRE grid drilling completed on a large scale.

The Company has lodged a Programme of Works with the WA government’s Department of Mining, Petroleum and Exploration to support an extensive grid drill out of the Cosgrove Deposit over the next six months. The grid drilling will be designed primarily based on the Thomas MRE grid drilling, being AC drilling on a 400m by 200m lines over a 2km by 5km area and infill RC drilling.

The Company plans to use this planned drilling as a basis to upgrade and expand the Cosgrove MRE.

Further drilling at the Thomas Deposit is being reviewed on the basis of increasing confidence in the weathered zone to support future scoping studies. The Company will base any future drilling at the Thomas Deposit on the ability to increase the confidence of the resource, i.e. targeting a Measured Classification Resource, as well as to increase the size of the resource by additional grid drilling, both internally within the resource (i.e. in areas that have not yet been infill drilled) and also outside the extent of the resource. The focus on Thomas will be the existing high grade core of the resource which sits withing the existing Thomas MRE.

Classification

The MRE has been classified following the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 (the JORC Code). The MRE has been classified as Inferred and Indicated on the basis of confidence in geological and grade continuity, the quality of the sampling and assay data, and confidence in the estimation of titanium across the deposit. This is based on the robustness of the grade estimate as determined from the drillhole spacing, geological confidence and grade continuity.

Mineralogy and Metallurgical Factors or Assumptions

The main titanium minerals at Pitfield are anatase (TiO₂) within the saprolite and weathered bedrock and titanite (CaTiSiO₅) within the fresh bedrock, rutile (TiO₂) is found within all rock types. The minerals have been identified from thin section petrography, SEM and microprobe work. The microprobe work has identified that there are no deleterious elements within the anatase, rutile or titanite.

Metallurgical testwork has been undertaken on a range of samples from the exploration programme. The focus of the testwork has been on the weathered zones, as this is near-surface and extensive. There has been some limited testwork in the underlying fresh bedrock zone and this will continue in subsequent testwork programmes as the flowsheet details start to be confirmed. It is likely that only small modification to the process flowsheet would be required in order to treat the fresh bedrock ore, this assumption will be tested as the project progresses.

Multiple samples from DD core drilling and AC drilling programmes have been selected for metallurgical testwork. Testwork is being managed by Empire’s technical team and being undertaken at a number of commercial laboratories in Perth, Western Australia. The programme has three key areas:

• Understanding the mineralogy and physical characteristics of the mineralisation that influence metallurgical performance
• Mineral separation process development
• Elemental extraction process development

Progress results have been reported previously via RNS, including most recently:

• ‘Breakthrough in Process development’ (28/08/25)
• ‘Exceptional High-Purity TiO₂ Product Achieved’ (09/06/25)
• ‘Significant Progress Achieved on Process Flowsheet’ (13/02/25)

Competent Person Statement

The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

The scientific and technical information in this report that relates to process metallurgy is based on information reviewed by Ms Narelle Marriott, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Ms Marriott is a member of the AusIMM and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Ms. Marriott consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

**ENDS**

For further information please visit www.empiremetals.co.uk or contact:

About Empire Metals Limited

Empire Metals Ltd (AIM:EEE)(OTCQX:EPMLF) is an exploration and resource development company focused on the rapid commercialisation of the Pitfield Titanium Project, located in Western Australia. The titanium discovery at Pitfield is of unprecedented scale, and hosts one of the largest and highest-grade titanium resources reported globally, with a Mineral Resource Estimate (MRE) totalling 2.2 billion tonnes grading 5.1% TiO₂ for 113 million tonnes of contained TiO₂.

The MRE, which covers only the Thomas and Cosgrove deposits, includes a weathered zone resource of 1.26 billion tonnes at 5.2% TiO₂ and a significant Indicated Resource of 697 million tonnes at 5.3% TiO₂, predominantly from the Thomas deposit. Titanium mineralisation at Pitfield occurs from surface and displays exceptional grade continuity along strike and down dip. The MRE extends across just 20% of the known mineralised footprint, providing substantial potential for further resource expansion.

Conventional processing has already produced a high-purity product grading 99.25% TiO₂, suitable for titanium sponge metal or pigment feedstock. The friable, in-situ weathered zone supports low-cost, strip mining without the need for blasting or overburden removal.

With excellent logistics and established infrastructure, including rail links to deep-water ports with direct access to Asia, the USA, Europe and Saudi Arabia, Pitfield is strategically positioned to supply the growing global demand for titanium and other critical minerals.

Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal and/or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.

The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.

Source

Click here to connect with Empire Metals Limited (LON:EEE)(OTCQX:EPMLF), to receive an Investor Presentation

Silver Hammer Mining Corp. (CSE: HAMR) (the ‘Company‘ or ‘Silver Hammer‘) is pleased to announce that, on October 10, 2025, the Company received an updated exploration drill permit for its 100%-controlled Silverton Project in Nye County, Nevada and has subsequently posted its reclamation bond with the United States Bureau of Land Management. The Company is now finalizing its selection from various drill contractors to complete a fully funded, exploration drill program of up to 5,000 feet in up to eight (8) reverse circulation (‘RC’) holes and anticipates drilling will commence in the latter part of October to early November 2025. The Company plans to announce further news related to the Silverton drill program as we finalize the program timing and final scope of work.

‘Silver Hammer acquired 100% of the Silverton Project in 2021, and has only completed surface exploration which included trenching, sampling and geophysics while the Company focused efforts on its 100% controlled Silver Strand project in Idaho and its larger-scale and 100% controlled high-grade Eliza Silver Project, where five historical mines are situated. The Company is excited to finally test below the near-surface historical Silverton underground workings, a high-grade silver mine which last saw production in the early 1950s, and with the goal to determine what the old silver miners potentially missed below the existing workings nearly 80 years ago,’ commented Peter A. Ball, President & CEO. ‘It will be a busy year ahead as we look to drill test under potentially all seven (7) high-grade, historic silver mines. The Company is also positioned well in a current and robust silver market pushing over US$50 per ounce, and the recent completion of a fully subscribed private placement. The Company is also reviewing interesting accretive projects that have recently been presented to our team for acquisition, joint venture and corporate opportunities.’

Projects Overview:

Silverton Project, Nevada

Silver Hammer has identified several targets at its Silverton Project and currently has multiple drill targets identified. The Company’s technical team has ranked and prioritized the key targets at Silverton designed to initially test the mineralized area proximal to, and under, the historic high-grade, near surface mine workings with up to eight (8) RC drill holes, totalling up to 5,000 feet.

A potential subsequent Phase II drill program, based on the results of Phase I, would be designed to test extensions of any new mineralization. The drill program is designed to test primarily for down-dip continuity of the high-grade silver mineralization previously mined in the 1930s and 1950s.

Previous Company exploration work, including rock and soil sampling, geologic mapping and satellite imagery, provided evidence for two separate mineralized systems: and eastern, gold-dominant system and a western, silver-dominant system. Prior exploration on the volcanic-hosted, gold system returned grades ranging from 0.06 grams per tonne (‘g/t’) to 6.1 g/t gold (‘Au’). The silver dominated mineral system is hosted by silicified limestone with grades ranging from 0.32 g/t silver (‘Ag’) to 692 g/t Ag, from Company exploration work (please refer to the Company’s press release dated Nov 29, 2021 for previous disclosure).

Silver was discovered at the Silverton Mine in 1921. Small-scale production is recorded from the 1930s and the mine produced its last shipment in 1953, totalling less than 100,000 tons, with historic production grades ranging from 300 g/t Ag to 933 g/t Ag (Source: westernmininghistory.com and thediggings.com). In addition to the identified 100 foot shaft and underground workings (five known adits), the area to the west and the north of the mine shaft has been the subject of only surface exploration comprised of numerous small test pits and trenches. In-situ rock samples by the Company (chip and channel) returned silver grades, up to 692 g/t Ag, with a further six samples having returned over 100 g/t Ag, from this Central Zone from past mining, pitting and trenching; the Central Zone measures approximately 1,000 feet in diameter (refer to Figure 1).

Figure 1: Silverton Mine, Project Geology and Exploration Map Fall 2025

To view an enhanced version of this graphic, please visit:
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The Silverton Mine Silver Project is situated within the Williams Ridge Caldera, near its eastern rim. The caldera is a large-scale structure, over 30 miles in diameter, with ring faults, radial faults and low-angle faults providing ample conduits for hydrothermal solutions following the Tertiary eruption of rhyolitic magmas, forming ash-flow tuffs within the caldera structure. The lithologic unit overlying the caldera magma chamber was thick Devonian sedimentary units, predominantly dolomite, with intercalated arenite, a setting which may be prospective for CRD-type mineral occurrence in the carbonates and epithermal-type in the tuff units.

Alteration noted in area has been mapped as pervasive weak silicification in the Devonian-aged carbonate units and weak argillic in the Tertiary-aged tuffs. Alteration intensifies in two areas of the property, in the vicinity of mapped faults and shears:

• In the western portion of the property, in the Central Zone, in proximity of the intersection of the N-S Silverton and the E-W Basin Faults, silicification comprises veins, zones of stockwork and occurrences of jasperoid with significant silver mineralization – the primary drill target.
• In the eastern portion of the property an area of quartz veinlets and extensive jasperoid alteration with gold mineralization forms a secondary exploration target.

Qualified Person

The scientific and technical aspects of this press release have been reviewed and approved under the supervision of Damir Cukor, P.Geo. Mr. Cukor is a Qualified Person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects and as a consultant for the Company as Technical Director – Projects.

Silver Hammer also announces, that further to its news release of September 15, 2025, the Company has issued an aggregate of 1,500,000 common shares (the ‘Shares’) of the Company having a deemed value of C$0.0837 per Share to settle a debt of US$90,684 pursuant to past consulting completed by a former service provider to the Company. The shares are subject to resale restrictions, including a four-month hold period under applicable Canadian securities laws.

About Silver Hammer Mining Corp.

Silver Hammer Mining Corp. is a junior resource company focused on advancing past-producing high-grade silver projects in the United States. Silver Hammer controls 100% of seven previously producing silver mines which are located within the Silver Strand Project in the Coeur d’Alene Mining District in Idaho, USA, and within the Eliza Silver Project and the Silverton Silver Mine in Nevada. The Company also controls the Lacy Gold Project in British Columbia, Canada. Silver Hammer’s primary focus is to explore, define and develop silver projects near past-producing mines that have not been adequately tested. The Company’s portfolio also provides exposure to copper and gold.

On Behalf of the Board of Silver Hammer Mining Corp.

Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com

For investor relations inquiries, contact:

Peter A. Ball
President & CEO
778.344.4653
E: investors@silverhammermining.com

Forward Looking Information

This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. Forward-looking information in this press release includes, without limitation, statements relating to the Offering, the intended use of proceeds from the Offering, and other statements which are subject to a number of conditions, as described elsewhere in this news release. These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the mining industry, commodity prices, market conditions, general economic factors, management’s ability to manage and to operate the business, and explore and develop the projects of the Company, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of the Company may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assume no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

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