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Top 5 Small-cap Pharma Stocks of 2025 (Updated January 2025)

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Today’s pharmaceutical market is facing the challenges of inflation, government-imposed drug price caps and waning demand for COVID-19 vaccines. However, the industry’s major underlying drivers — higher rates of cancer and chronic diseases — are still at play.

The US reigns supreme in the pharma market, both in terms of drug demand and development. In 2024, 50 novel medicines were approved by the US Food and Drug Administration (FDA), compared to 55 such approvals in 2023. Last year’s FDA approvals for pharmaceuticals included Eli Lilly and Company’s (NYSE:LLY) Alzheimer’s disease treatment Kisunla (donanemab-azbt).

Big pharma largely stole the show throughout the course of the past year, but a number of small- and mid-cap NASDAQ pharma stocks have also made gains.

1. Chimerix (NASDAQ:CMRX)

Year-over-year gain: 239.49 percent
Market cap: US$297.69 million
Share price: US$3.31

Chimerix is a clinical-stage company developing medicines to improve the quality of life for patients facing deadly diseases. Its most advanced drug development program is ONC201 (dordaviprone), which is in development for recurrent H3 K27M-mutant glioma, a lethal form of brain cancer.

After trading mostly sideways for much of the past year, shares of Chimerix received a big boost late in the fourth quarter of 2024 as the company reached important milestones in its drug development program. The stock jumped more than 217 percent on December 10 to US$2.76, one day after Chimerix announced it would submit a New Drug Application for accelerated approval of dordaviprone to the FDA before the end of the year.

The company’s stock price continued to gain momentum in the following weeks to push past the US$3 mark by December 23. The day following Chimerix’ December 30 press release confirming it had completed the submission process, the stock reached US$3.48 per share.

“With this submission, we now turn our attention to preparing for potential commercial launch in the U.S. next year,” stated Chimerix CEO Mike Andriole.

Chimerix shares hit a yearly high of US$3.66 on January 7, 2025.

2. Eton Pharmaceuticals (NASDAQ:ETON)

Year-over-year gain: 195.98 percent
Market cap: US$372.89 million
Share price: US$14.00

Eton Pharmaceuticals is developing and commercializing treatments for ultra-rare diseases. Its commercial portfolio of rare disease products includes Alkindi Sprinkle, Increlex, PKU Golike and multiple FDA-approved generic bioequivalents. The company also has several product candidates in late-stage development: hydrocortisone oral solution ET-400, ET-600 for diabetes insipidus and the ZENEO hydrocortisone autoinjector.

Eton’s share price performed exceptionally well in the second half of 2024 and into the first few weeks of 2025 on robust quarterly financials, acquisitions and key milestones.

The stock made steady gains following the release of the company’s Q2 2024 financial report in early August. The quarter brought royalty revenue of US$9.1 million and a 40 percent increase in product sales over Q2 2023, representing “the 14th straight quarter of sequential product sales growth.” Shares in Eton climbed by more than 65 percent to US$6.00 by the end of Q3.

In early October, the company announced the acquisition of Increlex, a medication used in the treatment of pediatric patients with severe IGF-1 deficiency, from French biopharma company Ispen. By the end of the month, Eton’s stock reached a value of US$8.62 per share.

November was a busy month for positive news flow out of Eton. The company was awarded a second patent for its liquid formulation of hydrocortisone on November 7. A few days later, its Q3 2024 report highlighted another consecutive quarter of growth in product sales, up 40 percent year-over-year. Eton closed out the month with the acquisition of the US rights to Amglidia for the treatment of neonatal diabetes mellitus from French biotech firm AMMTeK.

By the end of November, Eton’s stock price had surged to US$13.53 per share. The stock reached its highest yearly value of US$14.31 on January 2, 2025. The next day, Eton announced the acquisition of Galzin, an FDA-approved treatment for patients with Wilson disease, which it plans to begin commercializing in the US early this year.

3. Corvus Pharmaceuticals (NASDAQ:CRVS)

Year-over-year gain: 139.63 percent
Market cap: US$334.14 million
Share price: US$5.20

Corvus Pharmaceuticals is a clinical-stage biopharma company developing an immunotherapy platform based on ITK inhibition for the treatment of various cancer and immune diseases. The company’s lead product candidate is soquelitinib, an investigational small molecule drug that selectively inhibits ITK and is delivered orally.

Corvus is another NASDAQ pharma stock that saw significant gains in the last half of 2024.

The growth in its share price got its first major boost in early August when the FDA granted fast track designation to soquelitinib ‘for the treatment of adult patients with relapsed or refractory peripheral T cell lymphoma after at least two lines of systemic therapy.’ By the end of the month, shares in Corvus had grown by nearly 50 percent to US$4.48.

Corvus’ stock value received another bump to the upside following the September 10 announcement it had initiated registration in its Phase 3 clinical trial of soquelitinib for the aforementioned indication. Shares in the company reached what was then their highest point of US$5.91 on September 20, and continued to gain value throughout the following weeks to hit a current yearly high of US$9.56 on November 11.

4. ATyr Pharma (NASDAQ:ATYR)

Year-over-year gain: 110.9 percent
Market cap: US$276.17 million
Share price: US$3.29

ATyr Pharma is using its proprietary tRNA synthetase platform, which includes a library of domains derived from all 20 tRNA synthetases, to develop new therapies for fibrosis and inflammation. The company’s lead therapeutic candidate is efzofitimod, a first-in-class biologic immunomodulator targeting interstitial lung disease.

The fourth quarter of 2024 was very good to aTyr’s stock value, and it has continued to perform well into January 2025.

In early October, aTyr Pharma announced the publication of an analysis of the Phase 1b/2a clinical trial of efzofitimod in patients with pulmonary sarcoidosis, a major form of interstitial lung disease, in the European Respiratory Journal.

Shares in aTyr Pharma climbed by more than 92 percent through the month to a then yearly high of US$3.35 on October 22.

On December 10, the company shared its third positive safety review of its ongoing Phase 3 EFZO-FIT study of efzofitimod in patients with pulmonary sarcoidosis. Shares of the company hit their highest yearly value of US$3.98 on January 3.

5. Inhibikase Therapeutics (NASDAQ:IKT)

Company Profile

Year-over-year gain: 90 percent
Market cap: US$178.73 million
Share price: US$2.66

Inhibikase Therapeutics is developing protein kinase inhibitor therapeutics for modifying the course of cardiopulmonary and neurodegenerative disease through Abl kinase inhibition. Its two leading drug candidates are IkT-001Pro, a prodrug of imatinib mesylate, for pulmonary arterial hypertension with fewer on-dosing side-effects; and risvodetinib, a selective c-Abl inhibitor to treat Parkinson’s and Parkinson’s-related disease.

In late October, Inhibikase closed on an approximately US$110 million private placement, which with the full cash exercise of accompanying warrants could lead to a potential aggregate financing of up to approximately US$275 million before deducting fees and expenses. The company intends to use the funds in part for its Phase 2b 702 trial for IkT-001Pro in pulmonary arterial hypertension.

Shares of Inhibikase reached a yearly high of US$3.97 on December 17.

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

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Rare Earths Market Forecast: Top Trends for Rare Earths in 2025

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Rare earths prices saw some gains in May 2024, fueled by positive sentiment over consumer demand in China.

While both dysprosium (Dy) and neodymium-praseodymium (NdPr) oxides benefited from this positivity, Benchmark Mineral Intelligence notes that Dy oxides registered the largest gain, moving 10 percent high month-on-month.

“This was the first-time rare earths prices had recovered after a continuous decline (in 2023), but after a brief recovery, prices are now falling again,” Benchmark pricing and data analyst George Ingall said in a May report.

The move for Dy oxides was more pronounced as the market is smaller. NdPr oxide was up a more moderate 0.6 percent.

Muted demand has weighed on prices, but year-on-year increases in mine supply have also capped price growth.

Global rare earths output has rapidly risen from 240,000 metric tons in 2020 to 350,000 metric tons in 2023, according to US Geological Survey data. The lion’s share of rare earth production continues to be dominated by China, a factor that remains relevant for the industry as the Asian nation continues to flex its control.

East vs. west divide still key for rare earths

Rare earths, which are essential in various high-tech applications, including electric vehicles (EVs), wind turbines and electronics, have become a political pawn between the east and west.

Currently, China and the US are locked in a geopolitical struggle over rare earths, with tensions mounting.

In late 2023, China imposed bans on exporting technologies for rare earths processing, tightening its grip on the global supply chain. By mid-2024, reports were circulating that the country’s State Council would introduce stricter regulations on domestic rare earths mining, smelting and trading, effective October 1, 2024. The rules would declare rare earth resources state-owned and require companies to maintain detailed records in a traceability system.

The US responded with tariffs on Chinese EVs and critical minerals, aiming to counter China’s dominance while bolstering domestic production. These measures underscore escalating tensions, with both nations prioritizing strategic control over rare earths amid growing demand for green technologies and national security needs.

“There is a potential fork in the path regarding critical materials, more broadly, and rare earths, in particular, when it comes to overall trade strategy between western nations and China,” he said via email.

“By my calculations, if we maintain an integrated trade structure, then, together, we will probably be able to provide sufficient quantities of both NdPr and DyTb (dysprosium-terbium) to achieve our goals in both the automotive and clean energy sectors; NdPr is easy, DyTb is harder, but it can be done.”

However, if western nations decide they want to exclude China they will face shortfalls.

“If we decide to go our own way in the west, then we can likely deliver enough NdPr to do what we need to do. (But) we are unlikely to make enough DyTb to enable the intended use of all that NdPr,’ he noted.

Hykawy also took aim at governments not recognizing the increasing importance of DyTb.

“At present, there is some noise and support for ‘rare earths,’ but no one in government seems to understand that the critical materials out of the lanthanide elements is shifting from NdPr to DyTb. Without that realization, the steps that are being taken are not mitigating the correct risks,” he said.

Ex-China rare earths supply in the works

To combat China’s hold on the rare earths sector, the US is heavily investing in the space.

In April 2024, the US Department of Energy earmarked US$17.5 million for four rare earths and critical minerals and materials processing technologies using coal and coal by-products as feedstocks.

“In addition, the US government has provided financing for rare earth processing facilities under development by existing rare earth producers to be located in the US, along with NdFeB (neodymium-iron-boron) magnet production facilities.”

To bolster domestic magnet production against Chinese competition, the US government plans to impose a 25 percent tariff on NdFeB magnet imports from China starting in 2026.

However, since most NdFeB magnets are already embedded in components imported by US manufacturers, the tariff is expected to affect only a small fraction of the country’s overall NdFeB magnet consumption, Merriman said.

As the US looks to build out a domestic rare earths supply chain, China has sought to fortify its own.

“China has also taken action to reduce supply chain risk for rare earths, both at the sourcing of feedstocks and the downstream finished product stage,” he said. “China via state-owned companies has invested in several foreign rare earth operations to diversify the origin of rare earth feedstocks, particularly for heavy rare earth rich feeds.”

As Merriman pointed out, the diversification has been propelled by sourcing issues in 2024.

“The risk of China’s current feedstock sources has been highlighted in 2024 with disruption to feedstock supplies from Myanmar, which accounted for >40 percent of global mine supply of dysprosium and terbium,” he said.

In October, rare earths supply was interrupted when Myanmar’s Kachin Independence Army seized Panwa, a key rare earths mining hub, following the earlier capture of Chipwe.

The two towns in Kachin state, near China’s Yunnan province, are critical suppliers of rare earth oxides to China.

“Chinese imports of raw materials from Myanmar were 40,000 tonnes during the first nine months of 2024,” If that production drops out, there will be a big impact on (heavy) rare earth prices,” Thomas Kruemmer, founder of the Rare Earths Observer, told Fastmarkets.

Rare earths project pipeline facing fragility

Depressed prices through 2023 have weighed on explorers and developers as new projects are financially unviable.

“There are several projects which are at advanced stages of development, though few are able to compete on a cost basis with fully integrated and state-owned operators in China,” said Merriman.

“Financing, metallurgical test work and the development of a sizable terminal market outside of China for semi-refined rare earth products are all barriers to the development of several rare earth projects.”

Weak markets are often fertile ground for M&A and deals, and 2024 saw some notable ones.

In June, Astron (ASX:ATR) and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) completed the establishment of a joint venture to advance the Australia-based Donald rare earths and mineral sands project.

Since the agreement was penned, development activities at Donald have progressed, including work related to process plant engineering, auxiliary infrastructure, contract tendering and permitting and approvals.

In September, Defense Metals (TSXV:DEFN,OTCQB:DFMTF) signed a memorandum of understanding with the Saskatchewan Research Council (SRC) to support the development of a domestic rare earths supply chain.

Defense Metals and the SRC will explore collaborations on rare earth processing and supply, including using SRC’s proprietary separation technology for Defense Metals’ products. They aim to negotiate a long-term supply agreement as Defense Metals advances its Wicheeda rare earths project in BC, Canada.

As the year drew to a close, Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF) received a US$1.8 million payment from the US Department of Defense on December 13. The funding will support Ucore’s subsidiary, Innovation Metals, in demonstrating its RapidSX rare earths separation technology at a commercial demonstration facility in Kingston, Ontario.

What factors will affect rare earths in 2025?

In 2025, Merriman sees China’s continued rare earths dominance as a key driver for the sector.

“China maintains a strong influence over rare earth pricing, with most international prices for rare-earth trades being based in some way upon Chinese domestic pricing. China has long sought price stability for key rare earths, allowing downstream value add industries to benefit from reliable and often lower feedstock prices,’ he said.

For Hykawy, precarious supply outside of China and weak prices will be a focal point in 2025.

‘Obviously, we’ve seen significant price drops for Nd, for example,’ he said.

‘That helps the auto sector, but only by the slightest amount. Let’s say there is 2 kilograms of magnet in a main motor in an EV, and I’m likely overestimating. Only 27 percent of that is neodymium metal. The impact of the price change on 500 grams of rare earth is not moving the needle on an EV’s cost,’ Hykawy added.

He also expressed concern about the supply chain for heavy rare earths. “The bigger, long-term impact I am thinking about is, as Dy and Tb production becomes a bottleneck, how does the industry adjust to a world where the projects that can produce enough Dy and Tb are also making Nd and Pr as a by-product?” he posited.

‘To meet the growing demand for heavy rare earths, do the major NdPr producers, like Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF), MP Materials (NYSE:MP) and the Bayan Obo mine, drop their NdPr output to maintain reasonable prices, or do they keep going and flood the market and drop their own prices to unsustainable levels,’ he questioned.

“For some time, NdPr have been the materials in demand. Soon, they might be valuable but overproduced commodities, with everyone scrambling to get the right amount of DyTb for their automotive or wind application.”

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

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Zinc Price 2024 Year-End Review

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Zinc was among the best-performing base metals in 2024.

It experienced a 13 percent gain, rising from US$2,621 per metric ton (MT) to US$2,979 by the end of the year.

Like copper, zinc faced concentrate shortages in 2024. This situation has led to curtailments at Chinese refiners, which have been forced to compete for limited raw material. Large purchases from exchange warehouses have exacerbated the situation, reducing the amount of refined zinc available to the broader market.

What other factors impacted the zinc market last year? Read on to find out.

How did zinc prices perform in 2024?

In the first half of 2024, the zinc market reacted to fallout from Q4 2023 production cuts.

An oversupply situation that drove prices down at the end of 2023 forced operators to curtail output, as high costs made production unsustainable. However, these cuts had little effect, and by the end of the first quarter, aboveground supplies at London Metal Exchange (LME) warehouses had surged to over 270,000 MT.

That supply/demand backdrop provided opportunities for some companies — in early April, Canada’s Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) was able to strike a deal with Korea Zinc (KRX:010130) that will see Teck pay US$165 per MT for treatment charges — that’s the lowest amount since 2021 and a 40 percent discount over 2023.

In Q2, a price run failed to maintain momentum, as the market lacked the fundamentals to sustain its rise.

Higher zinc prices came alongside speculation of a US Federal Reserve interest rate cut and renewed hope that rule changes for the Chinese housing markets would boost zinc’s fortunes.

However, by the end of Q2, the Chinese housing market had failed to improve — in fact, the slowdown in the sector had accelerated, with the value of new home sales in July slipping 19.7 percent from the same period one year earlier.

A Fed rate cut also didn’t materialize, with the expectation of when it would happen pushed back to July and then September, when the central bank ultimately made a jumbo-sized 50 basis point cut.

Zinc price, H2 2024.

Zinc price, H2 2024.

Chart via Trading Economics.

As H2 began, the price of zinc was US$2,928.50, slightly off its first-half high of US$3,139.50 set on May 21. The metal continued to decline as July wore, falling to its H2 low of US$2,581.50 on August 7.

The next two months saw zinc experience significant volatility. It reached a peak of US$2,943 on August 27, slipped back to US$2,712 on September 10 and then rebounded to a yearly high of US$3,198 on October 2.

Zinc remained rangebound above US$3,000 for much of Q4. It fell below that mark on November 8, but by November 25 it was once again trading above that level. Zinc ended the year at US$2,978.50 on December 31.

What factors impacted the zinc market in 2024?

The most significant contributor to zinc’s price rise in H2 was the lack of concentrate available to Chinese refiners, which are responsible for more than half the global supply of refined zinc. This resulted in increased competition, with some smelting operations reducing their treatment charges to under US$0 per MT.

Ultimately, 14 processors agreed to curtailments that would reduce their 2024 ore demand by nearly 1 million MT.

Despite the cuts, Reuters columnist Andy Home wrote at the end of August that the global refined zinc market was in surplus by 228,000 MT during H1, with much of that material finding its way to LME warehouses.

Also important in H2 were several large purchases of refined zinc from LME warehouses. Gains were fueled after 106,775 MT were removed from the LME network, leaving just 154,125 MT available, the lowest since November 2023.

At least some of the metal seemed destined for Trafigura, a leading trader and refiner of the metal, but the company declined to comment on the purchase. The move is reminiscent of Citi’s (NYSE:C) zinc purchases from LME stockpiles during the second half of 2023 — the firm requested delivery of 40,000 MT of zinc at the time.

For now, the market remains weak on the demand side. More than half of refined zinc is used in the production of galvanized steel destined for the construction sector, which has been weak in China and Europe.

A raft of new stimulus measures in China have yet to affect the broader economy, and the country’s real estate sector is still reeling from the collapse of top construction firms.

Meanwhile, in Europe, the construction sector has been affected by the dual impact of high inflation and high interest rates. With the post-pandemic outlook coming into better balance, the industry is expected to rebound in 2025.

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

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4 Biggest Cybersecurity ETFs in 2025

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As data breaches and cyberattacks rise, cybersecurity exchange-traded funds (ETFs) are gaining traction.

The term cybersecurity originated in 1989, and today is defined as the measures taken to protect a computer or computer system against unauthorized access or cyberattack threats. These measures can include people, policies and processes.

The number of security incidents is increasing every year, as are the costs companies must pay. In fact, according to a 2024 research report from IBM (NYSE:IBM), the average cost of a single data breach event globally was US$4.48 million — up 10 percent over the previous year and the highest cost in the 19 years since the first report was issued.

These threats are unlikely to fade anytime soon. The forecast for the cybersecurity market is strong through 2030, with trends in the space including the threats posed by AI and quantum computing.

There are multiple ways to invest in the cybersecurity market, including cybersecurity ETFs, which offer a low-cost way to enter the space. ETF fees and expenses are typically lower than those associated with mutual funds or other types of actively managed financial instruments. What’s more, ETFs provide exposure to a basket of stocks, meaning investors can spread their risk around.

According to ETF.com, there are nine cybersecurity ETFs listed in the US. Here’s a closer look at the top four cybersecurity ETFs by assets under management (AUM). ETFs with assets under management above US$500 million are included in this list. All numbers and figures were current as of January 9, 2025.

1. First Trust NASDAQ Cybersecurity ETF (NASDAQ:CIBR)

Company Profile

AUM: US$7.08 billion
Expense ratio: 0.6 percent

Launched in July 2015, this ETF tracks the NASDAQ CTA Cybersecurity Index (INDEXNASDAQ:NQCYBR) and has 33 holdings. The index, which includes companies categorized by the Consumer Technology Association as cybersecurity, is largely composed of tech firms but also offers some exposure to the defense and aerospace sectors.

The First Trust NASDAQ Cybersecurity ETF’s top holdings include Broadcom (NASDAQ:AVGO) at a weight of 10.95 percent, Infosys (NYSE:INFY) at an 8.14 percent weight, CrowdStrike Holdings (NASDAQ:CRWD) at 7.98 percent and Cisco Systems (NASDAQ:CSCO) at 7.85 percent.

2. ETFMG Prime Cyber Security ETF (ARCA:HACK)

Company Profile

AUM: US$1.81 billion
Expense ratio: 0.6 percent

The oldest cybersecurity ETF on this list is the ETFMG Prime Cyber Security ETF, which began trading in November 2014 and tracks the ISE Cyber Security Index (INDEXNASDAQ:HXR). HACK is run by ETFMG, a lesser-known company among the goliath ETF managers, and it has had a 12.19 percent annualized return over the past five years.

The cybersecurity ETF has 27 holdings, and its top holdings by weight include Broadcom at 13.87 percent, Cisco Systems at 7.18 percent, CrowdStrike Holdings at 5.62 percent and Palo Alto Networks (NYSE:PANW) at 5.45 percent.

3. iShares Cybersecurity and Tech ETF (ARCA:IHAK)

Company Profile

AUM: US$921.99 million
Expense ratio: 0.47 percent

Last on this cybersecurity ETFs list is the iShares Cybersecurity and Tech ETF. Founded in June 2019, it tracks the NYSE FactSet Global Cyber Security Index (INDEXNYSEGIS:NYFSSEC), and has a focus on developed and emerging markets in the cybersecurity industry.

The iShares Cybersecurity and Tech ETF has 37 holdings, including CyberArk Software (NASDAQ:CYBR) at a weight of 4.45 percent, Accton Technology (TPE:2345) at a 4.44 percent weight, Juniper Networks (NYSE:JNPR) at 4.39 percent and Okta (NASDAQ:OKTA) at 4.17 percent.

4. GlobalX Cybersecurity ETF (NASDAQ:BUG)

Company Profile

AUM: US$786.78 million
Expense ratio: 0.51 percent

The newest ETF on this list is the GlobalX Cybersecurity ETF, which was founded in October 2019. The ETF tracks a market-cap-weighted global index of companies selected based on revenue related to cybersecurity activities, as companies must generate at least 50 percent of their revenue from cybersecurity to be included.

The ETF has 22 holdings, with the top by weight being Fortinet (NASDAQ:FTNT) at a weight of 6.92 percent, CrowdStrike at 6.87 percent, Check Point Software Technologies (NASDAQ:CHKP) at 5.95 percent and Zscaler (NASDAQ:ZS) at 5.77 percent.

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

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Mali Enforces Gold Seizure at Barrick Gold’s Mine

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The Malian government has begun seizing gold stockpiles at Barrick Gold’s (TSX:ABX,NYSE:GOLD) Loulo-Gounkoto mining site amidst a dispute over changes to the nation’s mining rules, enforcing a provisional order issued last week.

The seizure was confirmed by Barrick in a memo to staff, as the military-led government continues to claim a greater share of mining revenues from foreign operators, a Reuters report read.

The enforcement began on January 11, according to Barrick’s memo, which noted that the company may be compelled to suspend operations if the issue remains unresolved.

The Loulo-Gounkoto site contributes significantly to Barrick’s global production, accounting for about 14 percent of its estimated gold output for 2025. Barrick has an 80 percent interest in the operations, with the Malian government owning the remaining 20 percent.

While Barrick has not disclosed the exact volume of gold affected, internal estimates suggest that around 4 metric tons of gold, valued at approximately US$380 million based on current spot prices, are at stake. Multiple sources told Reuters Monday (January 13) that around 3 metric tons had already been seized from the site by helicopter on January 11, one of whom valued the seized gold at US$245 billion.

This comes amid ongoing tensions over the Malian government’s claims of unpaid taxes and dividends, which Barrick has disputed.

In a prior statement issued January 6, the company warned that it would be forced to halt operations if the government continued to restrict gold shipments. Barrick is seeking arbitration through the International Center for the Settlement of Investment Disputes.

Mali claims the company owes US$512 million in unpaid taxes and dividends, a claim Barrick has rejected.

The conflict has led to multiple detentions of Barrick executives, with the most recent occurring in November, after negotiations between the parties broke down. In early December, Reuters reported that the country had issued an arrest warrant for Barrick CEO Mark Bristow.

Mali’s mining code changes and financial overhaul

Gold is Mali’s primary export, contributing over 80 percent of the country’s total export revenues in 2023. The West African country’s government has been led by the military since a 2021 coup.

In 2023, Mali introduced a new mining code that aims to raise the country’s stake in mining operations from 20 to 35 percent.

The new code also allows the government to collect 7.5 percent of sales revenue when gold prices exceed US$1,500 per ounce.

Last year, following an audit into the mining sector, Mali began pursuing alleged back taxes and dividends owed by international mining companies.

Finance Minister Alousseni Sanou announced that the country expects to collect 750 billion CFA francs, about US$1.2 billion, from miners in the first quarter of 2025, following a similar collection of 500 billion CFA francs in late 2024.

Some companies have already come to agreements with the Malian government. For example, B2Gold (TSX:BTO,NYSEAMERICAN:BTG) reached a new agreement with the government last September for its Fekola operations that included financial settlements and Mali committing to expedite permitting for B2Gold’s Fekola underground mine.

Australia’s Resolute Mining (ASX:RSG,LSE:RSG) resolved a tax dispute with the government in November 2024 by agreeing to pay US$160 million after its CEO and two other executives were detained in Mali.

Barrick’s dispute, however, remains unresolved at this time.

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

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Cygnus Metals Ltd.Opens the Market

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Ernest Mast, President and Managing Director, Cygnus Metals Ltd. (TSXV: CYG) (‘Cygnus Metals’ or the ‘Company’), and his team, joined Robert Peterman, Chief Commercial Officer, Toronto Stock Exchange (TSX), to open the market to celebrate the Company’s new listing on TSX Venture Exchange.

Cygnus Metals Limited (TSXV: CYG) (ASX: CY5) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.

MEDIA CONTACT:
Laurie Gaborit
Advisor, Investor Relations
lgaborit@cygnusmetals.com
416.219.2049

Paul Armstrong
Read Corporate
+61 8 9388 1474

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236970

News Provided by Newsfile via QuoteMedia

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Osisko Metals Welcomes the Participation of the Quebec Government in Its Gaspé Copper Project

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Osisko Metals Incorporated (the ‘ Company or ‘ Osisko Metals ‘) ( TSX-V: OM ; OTCQX: OMZNF ; FRANKFURT: 0B51 ) is pleased to welcome the participation of the Government of Quebec in its Gaspé Copper Project, located next to the Town of Murdochville in the Gaspé Peninsula, on the traditional territory of the Mi’gmaq First Nation of Gespe’gewa’gi.

The Government of Quebec will lead a pilot project to create a committee that seeks to maximize the economic benefits of the Gaspé Copper Project. The committee will be overseen by the Ministère des Ressources naturelles et des Forêts (Quebec Ministry of Natural Resources and Forests) and aims to optimize socio-economic benefits in the Gaspé Peninsula by ensuring strong collaboration with the business community throughout the project development process.

The announcement was made today in Murdochville during a press conference by Ms. Maïté Blanchette Vézina, Minister of Natural Resources and Forests and Minister Responsible for the Bas-Saint-Laurent Region and the Gaspésie−Îles-de-la-Madeleine Region, along with Mr. Stéphane Sainte-Croix, MNA for Gaspé, and local representatives. Mr. Robert Wares, CEO of Osisko Metals, also participated in the press conference.

Minister Maïté Blanchette Vézina said, ‘I am very proud of the creation of this maximization committee, which will act as a lever for cooperation and transparency in this project. This approach demonstrates our government’s desire to develop mining activities harmoniously, as evidenced by the modernization of the Mining Act. Copper and its derivatives are minerals we need to be interested in for our energy transition, and completing this mining project could ultimately help secure our supplies. I want to thank all the stakeholders in advance for participating in the committee.’

‘This initiative by our government demonstrates our commitment to help create winning conditions for the participation of economic stakeholders and the development of business opportunities associated with the Gaspé Copper project,’ added Mr. Stéphane Sainte-Croix, MNA for Gaspé. ‘As such, we are convinced that this pilot project will allow for a structuring and harmonious integration of stakeholders in the economic project and will contribute significantly to the major benefits that will participate in the development and visibility of the region.’

On behalf of Osisko Metals, Mr. Wares said, ‘We are delighted to have the participation and support of the Government of Quebec in the advancement of the Gaspé Copper project. Osisko Metals intends to develop the project in harmony with the citizens of Murdochville and the Gaspé Peninsula, the Mi’gmaq community of Gespe’gewa’gi and the local business community while prioritizing respect for the environment and sustainable development in our activities. We firmly believe that Gaspé Copper could become an economic pillar that will benefit the Gaspé Peninsula for several decades to come.’

About the Project

Osisko Metals’ Gaspé Copper project aims to restart the Murdochville Gaspé Copper mine by 2031. The former mine site contains excellent estimated resources of copper, a critical and strategic mineral that is increasingly in demand worldwide, and other important by-products in the industry, such as molybdenum. The Gaspé Copper Project is currently in the advanced exploration phase and Osisko Metals plans to continue its feasibility studies until 2027.

Responsible and Harmonious Collaboration

On the ministerial side, the announced pilot project comes from the 2024-2025 Roadmap for the harmonious and responsible development of mining activity , also made public today by the Minister of Natural Resources and Forests. This roadmap stems more broadly from the major observations made following the Participatory Approach for the Harmonious Development of Mining Activity, carried out in the spring of 2023, which included social acceptability, the participation of local communities and the maximization of economic benefits.

The objectives of the maximization committee formed in Murdochville, therefore, aim to improve and consolidate approaches that promote economic benefits on a regional scale, increase the participation of local and Indigenous business communities in the development of the project, and identify opportunities within the circular economy. Creating a place for exchanges between the business community and Osisko Metals also facilitates the overall understanding of the project and the opportunities it creates in the area. Various local and regional economic development organizations – municipal, governmental, business and Indigenous – will sit on the committee.

Osisko Metals’ Leadership

Osisko Metals is also proud of the leadership role it plays in the industry and on the provincial scene, as its participation in this pilot project will allow the Ministry to identify best practices for maximizing benefits in mining project host communities and to develop a program of support that facilitates the establishment of this type of committee in other regions of Quebec.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc.

The Company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper mine is located near Murdochville in Québec ‘ s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of   824 Mt grading 0.34% CuEq and Inferred Mineral Resources of 670 Mt grading 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals’ November 14, 2024 news release entitled ‘ Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper ‘. Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.

In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP through the Pine Point Mining Limited joint venture to advance one of Canada ‘ s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt at 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt at 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals ‘ June 25, 2024 news release entitled ‘Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq’ . The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.

For further information on this news release, visit www.osiskometals.com or contact:

Robert Wares, Chief Executive Officer of Osisko Metals Incorporated

Email: info@osiskometals.com

Follow Osisko Metals on Facebook at https://www.facebook.com/osiskometals , on LinkedIn at https://www.linkedin.com/company/osiskometals , and on X at https://twitter.com/osiskometals .

Cautionary Statement on Forward-Looking Information

This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as ‘expects’, or ‘does not expect’, ‘is expected’, ‘interpreted’, management’s view’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘potential’, ‘feasibility’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the anticipated changes to the management and Board of the Company; the ability for the Company to complete the Transaction on the terms contemplated (if at all); the size of the Transaction; the Closing Date of the Transaction; the ability for the Company to obtain the conditional and final approval of the TSX Venture Exchange; the anticipated use of proceeds of the Transaction; the tax treatment of the FT Units; the timing of incurring the Qualifying Expenditures and the renunciation of the Qualifying Expenditures; the ability to advance Gaspé Copper to a construction decision (if at all); the ability to increase the Company’s trading liquidity and enhance its capital markets presence; the potential re-rating of the Company; the expectation that management and directors of the Company will be significant shareholders of the Company following the Transaction; the ability for the Company to unlock the full potential of its assets and achieve success; the ability for the Company to create value for its shareholders; the advancement of the Pine Point project; the anticipated resource expansion of the Gaspé Copper system; and Gaspé Copper hosting the largest undeveloped copper resource in eastern North America.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: the ability of exploration results, including drilling, to accurately predict mineralization; errors in geological modelling; insufficient data; equity and debt capital markets; future spot prices of copper and zinc; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals’ issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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Sona Nanotech’s THT Cancer Therapy Preclinical Efficacy Studies Published In Peer-Reviewed Scientific Journal

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Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the ‘Company’, ‘Sona’) is pleased to announce that the now complete findings from our previously announced pre-clinical breast cancer and melanoma efficacy studies have been published in the peer-reviewed scientific journal, Frontiers in Immunology. This research article includes new follow-up data which provides a comprehensive analysis of the immunity activated by Sona’s Targeted Hyperthermia Therapy (‘THT’). The published manuscript titled, ‘Targeted Intra-tumoral Hyperthermia with Uniquely Biocompatible Gold Nanorods Induces a Strong Immunogenic Cell Death in Two Immunogenically ‘Cold’ Tumors’ is available online in electronic form (here) and will be in print in its upcoming issue of Frontiers in Immunology – Cancer Immunology and Immunotherapy. Frontiers in Immunology is a leading journal in its field, publishing rigorously peer-reviewed research across basic, translational and clinical immunology.

Sona’s proprietary, innovative technology uses the Company’s patented, biocompatible gold nanorods (‘GNRs’) to deliver precision, targeted, non-destructive hyperthermia therapy directly to cancers, thereby alleviating the systemic toxicity associated with most other cancer therapies. In this study, Sona’s team confirmed that its therapy causes cancer-specific cell death that activates a strong immune response by the body’s immune system. Of critical importance in Sona’s publication is the evidence that the ‘novel immunity’ generated by Sona’s THT is observed in cancers that are known to be completely resistant to modern immunotherapies.

Sona’s Chief Medical Officer, and the manuscript’s senior author, Dr. Carman Giacomantonio, commented, ‘I am extremely proud of my research team lead by Dr. Barry Kennedy, and the quality of the research we have produced. To be published in such a highly respected and rigorously peer-reviewed journal as Frontiers in Immunology is no small feat! In our studies, we’ve shown in industry standard, pre-clinical cancer models that Sona’s therapy can eliminate cancers by converting them from ‘cold’, immune unresponsive tumors, into ‘hot’ immunogenic tumors. In the many years I have been involved in cancer research and treatment, I have never seen a treatment trigger such a powerful immune response in otherwise ‘cold’ tumors and our data makes it clear that there was no meaningful immune response to standard immunotherapies without THT in these studies. Our publication in Frontiers in Immunology elevates our findings to an international level, giving us new audience with other leading cancer research laboratories and potential industry partners. Most importantly, this publication provides us with ‘proof-of-concept’, supporting the clinical trial protocols we are striving to launch in 2025.’

‘Our research appearing in a leading scientific journal is evidence of Sona delivering on our commitment to build a ‘mountain of data’ that will support our planned regulatory filings. Its findings motivate our team to press on, affirming our conviction that THT- immunotherapy will be highly effective in the clinical setting. While we continue to conduct research on other cancers, we are now also focused on delivering evidence through first-in-human clinical trials, both here and abroad, as quickly as possible. This peer-reviewed publication of successful treatment using Sona’s THT in melanoma and breast cancers provides the credibility necessary to help make that happen,‘ said David Regan, Chief Executive Office of Sona Nanotech.

Contact:
David Regan, CEO
+1-902-442-0653
david@sonanano.com

About Sona Nanotech Inc.

Sona Nanotech is developing Targeted Hyperthermia™, a photothermal cancer therapy, which uses therapeutic heat to treat solid cancer tumors. The heat is delivered to tumors by infrared light that is absorbed by Sona’s gold nanorods in the tumor and re-emitted as heat. Therapeutic heat (42-48°C) stimulates the immune system, shrinks tumors, inactivates cancer stem cells, and increases tumor perfusion – thus enabling drugs to reach all tumor compartments more effectively. Targeted Hyperthermia promises to be safe, effective, minimally invasive, competitive in cost, and a valuable adjunct to drug therapy and other cancer treatments.

Sona has developed multiple proprietary methods for the manufacture of gold nanoparticles which it uses for the development of both cancer therapies and diagnostic testing platforms. Sona Nanotech’s gold nanorod particles are cetyltrimethylammonium (‘CTAB’) free, eliminating the toxicity risks associated with the use of other gold nanorod technologies in medical applications.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain ‘forward-looking statements’ under applicable Canadian securities legislation, including statements regarding the anticipated applications and potential opportunities of Targeted Hyperthermia Therapy, and Sona’s preclinical and clinical study plans. Forward-looking statements are necessarily based upon a number of assumptions or estimates that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements, including the risk that Sona may not be able to successfully obtain sufficient clinical and other data to submit regulatory submissions, raise sufficient additional capital, secure patents or develop the envisioned therapy, and the risk that THT may not prove to have the benefits currently anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Sona disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Not for distribution to United States newswire services or for dissemination in the United States

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Element79 Announces Proposed Spin Out and Merger

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(TheNewswire)

Element79 Gold Corp.

VANCOUVER, BC T heNewswire January 13, 2025 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) (‘Element79’, or the ‘Company’) is excited to announce that, in connection with its proposed spin out transaction, it has entered an arrangement agreement dated January 10, 2025 (the ‘ Arrangement Agreement ‘), with its majority owned subsidiary, Synergy Metals Corp. (‘ Synergy ‘), and that it has also entered into a merger agreement dated January 10, 2025 (the ‘ Merger Agreement ‘), with Synergy, Synergy’s wholly owned subsidiary, 1515041 B.C. Ltd. (‘ Synergy SubCo ‘), and 1425957 B.C. Ltd. (‘ 142 ‘), as further described below.

Arrangement

On July 17, 2023, the Company transferred all rights and data related to the ‘ Dale Property ‘, being 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, to its newly incorporated subsidiary, Synergy. In exchange for this transfer, the Company was issued 2,000,000 Class ‘A’ common voting shares in the capital of Synergy (‘ Synergy Shares ‘).

In anticipation of the reverse takeover of Synergy by 142 under the Merger Agreement, described below, the Arrangement Agreement has been entered by the Company, whereby 1,000,000 of the 2,000,000 Synergy Shares held by the Company will be distributed to the shareholders of the Company (the ‘ Company Shareholders ‘) on a pro-rata basis (the ‘ Spin-Out Arrangement ‘). In consideration for administrative support provided by the Company in connection with the arrangement transaction and Synergy’s proposed subsequent application to list on the Canadian Securities Exchange and pursuant to the Arrangement Agreement, Synergy will issue an additional 10,000 Synergy Shares to the Company, which will also be distributed to the Company Shareholders as part of the Spin-Out Arrangement. The Spin-Out Arrangement will be a court ordered arrangement under the Business Corporations Act (British Columbia), and will be subject to approval by the Company Shareholders, as well as the British Columbia Supreme Court. It is anticipated that the Company will publish and distribute an information circular in respect of the meeting of the Company Shareholders to be held to vote on the Spin-Out Arrangement.

The Company currently holds approximately 60.24% of the Synergy Shares, excluding the 10,000 Synergy Shares to be issued to the Company under the Arrangement Agreement, and following the completion of the proposed Spin-Out Arrangement the Company is anticipated to hold approximately 30.03% of the Synergy Shares, while the Company Shareholders will hold approximately 30.33% of the Synergy Shares.

Merger

Subsequent to the Spin-Out Arrangement, Synergy proposes to acquire all of the issued and outstanding common shares in the capital of 142 (‘ 142 Shares ‘) in exchange for an equivalent number of Synergy Shares by way of a three cornered amalgamation whereby Synergy SubCo and 142 will amalgamate under the provisions of the Business Corporations Act (British Columbia) (the ‘ Amalgamation ‘) to continue as one corporation pursuant to the terms of the Merger Agreement. As consideration for the 142 Shares, shareholders of the 142 Shares (‘ 142 Shareholders ‘) will receive, pursuant to the Merger Agreement, one Synergy Share for each 142 Share held.

Following completion of the Amalgamation under the Merger Agreement, the issued and outstanding Synergy Shares will be held (i) approximately 86.35% by the former 142 Shareholders (excluding participants in the Concurrent Financing (defined herein)), (ii) approximately 4.02% by the Company Shareholders, (iii) approximately 3.98% by the Company (iv) approximately 5.25% by other existing holders of Synergy Shares, and (v) 0.40% by participants in the Concurrent Financing. As such, the Amalgamation will constitute a reverse take over of Synergy by 142. Holders of warrants to purchase 142 Shares (‘ 142 Warrants ‘) will also receive one replacement warrant to purchase a Synergy Share for each 142 Warrant held. There are currently 21,000,000 142 Warrants outstanding.

The Amalgamation will be subject to approval by the 142 Shareholders, as well as Synergy (being the sole shareholder of Synergy SubCo). The Amalgamation’s closing will also be subject to 142’s completion of a private placement of 100,000 142 Shares at a price of $0.10 per 142 Share for gross proceeds of a minimum of $10,000, or an amount otherwise agreed by Synergy and 142 (the ‘ Concurrent Financing ‘). Upon completion of the Amalgamation, Synergy intends to make an application that the Synergy Shares be listed and posted for trading on the Canadian Securities Exchange.

The Company is expected to hold 1,000,000 Synergy Shares after the Amalgamation, all of which will be subject to escrow on the same terms of as insiders of Synergy after the Amalgamation.

Together, the Spin-Out Arrangement and the Amalgamation are intended to effect a reorganization of the Company’s current business into two separate corporate entities. The Company will maintain its business as a gold exploration company with the objective of exploring and ultimately developing gold projects in Peru and the USA, while Synergy will be an exploration Company focused on the Dale Property.

About Element79 Gold Corp.

Element79 Gold is a mining company actively exploring and developing its portfolio of assets, including the high-grade, past-producing Lucero project in Arequipa, Peru, and properties along the Battle Mountain Trend in Nevada. The Company also holds an option to acquire the Dale Property in Ontario and is advancing the plan of arrangement spin-out process for its majority owned subsidiary, Synergy Metals Corp.

For further details on this announcement and the Company’s projects, please visit www.element79.gold

Contact Information

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer

E-mail: jt@element79.gold

For investor relations inquiries, please contact:

Investor Relations Department

Phone: +1.403.850.8050

E-mail: investors@element79.gold

Cautionary Note Regarding Forward Looking Statements

This press contains ‘forward ‐ looking information’ and ‘forward-looking statements’ under applicable securities laws (collectively, ‘forward ‐ looking statements’). These statements relate to future events or the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management’s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the completion of the Spin-Out Arrangement, the completion of the Amalgamation, the completion of the Concurrent Financing, the Company’s business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward ‐ looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as ‘seek’, ‘anticipate’, ‘plan’, ‘continue’, ‘estimate’, ‘expect’, ‘may’, ‘will’, ‘project’, ‘predict’, ‘forecast’, ‘potential’, ‘target’, ‘intend’, ‘could’, ‘might’, ‘should’, ‘believe’ and similar expressions) are not statements of historical fact and may be ‘forward ‐ looking statements’.

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2025 TheNewswire – All rights reserved.

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