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SAGA Metals Completes Petrographic and Geophysical Analysis at Drill Ready Radar Project in Labrador, Canada

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Saga Metals Corp. (‘SAGA’ or the ‘Company’) (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce the completion of an initial petrographic petrological analysis and geophysical analysis, improving the geological understanding of the drill ready Radar Titanium-Vanadium (Ti-V) project in Labrador, Canada.

Michael Garagan, CGO & Director of Saga Metals Corp. comments: ‘This data couldn’t have come at a better time as we head into the mobilization of our maiden drill program at the Radar project. These magnetic inverse sections are going to help enormously in our drill targeting throughout the 2025 program. As you can see in Figure 3 below, the main anomalous zone is between 200-400 meters depth, but we can still see the high- grade potential in this model at 600+ meters below the surface. Ultimately the model is most accurate in the first 200 meters where the magnetics are still strong enough to give a robust signature. We know this system is vertical, so I would like to see the system remaining robust as we increase in depth. The projection of the model below 200-400 meters is encouraging because it’s based off the presence of magnetite, which we have picked up in our surveys. This interpretation suggests impressive width throughout the structure and our drill program will start to better define the nature of this zone. We now have a much better understanding of this Vanadium titanomagnetite structure and we are excited to build upon this knowledge as we continue our metallurgical analysis throughout drilling, keeping the economic viability of our projects at the forefront to ensure value creation for our shareholders.’

Radar Titanium & Vanadium Project – Labrador, Canada

The Radar Ti-V Property is located 10km south of Cartwright in Labrador, Canada. The project spans 17,250 hectares and benefits from road access, supporting efficient exploration and development.

Regional map of the Radar Ti-V project highlighting the Hawkeye, Trapper and third transitional zone and the projects proximity to the town of Cartwright, Labrador

Figure 1: Regional map of the Radar Ti-V project highlighting the Hawkeye, Trapper and third transitional zone and the projects proximity to the town of Cartwright, Labrador

The Hawkeye zone is the most prospective target on the property. Detailed geophysics and surface samples are suggestive of a complex and multi-phased layered mafic intrusion that may be upwards of 1km wide and 4km long. The geophysics completed show very detailed correlation to the rock samples and observed phase changes with the potential for multiple parallel systems.

Geophysics Completed with Inverse Interpretation:

Saga Metals has successfully completed a detailed magnetic and electromagnetic (EM) survey over the northwest section of the Hawkeye Zone at the Radar Project. Utilizing ground-based equipment on a tightly spaced grid, with 25 meters between stations and 50-meter line spacing, the survey delivered high-resolution magnetic and conductivity data. This effort has proven highly effective in mapping magnetite-rich zones within the Gabbro Norite host rock, a key indicator of titanium (TiO₂) and vanadium (V₂O₅) mineralization.

The magnetic survey was so successful that the high-resolution imagery combined with sample assays and field observations can be used to map some of the most distinguishing features of the system throughout this zone.

SAGA continued to update its geophysics with the magnetic inversions of the Hawkeye zone. Completed by Chris and David Mark of Geotronics, the magnetic inversions can project, with a high degree of certainty up to 400 meters in depth, what the mineralized magnetic body looks like beneath the surface.

Magnetic inversion of the Hawkeye zone looking north-northeast. Range of

Figure 2:   Magnetic inversion of the Hawkeye zone looking north-northeast. Range of > 0.02 susceptibility cut off.

Same magnetic inversion of the Hawkeye zone looking east at profile cross section with

Figure 3:   Same magnetic inversion of the Hawkeye zone looking east at profile cross section with > 0.02 susceptibility cut off.

Petrographic Analysis at the Radar Ti-V Project:

Recent petrographic work completed by Dr. Al Miller on rock samples from the Hawkeye zone have increased our understanding of the mineralogical host of Titanium and Vanadium mineralization at the Radar project. This sets the foundation for the metallurgical work the team hopes to be able to build on during the 2025 drill programs.

First look at the petrography of the Hawkeye zone reveals more than one composition of magnetite; evidence which contributes to the hypothesis of multiphase mineralization events. Additionally, petrographic evidence reveals that much of the titanium and vanadium mineralization occurs within magnetite with a lack of ilmenite in many of the layers. This is key to understanding how these elements are locked up together and ultimately how they’ll separate during extraction. These layers have assayed high TiO2% and V2O5% leading to the use of Vanadium Titanomagnetite (VTM) classification of several mineralized layers of the Hawkeye zone. Ilmenite with exsolution lamellae of the magnetite was observed but only in a few cases. This has contributed to what can be called differential compositional layering and multiple mineralization magmatic layering events.

Michael Garagan, CGO & Director of Saga Metals Corp. stated: ‘The results of the work completed to date suggests that there were several pulses of magma and multiple phases of deposition. Magnetite was the dominant mineral in the identified layers but differs slightly, representing a different genesis. The observed differences show multiple phases of titanium and vanadium locked up in the magnetite. One phase shows magnetite with minor amounts of ilmenite, which likely formed at its own chemical expense and likely taking Ti and V to form that mineral. The second phase has no ilmenite present and can be called Titanomagnetite. These different magnetite phases can be found in very different layers from each other. This suggests a mineralizing system that was active for a long period of time and the possibility of more mineralization over a broader area.’

Petrography of Hawkeye zone shows significant magnetite (Mt) mineralization with a Hornblende (Hb), Diopside/ Orthopyroxene (Di) and Plagioclase groundmass

Figure 4 : Petrography of Hawkeye zone shows significant magnetite (Mt) mineralization with a Hornblende (Hb), Diopside/ Orthopyroxene (Di) and Plagioclase groundmass.

VTM’s are a mineralization style that has not received much attention in North America but is a pivotal piece of China’s iron, titanium and vanadium mining and production industry.

‘Vanadium titanomagnetite (VTM), which contains valuable elements such as iron, vanadium, and titanium, has an extremely high potential value. VTM resources in the PanXi regions of China are estimated at up to 10 Gt (billion tons), and account for 93% and 63% of the country’s titanium and vanadium resources respectively. The exploitation of VTMs has thus received much attention.

Traditionally VTM have been considered difficult to treat and separate metallurgically but due to their importance within countries like China, new research and separation methods are proving that this is no longer the case. Recent efforts of VTM recovery methods succeeded in achieving: Recoveries of up to 80.08% for titanium, 95.07% for iron, and 71.60% for vanadium were achieved.’ (Barksdale, 1966; Chen et al., 2011)

Michael Garagan, CGO & Director of Saga Metals Corp. comments : ‘These results are very promising for the future of the Radar project. To expedite the economic viability of multiple projects within our portfolio we felt it necessary to begin this mineralogical and early metallurgical work. Encouragingly, these results are exactly what we hoped to see from the rock as they highlight a favourable mineralogical genesis for a competitive Vanadium Titanomagnetite deposit.’

Petrography of Hawkeye zone shows significant magnetite (Mt) mineralization with weathered Pyrrhotite (Po) crystals

Figure 5:   Petrography of Hawkeye zone shows significant magnetite (Mt) mineralization with weathered Pyrrhotite (Po) crystals

Petrographic work and analysis completed by Dr. Al Miller:

With an Honours B.Sc. and Ph.D., Dr. Miller brings over 25 years of consultancy experience in mineral deposits and previously worked for 25 years with the Geological Survey of Canada, where he specialized in large-scale mapping and deposit evaluation. His expertise covers a wide range of minerals, including uranium, gold, nickel-copper-platinum group elements (Ni-Cu-PGE), and copper-gold porphyry. He has also contributed to global exploration efforts across Canada, the Americas, China, and Russia. With numerous publications to his name, his extensive industry experience includes roles as a Director, Chief Geologist, VP of Exploration, and Head of Technical Teams for several exploration companies.

Market opportunity for Titanium and Vanadium:

‘As of June 2023, the market value of titanium was projected to grow to nearly 31 billion U.S. dollars. The titanium market size is forecast to grow over the coming years, to nearly 52 billion U.S. dollars in 2030.’ ( M. Jaganmohan , 2025).

‘The global vanadium market size was valued at USD 4.28 billion in 2023 and is projected to grow from USD 3.46 billion in 2024 to USD 4.89 billion by 2032, exhibiting a CAGR of 4.4% during the forecast period. Asia Pacific dominated the vanadium market with a market share of 72.9% in 2023.’ ( Fortune Business , 2024)

Drilling Upcoming at the Radar Titanium & Vanadium Project:

The Company has received drill permits from the Newfoundland & Labrador government to commence drilling at Radar Titanium-Vanadium (Ti-V) project.

Highlights heading into the drilling programs include:

  • Maiden Drill Programs: Drilling is scheduled to commence in Q1 2025 with a minimum 1,500m program at the Radar Ti-V Project.
  • Radar Ti-V Drilling Location: The Hawkeye zone is the most advanced zone with both surface samples and detailed geophysics creating clear drill targets.
  • Radar’s Hawkeye Zone Potential: Assays have returned consistent values between 2.5 – 11.1% TiO2 and 0.2 – 0.66% V2O5 , confirming the presence of high-grade titanium & vanadium across a potential 1km wide and 4km long and through recent geophysics the system is suggestive of being open at depth beyond 600m.

About Saga Metals Corp.

Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company’s flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 0.4281% U 3 O 8 and spectrometer readings of 22,000cps.

In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec’s Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.

SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.

For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com

Qualified Person

Peter Webster P.Geo. CEO of Mercator Geological Services Limited is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Radar Ti-V Project disclosed in this news release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Disclaimer

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipates’, ‘expects’, ‘believes’, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the Company’s petrographic and geophysics results as well as plans and objectives in respect of the planned drill programs. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company’s final prospectus in Manitoba and amended and restated final prospectus for British Columbia, Alberta and Ontario dated August 30, 2024, filed under its SEDAR+ profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/54dc438a-fb0e-4339-94fc-d248afe5cabe

https://www.globenewswire.com/NewsRoom/AttachmentNg/6bdf78ca-308d-4d20-9949-5e047fec4841

https://www.globenewswire.com/NewsRoom/AttachmentNg/dee57c5f-17ee-48b2-96ab-5d837357136b

https://www.globenewswire.com/NewsRoom/AttachmentNg/5c0e668f-799f-4064-a785-ce3a7c0ddf92

https://www.globenewswire.com/NewsRoom/AttachmentNg/ca80ceff-4c17-494c-b86d-f30ec8fb0fab

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Heritage Mining

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Overview

Mining in Ontario is big business. In 2021, Ontario’s mining industry produced roughly C$11.1 billion worth of minerals, accounting for 20 percent of Canada’s total production value. The importance of the mining industry has helped create a mining-friendly jurisdiction that understands the value of capitalizing on its natural resources. That’s why the Fraser Institute has ranked Ontario among the top 15 jurisdictions worldwide for investment attractiveness.

Additionally, the Canadian government is making a significant push to ramp up the production of critical minerals, including copper, lithium and aluminum. This push has resulted in more than 31 critical mineral projects in advanced exploration stages in Ontario,e paving the way for the development of a domestic supply chain for the country.

Heritage Mining (CSE:HML) is an exploration and development mining company with district-scale assets targeting gold and copper mineralizations within Ontario. The company’s flagship Drayton-Black Lake project is a strategically assembled district-scale project with encouraging bulk samples, high-grade gold intercepts and robust existing infrastructure. An experienced management team leads Heritage Mining with more than 100 years of combined experience working within the natural resources sector.

Heritage Mining project

The Drayton-Black Lake project is a district-scale asset with a rich history, but a single company has never operated the entire area. Instead, it was split up among different operators and has never received systematic exploration to determine its mineralizations’ actual width and depth.

As a result, Heritage Mining is launching the first systematic exploration program that will identify promising deposits throughout the entire area of this historic region from a low-grade, high-tonnage perspective.

The company entered a definitive asset purchase agreement with Bounty Gold Corp. to acquire 50 mining claims in the Split Lake zone adjacent to Heritage’s flagship Drayton-Black Lake project. Heritage will acquire a 100 percent interest in the Split Lake property in exchange for issuing Bounty 100,000 common shares.

“Relative to other projects in the area, we are very close to infrastructure. There is a paved highway through the property, all-weather logging roads, and well-maintained ATV roads. So it’s quite a bit different than other projects in Northern Ontario: there are no ice roads and we don’t have to fly in to do work,” CEO Peter Schloo stated in an interview.

The company also operates the Contact Bay project containing high-grade copper-nickel mineralizations. The 4,700-hectare land package is within an active mining area and has known gold, nickel and platinum-palladium mineralizations. While the Drayton-Black Lake project is the main focus, Contact Bay will expose the company to critical minerals.

Heritage Mining’s management team has a proven track record in the mining industry and has overseen transactions exceeding C$15 billion. In addition, the team has experience in corporate finance, administration and geology.

Company Highlights

  • Heritage Mining is an exploration and development mining company with district-scale opportunities in Ontario, Canada, targeting gold and copper.
  • The company’s flagship project, the Drayton-Black Lake project, has strong historical results but has never been systematically explored from a low-grade, high-tonnage perspective. Heritage is the first company to own the entire area and will conduct a thorough exploration program to identify promising mineralizations.
  • Drayton-Black Lake project has existing infrastructure that provides year-round highway access to the property, a significant advantage over other regional projects.
  • Samples from the company’s 2022 field program showed multiple high-grade gold vein system channels.
  • Heritage Mining’s Contact Bay project contains high-grade copper-gold mineralizations and exposes the company to the critical minerals market that is rapidly growing within Ontario.
  • A veteran management team leads the company with a combined 100 years of experience in the mining sector.

Key Projects

Drayton-Black Lake Project

Heritage Mining

The 14,229-hectare project has undergone significant historical exploration, including more than 176 holes drilled, with high-grade gold and copper discoveries. The project is located in a mature mining district in Ontario, a jurisdiction known for its low geopolitical risk and mining-friendly government.

Project Highlights:

  • Priority Zones Identified: Heritage Mining has identified four priority gold zones with multiple historic high-grade intersections that will guide future exploration programs. These zones are:
    • Moretti Zone – Samples up to 1,212 g/t gold
    • Split Lake Zone – 0.7 meters at 14.8 g/t gold
    • Shaft Zone – 2 meters at 14.5 g/t gold
    • West Zone – Up to 150.86 g/t gold
  • Over 100 Years of Historical Data: Exploration data from the past century is being compiled to create a greater understanding of the area that will rapidly advance the project by guiding future exploration decisions.

The Alcona Area has been approved for Phase II Drill Program to define its deposit potential.

Contact Bay Copper-Gold Project

Heritage Mining

The project covers 4,700 hectares and contains multiple high-grade copper-nickel and gold occurrences. Contact Bay is also located in Ontario andt is in the exploration phase, with targets identified for exploratory drilling.

Project Highlights:

  • Promising Mineralization Styles: The asset contains a diverse range of mineralizations, including:
    • Northeast – Rock sample assayed 0.40 g/t gold and 0.7 percent copper, sheared and altered gabbro
    • Northeast – A 1.2-meter chip channel assayed 4.2 g/t Au
    • Platinum and Palladium values up to 0.28g/t
  • Priority Targets Identified: Heritage Minerals has three priority drill targets, each with high-grade historic drill intersections that warrant additional follow-up.
  • Impressive Geophysical Interpretation: Exciting highlights from exploration work include the interpretation defining two substantial mafic-ultramafic intrusive bodies with multiple nickel-copper-PGE (platinum group elements) target areas:
    • Nabish Lake Area: ~ 5 kilometers long, up to 1 kilometer wide, over 1 kilometer in depth)
    • North Nabish Lake Area: ~ 2 kilometers long, 1 kilometer wide, over 1 kilometer in depth

Geophysical interpretation of the Contact Bay area along with findings from the 2023 prospecting program, suggest geological similarities to other Archean nickell-copper-PGE occurrences and deposits.

Management Team

Peter Schloo – President, CEO and Director

Peter Schloo holds the CPA, CA and CFA designations with over eight years of progressive experience in capital markets, operations and assurance. He has held senior executive and director positions in a number of private companies, a majority in the precious metals sector including CFO of Spirit Banner Capital and VP of corporate development and interim CFO for Ion Energy. Schloo is also currently a director of Pacific Empire Minerals. (PEMC). His past successes include over C$80 million in associated capital raising opportunities involving public and private companies.

Patrick Mohan – Chairman and Director

Patrick Mohan is a 35-year investor relations veteran and is the founder, president and chief executive officer of Mohan Group. Mohan is also on the board of Metals Creek Resources Corp. Previously, he occupied the position of president, CEO, director and head of investor relations at Kitrinor Metals. Mohan’s past successes include the development of the Cote Gold Project and the sale of Trelawney Mining & Exploration to IAMGOLD for C$585 million (US$595 million) in cash In 2012.

Wray Carvelas – Director and Chair of Compensation Committee

Wray Carvelas has provided 25 years of visionary leadership, developing and implementing ambitious strategic plans. As a senior executive at DRA Global he was responsible for the growth and development of the business in both North and South America. The mandate was to grow business in the Americas, both organically and inorganically without any significant capital base. Carvelas also held positions at KBR, ELB, and De Beers, involving management of development, production, and metallurgical (R&D and capital management) responsibilities.

Thomas Reid – Director

Thomas Reid has a 30 year career with Sun Life Financial as CFO Canada and head of corporate development. Since joining Sun Life Financial in 1994, Reid has held increasingly senior positions throughout Sun Life in finance, corporate development, public relations and investor relations. From 2009 to 2020, Reid led the group retirement services business at Sun Life, growing the assets under management from $30 billion to $130 billion. For the last four years, Reid was responsible for the strategy and growth team for Sun Life in Canada, where his team led strategic planning for the Canadian businesses and explored how Sun Life could invest in new businesses to accelerate the company’s growth in Canada. Reid also holds the CPA and CA designations.

Rachel Chae – CFO

Rachel Chae, with over eight years of experience, has served as CFO for various publicly traded companies, including several Canadian junior mineral exploration companies. She holds the chartered professional accountant designation working at Cross Davis & Company LLP, a chartered professional accountant firm providing accounting services to publicly listed entities, primarily in the mining sector.

Patrick Sullivan – Corporate Secretary

Patrick Sullivan is a mining, M&A and securities lawyer at a national law firm with a decade of experience in the junior mineral exploration sector. He has acted on several significant global mining transactions including South32 Limited’s $2.1 billion acquisition of Arizona Mining, Washington Companies’ $1.2 billion acquisition of Dominion Diamond, and Hudbay Minerals’ $555 million acquisition of Augusta Resource Corporation. Sullivan also has significant experience advising on mineral stream and royalty finance transactions.

Rick Horne – Geologist

Rick Horne has over 40 years of experience as an economic geologist. His experience includes senior roles with Acadian Mining (Atlantic Gold) as chief geologist and with Dufferin Gold Mine (Resource Capital Gold) as chief geologist and mine manager. Horne is an expert in lode gold systems, structural geology and geological mapping spending 22 years with NS Energy and Mines focussing on Bedrock mapping.

Mitchel Lavery, – Advisor

Mitchel Lavery has over 45 years’ experience in the exploration and development of mining projects with several junior and major mining companies. Lavery was instrumental in the discovery of the Bell Creek Gold Mine in Timmins, ON; the development and operation of the Joubie Gold Mine, Val-d’Or, QC; and the acquisition and development of the Quebec Lithium property, Lacorne, QC. He is the president and a director of Seahawk Gold. and is a qualified person under NI-43-101 regulations.

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Sarama Resources Consolidates Position in Western Australian Goldfields

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Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to advise that it has executed a non-binding Heads of Agreement (the “HoA”) with Orbminco Limited (“Orbminco”) (ASX: OB1), an arm’s length third party, to acquire a majority(1) and controlling interest(1) in the under- explored, belt-scale 420km² Mt Venn Project (the “Project”)(2), located in the Eastern Goldfields of Western Australia.

This follows Sarama’s recent acquisition of a majority interest in the 580km² Cosmo Project, approximately 45km to the west of the Mt Venn Project. Both projects are well-positioned and underexplored, presenting an exciting opportunity for Sarama in the Laverton Gold District which is known for its prolific gold endowment (refer Figure 1).

Highlights

  • Non-binding Heads of Agreement executed for acquisition of 80% interest in belt-scale Mt Venn Project
  • Located in the prolific Laverton Gold District, 35km from the producing Gruyere Gold Mine and less than 20km from Gold Road’s Golden Highway Deposit
  • Project covers 420km² and features a favourable litho-structural setting, primarily in greenstone rocks
  • Includes regional shear zone of ~50km strike length and 1-3km width extending full length of greenstone belt
  • Advanced gold targets generated through historical exploration, including broad drill-defined gold mineralisation
  • Highly complementary to Sarama’s recently acquired, underexplored and prospective Cosmo Project
  • Creates 1,000km² exploration position in the Laverton Gold District, capturing 100km of strike length
  • Land access agreement with Traditional Owners in place for exploration
  • 100% scrip consideration with initial exploration funded by the November 2024 equity raise of A$2M

Sarama’s President, Executive Chairman, Andrew Dinning commented:

“We are very pleased to have reached agreement to acquire the Mt Venn Project and when completed, this acquisition will significantly consolidate our position in the prolific Laverton Gold District of Western Australia. The addition of this project creates a major 1,000km2 area-play which significantly enhances the probability of making the next big discovery in a region that continues to deliver new deposits in previously unexplored areas, including the regionally- significant Gruyere Deposit just 35km east of the Mt Venn Project. We look forward to working towards completing the transaction and will provide updates in due course.”

Mt Venn Project

The Project is comprised of 3 contiguous exploration tenements covering approximately 420km² in the Eastern Goldfields of Western Australia, approximately 110km north-east of Laverton and 35km west of the regionally- significant Gruyere Gold Mine(3). The Project is readily accessible via the Great Central Road which services the regional area east of Laverton.

The Project captures the majority of the underexplored Jutson Rocks Greenstone Belt over a strike length of ~50km. Rocks within the belt feature a diverse sequence of volcanic lithologies of varying composition, together with pyroclastics and metasediments. Several internal intrusive units have been identified throughout the Project and are commonly associated with local structural features. A regionally extensive shear zone, spanning 1-3km in width, extends the entire length of the belt with subordinate splays interpreted in the southern area of the Project which provides a favourable structural setting for mineralisation.

Gold mineralisation was first discovered in the 1920’s with sampling returning very high grades and prompting the commencement of small-scale mining operations in the mid 1920’s. Multiple gold occurrences have since been identified throughout the Project, demonstrating the prospectivity of the system. Despite the identification of several km-scale gold-in-soil anomalies by soil geochemistry and auger drilling, many of these targets are yet to be properly tested. Encouragingly, drilling by Cazaly Resources Limited (“Cazaly”) (ASX: CAZ) at the Project intersected broad, gold mineralisation over several fences in weathered and fresh rock at the Three Bears Prospect, presenting a priority target for exploration (Cazaly news release 27 February 2017: “Widespread Gold & Zinc Mineralisation Defined”).

In addition to the attractiveness of the Project for gold, it is considered prospective for base metals and platinum group elements. Historical exploration work including auger geochemistry and geophysical surveys identified several targets for copper, nickel and zinc mineralisation. Several of these targets remain untested due to historical funding and land access constraints. Exploration in the belt to the immediate south of the Project area is noted to have intersected copper mineralisation of significant grade over a significant strike length(4).

In summary, the Project is located within a prolific gold district and has a favourable lithological and structural setting. A solid database of base-level historical exploration work by previous operators, including generation of drill-ready targets, provides a good platform for Sarama to advance the Project in conjunction with its activities at the Cosmo Project. The size and prospectivity of the landholding that Sarama will have in the Laverton Gold District upon completion of this transaction significantly enhances the chances of making an economic discovery, particularly given the infrastructure and proliferation of mines in the region which will have a favourable impact on the size threshold for finding something of economic value.

Click here for the full ASX Release

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Tech 5: AI Takes Center Stage at CES, NVIDIA Unveils Cosmos Platform

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Global markets were turbulent this week on speculation about US President-elect Donald Trump’s trade policies.

Initial gains on Monday (January 6), driven by rumors of less aggressive tariffs, were followed by a mixed performance as the Consumer Electronics Show (CES) kicked off in Las Vegas, Nevada, and investors awaited key economic data.

1. AI takes center stage at CES

Unsurprisingly, CES underscored the growing influence of artificial intelligence (AI) across the tech landscape, with AI chips for PCs, new electric vehicles and the imminent influence of robotics on the workforce taking center stage.

AI was prominent, featured in everything from appliances to pets. Following substantial investment, companies are under pressure to demonstrate the value and justify the cost of AI integration in their products.

As mentioned, tech stocks rose on Monday as the event began, with chipmakers like NVIDIA (NASDAQ:NVDA), Broadcom (NASDAQ:AVGO), Micron Technology (NASDAQ:MU), Advanced Micro Devices (AMD) (NASDAQ:AMD) and Taiwan Semiconductor Manufacturing Company (NYSE:TSM) leading the surge.

NVIDIA, whose CEO Jensen Huang gave the keynote address at CES, was a key focus.

Following the company’s weaker-than-expected revenue outlook in November, investment interest in AI has been dispersing to include companies such as Broadcom and Marvell (NASDAQ:MRVL), whose share prices increased in the fourth quarter of 2024 while NVIDIA’s remained relatively flat.

Broadcom, NVIDIA and Marvell Technologies performance, Q4 2024.

Broadcom, NVIDIA and Marvell Technologies performance, Q4 2024.

Chart via Google Finance.

After a product reveal, NVIDIA saw its share price fall 8.5 percent to US$140.01 on Tuesday (January 7), its largest intraday drop since October 15. Chief among the AI bellwether’s long list of new products are the new GeForce RTX 50 series GPUs, built on the Blackwell architecture. The flagship RTX 5090 for demanding workloads will be available this month for US$1,999, while the RTX 5070, a more budget-friendly version, will arrive in February for US$549.

NVIDIA also unveiled Project Digits, a desktop PC designed to empower AI researchers, data scientists and students with the ability to run very large AI models on their laptops. Developed in collaboration with Taiwan’s MediaTek (TPE:2454), the model is equipped with a Grace Blackwell Superchip and runs a version of the Linux operating system. Project Digits essentially puts an AI-powered personal supercomputer within reach for US$3,000 starting in May.

NVIDIA performance, January 6 to 10, 2025.

NVIDIA performance, January 6 to 10, 2025.

Chart via Google Finance.

NVIDIA’s move highlights a broader trend at CES this year: the rise of AI PCs. AMD, Intel (NASDAQ:INTC) and Qualcomm (NASDAQ:QCOM) all introduced chips designed to bring AI to everyday computing. AMD’s high-powered Ryzen CPUs, which will power Dell’s (NYSE:DELL) corporate PCs, reportedly outperform Macs and offer a longer battery life.

Meanwhile, Qualcomm is broadening its business beyond mobile phone chips with the Snapdragon X Platform, an affordable chip for laptops and PCs that will run Microsoft’s (NASDAQ:MSFT) Copilot+ software. The company will also soon release a small desktop computer built with the chip. PC makers including Dell — which announced a rebranding of its PC line — will reportedly offer laptops based on the new product in early 2025.

AMD, Qualcomm and Dell saw share price increases of between 2 and 3.5 percent between Monday and Tuesday. However, Intel’s new processors featuring built-in AI acceleration and a dedicated neural processing unit in select models weren’t enough to impress investors, and its share price was little changed over the same period.

2. Autonomous vehicles have their moment

While AI PCs generated excitement at CES, another trend emerged: the rise of generative physical AI.

During his keynote, Huang emphasized how the forthcoming shift will revolutionize factory and warehouse automation, a rising subsector he described as ‘a multi-trillion dollar opportunity.’

This sentiment is seemingly shared by OpenAI founder Sam Altman, who wrote in a weekend blog post of a near future where “AI agents join the workforce and materially change the output of companies.’

To accelerate this transition, Huang unveiled NVIDIA Cosmos, an open-source platform designed to simulate real-world environments and accelerate the training of physical AI models like robots and cars. Within Cosmos, AI agents can be trained using Nemotron, a new family of large language models optimized for agentic AI. Based on Meta’s (NASDAQ:META) Llama models, Nemotron leverages NVIDIA’s CUDA and AI acceleration technologies.

“Cosmos will dramatically accelerate the time to train intelligent robots and advanced self-driving cars,” Rev Lebaredian, vice president of omniverse and simulation technology at NVIDIA, said at a press conference on Monday.

Later, news broke of a partnership between NVIDIA and Toyota (NYSE:TM) that will see the carmaker use NVIDIA’s autonomous driving chips and software to advance its self-driving cars. NVIDIA also announced a partnership with Uber (NYSE:UBER) to use its drive logs for AI model training.

“After so many years, with Waymo and Tesla’s (NASDAQ:TSLA) success, it’s very clear (autonomous vehicles) have finally arrived,” said Huang on Monday. Later, during an interview with Yahoo Finance’s Dan Howley, he disclosed that NVIDIA’s technology for autonomous driving is projected to generate US$5 billion in annual sales.

3. Crypto market struggles to find footing

The Bitcoin price rose above US$102,000 early on Monday, following a weekend in which the cryptocurrency regained its 50 day simple moving average, an indicator often described as crucial for a continued bull market.

Adding to the momentum was strong speculation that MicroStrategy (NASDAQ:MSTR) was preparing to increase its holdings further after CEO Michael Saylor hinted at a potential acquisition over the weekend. The company ultimately purchased 1,070 Bitcoins for a total price of US$101 million.

Adding to bullish sentiment was a research report from JPMorgan (NYSE:JPM); it indicates that Bitcoin miners’ revenue increased for the second consecutive month in December. The positivity extended to altcoins as Solana’s DEX trading volume exceeded that of Ethereum and Base; the price action prompted analysts to set a US$15 target for XRP.

However, as conflicting US jobs and inflation data rolled in, traders’ hopes of an interest rate cut by March diminished. Yields for 10 year treasuries touched 4.73 percent, resulting in a broad selloff affecting cryptocurrencies and other risk-on assets like tech stocks. The top cryptocurrencies dropped between 4 and 9 percent in early trading on Tuesday.

Bitcoin performance, January 6 to 10, 2025.

Bitcoin performance, January 6 to 10, 2025.

Chart via CoinGecko.

US Bitcoin exchange-traded funds (ETFs) saw near-record outflows of US$582 million on Wednesday (January 8), as the downward trajectory continued. Ether ETFs also saw substantial outflows totaling US$159.3 million on Wednesday, their largest on record since July. By Thursday (January 9), US$655 million in Bitcoin futures contracts had been liquidated.

Adding to the uncertainty, the US Department of Justice has reportedly been cleared to sell US$6.5 billion worth of Bitcoin seized from Silk Road, which could put downward pressure on Bitcoin’s price.

Altcoins saw greater losses, with XRP being the sole exception.

Ripple’s native cryptocurrency saw periods of recovery on Wednesday after it was reported that CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty met with Trump for dinner. Analysts at Cointelegraph project XRP could surge 40 percent if prices can break out of the current “descending triangle” pattern.

Friday’s (January 10) US jobs data release coincided with a 2.24 percent drop in Bitcoin’s price to below US$92,000 before the markets opened, followed by a rise to US$95,000 midday. Bitcoin’s latest downtrend has led market analysts to believe that the coin’s price may retest areas around US$90,000 as traders contend with uncertainty regarding tariffs and their effects on the US economy, stoking concerns about the possibility of renewed inflation.

According to Santiment analyst Brianq, Bitcoin’s performance can also be partly attributed to decreased purchasing activity by wallets holding between 100 and 1,000 Bitcoin, which drove Bitcoin’s most recent bull cycle.

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

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Cybersecurity Stocks: 10 Biggest Companies in 2025

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Cybercrime is a growing concern, and it’s estimated that the annual cost of fighting cyber crime will reach US$10.5 trillion by 2025. Cybersecurity companies are working to address the challenge.

The list from eSecurity Planet features 20 privately held and publicly traded cybersecurity companies across a range of stock exchanges. The firm employed criteria such as user reviews, product features and benefits, analyst reports, independent security tests and use cases to evaluate companies in the cybersecurity sector.

The largest cybersecurity companies by market cap shown below are all listed on the NASDAQ and NYSE. Stock data was current as of market close on January 9, 2025.

1. Microsoft (NASDAQ:MSFT)

Company Profile

Market cap: US$3.16 trillion
Share price: US$424.56

The largest cybersecurity company by market cap is Microsoft. The tech giant is a major player in the cloud security market, which includes cloud native application protection platform (CNAPP) products and services. In fact, Microsoft is the largest CNAPP solution provider, according to KeyBanc Capital.

Prominent cybersecurity firm Security Risk Advisors recently became a member of the Microsoft Intelligent Security Association.

2. Broadcom (NASDAQ:AVGO)

Company Profile

Market cap: US$3.16 trillion
Share price: US$424.56

Global technology firm Broadcom has built a large portfolio of embedded and mainframe security solutions, as well as payment authentication software.

The company broadened its offerings with the Symantec Enterprise Cloud in November 2019 with the acquisition of the enterprise software division of Symantec, which has since changed its name to Gen Digital (NASDAQ:GEN). Broadcom’s Symantec offerings include secure access service edge technologies and zero-trust security.

3. Cisco Systems (NASDAQ:CSCO)

Company Profile

Market cap: US$235.78 billion
Share price: US$59.20

For a number of years now, Cisco Systems has increasingly invested in boosting its cybersecurity services. Today, the company offers an array of products for cloud security, endpoint security and security analytics. To address the cybersecurity skills shortage, Cisco offers certification programs for IT professionals.

In response to rising security risks in AI-powered applications, Cisco acquired Robust Intelligence, a company specializing in protecting AI systems from vulnerabilities and attacks, in September 2024.

4. IBM (NYSE:IBM)

Company Profile

Market cap: US$206.36 billion
Share price: US$223.18

IBM’s security division offers customers an advanced and integrated portfolio of enterprise security products and services. IBM X-Force helps businesses and organizations integrate security solutions into their everyday functions and provides help with risk assessment, incident detection and threat response. The company is harnessing the power of AI to combat cybersecurity threats.

In May 2024, IBM announced new X-Force Red testing services that focus on identifying and mitigating vulnerabilities in generative AI applications and models. Like Cisco, IBM also offers cybersecurity certification programs.

5. Palo Alto Networks (NASDAQ:PANW)

Company Profile

Market cap: US$113.41 billion
Share price: US$172.83

Palo Alto Networks bills itself as “the global cybersecurity leader.” The company’s security portfolio includes advanced firewalls and cloud-based offerings that protect more than 80,000 organizations across their clouds, networks and mobile devices.

An example of its more recently launched offerings include Prisma Cloud, which integrates AI across various security domains, including network security, cloud security and security operations. In October 2024, Palo Alto expanded its offerings to the industrial sector.

6. CrowdStrike Holdings (NASDAQ:CRWD)

Company Profile

Market cap: US$88.36 billion
Share price: US$358.72

CrowdStrike Holdings is a software-as-a-service solutions provider. This team of cybersecurity professionals uses advanced endpoint detection and response applications and techniques in its machine-learning-powered antivirus protection offerings to ensure breaches are stopped before they occur.

This is another major cybersecurity company that is incorporating AI, adding it to its security information and event management (SIEM) offerings.

Its new AI-powered functions for its Falcon Next-Gen SIEM platform were first released in May 2024, including the integration of its Charlotte AI. Then, in July, CrowdStrike announced its Falcon Complete Next-Gen MDR service, which incorporates data from its SIEM platform and AI capabilities.

7. Fortinet (NASDAQ:FTNT)

Company Profile

Market cap: US$73.61 billion
Share price: US$96.04

Fortinet provides end-to-end cybersecurity infrastructure products and services, such as firewalls, antivirus tools, intrusion prevention and endpoint security. The company’s cybersecurity platform can address critical security challenges and can protect data across digital infrastructure systems, whether in networked, application, multi-cloud or edge environments. Fortinet’s client base includes major sports teams, including the Vancouver Canucks NHL hockey team and the Pittsburgh Steelers NFL football team.

8. Zscaler (NASDAQ:ZS)

Company Profile

Market cap: US$28.74 billion
Share price: US$187.78

Cloud security company Zscaler’s Zero Trust Exchange platform can be used to secure user-to-app, app-to-app and machine-to-machine communications over any network. The company also offers cloud migrating services. Zscaler is known for setting the standard in the field of security service edge, and it claims the Zero Trust Exchange is the world’s most-used security service edge platform.

In December 2024, the company expanded its partnership with IT services and consulting company Cognizant (NASDAQ:CTSH) as the pair work together to help enterprises address cyber threats by providing an advanced, AI-enabled zero trust cloud security platform.

9. Check Point Software (NASDAQ:CHKP)

Company Profile

Market cap: US$20.15 billion
Share price: US$183.19

Check Point Software is part of the unified threat management sector, and it offers a wide variety of products to protect users on mobile, networks and the cloud. It also provides users with various security management services to prevent future cyber attacks and data breaches.

Check Point acquired Avanan, a cloud email and collaboration security company, in 2021. At the end of 2024, technological research and consulting firm Gartner recognized Check Point as a leader in the 2024 Gartner Magic Quadrant for Email Security Platforms.

10. Okta (NASDAQ:OKTA)

Company Profile

Market cap: US$14.64 billion
Share price: US$85.46

Okta is an identity and access management company that provides cloud software solutions for managing and securing user authentication, as well as building identity controls into applications, website services and devices. The company is investing in AI technologies to monitor customer signals and proactively identify potential risks.

Gartner recognized Okta as a Leader in the 2024 Gartner Magic Quadrant for Access Management for the eighth consecutive year.

FAQs for cybersecurity

Is cybersecurity a growing industry?

Cybersecurity is a growing industry — according to Statista, it has a projected CAGR of 7.58 percent between 2025 and 2029, which will allow it to reach a market value of US$271.9 billion. The largest segment within the cybersecurity market is security services, while cloud security is forecast to experience the fastest growth.

What are the current trends in cybersecurity?

Today’s top trends in cybersecurity include improvements in preventing and mitigating attacks against cloud services, growth in internet of things devices, the integration of artificial intelligence and machine learning, multi-factor identification and the increasing threat of deepfakes. Cybersecurity companies addressing these current issues in the market may have an advantage in attracting investor attention.

Which cybersecurity stocks pay dividends?

Very few cybersecurity stocks pay dividends; however, Cisco Systems and Juniper Networks (NYSE:JNPR) are two companies that offer dividend payments to their shareholders. Both pay quarterly dividends, with Cisco sporting an annual dividend yield of 2.7 percent, while Juniper Networks comes in at 2.29 percent. The average annual dividend yield for companies in the overall technology sector is 3.2 percent.

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

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5 Best-performing Canadian Pharma Stocks (Updated January 2025)

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From established players to up-and-coming firms, Canada’s pharmaceutical company landscape is diverse and dynamic.

Canadian drug companies are working to discover and develop major innovations amidst an increasingly competitive global landscape. Rising technologies such as artificial intelligence are playing a role in the landscape as well.

Read on to learn about what’s been driving the share prices of the best performing Canadian pharma stocks.

1. NurExone Biologic (TSXV:NRX)

Press ReleasesCompany Profile

Year-over-year gain: 147.27 percent
Market cap: C$34.08 million
Share price: C$0.68

NurExone Biologic is the biopharmaceutical company behind ExoTherapy, a drug delivery platform that uses exosomes, which are nano-sized extracellular vesicles, to create treatments for central nervous system disorders, spinal cord injuries and traumatic brain injuries. It is a less invasive alternative to cell transplantation, which requires surgery and carries the risk of rejection.

NurExone’s first nano-drug, ExoPTEN, uses a proprietary sIRNA sequence delivered with the ExoTherapy platform to treat spinal cord injuries. ExoPTEN received orphan drug designation from the US Food and Drug Administration (FDA) in October 2023, meaning it has been recognized as a potential treatment for rare medical conditions. The designation makes it eligible for incentives such as market exclusivity and regulatory assistance aimed at accelerating its development and approval.

In December 2024, the company released preclinical results from animal testing evaluating the efficacy of its nano-drug ExoPTEN in restoring lost vision. The lead investigator at the Goldschleger Eye Institute, which collaborated on the study, said the results were ‘extremely encouraging,’ and ‘suggest that ExoPTEN could fundamentally change how we approach conditions like glaucoma and optic nerve trauma.’

2. Cipher Pharmaceuticals (TSX:CPH)

Company Profile

Year-over-year gain: 140.88 percent
Market cap: C$377.18 million
Share price: C$14.26

Cipher Pharmaceuticals is a specialty pharma company with a diverse portfolio of treatments, including a range of dermatology and acute hospital care products. The company has out-licensed some of its offerings as well. Cipher began trading on the OTCQX Best Market under the symbol CPHRF in early 2024.

In addition to its current portfolio, Cipher has acquired Canadian rights to CF-101, a dermatology treatment for moderate to severe plaque psoriasis is currently expected to undergo Phase III clinical trials. The company is also conducting proof-of-concept studies on DTR-001, a topical treatment for removing tattoos.

On July 29, Cipher announced it had signed a definitive asset purchase agreement with ParaPRO for its US-based Natroba operations and global product rights, and the news caused Cipher’s share price to spike significantly. The company’s Q3 2024 results showed a product gross margin from the acquired Natroba products of 85 percent.

3. Satellos Bioscience (TSXV:MSCL)

Company Profile

Year-on-year gain: 88.89 percent
Market cap: C$95.99 million
Share price: C$0.85

Satellos Bioscience is a Canadian pharmaceutical company expanding treatment options for muscle disorders. The company has focused specifically on Duchenne muscular dystrophy, developing therapies to regenerate and repair muscle tissue by targeting the specific biological pathways involved. Its lead candidate SAT-3247 targets a protein called AAK1, which regulates the activity of stem cells that activate and differentiate new muscle fibers.

An acceptance to commence Phase 1 clinical trials of the drug was announced on August 19 and the first patient was dosed on September 18. Analysis of tests conducted on canines, shared on October 1, showed improved muscle morphology and increased muscle regeneration with no adverse side effects.

An update was provided in November, revealing it had begun enrolment for a multiple-ascending-dose arm of the Phase 1 study after no drug-related adverse events were reported in the single-ascending-dose group.

4. Telescope Innovations (CSE:TELI)

Press ReleasesCompany Profile

Year-over-year gain:81.4 percent
Market cap: C$20.39 million
Share price: C$0.39

Telescope Innovations is a chemical technology company that develops scalable manufacturing processes and tools that combine robotic automation, online analysis and machine learning for the pharmaceutical and chemical industries.

The company has commercialized its Direct Inject-LC system. Short for Direct Inject Liquid Chromatography, the system combines hardware and software to analyze chemical reactions and can potentially reduce the time and cost of new drug development.

On July 31, Telescope Innovations entered into a collaborative research agreement with pharma giant Pfizer (NYSE:PFE) to accelerate pharmaceutical research and development using automation, robotics and artificial intelligence.

According to a press release, some efforts will focus on deploying Self-Driving Laboratories, a concept pioneered by Telescope Innovations in which robotic systems carry out experiments while AI algorithms analyze the data in real time to inform researchers about what the next steps should be.

5. Medexus Pharmaceuticals (TSX:MDP)

Company Profile

Year-over-year gain: 46.47 percent
Market cap: C$100.34 million
Share price: C$3.94

Medexus Pharmaceuticals specializes in bringing drugs to treat rare diseases to North America. The company manages the entire process through its fully integrated operations, from acquiring and developing drugs to marketing and selling them. Some of its key products include treatments for hemophilia B and rheumatoid arthritis, as well as a line of drugs for autoimmune diseases like lupus and allergy treatments.

In November 2024, Medexus Pharmaceuticals announced it had successfully negotiated with the pan-Canadian Pharmaceutical Alliance to make treosulfan, which Medexus commercialized in Canada under the name Trecondyv, available to publicly funded drug programs and patients. Trecondyv is indicated as part of conditioning treatment prior to bone marrow transplants in patients with certain types of blood cancers.

In addition to Canada, Medexus has the exclusive commercialization rights to treosulfan in the US, where it currently being reviewed by the FDA for approval. The FDA extended the review period for the new drug application for treosulfan in September and set a new prescription drug user fee act target action date of January 30, 2025.

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

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Silver Crown Royalties Announces Corporate Update

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(TheNewswire)

Silver Crown Royalties

TORONTO, ON, January 10, 202 5 TheNewswire – Silver Crown Royalties Inc. (‘ Silver Crown ‘, ‘ SCRi ‘, the ‘ Corporation ‘, or the ‘ Company ‘) (CBOE:SCRI; OTCQX:SLCRF; FRA:QS0) wishes to provide an update on its 2024 progress and 2025 expectations. Based on minimum silver payment obligations, we anticipate receipt of cash payments on 15,180 ounces of silver for 2024 and 36,063 ounces of silver in 2025 on our royalty portfolio.


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Silver Crown Royalties Growth Profile

B acTech Environmental Corp. (‘BacTech’)– Bioleaching Facility in Tanquel, Ecuador

In the fourth quarter of 2024 we closed our first all-equity royalty purchase transaction on BacTech’s future bioleaching facility in Tenguel, Ecuador and issued C$1.0 million of units of the Company (‘ Units ‘) at a deemed price of C$10 per Unit at closing. Each Unit consists of one common share in the capital of the company and one warrant entitling the holder thereof to acquire another common share at a price of C$16.00 for a period of 36 months from closing. BacTech is advancing a bioleaching facility in Ecuador with the expectation of first production within the next two years. Upon full deployment of royalty payments (an additional C$3.0 million in common shares at a deemed price of at C$10.00 per common share) BacTech is to deliver 90% of silver produced or 35,000 ounces per year, for a minimum of ten years, whichever is higher.

BacTech continues to make positive advancements regarding its bioleaching initiatives. Early last year BacTech, in collaboration with MIRARCO Mining Innovation, commissioned a bioleaching pilot plant in Sudbury to test bioleaching processes on pyrrhotite tailings, targeting the recovery of nickel, cobalt, and other valuable by-products. The pilot plant has completed baseline campaigns to ensure operational readiness, with full-scale testing planned to commence shortly. BacTech continues to expand its search for historic mine tailings in northern Peru to potentially supply feed for the Ecuador project or establish a base for a new plant near Trujillo, in northern Peru.

Gold Mountain – Elk Gold Mine, British Columbia, Canada

At the end of the third quarter of 2024 Silver Crown received the C$124,299 minimum royalty payment from Elk Gold Mining Corp. pursuant to the terms of the royalty agreement dated May 11, 2023. Cash payments delivered to Silver Crown pursuant to the terms of the Royalty Agreement now total C$216,296.

Gold Mountain encountered various financial challenges that reflected ongoing operational issues, including commissioning difficulties and delays that impacted production levels at the Elk Mine. These challenges stemmed from grade control and sampling inefficiencies during ramp-up, resulting in lower-than-forecast ore production. To address these challenges, the Company implemented a series of financial restructuring initiatives, that included issuing additional common shares, converting secured debt, raising additional capital by way of a convertible debenture and restructured secured obligations to improve its financial position.

Winter operations commenced in late November of 2024, with a planned return to normal operations by late February. The first phase of infill drilling, focused on the east bench, has been completed, supported by Phase 1 financing for exploration drilling. Currently, mining is focused on the east face of Pit 1, targeting the 1300 series vein system at surface. Construction of a new crushing and ore sorting system is set to begin by the end of the month, with the sorting system expected to significantly improve grades.

Pilar Gold Inc. – PGDM Mine, Goiás, Brazil

The restart of commercial production at the PGDM Complex was delayed from Q3 2024 to Q1 2025. Accordingly, while Pilar de Goiás Desenvolvimento Mineral Ltda. has acknowledged its obligation to make minimum royalty payments during Q3 2024 and Q4 2024, it has defaulted on its obligation to make its minimum royalty payment in the amount of US$81,536.41 for the quarter ending September 30, 2024 in accordance with the terms of the amended and restated royalty agreement dated April 26, 2024 between Silver Crown and Pilar (the ‘ A&R Royalty Agreement ‘). The Company had previously agreed to forbear on enforcement action under the A&R Royalty Agreement pursuant to a letter forbearance agreement whereby Pilar agreed to release the C$100,000 contained in a segregated cash account to the Company and pay the balance of the Royalty Payment for the third quarter of 2024 and replenish the Segregated Cash Account no later than December 31, 2024. However, Pilar failed to pay the balance of the Royalty Payment for the third quarter of 2024 and failed to replenish the Segregated Cash Account on December 31, 2024.

Silver Crown will work in good faith with Pilar to cure the ongoing default and provide a further update to the market as soon as possible.

PPX Mining Corp. – Igor 4 project, Peru

During the fourth quarter in 2024 Silver Crown announced the signing of a definitive royalty agreement for up to 15% of the cash equivalent of silver produced from the Igor 4 project in Peru for an aggregate of US$2.5 million in cash. The first tranche of US$1.0 million is to be paid on closing which is expected to occur in early 2025, with the second tranche of US$1.5 million to be paid within six months of Closing. The Royalty will be payable immediately based on current operations at the Project and, beginning on and from the earlier of October 1, 2025 and the startup of metallurgical operations at the 250 tpd CIL and flotation plant currently under construction, will provide for minimum deliveries of the cash equivalent of 14,062.5 ounces of silver per quarter up to a total of 225,000 ounces. Upon the closing of the second tranche, and upon the delivery of the cash equivalent of an aggregate of 225,000 ounces of silver to Silver Crown, the Royalty will automatically terminate. PPX intends to use the proceeds from the sale of the Royalty together with other sources of financing to complete the construction of the Beneficiation Plan.

Peter Bures, Silver Crown’s Chief Executive Officer commented, ‘We are very pleased to continue our collaboration with PPX and are excited about the opportunities the new year will bring. We have great faith in the company as skilled operators and are happy to support them in achieving their production milestones. We continue to be encouraged with progress at GMTN. Although we are disappointed by the non-payment of the PDGM royalty, we note the minimal impact (~C$14,000) to Silver Crown’s revenues to date as we have set up internal protection against such an eventuality. In the meantime, we have been able to identify numerous opportunities to grow our revenue and will continue to advance such opportunities.’

ABOUT Silver Crown Royalties INC.

Founded by industry veterans, SCRi is a publicly traded, silver royalty company. SCRi currently has four silver royalties of which three are revenue-generating. Its business model presents investors with precious metals exposure allowing for a natural hedge against currency devaluation while minimizing the negative impact of cost inflation associated with production. SCRi endeavors to minimize the economic impact on mining projects while maximizing returns for shareholders.

For further information, please contact:

Silver Crown Royalties Inc.

Peter Bures

Chairman and CEO

Telephone: (416) 481-1744

Email: pbures@silvercrownroyalties.com

FORWARD-LOOKING STATEMENTS

This release contains certain ‘forward looking statements’ and certain ‘forward-looking information’ as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as ‘may’, ‘will’, ‘should’, ‘expect’, ‘intend’, ‘estimate’, ‘anticipate’, ‘believe’, ‘continue’, ‘plans’ or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include but are not limited to statements with respect to SCRi’s ability to achieve its strategic objectives in the future and its ability to target additional operational silver-producing projects. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi’s ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi’s business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available.

This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

CBOE CANADA DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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Nickel Price Forecast: Top Trends for Nickel in 2025

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The nickel market has faced challenges over the past few years due to a supply glut and weak demand.

Even though the price of nickel surged in the first quarter of 2024, the higher prices didn’t last, and by the end of the year, any gains the base metal made were erased.

Nickel traded in the US$15,000 to US$15,200 per metric ton range at the start of 2025, but what is in store for the rest of the year, and what trends should investors be watching?

Nickel market oversupply to continue in 2025

The primary conditions holding nickel prices from breaking out have been an oversupply situation as Indonesia continues to produce concentrates at record levels. Meanwhile, the demand side hasn’t seen the growth needed to maintain market balance.

“We believe nickel’s underperformance is likely to continue — at least in the near term — amid weakening demand and a sustained market surplus. A surge in output in Indonesia has dragged nickel lower over recent years, and demand from the stainless steel and electric vehicle batteries sectors continues to disappoint,” Manthey said.

Her statements come as China recently introduced measures that will take effect in 2025. These measures, which involve injecting US$1.4 trillion over the next five years, are meant to help the country’s ailing economy.

However, past measures introduced in 2024, particularly those in September, have yet to significantly affect the country’s housing and manufacturing sectors, which are net demand drivers for stainless steel.

Jason Sappor, senior analyst, metals and mining research with S&P Global Commodity Insights, echoed similar sentiments for nickel’s performance in 2025.

“We expect the market to remain oversupplied in 2025, as Indonesia and China’s primary nickel output expands further,” he said.

Sappor also added that prices expected to remain subdued could lead to further output curtailments across the industry. This would be in addition to cuts already made at various operations around the world, particularly those in Oceania.

However, with prices threatening to fall below US$15,000 at the start of 2025, they may fall low enough to cause significant cuts in Indonesia. This could, in turn, make predictions for the overall nickel market over the next year more challenging.

“The latest news reports that Indonesia’s government is considering making deep cuts to nickel mining quotas to boost prices also highlight that the implementation of restrictions on the country’s nickel output should not be ignored as a risk to forecasts for the market to stay in surplus in 2025,” Sappor said.

For her part, Manthey suggests that cuts to supply in 2024 did little to upset the market surplus, but may have also solidified Indonesia’s dominance over the industry.

“The recent supply curtailments also limit the supply alternatives to the dominance of Indonesia, where the majority of production is backed by Chinese investment. This comes at a time when the US and the EU are looking to reduce their dependence on third countries to access critical raw materials, including nickel,” Manthey said.

Will Trump change the Inflation Reduction Act?

One of the biggest factors that could come into play in 2025 is Donald Trump’s return to the White House.

During his campaign, he made several promises that could lead to a shift in the US’ environmental and energy transition policies. These are likely to include reversing commitments made to the Paris Climate Accords and ending tax credits for electric vehicles.

A significant unknown, however, is how he will approach the Inflation Reduction Act (IRA). The program, which was established under the outgoing Biden administration, was designed to stimulate a move away from fossil fuels while also supporting the procurement of a friendly supply of low-carbon nickel.

One part of the IRA, in particular, has made it challenging for Indonesia to gain a foothold in the US market for its nickel exports. Up until now, EVs must meet foreign entity of concern (FOEC) rules to qualify for the US$7,500 tax credits outlined under the act.

The US considers nations like China, Russia, Iran, and North Korea to be of concern. Under rule 30D of the act, these nations cannot control more than 25 percent of the board seats, voting rights, or equity interests of a company that supplies critical minerals for EV batteries destined for the US.

This has been a major obstacle for Indonesia as it has worked to build a trade partnership, which is part of the critical minerals requirement under the act.

Manthey outlined how Trump may seek to tighten rules, making a trade pact with Indonesia more difficult.

“Indonesia has been trying to reduce China-based ownership of new nickel projects to help its nickel sector qualify for the IRA tax credits. Tighter FEOC rules would create more issues for nickel supply chains and would be an obstacle to Indonesia’s goal of expanding its export market to the US,” she said.

Manthey also outlined that if the rules were tightened, primary and intermediate production would continue to be sent to China.

Investor takeaway

Barring any major shift in the supply and demand environment, the price of nickel is unlikely to have any significant gains over the next year. In turn this won’t make the industry supportive for investors in the short term.

“The surplus in the class 1 market is reflected in the rising exchange stocks. Further inflows of Chinese and Indonesian metal into the exchange’s sheds could put additional downward pressure on the London Metal Exchange’s nickel prices,” Manthey said.

She added that the potential upside would be stronger stainless steel output or a restricted ore supply from Indonesia. However, the downside risk of slower growth in the EV markets or the cancellation of some incentives in the US could offset this.

Overall, Manthey isn’t expecting large price movements.

“We forecast nickel prices to remain under pressure next year as the surplus in the global market continues. We see prices averaging US$15,700 per ton in 2025,” she said.

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

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