The US Senate voted Wednesday (October 29) to terminate the national emergency President Donald Trump invoked to impose steep tariffs on Canadian imports, marking the chamber’s second bipartisan rebuke of Trump’s trade policies in as many days.

The resolution passed 50–46, with four Republicans—Mitch McConnell and Rand Paul of Kentucky, Susan Collins of Maine, and Lisa Murkowski of Alaska—joining Democrats in support.

The Senate’s move follows a similar vote on Tuesday (October 28) to block tariffs on Brazilian goods.

‘President Trump has stretched this notion of emergency far beyond the language of the statute,” Sen. Tim Kaine of Virginia said in a floor speech ahead of the vote. “If President Trump can name anything as an emergency, so can any president henceforth.”

Kaine’s resolution targets the 25 percent tariffs Trump first imposed on Canadian goods in February under the International Emergency Economic Powers Act. Trump justified the move by claiming Canada was failing to stop the flow of fentanyl across the northern border, a rationale that Kaine and others called “absurd.”

“It is ridiculous to say that fentanyl is an emergency with respect to Canada,” Kaine said. “It’s a pretext that’s just being used to pour more and more tariffs onto Canada.”

According to US Customs and Border Protection, less than one percent of fentanyl seizures this year occurred along the northern border, amounting to only 66 pounds in total.

Trump later escalated the tariffs to 35 percent in August and threatened to raise them another 10 percent last week, following a spat over a televised advertisement by Ontario’s provincial government.

The ad featured a 1987 clip of former President Ronald Reagan warning that tariffs “lead to retaliation and shrinking markets”—a message Trump dismissed as “fake.”

The president abruptly canceled trade negotiations with Canadian officials over the ad, prompting sharp criticism from lawmakers in both parties.

“The economic harms of trade wars are not the exception to history, but the rule,” McConnell said in a statement explaining his vote. “Tariffs make both building and buying in America more expensive. And no cross-eyed reading of Reagan will reveal otherwise.”

Collins, whose home state borders Canada, said her vote reflected both economic and practical concerns.

“I’ve seen firsthand the damage that the Canadian tariffs have caused,” she said Tuesday. “The Canadians have worked very hard to try to stem the flow of drugs into this country, and the vast majority of drugs arrive from the southern border, not the northern border. So I don’t think the basis for imposing tariffs on Canada is a valid one.”

The trade rift has also spilled into the private sector, where Canadian exporters are scrambling to manage rising costs and tighter margins.

With tariffs adding pressure to cross-border transactions, many businesses have turned to their banks for foreign exchange, only to encounter delays and high fees.

“An estimated 85 percent of small and medium-sized businesses in Canada use their bank because of the convenience, and frankly, because they aren’t aware of any other solution,” said Alfred Nader, CEO of fintech firm Mark Lane.

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

Tertiary Minerals plc (AIM: TYM) is pleased to announce that KoBold Metals Company (‘KoBold’) has successfully completed its Stage 1 Earn-In requirements on the Konkola West Copper Project (‘Project’) and has confirmed it will proceed to Stage 2 under the Earn-In Agreement (‘Agreement’) with cumulative exploration expenditure of up to US$6 million.

Highlights

• Completion of Stage 1 Earn-In requirements with 2 drill holes for an accumulative 4,153m of drilling, significantly surpassing the minimum drilling requirement of 2,000m.
• New Joint venture company to be incorporated.
• KoBold confirms its intention to proceed to Stage 2, which includes cumulative exploration expenditure of up to US$6 million.
• KoBold is currently undertaking extensive analysis of the two holes completed to date. This work includes full geochemical analysis, downhole geophysics, and stratigraphic interpretation, all of which will improve the targeting for the next phase of exploration.
• Location and depth of the next drill hole to be confirmed once all the data from previous drilling is reviewed and incorporated into the updated exploration model.

Drilling Summary

Hole KWDD001

Hole KWDD001 was collared in the northeast of the licence area and targeted down-dip extensions of mineralisation to the southwest of Mingomba and Konkola Deeps (Figure 1). The drillhole was drilled to a depth of 2,711m but was terminated due to technical difficulties before reaching the targeted horizon (Ore Shale, Copperbelt Orebody Member). KWDD001 is believed to be the deepest mineral exploration drill hole to have ever been drilled in the Zambian Copperbelt and marks a significant milestone within the industry.

Hole KWDD002

Hole KWDD002 is collared on the eastern side of the licence area and is targeting down-dip extensions of known mineralisation southeast of the Konkola Mine (Figure 1). The drillhole was drilled to a depth of 1,802m but was recently terminated due to technical difficulties.

Notwithstanding the drilling difficulties, both drillholes have yielded invaluable geological information which is now being incorporated into KoBold’s geological model for the Konkola region and will be used as part of the planning process for the Stage 2 drilling.

Earn-In Agreement

The Earn-In Agreement is between Tertiary Minerals (Zambia) Limited, its local partner, Mwashia Resources Limited, and Mwinilunga Exploration Limited, a subsidiary of KoBold.

Under the amended Earn-in Agreement, KoBold was required to drill two holes and carry out a minimum of 2,000m of drilling within 24 months of signing the Earn-in Agreement (prior to 19 December 2025) to achieve the Stage 1 Earn-In.

Following the completion of Stage 1 and KoBold having elected to proceed to Stage 2, a joint venture company between Tertiary Minerals Zambia, Mwashia Resources Limited and Mwinilunga Exploration Limited will be formed, where the participating interests in the joint venture company will be: 39%, 51%, and 10%, respectively.

In order to complete the requirements of Stage 2, KoBold is required to spend a cumulative amount of up to US$6 million on exploration expenditure within a further 24-month period. If these requirements are achieved, then KoBold will increase its participating interest, and the shareholdings in the joint venture company will then be: 20% Tertiary Minerals (Zambia) Ltd, 70% Mwinilunga Exploration Limited, and 10% Mwashia Resources Limited.

In addition, a provision of the Earn-In Agreement has been made to ensure that KoBold’s newly granted adjacent Large Exploration Licence, 38615-HQ-LEL, will also be held under the terms of the Earn-in Agreement for the benefit of all the parties.

Richard Belcher, Managing Director of Tertiary Minerals plc, commented:

‘We are delighted that KoBold has completed Stage 1 of the Earn-In Agreement requirements and has opted to proceed to Stage 2, despite the technical drilling challenges in this groundbreaking exploration programme. This marks a major milestone not only for the Project but the collaboration between our respective companies with the formation of a new joint venture company. Such a move underlines the continuing commitment and strategic importance of this Project within the world- renowned Central African Copperbelt.

‘The continuation of exploration under the Earn-In Agreement provides significant upside for Tertiary to any future Project advancement while limiting downside in terms of risk and capital expenditure. The Company looks forward to continuing this relationship and I look forward to providing further updates in due course.’

Mfikeyi Makayi, Chief Executive Officer, KoBold Metals Africa, commented:

‘We have learned a lot from the first two holes drilled at the Konkola West property that will go into planning future work on the licence area. We are pleased to have fulfilled Stage 1 of our Earn-In Agreement and look forward to continuing to work with Tertiary and Mwashia in Stage 2 of our Earn-In Agreement.’

Figure 1. Location map of the Konkola West Copper Project and collar position of the two drill holes.

Project Summary

Konkola West (Licences 27067-HQ-LEL and 38615-HQ-LEL) is located approximately 5km to the southwest of KoBold’s Mingomba deposit and 3km southwest of Konkola Deep Mine, which forms part of the Lubambe-Mingomba-Konkola group of copper deposits of the Zambian Copperbelt. The aim of the drill programme is to test the potential continuations of mineralisation being mined at the World-Class Musoshi, Lubambe and Konkola Mines (combined pre-mining endowment of over 775Mt grading 2-3% copper). KoBold’s Mingomba project, is reported by KoBold to be one of the largest undeveloped copper deposits in the world. KoBold is using its propriety AI-driven models of the regional geology to support its mineral exploration targeting.

Further Information:

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

Cautionary Note Regarding Forward-Looking Statements

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and, save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Competent Persons Statement

The technical information in this release has been compiled and reviewed by Dr. Richard Belcher (CGeol, EurGeol) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Dr. Belcher is a chartered fellow of the Geological Society of London and holds the European Geologist title with the European Federation of Geologists.

About Tertiary Minerals plc

Tertiary Minerals plc (AIM: TYM) is an AIM-traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are all located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of copper and precious metal mineral resources in Nevada and in Zambia.

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European Green Transition (AIM: EGT), a company seeking to acquire and transform revenue stage businesses supporting the green energy transition in Europe, announces that it has entered into an exclusive option agreement (the ‘Option’) with Recovery Metals Cyprus Limited (‘RMC’) to sell its Pajala Copper Project in Sweden.

Highlights

• EGT has entered into an exclusive six-month option agreement with RMC for the potential sale of the Liviövaara nr 101 and Lehtosölkä nr 101 exploration licences (together, the ‘Pajala Copper Project’) in northern Sweden.
• The Pajala Copper Project represents a potential Iron Oxide Copper Gold (IOCG) target, with historical drilling confirming copper mineralisation across multiple intersections.
• Anglo American, a previous operator, completed a nine-hole diamond drilling programme at the project, identifying broad intervals of copper mineralisation indicative of an IOCG system with the potential to host a significant copper deposit.
• RMC, a privately held company incorporated in Cyprus, is focused on developing a pan-European portfolio of high-potential copper and gold projects. Its current portfolio comprises three fully licensed copper projects located in Cyprus with immediate development potential.
• Under the terms of the option agreement, RMC will fund all due diligence activities during the six-month option period.
• Should RMC choose to exercise the option, the acquisition of the Pajala Copper Project would be subject to the successful negotiation and execution of definitive transaction documents. There can be no certainty that the option will be exercised or any transaction concluded.
• The Company will provide further updates to the market as appropriate.

Cathal Friel, Co-founder and Non-Executive Chairman, commented: ‘We are pleased to have signed an exclusive option agreement with RMC for the proposed sale of our Pajala Copper Project in Sweden, marking a significant step in the execution of our strategy to generate value from our mining portfolio. The agreement provides RMC with sufficient time to complete its due diligence on the project, supported by their team who have prior operational experience in the region.

‘Copper prices are approaching record highs, underpinned by limited supply and strong market fundamentals. Growing investment in electrification and clean energy technologies together with policy measures such as the EU Critical Raw Materials Act which seeks to ensure a stable supply of critical minerals to the European market, is driving sustained demand for both copper and rare earth elements (REEs), reinforcing the potential strategic importance of EGT’s mining assets within the European supply chain. This potential transaction reinforces our approach to capital allocation as we continue to focus our resources on monetising our existing mining projects and acquiring and developing distressed, revenue-generating businesses across a diverse range of sectors.’

About the Pajala Copper Project

The Pajala Copper Project comprises three contiguous exploration permits covering an area of approximately 51.17 km². These permits are held 100% by Rockfleet Minerals Limited, a wholly owned subsidiary of EGT, and are unencumbered by royalties. The project lies 21 kilometres from the Kaunisavaara iron ore mine in the Pajala district of Norrbotten County, benefiting from well-developed local infrastructure and access to abundant renewable energy sources. Historical exploration by Anglo American between 2000 and 2001 included nine diamond drill holes totalling 1,768.9 metres, with several intercepts indicating copper and gold mineralisation. Notable results include 5.45 metres at 1.23% Cu and 1.13 g/t Au (hole 00LIV001), 10.5 metres at 0.28% Cu (hole 00LIV004), and 10.75 metres at 0.5% Cu (hole 01LIV009). These findings suggest the presence of a potentially significant IOCG-style system, underscoring the project’s strong copper potential.

Enquiries

Notes to Editors

European Green Transition plc (quoted on the AIM market of the London Stock Exchange under the ticker ‘EGT’) is a company which aims to capitalise on the opportunities created by the green energy transition in Europe. EGT is seeking to monetise its existing portfolio of mining projects through sale or partnership as it looks to allocate its resources away from natural resources and mining to focus on acquiring and transforming distressed, revenue generating businesses through M&A.

For more information, please go to www.europeangreentransition.com or follow us on X (formerly Twitter ) and LinkedIn.

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Mali’s military-led government has revoked more than 90 mining exploration permits due to alleged non-compliance with the country’s new legal requirements.

An official decree signed by Mines Minister Amadou Keita on October 13 announced the revocation of permits issued between 2015 and 2022 for gold, iron ore, bauxite, uranium, rare earths, and other minerals, according to a Reuters report.

Companies impacted include local subsidiaries of Harmony Gold Mining (NYSE:HMY,JSE:HAR), IAMGOLD (TSX:IMG,NYSE:IAG,OTCQX:IAFNF), Cora Gold (LSE:CORA) and Resolute Mining (ASX:RSG,LSE:RSG).

As of writing, representatives of Harmony Gold, IAMGOLD and Resolute did not immediately respond to requests for comment nor have publicly released statements on the matter.

The decree did not specify the total area affected or the potential value of the exploration activities involved but declared that all rights conferred by the permits were “released” and that the corresponding areas were now open for reallocation.

“Permit holders were asked to submit required documents under new mining rules, but after verification, authorities found widespread non-compliance,” the Ministry of Mines said in a statement. “As a result, the government has canceled the permits in line with mining legislation.”

Cora Gold told Reuters that the cancellation would have no impact on its operations. The company said it had already relinquished the affected permits over two years ago and had not received formal notice from authorities.

In recent months, governments across West Africa have started to tighten oversight of the mining industry and ensure greater compliance from international operators. Guinea, for instance, has similarly annulled dormant or non-compliant licenses as part of efforts to maximize state revenues and assert greater control over strategic mineral assets.

Mali, one of Africa’s leading gold producers, relies heavily on mining for export earnings and public revenue. However, the sector has faced mounting pressure from political instability and regulatory uncertainty.

The country’s industrial gold output is expected to fall short of its 2025 target due to operational disruptions, including at Barrick Loulo-Gounkoto mine, which currently serves as Mali’s largest gold asset.

The government has sought to offset these challenges by deepening partnerships with non-Western allies, particularly Russia. In recent months, Mali has entered into a series of energy and mining agreements with Moscow, including a deal for the supply of 160,000 to 200,000 metric tons of petroleum and agricultural products.

Russian-backed ventures have also expanded in Mali’s mining landscape through joint projects in gold, uranium, and lithium, as well as the construction of a state-controlled gold refinery in Bamako.

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

Global commodity prices are on track to fall to their lowest level in six years by 2026, as weaker demand, a widening oil surplus, and policy uncertainty continue to weigh on markets, according to the World Bank’s latest Commodity Markets Outlook.

The World Bank expects global energy prices to fall sharply as oil oversupply builds.

The oil glut in 2025 is projected to expand 65 percent above its last peak in 2020 as electric and hybrid vehicles reduce fuel consumption and oil demand flattens in China.

Brent crude prices are forecast to slide from an average of US$68 per barrel in 2025 to US$60 in 2026, also marking the lowest level in five years. Overall, energy prices are seen dropping by 12 percent this year and an additional 10 percent next year.

Despite the declines, commodity prices remain elevated compared to pre-pandemic levels. The World Bank estimates 2025 prices will still average 23 percent higher than in 2019, and 2026 levels about 14 percent above pre-COVID benchmarks, reflecting structural shifts such as climate impacts, supply chain realignments, and new industrial demand.

Food markets are also showing signs of easing. Global food prices are forecast to fall in 2025 and 2026, aided by improved harvests and lower shipping costs. However, fertilizer costs are expected to surge this year before easing in 2026, driven by high input prices and trade restrictions that could strain farm profitability and threaten crop yields.

Precious metals, by contrast, are defying the broader trend.

Gold and silver have reached record highs in 2025, primarily buoyed by central bank purchases, investor demand for safe-haven assets, and ongoing macroeconomic uncertainty.

Meanwhile, gold prices are expected to rise 42 percent this year and another 5 percent in 2026, nearly doubling their 2015–2019 average. Silver is projected to increase 34 percent this year and 8 percent next year, extending its strong performance as the metal hit record highs in 2025.

While the downturn is providing some relief to inflation-hit economies, the World Bank warned that the decline may be temporary.

“Commodity markets are helping to stabilize the global economy,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President for Development Economics. “Falling energy prices have contributed to the decline in global consumer-price inflation. But this respite will not last. Governments should use it to get their fiscal house in order, make economies business-ready, and accelerate trade and investment.”

The report also noted that the commodity outlook remains highly vulnerable to shifting global conditions. Prolonged trade disputes, sluggish economic growth, or an unexpected surge in oil supply from OPEC+ could drag prices further down.

Conversely, heightened geopolitical tensions, the imposition of new sanctions, or severe climate disruptions could drive them back up.

Beyond short-term price dynamics, the report’s Special Focus section for this year examines whether renewed global interest in managing supply and demand through commodity pacts could stabilize markets.

Drawing on a century of experience with international commodity agreements (ICAs), the World Bank found that most such efforts ultimately failed.

In the 20th century, producer and consumer nations attempted to stabilize prices through mechanisms involving inventory controls, trade quotas, and price-setting schemes for commodities.

While some early efforts achieved temporary price stability, most collapsed due to weak coordination and changing demand patterns. Even the Organization of the Petroleum Exporting Countries (OPEC)—the longest-lasting such arrangement—has faced increasing challenges from new energy sources and shifting consumer behavior.

“OPEC’s longevity stands out among other ICAs,” the report said, noting the oil cartel’s survival has depended on its ability to adjust production quotas, expand alliances through OPEC+, and engage with consumer nations through dialogue.

Still, the World Bank cautioned that OPEC faces growing headwinds from the global transition toward cleaner energy, which could usher in a period of stagnant or declining oil demand.

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

Avalanche Treasury Co. (AVAT) represents a milestone in the maturation of blockchain-based digital assets as it transitions from speculative retail tools to mainstream institutional investment vehicles.

This newly launched investment vehicle, specifically designed to buy and hold Avalanche (AVAX) tokens, gives institutional investors a compliant way to gain exposure to Avalanche’s ecosystem growth. Its creation is emblematic of the broader financial ecosystem’s ongoing convergence with decentralized finance and blockchain innovation.

“This is a public company launching as an active, strategic partner within the Avalanche network, offering a level of integration and alignment that investors have been demanding,” he said.

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

Empire Metals Limited (LON: EEE, OTCQX: EPMLF), the AIM-quoted and OTCQX-traded resource exploration and development company, is pleased to announce that is has raised gross proceeds of £7 million by way of a subscription of 17,500,000 new ordinary shares of no par value in the capital of the Company at a price of 40 pence per ordinary share (the ‘Subscription Shares’) to existing institutional shareholders (the ‘Subscription’).

Rationale for the Subscription:

• The Subscription funds will be used to maintain momentum across key workstreams including resource expansion, advanced metallurgical testwork, and the commencement of pilot-scale production in 2026, with the goal of delivering high-purity TiO₂ product samples to potential end users and supporting preliminary engineering and economic studies.
• Product development will additionally focus on routes to optimally produce lab and bulk samples of products for the titanium metal supply chain, such as TiCl₄.
• The Company will also deploy additional capital to strengthen its team for its next phase of development and to pursue value accretive corporate opportunities, including a possible dual listing on the ASX targeted for H1 2026, with Canaccord Genuity (Australia) expected to act as lead adviser.

Shaun Bunn, Managing Director, said:‘I am very pleased to announce the successful completion of this Subscription, which was executed at a premium to the current share price and reflects increased participation from our institutional shareholders in Asia andAustralia. This continued support underscores both the scale and strategic value of the Pitfield Project and strengthens the Company as we move into a critical phase or our development. With this Subscription, our cash position is now £11 million, providing a robust balance sheet to drive the next phase of development.’

Use of Funds
The proceeds of the Subscription together with existing cash reserves of £4 million will be primarily used for:

• Exploration and Mineral Resource Drilling
• Project Management and Project Development including:
  • General development related studies including environmental, social and marketing
  • Preliminary engineering and economic studies covering mining, process plant, infrastructure and energy
  • Metallurgical development including mineral separation and hydrometallurgical continuous piloting
• Corporate overheads

Application for Admission and Total Voting Rights
The Subscription Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company. Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM (‘Admission’). It is expected that Admission will become effective at 8:00 a.m. on 5 November 2025. As a result of the issue of the Subscription Shares as described above, the issued share capital of the Company now consists of 710,893,221 ordinary shares of no-par value.

**ENDS**

For further information please visit www.empiremetals.com or contact:

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

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

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

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

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

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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

Critical Mineral Resources is pleased to report excellent progress at the Agadir-Melloul drilling programme, with visible mineralisation in over 60% of drill holes completed to date.Assay results from the current programme will be announced in mid-November. The company continues to pursue the dual strategy of an initial mine development alongside the discovery of a large scale, strategic resource.

Highlights

• 20 drill holes completed, primarily focused on Zone 1 North
• Over 60% of holes display visible copper mineralisation
• Assay results expected mid-November
• Continuous mineralisation over 750 meters along strike, and open to the south
• Drilled area to date represents <1% of the 50km2 target limestone
• On track to define sufficient resources for the Initial Mine by the end of Q1 2026, early Q2 2026
• Dual strategy of Initial Mine development alongside large-scale exploration targeting a minimum of 20 million tonnes at 1.2% CuEq
• Company-owned drill rig is in Moroccan waters and is due to arrive at site during December 2025, enhancing future drilling capacity

Drilling update

Since commencing in early September, 20 drill holes have been completed, mainly concentrated within Zone 1 North. Samples are currently being assayed at Afrilab in Marrakech, and we expect to receive results over the next two weeks. First assays will be published by mid-November.

Encouragingly, more than 60% of holes drilled have observable copper mineralisation, supporting the Company’s expectation of a near surface resource (in some areas at surface), averaging 2.0m to 2.5m in thickness and grading 1.0% to 1.2% copper equivalent.

Fig.1 Mineralised core

From the northernmost section of Zone 1 North, mineralisation is continuous southwards for approximately 750m followed by a short approximately 300m interval of lower grade material, before returning to stronger mineralisation that remains open along strike to the south.

Figure 3 shows the area drilled thus far, shaded in dark grey. The drilled area represents less than 1% of the project’s 50km2 target limestone, highlighting the considerable exploration upside still to be realised.

Fig.2 Existing portfolio and current area of drilling

Fig.3 Drilled area in dark grey represents <1% of project’s 50km2

target limestone

Initial Mine

CMR is on track to delineate sufficient resources to underpin the Initial Mine development by the end of Q1 2026 or early Q2 2026.

Drilling across Zone 1 North and Zone 2 South will support a planned 650 to 1,000tpd operation, targeting a 2.5 to 3.0 million tonne reserve and an estimated 10 year initial mine life. Management expects to have delineated 3.0 million tonnes in resources by early 2026, enabling the commencement of the Initial Mine feasibility study in mid 2026. Construction is anticipated being in 2027.

Note: The Company’s earn-in agreement requires a minimum 650tpd operation; management is targeting 1,000 tpd.

Strategic Discovery

Alongside the Initial Mine, the company continues to pursue its broader exploration programme across the 80km2 project area, including 50km2 of target limestone. An Initial Exploration Target has been defined of 20 to 25 million tonnes at 1.2% CuEq, based on 5km2 of mineralisation at an average 2m thickness.

To accelerate this programme, CMR expects to be operating two diamond drill rigs before the end of 2025, with a third rig to be added as results dictate. The Company’s own drill rig, due to arrive during December 2025, will increase drilling productivity and reduce exploration costs. Once landed and cleared customs a separate announcement will be released with more details.

Charlie Long CEO commented:

“We are making fantastic progress in Morocco. Commencing drilling in early September to announcing first assays in mid-November represents excellent momentum on the ground. We remain firmly on track to initiate the Initial Mine feasibility study next year, while continuing to explore for a large-scale, strategic discovery.

Our understanding of the system at Agadir-Melloul continues to evolve. Only this week, we were excited by the discovery of a significant copper-silver vein, extending from a high-grade historical mining operation. While not our main target, this discovery adds further upside value, and could be a welcome source of blending ore in future.

Agadir Melloul is a large scale and highly prospective project, and we expect it to continue to deliver discoveries and positive results for the benefit of our shareholders, our joint venture partner and all stakeholders”

For further information, please contact:

Notes To Editors

Critical Mineral Resources (CMR) PLC is focused on developing a sediment-hosted copper and silver project in Morocco. The macro strategy is to produce critical minerals for the global economy, including those essential for electrification and the clean energy revolution. Many of these commodities, including copper, are widely recognised as being at the start of a supply and demand supercycle.

CMR identified Morocco as an ideal mining-friendly jurisdiction that meets its acquisition and operational criteria. The country is perfectly located to supply raw materials to Europe and possesses excellent prospective geology, good infrastructure and attractive permitting, tax and royalty conditions. In 2023, CMR acquired an 80% stake in leading Moroccan exploration and geological services company Atlantic Research Minerals SARL. In 2025, CMR signed a definitive joint venture agreement to earn-in to 60% of the Agadir Melloul sediment hosted copper and silver project.

The Company is listed on the London Stock Exchange (CMRS). More information regarding the Company can be found at www.cmrplc.com

The US Federal Reserve held its seventh meeting of 2025 from Tuesday (October 28) to Wednesday (October 29) amid growing division between doves and hawks as job market growth slows and the threat of higher inflation.

The central bank met analysts’ expectations by lowering the federal funds rate by 25 basis points to the 3.75 to 4 percent range. It marks the second time this year that the Fed has cut interest rates. Interest rates haven’t been below 4 percent since September 2022.

The Federal Reserve Board of Governors were reportedly split over those concerned with preventing a further slowdown in the US labor market and those fearing the fight against inflation is far from over. Lowering interest rates in turn lowers the cost of borrowing, which can provide businesses with more runway to grow their workforce. However, increasing the available money supply by easing access to borrowing can also increase inflation.

The September consumer price index (CPI) data showing inflation rose to 3.0 percent for the 12 months ending September after rising 2.9 percent over the 12 months ending August. Despite this higher inflationary environment, a weakening labor market has become the focus of the Fed’s dual mandate of stable prices and maximum employment.

The ongoing US government shutdown has delayed the release of key economic data, including the September US jobs report originally slated for publication on October 3.

Therefore, the most recent US jobs report comes from August. It indicates an increase of just 22,000 new workers, while the unemployment rate ticked up to 4.3 percent from 4.2 percent in July.

Until the government funding legislation is passed, all economic reports are on hold and the Federal Reserve is flying blind when it comes to planning the best course of action for the country’s economy.

Filling in the gaps, CNN reports that financial data firm FactSet has reported that the US added 50,000 jobs in September, while the unemployment rate held steady at 4.3 percent. While economists expect a pickup in jobs this time of year when the summer ends; however, compared to last year’s 240,000 jobs, this September’s gains are significantly weaker.

“Although official employment data for September are delayed, available evidence suggests that both layoffs and hiring remain low, and that both households’ perceptions of job availability and firms’ perceptions of hiring difficulty continue to decline in this less dynamic and somewhat softer labor market,” said Chair Jerome Powell. “The downside risks to employment appear to have risen in recent months.”

At the same time as its interest rate decision the Fed also announced a stop to its quantitative tightening activities as of December 1, 2025. For the past three years the independent government agency has been working to reduce its balance sheet from US$9 trillion in 2022 to US$6.6 trillion today. The move comes following recent stress signals in the short-term lending markets.

The next Fed interest rate decision will come on December 10, the last Fed meeting for 2025. In his speech to reporters, Powell strongly suggested another rate cut this year is not necessarily a given.

“In the committee’s discussions at this meeting, there were strongly differing views about how to proceed in December,” he said. “A further reduction in the policy rate at the December meeting is not a foregone conclusion. Far from it.”

Also by the end of the year, President Donald Trump intends to announce a replacement for Obama appointee Federal Reserve Chair Jerome Powell whose term expires in May 2026. Trump has been critical of the Fed and Powell in particular, saying they haven’t moved quickly enough to lower rates.

On Monday (October 27), US Treasury Secretary Scott Bessent announced a short list of candidates to replace Powell, including Fed Governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock executive Rick Rieder.

The gold price rebounded nearly 2 percent to US$4,031.10 in the lead up to the rte decision, but quickly consolidated just below the US$4,000 mark to US$3,987.10 per ounce shortly after. Silver spiked as high as US$48.25 per ounce following the meeting, still trading near 14 year highs.

Lower interest rates leads to lower returns on fixed-income investments like bonds, which makes gold a more attractive investment.

Looking ahead, Mykuliak expects gold to trade within a range of US$3,900 and US$4,400

in the last quarter of the year. Further rate cuts or rising geopolitical tensions could push gold prices even further. “Into 2026, gold should maintain an upward trajectory, potentially gaining another 5 to 12 percent, as real rates decrease and central banks keep diversifying reserves,” she noted.

Equities were mixed on Wednesday, with the S&P 500 (INDEXSP:INX) down 0.56 percent to reach 6,871.47. Meanwhile, the Nasdaq-100 (INDEXNASDAQ:NDX) gained .21 percent to come in at 26,066, and the Dow Jones Industrial Average (INDEXDJX:DJI) down 0.72 percent, coming to 47,530.

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