Sarama Resources (SRR:AU) has announced A$2.7m Equity Placement to Fund Laverton Drilling Campaign
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Sarama Resources (SRR:AU) has announced A$2.7m Equity Placement to Fund Laverton Drilling Campaign
Download the PDF here.
GTI Energy (GTR:AU) has announced A$4.5M Placement to Underpin Resource Growth Strategy
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With a strategic foothold in Portugal and a commodity focus on tungsten – a metal deemed critical by both NATO and US defense agencies – Allied Critical Minerals is advancing two past-producing projects toward near-term production. Backed by a $4.6 million financing, offtake interest from major buyers, and a leadership team with proven capital markets and operational success, ACM is well-positioned to become the largest tungsten producer outside of China.
Allied Critical Minerals (CSE:ACM,FSE:0VJ0) is advancing two highly strategic, past-producing tungsten projects – Borralha and Vila Verde – located in northern Portugal. These brownfield assets present a compelling combination of near-term production potential and district-scale exploration upside, positioning the company to become the largest tungsten producer outside of China. With 100 percent ownership of both projects and supportive local communities, ACM is well-placed to contribute to the critically needed supply of this strategic metal to Western markets.
Tungsten is essential for defense systems, electric vehicles, semiconductors and artificial intelligence (AI), yet current global supply is dominated by China and Russia, accounting for about 90 percent of production. ACM’s projects are aligned with national security strategies in the US and EU, seeking secure and stable sources of tungsten supply. The company has already signed a letter of intent with Global Tungsten & Powders, a major Pennsylvania-based end-user with ties to the US military and is actively engaging with other global refineries.
To capitalize on these market dynamics, ACM closed a $4.6 million financing to fund an aggressive value creation plan. This includes an ongoing drill program at Borralha aimed at expanding its existing NI 43-101 resource, and the construction of a pilot processing facility at Vila Verde, targeted to begin in Q4 2025 and become operational by 2026. The pilot plant will process tailings and alluvial material from existing deposits, with an estimated annual output of ~250 tons tungsten trioxide (WO₃) and projected revenues of $4 million to $5 million, supporting near-term cash flow with minimal dilution.
ACM differentiates itself from competitors such as American Tungsten and Fireweed through its permitting progress, advanced technical groundwork and strong leadership. CEO Roy Bonnell brings a proven track record of successful exits and rapid value creation, having been instrumental in the success of both Founders Metals (TSXV:FDR) and Thesis Gold (TSXV:TAU) — two of the TSX Venture’s top-performing issuers in recent years.
The Borralha project is ACM’s flagship development-stage asset, located approximately 100 km northeast of Porto in northern Portugal. A brownfield project with a rich production history dating back to 1904, Borralha produced over 10,280 tons of wolframite concentrate at an average grade of 66 percent WO₃, until operations ceased in 1986. Today, the project is advancing rapidly, supported by a Mining Rights Concession License and a newly updated NI 43-101 compliant resource estimate effective July 31, 2024. The estimate defines indicated resources of 4.98 million tons (Mt) at an average grade of 0.22 percent WO₃, 762 grams per ton (g/t) copper, and 4.8 g/t silver, and inferred resources of 7.01 Mt at 0.20 percent WO₃, 642 g/t copper, and 4.4 g/t silver. The project area hosts significant polymetallic enrichment, with tin and copper frequently associated with the tungsten mineralization, adding potential for by-product credits.
The primary zone of interest, the Santa Helena Breccia (SHB), is a subvertical to sub-horizontal breccia pipe-style tungsten system. Historical and recent drilling confirms broad, continuous mineralization with highlight intercepts including 106 m at 0.21 percent WO₃, 114 m at 0.23 percent WO₃, 108 m at 0.22 percent WO₃, and a high-grade zone of 10 m at 1.75 percent WO₃.
The SHB zone accounts for over 70 percent of known mineralization, but only about half of the zone has been drill-tested to date. The current drill campaign is targeting both lateral extensions and higher-grade core zones within the breccia body.
Geologically, the deposit is hosted in metasedimentary rocks intruded by late-Variscan granites, with mineralization occurring predominantly as wolframite associated with quartz-cassiterite veins and breccia infill. Breccia pipe mining techniques – similar to open-pit quarry operations – are anticipated for early-stage exploitation.
The project is currently undergoing an environmental impact assessment under review by Portuguese authorities. The mining license includes provisions for up to 150,000 tons per annum of bulk sampling ahead of full-scale operations, which will be governed by a future feasibility study. The low-cost drill environment (~$235/meter) and excellent infrastructure – including road, power, water and proximity to a skilled workforce – make Borralha a technically robust and strategically significant asset for ACM.
Located approximately 45 km southeast of Borralha, the Vila Verde project is ACM’s pilot production and near-term cash flow opportunity. Historically, this area hosted the Vale das Gatas Mine, which was one of Portugal’s largest tungsten producers prior to its closure in 1986. The project covers a significantly larger land area than Borralha and includes multiple mineralized zones, notably Cumieira and Porqueira. A historical resource estimate from 2020 defined 7.3 Mt of mineralized material above a 0.05 percent WO₃ cutoff, including 4.0 Mt at 0.14 percent WO₃ in the Cumieira zone and 3.3 Mt at 0.10 percent WO₃ in Porqueira. While historical in nature, these figures are supported by 17 diamond drill holes totaling 2,103 metres, which revealed a 2.1 km x 1.0 km mineralized footprint at Cumieira and a 1.0 km x 500 m footprint at Porqueira.
Vila Verde Pilot Plan
Vila Verde is advancing toward the construction of a 150,000-ton-per-annum pilot plant, scheduled to begin construction in Q4 2025 and be operational in 2026. Tailings and alluvial material from the Justes deposit will be used as the initial feedstock, with an average WO₃ grade of ~0.21 percent anticipated. Plant design includes standard crushing and grinding circuits followed by gravimetric and magnetic separation to produce a high-grade wolframite concentrate. Engineering work by GMR Consultores and MinePro Solutions supports an annual output of approximately 250 tons of WO₃ under current parameters. The total estimated CAPEX for the pilot plant is CA$7.9 million, with a proposed expansion to 300,000 tpa requiring an additional CA$2.9 million, both targeted for non-dilutive funding sources.
Permitting is progressing efficiently, with the mineral license being converted from exploration to experimental mining status. This permits early-stage production while full-scale licensing is pursued. The project benefits from pre-existing quarry infrastructure, strong community support, and short timelines to cash flow. A signed LOI with Global Tungsten & Powders in Pennsylvania provides an initial offtake channel, and additional negotiations with global refiners are ongoing. Vila Verde is central to ACM’s short-term revenue plan and is designed to serve as a testbed for scalable production across its broader tungsten portfolio.
Roy Bonnell is a seasoned executive with over 30 years in capital markets, venture finance and natural resources. Bonnell holds an LLB from Western University, an MSc from the London School of Economics, and an MBA from McGill University. He brings deep leadership and financing experience and previously served as a board member for Founders Metals and Thesis Gold – two of the TSXV’s top performers.
With over 20 years of mining sector experience in Portugal, João Barros specializes in exploration management, environmental impact assessments and feasibility studies. He has held leadership roles at Ascendant Resources and Redcorp, and is a member of the Portuguese Engineers Association.
Sean O’Neill is head of securities at Boughton Law with 20+ years in corporate and securities law, including advising mining firms globally. He holds degrees in Chemical Engineering and Law, an MBA, and is a registered professional engineer (P.Eng).
Michael Galego is the CEO of Apolo Capital Advisory and CLO of LNG Energy, with extensive experience in M&A and corporate strategy. Notably, he advised on the sale of Woulfe Mining (tungsten asset) to Almonty Industries. He is a Lexpert Top 40 Under 40 awardee and member of the TSX Venture Advisory Committee.
CEO of Founders Metals, Colin Padget brings operational exploration experience across South America. He holds a Masters in Geology and a Bachelor in Business Administration.
Former Managing Director of York Harbour Metals, Andrew Lee has 15 years of global exploration experience across gold and phosphate projects in Ecuador and West Africa.
A CPA with nearly 20 years in mining finance, Sean Choi has held CFO roles at York Harbour Metals, Ecuador Gold & Copper, and Northern Sun Mining. He holds a degree from the Western University.
(TheNewswire)
Vancouver, BC TheNewswire June 30, 2025 – Element79 Gold Corp. (CSE: ELEM | FSE: 7YS0 | OTC: ELMGF) (‘Element79’ or the ‘Company’) announces its forward corporate guidance for the remainder of 2025, outlines recent strategic developments regarding its Lucero Project in Peru, and reaffirms its operational focus on its advanced-stage projects in Nevada, USA.
Force Majeure Declared on Lucero Project
The Company formally invoked the force majeure clause under its agreement with Condor Resources Inc. with respect to the Lucero Project due to a combination of social, regulatory, and political barriers which have effectively prevented the Company from lawfully executing planned exploration and development activities, despite holding full mineral rights.
A force majeure event refers to unforeseen circumstances beyond a party’s control—such as acts of government, social unrest, or natural disasters—that prevent contractual obligations from being fulfilled. In the case of Lucero, the following factors have contributed to the declaration:
Evolving and inconsistent Peruvian federal policies on small-scale mining formalization, creating uncertainty in legal enforceability and timelines.
Political instability and leadership vacuums , with current municipal governance in Chachas in transition and the outgoing mayor largely absent from the community.
Legacy community mistrust and unmet promises from prior owners, complicating local engagement efforts.
Ongoing unauthorized artisanal mining by community members operating outside legal frameworks and without formalized agreements.
Element79 has spent two and a half years of extensive, evolving efforts to foster community relationships and negotiate access agreements in good faith, and the Company believes in developing a win-win solution with the Chachas community for the restart of the past-producing Lucero mine, the tailings and development of a regional processing plant, and exploring the geological assets inside the Lucero concessions. The Company and its contracted financial consultants remain staunchly optimistic to fund future development at Lucero as agreements for surface rights agreements are reached. In the short-term, internal reports and formal feedback from its social engagement team (GAE Peru) and regional mining authorities (DREM Arequipa) suggest that no material progress toward surface rights agreements is likely for the remainder of 2025.
Path Toward Resolution and Reworking Terms with Condor Resources
Over the next 12 months, Element79 will:
Continue monitoring regulatory developments, particularly the anticipated implementation of MAPE legislation , which may clarify formalization mechanisms between artisanal miners and mineral right holders.
Maintain social outreach campaigns in Chachas through the Company’s social engagement team, GAE Peru, preparing the groundwork for ongoing engagement pre- and post-municipal elections in early 2026
Continue ongoing dialogue with Condor Resources to explore restructuring the terms of the original Lucero agreement, with the goal of establishing a more reasonable, flexible and mutually beneficial framework as on-the-ground conditions allow for meaningful work to resume at Lucero.
Strategic Focus Shift to Nevada Projects
In line with this operational pivot, Element79 is reaffirming its near-term focus on its U.S.-based assets:
The Company will retain and advance development at the Elephant Project in Nevada. A technical report to formally organize historical work under the 43-101 framework, upcoming work plan and exploration campaign are currently being finalized and will be publicly disclosed shortly.
The acquisition of the Gold Mountain Project , a drill-ready asset also located in Nevada, is expected to close as soon as possible, pending administrative timelines surrounding Canada Day and U.S. Independence Day holidays. A comprehensive development plan will be issued thereafter.
As Element79 aligns its capital and human resources to near-term executable projects, the Company remains committed to:
Unlocking shareholder value through strategic asset optimization.
De-risking its project portfolio by prioritizing jurisdictions with clear permitting paths.
Continuing stakeholder engagement to support long-term success at Lucero when conditions become viable.
Changes to the board of directors and management to reflect the evolving business model
About Element79 Gold Corp.
Element79 Gold Corp. is a mining company focused on the exploration and development of high-grade gold and silver assets. Its principal asset is the past-producing Lucero Project in Arequipa, Peru, where it aims to resume operations through both conventional mining and tailings reprocessing. In the United States, the Company holds interests in multiple projects along Nevada’s Battle Mountain Trend. Additionally, Element79 Gold has completed the transfer of its Dale Property in Ontario to its wholly owned subsidiary, Synergy Metals Corp., and is progressing through the Plan of Arrangement spin-out process.
For further information, please visit: www.element79.gold
On Behalf of the Board of Directors
James C. Tworek
Chief Executive Officer, Director
Element79 Gold Corp.
jt@element79.gold
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words ‘anticipate,’ ‘plan,’ ‘continue,’ ‘expect,’ ‘estimate,’ ‘objective,’ ‘may,’ ‘will,’ ‘project,’ ‘should,’ ‘predict,’ ‘potential’ and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Company’s exploration plans, development plans and the Force Majeure Event. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on these statements because the Company cannot provide assurance that they will prove correct. Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those anticipated. Factors that could cause actual results to differ include conditions in the duration of the Force Majeure Event, and receipt of regulatory and shareholder approvals. These forward-looking statements are made as of the date of this press release, and, except as required by law, the Company disclaims any intent or obligation to update publicly any forward-looking statements.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2025 TheNewswire – All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Brightstar Resources (BTR:AU) has announced Merger Discussions Between Brightstar and Aurumin
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It was a week of downward momentum for the gold price.
The yellow metal neared the US$3,400 per ounce level on Monday (June 23) as investors reacted to the weekend’s escalation in tensions in the Middle East, but sank to just above US$3,300 the next day.
The decline came as US President Donald Trump announced that Israel and Iran had agreed to a ceasefire. While the ceasefire has not gone entirely smoothly, with Trump expressing displeasure about violations, the news appeared to calm investors.
Gold’s safe-haven appeal took another hit toward the end of the week, when Trump said late on Thursday (June 26) that the US had signed a trade deal with China. Although details remain scarce — China’s commerce ministry confirmed the arrangement, but said little else — the gold price dropped on the news, closing Friday (June 27) at about US$3,274.
It was a different story for other precious metals this week.
Silver enjoyed an uptick, rising as high as US$36.79 per ounce before pulling back to the US$36 level. Whether it can continue breaking higher remains to be seen, but many experts are optimistic.
In fact, Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) said that right now he’s perhaps more excited about silver than he is about gold. Here’s how he explained it:
There’s not a lot of new production coming on stream, just because most silver comes as a by-product from lead, zinc and copper mines — more than half of silver. And we’re just not seeing the investment into the base metals space that we need to sustain that production and grow that production.
As excited as I am about gold, I think silver’s got a few more fundamentals behind it that make it a pretty exciting time to be watching silver … silver’s got some catching up to do with respect to what gold’s done over the last few years.’
Watch the full interview with Smallwood for more on silver, as well as gold and platinum.
Speaking of platinum, it was also on the move this week, rising above US$1,400 per ounce.
The move has turned heads — despite a persistent supply deficit, platinum has spent years trading in a fairly tight range, and it hasn’t crossed US$1,400 since 2014.
Recent trends supporting platinum’s move include a shift toward platinum jewelry due to the high cost of gold, as well as larger platinum imports to the US earlier this year when tariff uncertainty was heating up. At the same time, miners have faced challenges.
‘This has led to tight forward market conditions,’ said Jonathan Butler of Mitsubishi (TSE:8058), ‘with a deep backwardation across the curve.’ In his view, these conditions will continue providing support for the precious metal in the coming weeks.
Germany and Italy are facing calls to bring home gold stored in the US.
According to the Financial Times, politicians and economists in the two countries are pushing for repatriation as a result of global geopolitical uncertainty, as well as concerns about Trump’s potential influence on the Federal Reserve as he continues to criticize Chair Jerome Powell.
‘We are very concerned about Trump tampering with the Federal Reserve Bank’s independence. Our recommendation is to bring the (German and Italian) gold home to ensure European central banks have unlimited control over it at any given point in time’ — Michael Jäger, Taxpayers Association of Europe
The news outlet calculates that German and Italian gold held in the US has a total value of about US$245 billion. Market participants agree that it would be a blow to relations with America if the countries were to bring their gold home at this time.
At least for now they seem unlikely to do so — although Italy’s central bank hasn’t commented, Germany’s Bundesbank said it sees the New York Fed as ‘trustworthy and reliable.’
The Rule Symposium runs in Boca Raton, Florida, from July 7 to 11, and I’ll be heading there to interview Rick Rule, as well as Adrian Day, Lobo Tiggre, Andy Schectman, Dr. Nomi Prins and more.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
The platinum price surged above US$1,400 per ounce during Thursday (June 26) morning trading, reaching its highest level in 11 years amid a wave of speculative buying in the US and China.
In the US, industrial demand for the metal is rising as American carmakers scale back their electrification plans. At the same time, new policies are set to walk back consumer subsidies for electric vehicles.
These Trump administration mandates are expected to result in increased demand for traditional internal combustion engines or hybrid vehicles, which require higher platinum loadouts.
Tariff fears have also had an effect, with 500,000 ounces of platinum transferred to US warehouses.
Meanwhile, Chinese jewelry fabricators have been seeking at platinum as they shift away from gold, which continues to trade at record-high prices. In April, platinum imports to China surged to more than 10 metric tons.
Palladium was also up on Thursday, breaking the US$1,100 per ounce mark for the first time in 2025.
Platinum price, June 19 to June 26, 2025
In addition to demand factors, platinum supply has been impacted by reduced output at South African mines, which are facing energy disruptions, aging infrastructure and underinvestment in new operations.
The platinum market is expected to record its third consecutive deficit in 2025 at 966,000 ounces.
But it’s not just platinum fundamentals that are impacting the price. Thursday’s gains came alongside a dip in the US dollar index, which sank more than half a percent during the day’s trading session.
The index fell to 97.13, its lowest level since 2022, indicating weaker sentiment for the US dollar, following the release of the US Bureau of Economic Analysis’ third GDP revision revision for the first quarter of 2025.
The data shows that the US economy contracted by 0.5 percent, following a growth rate of 2.4 percent in the final quarter of 2024. The number is significantly different than the 0.3 percent decline reported in the advanced estimate and the 0.2 percent outlined in the second revision. The agency attributes the change to an increase in imports as US businesses increased their inventories to prepare for tariffs proposed by the Trump administration.
The drop in the US dollar index also follows comments made by President Donald Trump this week, indicating that he may look to replace Federal Reserve Chair Jerome Powell as soon as September or October. Powell’s term as head of the central bank is set to expire in May 2026, and his role as governor is due to end in 2028.
Trump has railed against Powell since the start of his term, suggesting the central bank leader has moved too slowly in cutting interest rates. Whether Trump can remove Powell remains to be seen, as the president would need the consent of Congress to carry out such a move.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
“(Lithium) is not for the faint-hearted. It demands resilience, foresight and leadership,” said Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) Managing Director and CEO Dale Henderson.
He was speaking at Fastmarkets’ Lithium Supply & Battery Raw Materials Conference, held this week in Las Vegas.
Henderson touched on three main points: current lithium market dynamics, how Pilbara Minerals is navigating the lithium landscape and his recommendations for the global lithium industry.
Henderson began by going over key numbers relevant to the lithium sector. According to the CEO, there was a 26 percent year-on-year increase in demand for electric vehicles (EVs) from 2023 to 2024.
Lithium plays a vital role in the production of EVs, as it is a key component of the batteries that power them.
Alongside that EV demand increase, mass energy storage also saw a 51 percent leap.
“I don’t think there’ll be any deniers around the long-term prospects of lithium, but it’s worth reflecting on how quickly it’s changing,’ Henderson told the Fastmarkets audience.
Henderson speaks on stage at the Fastmarkets event.
Image via Georgia Williams.
Looking at areas connected to lithium, Henderson mentioned solar, saying it now surpasses all power-generation technology investment combined. Solar falls under the clean energy umbrella, which receives more than $2.2 trillion in investment per year — twice the amount of investment made in fossil fuels.
“We are witnessing and (are) part of an incredible period. Technology, policy (and) consumer sentiment can continue to drive what is a structural shift towards electrification,’ he said. ‘Lithium remains at the center of this shift.’
The paradox, according to Henderson, is that while scaling up is happening, prices have been cycling down.
“We’re 12 months into a period of curtailments and reset. And where we are now — we sit deep into the cost curve with price levels, of course, at unsustainable levels for many operators,’ he noted.
‘But these cycles, or these resets, offer a fantastic reset for market, albeit they’re painful.”
The Pilbara CEO emphasized that while lithium prices have fallen to “clearly unsustainable” levels, the long-term demand and strategic relevance of lithium will survive it.
“This is not a short-term trend. This is a structural transformation, and lithium remains at core.”
Looking over to Pilbara Minerals, Henderson went over its recent achievements and future plans.
“We’re keeping our lives absolutely committed to our strategy,” he said about the company, adding that the past year was Pilbara Minerals’ “most transformational year for business.”
Highlights from the period include the acquisition of Latin Resources and its flagship Salinas lithium project in Brazil, which was announced in August 2024 and closed this past February.
The CEO also discussed the company’s flagship Pilgangoora operation, which he described as a globally significant tier-one lithium asset with a mine life of 33 years. Pilgangoora is located 140 kilometers from Port Hedland in Western Australia and is one of the world’s largest hard-rock lithium operations.
Pilbara Minerals has completed two expansions, including the buildout of the world’s largest hard-rock ore-sorting plant, which aims to improve lithium recovery, increase final product quality and reduce energy consumption.
In addition to that, Henderson said Pilbara Minerals boosted its reserves by 23 percent last year.
Furthermore, the company became a lithium hydroxide producer via its partnership with POSCO Holdings (NYSE:PKX,KRX:005490), and is working on a demonstration plant for its midstream project.
In January, the Western Australian government’s Investment Attraction Fund contributed AU$15 million for work at the plant, which is a joint venture with Calix (NYSE:CALX,ASX:CXL).
Henderson said the demonstration plant is currently under construction.
Last year, Pilbara Minerals contributed approximately 8 percent to global lithium supply. The company’s cash balance currently stands at AU$1.1 billion.
According to Henderson, certainty and efficient operations are everything in today’s lithium market.
“Government policy is forcing change, both in sticks and carrots, and supply chain diversification is underway, but largely the processing remains very much concentrated,’ he said.
Henderson highlighted coordination and collaboration as key points, saying that thriving in this environment means building deeper integration across the supply chain.
Lithium industry challenges and opportunities.
Chart via Pilbara Minerals.
He added that the lithium industry is not the first sector to grow from a small base and has yet to mature on a number of dimensions. Henderson summarized his key recommendations into four points:
He also presented a list of challenges and corresponding opportunities regarding the lithium market, saying that while there’s a lot of pain in the industry, it’s also the time for great partnerships to be forged.
“This industry will evolve with or without our stewardship. This is a call to leadership across our group,” he concluded. “The challenge is ours. The opportunity is real. Let’s build it together and turn this market pain into a strategic avenue.”
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Rio Silver Inc. (the ‘Company’ or ‘Rio Silver’) (TSX.V: RYO) (OTC: RYOOF) announces that, further to the announcement on May 1, 2025, it will consolidate (the ‘Consolidation’) its common shares on the basis of five pre-Consolidation common shares for one post-Consolidation share.
The Company expects that the TSX Venture Exchange (the ‘Exchange’) will issue a bulletin in short order, confirming that the Company’s common shares will then commence trading on a post-Consolidation basis effective on or about the opening of trading on Thursday, July 3, 2025. There will be no change to the Company’s name or trading symbol. The new CUSIP and ISIN numbers for the post-Consolidation shares are 76721A113 and CA76721A1131, respectively.
No fractional common shares will be issued, and fractions of less than one-half of a common share will be cancelled and fractions of at least one-half of a common share will be converted to a whole common share. Outstanding options, warrants and other convertible securities will likewise be adjusted for the Consolidation, with the number of underlying common shares and exercise prices being adjusted accordingly.
The Company currently has 84,832,845 common shares issued and outstanding, and immediately following the Consolidation the Company expects to have, subject to rounding adjustment, approximately 16,966,572 common shares issued and outstanding, none of which are subject to escrow.
Letters of Transmittal will be mailed shortly to registered shareholders who hold share certificates, with instructions for the exchange of existing share certificates for new share certificates. Shareholders holding uncertificated shares (such as BEO, NCI and DRS positions) will have their holdings adjusted electronically by the Company’s transfer agent and need not take any further action to exchange their pre-Consolidation shares for post-Consolidation shares.
The Company expects that the Consolidation will provide the Company with increased flexibility in structuring and completing financings and potential business transactions. Shareholder approval for the Consolidation was received at the Company’s Annual General and Special Meeting of Shareholders held on June 12, 2025, as previously announced on June 25, 2025.
ON BEHALF OF THE BOARD OF DIRECTORS OF Rio Silver INC.
Chris Verrico
Director, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For further information,
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
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Statistics Canada released April’s gross domestic product (GDP) numbers on Friday (June 27). The data showed a slowing in the Canadian economy with a 0.1 percent monthly decline after it increased 0.2 percent in March as businesses attempted to get ahead of US tariff deadlines.
In April, the shift in US trade policy led to significant declines in the manufacturing sector, which saw its largest drop in four years at 1.9 percent. Durable goods manufacturing declined for the first time in four months, dropping 2.2 percent d. The most heavily impacted sub-sectors were transportation equipment and the auto sector, which fell 21.6 percent and 5.2 percent, respectively.
On the positive side, finance and insurance experienced growth of 0.7 percent, with investment services and funds contributing 3.5 percent growth to the sector. StatsCan indicated that the US tariff announcement on April 2 led to increased selling activity in Canadian equity markets.
The Canadian resource sector was flat overall during the month. The oil and gas extraction, excluding oil sands, fell 1.1 percent in April, while oil sands extraction remained unchanged. The agency said that higher bitumen extraction was offset by lower synthetic crude production. Additionally, a temporary shutdown in the Keystone pipeline due to a rupture contributed to a decline in activity.
However, losses were offset by a 4.8 percent gain in support activities for the mining and oil and gas extraction subsectors, with an increase in rigging and drilling activities.
While some of the month-over-month decline was due to the increase in output in March, StatsCan suggests that further slowing is on the way. The agency reported that advanced figures for May show a further 0.1 decline, noting a decrease in the mining, quarrying, and oil and gas extraction category.
South of the border, the US Bureau of Economic Activity released May’s personal consumption expenditures price index (PCE) data on Friday. The index is a key inflation indicator and is the preferred measure used by the Federal Reserve when making its rate decision. The central bank has held its current rate at the 4.25 to 4.5 percent range since it last lowered it in November 2024.
The report shows inflation ticked up 2.3 percent on an annualized basis, higher than the 2.2 percent recorded in April. The increase came after two consecutive months of slowing from 2.7 percent in February and 2.3 percent in March.
Less the more volatile food and energy categories, PCE gained 2.7 percent during the period. While costs for goods increased, current-dollar personal income was down 0.4 percent and disposable income fell 0.6 percent.
US President Donald Trump again signaled his displeasure with the slow pace of rate cuts earlier in the week, and with the Wall Street Journal reporting on Wednesday (June 25) that he may announce a replacement for Chairman Jerome Powell as early as this summer.
While it’s unclear if he will try to remove Powell from the post, the president may try to create a “shadow Fed” that could work to influence markets and undermine decisions made by the current chairman. Powell’s term as chairman is set to expire in May 2026, while his time as board governor won’t end until 2028. His removal would require an act of Congress.
In Canada, major indexes ended the week up. The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 0.77 percent during the week to close at 26,687.14 on Friday. The S&P/TSX Venture Composite Index (INDEXTSI:JX) fared better, gaining 1.47 percent to 724.26, while the CSE Composite Index (CSE:CSECOMP) climbed 0.74 percent to 117.39.
US equities were also in positive territory this week, with the S&P 500 (INDEXSP:INX) gaining 3.41 percent to close at a record high of 6,173.08, the Nasdaq-100 (INDEXNASDAQ:NDX) surging 4.17 percent to its own all-time high of 22,534.20. While it didn’t break its previous high, the Dow Jones Industrial Average (INDEXDJX:.DJI) also climbed significantly, up 3.89 percent to 43,819.26.
On the other hand, the gold price declined this week, falling 2.8 percent to US$3,274.15 by Friday at 4 p.m. EDT. The silver price ended the week down just 0.05 percent at US$35.99.
In base metals, the COMEX copper price surged 5.59 percent over the week to US$5.12 per pound. Prices have been rising due to increased purchases ahead of US tariffs and significant drawdowns of inventories in London Metals Exchange warehouses.
Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) lost 6.07 percent to close at 545.71.
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
Weekly gain: 121.28 percent
Market cap: C$106.84 million
Share price: C$2.08
Onyx Gold is an exploration company advancing its Munro-Croesus project, located near Timmins in Ontario, Canada. The company has increased the size of the land package by 200 percent between 2020 and 2025, and the project now covers an area of 109 square kilometers.
Munro-Croesus hosts the historic Croesus mine, which produced 14,859 ounces of gold between 1915 and 1936 with an average grade of 95.3 grams per metric ton (g/t). Onyx is the first company to explore the property since the mine closed.
Shares in Onyx have seen gains in recent weeks as it made several investment and project announcements.
The first came on June 12, when the company announced that it had completed a private placement with Windfall Mining, a subsidiary of Gold Fields (NYSE:GFI), which purchased 9.4 percent of Onyx’s issued and outstanding shares. Onyx said the investment is an endorsement of its long-term vision.
As for this week, on Tuesday (June 24), Onyx announced that it signed a mineral property purchase and sale agreement to acquire a 100 percent interest in the Munro and Hewitt properties, both located near the existing Munro-Croesus project. The acquisition will expand the company’s land package to 109 square kilometers from the previous 95 square kilometers.
In its most recent update on Thursday (June 26), the company reported the first drill results from its 10,000 meter spring drill program at the Argus North zone at Munro-Croesus. One highlighted assay contained 1.8 grams per metric ton (g/t) gold over 91 meters, including 4 g/t over 32 meters and 5.3 g/t over 17 meters.
The company said the results demonstrate the continuity of broad zones of high-grade gold mineralization. It added that mineralization was confirmed along strike and that the zone is still open in all directions.
Weekly gain: 83.33 percent
Market cap: C$14.5 million
Share price: C$0.11
US Copper is an exploration company working to advance its Moonlight-Superior project in Northeast California, United States.
The project covers approximately 13 square miles of patented and unpatented federal mining claims in the Lights Creek Copper District, near the Nevada border.
A preliminary economic assessment released on January 6 demonstrated a post-tax net present value of US$1.08 billion with an internal rate of return of 23 percent and a payback period of 5.3 years, assuming a copper price of US$4.15 per pound.
The included mineral resource estimate shows a total indicated resource of 2.5 billion pounds of copper, 21.7 million ounces of silver and 140,042 ounces of gold from 402.83 million metric tons of ore with a grade of 0.31 percent copper, 1.85 parts per million (ppm) silver and 0.012 ppm gold. The majority is hosted at its Moonlight and Superior deposits.
Although the company did not release news this week, its shares have seen significant gains alongside a rising price of copper.
Weekly gain: 68.42 percent
Market cap: C$11.21 million
Share price: C$0.16
ArcWest Exploration is an exploration company that has most recently been working to advance its Todd Creek and Oweegee Dome properties within the Golden Triangle in British Columbia, Canada.
The Todd Creek property is a 21,343 hectare site that adjoins Newmont’s (TSX:NGT,NYSE:NEM) Brucejack property and hosts widespread copper and gold mineralization. Historical exploration of the site yielded grab samples with up to 37.7 g/t gold and 5.3 percent copper. The project is covered by a March 2023 earn-in agreement with Freeport-McMoRan (NYSE:FCX) that could see Freeport earn a 51 percent stake, with C$20 million in investments over a five year period.
The 31,077 hectare Oweegee Dome property is located 34 kilometers northeast of the Brucejack mine and hosts underexplored copper and gold systems, including Delta and Skowill East. Oweegee Dome is covered by a July 2021 option agreement with Sanatana Resources (TSXV:STA). Under the terms of the agreement, Sanatana can earn an initial 60 percent interest in the property through cumulative exploration investments of C$6.6 million over four years.
Shares in ArcWest gained this week after a pair of announcements.
The first came on Wednesday, when the company reported results from a 2024 drill program, funded and operated by Sanatana, that extended the mineralized zone at Oweegee Dome. Sanatana President Buddy Doyle said, “We now think the alteration and mineralization we see at surface at Delta is only the southeast corner of a larger system.”
The other news was released on Thursday, when it announced it had mobilized for a drill program at Todd Creek. The program will receive a minimum of C$4 million in funding from Freeport-McMoRan.
Weekly gain: 62.79 percent
Market cap: C$163.35 million
Share price: C$0.35
Belo Sun Mining is an exploration and development company focused on advancing its Volta Grande gold project in Brazil.
The property covers approximately 2,400 hectares within the Tres Palmeiras greenstone belt in Para State, Brazil. The company has been working on the project since 2003, and acquired necessary development permits in 2014 and 2017.
A 2015 mineral reserve estimate demonstrated a proven and probable reserve of 3.79 million ounces of gold from 116 million metric tons of ore with an average grade of 1.02 g/t.
Development at the site stalled in 2018 after a federal judge ruled that the Federal Brazilian Institute of the Environment (IBMA) would be the competent authority for issuing environmental permits. The decision was overturned in 2019 with the Secretariat of Environment and Sustainability of the State of Para (SEMAS) reassuming its permitting authority. The decision was once again reversed in September 2023, returning authority to IBMA.
On January 23, Belo Sun announced that the Federal Court of Appeals had reassigned SEMAS as the permitting authority for the Volta Grande project. The company said it was pleased with the decision, as the agency is familiar with the project and enjoys a constructive and transparent relationship with it.
On Monday (June 23), the company announced shareholders approved a renewal of the company’s governance structure and elected four new directors to the board. Four of the board’s six members are now either Brazilian or have spent significant parts of their careers working in Brazil.
Weekly gain: 52.94 percent
Market cap: C$33.05 million
Share price: C$0.13
Reyna Silver is a silver exploration company with a portfolio of assets in Chihuahua, Mexico, and Nevada, US.
One of its two Mexican assets is Guigui, a 4,750 hectare property covering a significant portion of the Santa Eulalia Mining District. The area has a history of mining dating back to the 1700s with production of almost 450 million ounces of silver between then and 2001.
Its other one is Batopilas, a 1,183 hectare site that covers 94 percent of the Batopilas Mining District, which has significant deposits of pure, native silver. Historic mining at the site produced an estimated 200 million to 300 million ounces of silver dating back to the mid-1600s.
Its primary American asset is the Gryphon Summit project located along the Carlin-trend. The project covers an area of 10,300 hectares and is prospective for gold, silver and critical minerals.
It also owns the Medicine Springs project, which spans 4,831 hectares south of Elko City. Previous exploration at the site identified lead, zinc and silver mineralization.
Shares in Reyna gained this week after it entered into a definitive agreement to be acquired by Torex Gold (TSX:TXG).
The deal, valued at US$26 million, will see Torex acquire all issued and outstanding common shares in Reyna, thereby gaining access to its wholly owned Mexican portfolio. Additionally, Torex will have the option to acquire a 70 percent stake in the Gryphon Summit project and a 100 percent interest in Medicine Springs.
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.