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Blackrock Silver Commences Phase 2 Hydrology Program, Geotechnical Evaluation and Seismic Survey on the Tonopah West Project

These Programs Support the Advancement of Tonopah West Towards the Permitting of an Exploration Decline to Enable Test Mining and the Extraction of a Bulk Sample

HIGHLIGHTS:

  • The Phase 2 hydrology program will consist of placing 5 additional piezometers, a dewatering well and a groundwater monitoring well;
  • Geotechnical evaluation is progressing on 22 drillholes along the proposed decline alignment; and
  • A seismic program consisting of 18 kilometres in seven lines is planned over the Tonopah West deposit and to the northwest to identify extensions and structural controls.

Blackrock Silver Corp. (TSXV: BRC,OTC:BKRRF) (OTCQX: BKRRF) (FSE: AHZ0) (‘Blackrock’ or the ‘Company’) is pleased to announce certain advancement programs (the ‘Programs’) at the Company’s 100% owned Tonopah West (‘Tonopah West’) project located in Nye and Esmeralda Counties, Nevada, USA. The Programs will consist of a Phase 2 hydrology program, geotechnical evaluation of the proposed decline alignment and a seismic survey intended to understand the structural controls and advance Tonopah West toward completing an exploration decline that will allow for test mining and the extraction of a bulk sample for metallurgical processing.

Andrew Pollard, the Company’s President and Chief Executive Officer, stated: ‘Tonopah West is moving forward on multiple fronts as we work to grow, optimize and de-risk the project toward underground development. The integration of hydrologic, geotechnical and seismic data from these Programs represents key de-risking initiatives, helping us refine engineering models, optimize decline design and establish a strong technical foundation for permitting our initial test mine and bulk sample area. These Programs are running in parallel as we await pending assay results and the delivery of an updated preliminary economic assessment on Tonopah West, currently slated for Q1 2026.’

Hydrology Programs

Montgomery and Associates was contracted to complete the hydrology programs on Tonopah West. In the Phase-1 hydrology program, the Company set four piezometers along the proposed alignment of the decline that have been collecting data that reports where water is present (see May 15, 2025 news release). Based on the information collected from the Phase-1 hydrology program, a Phase-2 hydrology program at Tonopah West has been approved. The Phase-2 program will be entirely within DPB South area of Tonopah West where the Company is planning its exploration decline, test mining and bulk sampling programs. The Phase-2 hydrology program will set five additional piezometers, a dewatering well and a groundwater monitoring well. Data from this infrastructure will help with engineering design of the decline, water pumping requirements and site disposal strategies.

Geotechnical Evaluations

Call & Nicholas, Inc. have been retained to complete geotechnical evaluations on Tonopah West. Detailed geotechnical evaluation on the Phase-1 piezometer holes has been completed. This evaluation is critical for the engineering and design of the proposed exploration decline. An additional 17 drillholes are being geotechnically logged and 36 samples have been collected for geotechnical unconfined compression strength testing. Approximately 59,000 metres (193,570 feet) of core drilling from the project has been evaluated for recovery and Rock Quality Designation (RQD). Additional geotechnical study is being planned.

Seismic Survey

The Company has contracted Bird Seismic Services, Inc. to complete 18 kilometres of 2D seismic data. The seismic data will be collected on seven lines cris-crossing the Tonopah West project area (See Figure 1.). Several lines have been located on the northwestern portion of Tonopah West to identify the extension of the Fraction caldera margin under cover. The goal of the seismic survey program is to better understand the structural controls of the deposit and identify extensions of silver and gold for drill targeting.

Figure 1: Location map showing proposed seismic lines

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/676/271537_218a3ad764832945_001full.jpg

Qualified Persons

Blackrock’s exploration activities at Tonopah West are conducted and supervised by Mr. William Howald, Executive Chairman of Blackrock. Mr. William Howald, AIPG Certified Professional Geologist #11041, is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. He has reviewed and approved the contents of this news release.

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements and Information

This news release contains ‘forward-looking statements’ and ‘forward-looking information’ (collectively, ‘forward-looking statements‘) within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the Company’s strategic plans; the contents and completion of the Company’s Programs at Tonopah West and the anticipated objectives and results therefrom; the permitting of an exploration decline to enable test mining and the extraction of a bulk sample at Tonopah West; the timing of completion of an updated preliminary economic assessment on Tonopah West; the Company’s de-risking initiatives at Tonopah West; estimates of mineral resource quantities and qualities; estimates of mineralization from drilling; geological information projected from sampling results; and the potential quantities and grades of the target zones.

These forward-looking statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results; timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company’s operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company’s ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the caption ‘Risks Factors’ in the Company’s most recent Annual Information Form.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For Further Information, Contact:

Andrew Pollard
President and Chief Executive Officer
(604) 817-6044
info@blackrocksilver.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271537

News Provided by Newsfile via QuoteMedia

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5 Best-performing Copper Stocks on the TSX in 2025

Copper prices have seen considerable gains in 2025, reaching a record high on the COMEX of US$5.68 per pound on July 8. Rising prices and supportive policy have elevated many copper stocks.

Copper tariffs were the story surrounding the market to start the third quarter, not only pushing the price for the base metal to record highs but also causing significant volatility.

Ultimately, refined products were exempt from tariffs until 2027 and 2028, a decision that sent the price spiraling and left it to trade on supply and demand fundamentals.

Supply concerns led the price higher following the closure of Freeport-McMoRan’s (NYSE:FCX) Grasberg copper mine late in the quarter, as the market reacted to the loss of production in a strained market.

The mine was closed early in September following an accident that killed seven workers. At the end of the month, Freeport reported revised guidance, stating that significant production is unlikely in 2026, with pre-incident operational levels potentially back online by 2027.

Against that backdrop, how have TSX-listed copper companies performed? Learn about the top five best-performing copper stocks in 2025 by year-to-date gains below.

Data for this article was retrieved on October 15, 2025, using TradingView’s stock screener, and only companies with market capitalizations greater than C$50 million are included.

1. Trilogy Metals (TSX:TMQ)

Year-to-date gain: 602.37 percent
Market cap: C$2.42 billion
Share price: C$11.87

Trilogy Metals is a polymetallic exploration and development company working to advance its Upper Kobuk mineral projects in Northern Alaska, US, which it owns in a 50/50 joint venture with South32 (ASX:S32,OTC Pink:SHTLF).

Its most advanced asset is the Arctic copper, zinc, lead, gold and silver project, which is in the feasibility stage. In an updated feasibility study from February 2023, the company reported annual payable production volumes of 148.68 million pounds of copper, 172.6 million pounds of zinc, 25.75 million pounds of lead, 32,538 ounces of gold and 2.77 million ounces of silver.

After tax, the study pegged the net present value at US$1.11 billion, with an internal rate of return of 22.8 percent and a payback period of 3.1 years.

Trilogy’s other key asset is the Bornite copper-cobalt project located 25 kilometers southwest of its Arctic project. The site hosts widespread mineralization and has seen historic exploration dating back to the 1950s.

A preliminary economic assessment for Bornite, dated January 15, established an after-tax net present value of US$393.9 million, with an internal rate of return of 20 percent and a payback period of 4.4 years. The updated mineral resource included with the report estimates an inferred resource of 6.53 billion pounds of copper with an average grade of 1.42 percent from 208.9 million metric tons of ore.

Trilogy’s Upper Kobuk assets are among the mineral projects dependent on the approval and construction of the Ambler Access Road, a planned 211 kilometer industrial road through Alaska.

Trilogy’s share price saw substantial gains in October after the US Senate repealed a land management plan that prevented the construction of the access road due to environmental concerns, and the current US administration supported its construction.

Additionally, Trilogy reported on October 6 that it had entered into a binding letter of intent that would see the US Department of Defense (DoD) invest US$17.8 million in Trilogy in exchange for 8.22 million Trilogy shares, or 10 percent of the company. The DoD would also hold warrants for an additional 7.5 percent, exercisable only after the road is constructed.

The funds are earmarked for exploration and development of the Upper Kobuk projects.

According to the release, the DoD will work to facilitate financing for the road’s construction and collaborate with Trilogy to expedite mine permitting using the FAST-41 process.

Shares in Trilogy reached a year-to-date high of C$14.70 on October 14.

2. St. Augustine Gold and Copper (TSX:SAU)

Year-to-date gain: 393.75 percent
Market cap: C$404.32 million
Share price: C$0.395

St. Augustine Gold and Copper is a development company focused on its King-king copper-gold project in the Philippines’ Davao de Oro province. The project consists of 184 mining claims.

On May 30, St. Augustine entered into an agreement with the National Development Corporation (Nadecor) to acquire a 100 percent interest in Nadecor’s wholly owned subsidiary Kingking Milling, which holds the development rights to King-king.

Under the terms of the deal, Nadecor will receive C$9.02 million convertible into 185 million shares.

The project’s exploration and development permits are held by Kingking Mining, which remains a 40/40/20 joint venture between St. Augustine, Nadecor and Queensberry Mining and Development. The release also includes details of new ore sales and royalty agreements between Kingking Milling and Kingking Mining.

On June 18, St. Augustine completed a debt conversion with Queensberry Mining, converting C$1.67 million in debt owed to Queensbury into 25.31 million common shares in St. Augustine at C$0.066 per share.

A follow-up announcement from Queensberry Mining stated that the shares represent a 2.5 percent stake in St. Augustine, increasing Queensberry’s holdings in the company to 52 percent of the total issued and outstanding shares.

As for Q3, on July 31, the company released an updated feasibility study for the project. Based on a copper price of US$4.30 per pound and a gold price of US$2,150 per ounce, the project’s economics included an after-tax net present value of US$4.18 billion, with an internal rate of return of 34.2 percent and a payback period of 1.9 years.

The report estimates a 31 year mine life with average annual production of 96,411 metric tons of payable copper and 185,828 ounces of gold. The six phase development plan will see higher average production in the first five years at 129,000 metric tons of copper and 330,000 ounces of gold.

St. Augustine’s latest update came on October 8, when it reported that it is advancing the Kingking project to a definitive feasibility study based on the feasibility results. It expects the study to be completed by the fourth quarter of 2026.

Shares in St. Augustine Gold and Copper reached a year-to-date high of C$0.58 on July 28.

3. Northern Dynasty Minerals (TSX:NDM)

Year-to-date gain: 337.65 percent
Market cap: C$2.15 billion
Share price: C$3.72

Northern Dynasty Minerals is an exploration and development company focused on the Pebble project, a copper-molybdenum-gold-silver project located 200 miles southwest of Anchorage in the Bristol Bay region of Alaska.

Pebble, which the company says is “one of the greatest stores of mineral wealth ever discovered,” hosts a measured and indicated copper resource of 6.5 billion metric tons and an inferred copper resource of 4.5 billion metric tons.

The Pebble property’s measured and indicated resources for molybdenum, gold and silver total 1.26 million metric tons, 53.82 million ounces and 249.3 million ounces, respectively.

The project stalled in 2020 during the permitting phase following a US Environmental Protection Agency (EPA) veto that suggested the proposed mine would damage the Bristol Bay watershed.

Early in 2024, the Supreme Court declined to hear the matter on procedural grounds, sending it back to the federal district court and the federal circuit of appeals before the Supreme Court would hear it.

Northern Dynasty spent the rest of 2024 advancing its case in Alaska’s state court. In March of that year, it announced the filing of actions to vacate the EPA’s veto.

In 2025, shares of Northern Dynasty began to surge following Trump’s March 20 executive order that called for expedited approvals for domestic mineral production and included copper as a strategically important mineral.

Since Trump became president, Northern Dynasty has been attempting to work with the EPA to vacate the veto on the project. On February 18, the company agreed to grant the EPA a requested 90 day extension to allow for review by the new leadership in the agency, and granted a further 30 day extension on May 14 and a 20 day extension on June 12.

Although the company had hoped to reach a settlement in early July, it ultimately was forced to file a motion for summary judgment on July 17 to have the EPA veto removed.

The most recent update came on October 8, when Northern Dynasty reported that it had filed a brief with the court and presented arguments as to why the veto should be removed. The company’s president and CEO stated in the release that he believes the company has a strong case.

Shares in Northern Dynasty reached a year-to-date high of C$3.89 on October 14.

4. Imperial Metals (TSX:III)

Year-to-date gain: 251.63 percent
Market cap: C$1.17 billion
Share price: C$6.47

Imperial Metals is a mine development and production company with operations in British Columbia, Canada.

It holds a 30 percent interest in the Red Chris mine in BC’s Golden Triangle, with the remainder owned by Newmont (TSX:NGT,NYSE:NEM,ASX:NEM). Imperial also fully owns the Mount Polley copper-gold mine, which reopened in June 2022, and the Huckleberry copper mine, which has been under care and maintenance since 2016.

Provincial approvals of a 4 meter raise of the embankment at its Mount Polley tailings storage facility has been the subject of an ongoing lawsuit this year after the Xatśūll First Nation applied for an interim injunction challenging them in April.

A June 30 update reported that the BC Supreme Court reserved judgment on the case following a four-day hearing.

The Supreme Court ultimately dismissed the Xatśūll First Nation’s application for the injunction and judicial review of the approvals on August 6.

Imperials’ most recent update on the case came on September 3, when the Xatśūll First Nation filed a notice of appeal to overturn the dismissal of the judicial reviews. However, they did not appeal the injunction decision, meaning the company can complete the raise and continue mining at Mount Polley.

In an exploration update at the mine on August 12, Imperial reported the discovery of copper mineralization in a 400 meter blind target step-out hole located 4 kilometers from the mill site. The hole showed significant visual native copper, with one intercept returning 0.7 percent copper over 7 meters and another returning a grade of 0.25 percent copper over 20 meters.

The company stated that the results were significant because the hole is 390 meters away from the nearest known mineralized zone and the hole is unique in the prominence of native copper, raising the possibility of other similar-style mineralization in the area.

On August 29, Imperial announced that it received approval for a permit amendment allowing the company to expand Mount Polley’s operations and extend its operating life, including pit development and expansion of storage areas within the existing mine site footprint.

Shares in Imperial reached a year-to-date high of C$6.75 on October 2.

5. Meridian Mining (TSX:MNO)

Year-to-date gain: 244 percent
Market cap: C$524.54 billion
Share price: C$1.29

Meridian Mining is an exploration and development company developing its flagship Cabaçal copper-gold project in Mato Grosso, Brazil. The project license covers a 50 square kilometer area and hosts an 11 kilometer volcanogenic massive sulfide corridor containing gold, copper and silver.

A prefeasibility study released March 10 demonstrates a post-tax base case net present value of US$984 million with an internal rate of return of 61 percent and a payback period of 17 months. The project has a predicted mine life of 10.6 years with total life of mine production of 169,647 metric tons of copper.

The included mineral resource estimate for Cabaçal shows a measured and indicated resource of 204,470 metric tons of contained copper from 51.43 million metric tons of ore with an average grade of 0.4 percent. It also hosts significant gold and silver resources.

Additionally, Meridian reported on May 8 that it has hired Ausenco Brazil as the lead engineer to complete a definitive feasibility study for Cabaçal, targeting the first half of 2026 for completion.

Meridian has been carrying out an extensive exploration program at the site as part of the study.

The company announced results from the final phase of the drill program on October 7, when it reported significant copper grades. It highlighted an interval of 1.4 percent copper equivalent over 27.5 meters, including an intersection of 6.1 percent copper equivalent over 6.4 meters.

The company stated that the drill program yielded robust grades of gold, copper and silver mineralization, which will contribute to the mineral resource and reserve upgrades included in the definitive feasibility study. It also reported exploration success at the Cigarra target.

Shares in Meridian reached a year-to-date high of C$1.30 on October 16.

FAQs for investing in copper

Is copper a good investment in 2025?

Many experts have a positive long-term outlook for the red metal based on supply concerns and its growing role in the energy transition. Copper’s price has climbed to new all time highs in 2025, bringing many stocks with it.

Investors who are interested in copper should make sure to perform their due diligence, as the volatility and unpredictability of markets and economies at the moment means that nothing is guaranteed.

What is copper used for?

Copper is used in many industries, from construction to electronics to medical equipment. In fact, in 2022, 32 percent of copper globally was used in equipment manufacturing and 26 percent in building construction.

Two other growing sectors for copper are the burgeoning electric vehicle and green energy industries. Electric vehicles require a significant amount of the red metal per vehicle.

Check out our article on the topic for more copper uses.

How to invest in copper?

Investors can invest in copper in a variety of ways. Holding physical copper is possible, but plenty of storage would be required to hold any significant value of the metal.

For investors looking to invest in the metal without physically holding it, there are a few options. Copper stocks such as those on the TSX, TSXV and ASX are worth looking at. Additionally, there are copper exchange-traded funds and the copper options and futures markets on the London Metal Exchange.

How to invest in a copper ETF?

Copper exchange-traded funds (ETFs) focused on mining companies can be a good way to diversify an investment portfolio, and they can be a more stable option compared to individual copper miners or explorers. There are multiple options available on the market, and they can usually be purchased in the same way one could purchase stocks through a broker or trading platform.

In May 2022, Horizons launched Canada’s first copper equities ETF, the Horizons Copper Producers Index ETF (TSX:COPP). This Canadian copper ETF is focused solely on pure-play and diversified copper-mining companies.

There are multiple ETFs available on the US ARCA exchange as well. The Global X Copper Miners ETF (ARCA:COPX) tracks the Solactive Global Copper Miners Index, which includes copper miners, as well as copper explorers and developers. The other option is the United States Copper Index Fund (ARCA:CPER), which gives investors exposure to copper futures contracts by tracking the SummerHaven Copper Index Total Return.

How is copper priced?

The copper price is tracked in two ways: COMEX copper and London Metal Exchange (LME) copper. The COMEX and LME are both options and futures metal exchanges, with the former being headquartered in New York and the latter in London. COMEX copper is priced by the pound, while LME copper is priced per metric ton.

How is copper processed?

Once copper is mined, the ore goes through multiple steps to reach a market-ready state. First, the ore is ground to roughly separate the rock from the copper, as copper typically only makes up 1 percent of the mined rock.

The resultant copper is then slurried with water and chemical reagents, after which air is used to float the copper to the top of the mixture. After the copper is removed from this, it is typically at 24 to 40 percent purity.

Where is copper mined?

Copper is mined throughout the world, with significant production found on every continent besides Antarctica. Chile was the top producer in 2024, putting out 5.3 million metric tons of the metal. Other major top copper producers are the Democratic Republic of Congo with 3.3 million metric tons, Peru with 2.6 million metric tons and China with 1.8 million metric tons. Indonesia and the US were tied in 2024 at 1.1 million metric tons of copper.

Article by Dean Belder; FAQs by Lauren Kelly.

Securities Disclosure: I, Dean Belder, own shares of Northern Dynasty Minerals.

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Chris Vermeulen: Gold Signaling “Massive” Equities Correction, My Strategy Now

Chris Vermeulen, chief market strategist at TheTechnicalTraders.com, weighs in on gold’s record-setting price run and what could be next for the metal.

Vermeulen also discusses the outlook for silver, platinum and palladium.

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

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Australia Awards Major Project Status to Donald Rare Earths Asset

Astron (ASX:ATR) said on Monday (October 20) that Australia has granted major project status to the Donald rare earths and mineral sands project, its joint venture with Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU).

Donald is located approximately 300 kilometers northwest of Melbourne in Minyip, Victoria, Australia, and is regarded as “one of the world’s most significant rare earths resources outside China.”

It currently holds a total mineral resource of 1.81 billion tonnes grading 4.6 percent.

“This (designation) will streamline our engagement with federal agencies and accelerate our pathway to development,” commented Astron Managing Director Tiger Brown in a press release. “The Donald project will create significant employment opportunities and deliver long-term economic benefits to the Wimmera region of Victoria as well as strengthen Australia’s sovereign capability in critical minerals and advanced technology supply chains.”

Donald has a planned mine life of 58 years, with expected annual output of 9,000 tonnes of rare earths in Phase 1.

In a separate announcement, Energy Fuels said Export Finance Australia (EFA) has expressed support for the project and will provide AU$80 million via senior debt financing. The total amount needed to develop Donald is AU$520 million.

Energy Fuels CEO Mark Chalmers said that the support is a “key additional step” in the project’s financing pathway and a “strong vote of confidence” in the project’s capacity and potential.

“(It) reflects our on-going progress toward delivering one of Australia’s most important rare earth projects, including valuable NdPr, and exceptional concentrations of Dy, Tb and other ‘heavy’ rare earth oxides, which upon project development will be processed and separated into high-purity products at our White Mesa Mill in Utah,” he added.

According to a work plan for Donald published in June, the progression towards a final investment decision for the project is expected within 2025. Commencement of production at Donald is scheduled for 2027.

Rare earths have been heavily spotlighted this month after China dramatically expanded its control over rare earth exports, a sector crucial to global tech and defense industries.

The October 10 announcement from the Ministry of Commerce adds five new elements — holmium, erbium, thulium, europium and ytterbium — along with key refining technologies to its export control list.

The new rules carry a global reach: any foreign company producing rare earth materials or magnets using Chinese-origin equipment or technology must now obtain an export license from Beijing.

Crucially, applications for defense-related or advanced semiconductor projects, including cutting-edge AI with military potential, will face intense scrutiny and are likely to be denied.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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IAMGOLD Expands Québec Footprint via Acquisition of Northern Superior, Orbec

IAMGOLD (TSX:IMG,NYSE:IAG) is tightening its grip on one of Québec’s most promising gold districts with back-to-back acquisitions aimed at consolidating control over a vast stretch of the Chibougamau region.

In the span of two days, the mid-tier gold producer announced definitive agreements to acquire Northern Superior Resources (TSXV:SUP,OTCQB:NSUPF) and Mines d’Or Orbec (TSXV:BLUE).

Collectively the deals will expand its landholding to more than 100,000 hectares.

The larger of the two transactions will see IAMGOLD acquire all issued and outstanding shares of Northern Superior Resources in a cash-and-stock deal valued at approximately C$267.4 million.

The acquisition will fold Northern Superior’s Philibert, Chevrier and Croteau projects into IAMGOLD’s existing Nelligan and Monster Lake holdings, creating what the company has branded the Nelligan Mining Complex.

Together, these properties host estimated measured and indicated mineral resources of 3.75 million ounces of gold and inferred resources of 8.65 million ounces, positioning the district as Canada’s fourth largest pre-production gold camp.

“The addition of Northern Superior’s assets to IAMGOLD’s Nelligan Mining Complex in the Chibougamau region of Québec is extremely exciting for IAMGOLD, the region and our mutual shareholders,” said Renaud Adams, IAMGOLD’s president and CEO. “This acquisition aligns with our strategy to become a leading Canadian-focused mid-tier gold producer, bolstering our organic pipeline in Québec where we have maintained a longstanding presence.”

A day earlier, IAMGOLD struck a deal to acquire Mines d’Or Orbec, a junior explorer advancing the Muus project southwest of Chibougamau. IAMGOLD already holds a 6.7 percent equity interest in Orbec and expects to issue roughly 369,000 new shares to complete the purchase. The transaction will bring Muus under IAMGOLD’s control.

Located at the intersection of the Fancamp and Guercheville deformation zones, which are two major mineralized corridors that also host IAMGOLD’s Monster Lake and Nelligan deposits, the 24,979 hectare Muus project has been viewed as a geological link between the company’s existing holdings.

“Over the past several years, we have advanced the Muus project into one of Québec’s most promising gold exploration plays,” Orbec CEO John Tait said.

With the addition of both Northern Superior and Orbec, IAMGOLD is set to more than double its regional footprint.

The company has signaled its intent to pursue a “hub-and-spoke” development strategy in the region, envisioning a central processing facility fed by multiple ore sources within a 17 kilometre radius.

Pending regulatory and shareholder approvals, both acquisitions are expected to close in late 2025 or early 2026.

The price of gold has surged to unprecedented levels this month, reaching an all-time high of around US$4,370 per ounce amid heightened safe-haven demand and expectations of US interest-rate cuts.

However, on Tuesday (October 21), a correction began to set in as the yellow metal pulled back sharply. It fell as much as 5.5 percent to about US$4,115 as profit taking kicked in and the US dollar strengthened.

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

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Spartan Metals

Investor Insight

Spartan Metals offers a compelling investment opportunity in the US critical minerals sector through its high-grade, 100-percent-owned Eagle tungsten-silver-rubidium project in Nevada. With strong grades, multi-metal exposure, and alignment with US defense and supply chain initiatives, Spartan provides investors with exceptional leverage to the growing demand for domestically sourced strategic critical minerals.

Overview

Spartan Metals (TSXV:W) is a US-focused critical minerals explorer advancing its high-grade tungsten and rubidium asset in Nevada. Through its flagship Eagle project, the company is unlocking American critical mineral resources essential to defense, technology and energy independence. Spartan’s projects are strategically positioned to contribute directly to the United States’ onshoring objectives under the Defense Production Act and related supply-chain initiatives.

Eagle project site in Nevada

The Eagle tungsten-silver-rubidium project in eastern Nevada anchors a district-scale opportunity covering 4,936 acres across three historic mine areas – Tungstonia, Rees and Antelope. With historic production of 8,379 units of tungsten trioxide (WO₃) at grades between 0.6 to 0.9 percent, the project hosts one of the highest-grade past-producing tungsten systems in the United States, enriched by rubidium and other US defense-critical metals such as antimony, bismuth, indium and arsenic. Spartan is now executing an exploration program to validate and expand this potential through modern geochemistry, geophysics and tailings drilling.

Led by a team with deep Nevada exploration experience and direct US Department of Defense (DOD) engagement, Spartan is pursuing a partnership-driven approach to project advancement. It combines early-stage exploration and reprocessing opportunities and joint ventures to accelerate development. With a strong insider ownership base (42 percent) and exposure to multiple critical metals, Spartan Metals is an emerging US leader in strategic mineral discovery and domestic supply security.

Company Highlights

  • Flagship Eagle Project: One of the highest-grade, past-producing tungsten mines in the US.
  • Multi-metal Exposure: Targets tungsten, rubidium, antimony, bismuth, and silver – all listed as US critical minerals.
  • Tier-1 Mining Jurisdiction: Located in eastern Nevada, a world-class mining state with established infrastructure and regulatory clarity.
  • Strong Management and Technical Team: Led by a CEO and VP of exploration with proven discovery track
  • Alignment with US Critical Minerals Strategy: Positioned to benefit from Department of Defense and US government initiatives supporting domestic critical mineral supply chains.
  • Attractive Capital Structure: Tight share strucuture with management and board holding ~42 percent of shares outstanding, ensuring strong alignment with investors.

Key Asset: Eagle Project

Spartan’s 100-percent-owned Eagle project in White Pine County, Nevada, is a nationally significant critical mineral asset which includes the past-producing Tungstonia, Rees and Antelope mines. The Eagle project historically produced over 8,000 units of WO₃ between 1915 and 1956, and now presents a rare opportunity to redefine one of the highest-grade tungsten and rubidium systems in the United States.

With multiple mineralized zones, district-scale potential and strong alignment with US strategic metal initiatives, the Eagle project is the cornerstone of Spartan’s growth strategy.

Project Highlights

  • District-scale Footprint with High-grade Legacy Production: 4,936 acres (20 sq km) across 244 BLM claims in eastern Nevada; Past-producing Tungstonia and Rees mines averaged 0.6 to 0.9 percent WO₃, with channel samples up to 5.32 percent WO₃
  • Rubidium Discovery: Rock chip assays up to 2,264 parts per million (ppm) rubidium, positioning Eagle as a potentially significant US rubidium source
  • Polymetallic Opportunity: System hosting tungsten-rubidium-silver with antimony, bismuth and arsenic, all metals critical for US defense sector
  • Three Deposit Types: Features porphyry, skarn and carbonate replacement deposit (CRD) styles, a rare combination that indicates a large, long-lived hydrothermal system capable of hosting multiple mineralization centers, supporting district-scale exploration potential
  • Active 2025 Exploration Program: Fieldwork commenced in October 2025, executing Phase 1 of its NI 43-101-recommended program and part of Phase 2. Activities include drilling of historic Tungstonia tailings, detailed soil and rock sampling, geologic mapping and CSAMT/MT geophysics to define high-priority tungsten-rubidium drill targets and support future resource modeling.
  • Tailings Reprocessing Opportunity: ~9,000 tonnes of tailings averaging 0.14 percent WO₃ and 460 ppm rubidium offer near-term reclamation value-add
  • Tier-1 Mining Jurisdiction: Excellent access to infrastructure near Ely, Nevada
  • Strategic Positioning: Fully aligned with US DOD and Department of Energy initiatives to secure domestic tungsten and rubidium supply chains

Management Team

Brett R. Marsh – President, CEO and Director

Brett Marsh is a professional geologist with more than 25 years of experience in mineral exploration and project development across North America and internationally. Marsh previously led major exploration initiatives for both junior and mid-tier mining companies and has extensive experience in tungsten and critical mineral systems. He oversees Spartan’s technical and strategic direction and is the company’s “qualified person under NI 43-101..

Rebecca Ball – Vice-president, Exploration

Rebecca Ball brings over a decade of exploration and operational experience across base, precious and critical minerals. She specializes in greenfield targeting and geological modeling, most recently leading the McDermitt Lithium stratigraphy initiative that expanded its resource significantly. Her expertise is instrumental in defining the next phase of resource development at the Eagle project.

Michael Harp – Director

Currently VP Exploration at Ridgeline Minerals, Michael Harp has over 15 years of exploration experience in Nevada, including the discovery of over 5 million ounces of gold in the Carlin Trend’s Railroad-Pinion district. His extensive field and project management experience supports Spartan’s Nevada-focused exploration programs.

Terese Gieselman – Chief Financial Officer and Corporate Secretary

Terese Gieselman is a seasoned financial executive with over 30 years of experience in public company management and corporate finance in the mining sector. She brings expertise in governance, financial reporting, and capital markets strategy that will support Spartan’s growth.

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Spartan Metals: Advancing US Critical Minerals Resource

Spartan Metals (TSXV:W) is a US-focused explorer advancing its high-grade tungsten and rubidium Eagle Project in Nevada. The company is unlocking critical minerals essential to US defense, technology, and energy independence, supporting onshoring goals under the Defense Production Act.

The Eagle tungsten-silver-rubidium project in eastern Nevada spans 4,936 acres across three historic mine areas — Tungstonia, Rees, and Antelope. With historic production of 8,379 units of WO₃ grading 0.6–0.9 percent, Eagle ranks among the highest-grade past-producing tungsten systems in the US, enriched with rubidium and other defense-critical metals including antimony, bismuth, indium, and arsenic. Spartan is advancing an exploration program to validate and expand this potential using modern geochemistry, geophysics, and tailings drilling.

With multiple mineralized zones, district-scale potential and strong alignment with US strategic metal initiatives, the Eagle project is the cornerstone of Spartan’s growth strategy.

Company Highlights

  • Flagship Eagle Project: One of the highest-grade, past-producing tungsten mines in the US.
  • Multi-metal Exposure: Targets tungsten, rubidium, antimony, bismuth, and silver – all listed as US critical minerals.
  • Tier-1 Mining Jurisdiction: Located in eastern Nevada, a world-class mining state with established infrastructure and regulatory clarity.
  • Strong Management and Technical Team: Led by a CEO and VP of exploration with proven discovery track
  • Alignment with US Critical Minerals Strategy: Positioned to benefit from Department of Defense and US government initiatives supporting domestic critical mineral supply chains.
  • Attractive Capital Structure: Tight share strucuture with management and board holding ~42 percent of shares outstanding, ensuring strong alignment with investors.

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