Metals Australia (MLS:AU) has announced High Grade Assays Verify the Emerging Manindi VTM Project
Download the PDF here.
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The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.
How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.
While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.
From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.
New 52-Week Highs Finally Picking Up
If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.
As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.
Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.
The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.
Trend Check: GoNoGo Still “Go”
The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.
Active Bullish Patterns
We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.
Failed Bearish Patterns
In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.
The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.
We’ll continue to monitor these formations as they develop because, at some point, that will change.
Silverco Mining (TSXV:SICO) is a production-stage silver company targeting opportunities in Mexico’s Sierra Madre Occidental belt. Its primary technical focus is optimizing the wholly owned Cusi Mining Complex in Chihuahua, an 11,665-hectare district-scale property. The site benefits from established, institutional-quality infrastructure—such as direct access to the national power grid and paved roads—significantly lowering the capital requirements for restarting operations.
The company is undertaking a definitive transition toward mid-tier producer status through a binding agreement to acquire Nuevo Silver. This deal gives Silverco control of the La Negra mine in Querétaro, a currently producing asset that delivers immediate top-line revenue. By pairing the near-term restart of the Cusi 1,200 tpd mill with ongoing production at La Negra, Silverco is effectively bypassing the multi-year development cycle typically faced by junior miners.
This “buy-and-build” strategy is driven by a technical team with specialized expertise in Mexican epithermal vein systems and complex underground mine engineering, positioning the company to accelerate growth while maintaining operational discipline.
Company Highlights
- The $62.5 million upsized bought deal financing (closing Q1 2026) and Eric Sprott’s $10 million lead order provide cornerstone validation from a legendary mining investor and the necessary liquidity to fast-track production restarts.
- The updated Mineral Resource Estimate of 41.2 million ounces of silver equivalent (AgEq) in the Measured and Indicated category establishes a high-confidence geological foundation at Cusi, supporting long-term mine planning.
- The dual-track growth strategy involving the Cusi restart and the Nuevo Silver/La Negra acquisition provides immediate production scale and a diversified cash-flow profile across two distinct Mexican mining jurisdictions.
- Pure-play silver exposure with significant de-risking is achieved via the 1,200 tonne-per-day (tpd) Cusi mill, which was producing as recently as 2023, ensuring that surface infrastructure is ‘warm’ and capable of a rapid return to service.
- Imminent exploration catalysts exist following the completion of a 15,000-metre drill program at Cusi; results are currently pending and are expected to define high-grade extensions at the San Miguel vein.
This Silverco Mining profile is part of a paid investor education campaign.*
Click here to connect with Silverco Mining (TSXV:SICO) to receive an Investor Presentation
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Global central banks own about 17 percent of all the gold ever mined, with reserves topping 36,520.7 metric tons (MT) at the end of November 2025. They acquired the vast majority after becoming net buyers of the metal in 2010.
Central banks purchase gold for a number of reasons: to mitigate risk, to hedge against inflation and to promote economic stability. Increased concerns over another global financial crisis have as expected led central banks once again to build up their gold reserves.
In a mid-2025 survey, the World Gold Council (WGC) said that 95 percent of the central bankers it polled expect global gold reserves to increase over the next 12 months. The precious metal’s ‘performance during times of crisis’ was cited by 85 percent of respondents as highly or somewhat relevant to their decision, while 80 percent cited its long-term store of value.
Central banks added 863.3 metric tons of gold to their vaults in 2025. While this was lower than the previous three years, which all topped 1,000 MT each, the reserve gains were still well above the 2010 to 2021 annual average of 473 MT.
Yearly central bank gold purchases since 2019.
Chart via the WGC.
A record 95 percent of respondents to the WGC survey stated their belief that central banks will continue to grow their holdings, with 5 percent suggesting they would hold at current levels. For the second year in a row, no respondents expected reserves to decrease.
The Council found that sentiment was consistent across advanced and emerging economies and reflected the strategic role of gold amid dynamic economic and geopolitical uncertainty.
Which central banks hold the most gold?
Read on to find out the 10 top countries by central bank gold holdings, as per data from the WGC, including recent Q4 2024 and full-year 2024 reports.
1. United States
Gold reserves: 8,133.46 metric tons
When it comes to the largest gold depository in the world, the American central bank is number one with 8,133.46 metric tons of gold.
A large percentage of US gold is held in “deep storage” in Denver, Fort Knox and West Point. As the US Treasury explains, deep storage is “that portion of the US Government-owned gold bullion reserve which the Mint secures in sealed vaults that are examined annually by the Treasury Department’s Office of the Inspector General and consists primarily of gold bars.”
The rest of US-owned reserves are held as working stock, which the country’s mint uses as raw material to mint congressionally authorized coins.
2. Germany
Gold reserves: 3,350.3 metric tons
The Bundesbank, Germany’s central bank, currently owns 3,351.53 metric tons of gold. Like many of the central banks on this list, the German national bank stores a significant portion of its gold in foreign central banks.
Today, just over half of Germany’s gold holdings are stored within Frankfurt, while internationally 1,236 MT of gold is stored in the vaults of the New York Federal Reserve, and 12 percent of its holdings are in London.
The Bundesbank’s foreign gold reserves came into question in 2012, when the German Federal Court of Auditors, the Bundesrechnungshof, was openly critical of the Bundesbank’s gold auditing. The German bank issued a public statement defending the security of foreign banks. Privately, the Bundesbank then began the arduous process of repatriating some of its gold stock back to German soil. By 2016, more than 583 MT of gold had been transferred back to Germany.
The economic upheaval and geopolitical volatility brought about by US President Donald Trump’s tariff wars and adversarial posturing toward Europe has led to calls for Germany to consider further repatriating its gold, reported The Guardian in January 2026.
3. Italy
Gold reserves: 2,451.9 metric tons
Banca d’Italia, the national bank of Italy, holds 2,451.84 metric tons of gold. The central bank began amassing its gold in 1893, when three separate financial institutions merged into one. From there, its 78 MT of holdings slowly grew into the large gold reserves it holds today.
Like Germany, Italy stores parts of its reserves offshore. In total, 141.2 MT are located in the UK, 149.3 MT are in Switzerland and 1,061 MT are kept in the US Federal Reserve. Italy houses 1,100 MT of gold domestically.
4. France
Gold reserves: 2,437 metric tons
The Banque de France has 2,437 metric tons of gold reserves, all of which it keeps on hand. The precious metal is stored in the bank’s secure underground vault, dubbed La Souterraine, which is located 27 meters below street level.
La Souterraine’s gold vaults are one of the four designated gold depositories of the International Monetary Fund.
According to Investopedia, the collapse of the Bretton Woods gold standard system was in part due to former French President Charles de Gaulle, who “called the U.S. bluff and began actually trading dollars in for gold from the Fort Knox reserves.” At the time, US President Richard Nixon “was forced to take the U.S. off the gold standard, ending the dollar’s automatic convertibility into gold.”
5. Russia
Gold reserves: 2,326.5 metric tons
The Bank of Russia is the official central bank of the Russian Federation and owns 2,332.74 metric tons of gold. Like France, Russia’s central bank has opted to store all its physical gold domestically. The Bank of Russia stores two-thirds of its gold reserves in a bank building in Moscow, and the remaining one-third in Saint Petersburg.
The majority of the yellow metal is in the form of large, variable-weight standard gold bars weighing between 10 and 14 kilograms. There are also smaller bars on site weighing as much as 1 kilogram each.
Russia, which is the second largest gold producer by country, has been a steady purchaser of the precious metal since roughly 2007, with sales ramping up significantly between 2015 and 2020. However, Russia’s refineries were banned from selling gold bullion into the London market following the country’s invasion of Ukraine. Sanctions by the west also include a freeze on about half of Russia’s gold reserves.
In early 2022, Russia tied its currency, the ruble, to the yellow metal. ‘The plan was to shift the currency away from a pegged value and into the gold standard itself so the ruble would become a credible gold substitute at a fixed rate,’ according to Robert Huish, an Associate Professor in International Development Studies at Dalhousie University.
6. China
Gold reserves: 2,306.3 metric tons
The central bank for Mainland China is the People’s Bank of China (PBoC), located in Beijing. According to the WGC, the national financial institute stores 2,279.56 metric tons of gold, most which has been purchased since 2000. In 2001, the PBoC had 400 MT of gold in reserve, but in just a little more than two decades that total has climbed by 459 percent.
The PBoC issues the Panda gold coin, which was first created in 1982. The Panda coin is now one of the top five bullion coins issued by a central bank. It is among the ranks of the American Eagle, Canadian Maple Leaf, South African Krugerrand and Australian Gold Nugget.
The PBoC was one of the top gold buyers of the world’s central banks for 2024 and 2025, purchasing 44 MT and 27 MT of gold during the years respectively. April 2024 marked the 18th consecutive month of gold buying for China’s central bank, which paused its purchases afterward until picking them up again in November. As of January 2026, it has purchased gold for a further 15 consecutive months.
7. Switzerland
Gold reserves: 1,039.9 metric tons
The Swiss National Bank (SNB) holds the seventh largest central bank gold reserves. Its 1,039.94 metric tons of gold are owned by the state of Switzerland, but the central bank manages and maintains the reserve. The Swiss constitution allows the SNB to buy and sell gold with market trends, but it is not required to report the sales.
After years of opaqueness regarding the country’s golden treasure trove and increased selling in 2011 as prices rose, the Swiss Gold Initiative was launched in 2011.
The initiative called for an amendment to the constitution to add three new points to it. The first was a mandate for all reserve gold to be held physically in Switzerland. The other two dealt with the central bank’s ability to sell its gold reserves, along with a decree that 20 percent of the Swiss bank’s assets be held in gold.
This culminated in a national referendum in 2014 that failed to reach a majority of votes. However, the public conversation did prompt the bank to be more transparent.
According to a 2013 release, the central bank reported that 70 percent of its gold reserve was held domestically, 20 percent was located at the Bank of England and 10 percent was stored with the Bank of Canada.
8. India
Gold reserves: 880.2 metric tons
The Reserve Bank of India is another central bank that has fervently acted to increase its holdings in recent years. It began adding to its gold assets in 2017; however, the majority of its purchases have taken place in the past four years.
Strikingly, after India’s central bank purchased 16 MT of gold in 2023, the institution scooped up another 72 MT of the precious metal in 2024. However, its 2025 purchases totaled just 4 MT, its lowest in eight years.
While more than half of its gold is held overseas in safe custody with the Bank of England and the Bank of International Settlements, about a third of its gold is held domestically. In June 2024, India repatriated 100 MT of gold from the United Kingdom. This was the first time since 1991 that the Reserve Bank of India moved its overseas gold holdings back home.
9. Japan
Gold reserves: 846 metric tons
The Bank of Japan currently holds 846 metric tons of gold. Public information about the Bank of Japan’s gold reserves is hard to come by.
In 2000, the island nation was holding approximately 753 MT of the yellow metal, and by 2004, the Bank of Japan’s gold store had grown to 765.2 MT. Its gold reserves remained at that level until March 2021, when the country purchased 80.76 MT of gold, bringing it to its current total.
10. Turkey
Gold reserves: 613.7 metric tons
The Central Bank of Turkey holds 613.7 metric tons of gold. Turkey has been a consistent gold buyer over the past several years, with its central bank adding 75 MT to its holdings in 2024. While the pace of the country’s buying slowed in 2025, the country accumulated another 27 metric tons through the end of November, making it the year’s fifth-largest gold buyer.
*11. International Monetary Fund
Gold reserves: 2,814 metric tons
The gold reserve held by the International Monetary Fund is the third largest in terms of size at 2,814 metric tons. The large gold reserve was amassed primarily during the founding of the international organization in 1944.
In that inaugural year, it was decided that “25 percent of initial quota subscriptions and subsequent quota increases were to be paid in gold.”
Since 1944, the International Monetary Fund has added gold through the repayment of debts owed by member countries. Nations can also exchange gold for another member country’s currency.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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Sigma Lithium (TSXV:SGML,NASDAQ:SGML) has secured another large-scale sale of high-purity lithium fines and activated a production-backed revolving credit facility as it ramps up operations in Brazil.
The lithium producer announced it has agreed to sell 150,000 metric tons (MT) of high-purity lithium fines containing 1 percent lithium oxide at a net final price of US$140 per MT upon warehouse delivery at the port of Vitória.
The buyer has the option to purchase a further 350,000 MT at market prices.
Sigma, which refers to the high-purity fines as a low-grade product, said the optional volumes provide flexibility to respond to market conditions and customer requirements.
According to the company, the sale of its low-grade product could generate proceeds equivalent to the sale of 70,000 MT of its high-grade lithium oxide concentrate. Sigma attributes the marketability of the fines to the processing technology at its Greentech plant, which uses dense media separation and dry stacking.
According to the São Paulo-based company, clients have achieved up to 60 percent recovery when reprocessing the material, producing lithium concentrate with over 4 percent lithium oxide content.
That higher-grade concentrate is currently priced at about US$1,370 per MT on average by Shanghai Metals Market.
“Our sequential sales of the Low Grade Product show how this material can generate recurring value, demonstrating its marketability,” said Marina Bernardini, Sigma vice president of business development. “Continuous demand for the Low Grade Product has supported the creation of an additional revenue stream for the Company.”
The February 13 agreement follows Sigma’s January sale of 100,000 MT of high-purity lithium fines.
At the time, the company reiterated that mining remobilization was proceeding as planned and pushed back against what it described as inaccurate media reports regarding an administrative process related to waste piles.
Alongside the new sale, Sigma confirmed that the resumption of production of its high-grade lithium oxide concentrate has triggered the start of pre-payments under a US$96 million revolving facility.
The unsecured binding agreement, signed with what the company describes as a leading company in the battery materials supply chain, calls for the delivery of 70,500 MT of high-grade concentrate in 2026.
Under the terms, fixed pre-payments of US$8 million are made 30 days prior to production and delivery to the port of Vitória. The first pre-payment was disbursed on January 13.
Each pre-payment carries interest at SOFR plus 1 percent for 30 days until final sale upon delivery. Pricing for each shipment is tied to prevailing spot market prices for high-grade lithium concentrate, as reflected in major industry indexes.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Canada One Mining Corp. (TSXV: CONE,OTC:COMCF) (OTC Pink: COMCF) (FSE: AU31) (‘Canada One’ or the ‘Company’) is pleased to report high-grade gold results, accompanied by copper and silver values, from the Reco target at the Copper Dome Project, (‘Copper Dome’, ‘Project’ or ‘Property’) located adjacent to the Hudbay Minerals Inc. producing Copper Mountain Mine, Princeton, B.C.
ROCK SAMPLING HIGHLIGHTS
| SAMPLE ID | GOLD (G/T) | SILVER (G/T) | COPPER (%) |
| C0066671 | 8.17 | 6.83 | 1.75 |
| C0066670 | 9.96 | 9.62 | 0.78 |
Table 1: Notable Rock Grab Sample Results from the 2025 Exploration Program at the Reco target.
Reco Target Sampling
In the fall of 2025, the geological team visited the Reco target, a previously known showing, and established seven new geological stations and collected four fresh rock samples (C0066668-C0066671). The two highest-grade samples collected from Reco were C0066670 (9.96 g/t Au, 9.62 g/t Ag, 0.78% Cu) and C0066671 (8.17 g/t Au, 6.83 g/t Ag, 1.75% Cu). Both samples returned elevated iron values, with sample C0066670 recording the highest iron content of the 2025 program at 12.75% Fe, reflecting intense iron oxide alteration and the potential weathering of significant sulphide mineralization at the target.
Reco is located approximately 1.8 km SSE of the Friday Creek potassic zone. Assay results from Friday Creek, also collected during the fall 2025 program, are pending release.
Peter Berdusco, President and CEO of Canada One, commented: ‘The presence of high-grade gold at Reco, part of the Copper Dome Project, significantly strengthens Canada One’s exploration thesis. The gold target sits strategically between our primary porphyry targets at Copper Dome, and the presence of near-surface gold is particularly promising given how porphyry systems often generate economically meaningful flanking gold zones—enhancing both the district-scale potential and the strategic value of our project portfolio.’
Significance of Results
Results from the Reco target meaningfully expands the Copper Dome opportunity from a ‘copper-porphyry only’ story into a broader multi-commodity mineral system that also includes a compelling high-grade, potentially near-surface, gold-silver-copper target. The standout grab samples are particularly encouraging, as such grades can signal a robust hydrothermal event capable of generating economically meaningful high-grade shoots on the margins of, or structurally linked to, porphyry centers.
Strategically, Reco’s location between key porphyry targets raises the possibility that this gold-bearing structure could represent a flanking zone or structurally focused expression of the same district-scale system, improving drill targeting and increasing the project’s potential value by adding higher-grade upside and development optionality beyond bulk-tonnage porphyry copper alone.
While rock samples are inherently selective and not necessarily representative of average grade, results of this tenor strongly justify systematic follow-up to define continuity, true width, and controls on mineralization.
Reco Planned Follow-up
Building on these promising results, the company plans to advance exploration at the target in 2026 through a larger-scale prospecting and mapping program. Additional rock sampling will help better define the extent of known mineralization, while detailed structural mapping will support interpretation of potential gold sources as they relate to the surrounding porphyry targets.
Geological Discussion
Reco was investigated in 2025 to locate and accurately geo reference historical workings and mineral showings. According to the MINFILE record, the target was explored as early as 1907, when a 167-metre-long adit was driven beneath vein outcrops between 1907 and 1909.
Reco is hosted within fine-grained volcanic and volcano sedimentary rocks of the Nicola Group, including andesite and cherty tuffs. Intense silicification was documented, along with strong iron oxidation and sericitization of the host rocks. Pyrite and copper oxide minerals are common, with localized development of chalcopyrite stringers. The observed alteration assemblage and sulphide mineralogy are consistent with a phyllic alteration domain.
Reco consists of a caved historical adit, with extensive exposure of a volcanic wall rock resulting from historical manual scree removal. Mineralization occurs as intensely oxidized, sulphidic calcite vein material hosted within a shear zone approximately 2-3 m wide. The vein and shear zone are steeply dipping and strike NE-SW. Structural measurements collected in 2025 indicate an orientation of 210°/71°, while historical measurements report orientations of 005°/78° and 038°/80°. The vein has been traced on surface for approximately 120 m and ranges from 0.1 to 1.8 m in width.
The vein is interpreted to have infilled a brittle fault zone, as evidenced by shattered host rock and the presence of gouge material adjacent to the vein. Intense supergene alteration of the wall rock is expressed as pervasive goethite and jarosite development at the target.
Figure 1: (A) Rock sample C0066671 from the RECO target, showing mineralized sedimentary wall rock adjacent to a mineralized shear zone. The sample returned assays of 8.17 g/t Au, 6.83 g/t Ag, and 1.75% Cu.
(B) Mineralized vein fill and gouge hosted within the shear zone at the target.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10074/284307_canadaoneimg1.jpg
Figure 2: 2025 rock sample locations with historical sampling at the RECO target area.
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Quality Assurance / Quality Control (QAQC)
All rock samples were collected from the fall 2025 fieldwork program and were submitted to ALS Geochemistry – Kamloops to be analyzed for gold and platinum group elements (PGM-ICP24 50 g fire assay), and multi-element geochemistry, including elements Cu, Pb, Zn, Co, and Ag (method ME-MS61).
Figure 3: Overview map of the Copper Dome project sowing sample and data stations from the 2025 exploration program as well as project infrastructure.
To view an enhanced version of this graphic, please visit:
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About The Copper Dome Project
Copper Dome is located in the lower Quesnel Trough porphyry belt, one of British Columbia’s most prolific mining districts. The Project directly adjoins Hudbay Minerals Inc.’s producing Copper Mountain Mine to the north, which the company reports as having Proven and Probable Reserves of ~367 Mt at 0.25 % Cu, 0.12 g/t Au, and 0.69 g/t Ag (Hudbay Minerals Inc., 2023)*. Multiple mineralized zones have been identified across the Property, with historical drilling confirming high-grade copper associated with northeast-trending structures similar to those hosting mineralization at Copper Mountain.
The technical and scientific information regarding the adjacent Copper Mountain Mine is sourced from Hudbay Minerals Inc.’s published reports. Mineralization at Copper Mountain should not be considered indicative of the mineralization on the Copper Dome Project.
Copper Dome benefits from excellent infrastructure, enabling year-round access, cost-efficient exploration, and a stable, low-risk jurisdiction.
Historical Work Completed
- Geophysics: 51 km of induced polarization (IP); airborne magnetic and electromagnetic (EM) coverage over ~50% of the Property
- Sampling: 2,253 soils and 378 rocks collected
- Drilling: 8,900+ m of diamond drilling
- Trenching: Over 1 km excavated
With a five-year drill permit in place, the Company is focused on advancing the Copper Dome toward drill-ready target definition.
* Reference: Hudbay Minerals Inc. (2023). NI 43-101 Technical Report – Updated Mineral Resources & Mineral Reserves Estimate, Copper Mountain Mine, Princeton, British Columbia. Effective date: December 1, 2023. Qualified Person: Olivier Tavchandjian, Ph.D., P.Geo.
About Canada One
Canada One Mining Corp. is a Canadian junior exploration company focused on copper-the critical metal powering the global energy transition. The Company advances projects from discovery through resource definition with disciplined, data-driven exploration and responsible practices. Its flagship Copper Dome Project, near Princeton, British Columbia, targets a porphyry copper-gold system in a Tier-1 jurisdiction. Canada One aims to deliver sustainable growth and long-term value for shareholders and local communities.
Acknowledgement
Canada One acknowledges that the Copper Dome Project is located within the traditional, ancestral and unceded territory of the Smelqmix People. We recognize and respect their cultural heritage and relationship to the land, honoring their past, present and future.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Ali Wasiliew, P.Geo., an independent Qualified Person as defined by NI 43-101 – Standards of Disclosure for Mineral Projects.
Contact Us
For further information, interested parties are encouraged to visit the Company’s website at www.canadaonemining.com, or contact the Company by email at info@canadaonemining.com, or by phone at 1.877.844.4661.
On behalf of the Board of Directors of
Canada One Mining Corp.
Peter Berdusco
President
Chief Executive Officer
Interim Chief Financial Officer
Forward-Looking Statements
This press release includes certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively ‘forward-looking statements’) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘potential’, ‘possible’, and similar expressions, or statements that events, conditions, or results ‘will’, ‘may’, ‘could’, or ‘should’ occur or be achieved. Forward-looking statements in this press release relate to, among other things: statements relating to the anticipated timing thereof and the intended use of proceeds. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
TSX Venture Exchange Disclaimer
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284307
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The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.
How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.
While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.
From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.
New 52-Week Highs Finally Picking Up
If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.
As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.
Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.
The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.
Trend Check: GoNoGo Still “Go”
The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.
Active Bullish Patterns
We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.
Failed Bearish Patterns
In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.
The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.
We’ll continue to monitor these formations as they develop because, at some point, that will change.
Bragason has held senior leadership roles in 650 mW+ of Geothermal Energy Infrastructure Deployment Totalling ~$3.3b, Including the World’s Largest Geothermal Power Plant, Hellisheidi in Iceland.
Syntholene Energy CORP (TSXV: ESAF,OTC:SYNTF) (FSE: 3DD0) (OTCQB: SYNTF) (‘Syntholene’), announces the appointment of Eirikur Bragason as Lead Project Manager for Syntholene’s planned synthetic fuel demonstration facility and future commercial scale-up at its cornerstone production footprint in Iceland. Mr. Bragason will support Syntholene’s infrastructure development strategy, project governance, technical risk management, and expansion efforts.
Mr. Bragason brings more than 25 years of experience in geothermal energy development, large-scale power infrastructure, and complex project execution across Europe, Asia, and the Americas, strengthening the Company’s depth in geothermal energy, power plant construction, and large-scale energy infrastructure delivery.
Mr. Bragason has acted as Chief Project Manager or Senior Technical Lead on some of the world’s most significant geothermal and renewable energy projects. These include the Hellisheidi Geothermal Power Plant in Iceland, a combined 300 megawatt electric and 400 megawatt thermal facility recognized as the largest geothermal power plant on Earth. He also served as the Deputy General Manager of Sinopec Green Energy, overseeing a total of 4.2 gigawatts of thermal energy in operation encompassing a total investment of approximately $6 billion. Mr. Bragarson has further overseen major geothermal project development across Indonesia, the Philippines, Hungary, China, and Central Europe.
‘Syntholene is pursuing a technically rigorous and commercially disciplined approach to synthetic fuel production, differentiated by its unique integration of geothermal energy,’ commented Mr. Bragason. ‘I look forward to supporting the company as it transitions from demonstration facility to commercial scale, showcasing its potential to materially improve the economics of clean fuels.’
‘Eirikur is one of the most experienced geothermal project leaders in the world,’ said Dan Sutton, CEO of Syntholene. ‘His direct experience delivering utility-scale geothermal infrastructure, managing multinational development teams, and executing complex energy projects is aligned with Syntholene’s commercial scale-up strategy. As we advance our thermal hybrid power-to-liquids platform and deploy geothermal-anchored synthetic fuel production, his insight and operational discipline will be invaluable.’
Mr. Bragason is a globally recognized expert in geothermal power plant project management. Most recently, he served as Chief Operating Officer of Arctic Green Energy, where he oversaw international geothermal platform development and operational execution. Prior to that, he was Chief Executive Officer and Chief Project Manager of KS Orka Renewables and Orka Energy in Singapore, leading the development and delivery of geothermal assets across multiple jurisdictions.
About Geothermal Energy in Iceland
Iceland’s unique geological position atop the Mid-Atlantic Ridge provides exceptional access to high-temperature geothermal energy, which today serves as a cornerstone of its 100% renewable electricity grid, as well as providing over 90% of the nation’s district heating. This baseload power is characterized by its high capacity factors, often exceeding 90%, providing a level of grid stability that distinguishes it from intermittent renewables like wind and solar.
According to data from the Low-Carbon Power 2025 Report, Iceland’s geothermal infrastructure currently boasts an installed capacity of approximately 799 megawatts electrical equivalent (e), contributing nearly 28% of the country’s total electricity generation. The existing infrastructure, managed by leaders such as Landsvirkjun and ON Power, includes world-class facilities like the Hellisheidi and Reykjanes plants, which are increasingly integrating carbon capture and storage (CCS) technologies to move toward carbon-negative operations.
The National Energy Authority of Iceland (Orkustofnun) identifies a massive ‘understood potential’ for future development through the Master Plan for Nature Protection and Energy Utilization. Current estimates suggest that Iceland’s total geothermal energy potential for electricity generation is approximately 20 terawatt hours per year of high-enthalpy energy available for industrial scaling.
This stable political and geological environment has positioned Iceland as a hub for long-term industrial expandability, particularly for high-energy users in the eFuel and Digital Infrastructure sectors. Reports from atNorth and Country Reports note that the ‘predictable, low-cost nature of Icelandic geothermal power’ is attracting a new wave of industrial tenants, including eFuel producers and AI-ready data centers, who require scalable, 24/7 renewable energy to meet global ESG mandates.
Iceland continues to leverage its ‘geothermal-first’ policy to foster strategic collaborations between energy producers and prospective industrial customers. This synergy bolsters confidence that industrial users can secure long-term power purchase agreements (PPAs) that are insulated from the volatility of global fossil fuel markets, solidifying Iceland’s role as an energy powerhouse of the North Atlantic.
About Syntholene
Syntholene is actively commercializing its novel Hybrid Thermal Production System for low-cost clean fuel synthesis. The target output is ultrapure synthetic jet fuel, manufactured at 70% lower cost than the nearest competing technology today. The company’s mission is to deliver the world’s first truly high-performance, low-cost, and carbon-neutral synthetic fuel at an industrial scale, unlocking the potential to produce clean synthetic fuel at lower cost than fossil fuels, for the first time.
Syntholene’s power-to-liquid strategy harnesses thermal energy to power proprietary integrations of hydrogen production and fuel synthesis. Syntholene has secured 20MW of dedicated energy to support the Company’s upcoming demonstration facility and commercial scale-up.
Founded by experienced operators across advanced energy infrastructure, nuclear technology, low-emissions steel refining, process engineering, and capital markets, Syntholene aims to be the first team to deliver a scalable modular production platform for cost-competitive synthetic fuel, thus accelerating the commercialization of carbon-neutral eFuels across global markets.
For further information, please contact:
Dan Sutton, CEO
comms@syntholene.com
www.syntholene.com
+1 608-305-4835
X: @Syntholene
Linkedin: Syntholene Energy
Youtube: Syntholene Energy
Investor Relations
KIN Communications Inc.
604-684-6730
ESAF@kincommunications.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words ‘expect’, ‘anticipate’, ‘aims’, ‘continue’, ‘estimate’, ‘objective’, ‘may’, ‘will’, ‘project’, ‘should’, ‘believe’, ‘plans’, ‘intends’ and similar expressions are intended to identify forward-looking information or statements. All statements, other than statements of historical fact, including but not limited to statements regarding the completion of the demonstration facility, commencement commercialization efforts, potential to materially improve the economics of clean fuel, the successful implementation of the test facility, commercial scalability, technical and economic viability, anticipated geothermal power availability, anticipated benefit of eFuel, and future commercial opportunities, are forward-looking statements.
The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including without limitation the assumption that the Company will be able to execute its business plan, that the eFuel will have its expected benefits, that there will be market adoption, and that the Company will be able to access financing as needed to fund its business plan. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, without limitation, Syntholene’s ability to meet production targets, realize projected economic benefits, overcome technical challenges, secure financing, maintain regulatory compliance, manage geopolitical risks, and successfully negotiate definitive terms. Syntholene does not undertake any obligation to update or revise these forward-looking statements, except as required by applicable securities laws.
Readers are advised to exercise caution and not to place undue reliance on these forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284115
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LONDON, UK / ACCESS Newswire / February 17, 2026 / Empire Metals Limited (LON:EEE)(OTCQX:EPMLF), the AIM-quoted and OTCQX-traded exploration and development company, is pleased to announce the commencement of a major drilling campaign at the Pitfield Project in Western Australia (‘Pitfield’ or the ‘Project’). This programme is designed to evaluate the extent of the giant TiO2 mineral system at Pitfield, expand the Cosgrove Mineral Resource Estimate (MRE), and enhance the confidence levels associated with the MRE at Thomas.
Highlights
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A total of 754 drill holes are planned:
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683 Air Core (‘AC’) drillholes for approximately 34,150 metres, and
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71 Reverse Circulation (‘RC’) drillholes for approximately 7,100 metres,
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totalling 41,250 metres of drilling.
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The fully funded campaign will utilise 3 AC drill rigs and 2 RC rigs and drilling is expected to be completed by mid-April.
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The key outcome of the drilling will be an updated MRE at Thomas, with increased resource classification into the Measured and Indicated categories, and a significantly larger updated MRE at Cosgrove.
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Updated MRE anticipated in Q3 2026 to support ongoing engineering and study work.
Shaun Bunn, Managing Director, said:‘We are pleased to commence this important drilling campaign at Pitfield, focused on upgrading our maiden MRE from the Thomas and Cosgrove Prospects (announced 14 October 2025) and extending the exploration target area. This fully-funded campaign is the largest undertaken to date at Pitfield and will significantly improve our understanding of the scale and grade of the Pitfield MRE, and also increase the confidence levels of Measured and Indicated Resources in readiness for developing mine design and Ore Reserves.’
Drilling Programmes
The titanium discovery at Pitfield is of unprecedented scale and hosts one of the largest and highest-grade titanium resources reported globally, with a current 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.
Since commencing the maiden drilling campaign at Pitfield on 27 March 2023, Empire has completed 390 drill holes for a total 33,001 metres comprising:
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25 DD drill holes for 3,449 m
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140 RC drill holes for 18,764 m
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225 AC drill holes for 10,797 m.
Diamond drilling was recently conducted at the Thomas prospect, from mid-November to mid-December 2025 (announced 12 November 2025). A total of 8 holes were drilled for 745.1m.
The diamond drilling targeted the high-grade central core identified within the Thomas MRE with the primary purpose of generating ore samples for metallurgical and geotechnical testwork. The whole drill core underwent extensive geotechnical evaluation prior to cutting core samples. A quarter core sample was collected for assay analysis. These samples have been submitted to the analytical laboratory for analysis, with final results expected in Q1 2026.
Largest drilling campaign to date to commence at Pitfield
An extensive AC and RC drill programme has been planned at Pitfield consisting of exploration drilling, initial mineral resource drilling and infill mineral resource drilling. AC drilling has previously been used at Pitfield to drill-test the weathered cap and collect bulk metallurgical samples (announced 28 April 2025). It is a cost-effective, efficient and proven drilling method at Pitfield that is commonly used for shallow exploration projects, and the success of the previous drilling campaigns has confirmed its suitability for use in the Pitfield MREs.
The drill programme, the largest at Pitfield to date, will cover an area 37km long and up to 12km wide. There are 754 holes planned for a total of 41,250m. All programmes will take place in parallel ensuring the drilling is more efficient and cost effective. It is expected that the drilling will begin in late February and finish in mid-April. There will be up to 5 drill rigs at the project. Once completed, Empire will have drilled close to 75,000 meters at Pitfield.
The exploration drilling will be focused on delineating the extents of the giant Pitfield Ti-rich mineral system. Recent drilling has focussed on the Thomas and Cosgrove prospects to delineate MREs, however this has focussed on less than 20% of the currently known surface area of the mineral system. This exploration drilling campaign will generate data that will provide a much better understanding of the size of the system, the mineralisation and associated alteration and extend the area explored by drilling to 60-70% of the currently identified area of mineralization. Furthermore, the drilling will also provide essential information to support the study phase regarding the location of high-grade titanium mineralisation and the potential sites for process and infrastructure facilities.
At Thomas, AC and RC drilling will take place on a smaller spaced grid (100m x 100m) over the higher grade TiO2 rich core of the deposit to increase the confidence level of the current MRE. The drilling will focus on the weathered zone where the anatase is most prevalent.
At Cosgrove, an extensive AC and RC programme will occur to extend the current MRE to the north and the south. This drilling, as at Thomas, will be focussed on the weathered zones with the aim of significantly increasing the current MRE of 430Mt @ 5.8% TiO2. The location and spacing of the planned AC/RC drillholes have been designed to complement the existing MRE and allow the data generated from this drill programme to be incorporated with the existing MRE data which will potentially mean efficiencies in generating the updated MRE for Cosgrove.
The AC and RC drillholes will be geologically logged and sub-sampled on 2m intervals and geochemically analysed; this data will provide the basis for the updated MREs at Thomas and Cosgrove Prospects.
The drilling is expected to finish mid-April with all samples to be at Intertek Analytical Laboratory in Perth by the end of April.
Figure 1. Satellite image of Pitfield showing planned drill collars in relation to current MRE outlines.
Competent Person Statement
The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
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Empire Metals Ltd Shaun Bunn / Greg Kuenzel / Arabella Burwell |
Tel: 020 4583 1440 |
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S. P. Angel Corporate Finance LLP (Nomad & Joint Broker) Ewan Leggat / Adam Cowl |
Tel: 020 3470 0470 |
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Canaccord Genuity Limited (Joint Broker) James Asensio / Christian Calabrese / Charlie Hammond |
Tel: 020 7523 8000 |
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Shard Capital Partners LLP (Joint Broker) Damon Heath |
Tel: 020 7186 9950 |
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Tavistock (Financial PR) Emily Moss / Josephine Clerkin |
empiremetals@tavistock.co.uk Tel: 020 7920 3150 |
About Empire Metals Limited
Empire Metals Ltd (AIM:EEE)(OTCQX:EPMLF) is an exploration and resource development company focused on the 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.
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. With excellent logistics and established infrastructure, Pitfield is strategically positioned to supply the growing global demand for titanium and other critical minerals.
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.
SOURCE: Empire Metals Limited
View the original press release on ACCESS Newswire
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Over the past year, the spot price of silver has surged past a 40 year record and into triple-digit territory, reaching a high of US$121 per ounce this past January.
For silver investors who bought into the physical market when the price was low, this first leg of the silver bull market has provided an opportunity to take ample profits.
At the Vancouver Resource Investment Conference, Rick Rule, proprietor at Rule Investment Media, shared his strategy for leveraging profits made in the physical silver market.
“That’s how I save. I maintain liquidity in US currency and I save in gold,” he said.
What did Rule do with the remaining half of his gains from selling physical silver?
He deposited those profits into high-quality silver-mining stocks.
“My reasoning being as follows: If silver goes nowhere for a year, if it stays rangebound, the best silver producers are discounting US$45 silver a year from now. If the price is at US$75 or US$80 they’ll be discounting US$75 or US$80 silver, which means the stock will be up 50, 60, 70 percent,” said Rule.
“The speculative outlook for the silver stocks seemed to be better than the speculative outcome for silver. If silver stays flat for a year, by definition silver won’t give me any return. But if it stays flat, the silver stocks would give me 50 or 60 percent. So it was a better speculative outcome,’ he added.
Here’s a look at the five silver stocks Rule invested in after selling his physical silver. Market cap figures were accurate as of February 12, 2026.
1. Wheaton Precious Metals (TSX:WPM,NYSE:WPM)
TSX market cap: C$88.43 billion
NYSE market cap: US$64.53 billion
Wheaton Precious Metals is the world’s biggest precious metals streaming company.
Its business model involves making upfront payments to precious metals companies in order to gain the right to purchase all or a portion of their metal production at a low, fixed cost. Investors benefit from gaining exposure to a wide range of precious metals companies operating in politically stable jurisdictions, while reducing the risk associated with investing in individual mining stocks. The company pays a quarterly dividend.
Wheaton currently has streaming agreements in place for 23 operating mines and 25 development-stage projects across five continents. This includes investments in Newmont’s (NYSE:NEM,ASX:NEM) Peñasquito mine in Mexico, Sibanye Stillwater’s (NYSE:SBSW) Stillwater and East Boulder mines in Montana, US, and Glencore’s (LSE:GLEN,OTCPL:GLCNF) Antamina silver mine in Peru.
2. Pan American Silver (TSX:PAAS,NASDAQ:PAAS)
TSX market cap: C$33.3 billion
NASDAQ market cap: US$23.67 billion
Pan American Silver holds interest in five silver-producing mines located in four Latin American countries.
This includes its three wholly owned mines: Huaron in Peru, Cerro Moro in Argentina and La Colorada in Mexico — its largest silver-producing asset. The company also holds a 95 percent interest in the San Vicente mine in Bolivia and a 44 percent stake in the Juanicipio mine in Mexico, operated by Fresnillo (LSE:FRES,OTCPL:FNLPF). Pan American’s gold-producing segment includes its second largest silver mine by production, the El Peñon gold-silver mine in Chile.
Ranked among the world’s largest primary silver producers, Pan American’s 2025 silver production total came in at 22.8 million ounces, alongside 742,200 ounces of gold. It’s set its silver production guidance for 2026 to between 25 million and 27 million ounces, white its expected gold production for the year is 700,000 to 750,000 ounces.
3. Industrias Penoles (OTCPL:IPOAF)
OTC market cap: US$26.14 billion
Founded in 1887, Mexico-based Industrias Peñoles is a vertically integrated metals company and a global leader in refined silver production. The company holds a majority stake in Fresnillo, the world’s leading primary silver producer.
Industrias Peñoles is also a top producer of refined gold and lead in Latin America, and one of the world’s leading producers of refined zinc and sodium sulfate. Its mining portfolio includes the Sabinas mine in Zacatecas, the Tizapa mine in Zacazonapan and the Velardeña mine in Durango. In the first half of 2025, Industrias Peñoles’ overall silver production from its mining operations came in at 30.3 million ounces of the metal.
4. AbraSilver Resource (TSXV:ABRA,OTCQX:ABBRF)
TSXV market cap: C$2.15 billion
OTC market cap: US$1.57 billion
Canadian junior Abrasilver Resource’s wholly owned flagship asset is the advanced-stage Diablillos silver-gold project in Salta, Argentina. It hosts five significant deposits: Oculto, JAC, Fantasma, Laderas and Sombra.
In December 2024, the company published an updated prefeasibility study for Diablillos, outlining a net present value (NPV) of US$747 million after tax at a 5 percent discount, as well as a 27.6 percent internal rate of return (IRR) and a two year payback period. An updated mineral resource estimate from July 2025 totals approximately 199 million ounces of silver and 1.72 million ounces of gold in the measured and indicated category.
Abrasilver has been busy expanding the upside potential at Diablillos via a Phase 6 drill program. The 15,000 meter campaign is aimed at extensions across various exploration targets. Results coming in from previous campaigns continue to demonstrate the potential for identifying gold and silver resources outside of the current resource estimate.
5. Vizsla Silver (TSXV:VZLA,NYSEAMERICAN:VZLA)
TSX market cap: C$1.73 billion
NYSEAMERICAN market cap: US$1.25 billion
Vizsla Silver is advancing toward production at its Panuco silver-gold project in Sinaloa, Mexico. Its expected to reach first silver production in the second half of 2027. In May 2025, the company acquired the producing Santa Fe silver-gold mine and property located to the south of Panuco. Production at the mine between 2020 and 2024 amounted to 370,366 metric tons of ore, with an average head grade of 203 grams per metric ton (g/t) silver and 2.17 g/t gold.
At Panuco, Vizsla completed a feasibility study in November 2025, outlining over 17.4 million ounces of silver equivalent production annually over an initial 9.4 year mine life, an after-tax NPV of US$1.8 billion at a 5 percent discount, an 111 percent IRR and a seven month payback at US$35.50 silver and US$3,100 per ounce gold.
The company has several upcoming catalysts for 2026. In the first half of the year, management is focused on completing detailed engineering, underground drilling, geophysical surveys and optimization work in order to make a construction decision in the second half of 2026 once permits are received. Throughout 2026, Vizsla is expecting to conduct 60,000 meters of diamond drilling across the Panuco district. A fifth phase of metallurgical testwork to optimize silver and gold recoveries using material from a 10,000 tonne bulk sample program is also planned.
After the interview with Rule took place, 10 workers were abducted from Panuco. Mexican authorities have since recovered 10 bodies as part of an investigation into the incident, with five being identified as Vizsla workers. The company has suspended operations at the site, although engineering-based remote work continues.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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