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Convenience stores are eating fast-food chains’ breakfast

September 15, 2025 Business 6 Mins Read

Fast-food restaurants are losing breakfast customers to convenience stores.

Morning meal traffic to fast-food chains rose 1% in the three months ended in July, while visits to food-forward convenience stores climbed 9% in the same period, according to market research firm Circana.

“Over the long run, convenience stores have taken share, really at foodservice overall, but the morning meal has been their strong suit,” David Portalatin, Circana senior vice president and foodservice industry advisor, told CNBC, noting the trend has largely been driven by what the group calls “food-forward convenience stores.”

For decades, McDonald’s and its rivals have tried to lure consumers away from home to eat their early morning offerings, betting that convenience and unique items will win over diners.

While fast-food chains have made some inroads, 87% of what consumers eat and drink in the morning comes from their own refrigerators or pantries, according to Portalatin. That leaves plenty of opportunity for fast-food chains — and anyone else who wants a slice of the breakfast pie.

Before the pandemic, fast-food chains started seeing a new rival for their breakfast customers: convenience stores. Regional chains like Wawa in the Northeast and Casey’s General Store in the Midwest were expanding their reach and investing in their foodservice options, taking pages from the fast-food companies’ own playbooks.

For a time, lockdowns and the shift to hybrid work reversed those market share gains. But in the three months ended in July, food-forward convenience stores once again gained the upper hand in the battle to serve consumers breakfast, according to Portalatin.

Circana separates food-forward convenience stores like Buc-ee’s and Sheetz from the broader industry, although more chains may soon fit under that umbrella. 7-Eleven, the biggest convenience, or c-store, in the U.S., is planning to invest more in its prepared foods business, inspired by the success of its Japanese business. C-store chain RaceTrac on Wednesday announced that it’s buying Potbelly for about $566 million, although it’s unclear what its plans for the sandwich chain include beyond expanding its footprint.

In recent years, more diners have been watching their budgets, conscious of rising menu prices and a tight job market.

Year-over-year morning traffic to fast-food chains has fallen every quarter for the last three years, according to data from Revenue Management Solutions, which advises restaurants on how to increase sales and profits. In the second quarter, fast-food breakfast visits fell 8.7%.

To see the struggles, look no further than McDonald’s, which dominates the quick-service breakfast category.

″The breakfast daypart is the most economically sensitive daypart, because it’s the easiest daypart of a stressed consumer to either skip breakfast or choose to eat breakfast at home,” McDonald’s CEO Chris Kempczinski said on the company’s earnings call in late July. “And we, as well as the rest of the industry, are seeing that the breakfast daypart is absolutely the weakest daypart in the day.”

McDonald’s morning visits accounted for 33.5% of its traffic in the first half of 2019 but fell to 29.9% in the first half of 2025, according to Placer.ai data. To try to drum up traffic, the chain has included breakfast items in its new Extra Value Meals, including a deal for a Sausage McMuffin with Egg with a hash brown and a small coffee for $5.

To reverse breakfast’s slide, fast-food chains are taking hints from their competition. After years of convenience stores looking to fast-food chains for ideas on how to grow prepared food sales, from installing ordering kiosks to new menu items, the dynamic has flipped.

″[Quick-service restaurants] are looking at late-night sales and early morning sales, and they are directly looking at convenience stores and saying, ‘What is working? How can we bring that to our stores?’” National Association of Convenience Stores spokesperson Jeff Lenard told CNBC.

Prepared foods have offered a lifeline for convenience stores as demand for gasoline, tobacco and lottery tickets has fallen over time. The industry’s overall foodservice sales reached $121 billion in 2024, according to data from the NACS.

Most customers visit the gas pump during the morning and evening rush hours, on their way to and from work, presenting the perfect opportunity for c-stores to sell them breakfast or dinner. This year, 72% of consumers surveyed by InTouch Insight said they saw c-stores as a real alternative to fast-food chains, up from 56% a year ago and 45% two years ago.

Broadly, the c-stores that have focused on fresh food have been winning over more customers.

For example, Wawa has seen its customer base grow by 11.5% since 2022, while fast-food chains McDonald’s, Burger King and Wendy’s have seen their combined customer base shrink 3.5% in the same time, according to data from Indagari, a transaction data analytics firm.

The majority of 1,170 respondents to an InTouch Insight survey for CNBC said that they have purchased made-to-order breakfast from a c-store in the morning in the past three months. Forty-eight percent of respondents said that when they choose breakfast from a convenience store, they are replacing a visit that they might otherwise make to a fast-food restaurant like McDonald’s or Dunkin’.

Buying coffee and breakfast from a c-store likely won’t be cheaper than making it at home. But consumers perceive it as “good bang for their buck,” according to Sarah Beckett, vice president of sales and marketing for InTouch Insight.

Plus, c-store customers get a wider breadth of options. In addition to coffee, gas stations sell energy drinks, protein shakes and yogurt smoothies. And customers can pick up a granola bar or banana to accompany their breakfast sandwich. Fast-food chains lack that kind of variety.

But above all, what matters to consumers is the food itself.

“While [a] convenience store broadly does have some tailwind from being a lower price point, the ultimate differentiator, and what’s really going to set apart the winners from losers, is that quality aspect of it,” Circana’s Portalatin said.

Brady Caviness, a 33-year-old account executive at Bailiwick who lives in Minneapolis, told CNBC that he indulges in a breakfast pizza from Casey’s General Store when he’s traveling. If he’s back home, where there isn’t a Casey’s nearby, he’ll stop by McDonald’s, Dunkin’ or Starbucks if he’s in the mood to buy his breakfast.

The Iowa-based chain is the country’s third-largest c-store chain and claims to be the fifth-largest pizza concept based on its number of locations. Casey’s reported same-store sales growth of 5.6% for its prepared food and dispensed beverages for the three months ended July 31.

Like Taco Bell’s Mexican Pizza, Casey’s breakfast pizza, topped with cheese, scrambled eggs and a choice of bacon, sausage or vegetables, has grown a cult following since its launch in 2001.

“I think Casey’s is kind of a unique thing,” Caviness said. “My whole life, I’ve had the Egg McMuffins.”

This post appeared first on NBC NEWS

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Providence Gold Mines Inc. Announces Financing Update on the La Dama de Oro Gold Property

September 13, 2025 Investing 5 Mins Read

(TheNewswire)

VANCOUVER September 12, 2025 TheNewswire – Providence Gold Mines Inc. (‘Providence’ or the ‘Company’) is pleased to announce a non brokered Unit Private Placement Financing of up to $250,000 through the issuance of 5,000,000 units oof the Company (each a ‘Unit’) the (‘Private Placement’). Each Unit will consist of one Common Share and one full Warrant exercisable for a period of two years. The Unit is priced at $0.05 for one Common Share in the Capital of the Company (a ‘Common Share’) and one nontransferable full Warrant. Each nontransferable Warrant will entitle the holder to purchase one additional Common Share at a price of $0.05 for a period of 24 months from the date of closing of the Private Placement will be subject to the approval of the TSXV.

All securities issued with respect to the Private Placement will be subject to a four month plus one day hold period from the date of issuance in accordance with applicable securities laws. Closing of the Private Placement is subject to all necessary regulatory approvals. The Company intends to issue the Units pursuant to the prospectus exemptions set out in National Instrument 45-106- Prospectus Exemptions including the accredited investor exemption and family, friends, and business associates’ exemption.

The Company intends to use funds from the net proceeds for Regulatory Fees, sampling and evaluation of the existing potential underground mineralization at the La Dama De Oro , historical ‘Ace in the Hole stope’ , located near surface, geochemical surface survey and administration

As reported previously, an NI 43 101 has been submitted to the TMX V Exchange for review and approval., The Regulators initial review determined that the submission would be treated as a Fundamental Transaction requiring additional information and the Company is responding accordingly.

Property Summary:

Permits for a Bulk Sample, Water, Road Access, Environmental, Plan of Operation, Mill Site have been approved. To date, there has not been any known drilling or modern-day Scientific exploration or identified NI 43 101 resources.

The La Dama de Oro Property is in the Silver Mountain Mining District, within the structurally complex Eastern California Shear Zone and the intersection with the San Andreas Fault Zone. Bedrock geology includes Mesozoic quartz monzonite that intrudes the Jurassic Sidewinder Volcanics. The structural history of the region implies a sequence of compressional and extensional events that reactivated favorably oriented zones of weakness for the circulation of hydrothermal fluids. The main zone of mineralization is hosted by the La Dama de Oro Fault, a shallow northeast-dipping oblique-slip fault.

The mineralization at the property is classified as a structurally controlled, low-sulfidation epithermal gold-silver vein system. Gold and silver mineralization is associated with multi-phase quartz veining, brecciation, and pervasive hydrothermal alteration along the La Dama de Oro Fault. The largest known vein is 4.5 feet at its widest point and remains open to exploration for over 6,000 feet. The gold system has robust potential not just within the La Dama de Oro vein, but as well for additional undiscovered veins along the fault system.

Ronald A. Coombes, President & CEO commented; ‘having all permits in place gives certainty to realize potential future opportunity for production at the La Dama de Oro mine ‘ .

The scientific and technical information contained in this news release has been reviewed and approved by Zachary Black, SME-RM, a Qualified Person as defined under NI 43-101. Mr. Black is a consultant and is independent of Providence Gold Mines Inc.

For more information, please contact Ronald Coombes, President, and CEO directly at

6047242369.

Ronald A. Coombes, President & CE

Phone: 604 724 2369

roombes@providencegold.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Neither the OTCQB and or 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.

All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the permitting process, future production of Providence Gold Mines, budget and timing estimates, the Company’s working capital and financing opportunities and statements regarding the exploration and mineralization potential of the Company’s properties, are forward-looking statements. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward- looking statements. Important factors that could cause actual results to differ materially from Providence Gold Mines expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Providence Gold Mines does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statement

News Provided by TheNewsWire via QuoteMedia

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Top 5 Canadian Mining Stocks This Week: Guardian Exploration Gains 94 Percent

September 13, 2025 Investing 12 Mins Read

On Thursday (September 11), Canadian Prime Minister Mark Carney revealed the first tranche of projects selected by the newly created Major Projects Office.

The goal of the office is to accelerate timelines for projects deemed to be in the national interest, which include infrastructure, natural resources and technology. The office is being led by Dawn Farrell, who previously served as president and CEO of TransAlta (TSX:TA) and Trans Mountain. Three of the five projects announced are well into permitting or development and the Prime Minister said that the intention was to help them with a final regulatory push or to find the financing needed to complete.

The projects include the Phase 2 expansion of LNG Canada’s Kitimat facility, which will double capacity of liquified natural gas to 28 million metric tons per annum, the development of Foran Mining’s (TSX:FOM) McIlvenna Bay copper-zinc mine in Saskatchewan, and an expansion of Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) and Imperial Metals’ (TSX:III) Red Chris copper-gold mine in Northern British Columbia.

Carney also stated that a second set of projects would be announced before the CFL’s Grey Cup on November 16.

In major M&A news, mining giants Teck (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Anglo American (LSE:AAL,OTCQX:AAUKF) announced on Monday (September 8) that they would combine in a US$70 billion “merger of equals.” If approved, the resulting company will be called Anglo Teck, and will be headquartered in Vancouver, British Columbia.

In a news release, Teck said the deal would create US$800 million in pre-tax recurring annual synergies by year four, with US$1.4 billion in pre-tax yearly earnings from optimizations at the adjacent Collahuasi and Quebrada Blanca copper mines in Chile.

Barrick Mining (TSX:ABX,NYSE:B) announced on Wednesday (September 10) that it had reached an agreement to sell its Hemlo Gold Mine in Ontario to Carcetti Capital, which will be renamed Hemlo Mining, for gross proceeds of US$1.09 billion through a combination of cash and shares.

The sale marks Barrick’s continued divestment of non-core assets following the sale of its Donlin and Alturas projects earlier in the year.

Also, this week saw the TSX release its annual TSX30 top companies list, which included 17 resource companies, 15 of which are precious-metals-focused. The top three precious metals stocks were Lundin Gold (TSX:LUG,OTCQX:LUGDF), Avino Silver & Gold (TSX:ASM) and New Gold (TSX:NGD,NYSE:NGD). The top overall company was Celestica (TSX:CLS), which focuses on AI supply chain optimizations.

In other TSX news, Newmont applied to delist its shares from the exchange on Wednesday citing low trading volumes. The company has been looking to cut overhead in recent years, and the move could lower administrative costs and improve efficiency, Reuters reports.

South of the border, the US Bureau of Labor Statistics released its consumer price index data on Thursday, which showed inflation had ticked up to 2.9 percent over the same period last year. The numbers, along with last week’s weak jobs report, will be factors for the Federal Reserve when it meets for its September meeting next week.

As of Friday afternoon, over 95 percent of analysts are expecting the central bank to make a 25 point cut to the rate, bringing it to the 4 to 4.25 percent range.

For more on what’s moving markets this week, check out our top market news.

Markets and commodities react

Canadian equity markets were mostly positive this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) set another new record high on Thursday, climbing to 29,409.74 before retreating to end the week up 0.97 percent to 29,283.82.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) performed even better, climbing 3.67 percent to finish Friday at 879.67. However, the CSE Composite Index (CSE:CSECOMP) went the opposite direction, shedding 2.17 percent to end the week at 153.81.

The gold price was in focus again this week as it climbed to a new record high of US$3,667 per ounce on Tuesday, as analysts predict a rate cut by the Federal Reserve when it meets next week. Gold ended the week up 2.74 percent at US$3,642.70 per ounce.

Silver had a similarly explosive week, climbing past US$42 per ounce for the first time since 2011 and gaining 3.82 percent on the week to close Friday at US$42.16.

Copper also saw gains this week rising 2.17 percent to US$4.65 per pound. Meanwhile, the S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) posted a slight decrease of 0.1 percent to end the week at 548.34.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stocks data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Guardian Exploration (TSXV:GX)

Weekly gain: 94.44 percent
Market cap: C$14.34 million
Share price: C$0.175

Guardian Exploration is an exploration and development company with a portfolio of oil and gas and mineral properties.

Among its properties is the Sun Dog gold project covering an area of 9,415 hectares in the Kivalliq Region in Nunavut, Canada. The site is located near the historic Cullaton Lake mine, which produced 100,000 ounces of gold between October 1981 and September 1985.

The company acquired the project on May 2 from New Break Resources (CSE:NBRK). Under the terms of the deal, Guardian received a 100 percent interest in the property, along with mineral rights and 60 drums of Jet A fuel in exchange for 5 million shares and a cash payment of C$75,000.

Guardian also reimbursed New Break C$18,830 for annual rent and granted New Break the option to buy back a 20 percent interest in the property for C$1.00.

The most recent news from the project came on Monday, when the company reported that it is commencing a one-month field program at the site that will include geological mapping, soil sampling and trenching. Guardian plans to perform follow-up exploration and drilling in 2026.

2. Sokoman Minerals (TSXV:SIC)

Weekly gain: 80 percent
Market cap: C$13.57 million
Share price: C$0.045

Sokoman Minerals is a discovery-oriented company with a portfolio of gold projects and one of the largest land positions in Newfoundland and Labrador, Canada. It also owns a 40 percent stake in the Killick lithium project, a 40/40/20 joint venture with Benton Resources (TSXV:BEX,OTC:BNTRF) and Piedmont Lithium (OTC Pink:PLLTL).

Its primary focus is on its flagship Moosehead gold project located in Central Newfoundland. The advanced project consists of 98 claims covering 2,450 hectares and hosts an orogenic Fosterville-style gold system, according to Sokoman. The company has defined seven zones with high-grade mineralization through over 130,000 meters of drilling.

Sokomon announced on Friday that it was commencing diamond drilling at the site with the focus on testing the Eastern and Western Trend gold zones for depth extensions as well as undiscovered parallel zones. The drill holes will test to a depth of 1,000 meters.

Additionally, the company reported on September 2 that it expanded its land position at its Crippleback Lake gold-copper property to 13,000 hectares and planned to mobilize for induced polarization surveys, sampling and mapping of the site immediately.

3. CopAur Minerals (TSXV:CPAU)

Weekly gain: 61.11 percent
Market cap: C$11.84 million
Share price: C$0.145

CopAur is a gold exploration and development company advancing its flagship Kinsley Mountain oxide gold project in Nevada, United States.

The project is home to a historic open pit gold mine that produced approximately 138,000 ounces between 1995 and 1999. According to the project page, the property hosts an indicated mineral resource of 418,000 ounces of gold with an average grade of 2.63 grams per metric ton (g/t) gold.

On August 7, the company announced that it was shifting its full focus to advance work at its Kinsey Mountain project.

The company’s most recent news came on Monday when it reported that it had hired Andrew Neale as its new CEO. Neale brings more than 35 years of mining experience to CopAur and has held senior positions with Freeport-McMoRan (NYSE:FCX) where he oversaw operations at its Grasberg copper-gold mine in Indonesia.

The company added that it was currently awaiting a decision from the Nevada Bureau of Land Management on a pair of permits for the Kinsey Mountain site, with one allowing it to test for reclamation at the heap leach pad and the other to allow it to restart production.

4. Silver North Resources (TSXV:SNAG)

Weekly gain: 60 percent
Market cap: C$26.72 million
Share price: C$0.40

Silver North Resources is primarily focused on advancing a portfolio of silver assets in the Yukon, Canada.

Its flagship Haldane silver project covers an area of 8,164 hectares in the Yukon’s Keno Hill Silver District and has seen silver exploration dating back to the late 1800s. The property hosts several deposits, including the Main Fault and the West Fault targets, which have produced high-grade silver assays up to 3,267 g/t over 1.26 meters at the West Fault and both zones hosting additional amounts of gold, lead, and zinc.

The company announced on August 15 that it commenced a 10 hole drill program at Haldane to follow up on the discovery of the Main Fault zone in 2024.

Additionally, the company announced on August 20 that it had begun its initial exploration program at the Veronica property at its GDR project in the Yukon. The program is eligible for partial funding up to C$30,000 as part of the Yukon Mineral Exploration Program.

5. Blue Star Gold (TSXV:BAU)

Weekly gain: 53.12 percent
Market cap: C$25.67 million
Share price: C$0.245

Blue Star Gold is a gold exploration and development company operating in Nunavut, Canada.

Its flagship asset is the Ulu gold project, which includes the Ulu mining lease and the Hood River property, together forming a 12,000 hectare land package. The property features a renewable 21 year mining lease for the advanced-stage Flood Zone deposit.

As per a February 2023 updated mineral resource estimate (MRE), Ulu holds a measured and indicated resource of 572,000 ounces of gold from 2.54 million metric tons of ore at an average grade of 7.02 g/t gold, along with an additional inferred resource of 303,000 ounces of gold from 1.28 million metric tons of ore at 7.34 g/t.

Blue Star also owns the Roma gold project, located on 11,532 hectares of crown mineral claims and 4,119 hectares of mineral exploration agreements in Nunavut’s High Lake greenstone belt.

On Wednesday, Blue Star reported results from surface samples at its Auma prospect at Roma. The company said it had collected a total of 133 samples, with 44 returning gold grades above 1 g/t, including two samples with grades of 151 g/t and 125 g/t gold. The sampling program extended Zone 3, which is untested by drilling, by an additional 35 meters for a strike length of 130 meters.

Additionally, Blue Star also found high values of copper in quartz veining, with one sample producing a grade of 7.64 g/t gold and 4.2 percent copper.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many mining companies are listed on the TSX and TSXV?

As of May 2025, there were 1,565 companies listed on the TSXV, 910 of which were mining companies. Comparatively, the TSX was home to 1,899 companies, with 181 of those being mining companies.

Together, the TSX and TSXV host around 40 percent of the world’s public mining companies.

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Top 5 Canadian Mining Stocks This Week: Kirkland Lake Discovery Gains 88 Percent

Top 5 Canadian Mining Stocks This Week: Kirkland Lake Discovery Gains 88 PercentTop 5 Canadian Mining Stocks This Week: San Lorenzo Gold Shines with 329 Percent Gain

Article by Dean Belder; FAQs by Lauren Kelly.

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

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

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Editor’s Picks: Gold Knocks Out Inflation-Adjusted High, Silver Breaks US$42

September 13, 2025 Investing 4 Mins Read

Gold’s record-setting price run continued this week, with yet another new all-time high in the books. Silver also fared well, breaking US$42 per ounce.

According to Bloomberg, gold has now also surpassed its inflation-adjusted all-time high of US$850 per ounce, which it set more than 45 years ago on January 21, 1980. The news outlet notes that at the time the US was dealing with currency issues, inflation and recession concerns.

These are problems that sound all too familiar today. This week brought the release of the latest US consumer price index (CPI) data, which shows a 0.4 percent month-on-month increase for the all-items index — that’s ahead of estimates and the most since the start of 2025.

Meanwhile, core CPI, which excludes the food and energy categories, was up 0.3 percent from July. On an annual basis, core CPI was up 3.1 percent, while overall CPI rose 2.9 percent.

US producer price index (PPI) data also came out this week.

The index, which measures costs at a wholesale level, showed an unexpected 0.1 percent month-on-month decrease for August; the result was the same for core PPI.

Attention is now shifting to the US Federal Reserve’s next meeting, which is set to run from September 16 to 17. For weeks now the central bank has been widely expected to cut interest rates, and experts believe this week’s CPI and PPI numbers support that idea.

“Today’s CPI may appear to offset yesterday’s PPI, but it wasn’t hot enough to distract the Fed from the softening jobs picture. That translates into a rate cut next week — and, likely, more to come’ — Ellen Zentner, Morgan Stanley Wealth Management

CME Group’s (NASDAQ:CME) FedWatch tool now shows odds of 93.9 percent for a 25 basis point cut, while the likelihood of a 50 basis point reduction stands at 6.1 percent.

Bullet briefing — Mining majors in mega M&A, Newmont to exit TSX

Anglo, Teck to merge in US$53 billion deal

Anglo American (LSE:AAL,OTCQX:AAUKF) and Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) announced that they plan to merge in a US$53 billion transaction.

The new entity, which the companies say will be one of the world’s largest copper producers, will have assets in Canada, the US, Latin America and Southern Africa.

Its primary listing will be in London, but its headquarters will be in Canada — a commitment that Teck CEO Jonathan Price told BNN Bloomberg will be ‘perpetual.’ In a bid to safeguard its critical minerals sector, Canada said last year that it will only greenlight foreign takeovers of large critical minerals miners in ‘exceptional circumstances.’

The companies expect annual pre-tax synergies of about US$800 million by the end of the fourth year following the completion of the arrangement.

Experts say the zero-premium, all-share tie up is the second largest mining deal ever, and the biggest in more than a decade. It comes not long after other high-profile M&A attempts involving both companies — Teck rejected a bid from (LSE:GLEN,OTC Pink:GLCNF) in 2023, and Anglo turned down an offer from BHP (ASX:BHP,NYSE:BHP,LSE:BHP) last year.

Newmont to delist from TSX

While the Anglo-Teck deal puts Canada front and center, major miner Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) is backing away from the northern nation. The company said it has applied to voluntarily delist its shares from the TSX amid low volumes.

Newmont also said the move will help boost administrative efficiency and reduce expenses. The firm has faced increasing costs since acquiring Newcrest Mining in 2023, and sources familiar with the matter recently told Bloomberg that it’s looking to lower costs by around 20 percent.

Newmont will retain its primary listing in New York, as well as listings in Australia and Papua New Guinea. Its TSX delisting is expected to be effective on September 24.

Barrick to sell Hemlo for US$1.09 billion

Also making a move away from Canada this week was Barrick Mining (TSX:ABX,NYSE:B), which has agreed to sell its Hemlo gold mine to Carcetti Capital (TSXV:CART.H) for US$1.09 billion.

Located in Ontario, Hemlo has operated for 30 years, producing over 21 million ounces of gold during that time. The sale comes as Barrick divests non-core assets and pivots toward copper.

The company put Hemlo up for sale earlier this year, and in July was rumored to be selling the operation to Discovery Silver (TSX:DSV,OTCQX:DSVSF); that deal ultimately didn’t pan out.

Carcetti will be renamed Hemlo Mining once the transaction closes, and is expected to uplist from the TSX Venture Exchange’s NEX Board. Its backers include Robert Quartermain, who is known for leading SSR Mining (TSX:SSRM,NASDAQ:SSRM) and Pretium Resources.

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

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Admission to Trading on the OTCQB Market

September 12, 2025 Investing 4 Mins Read

Hamak Gold Limited (LSE: HAMA / OTCQB: HASTF), a company combining traditional gold exploration in West Africa with a Digital Asset Treasury Management strategy, is pleased to announce that the Company’s shares have been admitted to trading on the OTC Venture Market (‘OTCQB’) in the United States, under the symbol ‘HASTF’. No new Ordinary Shares have been issued by the Company for this parallel trading of its shares.

The purpose of the listing of shares on the OTCQB is to broaden the Company’s exposure to the North American investor markets and to increase trading liquidity in a drive to deliver shareholder value.

The OTCQB is a middle-tier market for entrepreneurial and development U.S. and International companies, and is recognised by the Securities and Exchange Commission (‘SEC’) as an established public market.

Nick Thurlow, Executive Chairman of Hamak Gold, commented:

‘We are pleased to announce approval from the Financial Industry Regulatory Authority for Hamak to list on the OTCQB market. This is an important first step in a larger U.S. strategy designed to widen the investor base for Hamak.’

For further information you are invited to view the Company’s website at www.hamakgold.com or please contact:

Hamak Gold Limited

Nick Thurlow

Karl Smithson

n.thurlow@hamakgold.com

k.smithson@hamakgold.com

Peterhouse Capital Limited (Corporate Broker)

Yellow Jersey PR

Annabelle Wills

+44 (0) 20 7469 0930

+44 (0) 20 3004 9512

About Hamak Gold Limited

Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold exploration in Africa and with a strategy of pursuing a BTC/ crypto treasury management policy. Through its LSE main board listing investors underweight crypto can get professional exposure to this asset class.

Important Notice

The Company maintains some of its treasury reserves and surplus cash in Bitcoin, a form of cryptocurrency. The Company is not authorised or regulated by The Financial Conduct Authority (FCA) and Bitcoin investments are generally not subject to regulaton by the FCA or otherwise in the United Kingdom. Neither the Company nor investors in the Company’s shares are protected by the UK’s Financial Ombudsman Service or the Financial Services Compensation Scheme.

However the FCA considers Bitcoin investments to be high-risk. The value of Bitcoin can go up as well as down, leading to fluctuations in the value of the Company’s Bitcoin holdings, and the Company may not be able to realise its Bitcoin holdings for the same amount it paid to acquire them, or even for the value the Company currently attributes to its Bitcoin positions.

The Company’s Board of Directors have identified the following risks in relation to the holding of Bitcoin, which are not exhaustive:

The value of Bitcoin can be highly volatile, with its value falling as quickly as it rises. Investors in Bitcoin must be prepared to lose all money invested.
The Bitcoin market is largely unregulated. There is a risk of losing money due to factors such as cyber-attacks, financial crime, and counterparty failure.
The Company may not be able to sell its Bitcoin at will. The ability to sell Bitcoin depends on various factors, including the supply and demand in the market at the relevant time. Operational failings such as technology outages, cyber-attacks, and comingling of funds could cause unwanted delays.
Cryptoassets carry a perception of fraud, money laundering, and financial crime.

An investment in the Company is not an investment in Bitcoin itself, but prospective investors in the Company are encouraged to conduct their own research before investing and should be aware that they will have indirect exposure to the high-risk nature of cryptoassets, including their volatility, and could therefore sustain large or total losses of their investment.

Source

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Homerun Resources Inc. Signs Binding LOI for the Acquisition of Additional Mineral Rights in the Santa Maria Eterna Silica Sand District

September 12, 2025 Investing 6 Mins Read

News Release Highlights:

Homerun has now secured ownership and supply agreements covering the entire Santa Maria Eterna Silica Sand District.
The new Pedreiras concession is fully permitted with a low royalty rate of R$ 30.17 per extracted tonne.
The Pedreiras concessions have been drilled to a depth of 8 metres with a 32 million tonne resource filed at the Agência Nacional de Mineração (ANM).
The Company’s target resource under the three CBPM Lease acquisitions now exceeds 200 million tonnes.

Homerun Resources Inc. (TSXV: HMR,OTC:HMRFF) (OTCQB: HMRFF) (‘Homerun’ or the ‘Company’) is pleased to announce it has signed a binding Letter of Intent (LOI) with Pedreiras do Brasil S.A. (‘Pedreiras’) a company controlled by Vitoria Stone, dated September 10, 2025, securing the rights to exploit the Pedreiras mining tenement (871.7212021, 246.36 hectares) at the Santa Maria Eterna Silica Sand District in the municipality of Belmonte, Bahia, Brazil, granted under a lease agreement with Companhia Bahiana de Pesquisa Mineral (CBPM).

This LOI enables Homerun to acquire all exploitation rights and obligations currently held by Pedreiras under the CBPM Lease, on a measured resource of 32 million tonnes (auger drilled to 8 metres) filed at the ANM and is fully permitted with a royalty payment to CBPM of R$30.17 per extracted tonne. (the ‘Acquisition’).

This is now the third CBPM lease acquisition by Homerun marking a significant step in the continuing strategic plan to consolidate control over the Santa Maria Eterna Silica Sand District. By controlling the district, Homerun secures uninterrupted access to a unique large-tonnage high-purity silica sand district, solidifying supply chains, enabling a competitive advantage in vertical integration, achieving pricing power and removing market competition. It also strengthens Homerun’s position when seeking funding or strategic partners as the Company can offer certainty of secure long-life supply and scale. The Company’s target resource over the areas of the three acquisitions now exceeds 200 million tonnes, including a current NI 43-101 mineral resource estimate of 63 million tonnes. This strategic consolidation has been achieved for total capital outlay of US$2.1 million, a fraction of the implied value based on the US$150 per tonne transfer price for the planned primary use-case in the Company’s Solar Glass Manufacturing facility which is being built next to these resources.

Brian Leeners, CEO of Homerun stated, ‘This marks a major milestone for Homerun. With district control we are positioned to unlock the full potential of Santa Maria Eterna. Our team has delivered this consolidation with minimal capital, laying the foundation for significant value creation as we advance towards production. We want to thank our management team for this effort in strategically building significant asset value for Homerun and its shareholders.’

The transaction will be settled with US$1,200,000 in Homerun common shares (valued at CA$1.00 per share) and US$200,000 in share purchase warrants (exercisable at CA$1.00 per share). The issuance of the Homerun common shares and warrants will be subject to standard director, shareholder and regulatory approvals and specifically the approval of the TSX Venture Exchange. The Homerun common shares issued under the terms of this agreement will be subject to a standard 4-Month statutory hold period. Pedreiras agrees to contact Homerun regarding the sale of any Homerun common shares and also agrees to limit the sale of the Homerun common shares in any given month to 100,000 if required to sell.

Figure 1: location of existing Homerun controlled claims via CBPM Lease Agreement (red and blue) and the new claims under the Pedreiras Agreement (in black).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4082/266168_b188dd55f4d37bab_001full.jpg

About Homerun (www.homerunresources.com)

Homerun (TSXV: HMR,OTC:HMRFF) is a vertically integrated materials leader revolutionizing green energy solutions through advanced silica technologies. As an emerging force outside of China for high-purity quartz (HPQ) silica innovation, the Company controls the full industrial vertical from raw material extraction to cutting-edge solar, battery and energy storage solutions. Our dual-engine vertical integration strategy combines:

Homerun Advanced Materials

Utilizing Homerun’s robust supply of high purity silica sand and quartz silica materials to facilitate domestic and international sales of processed silica through the development of a 120,000 tpy processing plant.
Pioneering zero-waste thermoelectric purification and advanced materials processing technologies with University of California – Davis.

Homerun Energy Solutions

Building Latin America’s first dedicated high-efficiency, 365,000 tpy solar glass manufacturing facility and pioneering new solar technologies based on years of experience as an industry leader in developing photovoltaic technologies with a specialization in perovskite photovoltaics.
European leader in the marketing, distribution and sales of alternative energy solutions into the commercial and industrial segments (B2B).
Commercializing Artificial Intelligence (AI) Energy Management and Control System Solutions (hardware and software) for energy capture, energy storage and efficient energy use.
Partnering with U.S. Dept. of Energy/NREL on the development of the Enduring long-duration energy storage system utilizing the Company’s high-purity silica sand for industrial heat and electricity arbitrage and complementary silica purification.

With multiple profit centers built within the vertical strategy and all gaining economic advantage utilizing the Company’s HPQ silica, across, solar, battery and energy storage solutions, Homerun is positioned to capitalize on high-growth global energy transition markets. The 3-phase development plan has achieved all key milestones in a timely manner, including government partnerships, scalable logistical market access, and breakthrough IP in advanced materials processing and energy solutions.

Homerun maintains an uncompromising commitment to ESG principles, deploying the cleanest and most sustainable production technologies across all operations while benefiting the people in the communities where the Company operates. As we advance revenue generation and vertical integration in 2025, the Company continues to deliver shareholder value through strategic execution within the unstoppable global energy transition.

On behalf of the Board of Directors of
Homerun Resources Inc.

‘Brian Leeners’

Brian Leeners, CEO & Director
brianleeners@gmail.com / +1 604-862-4184 (WhatsApp)

Tyler Muir, Investor Relations
info@homerunresources.com / +1 306-690-8886 (WhatsApp)

FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

The information contained herein contains ‘forward-looking statements’ within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be ‘forward-looking statements’.

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/266168

News Provided by Newsfile via QuoteMedia

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A Guide to DeFi: Understanding Decentralized Finance

September 12, 2025 Investing 7 Mins Read

Decentralized finance (DeFi) is a revolutionary shift in the financial landscape, offering a blockchain-based system that facilitates transactions without relying on traditional intermediaries like banks or brokerages.

While the DeFi sector experienced a challenging period through 2022 and early 2023, the latter half of 2023 saw a significant resurgence. This growth was largely fueled by the anticipation and eventual approval of spot crypto exchange-traded funds (ETFs) in the US, signaling a pivotal moment for digital assets.

These moves were a major step toward blending digital assets with traditional financial products, a transition that has been further driven by the increasing maturation and institutionalization of the crypto ecosystem.

This is evident in the development of other products and services, such as:

Tokenization
Liquid staking
Derivatives and futures

DeFi has now moved beyond retail users, integrating further with traditional finance as institutions begin to incorporate DeFi protocols into their operations. The DeFi world moves at an exceptionally fast pace, with new technologies and platforms constantly emerging, making it a complex and confusing space for investors to navigate.

This guide explains how these key technologies and others are shaping the evolving DeFi landscape.

What are decentralized exchanges?

Decentralized exchanges, known as DEXs, facilitate the direct trading of cryptocurrencies between users through smart contracts, eliminating the need for a central authority.

These platforms allow users to maintain control of their assets throughout the trading process. A few popular DEXs include Uniswap, PancakeSwap and dYdX.

What is DeFi asset management?

DeFi asset management services aim to make investing simpler and more accessible.

They often use automated strategies to maximize yield without the need for constant monitoring. Some examples include Galaxy Asset Management and Maple Finance.

These systems are non-custodial, meaning users don’t have to give up their private keys or transfer their funds. An example is Yearn Finance, which automates yield-farming strategies to optimize returns.

What are yield farming and staking?

Yield farming allows users to earn rewards by providing liquidity to a protocol. This is done by depositing cryptocurrencies into a liquidity pool; in return, the user receives a portion of the trading fees.

Staking involves locking up assets to help secure and run a blockchain in exchange for rewards.

Liquid staking is a newer technology where users stake their crypto, but receive a liquid staking token (LST) in return that can be used elsewhere in DeFi while their original assets are locked. Liquid Collective’s Liquid Staked SOL (LsSOL) on the Solana network is an example of this. Another is JitoSOL, an LST by Jito Network.

Asset manager VanEck has filed an S-1 registration with the SEC to launch an ETF tracking JitoSOL.

Alongside DeFi-native staking options, centralized exchanges like Kraken make staking easy for users who want a simple, custodial experience, and they increasingly offer access to LSTs and expanded staking products.

How do DeFi lending and borrowing protocols work?

Lending and borrowing platforms enable users to lend their crypto assets and earn interest, or borrow assets by providing collateral. Unlike traditional loans, DeFi lending protocols often require borrowers to over-collateralize their loans. Interest rates are typically set by the supply and demand on the platform through an algorithm.

Examples of lending platforms include Aave, Compound and MakerDAO.

Aave is available on multiple blockchains, including Ethereum, Avalanche and Aptos, making it one of the most accessible and innovative lending protocols in DeFi today.

What is DeFi infrastructure?

The DeFi space includes firms that provide the foundational technology and tools for building and using DeFi.

Circle, the issuer of the USDC stablecoin, is partnering with Fireblocks to launch a new blockchain called Arc, which is tailored for businesses and optimized for stablecoins. Meanwhile, Coinbase Global (NASDAQ:COIN), a major crypto exchange, has launched a new app called Base, which combines a crypto wallet, trading, payments and social media. Coinbase also plans to launch nano perpetual futures for SOL and XRP in the US.

To boost its stablecoin payment services, Ripple plans to acquire a stablecoin payments platform called Rail.

What are stablecoins?

Stablecoins are cryptocurrencies designed to minimize price volatility by pegging their value to a stable asset, like the US dollar. There are different types of stablecoins, including:

Fiat-collateralized stablecoins, which are backed by reserves held in traditional currencies.
Crypto-collateralized stablecoins, which are backed by other cryptocurrencies.
Algorithmic stablecoins, which use algorithms to maintain their peg without direct collateral.

Examples include Tether (USDT), Circle Internet Group’s (NYSE:CRCL) USD Coin (USDC) and Dai (DAI). Coinbase, Kraken and Gemini are well-known platforms for trading stablecoins and other cryptocurrencies.

Additionally, MetaMask, a self-custodial crypto wallet, is set to launch its own stablecoin, MetaMask USD (mUSD), which will be issued by Bridge and powered by M0 liquidity.

What is tokenization?

DeFi platforms translate real-world assets, such as real estate or stocks, into digital tokens on a blockchain. This makes these assets accessible on-chain, effectively bridging traditional finance and DeFi.

There are several companies and platforms at the forefront of this trend.

JPMorgan Chase (NYSE:JPM) has a tokenized debt platform, Kinexys, that allows clients to trade and settle tokenized debt instruments, a service that State Street has also joined.

Additionally, Backed Finance recently partnered with Kraken to expand its xStocks product, which tokenizes stocks, to the Tron blockchain. Meanwhile, S&P Dow Jones Indices is reportedly in talks to license and list tokenized versions of its benchmarks with exchanges, custodians and DeFi protocols.

Ethereum and Solana have a major role in the tokenization movement too.

Ethereum is favored by institutions for its smart contracts. DBS Group Holdings (SGX:D05), a major financial institution, recently announced plans to launch tokenized structured notes on the Ethereum blockchain, while eToro Group (NASDAQ:ETOR) has plans to launch tokenized versions of US-listed stocks on the same network.

For its part, Solana was recently selected by Galaxy Digital (NASDAQ:GLXY) and Superstate for the launch of GLXY, a tokenized public share.

What are blockchain oracles?

These services connect smart contracts to real-world data, enabling them to execute based on off-chain information. Chainlink is one prominent blockchain oracle. Recently, it partnered with Intercontinental Exchange to bring foreign exchange and precious metals data on-chain. Chainlink also has its own on-chain treasury vehicle, Chainlink Reserve, which can support staking rewards and development funding.

What are perpetual futures?

Perpetual futures, known as perps, are derivatives contracts that allow traders to speculate on the price of an asset without an expiration date. They are a high-risk financial instrument that uses leverage to amplify gains or losses.

Coinbase has a derivatives arm, Coinbase Financial Markets, that launched US perps on July 21, 2025. On September 22, Coinbase Derivatives will expand its product suite with the launch of equity index futures.

Coinbase acquired Deribit, the largest platform for trading Bitcoin options and the world’s leading crypto options exchange by volume and open interest, in a US$2.9 billion deal in May 2025.

Kraken also offers US-compliant perps.

Investor takeaway

As DeFi continues to mature and attract interest from traditional financial institutions, its integration with conventional finance is accelerating. With ongoing advancements, DeFi is set to redefine how financial transactions are conducted, making it a pivotal area to watch in the future of finance.

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

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Crypto Market Update: Bitcoin ETFs See US$550 Million in Inflows, Dormant Whale Resurfaces

September 12, 2025 Investing 4 Mins Read

Here’s a quick recap of the crypto landscape for Friday (September 12) as of 9:00 a.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$114,941, a 1 percent increase in 24 hours. Its highest valuation of the day was US$116,309, and its lowest was US$113,802.

Bitcoin price performance, September 12, 2025.

Chart via TradingView.

Ether (ETH) was priced at US$4,521.17, an increase of 2.5 percent over the past 24 hours. Its highest valuation on Friday was US$4,558.54, and its lowest was US$4,400.20.

Altcoin price update

Solana (SOL) was priced at US$239.78, an increase of 5.3 percent over the last 24 hours. Its highest valuation on Friday was US$239.83, and its lowest level was US$225.74.

XRP was trading for US$3.04, up by 1.2 percent in the past 24 hours. Its highest valuation of the day was US$3.07, and its lowest valuation was US$2.99.

SUI (Sui) was valued at US$3.63, up by 0.4 percent in the past 24 hours. Its highest price on Friday was US$3.69 and its lowest was US$.358.

Cardano (ADA) was priced at US$0.8895, up by 1.1 percent over 24 hours. Its highest valuation on Friday was US$0.9064, and its lowest was US$0.8743.

Today’s crypto news to know

US Bitcoin ETFs extend inflow streak, adding US$550 Million

Spot Bitcoin ETFs in the U.S. attracted US$552.78 million in net inflows on Thursday, their fourth consecutive day of investor demand.

According to data from SoSoValue, it is the longest run Bitcoin has been on since late August, when inflows coincided with bitcoin’s climb to a record high above US$123,000.

Wednesday’s (September 10) US$757.14 million intake was also the biggest single-day gain since July, heralding renewed appetite for crypto-backed products.

In addition to the upsurge, Ether ETFs have also returned to positive territory after a six-day losing streak drained more than US$1 billion.

Analysts tie the flows to expectations of a Federal Reserve rate cut on September 17, which could boost risk assets across the board. Bitcoin has gained 3.2 percent over three days to trade above US$115,000, while Ether is up about 5 percent at US$4,500.

Dormant Bitcoin whale resurfaces after 13 years

A long-silent bitcoin wallet holding 444.81 BTC, worth over US$50 million, has suddenly sprung to life after 13 years of inactivity.

On September 11, blockchain monitors flagged transfers of 132.03 BTC to a new address and 5 BTC to Kraken, sparking speculation about the motives behind the move.

The wallet had been inactive for 13 years, raising questions among investors about whether the original owner has regained access or if coins have changed hands.

Historically, dormant wallets often capture market attention as their moves can precede larger sales or signal shifting long-term sentiment.

The timing also comes amid Bitcoin’s latest rally above US$115,000, but so far, the whale’s remaining holdings remain untouched.

Gemini prices IPO at US$28, set to trade on Nasdaq

Gemini (NASDAQ:GEMI), the exchange founded by Tyler and Cameron Winklevoss, has priced its initial public offering at US$28 per share, above earlier expectations.

The stock will begin trading on the Nasdaq Global Select Market under the ticker “GEMI”, marking one of the year’s most closely watched crypto debuts. Strong investor demand pushed the price well past the originally targeted US$17 to US$19 range, with underwriters holding an option to buy extra shares.

The company won’t directly benefit from secondary sales, though the deal signals strong interest in public crypto firms.

Gemini reported US$142.2 million in revenue last year, with nearly 70 percent coming from trading fees, but also posted widening losses that hit US$282.5 million in the first half of 2025.

Despite its IPO success, the company faces lingering scrutiny, having settled a US$5 million CFTC case in January over alleged misstatements tied to Bitcoin futures.

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

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Barrick’s Plan to Sell Hemlo Mine for US$1 Billion Marks Canadian Exit

September 12, 2025 Investing 3 Mins Read

Barrick Mining (TSX:ABX,NYSE:B) has agreed to sell its Hemlo gold mine in Ontario for up to US$1.09 billion, transferring one of Canada’s most storied gold operations to a new owner and marking Barrick’s shift away from non-core assets.

The Toronto-based company announced Thursday (September 11) that Carcetti Capital (TSXV:CART.H,LSE:ORUG), which will be renamed Hemlo Mining (HMC), will acquire the mine under terms that include US$875 million in cash, US$50 million in HMC shares, and as much as US$165 million in contingent payments tied to future gold prices and production.

Barrick president and chief executive Mark Bristow said that the sale is part of the company’s ongoing capital allocation approach, noting that proceeds will help bolster the company’s balance sheet and fund returns to shareholders.

“The sale of Hemlo at an attractive valuation marks the close of Barrick’s long and successful chapter at the mine and underscores our disciplined focus on building value through our Tier One gold and copper portfolio,” Bristow said.

Hemlo, located near Marathon, Ontario, has produced more than 25 million ounces of gold over three decades of continuous operation.

Once hailed as a cornerstone of Canadian gold production, the mine transitioned from open-pit to underground operations in 2020. Its future will now rest with HMC, a vehicle backed by a group of well-known industry investors and leaders.

The incoming HMC board will include Robert Quartermain, founder of Pretium Resources (TSX:PVG) and former CEO of SSR Mining Inc. (NASDAQ:SSRM,TSX:SSRM), who played a key role in the original discovery of Hemlo while at Teck Resources (TSX:TECK.B,NYSE:TECK,OTC:TCKRF).

The company will also be led by Jason Kosec, named incoming CEO, and supported by a consortium that includes Wheaton Precious Metals (TSX:WPM,NYSE:WPM) and Orion Mine Finance.

To finance the acquisition, HMC has secured a US$1 billion package comprised of US$400 million in gold streaming from Wheaton, US$415 million in equity, and US$200 million in debt. Wheaton will also take up to US$50 million of the equity raise.

“Hemlo offers a unique opportunity to add immediate, accretive gold ounces from a politically stable jurisdiction, backed by a long history of production and a capable operating team,” Wheaton CEO Randy Smallwood said in a company press release.

Under the streaming agreement, Wheaton will initially purchase 13.5 percent of Hemlo’s payable gold until 181,000 ounces are delivered, after which the rate will fall to 9 percent for another 157,330 ounces, and then to 6 percent for the remainder of the mine’s life.

Wheaton’s attributable production is expected to average around 20,000 ounces annually for the first decade and more than 17,000 ounces annually over the life of mine, which is forecast to extend for at least 14 years.

For Barrick, the sale continues a multi-year effort to trim smaller, less profitable operations in favor of large, long-life assets that meet its “Tier One” criteria.

Earlier this year, the company also divested its stakes in Donlin and Alturas, bringing expected gross proceeds from non-core asset sales in 2025 to more than US$2 billion.

While Barrick emphasized that Canada remains an important exploration jurisdiction, the Hemlo deal effectively ends its role as a mine operator in its home country.

Reports of a potential sale had circulated since mid-2024, spurring rumors that Barrick was in advanced talks with Discovery Silver (TSX:DSV,OTCQX:DSVSF) to divest Hemlo.

While those discussions did not result in a deal, Thursday’s announcement confirms the company’s intent to fully exit the Canadian mining landscape.

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

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Allied Critical Metals Expands Santa Helena Breccia in Borralha with Long Tungsten Intercepts and Confirms High-Grade Trend

September 11, 2025 Investing 13 Mins Read

Highlights:

The latest drill results build on Bo_RC_14/25 drill hole (previously released as 12.0 metres @ 4.27% WO₃ from 252.0 metres, incl. 6.0 metres @ 8.39% WO₃ from 252.0 metres) and collectively suggests a larger and higher-grade Breccia complex than previously modeled.

Bo_RC_17/25 results included 100.0 metres @ 0.21% WO₃ from 52.0 metres, including
- 32.0 metres @ 0.33% WO₃ (MF 10.6 m%) from 92.0 metres, including
- 14.0 metres @ 0.52% WO₃ (MF 5.2 m%) from 106.0 metres, including
- 6.0 metres @ 0.74% WO₃ (MF 4.4 m%) from 110.0 metres
  South infill drill hole confirms bulk-mineable medium-grade core with well-defined high-grade corridors.

Bo_RC_15/25 results included 2.0 metres @ 0.97% WO₃ from 164.0 metres
South-west deep step-out drill hole with a high-grade intersection consistent with previously reported Bo_RC_14/25 drill hole.

Bo_RC_22/25 results included 64.0 metres @ 0.12% WO₃ from 284.0 metres, including
- 16.0 metres @ 0.21% WO₃ from 316.0 metres
  New northern deep lode opens a new northern vector for resource growth.

Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) (‘Allied’ or the ‘Company’), which is focused on its 100% owned past producing Borralha and Vila Verde tungsten projects in northern Portugal, is pleased to announce additional significant assay results from its ongoing 4,200 metres reverse circulation (RC) drilling campaign at its Borralha Tungsten Project. The latest results from drill holes Bo_RC_1525, Bo_RC_1725, and Bo_RC_2225 extend mineralization both west and north of the previously announced Bo_RC_1425 high-grade intercept, reinforcing that the Santa Helena Breccia within the Borralha Project is emerging as a larger and higher-grade orebody than previously modeled. The Company will commence an additional fully funded 1,528 metre drilling in the fourth quarter of 2025 to build off the drilling success in July.

The results are especially timely as tungsten price has now reached a new high of U.S.$550/MTU, which is an increase of more than 40% over the past four months as demand for the critical mineral increases in the face of further supply chain restrictions from non-Western countries [Source: FastMarkets].

Roy Bonnell, CEO & Director of Allied, commented: ‘These thick, continuous intervals in the central-south and the new northern deep lode materially expand the working envelope at the Santa Helena Breccia in Borralha. Together with the previously reported ultra-high-grade intercept in Bo_RC_14/25, we see clear evidence of a system that is both bigger and better than we initially assumed. This is exactly the kind of data we want feeding into the upcoming Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA). Moreover, the results demonstrate the potential of Borralha as a key strategic, safe, and secure source of tungsten for Portugal, the EU and NATO.’

João Barros, President & COO of Allied, stated: ‘Tungsten is recognized by the European Union as both a critical and strategic raw material under the CRMA. With Europe producing less than 3% of its annual needs and facing increasing Chinese export restrictions, the Borralha Project represents a vital opportunity to strengthen secure, Western-aligned supply chains. Our work directly supports the EU target of sourcing at least 10% of its critical raw materials domestically by 2030, while reinforcing Portugal’s role as a key contributor to Europe’s strategic independence. ‘

General (Ret.) James A. ‘Spider’ Marks, Director of the Company’s U.S. subsidiary, stated: ‘Expanding the mineral resource at the Borralha Project is an essential next step in path to fulfilling the immense need in Portugal, the EU, NATO and the United States for tungsten powders, concentrates and other byproducts. The U.S. and NATO defense military complexes are dependent on tungsten. Without domestic supply of tungsten, the Borralha Project becomes a very important piece to the critical mineral supply chains for the United States and NATO.’

These latest drilling results are highly significant because they combine both scale and grade. The long intercepts at 0.21-0.33% WO₃ in Bo_RC_17/25 are particularly meaningful in wolframite systems. In addition, the drilling program is clearly growing the footprint of the Breccia complex. The Bo_RC_22/25 delineates a northern deep lode, while Bo_RC_15/25 ties the west-deep high-grade corridor back to the main body-both lines of evidence supporting a larger Santa Helena Breccia, the principal mineralized body at Borralha Project.

Table 1 – Drill Hole Collar Locations

Drill Hole ID	Coordinates (WGS84)		Az.(º)	Dip.(º)	PFD (m)	DEPTH (m)
Bo_RC_14/25	585445	4611405	109	80	250	264.00
Bo_RC_15/25	585347	4611368	109	70	300	255.00
Bo_RC_16/25	585406	4611329	105	60	240	251.00
Bo_RC_17/25	585426	4611295	109	75	250	255.00
Bo_RC_18/25	585461	4611431	109	75	300	241.00
Bo_RC_19/25	585470	4611493	109	82	350	247.00
Bo_RC_21/25	585484	4611552	109	85	400	370.00
Bo_RC_22/25	585484	4611552	109	70	360	375.00
Bo_RC_26/25	585586	4611449	289	60	400	287.00

Table 2 – Drill Hole Interval Highlights

Drill Hole ID	From (m)	To (m)	DH length (m)^[1]	True factor^[1]	True Width (m)^[1]	WO₃ (%)
Bo_RC_14/25	52.0	64.0	12.0	tbd^[2]	– ^[2]	4.27
incl.	52.0	58.0	6.0	tbd^[2]	–^[2]	8.39
Bo_RC_15/25	164.0	166.0	2.0	0.88	1.8	0.97
Bo_RC_17/25	52.0	152.0	100.0	0.90	89.9	0.21
incl.	92.0	124.0	32.0	0.90	28.8	0.33
incl.	106.0	120.0	14.0	0.90	12.6	0.52
incl.	110.0	116.0	6.0	0.90	5.4	0.74
Bo_RC_22/25	284.0	348.0	64.0	tbd^[2]	–^[2]	0.12
incl.	316.0	332.0	16.0	tbd^[2]	–^[2]	0.21

Notes: [1] Reported intervals are downhole lengths. Estimated true widths were calculated from hole orientation and the interpreted geometry of the mineralized corridors. Estimates may vary locally where geometry changes. Where intervals fall outside the resource block-model domains, true widths are not estimated and only downhole lengths are reported. [2] True widths are unknown.

Figure 1 – Drill collar plan showing planned holes for the ongoing 5,728 m RC campaign at the Borralha Project. The red outline delineates the main mineralized breccia zone.

To view an enhanced version of this graphic, please visit:
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Figure 2 – Geological Cross-Section for hole Bo_RC_17/25.

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Geologic Interpretation

The geologic interpretation indicates that the Santa Helena Breccia is expanding: the combination of broad medium-grade intervals and discrete high-grade intercepts points to a larger, better-connected breccia body than previously modeled. Priority vectors for follow-up include the west-dip high-grade trend (Bo_RC_14/25 and Bo_RC_15/25) and the northern wider deep lode (Bo_RC_22/25), which will guide near-term drilling and feed the Q4 2025 MRE and subsequent PEA workstreams.

Next steps

Ongoing drilling continues to target west-deep and northern extensions while tightening spacing across the MRE backbone. Additional assays from completed holes will be released as received and validated. The program remains aligned with the timeline toward an updated MRE (Q4 2025) and PEA thereafter.

Technical Information and Quality Assurance/Quality Control (QA/QC)

Drilling was completed using reverse-circulation (RC). All sample bags were pre-labelled with a unique internal sequence number used consistently for the assay sample and corresponding reject. Sampling was conducted on 2.0 m intervals for analytics. For each 2.0 m interval, two 1.0 m reject samples were also collected as representative splits. Splitting was performed at the rig via a rotary splitter integral to the RC cyclone.

Sampling followed pre-prepared sample lists that recorded downhole metreage, sequence, and the placement of Certified Reference Materials (CRMs) and field duplicates. CRMs were inserted at a rate of 1 in 20 samples (5%) and field duplicates at 1 in 20 samples (5%), arranged so that every 10th sample alternated between a CRM and a duplicate.

Analytical and reject samples were boxed at the drill site and transported by company personnel to the project core/logging facility. Analytical samples were stored on labelled pallets pending direct shipment to ALS’s preparation laboratory in Seville, Spain. Pulps and rejects were subsequently stored securely in the project logging room.

At ALS Seville, samples were crushed to 70% passing 2 mm, riffle-split to ~250 g, and pulverized using hardened steel to 85% passing 75 μm. Pulps were shipped to ALS Loughrea (Ireland) for analysis. The primary analytical method was ME-MS81 (lithium borate fusion with ICP-MS finish). Base metals were also reported using ME-4ACD81 (four-acid digestion with ICP-MS finish). Over-limit tungsten results were re-assayed using W-XRF15b (lithium borate fusion with XRF). Analytical results were delivered directly by ALS to the Company via secure electronic transfer.

To the best of the Company’s knowledge, no drilling, sampling, recovery, or other factors have been identified that would materially affect the accuracy or reliability of the data referenced herein.

Where reported, metal factor (m·%WO₃) is the product of interval length and grade and is provided as supplemental context only. Primary disclosure remains the reported grade and interval length (and true width where known).

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Mr. Vítor Arezes, BSc, MIMMM (QMR) (Membership Nº. 703197, Vice-President Exploration of Allied Critical Metals, who is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Arezes is not independent of Allied Critical Metals Inc. as he is an officer of the Company.

Understanding Tungsten

To understand tungsten, it is critical to understand the difference between wolframite tungsten mineralization and scheelite tungsten mineralization. Scheelite often reports higher grades (0.3%-1.0% WO₃) but is more costly and complex to process, requiring flotation methods with higher capital and operating expenditures and lower recoveries.ⁱ In contrast, wolframite, which is the focus of Allied, can be processed more efficiently using gravity and magnetic separation, resulting in lower costs and higher recoveries, making lower grades (~0.15%-0.25% WO₃) economically viable in wolframite deposits. For example, a wolframite deposit with 0.4% WO₃ over 3 metres can be more profitable than a scheelite deposit with 0.7% WO₃ over the same interval due to lower processing costs and higher recovery rates.ⁱⁱ

In Western exploration drilling, tungsten grades typically range from 0.3% to 1.0% WO₃.ⁱⁱⁱ The cut-off grade for economic viability is generally around 0.1% WO₃, with highly efficient operations able to mine at grades as low as 0.08% WO₃. Skarn deposits, a common deposit type, typically range from 0.34% to 1.4% WO₃, with intercepts of 0.4% WO₃ over 1-5 metres considered very good and 0.7% WO₃ over 1-3 metres considered very high-grade.^iv Intercept lengths can range from 0.6 metres to over 100 metres, with longer intercepts at strong grades generally preferred for economic mining.

Published exploration results in Western jurisdictions demonstrate the standards for wolframite, with reported intercepts such as ~9-15 m @ 0.6-0.8% WO₃, ~18 m @ 1.0% WO₃, and typical intervals of 1-5 m @ 0.25-0.5% WO₃. A result like 0.5% WO₃ over 3 metres is generally considered strong within Western tungsten exploration benchmarks, especially for wolframite tungsten mineralization.^v

It is also important to recognize that China, Russia, and North Korea control approximately 87% of the world’s tungsten supply, using cheap labor and minimal environmental standards in authoritarian regimes.^vi As a result, production costs and grades in these countries are not comparable to Western projects, which operate under higher labor, ESG, and energy cost structures. Evaluating projects outside these regions provides a realistic benchmark for what grades and intercepts are economically viable while supporting secure, NATO-aligned supply chains.

For Allied, this context is significant. Wolframite tungsten grades, ranging from 0.2% to 1.0% WO₃ are strong global wolframite benchmark values. The Company’s focus on wolframite ensures lower processing costs and higher recoveries, supporting project economics even at lower grades. Allied’s operations in secure jurisdictions align with Western critical mineral needs, avoiding geopolitical risks associated with China and Russia while positioning the Company to benefit from growing tungsten demand across defense, aerospace, and electrification sectors. Allied’s strong grades, low-cost processing advantages, and secure location position it as a strategic and responsible tungsten exploration company, well placed to support robust project economics in a rising-demand market.^vii

*The results and intercepts referenced are drawn from publicly available disclosures of third-party mineral projects and are presented for industry benchmarking and comparison purposes only. Allied has no interests in those projects or entities.

ON BEHALF OF THE BOARD OF DIRECTORS,

‘Roy Bonnell’

Roy Bonnell, CEO and Director

For further information or investor relations inquiries, please contact:

Dave Burwell
Vice President, Corporate Development
Email: daveb@alliedcritical.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915

ABOUT Allied Critical Metals

Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) is a Canadian-based mining company focused on the expansion and revitalization of its 100% owned past producing Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal with advantageous wolframite tungsten mineralization. Tungsten has been designated a critical metal by the United States and other western countries, as they are aggressively seeking friendly sources of this unique metal. Currently, China, Russia and North Korea represent approximately 86% of the total global supply and reserves. Tungsten is used in a variety of industries such as defense, automotive, manufacturing, electronics, and energy.

Please also visit our website at www.alliedcritical.com.

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LinkedIn: https://www.linkedin.com/company/allied-critical-metals-inc
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The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release contains ‘forward-looking statements’, including with respect to the use of proceeds. Wherever possible, words such as ‘may’, ‘would’, ‘could’, ‘should’, ‘will’, ‘anticipate’, ‘believe’, ‘plan’, ‘expect’, ‘intend’, ‘estimate’, ‘potential for’ and similar expressions have been used to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the Company’s management for future growth, results of operations, performance and business prospects and opportunities and involve significant known and unknown risks, uncertainties and assumptions, including, without limitation, those listed in the Company’s Listing Statement and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed under the Company’s profile at www.sedarplus.ca ). Examples of forward-looking statements in this news release include, but are not limited to, statements regarding the proposed timeline and use of proceeds for exploration and development of the Company’s mineral projects as described in the Company’s Listing Statement, news releases, and corporate presentations. Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s Listing Statement dated April 23, 2025 and news release dated May 16, 2025, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

ⁱ International Tungsten Industry Association (ITIA). (2023). Tungsten: Global industry, markets & outlook. Retrieved from https://www.itia.info

ⁱⁱ International Tungsten Industry Association (ITIA). (2023). Tungsten: Global industry, markets & outlook. Retrieved from https://www.itia.info

ⁱⁱⁱ US Geological Survey (USGS). (2024). Mineral commodity summaries: Tungsten. Retrieved from https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-tungsten.pdf

^iv British Geological Survey (BGS). (2023). Tungsten fact sheet. Retrieved from https://www.bgs.ac.uk/downloads/start.cfm?id=1408

International Tungsten Industry Association (ITIA). (2023). Tungsten: Global industry, markets & outlook. Retrieved from https://www.itia.info

^v Argus Media Group. (2025). Argus Tungsten Monthly Outlook. Issue 26-6, 11 June 2025. https://argusmedia.com

^vi International Tungsten Industry Association (ITIA). (2023). Tungsten: Global industry, markets & outlook. Retrieved from https://www.itia.info

US Geological Survey (USGS). (2024). Mineral commodity summaries: Tungsten. Retrieved from https://pubs.usgs.gov/periodicals/mcs2024/mcs2024-tungsten.pdf

^vii International Tungsten Industry Association (ITIA). (2023). Tungsten: Global industry, markets & outlook. Retrieved from https://www.itia.info

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