SMRs: The new face of nuclear

Small modular reactors (SMRs), a broad classification that covers several designs, are helping to transform the nuclear sector. Smaller than traditional reactors at a capacity of 300 megawatts electrical (MWe) or less, SMRs can be factory built with enhanced safety features and lower upfront capital costs.

For example, NuScale Power’s (NYSE:SMR) recently approved US460 SMR has passive safety features. Unlike large nuclear plants that require active cooling systems, its design uses natural forces like gravity and convection for automatic shutdown and cooling, removing the need for operator intervention or external power in emergencies.

Similarly, X-Energy’s flagship Xe-100 SMR uses proprietary TRISO-X fuel, which is designed with multiple layers of ceramic materials that cannot melt, even at extremely high temperatures. The fuel serves as the primary containment barrier, ensuring safety without active intervention. In early August, X-Energy selected Clark Construction Group to finish the building construction phase of its advanced nuclear fuel fabrication facility.

Kairos Power is also making headway with its advanced modular reactor design, which combines TRISO fuel with a molten salt cooling system. The installation of the reactor vessel for the company’s third engineering test unit in Tennessee is a key milestone in the buildout of the company’s advanced modular design.

The design of SMRs also enable them to be deployed in a diverse range of locations.

Arc Energy’s sodium-cooled fast reactor is designed to be remote, able to operate for over two decades without refueling. In June, the company signed a memorandum of understanding with energy infrastructure company Deep Atomic to jointly explore deployment opportunities across North America.

Microreactors, a much smaller subcategory of SMRs that typically produce less than 10 MWe of power, represent the next wave of flexibility. Oklo (NYSE:OKLO), an advanced nuclear technology company headquartered in California, recently secured a contract with the US Air Force to pilot a microreactor at Eielson Air Force Base in Alaska.

For its part, BWX Technologies (NYSE:BWXT) has begun fabricating the reactor core for the 1.5 megawatt Pele demonstration microreactor for the US Department of Defense, a project that highlights the military’s growing interest in portable, reliable nuclear power.

Meanwhile, California-based Hadron Energy is developing the Hadron micro modular reactor, a compact nuclear power system designed to deliver about 10 megawatts of power. Using a ceramic core and solid fuel, the patent-pending design is intended for deployment in remote or space-limited locations.

While current reactors use nuclear fission to create heat and generate electricity, nuclear fusion, a separate but similar process that is still in development, is also gaining traction.

The US Department of Energy’s (DOE) Milestone-Based Fusion Development Program was authorized in 2020 and officially launched in September 2022, with eight participants announced in May 2023.

In a webinar, Colleen Nehl of the DOE’s Office of Fusion Energy Sciences, said the eight companies were “making great progress’ and spoke about new opportunities for additional teams to secure program funding.

AI and the coming energy crunch

AI’s voracious appetite for power is forcing tech giants to rethink their energy sourcing strategies. High-performance computing demands not only massive amounts of electricity, but also near-perfect uptime.

As AI models scale and data centers proliferate, the nuclear sector’s ability to deliver constant, emissions-free electricity positions it as a foundational technology for sustainable tech growth.

This has led companies like Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) to make landmark investments in nuclear fusion. In 2023, the former announced an agreement to purchase fusion energy from Helion Energy, while the latter signed a 200 megawatt fusion offtake deal with Commonwealth Fusion Systems in June.

Nuclear power can help technology companies sustainably expand their AI capabilities.

In 2024, Microsoft entered a power-purchase deal with Constellation Energy (NASDAQ:CEG) to revive the Three Mile Island nuclear facility, aimed at supporting its burgeoning AI infrastructure.

Additionally, Amazon Web Services (AWS) (NASDAQ:AMZN) committed over US$500 million toward the development of SMRs, including a project with Dominion Energy near its North Anna site, to meet its growing clean-energy demands.

In May, US President DonaldTrump issued an executive order directing the DOE to create a readily available fuel bank with at least 20 metric tons of high-assay low-enriched uranium (HALEU) for authorized advanced nuclear reactor projects, explicitly citing AI and other critical infrastructure as priorities.

HALEU is a specific type of nuclear fuel containing between 5 and 20 percent of the fissile uranium-235 isotope.

Speaking about nuclear energy in a July interview on New York radio station 77 WABC, Lee Zeldin, administrator of the Environmental Protection Agency, told host John Catsimatidis, “As it relates to the Trump administration, while we’re here, we want to do everything in our power to fast-track the process.”

Expedited review timelines from the Nuclear Regulatory Commission for TerraPower’s construction permit for the Kemmerer power station, and the Tennessee Valley Authority’s BWRX-300 reactor at Clinch River came in response to Trump’s executive order.

Managing the nuclear waste challenge

Despite its advantages, nuclear power faces the persistent challenge of disposing of spent nuclear fuel.

Nuclear power’s waste profile varies significantly depending on the technology used.

Traditional fission reactors split heavy atoms such as uranium-235, generating smaller fission products that remain highly radioactive for thousands of years.

This process also produces spent fuel, which must be securely stored and managed over the long term.

By contrast, fusion — the reaction that powers the sun — fuses light atoms like hydrogen isotopes into heavier ones, releasing helium, a non-radioactive gas. The main radioactive byproducts come from reactor components that become activated by high-energy neutrons.

Known as activation waste, these materials typically decay to safe levels within decades to centuries rather than millennia. While fusion waste is less hazardous and easier to handle, it still requires proper management, recycling or disposal.

To be safely disposed of, nuclear waste needs to be isolated from the environment for an extremely long time because many of the radioactive isotopes it contains have very long half-lives. A half-life is the time it takes for half of the radioactive material to decay. For example, plutonium-239 has a half-life of over 24,000 years.

Long-term isolation in a stable, deep geological repository is necessary to prevent this harmful radiation from contaminating the environment and endangering human health.

While the US has implemented some temporary storage solutions, the American Nuclear Society (ANS) and other organizations are advocating for a new program to establish long-term solutions.

The ANS joined seven other organizations to send a letter to US Secretary of Energy Chris Wright on July 8, asking to meet with him to discuss the issue. At the time of this writing, no meeting had been set. The Nuclear Waste Technical Review Board will convene on August 27 to review information on the DOE’s activities to manage spent nuclear fuel and high-level radioactive waste and to receive program updates from the DOE’s Office of Nuclear Energy.

Meanwhile, companies and institutions are discovering innovative solutions.

Deep Isolation is advancing directional borehole drilling, while workers at the DOE’s Savannah River site have developed a new carrier system to speed the processing of spent fuel.

Where is investment flowing?

As nuclear capabilities are built out, capital has been moving into every stage of the value chain.

Waste disposal innovators like Deep Isolation recently closed a reverse merger and an oversubscribed US$33 million private placement financing, a development that signals a potential market for nuclear waste storage solutions.

Meanwhile, the industry is addressing a shortage of domestic reactor fuel with a wave of innovation and new investment from the government and private sector. This is especially true for HALEU, a specialized fuel needed for many advanced reactor designs. The DOE is leading efforts to expand HALEU production, releasing plans to downblend highly enriched uranium (HEU) at the Savannah River site into HALEU.

At the decommissioned Paducah Gaseous Diffusion Plant, the DOE signed a lease with General Matter for a new uranium enrichment facility, while Global Laser Enrichment advanced its separate laser-based enrichment project by completing both its full license application and a safety analysis report for US Nuclear Regulatory Commission review.

The DOE also extended its US$110 million contract with Centrus Energy (NYSE:LEU) for HALEU production and launched its Fuel Line Pilot Program to fast track nuclear fuel fabrication for new test reactors in July.

Other next-generation fuel technologies are also progressing.

TRISO fuel, designed with multiple ceramic layers that prevent melting, remains a focus area. BWX Technologies’ successful testing of a new furnace for additively manufacturing TRISO fuel marked a key milestone in the company’s efforts to build an entirely new industrial supply chain, while Shine Technologies’ fuel recycling venture with Standard Nuclear signals a market for firms focused on recycling spent nuclear fuel to extract more energy.

Beyond advanced reactors, fuel improvements are also advancing. Lightbridge (NASDAQ:LTBR) will soon begin testing its enriched uranium-zirconium alloy fuel at Idaho National Laboratory.

Meanwhile, the High Burnup Experiments in Reactivity-Initiated Accident project completed its first test, aimed at understanding light water reactor fuel performance under extreme conditions.

Looking ahead

The future of nuclear power appears promising.

“Demand has gone from 1 or 2 percent compound annual (growth) to now about 4 percent and possibly even higher. And that doesn’t even include the COP28 goals of tripling nuclear by 2050,” he continued.

Building on burgeoning momentum, the DOE has officially selected 10 companies for its reactor pilot program, with a target of having at least three designs reach criticality outside of laboratories by July 4, 2026.

Given the promising outlook, investors have a compelling opportunity to capitalize on the industry’s future.

Global mining stocks rally

The supply shock sent lithium miners’ shares higher from Sydney to New York.

In the US, Albemarle (NYSE:ALB) jumped more than 15 percent, Lithium Americas (NYSE:LAC) by 13 percent, and Chile’s SQM (NYSE:SQM) by 12 percent.

Australian producers saw similar gains: Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) climbed up to 20 percent, Liontown Resources (ASX:LTR,OTC Pink:LINRF), surged 25 percent, and Mineral Resources (ASX:MIN,OTC Pink:MALRF) advanced 14 percent.

Analysts say the suspension may be linked to Beijing’s “anti-involution” campaign — an initiative aimed at curbing overcapacity and promoting more sustainable production across industries.

The policy theme has recently swept China’s financial markets and affected sectors from steelmaking to e-commerce and EVs.

China has been the world’s top processor of lithium for years. CATL, the world’s largest battery maker, has also aggressively invested in raw material supply chains to secure long-term access to critical minerals like lithium, nickel, and cobalt.

That vertical integration has helped China dominate the global EV market, but it has also contributed to oversupply concerns in the lithium sector.

CATL emphasized that the Jianxiawo shutdown would have “little impact” on its overall operations.

Even so, traders warn that the effects could be far-reaching if the suspension extends beyond Jianxiawo. Local authorities in Yichun have reportedly asked eight other miners to submit reserve reports by the end of September after audits revealed non-compliance in registration and approvals.

Investor Insight

With a focused and cost-efficient exploration strategy, North Shore Uranium is building a dual-jurisdiction uranium portfolio in two of North America’s most prolific uranium districts: Saskatchewan’s Athabasca Basin and New Mexico’s Grants Uranium District.

Overview

North Shore Uranium (TSXV:NSU) is a North America-focused uranium exploration company advancing a dual-track strategy, targeting high-impact discoveries in two of the world’s most prolific uranium jurisdictions: the eastern Athabasca Basin region in Saskatchewan, Canada, and the Grants Uranium District in New Mexico, USA. With a lean capital structure, fully permitted drill targets in Saskatchewan, and strong insider ownership, the company is well-positioned to deliver value through cost-effective exploration and resource definition in a rising uranium price environment.

Rio Puerco project in New Mexico’s Grants District, is a historically productive uranium belt responsible for over 340 million pounds of past U3O8 production. Using data from approximately 800 historical drill holes a JORC-compliant inferred resource estimate of 11.4 million pounds U₃O₈ 1 was completed in 2009. Early evaluations suggest potential for in-situ recovery (ISR) mining – one of the lowest-cost extraction methods in the industry.

At Falcon in the Athabasca Basin, North Shore’s maiden 2024 drill program confirmed near-surface uranium mineralization in previously untested zones, highlighting the project’s potential for new discoveries. The company has identified a 7-kilometre conductive corridor with high-priority drill targets named the South Priority Area, and is planning prospecting and follow-up drill programs.

Rio Puerco project area

Strategically, North Shore stands out among junior explorers by offering exposure to two of the most politically stable and uranium-endowed regions in the world.

With macro tailwinds, including spot uranium prices surpassing US$100/lb in 2024 and recent US policies aiming to triple nuclear energy capacity by 2050, the company is positioned to benefit from growing demand and supportive permitting regimes in both Canada and the United States.

Company Highlights

• Dual Jurisdiction Exposure: Active exploration in Athabasca Basin and the Grants Uranium District, two of the most historically significant uranium-producing regions in North America.
• Rio Puerco Option: Binding term sheet signed for a transaction that would see North Shore Uranium acquire up to an 87.5 percent of the Rio Puerco uranium project in New Mexico, where there is a historical resource estimate of 6 million tonnes grading 0.09 percent eU₃O₈ for 11.4 million lbs of U₃O₈.1
• Falcon Discovery in 2024: Maiden drill program confirmed near-surface uranium mineralization at two targets on the Falcon property in the Athabasca Basin in a previously undrilled area within 30 km of the active Key Lake uranium mill.
• Path to Resource Definition: Upon completion of the transaction, North Shore plans to validate historical data, attempt to expand the resource and evaluate the ISR potential at Rio Puerco and concurrently work to expand the discovery footprint at Falcon.
• Lean Structure, Strong Insider Support: $2.2 million market cap (as of July 2025), 40.3 million shares outstanding, with 43.3 percent held by insiders and founding investors.
• High-caliber Team: Led by award-winning geologist Brooke Clements and supported by proven uranium dealmakers and technical experts.

Key Projects

Rio Puerco Uranium Project

On June 23, 2025, North Shore signed a binding term sheet with Resurrection Mining LLC for a transaction that would allow North Shore to acquire up to an 87.5 percent interest in Rio Puerco. Closing of the transaction by August 31, 2025 is subject to final due diligence, execution of a definitive agreement, completion of a minimum $750,000 financing by North Shore and approval by the TSX Venture Exchange. Rio Puerco is located 60 km northwest of Albuquerque in the prolific Grants Uranium District. The Grants District has historically produced over 340 million lbs of U₃O₈, making it the most productive uranium region in the United States. Rio Puerco consists of 37 Bureau of Land Management claims and benefits from existing access infrastructure.

Rio Puerco is surrounded by advanced uranium exploration/development projects: Roca Honda (Energy Fuels), Marquez-Juan Tafoya (Anfield Energy), and Cebolleta (Premier American Uranium).

The Rio Puerco deposit is hosted in the Westwater Canyon Member of the Jurassic Morrison Formation – a well-known host for peneconcordant sandstone-hosted uranium mineralization. Kerr-McGee drilled over 1,000 holes on the property and surrounding area in the 1970s and initiated development of a room-and-pillar underground mine. Mining operations were suspended in 1980 due to collapsing uranium prices. A 2009 resource estimate by Monaro Mining outlined a JORC-compliant historical inferred resource of 6 million tonnes grading 0.09 percent eU₃O₈ for 11.4 million lbs of contained U₃O₈.1 This estimate was validated by a 2011 technical report commissioned by Australian-American Mining Corporation.

The deposit is believed to have potential for ISR mining – a low-cost, environmentally friendlier method used in many US uranium projects. After completion of the Rio Puerco transaction, North Shore’s near-term plan is to validate historical data through a 10- to 20-hole drill program, including both rotary and diamond core holes, and evaluate the ISR potential through hydrogeological, geochemical and metallurgical testing.

Rio Puerco represents a near-term opportunity to define a modern resource in a supportive permitting and policy environment. Recent executive orders by the US government aim to accelerate nuclear permitting timelines. The project lies entirely on BLM land and is situated near advanced-stage uranium projects such as Roca Honda (Energy Fuels), Marquez-Juan Tafoya (Anfield Energy), and Cebolleta (Premier American Uranium), enhancing the district-scale relevance of the asset.

Falcon Property

Falcon is located along the Wollaston Domain at the eastern margin of Saskatchewan’s Athabasca Basin, the property spans 55,503 hectares across 15 mineral claims. North Shore owns 100 percent of four claims totalling 12,800 hectares and holds an option to earn up to a 100 percent interest in the remaining 11 claims from Skyharbour Resources by October 2027. The project benefits from excellent infrastructure, including proximity to the active Key Lake uranium mill (30 km west) and a powerline traversing the property’s eastern boundary.

The Falcon area has similarities to the base of the nearby Key Lake deposit, where uranium is associated with fault zones just below the unconformity between overlying sandstone and basement rocks. At Falcon, the sandstone cover has been eroded, exposing basement rocks, making it an ideal target for basement-hosted mineralization. Historical work from the 1960s to early 2000s identified numerous uranium occurrences at Falcon, including “radioactive boulders”, uranium showings as well as strong EM conductors. High-resolution airborne geophysical surveys were flown in 2006, 2007, 2013 and 2022. These datasets, combined with new and historical drill results, and new geophysical modeling, have allowed North Shore to define and prioritize 36 exploration targets, including 11 high-priority targets across three priority zones.

In March 2024, North Shore completed its maiden drill program at Falcon, targeting three previously undrilled EM conductor anomalies (P03, P08, P12). At P08 and PO3 , drilling intersected three near-surface, uranium-bearing fault zones. The most notable interval at PO8 at a depth of 45 metres returned 4.7 metres at 316 parts per million (ppm) U₃O₈, with one sample returning 572 ppm U₃O₈1.

Target FA025, near mapped location of the D Zone showing

Current exploration at Falcon is primarily focused on the South Priority Area, a 7 km EM conductor trend that includes the P03 and P08 discoveries and high-priority targets such as FA002, FA003, F004 and F005. In target zone 3, FA025 hosts the historical D Zone showing (1.26 percent uranium and 0.8 percent molybdenum in a mineralized vein). Only three shallow holes totaling 350 m have been drilled at FA025. The project is fully permitted for drilling and North Shore inked an exploration agreement with the English River First Nation in March 2025.

West Bear Property

Located approximately 90 km north of the Falcon property, the West Bear Property comprises four claims totaling 3,927 hectares and is located at the eastern edge of the Athabasca Basin. It is adjacent to a known uranium and cobalt-nickel resources held by Uranium Energy Corp., including a Co-Ni resource of 3.8 million lbs of cobalt and 3.2 million lbs of nickel, as well as a probable uranium reserve of 1.4 million lbs U₃O₈. The proximity to these advanced-stage assets provides geological validation of the regional prospectivity.

Management Team

Brooke Clements – President, CEO and Director

Brooke Clements is an award-winning exploration geologist with over 35 years in the mining industry. He is the former president of Peregrine Diamonds and senior VP of Peregrine Metals. He is a two-time recipient of the AMEBC Hugo Dummett Award and the 2019 PDAC Bill Dennis Award for discovery.

Blake Steele – Advisor and Investor

Blake Steele is the former president and CEO of Azarga Uranium, which was acquired by enCore Energy for approx. C$200 million. Steele has deep expertise in capital markets and US ISR uranium projects.

Jimmy Thom – Director

Geologist and former exploration manager at Paladin Energy, Jimmy Thom oversaw exploration strategy for the company’s North American uranium portfolio.

Dan O’Brien – Chief Financial Officer

With over 20 years of financial experience in the mining industry, Dan O’Brien serves as CFO for several publicly listed exploration companies.

Andrew Stewart – Director

Andrew Stewart is a capital markets lawyer and partner at Cozen O’Connor, with cross-border legal expertise relevant to US projects and potential future US listings.

Doris Meyer – Director

Doris Meyer is a corporate compliance expert with experience as director of a number of publicly listed exploration companies.

James Arthur – Director

James Arthur is a senior legal counsel and senior director of Keysight Technologies, an S&P 500 company.

Ben Meyer – Corporate Secretary

Ben Meyer has more than 10 years of experience in corporate and regulatory compliance.

Alex Molyneux– Founding Investor

Alex Molyneux is the former CEO of Paladin Energy (2015-2018).

1The historical resource at Rio Puerco outlined in this profile has not been verified. It is a historical estimate and not current and does not comply with Canadian NI-43-101 guidelines for the reporting of mineral resources. A Qualified Person has not verified the historical resource on behalf of the company and North Shore has completed no work programs at Rio Puerco. Though not current, the company views the historical resource estimates as reliable and sufficient to justify exploration programs at Rio Puerco.

GMV Minerals Inc. (the ‘Company’ or ‘GMV’) (TSXV:GMV)(OTCQB:GMVMF) is pleased to announce positive results from the updated Preliminary Economic Assessment (‘PEA’) study of the Mexican Hat Gold Project (the ‘Mexican Hat Project’), located in Cochise County, southeastern Arizona.

A National Instrument 43-101 –Standards of Disclosure for Mineral Projects (‘NI 43-101’) compliant technical report (the ‘Report’) entitled ‘Updated NI 43-101 Technical Report Preliminary Economic Assessment, Mexican Hat Project’ with an effective date of August 8, 2025 will be filed on SEDAR+ at www.sedarplus.ca under the Company’s profile within 45 days of this news release. All amounts are stated in second quarter 2025 US dollars (US$).

The Mexican Hat hosts a shallow oxide gold resource with excellent metallurgy and high recoveries, supported by a low strip ratio and minimal pre-stripping. Infrastructure is in place and the Mexican Hat Project demonstrates a robust NPV and IRR. With fast leach kinetics and low reagent consumption, the Company believes the Mexican Hat Project offers exceptional potential economics.

Highlights:

• Based on price sensitivity analysis at approximately the current price of US$3,350 per ounce of gold, the project returns a pre-tax IRR of 106.8% (after-tax 82.5%) and a pre-tax NPV at a 5% discount rate of US$767 million (after-tax US$538.1 million) with a payback period of 1.10 years (1.3 years after-tax).

• Base Case mine life of 10 years with total production of 597,841 ounces, averaging approximately 60,000 ounces per year.

• Crushed mineralized material will be conveyor stacked at a rate of approximately 10,000 tonnes/day on a conventional heap leach pad.

• Capex: US$89,997,000 (including US$15.4 million contingency).

• Opex: US$788 million LOM with Low LOM Strip Ratio of 2.05

• Estimated cash cost of production is US$1,354 per ounce with an all-in-sustaining cost of $1,545 per ounce inclusive of sustaining capital and additional overhead support.

• Engineering design analysis indicates the potential to increase pit size and contained ounces with increased gold prices.

FINANCIAL INDICATORS

The following table summarizes the financial indicators for the Mexican Hat Project for both before and after taxes.

GOLD PRICE SENSITIVITY TABLE (US$ MILLIONS)

The following table summarizes the pre-tax and post-tax economic results to gold price sensitivity.

Pre-Tax and Post-Tax Sensitivity to Gold Price

INITIAL CAPITAL EXPENDITURES (US$ MILLIONS)

Initial capital expenditures are estimated at US$89,997,000 million as detailed below:

OPERATING COSTS

The mine operating costs were calculated to average $3.49 per tonne mined as summarized below.

The life-of-mine operating costs were calculated to average US$20.44/tonne resource processed as summarized below.

MINERAL RESOURCES

An updated Mineral Resource Estimate prepared by DRW Geological Consultants Ltd., with an effective date of August 8, 2025, was used in the PEA. Details of the Mineral Resource Estimate can be found in the Report to be filed on SEDAR+ within 45 days of this release.

• The Mineral Resource Estimate has been constrained to a preliminary optimized pit shell, using the following parameters: SG = 2.57 gm/cc based on testwork, mining costs = $3.00/tonne, mining recovery = 98%, mining dilution = 2%, process cost = $5.00 per tonne, G&A = $1.05 per tonne, gold price = $2,500 per troy ounce, throughput at 10,000 tpd., discount rate = 5%. A cost of $0.03 was added per bench to the mining cost below the existing level surface.
• A top cut of 32 gpt gold is applied to all zones except Zone 6 which has a top cut of 50 gpt gold.
• Mineral Resources have been calculated using the Inverse Distance Squared method.
• Mineral Resources constrained to optimized pit shells are not Mineral Reserves and do not have demonstrated economic viability.
• Conforms to NI 43-101, Companion Policy 43-101CP, and the CIM Definition Standards for Mineral Resources and Mineral Reserves. Inferred Resources have been estimated from geological evidence and limited sampling and must be treated with a lower level of confidence than Measured and Indicated Resources.
• All numbers are rounded. Overall numbers may not be exact due to rounding.
• There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.

MINE PLAN

The mine plan is conceived as a conventional open pit tuck and shovel/loader operation. There are two independent pits which are developed with five-phase or pushback designs. Pit shells were designed using 6.0-meter benches with a catch bench installed every 18 meters. A bench face angle of 66° was used, resulting in an inner-ramp angle of 45° when catch benches were included. An 88% overall gold recovery has been used in this study, which was based on bottle roll and column leach test results. Base case haulage ramps are 26 meters wide and have a design gradient of 10%. Processing rates are based on a daily crushing rate of approximately 10,000 tonnes per day utilizing two stage crushing

The mine and crushing will be operated by contractors with oversight by GMV mine management. The mine plan produces a nominal tonnage to the crushing and heap leach of 3,500 Ktonnes per year (10,000 tpd) from a total material movement of 93.8 Ktonnes for the life of mine (26,106 tpd LOM average).

The PEA is preliminary in nature; it includes inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. There is no Mineral Reserve at the Mexican Hat Project at this time. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Over the course of the mine life, 38.6 Mtonnes of Mineralized Resource is planned for processing out of a total material movement of 117.8 Mtonnes.

INFRASTRUCTURE & PROCESS PLANT

The Mexican Hat Project is located in the southeastern part of the State of Arizona, approximately 72 miles east-southeast of Tucson, and can be accessed from the Old Ghost Town Road., a gravel road extending south of the Town of Pearce or north from Gleeson Road.

Groundwater will be used as the source of water for mining operations. No permitting restrictions or quantity issues are anticipated.

A 69 kV powerline to site will be supplied by Sulphur Springs Valley Electric Cooperative from their power plant located 30 km north of the project site.

The crushing plant will be operated by a contractor to produce a crushed product for heap leaching with a 25 mm top size. Pregnant solution from the heap leach will be processed in a conventional adsorption desorption recovery (ADR) plant. The process plant will produce doré gold bars.

TECHNICAL REPORT AND QUALIFIED PERSONS

The Report entitled Updated Preliminary Economic Assessment, Mexican Hat Project’, with an effective date of August 8, 2025 and which was prepared by the following Qualified Persons (as defined under NI 43-101), all of whom are independent of the Company, will be filed by the Company within 45 days of this release on www.sedarplus.com:

• Mr. Brian Olson, Q.P., Samuel Engineering, Inc. (Metallurgical Test Work and Recovery, Process Plant and Process Operating Costs)
• Mr. Steven Pozder, P.E., Samuel Engineering, Inc. (Project Economics and Infrastructure)
• Dr. Dave Webb, Ph.D., P.Eng., P.Geo., DRW Geological Consultants Ltd. (Mineral Resource Estimate, Property Description and Location, Accessibility, Climate, Local Resource, Infrastructure and Physiography, History, Geological Setting and Mineralization, Deposit Types, Exploration, Drilling, Sample Preparation, Analysis and Security, Data Verification).
• Mr. Thomas L. Dyer, P.E., RESPEC LLC. (Mine Design, Production Schedule, Capital and Operating Costs)
• Mr. Francisco J. Barrios, P.E., BBA Consultants International LP (Pad Design and Loading)
• Ms. Dawn Garcia, CPG, PG, Stantec Consulting Services Inc. (Environmental)

All Qualified Persons have contributed to their corresponding sections in Interpretation, and Recommendations. The Qualified Persons have reviewed and approved the scientific, technical, and economic information obtained in this news release.

For a description of the data verification process and limitations, underlying assumptions and the results of surveys and quality assurance program regarding exploration information, please refer to the Company’s existing NI 43-101 Technical Report filed on SEDAR+ entitled ‘Preliminary Economic Assessment, Mexican Hat Project’ with an effective date of October 20, 2020.

Ian Klassen, President & CEO remarked that ‘The robust PEA confirms our contention that the project’s strong economic potential de-risks the development pathway, providing a solid foundation for advancement. The results validate the open-pit, heap-leach concept, demonstrate excellent metallurgy and recoveries, and outline a simple mining and processing strategy. With high margins, rapid payback, and straightforward engineering, the PEA positions the project well for the future, where detailed design, capital optimization, and permitting can advance with confidence.’

2025-2026 Forward Looking Plan

The Mexican Hat Project PEA economics justify continued investment in project development. The forward-looking plan for Mexican Hat includes work required to advance the project through Feasibility Study and into the permitting process.

These tasks include:

• Approx. 7000 meters of in-fill drilling to increase confidence in the current geological understanding and mineral resource estimation to sufficient level to support mineral reserve development
• Metallurgical column, hardness, and grinding tests to further optimize and improve heap leach gold recovery, and to provide information for feasibility design work
• Performing a trade-off study for self-mining and crushing versus contract mining and crushing
• Geotechnical drilling and analysis to optimize pit slope design parameters
• Conduct base-line water sampling, and update of hydrologic, cultural, and environmental studies for permitting

About GMV Minerals Inc.

GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat Project, located in Cochise County, Arizona, USA. The project was initially explored by Placer Dome (USA) in the late 1980’s to early 1990’s. GMV is focused on developing the asset and realizing the full mineral potential of the property through near term gold production.

PEA Information and Cautionary Note Regarding Inferred Mineral Resources

The mine plan evaluated in the PEA is preliminary in nature and includes Inferred Mineral Resources, as defined by NI 43-101 that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be converted to Mineral Reserves. Additional drilling and technical studies will need to be completed in order to fully assess its viability. There is no certainty that a production decision will be made to develop the Mexican Hat Project or that the economic results described in the PEA will be realized. Mine design and mining schedules, metallurgical flow sheets and process plant designs will require additional detailed work and economic analysis and internal studies to ensure satisfactory operational conditions and decisions regarding future targeted production.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this report, such as ‘measured,’ ‘indicated,’ ‘inferred,’ and ‘resources,’ that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain ‘forward-looking information’ under applicable Canadian securities legislation. Forward-looking information include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as ‘believes’, ‘anticipates’, ‘expects’, ‘estimates’, ‘may’, ‘could’, ‘would’, ‘will’, or ‘plan’. Forward-looking information contained in this news release include, but are not limited to, statements or information with respect to: the results of the PEA, including the IRR and NPV, life of mine and production, capital and operating expenditures, cost estimates; permitting restrictions, and the mine plan, including infrastructure requirements and future plans; the filing of the PEA, including timing thereof, mineral resources; and future gold prices. Since forward-looking information are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company’s filings with Canadian securities regulators. Assumptions upon which forward-looking information contained in this news release is based, without limitation, include: results of future exploration; gold prices; accuracy of the results of the PEA, including key assumptions and methods used to determine mineral resources and the results of the PEA; the ability to obtain required permits and approvals; the ability to execute future plans; exchange rates; ability to obtain funding; and changes in regulatory or community environment; Risks, and uncertainties include: results of further exploration; risks related to mineral tenure, permits and approvals; risks related to the execution of future plans; changes in gold price and exchange rates; risks related to obtaining financing; foreign country risks; regulatory risks and liabilities; and those risks and uncertainties as further described in the Company’s filings with Canadian securities regulators which can be found on SEDAR+ at www.sedarplus.ca under the Company’s profile. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. is the Q.P. responsible for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.

ON BEHALF OF THE BOARD OF DIRECTORS

Ian Klassen, President
For further information please contact:
GMV Minerals Inc.
Ian Klassen
Tel: (604) 899-0106
Email: info@gmvminerals.com

Neither 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.

Source

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Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$120,352, up by 1.5 percent over the last 24 hours. Its lowest valuation on Wednesday was $118,319, and its highest price was US$120,417.

Bitcoin price performance, August 13, 2025.

Chart via TradingView

Bitcoin has found itself at the crossroads of macroeconomic data, political influence, and shifting capital flows. Inflation statistics and central bank dynamics introduced caution, while stablecoin activity and institutional appetite hinted at redistribution into altcoins.

Meanwhile, Ethereum continues to surge as it continues its weekend rally, up by over 9 percent at US$4,692.35. Its lowest valuation on Wednesday was US$4,265.81, and its highest was US$4,699.76.

Altcoin price update

• Solana (SOL) was priced at US$201.23, up by 15.2 percent over 24 hours. Its lowest valuation for the day was US$174.20, and its highest price was US$201.58.

• XRP was trading for US$3.29, up 5.2 percent in the past 24 hours and at its highest valuation of the day. Its lowest was US$3.12.

• Sui (SUI) was trading at US$4.04, up by 11.7 percent over the past 24 hours. Its lowest valuation of the day was US$3.62 and its highest level was US$4.05.

• Cardano (ADA) was trading at US$0.8755, up by 13.5 percent over 24 hours. Its lowest valuation on Wednesday was US$0.7682 and its highest was US$0.8828.

Today’s crypto news to know

World Liberty Financial sets up US$1.5 billion crypto treasury

World Liberty Financial, a digital asset venture backed by Donald Trump and his sons, has announced plans to establish a US$1.5 billion “crypto treasury” in partnership with Nasdaq-listed blockchain firm ALT5 Sigma.

Under the deal, ALT5 will sell US$1.5 billion worth of shares, half of which will be paid for in World Liberty Financial’s in-house token, $WLFI. The remaining funds will go toward purchasing $WLFI on the market, settling litigation, paying down debt, and other corporate uses.

The company says unnamed institutional investors and venture capital firms have participated in the share sale. Crypto treasury models have grown in popularity this year amid a friendlier US regulatory stance under Trump’s administration.

The project’s leadership is heavily tied to the Trump family, with Donald Trump listed as “co-founder emeritus” and Eric, Donald Jr., and Barron Trump holding co-founder titles.

As part of the arrangement, Eric Trump will join ALT5’s board and Zach Witkoff will serve as its chair.

Ethereum approaches all-time high on institutional buying surge

Ethereum (ETH) continues its weekend run, currently trading within the US$4,300–US$4,400 range and closing in on its November 2021 record high of US$4,878.

Analysts attribute the rally to strong technical momentum, reduced exchange supply, and a surge in institutional investment.

On August 8, ETH exchange-traded funds saw US$460 million in inflows, surpassing Bitcoin’s US$400 million on the same day. ETF and treasury-owned ETH holdings have risen from YS$24 billion in July to US$33 billion, driving available supply on exchanges to its lowest since 2016.

Investment firm BlackRock reportedly purchased over US$12 billion worth of ETH on August 12, while Bitmine Immersion is seeking US$20 billion to acquire more, according to SEC filings.

While some analysts expect ETH to test its all-time high imminently, others caution that a pullback in September is likely.

Bullish raises US$1.1 billion in oversubscribed IPO

Crypto exchange operator Bullish has completed a US$1.1 billion initial public offering, pricing its 30 million shares at US$37 each and above the marketed range.

The higher pricing gives the firm a market capitalization of roughly US$5.4 billion, based on SEC filings. The IPO, which was more than 20 times oversubscribed, drew interest from major investors including BlackRock and ARK Investment, which together considered buying up to US$200 million in shares.

Bullish had previously abandoned a 2021 SPAC merger that would have valued it at US$9 billion, but has since positioned itself as an institutional-grade platform offering spot, margin, and derivatives trading.

The exchange’s largest shareholders after the offering will be co-founder and Block.one CEO Brendan Blumer with 30.1 percent, and board member Kokuei Yuan with 26.7 percent.

The IPO was led by JPMorgan, Jefferies, and Citigroup, with the company set to debut on the NYSE under the ticker BLSH.