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Agadir Melloul Drilling Update

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Critical Mineral Resources is pleased to report excellent progress at the Agadir-Melloul drilling programme, with visible mineralisation in over 60% of drill holes completed to date.Assay results from the current programme will be announced in mid-November. The company continues to pursue the dual strategy of an initial mine development alongside the discovery of a large scale, strategic resource.

Highlights

  • 20 drill holes completed, primarily focused on Zone 1 North
  • Over 60% of holes display visible copper mineralisation
  • Assay results expected mid-November
  • Continuous mineralisation over 750 meters along strike, and open to the south
  • Drilled area to date represents <1% of the 50km2 target limestone
  • On track to define sufficient resources for the Initial Mine by the end of Q1 2026, early Q2 2026
  • Dual strategy of Initial Mine development alongside large-scale exploration targeting a minimum of 20 million tonnes at 1.2% CuEq
  • Company-owned drill rig is in Moroccan waters and is due to arrive at site during December 2025, enhancing future drilling capacity

Drilling update

Since commencing in early September, 20 drill holes have been completed, mainly concentrated within Zone 1 North. Samples are currently being assayed at Afrilab in Marrakech, and we expect to receive results over the next two weeks. First assays will be published by mid-November.

Encouragingly, more than 60% of holes drilled have observable copper mineralisation, supporting the Company’s expectation of a near surface resource (in some areas at surface), averaging 2.0m to 2.5m in thickness and grading 1.0% to 1.2% copper equivalent.

Fig.1 Mineralised core

From the northernmost section of Zone 1 North, mineralisation is continuous southwards for approximately 750m followed by a short approximately 300m interval of lower grade material, before returning to stronger mineralisation that remains open along strike to the south.

Figure 3 shows the area drilled thus far, shaded in dark grey. The drilled area represents less than 1% of the project’s 50km2 target limestone, highlighting the considerable exploration upside still to be realised.

Fig.2 Existing portfolio and current area of drilling

Fig.3 Drilled area in dark grey represents <1% of project’s 50km2

target limestone

Initial Mine

CMR is on track to delineate sufficient resources to underpin the Initial Mine development by the end of Q1 2026 or early Q2 2026.

Drilling across Zone 1 North and Zone 2 South will support a planned 650 to 1,000tpd operation, targeting a 2.5 to 3.0 million tonne reserve and an estimated 10 year initial mine life. Management expects to have delineated 3.0 million tonnes in resources by early 2026, enabling the commencement of the Initial Mine feasibility study in mid 2026. Construction is anticipated being in 2027.

Note: The Company’s earn-in agreement requires a minimum 650tpd operation; management is targeting 1,000 tpd.

Strategic Discovery

Alongside the Initial Mine, the company continues to pursue its broader exploration programme across the 80km2 project area, including 50km2 of target limestone. An Initial Exploration Target has been defined of 20 to 25 million tonnes at 1.2% CuEq, based on 5km2 of mineralisation at an average 2m thickness.

To accelerate this programme, CMR expects to be operating two diamond drill rigs before the end of 2025, with a third rig to be added as results dictate. The Company’s own drill rig, due to arrive during December 2025, will increase drilling productivity and reduce exploration costs. Once landed and cleared customs a separate announcement will be released with more details.

Charlie Long CEO commented:

“We are making fantastic progress in Morocco. Commencing drilling in early September to announcing first assays in mid-November represents excellent momentum on the ground. We remain firmly on track to initiate the Initial Mine feasibility study next year, while continuing to explore for a large-scale, strategic discovery.

Our understanding of the system at Agadir-Melloul continues to evolve. Only this week, we were excited by the discovery of a significant copper-silver vein, extending from a high-grade historical mining operation. While not our main target, this discovery adds further upside value, and could be a welcome source of blending ore in future.

Agadir Melloul is a large scale and highly prospective project, and we expect it to continue to deliver discoveries and positive results for the benefit of our shareholders, our joint venture partner and all stakeholders”

For further information, please contact:

Critical Mineral Resources PLC

Charles Long, Chief Executive Officer

 info@cmrplc.com

AlbR Capital

Jon Belliss

 +44 (0) 20 7399 9425

Notes To Editors

Critical Mineral Resources (CMR) PLC is focused on developing a sediment-hosted copper and silver project in Morocco. The macro strategy is to produce critical minerals for the global economy, including those essential for electrification and the clean energy revolution. Many of these commodities, including copper, are widely recognised as being at the start of a supply and demand supercycle.

CMR identified Morocco as an ideal mining-friendly jurisdiction that meets its acquisition and operational criteria. The country is perfectly located to supply raw materials to Europe and possesses excellent prospective geology, good infrastructure and attractive permitting, tax and royalty conditions. In 2023, CMR acquired an 80% stake in leading Moroccan exploration and geological services company Atlantic Research Minerals SARL. In 2025, CMR signed a definitive joint venture agreement to earn-in to 60% of the Agadir Melloul sediment hosted copper and silver project.

The Company is listed on the London Stock Exchange (CMRS). More information regarding the Company can be found at www.cmrplc.com

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World Bank: Oil Glut to Drive Commodity Prices to Six-Year Low

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Global commodity prices are on track to fall to their lowest level in six years by 2026, as weaker demand, a widening oil surplus, and policy uncertainty continue to weigh on markets, according to the World Bank’s latest Commodity Markets Outlook.

The World Bank expects global energy prices to fall sharply as oil oversupply builds.

The oil glut in 2025 is projected to expand 65 percent above its last peak in 2020 as electric and hybrid vehicles reduce fuel consumption and oil demand flattens in China.

Brent crude prices are forecast to slide from an average of US$68 per barrel in 2025 to US$60 in 2026, also marking the lowest level in five years. Overall, energy prices are seen dropping by 12 percent this year and an additional 10 percent next year.

Despite the declines, commodity prices remain elevated compared to pre-pandemic levels. The World Bank estimates 2025 prices will still average 23 percent higher than in 2019, and 2026 levels about 14 percent above pre-COVID benchmarks, reflecting structural shifts such as climate impacts, supply chain realignments, and new industrial demand.

Food markets are also showing signs of easing. Global food prices are forecast to fall in 2025 and 2026, aided by improved harvests and lower shipping costs. However, fertilizer costs are expected to surge this year before easing in 2026, driven by high input prices and trade restrictions that could strain farm profitability and threaten crop yields.

Precious metals, by contrast, are defying the broader trend.

Gold and silver have reached record highs in 2025, primarily buoyed by central bank purchases, investor demand for safe-haven assets, and ongoing macroeconomic uncertainty.

Meanwhile, gold prices are expected to rise 42 percent this year and another 5 percent in 2026, nearly doubling their 2015–2019 average. Silver is projected to increase 34 percent this year and 8 percent next year, extending its strong performance as the metal hit record highs in 2025.

While the downturn is providing some relief to inflation-hit economies, the World Bank warned that the decline may be temporary.

“Commodity markets are helping to stabilize the global economy,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President for Development Economics. “Falling energy prices have contributed to the decline in global consumer-price inflation. But this respite will not last. Governments should use it to get their fiscal house in order, make economies business-ready, and accelerate trade and investment.”

The report also noted that the commodity outlook remains highly vulnerable to shifting global conditions. Prolonged trade disputes, sluggish economic growth, or an unexpected surge in oil supply from OPEC+ could drag prices further down.

Conversely, heightened geopolitical tensions, the imposition of new sanctions, or severe climate disruptions could drive them back up.

Beyond short-term price dynamics, the report’s Special Focus section for this year examines whether renewed global interest in managing supply and demand through commodity pacts could stabilize markets.

Drawing on a century of experience with international commodity agreements (ICAs), the World Bank found that most such efforts ultimately failed.

In the 20th century, producer and consumer nations attempted to stabilize prices through mechanisms involving inventory controls, trade quotas, and price-setting schemes for commodities.

While some early efforts achieved temporary price stability, most collapsed due to weak coordination and changing demand patterns. Even the Organization of the Petroleum Exporting Countries (OPEC)—the longest-lasting such arrangement—has faced increasing challenges from new energy sources and shifting consumer behavior.

“OPEC’s longevity stands out among other ICAs,” the report said, noting the oil cartel’s survival has depended on its ability to adjust production quotas, expand alliances through OPEC+, and engage with consumer nations through dialogue.

Still, the World Bank cautioned that OPEC faces growing headwinds from the global transition toward cleaner energy, which could usher in a period of stagnant or declining oil demand.

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

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Mali Revokes 90 Mining Permits, Tightening Control on Sector

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Mali’s military-led government has revoked more than 90 mining exploration permits due to alleged non-compliance with the country’s new legal requirements.

An official decree signed by Mines Minister Amadou Keita on October 13 announced the revocation of permits issued between 2015 and 2022 for gold, iron ore, bauxite, uranium, rare earths, and other minerals, according to a Reuters report.

Companies impacted include local subsidiaries of Harmony Gold Mining (NYSE:HMY,JSE:HAR), IAMGOLD (TSX:IMG,NYSE:IAG,OTCQX:IAFNF), Cora Gold (LSE:CORA) and Resolute Mining (ASX:RSG,LSE:RSG).

As of writing, representatives of Harmony Gold, IAMGOLD and Resolute did not immediately respond to requests for comment nor have publicly released statements on the matter.

The decree did not specify the total area affected or the potential value of the exploration activities involved but declared that all rights conferred by the permits were “released” and that the corresponding areas were now open for reallocation.

“Permit holders were asked to submit required documents under new mining rules, but after verification, authorities found widespread non-compliance,” the Ministry of Mines said in a statement. “As a result, the government has canceled the permits in line with mining legislation.”

Cora Gold told Reuters that the cancellation would have no impact on its operations. The company said it had already relinquished the affected permits over two years ago and had not received formal notice from authorities.

In recent months, governments across West Africa have started to tighten oversight of the mining industry and ensure greater compliance from international operators. Guinea, for instance, has similarly annulled dormant or non-compliant licenses as part of efforts to maximize state revenues and assert greater control over strategic mineral assets.

Mali, one of Africa’s leading gold producers, relies heavily on mining for export earnings and public revenue. However, the sector has faced mounting pressure from political instability and regulatory uncertainty.

The country’s industrial gold output is expected to fall short of its 2025 target due to operational disruptions, including at Barrick Loulo-Gounkoto mine, which currently serves as Mali’s largest gold asset.

The government has sought to offset these challenges by deepening partnerships with non-Western allies, particularly Russia. In recent months, Mali has entered into a series of energy and mining agreements with Moscow, including a deal for the supply of 160,000 to 200,000 metric tons of petroleum and agricultural products.

Russian-backed ventures have also expanded in Mali’s mining landscape through joint projects in gold, uranium, and lithium, as well as the construction of a state-controlled gold refinery in Bamako.

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

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Avalanche Treasury Co.: Bridging Crypto Innovation and Institutional Finance

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Avalanche Treasury Co. (AVAT) represents a milestone in the maturation of blockchain-based digital assets as it transitions from speculative retail tools to mainstream institutional investment vehicles.

This newly launched investment vehicle, specifically designed to buy and hold Avalanche (AVAX) tokens, gives institutional investors a compliant way to gain exposure to Avalanche’s ecosystem growth. Its creation is emblematic of the broader financial ecosystem’s ongoing convergence with decentralized finance and blockchain innovation.

“This is a public company launching as an active, strategic partner within the Avalanche network, offering a level of integration and alignment that investors have been demanding,” he said.

Navigating institutional adoption with purpose

AVAT’s upcoming US$675 million SPAC merger with Mountain Lake Acquisition (NASDAQ:MLAC) positions it as a uniquely structured treasury dedicated to the Avalanche ecosystem.

With initial assets of nearly US$460 million and plans to acquire US$200 million more in AVAX tokens, the company aims to create a US$1 billion AVAX treasury. A Nasdaq listing is planned for early 2026.

This controlled, active treasury offers an alternative to passive index funds or exchange-traded funds, specifically designed for institutional clients seeking strategic participation in Avalanche’s blockchain network.

“The idea is to have a permanent capital vehicle. One of the benefits of not having to respond to creations and redemptions on a given day is that you can take a more strategic approach in what you’re doing,” said Smith.

AVAT’s differentiation lies in its regulated, transparent investment vehicle, developed under the oversight of seasoned professionals. Smith brings a wealth of experience, serving as a senior executive at Susquehanna International Group before leading AVAT, where he specialized in crypto trading and market-making across digital assets.

The advisory team also features prominent crypto pioneers such as Stani Kulechov of Aave and Jason Yanowitz of Blockworks, alongside experienced executives bringing operational and strategic expertise.

Such a combination of governance, knowledge and regulatory compliance helps mitigate the risks and opacity that have historically deterred institutional capital from crypto markets.

“I spent most of my career in what people now label traditional finance. I’ve worked in asset management and wealth management. I’ve worked on some of the largest trading desks in the world. So I think what I’ve learned over time is (that) surrounding yourself with smart people generally makes your job easier,’ Smith noted.

Ecosystem growth through strategic investment

Beyond simply holding AVAX, AVAT plans to actively support ecosystem expansion.

‘That could be owning a validator and running our own nodes, it could be running some volatility strategies using options or it could be investing equity into L1s and applications that are building on top of Avalanche.’

Through such treasury-backed infrastructure investments, Avalanche looks to deepen its network effects and catalyze sustainable adoption. This trend mirrors a larger institutional movement from companies like Strategy (NASDAQ:MSTR), which is developing a treasury strategy centered on Bitcoin accumulation, or BitMine Immersion Technologies (NYSEAMERICAN:BMNR) and firms such as Galaxy Digital (NASDAQ:GLXY), Jump Crypto and Multicoin Capital, which are introducing multibillion-dollar funds for Ether and Solana, respectively.

These treasury companies not only possess assets, but also make strategic investments to stimulate ecosystem expansion and institutional acceptance. This approach aligns with a broader industry trend of blockchain networks becoming foundational layers in the digitization of financial markets, supply chains and enterprise systems.

“I think the area that is undervalued in the success of Avalanche has been business and government adoption. Every week, there’s a story of major banks utilizing Avalanche infrastructure for their own business or stablecoin rails,’ said Smith. “You had the state of Wyoming issuing a state-issued stablecoin, the California DMV digitizing over 42 million car titles, corporate sponsors with Toyota Finance, FIFA, KKR, Apollo Global Management (NYSE:APO) and JP Morgan Chase & Co. (NYSE:JPM) using it in a variety of ways within their own financial service suite.”

While crypto asset markets remain volatile, AVAT adopts a diversified approach combining staking, liquidity provision and options strategies to balance yield generation with capital preservation.

“We want to create an all-weather portfolio that’s strategic in nature, and we’re thinking of an endowment or foundation approach, where we’re taking a multi-decade approach to some of our positions.”

A microcosm of broader institutional trends

AVAT exemplifies the evolving role of blockchain and crypto assets within the global financial system. Its journey from being a Layer 1 blockchain project to building a substantial treasury vehicle with public market access reflects a notable trend toward convergence between traditional finance and emerging decentralized technologies.

This theme resonates widely, as the financial industry witnesses the democratization and institutionalization of crypto through mechanisms like SPACs, regulated investment vehicles and hybrid governance models.

Meanwhile, the tokenization of real-world assets, corporate treasury adoption and blockchain integration into enterprise processes are collectively rewriting how value is stored, transferred and grows in modern markets.

By blending seasoned financial expertise with cutting-edge blockchain development, AVAT is carving a path for sustainable institutional investment in digital assets, demonstrating how blockchain innovation and traditional capital markets can mutually reinforce to support the next chapter of digital finance.

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

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Empire Metals Limited Announces Placing to Raise £7 million

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Empire Metals Limited (LON: EEE, OTCQX: EPMLF), the AIM-quoted and OTCQX-traded resource exploration and development company, is pleased to announce that is has raised gross proceeds of £7 million by way of a subscription of 17,500,000 new ordinary shares of no par value in the capital of the Company at a price of 40 pence per ordinary share (the ‘Subscription Shares’) to existing institutional shareholders (the ‘Subscription’).

Rationale for the Subscription:

  • The Subscription funds will be used to maintain momentum across key workstreams including resource expansion, advanced metallurgical testwork, and the commencement of pilot-scale production in 2026, with the goal of delivering high-purity TiO2 product samples to potential end users and supporting preliminary engineering and economic studies.
  • Product development will additionally focus on routes to optimally produce lab and bulk samples of products for the titanium metal supply chain, such as TiCl4.
  • The Company will also deploy additional capital to strengthen its team for its next phase of development and to pursue value accretive corporate opportunities, including a possible dual listing on the ASX targeted for H1 2026, with Canaccord Genuity (Australia) expected to act as lead adviser.

Shaun Bunn, Managing Director, said:‘I am very pleased to announce the successful completion of this Subscription, which was executed at a premium to the current share price and reflects increased participation from our institutional shareholders in Asia andAustralia. This continued support underscores both the scale and strategic value of the Pitfield Project and strengthens the Company as we move into a critical phase or our development. With this Subscription, our cash position is now £11 million, providing a robust balance sheet to drive the next phase of development.’

Use of Funds
The proceeds of the Subscription together with existing cash reserves of £4 million will be primarily used for:

  • Exploration and Mineral Resource Drilling
  • Project Management and Project Development including:
    • General development related studies including environmental, social and marketing
    • Preliminary engineering and economic studies covering mining, process plant, infrastructure and energy
    • Metallurgical development including mineral separation and hydrometallurgical continuous piloting
  • Corporate overheads

Application for Admission and Total Voting Rights
The Subscription Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company. Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM (‘Admission’). It is expected that Admission will become effective at 8:00 a.m. on 5 November 2025. As a result of the issue of the Subscription Shares as described above, the issued share capital of the Company now consists of 710,893,221 ordinary shares of no-par value.

**ENDS**

For further information please visit www.empiremetals.com or contact:

Empire Metals Ltd

Shaun Bunn / Greg Kuenzel / Arabella Burwell

Tel: 020 4583 1440

S. P. Angel Corporate Finance LLP (Nomad & Broker)

Ewan Leggat / Adam Cowl

Tel: 020 3470 0470

Shard Capital Partners LLP (Joint Broker)

Damon Heath

Tel: 020 7186 9950

St Brides Partners Ltd (Financial PR)

Susie Geliher / Charlotte Page

Tel: 020 7236 1177

About Empire Metals Limited
Empire Metals Ltd (AIM: EEE and OTCQX: EPMLF) is an exploration and resource development company focused on the rapid commercialisation of the Pitfield Titanium Project, located in Western Australia. The titanium discovery at Pitfield is of unprecedented scale and hosts one of the largest and highest-grade titanium resources reported globally, with a Mineral Resource Estimate (MRE) totalling 2.2 billion tonnes grading 5.1% TiO₂ for 113 million tonnes of contained TiO₂.

The MRE, which covers only the Thomas and Cosgrove deposits, includes a weathered zone resource of 1.26 billion tonnes at 5.2% TiO₂ and a significant Indicated Resource of 697 million tonnes at 5.3% TiO₂, predominantly from the Thomas deposit. Titanium mineralisation at Pitfield occurs from surface and displays exceptional grade continuity along strike and down dip. The MRE extends across just 20% of the known mineralised footprint, providing substantial potential for further resource expansion.

Conventional processing has already produced a high-purity product grading 99.25% TiO₂, suitable for titanium sponge metal or pigment feedstock. The friable, in-situ weathered zone supports low-cost, strip mining without the need for blasting or overburden removal.

With excellent logistics and established infrastructure, including rail links to deep-water ports with direct access to Asia, the USA, Europe and Saudi Arabia, Pitfield is strategically positioned to supply the growing global demand for titanium and other critical minerals.

Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal and/or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.

The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Source

Click here to connect with Empire Metals Limited (LON: EEE, OTCQX: EPMLF) to receive an Investor Presentation

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Sankamap Announces Airborne Geophysical Survey Results Highlighting Promising Anomalies

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Sankamap Metals Inc. (CSE: SCU) (‘Sankamap’ or the ‘Company’) is pleased to announce the completion of data processing and reports from Expert Geophysics for the 374 line-kilometer Airborne Magnetotelluric EM Survey (‘Mobile MT’) completed in July 2025. The survey covered 3,500 hectares of Sankamap’s 4,500-hectare (‘Ha’) Kuma property (‘Kuma’) (populated areas excluded) located 37 kilometers (‘km’) southeast of Honiara in south-central Guadalcanal, Solomon Islands.

CEO John Florek commented:

‘We are very encouraged by the results of the airborne geophysical survey, which reveal clear signatures consistent with porphyry-style mineralization. The strong alignment between these geophysical features, surface geochemistry, and alteration mapping gives us greater confidence in the continuity of mineralization at depth and helps refine our upcoming drill targets.’

Highlights

  • The results of the Mobile MT survey at Kuma reveals a broad 5 x 2 km ring-shaped zone of high conductivity that flanks a central 2 x 3 km highly resistive feature (see Figure 2), with the conductive feature spatially correlating to the mapped lithocap.
  • Geophysical data indicate potential for multiple intrusive centers and porphyry systems, while the alignment of magnetic and conductive trends suggests structural controls or fluid pathways associated with mineralization.
  • The resistive and conductive trends display typical porphyry signatures, similar to other economic porphyry systems currently being mined.

The results from the 2025 Mobile MT survey delineate resistive and conductive features consistent with porphyry, epithermal, and skarn-style mineral systems. The geophysical data further corroborate earlier surface exploration findings at the Kuma property, which delineated a well-developed lithocap exceeding two kilometers in extent. Hyperspectral analysis has outlined extensive phyllic, argillic, and advanced argillic alteration zones, while grab sampling has returned impressive assay results of up to 11.7% copper (‘Cu’) and 13.5 g/t gold (‘Au’), underscoring the strength and continuity of mineralization within the system.

The Kuma Project is strategically located along a highly prospective trend that hosts several major deposits; Lihir containing 71 Moz Au1 (310 Mt containing 23 Moz Au at 2.3 g/t Proven+Probable (‘P&P’), 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred) and Panguna containing 19.3 Moz Au + 5.3 Mt Cu2 (1.5 Mt containing 16.1 Moz Au at 0.33 g/t and 4.6 Mt Cu at 0.3 % Indicated, 300 Mt containing 3.2 Moz Au 0.4 g/t and 0.7 Mt Cu Inferred), both share geological similarities to the Kuma project.

Technical Discussion

Porphyry Cu-Au systems can exhibit a broad spectrum of electromagnetic (EM) responses, reflecting different host rocks, alteration styles, erosional levels and geological conditions unique to each system. For example, systems with intact lithocaps, which is potentially the case at Kuma, often differ from those with eroded or exposed mineralized cores, producing either predominantly conductive or resistive EM signatures.

As at Kuma, most calc-alkaline porphyry systems exhibit elevated electrical conductivity, largely attributable to extensive pyritic halos and mica-rich alteration zones that envelop a potassic core (as displayed in Figure 2 and 3). This core typically appears as a distinctly resistive feature, reflecting zones of magnetite or K-feldspar alteration characterized by relatively low sulfide concentrations.

In July 2025, Expert Geophysics was engaged to conduct a 374 line-kilometer airborne geophysical survey (Mobile MT), which was flown along north-south lines at 100-meter intervals (Figure 1).

The final geophysical data processing has been completed. Sankamap, together with Expert Geophysics and independent geophysical consultants familiar with this type of data, have reviewed the results. The survey highlights several significant geophysical features that will assist in defining the next phase of exploration and drill targeting.

Figure 1: Kuma property and lithocap extent with Mobile MT survey flight lines.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11623/272353_a2474b4434dceb50_002full.jpg

The geophysical models reveal a highly conductive feature that forms a continuous ring-shaped zone flanking a central resistive body. This conductive anomaly appears consistent with a potassic intrusive core or a resistive intrusive complex at depth. Notably, the highest conductivity corresponds with surface zones of advanced argillic and clay-mica alteration (Figure 2).

The conductivity and resistivity highs coincide with a previously mapped annular topographic depression, suggesting potential preferential erosion within the propylitic alteration zone surrounding a core of phyllic-altered rocks (Figure 2). The alignment of these geophysical, geological, and geomorphological features supports a coherent porphyry-style hydrothermal model, with a resistive intrusive core surrounded by conductive alteration halos and erosional depressions marking outer alteration zones.

The integration of these datasets provides a strong 3D framework for ongoing exploration and drill targeting.

Figure 2: Apparent conductivity map from Mobile MT survey on the Kuma property at -200m elevation.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11623/272353_a2474b4434dceb50_003full.jpg

Figure 3: Resistivity section at 8919250 mN from Mobile MT survey on the Kuma property.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11623/272353_a2474b4434dceb50_004full.jpg

Strategic Plan

  • Acquisition and deployment of drilling equipment underway in preparation for the January 2026 drilling campaign.

Kuma Property

  • Target Refinement: Ongoing analysis of newly released geophysical and geological datasets to define and prioritize high-quality drill targets.
  • Pad & Camp Construction: Scheduled to begin in late November.
  • Field Visit: Planned for early November to ground-truth targets, verify geological interpretations, and finalize logistics.
  • Drilling Program: Inaugural campaign to commence in January 2026, marking a key milestone in advancing the Kuma Project toward discovery.

Fauro Property

  • Prospecting activities to begin, following up on additional magnetic highs associated with elevated gold and copper values (see press release dated July 16, 2025).

Corporate & Investor Relations

  • Upcoming exploration milestones to serve as key catalysts for shareholder value creation.
  • Targeted marketing campaign underway to showcase the company’s exploration potential and investment opportunity.

Grant of Options

Subject to regulatory approval, the Company has granted 2,250,000 stock options to its directors, officers and consultants, exercisable for five years at a price of $0.30.

About Sankamap Metals Inc.

Sankamap Metals Inc. (CSE: SCU) is a Canadian mineral exploration company dedicated to the discovery and development of high-grade copper and gold deposits through its flagship Oceania Project, located in the South Pacific. The Company’s fully permitted assets are strategically positioned in the Solomon Islands, along a prolific geological trend that hosts major copper-gold deposits; including Newmont’s Lihir Mine, with a resource of 71.9 million ounces of gold¹ (310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred).

Exploration is actively advancing at both the Kuma and Fauro properties, part of Sankamap’s Oceania Project in the Solomon Islands. Historical work has already highlighted the mineral potential of both sites, which lie along a highly prospective copper and gold-bearing trend, suggesting the possibility of further, yet-to-be-discovered deposits.

At Kuma, the property is believed to host an underexplored and largely untested porphyry copper-gold (Cu-Au) system. Historical rock chip sampling has returned consistently elevated gold values above 0.5 g/t Au, including a standout sample assaying 11.7% Cu and 13.5 g/t Au2; underscoring the area’s significant potential.

At Fauro, particularly at the Meriguna Target, historical trenching has returned highly encouraging results, including 8.0 meters at 27.95 g/t Au and 14.0 meters at 8.94 g/t Au3. Complementing these results are exceptional grab sample assays, including historical values of up to 173 g/t Au3, along with recent sampling by Sankamap at the Kiovakase Target, which returned numerous high-grade copper values, reaching up to 4.09% Cu. In addition, limited historical shallow drilling intersected 35.0 meters at 2.08 g/t Au3, further underscoring the property’s strong mineral potential and the merit for continued exploration. With a commitment to systematic exploration and a team of experienced professionals, Sankamap aims to unlock the untapped potential of underexplored regions and create substantial value for its shareholders. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Sankamap’s profile.

1. Newcrest Technical Report, 2020 (Lihir: 310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)

2. Historical grab, soil and BLEG samples from SolGold Kuma Review June 2015, and SolGold plc Annual Report 2013/2012

3. September 2010-June 2012 press releases from Solomon Gold Ltd. and SolGold Fauro Island Summary Technical Info 2012

QP Disclosure

The technical content for the Oceania Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person in accordance with CIM guidelines. Mr. John Florek is in good standing with the Professional Geoscientists of Ontario (Member ID:1228) and a director and officer of the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

s/ ‘John Florek’
John Florek, M.Sc., P.Geol
Chief Executive Officer
Sankamap Metals Inc.

Contact:
John Florek, CEO
T: (807) 228-3531
E: johnf@sankamap.com

The Canadian Securities Exchange has not approved nor disapproved this press release.

Forward-Looking Statements

Forward-Looking Statements Certain statements in this release constitute ‘forward-looking statements’ or ‘forward-looking information’ within the meaning of applicable securities laws including, without limitation, the timing, nature, scope and details regarding the Company’s exploration plans and results at its projects. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as ‘may’, ‘would’, ‘could’, ‘will’, ‘intend’, ‘expect’, ‘believe’, ‘plan’, ‘anticipate’, ‘estimate’, ‘scheduled’, ‘forecast’, ‘predict’ and other similar terminology, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. These statements reflect the company’s current expectations regarding future events, performance and results and speak only as of the date of this release.

Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272353

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Crypto Market Update: 21Shares Files for Hype ETF, Australia Moves to Regulate Stablecoins

Investing 5 Mins Read

Here’s a quick recap of the crypto landscape for Wednesday (October 29) as of 9:00 a.m. UTC.

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

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$113,072, a 0.8 percent decrease in 24 hours. Its lowest valuation of the day was US$113,083, and its highest was US$116,041.

Bitcoin price performance, October 29, 2025.

Chart via TradingView

Bitcoin (BTC) and the broader cryptocurrency market are showing signs of renewed investor appetite after softer-than-expected US inflation data helped lift global risk sentiment.

In a post on X, blockchain analytics CryptoQuant said a “risk-on” tone has returned across major asset classes following the release of the September Consumer Price Index (CPI) report, which showed inflation rising 0.3 percent, slightly below consensus forecasts.

The modest increase from August reinforced expectations that the Federal Reserve could pursue a more accommodative stance at its next policy meeting.

The cooler inflation print appears to have reignited appetite for growth and speculative assets, marking a shift from the defensive tone that dominated markets earlier this quarter. Analysts noted that the CPI data has strengthened hopes of near-term rate cuts.

Meanwhile, Bitcoin researcher Axel Adler Jr. said on X that market data also point to improving sentiment across major exchanges. The exchange net-spread, which measures the difference between stablecoin inflows and BTC/ETH outflows, remains in positive territory.

This suggests that cash inflows are dominating, while Bitcoin and Ether are being withdrawn from exchanges, a sign that selling pressure is continuing to ease.

Ether (ETH) was priced at US$4,007.40, a 1.5 percent increase in 24 hours. Its lowest valuation of the day was US$3,946.84, and its highest was US$4,171.07

Altcoin price update

  • Solana (SOL) was priced at US$198.51, trading flat over the last 24 hours. Its lowest valuation of the day was US$191.75, and its highest was US$202.69.
  • XRP was trading for US$2.63, similarly trading flat over the last 24 hours. Its lowest valuation of the day was US$2.58, while its highest was US$2.68.

Fear and Greed Index snapshot

Chart via CoinMarketCap.

CMC’s Crypto Fear & Greed Index has begun to recover from last week’s slump, now sitting at 39, up from 29 a week ago, as market sentiment inches closer to neutral territory. The improvement marks a gradual shift in investor mood following a prolonged stretch of “fear” that lasted seven consecutive days—the longest since April.

The rise suggests that traders are slowly regaining confidence amid Bitcoin’s breakout above the US$115,000 level after nearly two weeks of range-bound trading between US$103,000 and US$115,000. While the index still reflects caution, its steady climb signals that market anxiety is easing and that investors are beginning to price in optimism ahead of the expected Federal Reserve rate cut.

Crypto derivatives and market indicators

Bitcoin derivatives metrics suggest traders remain cautious but less defensive than before.

Liquidations for Bitcoin futures totaled roughly US$2.43 million in the past four hours, with long positions still comprising the majority—a sign that some traders continue to take profits amid uncertain short-term momentum. Ether saw similar trends, with US$4.28 million in liquidations, also dominated by long positions.

Futures open interest for Bitcoin edged down 0.42 percent to US$73.87 billion, while Ether’s slipped -0.08 percent to US$48.22 billion, indicating a slight cooling in leveraged activity following the recent price uptick.

Meanwhile, Bitcoin’s relative strength index (RSI) of 50.60 indicates neutral momentum, suggesting that traders are holding back from aggressive positioning as markets digest recent macro data and await clearer direction.

Today’s crypto news to know

21Shares files for Hype ETF

Swiss asset manager 21Shares has filed with the US Securities and Exchange Commission to launch a passive ETF tracking the Hype token, marking its first product since agreeing to be acquired by FalconX.

The SEC has yet to act on several pending filings amid limited staffing during the US government shutdown. Hype, the native token of the Hyperliquid network, has surged more than 1,500 PERCENT over the past year, ranking as the 11th largest cryptocurrency.

21Shares said Coinbase and BitGo will serve as custodians for the fund’s holdings.

The firm currently manages over US$11 billion in crypto-linked products and expects the FalconX deal to accelerate ETF adoption through combined market infrastructure.

Western Union picks Solana for global stablecoin rollout

Western Union announced plans to issue a US dollar stablecoin on the Solana blockchain, marking one of the largest traditional finance moves into digital assets to date.

Dubbed USDPT, the stablecoin will be custodied by Anchorage Digital and begin rolling out in 2026 across Latin America, Africa, and Southeast Asia, regions where remittances and mobile money use are strongest.

Western Union said USDPT will integrate directly with its existing fiat payment network, letting users move funds between on-chain and cash outlets without intermediaries or FX fees.

The company plans to maintain its 4,500 global corridors while adding blockchain rails for faster settlement.

CEO Devin McGranahan described the move as “the next evolution” in its 175-year history of cross-border transfers. Global remittance flows currently total about US$860 billion annually.

Australia to classify stablecoins as financial products

Australia’s securities regulator has formally categorized stablecoins, tokenized assets, and wrapped tokens as financial products requiring licensing under existing law.

The Australian Securities and Investments Commission (ASIC) announced the update this week, granting firms until June 2026 to transition into compliance.

The decision extends full consumer protections to stablecoin users and allows the agency to act against misconduct in the sector.

Service providers will now need Australian Financial Services licenses, while custody standards are being updated to include digital holdings.

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

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

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Almonty Acquires Montana Tungsten Project as US Seeks to Revive Domestic Supply

Investing 2 Mins Read

Almonty Industries (TSX:AII,ASX:AII,NASDAQ:ALM) is expanding its US footprint with the acquisition of a tungsten project in Montana, a move that could make it the first domestic producer of the critical metal in a decade.

The Toronto-based miner said it agreed to buy the site, which was previously operated by Union Carbide, through a combination of stock and cash payment, according to a Bloomberg report.

Subject to securing an extraction permit, the company also said it could restart mining there as soon as late next year using reconditioned equipment from its facilities in Spain.

Almonty Chief Executive Officer Lewis Black confirmed that the company has been in discussions with US defense agencies, including the Department of Defense and the Defense Advanced Research Projects Agency (DARPA), regarding potential long-term supply arrangements.

Rather than seeking government equity participation, Black said Almonty is proposing that the Pentagon make transparent, market-based tungsten purchases to strengthen domestic reserves.

The move comes as President Donald Trump has expanded exemptions from his global metals tariffs, removing tungsten, gold, graphite, and uranium from the list of materials subject to country-based levies.

China dominates the global tungsten market, producing roughly 67,000 tons annually, compared to zero from the United States. The metal is considered critical to both defense and emerging technologies, with applications ranging from armor-piercing ammunition to chips used in high-performance electronics.

The Montana acquisition complements Almonty’s growing global portfolio. The company operates the Panasqueira mine in Portugal and is nearing production at the Sangdong mine in South Korea, which is one of the world’s largest tungsten deposits outside China.

Almonty’s Nasdaq debut inJuly, backed by a US$90 million public offering (IPO), also strategically positioned the company as a key Western supplier ahead of a 2027 US policy that will ban tungsten sourced from China, Russia, or North Korea from entering Pentagon supply chains.

The firm holds a 15-year offtake agreement with a US defense contractor covering more than 90 percent of its initial production phase.

Once operational, the Montana project could produce tungsten concentrate for domestic refiners before being processed into tungsten carbide and other alloys.

The company’s shares have surged more than 600 percent over the past year, primarily driven by investor enthusiasm as trade tensions threaten the metal’s supply security.

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

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SAGA Metals Mobilizes Final Team for Major Drill Program at Radar Project in Labrador, Targeting Maiden Mineral Resource Estimate & Provides Corporate Update

Investing 10 Mins Read

Saga Metals Corp. (‘SAGA’ or the ‘Company’) (TSXV: SAGA,OTC:SAGMF) (OTCQB: SAGMF) (FSE: 20H), a North American exploration company advancing critical mineral discoveries, is pleased to confirm the full mobilization of exploration crews and equipment for its highly anticipated major diamond drill program at the 100% owned Radar Titanium-Vanadium-Iron (Ti-V-Fe) Project in southeastern Labrador, Canada.

With site preparations now in the final stages of completion, SAGA is ready to mobilize the rest of its exploration team as drilling is set to commence in early November, targeting the expansion of known oxide mineralization at the Radar project and advancing toward a maiden mineral resource estimate (MRE) over the Trapper Zone.

This major program represents a key milestone in delineating the project’s potential as a strategic domestic source of titanium, vanadium, and high-grade iron ore—minerals critical for defense, aerospace, renewable energy storage, and advanced steel production.

Figure 1: Radar Project’s Trapper Zone depicting a 3+ km Total Magnetic Intensity (TMI) anomaly from the 2025 ground survey and the oxide layering trend. The Trapper Trail (in black) will be the target of the planned 15,000 m diamond drilling program aimed at establishing Saga’s maiden mineral resource estimation.

Final Camp and Equipment Preparations:

With the geologists and drilling team set to arrive in the coming days, SAGA’s on-site team is working through the final stages of camp preparations including personnel and kitchen trailer placement as well as furnishing a full core shack, cutting shack and logging facility.

Figure 2: Brandon Sainsbury and Saga Technicians building core facility in Cartwright

Figure 3: Saga’s team from Cartwright preparing the metal core racks on site.

Meanwhile, the Gladiator Drilling crew from Springdale, Newfoundland has been doing final checks and maintenance on the Duralite 800 drill and associated equipment. They are currently packing up and loading the trailers for mobilization.

Figure 4: Gladiator Drilling team finalizing drill maintenance prior to mobilization to the Radar Project

‘The Gladiator crew is busy at the shop today getting ready for the upcoming drill program for Saga Metals in Labrador,’ stated Josh Blundell, CEO of Gladiator Drilling. ‘We are incredibly privileged and excited about being part of the team with Saga Metals and drilling the Trapper zone at the Radar Project. We had great success drilling the Hawkeye zone earlier this year and look forward to doing what we do best once again, putting rocks in the box.’

Drill Program Objectives:

The Phase 1 Trapper Zone drill campaign will target:

  • Grade continuity across a 3 km strike length.
  • Oxide layering widths and continuity to depths of about 200 metres.
  • Integration of structural insights from trenching and drilling into collar orientation and drill design.
  • Initial drilling of 1,500-2,500 m in 6-10 holes, each about 250 m in depth will be completed before the December break.
  • Test both the North and South sections of the Trapper zone prior to the break in order to fully grasp grade, width and structure prior to initiating the detailed grid and drill sections in 2026 for the purposes of a mineral resource estimate.
  • Drilling will be complemented by metallurgical sampling through the winter, with core from both the Hawkeye and Trapper zones undergoing detailed metallurgical testing.

Figure 5: Trapper base map – Oriented to base line in which 100-meter drill sections have been laid out across the Trapper Zone, perpendicular to the magnetite-oxide layers (seen above as magnetic highs on TMI anomaly from the 2025 ground survey ).

Outlook on Phase 1 of Drilling at the Trapper Zone:

Phase 1 drilling at the Trapper Zone builds on significant milestones from 2025, including:

  • Hawkeye drilling success: maiden drill program in early 2025, featuring a 2,209-metre, seven-hole diamond drill campaign across the Hawkeye Zone. The program intersected broad zones of titanomagnetite-rich oxide layering, with cumulative intersections displaying consistent grades of titanium dioxide (TiO 2 ), vanadium pentoxide (V 2 O 5 ) and iron (Fe).
  • Metallurgical readiness: Ongoing petrographic and mineralogical studies by Dr. Al Miller confirm those primary magmatic textures favourable for downstream processing.
  • Exploration momentum: Expanded property vision with preliminary metallurgical insights and confirmation of large-scale oxide continuity across the Dykes River intrusive complex.

Together, these achievements support SAGA’s strategy of advancing Radar toward resource definition and positioning it as a potential cornerstone critical minerals project in North America.

Advancing the Radar Project

The Radar Property spans 24,175 hectares and hosts the entire Dykes River intrusive complex (~160 km²), a unique position among Western explorers. Geological mapping, geophysics, and trenching have already confirmed oxide layering across more than 20 km of strike length, with mineralization open for expansion.

Vanadiferous titanomagnetite (‘VTM’) mineralization at Radar is comparable to global Fe–Ti–V systems such as Panzhihua (China), Bushveld (South Africa), and Tellnes (Norway), positioning the Project as a potential strategic future supplier of titanium, vanadium, and iron to North American markets.

Figure 6: Radar Property map, depicting magnetic anomalies, oxide layering and the site of the 2025 drill program in the Hawkeye zone. The Property is well serviced by road access and is conveniently located near the town of Cartwright, Labrador. A compilation of historical aeromagnetic anomalies is overlaid by ground-based geophysics as shown. SAGA has demonstrated the reliability of the regional airborne magnetic surveys after ground-truthing and drilling in the 2024 and 2025 field programs.

‘With the final team members mobilizing and the Gladiator drill rigs ready for the Trapper Zone, we’re on the cusp of transforming Radar from discovery to resource. The 3+ km oxide trend we’ve sampled and trenched is now ready for systematic drilling, and Phase 1 will give us the grade, width, and structural clarity needed to design the full 15,000-metre grid for our maiden MRE in 2026. The camp is built, the core shack is furnished, and the community of Cartwright has been our biggest supporter since day one. This is execution season for SAGA, and we look forward to providing updates along the way,’ stated Michael Garagan, CGO & Director of SAGA .

Investor Relations Agreements

SAGA has re-engaged Think Ink Marketing Data & Email Services (‘ Think Ink ‘) to provide corporate awareness and digital marketing services commencing on November 1, 2025.

Think Ink will leverage its expertise in native and display advertising, video content distribution, social media coverage, and targeted email marketing to enhance the Company’s digital presence and expand market awareness in exchange for cash consideration in the amount of USD$100,000. The IR Agreement has an initial term of 31 days unless earlier terminated or renewed in accordance with its terms. The Company may renew the IR Agreement for successive 31-day periods upon providing notice to Think Ink.

Compensation to Think Ink does not include any securities of the Company, and Think Ink does not hold any interest, directly or indirectly, in the Company. Think Ink is at arm’s length to the Company and has no relationship with the Company outside of this engagement.

Think Ink Data & Email Services, Inc., is a California-based marketing firm established in 1991 that provides its customers with a complete range of marketing services that span both digital and direct mail venues. With its digital services ranging from data appending, email marketing and pay-per-click online banner and native ads, Think Ink helps its clients to reach a network of potential investors.

For further information about Think Ink Marketing, please contact: Claire Stevens, 310-760-2616, 3308 W. Warner Ave, Santa Ana CA 92704, Email claire@thinkinkmarketing.com .

Qualified Person

Paul J. McGuigan, P. Geo., is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

About Saga Metals Corp.

Saga Metals Corp. is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the global transition to green energy. The Radar Titanium Project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 km² on the surface near Cartwright, Labrador. Exploration to date, including a 2,200m drill program, has confirmed a large and mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) with strong grades of titanium and vanadium.

The Double Mer Uranium Project, also in Labrador, covers 25,600 hectares featuring uranium radiometrics that highlight an 18km east-west trend, with a confirmed 14km section producing samples as high as 0.428% U 3 O 8 and uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer Technical Report).

Additionally, SAGA owns the Legacy Lithium Property in Quebec’s Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Metals.

With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.

On Behalf of the Board of Directors
Mike Stier, Chief Executive Officer

For more information, contact:
Rob Guzman, Investor Relations
Saga Metals Corp.
Tel: +1 (844) 724-2638
Email: rob@sagametals.com
www.sagametals.com

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

Cautionary Disclaimer

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipates’, ‘expects’, ‘believes’, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the exploration of the Company’s Radar Project. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, inherent risks and uncertainties involved in the mineral exploration and development industry, particularly given the early-stage nature of the Company’s assets, and the risks detailed in the Company’s continuous disclosure filings with securities regulations from time to time, available under its SEDAR+ profile at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/597af781-7eff-4799-ae2f-50aa279d01d2

https://www.globenewswire.com/NewsRoom/AttachmentNg/91bf9c41-2270-4c5b-92b0-7e02b06ee974

https://www.globenewswire.com/NewsRoom/AttachmentNg/2e615d60-b1e1-4799-8fe5-b4bb4056f2a6

https://www.globenewswire.com/NewsRoom/AttachmentNg/917e2382-2508-494a-b53e-29eb20cadb3e

https://www.globenewswire.com/NewsRoom/AttachmentNg/424a434b-189a-4004-8ec6-4d50a29151bb

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US, Brookfield and Cameco Strike US$80 Billion Nuclear Reactor Deal

Investing 3 Mins Read

The US government has entered into an US$80 billion partnership with Brookfield Asset Management (NYSE:BAM,TSX:BAM) and Cameco (TSX:CCO,NYSE:CCJ) to construct new Westinghouse nuclear reactors across the country.

The initiative aims to accelerate the domestic nuclear industry’s revival while powering the rapid expansion of artificial intelligence infrastructure, in line with President Donald Trump’s May 2025 executive orders.

Under the agreement, the US government will arrange financing and streamline permitting for the new Westinghouse reactors, which will serve as the backbone of America’s next generation of clean and reliable baseload power.

In return, the US government will receive a participation interest that entitles it to 20 percent of future cash distributions once Westinghouse’s profits exceed US$17.5 billion.

The agreement also allows Washington to convert that interest into an equity stake of up to 20 percent and to require an initial public offering of Westinghouse by 2029, should its valuation surpass US$30 billion.

“Our administration is focused on ensuring the rapid development, deployment, and use of advanced nuclear technologies,” said Howard Lutnick, US Secretary of Commerce, in the joint press release.

U.S. Energy Secretary Chris Wright echoed the sentiment, saying the collaboration would “help unleash President Trump’s grand vision to fully energize America and win the global AI race.”

For Brookfield and Cameco, the move solidifies their investment in Westinghouse, which they jointly acquired in 2023. Brookfield had first taken over Westinghouse in 2018, executing a turnaround that repositioned the company amid a global resurgence in nuclear development.

The two Canadian firms now expect the US deal to expand their global market reach while reinforcing North American energy independence.

The projects will rely on Westinghouse’s AP1000 reactor design, which the company calls the most advanced and compact reactor on the market, featuring passive safety systems and modular construction.

Six AP1000 reactors are already operating globally, with 14 under construction and several more under contract in countries such as Poland, Ukraine, and Bulgaria.

The deal comes as part of the Trump administration’s ongoing push to boost advanced energy manufacturing and strengthen ties with allied nations in the Indo-Pacific.

During a trip to Tokyo, Trump announced that Japan will provide up to US$332 billion in infrastructure support for US projects, including the Westinghouse and small modular reactors.

The projects are also expected to create tens of thousands of jobs and support the country’s growing energy demands, including those driven by large-scale data centers.

The most recent Westinghouse reactors built at Georgia’s Vogtle site—completed in 2023 and 2024—ran about seven years behind schedule and cost roughly US$35 billion, more than double initial estimates.

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

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