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Harmony Gold to Acquire MAC Copper in US$1.03 Billion Deal

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Harmony Gold Mining Company’s (NYSE:HMY,JSE:HAR) wholly owned Australian subsidiary, Harmony Gold (Australia), has entered into a binding agreement to acquire MAC Copper (NYSE:MTAL,ASX:MAC).

MAC is the owner of the CSA copper mine in New South Wales. Its annual production comes to approximately 40,000 metric tons of copper, with 2024 output totaling 41,000 metric tons of the red metal.

The transaction is priced at US$12.12 per MAC share in cash, implying a total equity value of US$1.03 billion for MAC.

“(This acquisition) is significant as it introduces a high-quality, established underground producing copper asset to the Harmony portfolio,” said Harmony Gold CEO Beyers Nel in a Tuesday (May 27) press release.

“The operation is a logical fit with the portfolio given it meets Harmony’s core investment criteria, including increasing free cash flow generation while improving margins at long-term expected commodity prices.”

Located 700 kilometers west-northwest of Sydney in the Cobar region, CSA has a history that stretches back at least 150 years. Its reserve life stands at over 12 years, and it has maintained a stable resource over the last decade.

Harmony believes CSA will be a valuable addition to its sole Australian asset, Eva, in Northwest Queensland. Harmony acquired Eva in December 2022, and believes it is set to become the state’s biggest copper mine.

According to the company, Eva and CSA could together boost its copper production on the east coast of Australia to 100,000 metric tons annually over the course of the next five years.

The transaction remains subject to certain conditions, but MAC’s board has unanimously recommended that shareholders vote in favor of the scheme. Should everything follow to schedule, the deal is expected to close in Q4.

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

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NorthStar Gaming Announces Results of Annual Meeting and Grant of Equity Incentive Awards

Investing 6 Mins Read

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) (‘NorthStar’ or the ‘Company’) today announced the results of voting at its annual general and special meeting of shareholders held on May 26, 2025 (the ‘Meeting’). The Company also announced that its Board of Directors has approved the grant of equity incentive awards in the form of stock options, restricted share units (‘RSUs’) and deferred share units (‘DSUs’) pursuant to the Company’s Equity Incentive Plan.

Each of the director nominees listed in the Company’s management information circular dated April 23, 2025 (the ‘Circular’) were re-elected as directors of the Company, including Vic Bertrand, Brian Cooper, Alex Latner, Dean Macdonald, Chris McGinnis, Michael Moskowitz, Sylvia Prentice, and Barry Shafran.

The shareholders of the Company approved the re-appointment of KPMG LLP as the auditors of the Company for the ensuing year and authorized the board of directors to fix their remuneration and terms of engagement.

At the Meeting, the shareholders of the Company approved certain amendments to the Company’s omnibus equity compensation plan (the ‘Plan’), in accordance with the TSX Venture Exchange rules and policies. A copy of the Plan is attached as an appendix to the Circular, which is available on the Company’s SEDAR+ profile at www.sedarplus.ca.

Stock Options

The Company has granted options to acquire up to 3,932,500 common shares of the Company to certain of its employees, consultants, and officers. The options have an exercise price of $0.06 per common share and expire in five years. The options vest annually in equal tranches over a period of three (3) years.

RSUs

The Company has granted an aggregate of 6,000,000 RSUs pursuant to the Plan to certain of its employees, consultants, and officers. The RSUs vest annually in equal tranches over a period of three (3) years.

DSUs

The Company has granted an aggregate of 2,454,545 DSUs pursuant to the Plan to non-executive directors of the Company in lieu of cash compensation for their services to date. The DSUs vest immediately and may only be redeemed upon a holder ceasing to be a director of the Company.

The grant of stock options, RSUs and DSUs remain subject to the approval of the TSX Venture Exchange.

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

NorthStar is listed in Canada on the Toronto Stock Venture Exchange under the symbol BET and in the United States on the OTCQB under the symbol NSBBF. For more information on the company, please visit: www.northstargaming.ca.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains ‘forward-looking information’ within the meaning of applicable securities laws in Canada (‘forward-looking statements’), including without limitation, statements with respect to the following: expected performance of the Company’s business. The foregoing is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company’s anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘continues’, ‘forecasts’, ‘projects’, ‘predicts’, ‘intends’, ‘anticipates’ or ‘believes’, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘should’, ‘might’ or ‘will’ be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management’s opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company’s business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the ‘Risk Factors’ section of the Company’s most recent annual information form, which is available under NorthStar’s profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company’s control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. 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. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information:

Company Contact:

Corey Goodman
Chief Development Officer 
647-530-2387
investorrelations@northstargaming.ca

Investor Relations:

RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254120

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Allied Critical Metals Commences 5,000 Metre Drill Program at its Borralha Tungsten Project

Investing 6 Mins Read

(TheNewswire)

Vancouver, British Columbia TheNewswire – June 2, 2025: Allied Critical Metals Inc. (CSE: ACM | FSE:0VJ0) (‘ Allied’ or the ‘ Company’ ), which is focused on its 100% owned past producing Borralha and Vila Verde (Vale das Gatas) tungsten projects in northern Portugal, is pleased to announce the commencement of a fully-funded exploration program that will include up to 5,000 metres of core drilling at the Company’s flagship Borralha Tungsten Project (the ‘ Property’ or ‘ Borralha’ ), located in northern Portugal.

Roy Bonnell, CEO and Director commented, ‘The launch of this 5,000-metre drilling campaign marks a major milestone for Allied and the continued advancement of the Borralha Project. Our experienced geological team in Portugal expects the results to meaningfully expand the current resource base, paving the way for a more robust and valuable project. All newly defined tonnage will be incorporated into an updated Preliminary Economic Assessment (PEA), scheduled for release this fall. In parallel, advanced metallurgical optimization test work will be conducted at Wardell Armstrong’s laboratories in the UK, focusing on enhancing metal recoveries and concentrate grades. These efforts are aimed at further improving the economic performance of the project and delivering a higher-quality concentrate to meet the demanding standards of end-users.’

The Borralha project is an advanced-stage brownfield tungsten project located in northern Portugal. Historically mined between 1904 and 1985, it produced over 10,280 tonnes of high-grade wolframite concentrate averaging 66% WO₃ (as described in the Company’s Technical Report, referenced below). The Borralha project is now positioned for near-term, low-cost production with modern exploration confirming significant remaining mineralization.

Key highlights include:

Current NI 43-101 Resources (as of March 2024):

  • Indicated: 4.98 million tonnes at 0.22% WO₃, 762 g/t Cu, and 4.8 g/t Ag.

  • Inferred: 7.01 million tonnes at 0.20% WO₃, 642 g/t Cu, and 4.4 g/t Ag.

The Company has completed its maiden mineral resource estimate for the Property described in its technical report entitled, ‘Technical Report on the Borralha Property, Parish of Salto, District of Vila Real, Portugal’ dated effective July 31, 2024 (the ‘ Technical Report’ ), which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca .

Recent Exploration : Drilling from 2023–2024 returned strong intercepts, including up to 10m at 1.75% WO₃ and multiple longer intervals averaging over 0.2% WO₃, as reported in the Technical Report.

Proposed 2025 RC Drilling Program:

Click Image To View Full Size

The following figure shows the plan of the proposed 2025 RC drilling program and an example of the proposed sectional drilling.

Figure 1: Proposed 2025 RC Drilling Program and Example of Proposed Sectional Drilling

Permitting: The project holds a Mining Rights Concession License and is undergoing environmental assessment to transition to full-scale mining. Current permitting allows bulk sampling of up to 150,000 tonnes per annum.

Infrastructure: Located near the major Portuguese cities of Braga and Porto, it benefits from excellent infrastructure including roads, power, water, and skilled labor.

Strategic Positioning: Borralha represents one of the few near-term, non-Chinese tungsten production opportunities globally, strategically aligning with the West’s increasing demand for critical raw materials amid heightened supply chain vulnerabilities. With Borralha and other national assets, Portugal is poised to emerge as one of Europe’s leading suppliers of tungsten , reinforcing its role in supporting the continent’s industrial resilience and green transition.

This project forms the cornerstone of Allied’s strategy to become a leading Western supplier of tungsten, a metal critical to defense, EVs, semiconductors, and industrial manufacturing.

Qualified Person

Doug Blanchflower, P.Geo. is a Consulting Geologist with Minorex Consulting and has reviewed and approved the scientific and technical information in this news release and is a Registered Professional Geoscientist in good standing with the Association of Professional Engineers and Geoscientists of British Columbia (No. 19086), and is independent from ACM and its mineral properties and is a qualified person for the purposes of National Instrument 43-101—Standards of Disclosure for Mineral Projects . Mr. Blanchflower is independent of the Company and its mineral properties.

On behalf of the Board of Directors

‘Roy Bonnell’

Roy Bonnell

CEO and Director

For further information or investor relations inquiries, please contact:

Dave Burwell

Vice President, Corporate Development

Email: daveb@alliedcritical.com

Tel: 403-410-7907

Toll Free: 1-888-221-0915

ABOUT ALLIED CRITICAL METALS

Allied Critical Metals Inc. (ACM:CSE | FSE:0VJ0) is a Canadian-based mining company focused on the expansion and revitalization of its 100% owned past producing Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal. Tungsten has been designated a critical metal by the United States and other western countries, as they are aggressively seeking friendly sources of this unique metal. Currently, China and Russia represent approximately 90% of the total global supply and reserves. The Tungsten market is estimated to be valued at approximately U.S.$5 to $6 billion and it is used in a variety of industries such as defense, automotive, manufacturing, electronics, and energy.

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

Also visit us at:

LinkedIn:

X: https://x.com/@alliedcritical/

Facebook:

Instagram: https://www.instagram.com/alliedcriticalmetals/

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this press release and has neither approved now disapproved the contents of this press release.

Copyright (c) 2025 TheNewswire – All rights reserved.

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SOURCE ROCK ROYALTIES ANNOUNCES FIRST QUARTER 2025 RESULTS

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/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./

Source Rock Royalties Ltd. (‘Source Rock’) (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil focused royalties, announces results for the three-month period ended March 31, 2025 .

First Quarter Highlights:

  • Quarterly royalty production of 232 boe/d (92% oil and NGLs), a decrease of 4% over Q1 2024.
  • Quarterly royalty revenue of $1,676,388 , a decrease of 3% over Q1 2024.
  • Quarterly adjusted EBITDA (1) of $1,460,440 ( $0.032 per share), a decrease of 3% over Q1 2024.
  • Quarterly funds from operations (1) of $1,292,215 ( $0.028 per share), a decrease of 3% over Q1 2024.
  • Declared three monthly dividends of $0.0065 per share, resulting in a payout ratio (1) of 69%.
  • Achieved an operating netback (1) of $70.00 per boe and a corporate netback (1) of $61.94 per boe.
  • Working capital of $5,263,714 (0.115 per share) as at March 31, 2025 .

Financial and Operational Results

Three Months Ended March 31,

FINANCIAL ($, except as noted)

2025

2024

Change

Royalty revenue

1,676,388

1,728,050

-3 %

Adjusted EBITDA (1)

1,460,440

1,504,104

-3 %

Per share (basic)

0.032

0.033

-3 %

Funds from operations (1)

1,292,215

1,331,106

-3 %

Per share (basic)

0.028

0.029

-3 %

Total comprehensive income (loss)

355,381

217,968

63 %

Per share (basic)

0.008

0.005

60 %

Per share (diluted)

0.007

0.005

40 %

Dividends declared

888,863

814,176

9 %

Per share

0.0195

0.018

8 %

Payout ratio (1) (%)

69 %

61 %

13 %

Cash and cash equivalents

5,125,530

2,445,179

110 %

Per share (basic)

0.11

0.05

108 %

Average shares outstanding (basic)

45,582,727

45,231,865

1 %

Shares outstanding (end of period)

45,582,727

45,232,645

1 %

OPERATING

Average daily production (boe/d)

232

241

-4 %

Percentage oil & NGLs (%)

92 %

95 %

-3 %

Average price realizations ($/boe)

80.36

78.78

2 %

Operating netback (1) ($/boe)

70.00

68.58

2 %

Corporate netback (1) ($/boe)

61.94

60.70

2 %

(1)

This is a non-GAAP financial measure or non-GAAP ratio. Refer to the disclosure under the heading ‘Non-GAAP Financial Measures & Ratios’ for more information on each non-GAAP financial measure or ratio.

About Source Rock Royalties Ltd.

Source Rock is a pure-play oil and gas royalty company with an existing, oil focused portfolio of royalty interests concentrated in southeast Saskatchewan , central Alberta and west-central Saskatchewan . Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock’s strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.

Forward-Looking Statements

This news release includes forward-looking statements and forward-looking information within the meaning of Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as ‘plans’, ‘is expected’, ‘expects’, ‘scheduled’, ‘intends’, ‘contemplates’, ‘anticipates’, ‘believes’, ‘proposes’ or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. Forward-looking statements in this news release include statements regarding Source Rock’s dividend strategy and the amount and timing of future dividends (and the sustainability thereof), the potential for future drilling on Source Rock’s royalty lands, expectations regarding commodity prices, Source Rock’s growth strategy and expectations with respect to future royalty acquisition and partnership opportunities, and the ability to complete such acquisitions and establish such partnerships. Such statements and information are based on the current expectations of Source Rock’s management and are based on assumptions and subject to risks and uncertainties. Although Source Rock’s management believes that the assumptions underlying these statements and information are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Source Rock. Although Source Rock has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or information can be guaranteed. Except as required by applicable securities laws, forward-looking statements and information speak only as of the date on which they are made and Source Rock undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures & Ratios

This news release uses the terms ‘funds from operations’ and ‘Adjusted EBITDA’ which are non-GAAP financial measures and the terms ‘payout ratio’, ‘operating netback’ and ‘corporate netback’ which are non-GAAP ratios. These financial measures and ratios do not have   a standardized prescribed meaning under GAAP and these measures and ratios may not be comparable with the calculation of similar measures disclosed by other entities.

‘Adjusted EBITDA’ is used by management to analyze the Corporation’s profitability based on the Corporation’s principal business activities prior to how these activities are financed, how assets are depreciated, amortized and impaired, and how the results are taxed. Additionally, amounts are removed relating to share-based compensation expense, the sale of assets, fair value adjustments on financial assets and liabilities, other non-cash items and certain non-standard expenses, as the Corporation does not deem these to relate to the performance of its principal business. Adjusted EBITDA is not intended to represent net profit (or loss) as calculated in accordance with IFRS.

The most directly comparable GAAP financial measure to funds from operations is cash flow from operating activities. ‘Funds from operations’ is defined as cash flow from operating activities before the change in non-cash working capital. Source Rock believes the timing of collection, payment or incurrence of these non-cash items involves a high degree of discretion and as such may not be useful for evaluating Source Rock’s operating performance. Source Rock considers funds from operations to be a key measure of operating performance as it demonstrates Source Rock’s ability to generate funds to fund operations, acquisition opportunities, dividend payments and debt repayments, if applicable. Funds from operations should not be construed as an alternative to income or cash flow from operating activities determined in accordance with GAAP as an indication of Source Rock’s performance.

‘Corporate netback’ is calculated as funds from operations divided by cumulative production volumes for the period. Corporate netback is used by Source Rock to better analyze the financial performance of its royalties against prior periods and to assess the cost efficiency of its overall corporate platform as it relates to production volumes. There is no standardized meaning for ‘corporate netback’ and this metric as used by Source Rock may not be comparable with the calculation of similar metrics disclosed by other entities, and therefore should not be used to make comparisons.

‘Operating netback’ represents the cash margin for products sold. Operating netback is calculated as revenue minus cash administrative expenses divided by cumulative production volumes for the period. Operating netback is used by Source Rock to assess the cash generating and operating performance of its royalties against prior periods and to assess the costs efficiency of its operating platform as it relates to production volumes. There is no standardized meaning for ‘operating netback’ and this metric as used by Source Rock may not be comparable with the calculation of similar metrics disclosed by other entities, and therefore should not be used to make comparisons.

‘Payout ratio’ is calculated as the aggregate of cash dividends declared in a period divided by funds from operations realized in such period. Source Rock considers payout ratio to be a key measure to assess Source Rock’s ability to fund operations, acquisition opportunities, dividend payments, cash taxes and debt repayments, if applicable.

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

SOURCE Source Rock Royalties Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2025/02/c7151.html

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Empire Metals Limited Announces Major Drilling Campaign Targeting Maiden MRE

Investing 8 Mins Read

Empire Metals Limited (LON:EEE), the AIM-quoted and OTCQB-traded exploration and development company,is pleased to announce the commencement of a major drilling campaign at the Pitfield Project in Western Australia (‘Pitfield’ or the ‘Project’). This programme will target high-grade titanium mineralisation within the in-situ weathered cap at the Thomas Prospect, with the objective of delivering a maiden JORC Compliant Mineral Resource Estimate (‘MRE’).

Highlights

  • A total of 164 drill holes planned:
    • 124 Air Core (‘AC’) drillholes for approximately 6,700 metres, and
    • 40 Reverse Circulation (‘RC’) drillholes for approximately 4,000 metres,
    • totalling 10,700 metres of drilling.
  • The Thomas Prospect was selected for the maiden MRE due to the extensive, thick and high-grade titanium mineralisation hosted within the broad, in-situ weathered zone.
  • This programme, the largest at Pitfield to date, will cover over 11 square kilometres and aims to deliver a globally significant MRE.
  • Notable intercepts within the in-situ weathered cap from previous drilling at Thomas include:
    • 51m @ 7.88% TiO₂ from surface (AC25TOM039)
    • 57m @ 7.48% TiO₂ from surface (AC25TOM040)
    • 52m @ 7.43% TiO₂ from surface (AC25TOM042)

Shaun Bunn, Managing Director, said:‘We are pleased to commence this important drilling campaign at Pitfield, focused on delivering our maiden MRE from the Thomas Prospect.The Thomas Prospect contains broad, continuous, high-grade zones of high-purity titanium dioxide mineralisation within the in-situ weathered cap: confirmed by assay results from the February 2025 AC drill campaign, averaging 6.20% TiO₂ over an average depth of 54m (announced 28 April 2025).

‘This fully funded campaign, scheduled to run over the next four to five weeks, is the largest undertaken to date at Pitfield. With 164 holes planned over an 11 square kilometre area and to an average depth of 65 metres, this work is designed to deliver a globally significant Mineral Resource Estimate.’

MRE Drilling Programme

The location and spacing of the planned AC drillholes have been designed, with the input of mineral resource consultants Snowden-Optiro, to provide the necessary drill assay data density to allow the preparation of an MRE at the Thomas Prospect. The programme consists of 124 AC drillholes, on a 400 x 200m drillhole-spaced grid with an average forecast depth of 54.1m, for a total of 6,700 metres, and 40 RC drillholes within the AC drilling grid, to a depth of 100m, for a total of 4,000 metres. The overall drillhole grid extends 5.2km by 2.2km and totals an area of 11.4 sq km (refer Figure 1).

The drilling is targeting the near surface, highly weathered zones within the Thomas Prospect; drilling has now commenced and will run over several weeks, with laboratory analysis scheduled for completion in August.

Figure 1. Planned Air Core drill hole collar locations within the Thomas Prospect priority area.

The near-surface, in-situ weathered cap at the Thomas Prospect contains a high percentage of the key titanium bearing minerals, primarily anatase and rutile. The drilling targets areas were selected on the basis of three key parameters: high-purity TiO2 mineral assemblage, high average TiO2 grades and significant depth of weathering (refer Table 1).

The AC and RC drillholes will be geologically logged and sub-sampled on 2m intervals and geochemically analysed; this data will provide the basis for geological modelling and for the development of the MRE at the Thomas Prospect.

Air core drilling has previously been utilised at Pitfield to drill-test the weathered cap and collect bulk metallurgical samples (announced 28 April 2025). It is a cost-effective and efficient drilling method that is commonly used for shallow exploration projects and the success of the previous campaign confirmed its suitability for the preparation of the MRE.

Table 1: Weathered Zone drill intercepts from the Thomas Prospect (previously released results) including high-grade intervals to be followed up by MRE drilling

Hole ID

Easting

Northing

Depth From (m)

Depth To (m)

EOH (m)

Weathered Interval (m)

Grade TiO2 (%)

RC24TOM021

373699

6724326

4

76

154

72

6.75

including

4

58

54

6.90

including

4

12

8

9.03

including

8

10

2

9.98

RC24TOM022

373329

6724796

0

54

154

54

7.02

including

4

12

8

8.54

RC24TOM023

373639

6724978

0

58

154

58

5.68

including

6

20

14

6.09

DD24TOM006

373947

6724741

0

46.5

70.5

46.5

5.94

including

4.5

45

40.5

6.10

including

10.5

22.5

12

6.95

AC25TOM021

373250

6724746

0

49

49

49

7.49

including

20

26

6

10.71

AC25TOM036

373358

6725089

2

54

54

52

7.21

AC25TOM039

373506

6724612

0

51

51

51

7.88

AC25TOM040

373599

6724639

0

57

57

57

7.48

including

6

22

16

10.00

AC25TOM041

373572

6724737

0

54

54

54

7.19

including

4

18

14

10.06

including

4

12

8

11.67

AC25TOM042

373546

6724823

0

52

52

52

7.43

including

4

16

12

10.17

including

4

12

8

11.32

The Pitfield Titanium Project

Located within the Mid-West region of Western Australia, near the northern wheat belt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region’s capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute’s Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 2).

Figure 2. Pitfield Project Location showing the Mid-West Region Infrastructure and Services

Competent Person Statement

The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy. Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

**ENDS**

For further information please visit www.empiremetals.co.uk 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 is an AIM-listed and OTCQB-traded exploration and resource development company (LON: EEE) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.

The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length.

An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.

The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.

Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal 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.

*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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.

Click here to connect with Empire Metals (OTCQB:EPMLF, AIM:EEE) to receive an Investor Presentation

Source

This post appeared first on investingnews.com

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Week Ahead: NIFTY Stays In A Defined Range; Moving Past This Level Crucial For Resumption Of Upmove

Stock 4 Mins Read

Over the past five sessions, the Indian equity markets headed nowhere and continued consolidating in a defined range. In the previous weekly note, it was categorically expected that the markets might stay devoid of any directional bias unless they either take out the upper edge or violate the lower edge of the consolidation zone. In line with the analysis, the Nifty oscillated in a 401.90-point range over the past five days. The volatility also retraced; the India Vix came off by 6.95% to 16.08 on a weekly basis. While staying absolutely range-bound, the headline index Nifty 50 closed with a minor weekly loss of 102.45 points (-0.41%).

As we step into the new week, the markets find themselves in a defined trading range, more toward the edge of the pattern support on the weekly chart. The Nifty appears to continue being in a well-defined trading range between 25100 and 24500 levels. This also implies that a directional trend would emerge only if the Nifty takes out 25100 convincingly or ends up violating the 24500 level. Unless either of these two things happens, the markets will remain devoid of directional bias and will continue staying in this defined range. The present technical structure makes it even more important to maintain a steadfast focus on protecting profits at higher levels and the rotation of sectors where a likely leadership change is visible.

The coming week is expected to see the levels of 25000 and 25175 acting as resistance points. The supports come in at 24500 and 24380 levels.

The weekly RSI is at 59.02; it stays neutral and does not show any divergence against the price. The weekly MACD is bullish and remains above its signal line.

The pattern analysis shows that after forming the most recent swing high at 25116, the Nifty has resisted this level for two subsequent weeks. This makes the level of 25100-25150 an important hurdle for the Nifty. Secondly, the Index has closed just at the support of an upward rising trendline; if this gets violated, the markets may see some more corrective retracement. Overall, the zone of 24500-24600 remains a crucial support area for the markets.

While the Nifty stays in the 25100-24500 zone and consolidates, focusing on protecting profits at higher levels would be wise. While the market keeps its underlying trend intact, it continues to remain prone to some extended corrective retracement until the levels of 25100 are taken out on the upside convincingly. During this phase, it makes more sense to keep leveraged exposures at modest levels and stay highly selective in making fresh purchases. While limiting the purchases to favorably rotating sectors, a cautious outlook is recommended for the coming week.

Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks. 

Relative Rotation Graphs (RRG) show that the Nifty PSU Bank Index is the only Index inside the leading quadrant that continues to improve its relative momentum against the broader markets. The other sectors present inside the leading quadrant are PSE, Infrastructure, Consumption, and FMCG, and these groups show continued paring of relative momentum against the broader markets.

The Nifty Commodities and the Nifty Bank Index have rolled inside the weakening quadrant. The Financial Services and the Services sector Indices are also inside the weakening quadrant.

The Nifty Metal Index has rolled inside the lagging quadrant. It is likely to relatively underperform along with the Pharma Index which also continues to languish inside this quadrant. The IT Index is also inside the lagging quadrant, but is seen sharply improving its relative momentum against the broader markets.

The Realty, Media, Energy, Midcap 100, and Auto Indices are inside the improving quadrant. They are likely to continue improving their relative performance against the broader Nifty 500 Index.

Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  

Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

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Editor’s Picks: Gold Faces Bumpy Week on Trade Tensions, Platinum Stages Breakout

Investing 4 Mins Read

The gold price saw peaks and troughs this week.

After rising to almost US$3,350 per ounce on Monday (May 26), the yellow metal took a dive, dropping just below the US$3,260 level on May 28 (Wednesday). It was back on the rise the next day, hitting US$3,324.

Trade tensions were in focus throughout the period.

Concerns lessened early in the week, when US President Donald Trump said he would delay raising tariffs on the EU, but uncertainty ratcheted back up on Wednesday (May 28), when an American trade court issued a ruling that blocked most of his tariffs put in place by his administration.

“It is not for unelected judges to decide how to properly address a national emergency” — Kush Desai, White House spokesperson

The decision prompted a flurry of activity and backlash from Trump and his supporters, with a federal appeals court ultimately reinstating the tariffs on May 29 (Thursday).

The turmoil was beneficial for gold, as was news that the US economy shrank by 0.2 percent annually in Q1. The GDP estimate is the second of three from the Bureau of Economic Analysis, and comes in lower than the first calculation of a 0.3 percent contraction.

Bullet briefing — Glencore restructures, Anglo completes spinoff

Glencore restructuring move sparks M&A talk

Commodities giant Glencore (LSE:GLEN,OTC Pink:GLCNF) has quietly moved billions worth of global coal and ferroalloys assets into an Australian subsidiary.

The Australian Financial Review was the first to report the news, and it’s already sparked speculation about renewed M&A talks between Glencore and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). The two major companies reportedly engaged in discussions last year, but in the end did not move forward.

With this restructuring from Glencore and Rio Tinto’s CEO due to step down later this year, market watchers see potential for a deal to be done.

Anglo American spins off Valterra Platinum

Anglo American (LSE:AAL,OTCQX:AAUKF) made headlines elsewhere this week as the firm finished demerging its platinum-group metals unit, Valterra Platinum (JSE:VAL).

Valterra, formerly Anglo American Platinum, began trading on the Johannesburg Stock Exchange on May 28, and will have a secondary listing in London as of June 2.

Anglo made the decision to spin off Valterra after heading off a US$49 billion takeover bid from BHP (ASX:BHP,NYSE:BHP,LSE:BHP) last year. The company embarked on a restructuring plan that will see it hone in on copper and iron ore.

Interestingly, Valterra’s debut comes alongside a platinum price boost. The metal recently broke out to its highest level in about two years, nearly reaching US$1,100 per ounce.

Edward Sterck of the World Platinum Investment Council believes it’s too soon to tell whether the rise is sustainable, but he does see a ‘perfect storm’ brewing for platinum.

Here’s how he explained it:

I think platinum’s fundamentals are just highly attractive at the moment. You’ve got really constrained supply, you’ve got demand that is actually beginning to show some real signs of growth, driven principally by an inflection in jewelry demand and by ongoing growth in investment demand.

And so given those things are resulting in these really significant deficits — this is the third year of almost a million ounces of deficit out of an 8 million ounce market — those are just rapidly depleting those aboveground stocks … this has all generally come together as a perfect storm. We are seeing that tightness in the market, and I feel quietly optimistic that we’re going to see that long-awaited price response come through.

Watch the full interview for a more in-depth look at supply and demand dynamics for platinum.

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

This post appeared first on investingnews.com

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Run Your Stock Portfolio Like a Pro Sports Team

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Manage your stock portfolio like a pro! Learn stock portfolio management, trading strategy, and how to build stock watchlists like a professional investor with this insightful video from Grayson. He shares how to run your portfolio like a championship sports team—organizing stocks like players, keeping top performers in play, and tracking trade opportunities with precision.

This video originally premiered on May 30, 2025. Click on the above image to watch on our dedicated Grayson Roze page on StockCharts TV.

You can view previously recorded videos from Grayson at this link.

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Leadership Rotation Could Confirm Corrective Phase

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There’s no denying that the equity markets have taken on a decisively different look and feel in recent weeks.  We’ve compared the charts of the S&P 500 and Nasdaq 100, as well as leading growth stocks like Nvidia, to an airplane experiencing a “power-on stall”.  Basically, the primary uptrend has been paused, but it’s unclear whether we’ll resume the uptrend after a brief corrective period.

I stand by my previous comments that the 200-day moving average, as well as the price gap formed in early May, remains the most important “line in the sand” for this market.  And as long as the S&P 500 and other leading names remain above their 200-day moving averages, then equities are still in decent shape.

One of the key features of this market off the early April has been the dominance of traditionally “offensive” sectors such as technology and consumer discretionary.  But are these leading sectors maintaining their leadership role as we progress through the spring months into the summer?

Leading Sectors Off the April Low Starting to Falter

My Market Misbehavior LIVE ChartList includes a series of relative strength charts showing the performance of key sectors versus the S&P 500.  When these lines are trending higher, the sector is outperforming the benchmark.  Generally speaking, I’d prefer to own stocks where the relative strength line is trending higher, as that confirms I’m doing better than a passive investment strategy!

Only three sectors have outperformed the S&P 500 index over the last month: technology, industrials, and consumer discretionary.  Notice how two of those sectors, technology and consumer discretionary, are seeing a downturn in relative strength over the last week?  It still may be early to declare a full leadership rotation, but this initial downturn in the relative performance could be a sign of further weakness to come.

Defensive Sectors Showing Early Signs of Strength

So if these leadership sectors are starting to slow down, which sectors are showing an improving relative strength?  Our next chart shows the relative performance of the four traditionally defensive sectors, most of which have turned higher over the last two weeks. 

Again, I’d hesitate to declare this a full and confirmed rotation, but the fact that defensive sectors are improving here suggests investors are beginning to reallocate a bit to more risk-off positions.  Over the next few weeks, improvement in these defensive sectors could provide a clear validation to a “market in correction” thesis.

Relative Rotation Graphs Confirm Defensive Rotation

Of course, when we’re talking about sector rotation, I always want to bring up the Relative Rotation Graphs (RRG) and benefit from Julius de Kempenaer’s innovative data visualization approach.  First, let’s see how the daily RRG showed the 11 S&P 500 sectors back in early May.

We can see that the Leading quadrant includes those leading sectors such as technology.  In the Lagging quadrant we’ll find pretty much everything else, including all four of the defensive sectors discussed above.  Now let’s fast forward to the current RRG and see how things have rotated.

Now you’ll find health care, consumer staples, and other defensive sectors in the Improving quadrant.  Technology, industrials, and consumer discretionary have now rotated down into the Weakening quadrant.  So the RRG is showing at least an initial rotation away from the sectors that have been leading off the April market low.

One of the most important arguments from the bulls has been the dominance of offensive sectors over the last six weeks.  But as we’ve shown here today, the sector may be changing from a clearly bullish reading to a much more defensive warning sign for investors.

RR#6,

Dave

PS- Don’t miss our daily market recap show on YouTube every trading day at 5:00pm ET!

David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

marketmisbehavior.com

https://www.youtube.com/c/MarketMisbehavior

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice.  The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.  

The author does not have a position in mentioned securities at the time of publication.    Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

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Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

Stock 1 Min Read

Discover the top 10 stock charts to watch this month with Grayson Roze and David Keller, CMT. From breakout strategies to moving average setups, the duo walk through technical analysis techniques using relative strength, momentum, and trend-following indicators.

In this video, viewers will also gain insight into key market trends and chart patterns that could directly impact your trading strategy. Whether you’re a short-term trader or a long-term investor, this breakdown will help you stay one step ahead.

This video originally premiered on May 30, 2025. Click on the above image to watch on our dedicated Grayson Roze page on StockCharts TV.

You can view previously recorded videos from Grayson at this link.

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