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Q4 & 2025 Trading Update

Strategic Minerals plc (AIM: SML; USOTC: SMCDF), an international mineral exploration and production company, is pleased to provide the following update on Q4 and 2025 performance and activities.

Highlights

  • Significant share price appreciation in 2025 – up 470% and one of the top performing companies listed on AIM
  • Exceptional drill results received from three of nine drill holes completed at the Company’s Redmoor Tungsten-Tin-Copper Project
  • Positive metallurgical work from Stage 1 studies with mass recovery to flotation feed of approximately 43.9%, and stage metal recoveries of 94.3% tungsten, 95.6% tin, and 90.7% copper to an average 2.1x upgrade ratio
  • On target to release updated Mineral Resource Estimate before the end of Q1 2026
  • Renewed investor and stakeholder engagement including non-deal institutional roadshow, a webinar presentation with approximately 1,000 recorded views, and attendance at the Critical Minerals Association and Resourcing Tomorrow conferences in London
  • Cobre magnetite operation recorded its 3rd highest annual ore sales in 14 years with 61,279 tons sold to a diverse customer base, generating sales of approximately US$4.23 million
  • Exercise of exclusive call option by Cuprum Metals (‘Cuprum’) to acquire the Company’s wholly owned subsidiary Leigh Creek Copper Mine with A$0.25 million received so far through the call option payment of A$0.1 million and First Instalment payment on A$0.15 million. A further A$1.75 million is due upon the earlier of 31 May 2026 or the execution of a Definitive Agreement between the Company and Cuprum. Along with a subsequent earn-out from production of A$4 million and receiving 19.9% of the shares of any entity that Cuprum intends to list on the Australian Securities Exchange, this brings the total consideration up to A$9 million.
  • Strategic Minerals’ cash as at 31 December 2025 was US$0.78 million after continued substantial investment in Cornwall Resources’ development programme and awaiting a further rebate from the UK Shared Prosperity Fund

Operational Highlights (By Subsidiary)

Cornwall Resources

Redmoor Tungsten-Tin-Copper Project, Cornwall, UK (‘Redmoor’)

  • Awarded c.£764,000 UK Government grant funding from the UK Shared Prosperity Fund, which together with matched funds from the Company’s April 2025 placing, is supporting the programme to accelerate Redmoor towards pre-feasibility
  • 1st drilling since 2018 began in June with 5048.70 m completed by December 2025 ahead of schedule, within budget, and with exceptional results reported to date
    • Includes 1.10 m @ 7.19% WO3, 0.02% & 1.11% Cu (7.51% WO3.Eq) and 0.97m at 7.52 WO3, 0.03% Sn & 0.87% Cu (7.78% WO3.Eq), including one of the top 10 highest-grade sample results recorded at Redmoor from all previous drilling campaigns
  • Multiple mineralised intervals and wide zones of mineralisation within the Redmoor sheeted vein system identified, reinforcing Redmoor’s status as one of the highest-grade undeveloped tungsten deposits globally
  • Re-analysis of historical samples confirmed previous underreporting of certain samples and an average 9.2% increase in tungsten grades, further solidifying Redmoor’s position as Europe’s highest-grade undeveloped tungsten deposit
  • Strategic Minerals invested in upgraded facilities and team expansion to support the programme

Southern Minerals Group

Cobre Magnetite Stockpile, New Mexico, USA

  • Continued strong operational performance across 2025 despite 10-day shutdown due to wildfires
  • Sales of magnetite increased over the course of the year
    • Q4 sales were up 4% on Q3, and Q3 sales were up 45% on Q2
    • By volume, H2 saw an increase of 15.2%
  • Total sales of approximately US$4.23 million (2024: US$4.75 million) generated from 61,279 tons or ore sold to customers (2024: 70,659 tons)

Sales comparisons on quarterly and yearly periods, along with associated volume details, are shown in the table below:

Volume (tons)

Sales (US

Leigh Creek Copper Mine (‘LCCM’)

Leigh Creek Copper Project, South Australia

  • South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals (‘Cuprum’) exercised its call option to acquire LCCM and paid the First Instalment of A$0.15 million – a total of A$0.25 million has now been received
  • Second Instalment of A$1.75 million to be received on the earlier of execution of a Definitive Agreement, or 31 May 2026*
  • Both parties are confident in restarting LCCM this year, supported by strong copper market fundamentals

*Cuprum’s right to acquire LCCM will lapse if the Second Instalment has not been paid to the Company by 31 May 2026

Mark Burnett, Executive Director of Strategic Minerals, commented:

‘2025 was a transformational year for Strategic Minerals. We successfully restructured and reorganised the Company, positioning it to deliver increased near-term revenue from Cobre and long-term value creation from the Redmoor Tungsten-Tin-Copper Project. We are utilising sustainable cash flows from Cobre to unlock the full potential of Redmoor with a clear opportunity to develop it and the surrounding area into a world leading source of tungsten, tin and copper to provide resilience to western world supply chains. The Redmoor drill programme has gone exceptionally well so far, and we anticipate further resource growth and additional efficiencies for future infill drilling as part of a pre-feasibility programme.’

For further information, please contact:

Strategic Minerals plc

+44 (0) 207 389 7067

Mark Burnett

Executive Director

Website:

www.strategicminerals.net

Email:

info@strategicminerals.net

Follow Strategic Minerals on:

X:

@StrategicMnrls

LinkedIn:

https://www.linkedin.com/company/strategic-minerals-plc

SP Angel Corporate Finance LLP

+44 (0) 20 3470 0470

Nominated Adviser and Broker

Matthew Johnson/Charlie Bouverat/Grant Barker

Zeus Capital Limited

Joint Broker

Harry Ansell/Katy Mitchell

+44 (0) 203 829 5000

Vigo Consulting

+44 (0) 207 390 0234

Investor Relations

Ben Simons/Peter Jacob/Anna Sutton

Email:

strategicminerals@vigoconsulting.com


Notes to Editors

About Strategic Minerals plc and Cornwall Resources Limited

Strategic Minerals plc (AIM: SML; USOTC: SMCDY) is an AIM-quoted, producing minerals company, actively developing strategic projects in the UK, United States and Australia.

In 2019, the Company completed the 100% acquisition of Cornwall Resources Limited and the Redmoor Tungsten-Tin-Copper Project.

The Redmoor Project is situated within the historically significant Tamar Valley Mining District in Cornwall, United Kingdom, with a JORC (2012) Compliant Inferred Mineral Resource Estimate published 14 February 2019:

Cut-off (SnEq%)

Tonnage (Mt)

WO3

%

Sn

%

Cu

%

Sn Eq1

%

WO3 Eq

%

>0.45 <0.65

1.50

0.18

0.21

0.30

0.58

0.41

>0.65

10.20

0.62

0.16

0.53

1.26

0.88

Total Inferred Resource

11.70

0.56

0.16

0.50

1.17

0.82

1 Equivalent metal calculation notes; Sn(Eq)% = Sn% x 1 + WO3% x 1.43 + Cu% x 0.40. WO3(EQ)% = Sn% x 0.7 + WO3 + Cu% x 0.28. Commodity price assumptions: WO₃ US$ 33,000/t, Sn US$ 22,000/t, Cu US$ 7,000/t. Recovery assumptions: total WO3 recovery 72%, total Sn recovery 68% & total Cu recovery 85% and payability assumptions of 81%, 90% and 90% respectively

More information on Cornwall Resources can be found at: https://www.cornwallresources.com

In September 2011, Strategic Minerals acquired the distribution rights to the Cobre magnetite project in New Mexico, USA, through its wholly owned subsidiary Southern Minerals Group. Cobre has been in production since 2012 and continues to provide a sustainable revenue stream for the Company.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Australia. South Pacific Mineral Investments Pty Ltd trading as Cuprum Metals has exercised an exclusive Call Option to acquire 100% of the project.

About the CIOS Good Growth Fund and UK Shared Prosperity Fund

This project is part-funded by the UK Government through the UK Shared Prosperity Fund. Cornwall Council is responsible for managing projects funded by the UK Shared Prosperity Fund through the Cornwall and the Isles of Scilly Good Growth Programme.

Cornwall and Isles of Scilly has been allocated £184 million for local investment through the Shared Prosperity Fund. This new approach to investment is designed to empower local leaders and communities, so they can make a real difference on the ground where it’s needed the most.

The UK Shared Prosperity Fund proactively supports delivery of the UK-government’s five national missions: pushing power out to communities everywhere, with a specific focus to help kickstart economic growth and promoting opportunities in all parts of the UK.

For more information, visit

https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus

For more information, visit https://ciosgoodgrowth.com

Source

This post appeared first on investingnews.com
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Trump’s Venezuela push runs into hard realities for US energy giants

The dramatic capture of Venezuelan President Nicolás Maduro has handed President Donald Trump a rare strategic opening — one that could reshape Venezuela’s crippled oil industry, redirect global crude flows and weaken the foothold that rivals like Russia, China and Iran have built in the Western Hemisphere.

But unlocking the world’s largest oil reserves won’t be easy. Years of political turmoil, sanctions and infrastructure collapse mean U.S. energy companies face steep risks — and any production rebound would take time, capital and sustained political stability.

Now, Trump and energy CEOs must address three key challenges in order to seize opportunities. 

1. Venezuela holds massive oil reserves, but production remains severely constrained

Venezuela, a country almost twice the size of California, sits atop extraordinary wealth. 

With more than 300 billion barrels of proven oil reserves, Venezuela holds more crude than established energy heavyweights like Saudi Arabia, Iran and Kuwait. The Latin American country’s reserves are nearly quadruple those of the United States.

Once a major oil producer, the country pumped about 3.5 million barrels a day in the late 1990s. Since then, its oil industry has sharply deteriorated, with production falling to roughly 800,000 barrels a day, according to energy analytics firm Kpler.

A key reason: much of Venezuela’s oil is difficult and expensive to extract.

The country’s reserves are dominated by heavy and extra-heavy crude, which is costly to extract and relies on specialized equipment and refining capacity that have deteriorated after years of underinvestment, U.S. sanctions and political instability.

Similar dynamics have unfolded in countries such as Iran and Libya, where turmoil, financial distress and crumbling infrastructure have kept vast reserves locked underground.

As a result, scaling operations back up would require significant time, capital and technical expertise, with any production increase likely to be gradual rather than immediate.

2. Political risk remains a major concern for American energy companies

Decades of political instability, shifting regulations and U.S. sanctions have made Venezuela a high-risk environment for long-term investment. 

That risk dates back to the mid-2000s, when then-President Hugo Chávez reshaped Venezuela’s relationship with international energy companies by tightening state control over the oil industry.

Between 2004 and 2007, Chávez forced foreign companies to renegotiate their contracts with the government. The new terms sharply reduced the role and profits of private firms while strengthening Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A. (PDVSA).

The move drove some of the world’s largest oil companies out of the country.

ExxonMobil and ConocoPhillips exited Venezuela in 2007 and later filed claims against the government in international arbitration courts. Those courts ultimately ruled in favor of the companies, ordering Venezuela to pay ConocoPhillips more than $10 billion and ExxonMobil more than $1 billion. The cash-strapped country has paid only a fraction of those awards.

That history looms over Trump’s latest proposal.

Trump said on Saturday he would seek to revive the once-prominent commodity by mobilizing investment from major U.S. energy companies.

‘We are going to have our very large United States oil companies go in, spend billions of dollars, fix the badly broken oil infrastructure and start making money for the country,’ Trump said during a news conference at Mar-a-Lago. 

It remains unclear whether U.S. energy companies are prepared to do so. American firms have yet to say whether they plan to return to Venezuela to resurrect an oil industry hollowed out by years of neglect.

Chevron, the only U.S. oil titan operating in Venezuela, said in a statement to Fox News Digital that it was following ‘relevant laws and regulations.’

‘Chevron remains focused on the safety and well-being of our employees, as well as the integrity of our assets,’ a Chevron spokesperson added.

ConocoPhillips wrote in a statement to Fox News Digital that it is monitoring the developments in Venezuela as well as the ‘potential implications for global energy supply and stability.’ 

‘It would be premature to speculate on any future business activities or investments,’ a spokesperson for ConocoPhillips added.

ExxonMobil, the largest U.S. oil company, did not immediately respond to a request for comment.

3. The push reflects a broader effort to leverage energy for geopolitical influence

As U.S. and European companies withdrew from Venezuela, Russia, China and Iran expanded their footprint in the country’s energy sector, using financing, fuel shipments and technical support to maintain influence.

That shift has also reshaped how Venezuelan oil is traded. Sanctions have fueled the rise of so-called ‘ghost ships,’ nondescript oil tankers that disable tracking systems to quietly move Venezuelan crude to foreign buyers outside traditional markets. The opaque trade has reduced transparency in global oil flows while helping Caracas sustain exports despite financial isolation.

For the Trump administration, the outcome has underscored an uncomfortable trade-off: restricting access to U.S. markets can limit revenue for sanctioned governments, but it can also push them deeper into the orbit of strategic rivals, turning energy policy into a front line of geopolitical competition.

This post appeared first on FOX NEWS
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SAGA Metals Highlights Radar Titanium Opportunity as North America Confronts Defense Driven Titanium Supply Chain Risks

Best-to-date titanium–vanadium–iron drill results at Trapper Zone underscore Radar’s large-scale oxide system within the 160 km² Dykes River intrusive complex near tidewater in Labrador

Saga Metals Corp. (‘SAGA’ or the ‘Company’) (TSXV: SAGA,OTC:SAGMF) (OTCQB: SAGMF) (FSE: 20H), a North American exploration company focused on critical mineral discovery, is pleased to highlight a strengthened titanium thesis for its Radar Ti-V-Fe Project near the port of Cartwright, Labrador, following the Company’s best drill results to date from the Trapper Zone Phase 1 Mineral Resource Estimate (‘MRE’) drill program.

SAGA’s latest assays from the first two of eight completed MRE program drill holes at Trapper Zone demonstrate long, cumulative intervals of oxide mineralization with significant assay results of titanium dioxide (TiO₂), vanadium pentoxide (V₂O₅) and iron oxides (Fe₂O₃). This mineral assemblage is consistent with vanadiferous titanomagnetite (‘VTM’) and ilmenite mineralization that could potentially underpin multiple downstream titanium value chains and support an emerging strategic narrative: a need for resilient North American titanium supply.

SAGA believes Radar’s titanium-bearing oxide system is increasingly topical as Western governments and manufacturers focus on secure, defense-aligned supply chains for titanium metal inputs. In a January 2, 2026, MINING.com article citing Project Blue’s report ‘Metals and the Security of Nations’, titanium is characterized as a critical mineral for defense and aerospace, with supply-chain risk concentrated in titanium metal pathways (including aerospace-grade sponge capacity and certification) rather than in pigment markets. The vast majority – over 90% globally of mined titanium is processed into the pigment – a looming supply chain gap UK-headquartered market intelligence company Project Blue outlines in its report.

‘Titanium is essentially a defence metal – it can be up to 20% or more of the markets for total titanium consumption that goes into defence. An F 15 can be up to 40% in weight of titanium. There’s some serious volume going in these jet planes,’ Project Blue Founder and Director, Dr. Nils Backeberg told MINING.com in an interview. 

Saga Metals Releases Best-to-Date Drill Results at the Radar Project Confirming Robust Titanium–Vanadium–Iron Oxide Mineralization at Trapper Zone — Assay Highlights:

  • Hole R-0008: 269.36 m @ 6.57% TiO₂, 0.244% V₂O₅, 36.21% Fe₂O₃ (full hole)
  • Hole R-0009: 296.47 m @ 7.46% TiO₂, 0.250% V₂O₅, 39.75% Fe₂O₃ (full hole)
  • High-grade intervals within the broader intercepts, including 2 m @ 13.30% TiO₂ (core sample 1800528)

Michael Garagan, CGO & Director of Saga Metals, stated: ‘The results from the first two holes at the Trapper Zone are an outstanding success, and represent the best intercepts drilled on the Radar property to date.’

What’s Different About the Radar Ti-V-Fe Project: A District-Scale Oxide System Enclosing the Entire Dykes River Intrusive Complex Potentially Forming a New North American Titanium Narrative

SAGA’s Radar Project is not a single isolated target. The Radar Property spans 24,175 hectares and hosts the entire Dykes River intrusive complex (~160 km²)—a property-scale position that is unique among Western explorers. Geological mapping, geophysics and trenching confirm oxide layering across more than 20 km of strike length and mineralization open for expansion. Drilling to date (4,250 m total) has confirmed a large mineralized layered mafic intrusion hosting VTM and ilmenite concentrations with strong titanium and vanadium grades. Drilling and geophysics validate a continuous 16+ km oxide layering trend stretching from the Hawkeye Zone to the Trapper Zone, coinciding with a strong arcuate regional magnetic-high anomaly.

Titanium Market Context: Defense and Aerospace Supply Chains Are Driving Urgency

This exploration progress is occurring against a strengthening macro backdrop for titanium as a defense and aerospace critical mineral, where supply-chain resilience—not just demand growth—has become a primary strategic driver. Titanium is deemed a critical metal by the U.S., EU and Canada and is essential for defense and aerospace applications due to its strength-to-weight ratio and corrosion resistance.

At the same time, the titanium market is structurally bifurcated: TiO₂ pigment dominates mined titanium flows, while defense and aerospace rely on titanium metal supply chains that are sensitive to geopolitics and processing constraints. Project Blue (as reported by MINING.com) notes that over 90% of mined titanium is processed into pigment, and that near-term vulnerability centers on aerospace-grade titanium sponge capacity and certification, rather than mineral availability alone. The same report highlights titanium supply-chain concentration risks, stating Russia remains a leading source of aerospace-grade titanium and that China’s share of global titanium metals has increased sharply in recent years.

Titanium market growth tailwinds

Third-party market research distributed via openPR (DataM Intelligence) forecasts the global titanium market could grow from US$30.34 billion (2024) to US$52.52 billion by 2032 (CAGR 7.10%), citing demand drivers including aerospace, defense, automotive, and renewable energy; the same release indicates Asia-Pacific leads with 45% share. openPR.com

‘SAGA’s recent assays are truly exceptional, delivering long intervals of high-grade titanium, vanadium, and iron oxide mineralization—highlighting the immense potential of this district-scale oxide system. At Saga Metals, we’re committed to advancing Radar as a strategic source of titanium right here in Labrador, bolstering resilient, domestic supply chains to meet these urgent national security needs,’ stated Mike Stier, CEO & Director of Saga Metals.

Next steps at the Radar Project:

SAGA expects to receive additional assay results next week, with remaining results shortly thereafter, and plans to mobilize crews by mid-January to initiate the 2026 phase of the Trapper Zone MRE drill program.

Location of the Fall 2025 phase of drilling at Trapper Zone, showing the TMI of the 2025 Trapper Zone ground magnetic survey as well as the grid for the MRE drill program to be completed in 2026.

Figure 1: Location of the Fall 2025 phase of drilling at Trapper Zone, showing the TMI of the 2025 Trapper Zone ground magnetic survey as well as the grid for the MRE drill program to be completed in 2026.

About the Radar Ti-V-Fe Property:

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.

Radar Project

Figure 2: Radar Project’s prospective oxide layering zone validated over ~16 km strike length through Fall 2025 drilling, as shown on a compilation of historical airborne geophysics as well as ground-based geophysics in the Hawkeye and Trapper zones completed by SAGA in the 2024/2025 field programs. SAGA has demonstrated the reliability of the regional airborne magnetic surveys after ground-truthing and drilling in the 2024 and 2025 field programs.

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.

Technical Information

Samples were cut by Company personnel at SAGA’s core facility in Cartwright, Labrador. Diamond drill core was sawed and then sampled in maximum 2 m intervals. Drill hole core diameter utilized was NQ.

Core samples have been prepared and analyzed at IGS laboratory facility in Montreal, Quebec. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. The Company utilizes a rigorous, industry-standard QA/QC program.

Note: Market data is sourced from https://www.openpr.com/news/4334101/titanium-market-to-reach-usd-52-52-billion-by-2032-strong-7-10 and has not been independently verified by SAGA. Mining.com released an article on January 2, 2026 referenced in this press release and is sourced from: https://www.mining.com/us-must-ramp-up-titanium-capacity-to-avoid-squeeze-project-blue-founder-says/

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 North American transition to supply security. The Radar Ti-V-Fe 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 total of 4,250 m of drilling, has confirmed a large and mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) and ilmenite mineralization with strong grades of titanium and vanadium.

The Double Mer Uranium Project, also in Labrador, covers 25,600 hectares and features uranium radiometrics that highlight an 18km east-west trend, with a confirmed 14km section producing samples as high as 0.428% U3O8. 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 spanning key commodities critical to the clean energy future, SAGA is strategically positioned to play an essential role in critical mineral security.

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 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/e21bb951-27c0-4b42-8a84-30fb2b2317f1 

https://www.globenewswire.com/NewsRoom/AttachmentNg/46a5c706-d557-4027-bbbe-ec9278c19754

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Is 2026 The Year The Cannabis Industry Matures?

The executive order (EO) of December 18 to reclassify cannabis to Schedule III is a monumental decision that will fundamentally reshape the market.

The official recognition of its medical utility is a designation that cannot be removed from the administrative record.

The industry is evolving from a lifestyle-driven, speculative sector into a professionalized asset class centered on medical and pharmaceutical applications. This shift moves the sector from a speculative, wait-and-see environment to a high-stakes period requiring fundamental restructuring.

Clearing the judicial runway

The path to federal rescheduling is currently obstructed by a stalled administrative hearing process that has reached a procedural standstill.

While the EO mandates an expeditious timeline, the actual movement is frozen because the DEA has yet to enter a briefing schedule following a request for an interlocutory appeal.

Legal expert Shane Pennington suggests that the most efficient path forward is for the administration to simply cancel or withdraw the pending ALJ hearing altogether by citing the lack of constitutional Administrative Law Judges (ALJs) and documented ex parte communications, and move directly toward a final rule based on the HHS’s already established medical record.

By withdrawing the hearing, the Department of Justice effectively moots the current interlocutory appeal, allowing the DOJ to issue a Final Rule relatively quickly.

Once the final rule is published, the industry and movement will likely shift to the DOJ side against prohibitionist stays in federal appellate courts. This is a stark contrast to previous years, where advocates were on the offensive.

The capital markets thaw

The true catalyst for investors in 2026 is not the headline of rescheduling but the fundamental transformation of balance sheets. For decades, the cannabis industry operated under so-called “cannabis exceptionalism”, a state where standard business rules, tax laws and banking protections were suspended, blocking deductions and choking liquidity.

Rescheduling will remove these barriers to unleash normalized cash flows and institutional capital into a sector long treated as radioactive, though Ahrens notes major wirehouses will block stocks until the ink dries

Additionally, moving to Schedule III eliminates the Section 280E penalty, which currently prevents businesses from deducting standard operating expenses like rent and payroll, and unlocks bankruptcy protections. Ahrens pointed out that US cannabis firms have been forced to operate leanly on a shoestring compared to Canadian counterparts; normalized taxation will finally allow these firms to operate as legitimate consumer or healthcare categories.

Current effective tax rates can soar to 70 percent or more; post-rescheduling, these rates are expected to align closer to the standard 21 percent corporate rate.

The removal of Section 280E is expected to trigger a cash flow expansion. Perceived risk reduction could cause valuation multiples to improve after-tax earnings. Higher valuations and greater cash flow will increase debt capacity and make acquisitions easier to finance and more accretive.

“The first thing US cannabis companies are going to do is pay down their debt,” said Ahrens. “I’d (also) expect to see more M&A once everything is complete.”

Clinical legitimacy and the CBD bridge

Schedule III, while not legalizing cannabis, reduces the federal hurdle for clinical trials. This eases security and compliance requirements for researchers, paving the way for FDA-approved cannabinoid treatments and creating a formal pipeline for medical legitimacy.

Dr. Priyanka Sharma of Casmira Therapeutics noted the EO’s call for HHS, FDA, CMMS and NIH to collaborate on research methods using real-world evidence, including randomized controlled trials, longitudinal studies and patient interviews to inform clinical standards.

She emphasized a CMMI pilot arming healthcare professionals with tools to manage complex Medicare patients on hemp-derived CBD, including duration, dosing and drug interactions.

With federal research barriers lowered, MSOs become realistic acquisition targets for Big Pharma giants looking for validated medical compounds.

A critical wildcard for the 2026 market is the impending federal crackdown on intoxicating hemp products under Farm Bill revisions, set to take effect in November 2026.

Ahrens expects the new definition to remove unfair competition by pulling intoxicating gray market products from shelves, pushing consumers toward the regulated MSO market.

Sharma noted the EO explicitly acknowledges this hemp-derived legal instability, positioning CBD as a federal priority for research coordination and clinical frameworks.

The bottom line

While market volatility remains high, this remains a market for long-term fundamental thinkers, not short-term speculators, as the industry moves toward concrete regulatory execution.

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

This post appeared first on investingnews.com
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‘Tip of the iceberg’: Senate Republicans press Gov Walz over Minnesota fraud scandal

The entire Senate GOP demanded that Minnesota Gov. Tim Walz provide a paper trail on the state’s role in the Minnesota fraud scandal, cranking up the scrutiny in Washington, D.C. in the process. 

In a letter led by Sen. Bill Cassidy, R-La., Republicans reiterated that Congress controls the flow of taxpayer dollars that are alleged to be used in the unfurling scandal, where federal prosecutors estimate that up to $9 billion was stolen through a network of fraudulent fronts posing as daycare centers, food programs and health clinics.

‘The state’s apparent negligent management of federal funds raises significant concerns about the adequacy of the state’s oversight, verification, and compliance systems for safeguarding taxpayer dollars intended to support vulnerable children and working families,’ they wrote. ‘Unfortunately, these latest reports appear to reflect only the tip of the iceberg.’

They support the Department of Health and Human Services’ (HHS) move earlier this week to freeze funding to several childcare grant programs in the state, including the Child Care and Development Fund, Temporary Assistance for Needy Families and Social Services Block Grant programs.

Cassidy, who chairs the Senate’s Health, Education, Labor and Pensions Committee, called on Walz to provide receipts on several issues and warned that failure to do so could lead to even more streams of federal money flowing to Minnesota drying up. 

In the letter, backed by Senate Majority Leader John Thune, R-S.D., and Senate Majority Whip John Barrasso, R-Wyo., lawmakers demanded that Walz clarify how the state was complying with federally directed audits and what verification requirements the state has ‘adopted or plans to implement in the near term to support proof of legitimate use of federal child care payments.’ 

They also called for a detailed outline of several issues, like how often the state conducted on-site monitoring, inspections or investigative visits to childcare facilities that received federal dollars, and specifically wanted examples of any information uncovered on fake children, false attendance records, over-billing, ineligible enrollments and shell or fake business structures. 

Lawmakers also demanded to know how many investigations the state has conducted into the matter since 2018, any oversight actions the state has taken, and why the Walz administration has, so far, not complied with a slate of recommendations from a DHS Office of Inspector General report that included action to recover overpayments, strengthen attendance monitoring at childcare facilities and implement real-time electronic attendance reporting.

Cassidy and Senate Republicans gave Walz until Jan. 22 to comply with their slate of requests. 

‘The Constitution grants Congress the power of the purse,’ they wrote. ‘And the United States Senate is exercising its duty to ensure proper stewardship of federal taxpayer dollars for child care programs, and we take this responsibility very seriously.’

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GOP senator blocks Trump DHS nominees until Noem testifies before Senate

A Senate Republican intends to block President Donald Trump’s Department of Homeland Security (DHS) nominees until Secretary Kristi Noem appears on Capitol Hill.

Sen. Thom Tillis, R-N.C., told reporters that he was putting holds on future nominees for the agency because Noem had not yet committed to appearing before the Senate Judiciary Committee.

‘My chairman has made two requests in this Congress to have the Homeland Security Secretary [Kristi Noem] come before the committee, and they have yet to confirm that they’re coming,’ Tillis said. ‘That is unacceptable, and so I am putting a hold on anything related to Homeland Security measures until we get an agreement and a scheduled time to come for committee at the least.’

But he made clear that the blockade was not in response to the death of Renee Nicole Goode, whose fatal shooting by an Immigration and Customs Enforcement (ICE) agent on Wednesday sparked protests.

‘The only thing that moves through Homeland Security where I will consider an exception would be having anything to do with the disaster response,’ he said.

His holds come after Grassley sent two separate invites for Noem to appear before the committee, one in June and the other in September.

It also comes on the heels of Senate Republicans touting their blistering pace to confirm several hundred of Trump’s picks.

Still, the move to block Trump’s DHS picks is another instance of Tillis pushing back against the administration. Tillis announced last year that he would not support Trump’s crowning legislative achievement of his second term, the ‘big, beautiful bill,’ over issues with cuts to Medicaid.

He also announced that he would not seek re-election shortly after and has since on occasion broken ranks with Republicans to push back on the president’s agenda.

Most recently, he pushed back on recent rumblings from the White House and administration officials that military force was not off the table to advance Trump’s desire to control Greenland.

‘I’m sick of stupid,’ Tillis said on the Senate floor earlier this week. ‘I want good advice for this president, because I want this president to have a good legacy. And this nonsense on what’s going on with Greenland is a distraction from the good work he’s doing, and the amateurs who said it was a good idea should lose their jobs.’

Still, Tillis voted against a related resolution on Thursday to curtail Trump’s future usage of the military in Venezuela, which ultimately advanced with the aid of five Senate Republicans. 

DHS did not immediately respond to Fox News Digital’s request for comment.

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Inside the sea war to contain ‘dark fleet’ vessels — and what the US seizure signals to Russia

The U.S. seizure of the tanker formerly known as Bella I marks a rare escalation in sanctions enforcement against Russia’s so-called ‘dark fleet,’ but experts say the move is unlikely to trigger a broader confrontation with Moscow, at least in the near term.

Analysts largely agree that the interdiction — one of the most direct U.S. actions against a vessel Russia claims was operating under its flag — comes at a moment when the Kremlin has limited appetite for escalation outside Europe and is focused primarily on its war against neighboring Ukraine.

‘This is unique,’ said Brent Sadler, senior research fellow at the Washington conservative Heritage Foundation think tank. 

The U.S. rarely boards foreign-flagged vessels on the high seas unless the ship’s nationality is in doubt, which he said was the case here due to rapid reflagging and a pattern of sanctions violations.

Peter Rough, a senior fellow and director of the Center on Europe and Eurasia at the Hudson Institute think tank, said that the seizure of the tanker reinforces the message that the U.S. is aiming to ‘call the shots in its own backyard.’ Meanwhile, he said that Russia is bogged down fighting its war against Ukraine, meaning it will be challenging for it to engage in a significant way in Latin America. 

Likewise, Russia is also attempting to curry favor with the Trump administration for a favorable outcome in a peace deal ending the conflict with Ukraine, he said. 

‘The Donroe Doctrine,’ as President Donald Trump has called it, fashions the 1823 Monroe Doctrine warning against European expansion into Latin America after himself. 

The empty vessel was seized in international waters during an operation overseen by U.S. European Command. The Wall Street Journal reported that Russia dispatched a submarine to escort the tanker after the U.S. attempted to seize it off Venezuela, heightening the risk of a naval standoff between two nuclear-armed states.

Russia has operated a so-called ‘shadow fleet’ of oil tankers for years to evade sanctions imposed after its 2022 invasion of Ukraine. Wednesday’s seizure marks one of the most direct U.S. enforcement actions to date against a vessel tied to that network.

‘There’s really not a whole lot of cards the Russians have to play at this point,’ Sadler said, anticipating a muted response. 

Rough also noted that similar actions like the one on Wednesday have not triggered major escalation previously. In October, French authorities boarded and detained a Russia-linked tanker suspected of being part of the shadow fleet off the coast of France without sparking a new crisis. 

In that instance, the tanker was not a Russian-flagged vessel. 

‘The upshot is that in light of the administration’s determination to dictate terms on Venezuela-related issues like this and Putin’s desire to work with Trump on what matters most to the Kremlin — Ukraine — I’m inclined to say that Moscow’s response will consist mostly of protesting this action and lodging political and legal complaints,’ Rough said in an email to Fox News Digital. ‘I don’t think it will lead to a full-blown political crisis in U.S.-Russian relations.’

John Hardie, deputy director of the Russia program at the Foundation for Defense of Democracies, also predicted the seizure of the Bella I tanker wouldn’t dramatically impact relations between Washington and Moscow. 

‘I suspect Moscow reacted the way it did because it worries about a precedent that could lead to U.S. interdiction of tankers moving Russian oil,’ Hardie said. ‘That said, I don’t think the Bella incident alone will have significant impact on relations between the Trump administration and Moscow or the peace talks.’

Russia has accused U.S. naval forces of illegally boarding the vessel — which had been reflagged as the Merinera under temporary Russian authorization Dec. 24 — arguing the action violated international maritime law. U.S. officials have not publicly detailed the legal justification for the seizure.

While Moscow’s response has so far been limited to diplomatic and legal objections, the incident has drawn attention because of how unusual the operation was. 

Mark Cancian, a senior adviser with the Center for Strategic & International Studies’ defense and security department, said that there are hundreds of sanctioned oil ships in the sea — with at least 100 of them belonging to Russia. If the U.S. started targeting more tankers, that would have a ‘huge’ impact on countries like Russia and Iran, he said. 

‘The one tanker will be an annoyance to Russia, and they’ll complain,’ Cancian told Fox News Digital Wednesday. ‘I think the bigger issue is whether we or other countries, start going after other tankers with sanctioned oil.’ 

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Update on Economics of Raleigh Lake Project in Ontario

International Lithium Corp. (TSXV: ILC,OTC:ILHMF) (OTCQB: ILHMF) (FSE: IAH) (‘ILC’ or the ‘Company’) is pleased to note the upturn in lithium prices from their low in June 2025, and wishes to give guidance and clarification to the wider investor community for what this means for ILC’s Raleigh Lake project. The financial projections and assumptions in this release are already in the public domain as they were included in the Company’s previously published disclosures.

Since June 30, 2025, the price of Lithium Carbonate, the main lithium benchmark, has risen from USD 8,535 per tonne to USD 19,747 on January 8, 2026, a rise of 131%, while the price of Spodumene Concentrate containing 6% Lithium Oxide (‘SC6’) in the same period has risen from USD 630 to USD1,800 per tonne, a rise of 185%. The source for these prices is @LithiumPriceBot on X. The rise in SC6 has well outperformed even silver since June 2025. Obviously the low in June 2025 followed a very difficult previous 2 ½ years for lithium prices. At the present exchange rate of USD=CAD 1.3880, that means a SC6 price measured in CAD$ of CAD$2,498.40 per tonne.

When ILC published the technical report for its Preliminary Economic Assessment (‘PEA’) for Raleigh Lake on January 18, 2024*, ILC’s board and management had the foresight to request and publish some sensitivity analysis of the results, as any NPV or IRR calculation is critically dependent on the commodity sale price assumption. The relevant table in the Technical Report (Lithium only) is Table 22-6 shown below, and the sensitivity to the SC6 price assumption at the time of the Technical Report on Raleigh Lake was as per that table.

Interpolating this table linearly between the two numbers modelled in the PEA for the Spodumene SC6 price of CAD$ 2,100 per tonne and CAD$ 2,500 per tonne would mean that using as an input the spot price on January 8, 2026, of CAD$ 2,498.40 per tonne the Net Present Value and Internal Rate of Return for the lithium only at the Raleigh Lake project calculated in the same way as in the table below and subject to the same disclaimers would give the following numbers using a discount rate of 8% p.a.:

Raleigh Lake Project, lithium only
Pre-tax Post-tax 
NPV (CAD$) 223.1 million NPV (CAD$) 215.1 million 
IRR % p.a. 33.1% IRR % p.a. 32.7% 

 

We believe that these are helpful numbers to publish now to put the lithium price recovery into context as far as ILC’s Raleigh Lake project is concerned. We would stress that the medium term price assumption for a commodity sale price is generally not the same as the current spot price. We have not considered or consulted with the consultants who wrote the report on what the appropriate medium term price might be as at today. We would also stress that prices can go down as well as up, and that costs may have varied since the PEA was completed in January 2024. It should be noted that the Maiden Resource Estimate at Raleigh Lake in April 2023 also quantified a rubidium resource there. The PEA was for lithium only, and did not include sales of rubidium or cesium or other minerals.

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Separately, we can report that ILC has filed for the appropriate permissions to turn various mining claims at Raleigh Lake into a mining lease, and this process is now well underway. We are in the process of planning the work we wish to carry out this year at Raleigh Lake given the improvement in the economics. This includes attempting to complete a PEA for the rubidium there, despite the challenges of robust pricing assumptions for rubidium chemicals.

*A copy of The Report, ‘The Raleigh Lake Project, NI43-101 Technical Report – PEA’ is on the Company’s website and was filed on SEDAR on January 18, 2024.

Babak Vakili Azar, P.Geo, is a Qualified Person as defined by NI 43-101 and has verified the disclosed technical information and has reviewed and approved the contents of this news release.

About International Lithium Corp.

International Lithium Corp. has exploration activities in Ontario, Canada, with intentions to expand into Southern Africa. It has projects at various stages, ranging from Definitive Feasibility Study at Rubicon in Namibia (note that ILC currently has an option only and is treating this as historic information at this point and not a current resource for ILC) to Preliminary Economic Assessment at Raleigh Lake to Pre-Drilling at Wolf Ridge. The primary target metals in Canada are lithium, rubidium and copper. There are three projects (two in Ontario and one in Ireland) in which ILC has sold its share, but where the Company stands to receive future payments from either a resource milestone being achieved or from a Net Smelter Royalty. In Namibia the Karibib project contains lithium, rubidium and cesium.

While the world’s politicians remain divided on the future of the energy market’s historic dependence on oil and gas and on ‘Net Zero’, there is in any scenario an ever-increasing and significant demand for electricity driven by AI and data centres, and by a likely unstoppable momentum towards electric vehicles and grid-scale electricity storage. All of these contribute to rising demand for lithium, copper, and other metals. Rubidium is also a critical metal, strategic for high-precision clocks, space technology, and improving the performance of certain types of solar panels. ILC has seen the politically driven, increasingly urgent push by the USA, Canada, the EU, and other major economies to safeguard their supplies of critical metals and to become more self-sufficient. The Company’s Canadian and Southern African projects, which contain lithium, rubidium, cesium and copper, are strategic in this regard.

The Company’s key mission for the next decade is to generate revenue for its shareholders from lithium and other critical minerals while also contributing to the creation of a greener, cleaner planet and less polluted cities.

This includes optimizing the value of ILC’s existing projects in Canada as well as finding, exploring and developing projects that have the potential to become world-class deposits. The Company announced that it regards Southern Africa as a key strategic target market and, in addition to Namibia, it has applied for and hopes to receive EPOs in Zimbabwe. The board hopes to make further announcements on the portfolio developments over the next few weeks and months.

The Company’s interests in various projects now consist of the following, and in addition, the Company continues to seek other opportunities:

Name Metal Location Stage Area in Hectares Current Ownership Percentage Future Ownership % if options exercised and/or residual interest Operator or JV Partner
Raleigh Lake Lithium
Rubidium		 Ontario Dec 2023 : PEA for Li completed Apr 2023 Maiden Resource Estimates for Li and Rb 32,900 100% 100% ILC
Rubicon + Helikon + Exclusive Prospecting Licence Lithium
Rubidium
Cesium		 Karibib, Namibia 2021 : Feasibility Study completed for Li, Rb and Cs under JORC 29,500 0 % 80% Lepidico; ILC if option exercised
Firesteel Copper, Cobalt Ontario Initial Drilling 6,600 90% 90% ILC
Wolf Ridge Lithium Ontario Pre-Drilling 5,700 0% 100% ILC
Mavis Lake Lithium Ontario May 2023
Maiden Resource Estimate		 2,600 0% 0%
(carries an extra earn-in payment of AUD$ 0.75 million if resource targets met)		 Critical Resources Limited 
Avalonia Lithium Ireland Drilling 29,200 0% 0%
2.0% Net Smelter Royalty		 GFL Intl Co Ltd. (owned by Ganfeng Lithium Group Co. Ltd)
Forgan/
Lucky Lakes 		Lithium Ontario Drilling < 500 0% 0%
1.5% Net Smelter Royalty		 Power Minerals Limited 

 

The Company’s primary strategic focus at this point is on the Raleigh Lake Project, comprising lithium and rubidium, and the Firesteel copper project in Canada, as well as obtaining EPOs and mineral claims in Zimbabwe. The Karibib projects in Namibia, including further development of the EPL there, will be a high priority if ILC decides to remain involved.

The Raleigh Lake Project now encompasses 32,900 hectares (329 square kilometres) of mineral claims in Ontario and represents ILC’s most significant project in Canada. To date, drilling has occurred on less than 1,000 hectares of the Company’s claims. A Preliminary Economic Assessment was published for ILC’s lithium at Raleigh Lake in December 2023, with a detailed economic analysis of ILC’s separate rubidium resource still pending. Raleigh Lake is 100% owned by ILC, free from any encumbrances and royalties. The Raleigh Lake Project boasts excellent access to roads, rail, and utilities.

A continuing goal has been to remain a well-funded, strategically run company that turns ILC’s aspirations into reality. Following the disposal of the Mariana project in Argentina in 2021, the Mavis Lake project in Canada in 2022, and the Avalonia project in 2025, ILC has continued to generate sufficient cash inflows to advance its exploration projects.

With increasing demand for high-tech rechargeable batteries used in electric vehicles, energy storage, and portable electronics, lithium has been dubbed ‘the new oil’. It is a key part of a green, sustainable economy. By positioning itself on projects with significant resource potential and solid strategic partners, ILC aims to become a preferred lithium and critical minerals resource developer for investors and to continue building value for its shareholders throughout the 2020s, the decade of battery metals.

On behalf of the Company,

John Wisbey
Chairman and CEO
www.internationallithium.ca

For further information concerning this news release, please contact info@internationallithium.ca or ILC@yellowjerseypr.com.

_______________________________________________________________________________________

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

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release or other releases contain certain ‘forward-looking information’ within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the timing of completion of any offering and the amount to be raised, the likelihood or otherwise of the Company exercising its option on Lepidico Mauritius, the outcome of arbitration involving Lepidico Namibia, the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Karibib or Raleigh Lake or Firesteel or Wolf Ridge projects, expected commodity prices, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or cesium or copper recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company’s projects, the Company’s budgeted expenditures, government permits or approval for licences and licence renewals, future plans for expansion in Southern Africa and planned exploration work on its projects, increased value of shareholder investments in the Company, the potential from the Company’s third party earn-out or royalty arrangements, the future demand for lithium, rubidium, cesium and copper, and assumptions about ethical behaviour by our joint venture partners or shareholders in our projects or third party operators of projects or royalty partners. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled ‘Risks’ and ‘Forward-Looking Statements’ in the interim and annual Management’s Discussion and Analysis which are available at www.sedarplus.ca. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.

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RETRANSMISSION: Blackrock Silver Closes C$15 Million Private Placement Led By a C$7 Million Investment from Eric Sprott

Blackrock Silver Corp. (TSXV: BRC,OTC:BKRRF) (OTCQX: BKRRF) (FSE: AHZ0) (‘Blackrock’ or the ‘Company’) is pleased to announce the completion of its non-brokered private placement (the ‘Offering’) previously announced on December 24, 2025. 2176423 Ontario Ltd., a company beneficially owned by Eric Sprott, purchased an aggregate of C$6,999,960 of the Offering. The Offering consisted of a total of 13,636,300 units of the Company (the ‘Units’) at a price of C$1.10 per Unit for gross proceeds of C$14,999,930. Each Unit consisted of one common share of the Company (each, a ‘Common Share’) and one-half of one Common Share purchase warrant (each whole warrant, a ‘Warrant’). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of C$1.50 per Common Share until January 8, 2028.

Andrew Pollard, Blackrock’s President and Chief Executive Officer, commented: ‘Supported by Eric Sprott and a new cornerstone investor, this $15 million financing meaningfully strengthens our balance sheet as we advance Tonopah West toward development. As an emerging American silver developer, we are accelerating permitting and de-risking initiatives in 2026 to support the advancement of a secure, high-quality domestic source of silver for the U.S. market.’

The net proceeds of the Offering are intended to be used by the Company to fund exploration, permitting and pre-development activities on the Company’s Tonopah West project and for general working capital.

In connection with the closing of the Offering, the Company paid Research Capital Corporation (the ‘Finder‘) finder’s fees in cash totalling C$689,997 and issued to the Finder a total of 627,270 non-transferable finder’s warrants (‘Finder’s Warrants‘) in connection with the Units placed by the Finder. Each Finder’s Warrant entitles the holder thereof to acquire one Common Share at an exercise price of C$1.50 until January 8, 2028.

The participation of Eric Sprott in the Offering constituted a ‘related party transaction’, within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (‘MI 61-101‘). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the interested parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).

The Common Shares, Warrants and Finder’s Warrants issued in connection with the Private Placement and the Common Shares issuable upon exercise of the Warrants and Finder’s Warrants are subject to a hold period expiring on May 9, 2026.

The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the ‘U.S. Securities Act‘) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements and Information

This news release contains ‘forward-looking statements’ and ‘forward-looking information’ (collectively, ‘forward-looking statements‘) within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the net proceeds from the Offering and the intended use of proceeds therefrom; the advancement of the Tonopah West project towards development, including the acceleration of permitting and de-risking initiatives at the Tonopah West project; and the intention for the Tonopah West project to function as a future secure, high-quality domestic source of silver for the U.S. market.

These forward-looking statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company’s operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company’s ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market, political, economic and industry conditions; and those factors identified under the caption ‘Risks Factors’ in the Company’s most recent Annual Information Form.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

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

For Further Information, Contact:

Andrew Pollard
President and Chief Executive Officer
(604) 817-6044
info@blackrocksilver.com

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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President Trump says there won’t be a ‘second Wave of Attacks’ against Venezuela due to their ‘cooperation’

President Donald Trump announced in an early Friday morning Truth Social post that he has ‘cancelled the previously expected second Wave of Attacks’ against Venezuela in light of the ‘cooperation’ between the foreign nation and the U.S.

‘Venezuela is releasing large numbers of political prisoners as a sign of ‘Seeking Peace.’ This is a very important and smart gesture. The U.S.A. and Venezuela are working well together, especially as it pertains to rebuilding, in a much bigger, better, and more modern form, their oil and gas infrastructure. Because of this cooperation, I have cancelled the previously expected second Wave of Attacks, which looks like it will not be needed, however, all ships will stay in place for safety and security purposes,’ Trump said in the post.

He noted that he will meet with ‘BIG OIL’ figures at the White House on Friday.

‘At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House. Thank you for your attention to this matter!’ he declared in the post.

The president’s comments come after he unilaterally ordered an attack against Venezuela last week in which U.S. forces successfully captured Nicolás Maduro.

Trump noted in a Wednesay Truth Social post, ‘I have just been informed that Venezuela is going to be purchasing ONLY American Made Products, with the money they receive from our new Oil Deal. These purchases will include, among other things, American Agricultural Products, and American Made Medicines, Medical Devices, and Equipment to improve Venezuela’s Electric Grid and Energy Facilities.’

‘In other words, Venezuela is committing to doing business with the United States of America as their principal partner – A wise choice, and a very good thing for the people of Venezuela, and the United States. Thank you for your attention to this matter!’ he added.

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