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DP Trading Room: Bitcoin Surges!

The news is that the United States will have a Cryptocurrency reserve. How this will occur is still murky, but Bitcoin surged on the news. Carl and Erin give you their opinion on Bitcoin’s chart setup and possible future movement.

Carl opens the trading room with a review of the DP Signal Tables which are showing new deterioration. The Bias Table shows numerous Bearish Biases.

The market overview was next up with a complete review of the SPY under the hood as well as coverage of Bitcoin, the Dollar, Gold, Gold Miners, Bonds, Yields and Crude Oil. Carl even looked at the Silver chart.

As always Carl walked us through the Magnificent Seven daily and weekly charts. There are plenty of bearish configurations.

After questions, Erin was up sharing her thoughts on Sector Rotation. Defensive sectors are still leading the pack while Technology and other aggressive groups look bearish despite Friday’s rally. Erin dove into the under the hood chart of Technology.

Erin finished the trading room going over viewer requests including SMCI and PFE.

01:30 DP Signal Tables

04:59 Market Overview

10:30 Bitcoin

12:00 Market Overview (continued)

15:45 Magnificent Seven

21:30 Questions (including Bonds and Gold long-term)

31:26 Sector Rotation

41:19 Symbol Requests

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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. 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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Successful Completion of Placement to Accelerate Clinical Programs

Invion Limited (ASX: IVX) (“Invion” or the “Company”) is pleased to announce that it has successfully completed a new share placement (Placement) to raise $2.0 million to advance research and development in Photosoft as a potential treatment for a range of cancers.

Highlights:

  • Invion raises $2M via a share placement with the new shares priced at $0.14, a 2.5% premium to the 30-day VWAP and nil discount to last closing price
  • Investors in the placement will also receive one unquoted three-year option (exercise price of $0.28) for every new share
  • Proceeds from the placement will be used to:
    • Recruit from a second site for Invion’s Phase I/II skin cancer trial
    • Initiate a Phase I/II anogenital trial with the Peter MacCallum Cancer Centre
    • Fund general working capital
  • A successful outcome in the anogenital trial may enable orphan drug designation in the US to fast-track trials in the rare disease indication(s)
  • Multiple milestones on the horizon, including:
    • Results from the skin cancer trial
    • Initiation & progress on the anogenital trial
    • Updates on the glioblastoma, oesophageal cancer and HPV studies that are fully funded by Invion’s partners

The offer price for the new shares of $0.14 per share represents a 2.5% premium to the 30-day volume-weighted average price (VWAP) and a zero discount to its last closing price before the Placement announcement on 27 February 2025.

The lead manager for the Placement, Blue Ocean Equities (Lead Manager), received strong demand for the Placement, which was originally seeking to raise $1.5 million from sophisticated investors.

The Placement will comprise of two tranches:

  • Tranche 2: Placement of the balance of shares, conditional on the Company obtaining shareholder approval at the Extraordinary General Meeting (EGM) expected to be held in April 2025.

Investors in the placement will receive one unquoted attaching option for each new share with an exercise price of $0.28 and will expire three years from issue, subject to shareholder approval at the EGM.

The Lead Manager is to receive a capital raising fee of 6% on the proceeds of the Placement and will also receive a tranche of options to an equivalent value of approximately $80,000 using a Black Scholes options pricing formula with the following inputs:

  • Exercise price – each option will have an exercise price which is a 50% premium to the 15-day VWAP calculation as at the date of the placement.
  • Expiry – the options will expire 2 years from the date of issuance.
  • Volatility rate – 100%.
  • Risk Free Rate – 5%.

The Company will lodge an appendix 3B with the ASX with these details as soon as the number of options has been calculated. These issue of these options is subject to the approval of shareholders at the EGM.

Use of Proceeds from the Placement

Proceeds from the raise will be used to recruit from a second clinical site for Invion’s Phase I/II non-melanoma skin cancer (NMSC) trial, initiate a Phase I/II anogenital trial with the Peter MacCallum Cancer Centre (Peter Mac) and for general working capital.

Invion plans to leverage the safety data from the NMSC trial to accelerate a pathway to the anogenital trial as both trials are using the same topical formulation of INV043. Anogenital cancers include penile, vulva and anal cancers, which are rare diseases.

A successful outcome in the anogenital trial may enable orphan drug designation with the U.S. Food & Drug Administration (FDA). The granting of an orphan drug designation will give Invion a faster and more cost-effective path to commercialise Photosoft for the treatment of the rare disease(s) in question.

Thian Chew, Invion’s Executive Chair and CEO, commented:

“We are delighted to welcome new shareholders to Invion via the Placement, many of whom are sophisticated investors in the biotech space that are supporting the Company after reviewing our achievements and the multiple milestones in our horizon.

“In addition to the skin and anogenital cancer trials, these milestones also include updates on the glioblastoma, oesophageal cancer and human papilloma virus studies that are fully funded by our partners.”

This announcement was approved for release by Invion’s Board of Directors.

Click here for the full ASX Release

This post appeared first on investingnews.com

Hempalta Corp. Announces Financial Results for Three Months Ended December 31, 2024

AgTech Company accelerates strategic focus on Industrial Hemp Carbon Credits business

Hempalta Corp. (TSXV: HEMP) (‘Hempalta’ or the ‘Company’) has released its financial results for the three months ended December 31, 2024. The Company’s unaudited interim condensed consolidated financial statements (the ‘Financial Statements’) and related management’s discussion and analysis (the ‘MD&A’) for the three-month period are available on www.sedarplus.ca.

Financial Results

As Hempalta sharpens its focus on the high-growth carbon credit market, the Company experienced a transition period in its financials during the last quarter.

  • Cost of Sales for the three months ended December 31, 2024 decreased 38% to $84,162, compared to the same period in 2023, primarily due to lower production volumes and cost efficiencies as the Company streamlined its operations to align with its carbon credit focus.

  • Net Loss for the three months ended December 31, 2024 was $432,281 ($0.00 per share), a 13% improvement over the same period in 2023, reflecting disciplined cost management and a one-time gain on debt settlement.

  • General & Administrative Expenses for the three months ended December 31, 2024 increased 79% year over year, primarily due to transaction fees associated with acquiring the remaining 49.9% interest in Hemp Carbon Standard Inc. (‘HCS‘), as well as lower expense allocations to cost of goods sold due to decreased production activity.

Financial Position & Shareholder Support

As of December 31, 2024, Hempalta had $182,768 in cash and $287,726 in working capital.

While the Company completes its planned focus on HCS over the balance of the second quarter, major shareholders Darren Bondar and Prairie Merchant Corporation (the ‘Lenders‘) have extended a one-year term loan in the aggregate amount of $325,000 at 12% interest (the ‘Loan‘). In connection with the Loan, the Company will issue a loan bonus to the Lenders of an aggregate of 5,416,667 common share purchase warrants (the ‘Warrants‘), exercisable for a period of one year with an exercise price equal to $0.06 (the ‘Bonus‘). The Warrants are subject to a hold period under Canadian securities laws, expiring four months and one day from the date of issuance. The Loan and the Bonus are subject to the approval of the TSX Venture Exchange. This Loan provides additional working capital to support Hempalta’s growth in the carbon credit market.

As the Lenders are insiders of the Corporation, the issuance of the Warrants to the Lenders is considered to be a related party transaction within the meaning of Exchange policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security holders in Special Transactions (‘MI 61-101’). The Company intends to rely on exemptions from the 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 Lender participation.

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

Industrial Hemp Carbon Credits Platform

With full ownership of HCS, Hempalta is now poised to scale a unique, low-cost carbon credit platform focused on industrial hemp. This milestone marks a pivotal step in the Company’s evolution toward becoming a leader in nature-based carbon removal solutions.

The demand for high-integrity carbon credits continues to rise as corporations seek solutions to meet their net-zero commitments. Industrial hemp offers a unique advantage in carbon sequestration due to its rapid growth cycle and ability to store CO2 both in biomass and soil.

HCS has pioneered a precision quantification methodology using remote sensing and AI-driven monitoring, ensuring the accurate measurement and verification of CO2 removal. The platform empowers industrial hemp farmers to monetize regenerative agriculture practices while providing corporate buyers with premium carbon credits backed by ISO 14064-2 certification.

By participating in the voluntary carbon market, industrial hemp farmers can diversify revenue streams while contributing to global climate action. The completion of the HCS acquisition enables Hempalta to:

  • Expand its network of regenerative hemp farms
  • Issue high-integrity carbon credits at scale
  • Enhance verification standards for carbon removal
  • Strengthen partnerships with corporate buyers seeking trusted, nature-based solutions

Outlook

Darren Bondar, President and Chief Executive Officer of Hempalta, said, ‘In our first years of operation, we focused on scaling industrial hemp processing and consumer packaged goods. As demand for sustainable solutions grows, we have shifted toward the rapidly expanding voluntary carbon market. Our acquisition of 100% of HCS solidifies our ability to offer scalable, high-integrity carbon credits with a low-capital model. By collaborating with farmers and corporate buyers, we are positioned to drive sustainability while generating long-term growth for Hempalta and our investors.’

To further align with this strategic shift, the Company is also marketing its turnkey hemp production facility and processing equipment, and exploring licensing opportunities for its CPG product lines.

Investor Updates

Investors can follow Hempalta’s journey as it pioneers high-integrity carbon removal solutions by subscribing to the mailing list for investor updates at www.hempalta.com where they can also view the latest corporate presentation and company announcements.

About Hempalta

Hempalta Corp. (TSXV: HEMP) is a nature-based carbon credit provider leveraging industrial hemp’s potential to sequester carbon. Through its subsidiary, Hemp Carbon Standard Inc. (HCS), the Company develops methodologies and supports farmers in monetizing regenerative agriculture practices. In addition to HCS, Hempalta Processing Inc. manages the Company’s established hemp-based product lines, which are available for licensing.

Learn more at www.hempalta.com or contact Investor Relations at invest@hempalta.com.

For more information, please contact:

Darren Bondar
Chief Executive Officer
Hempalta Corp.
Email: info@hempalta.com

Sales or Partner Opportunities:

Cecil Horwitz
Business Development
Email: cecil.horwitz@hempalta.com

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.

Forward-Looking Information

This news release contains statements and information that, to the extent that they are not historical fact, may constitute ‘forward-looking information’ within the meaning of applicable securities legislation. Forward-Looking information is typically, but not always, identified by the use of words such as ‘will’, ‘expected’, ‘plans’, ‘enable’, ‘positions’, ‘aim’ and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Forward-Looking information in this news release includes, but is not limited to, statements regarding: the Company’s plans with respect to the HCS platform, including the scaling of such program; the integration of HCS positioning the Company to deliver premium-quality carbon credits efficiently to corporate buyers; fluctuations in the capital resources of the Company; the demand for carbon credits increasing; industrial hemp farmers being able to diversify their revenue streams by participating in the voluntary carbon market; the acquisition of HCS positioning the Company to tap into the expanding carbon credit market using a low-capital, scalable model; the Loan, the Bonus and the approval of the Exchange of both the Loan and the Bonus; the use of proceeds from the Loans; and the Company offering its turnkey hemp production facility and processing equipment for sale, while also exploring one-time licensing opportunities for its CPG product lines. Such forward-looking information is based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions with respect to: the ability of the Company to successfully implement its strategic plans and initiatives and the expected benefits therefrom; the anticipated benefits of the HCS acquisition and of the business of HCS; the anticipated benefits from offering its turnkey hemp production facility and processing equipment for sale, while also exploring one-time licensing opportunities for its CPG product lines; the ability of farms and sites currently signed up by HCS to grow hemp; required regulatory approvals; the ability of the Company to effect its proposed strategy and business plans; the approval of the Exchange with respect to the Loans and the Bonus; and the ability of HCS to sell carbon removal credits through the voluntary credit market. Although the Company believes that the assumptions and factors on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that it will prove to be correct or that any of the events anticipated by such forward-looking information will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Actual results may vary from those currently anticipated due to a number of factors and risks including, but not limited to: the risk that the benefits from the HCS acquisition, and the ownership and operation of the HCS business, will not be as anticipated; the risk that the Company will not be able to successfully offer the turnkey hemp production facility and processing equipment for sale, and if done successfully, the risk that the benefits therefrom will not be as anticipated; receipt of necessary regulatory approvals including the Exchange; risks associated with general economic conditions; conditions in the carbon credit markets; adverse industry events; the risk that farms and sites currently signed up by HCS will not grow or be able to grow industrial hemp as anticipated or at all; the Company has limited financial resources and may require additional funds to continue operating; the Company may not generate sufficient revenue to maintain operations; the forecasts and models of the Company could be inaccurate; the risk that HCS may not be able to sell carbon removal credits as anticipated or at all; adverse weather conditions affecting the growth of hemp; future legislative, tax and regulatory developments; the risk factors included in the Company’s other continuous disclosure available on SEDAR+ at www.sedarplus.ca; and the ability of management to execute its business strategy, objectives and plans. The forward-looking information included in this news release is made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise, except as required by applicable law.

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243209

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

Goldman Sachs Kostin Warns of a Potential S&P 500 Correction

Goldman Sachs Kostin analyst has issued a warning that the S&P 500 may be headed for a significant correction. His comments, based on current market data and public economic trends, suggest that heightened market risks could force investors to reconsider their positions.

Rising Market Risks and Overvaluation

According to Goldman Sachs Kostin, current market conditions point to growing volatility. He notes that the S&P 500 appears overvalued when measured against fundamental economic indicators. In addition, factors such as rising interest rates and economic uncertainty have increased the overall market risk. These factors, when combined, can create an environment where a correction is likely.

Investor Caution Amid Volatile Trends

Investors are being urged to remain cautious. Kostin emphasizes that the prevailing market optimism may be unsustainable if key economic data turns negative. Many market experts agree that investor caution is necessary during such periods of volatility. In turn, a pullback in the S&P 500 could offer a correction that might reset market valuations to more sustainable levels.

Implications for the Broader Market

A potential S&P 500 correction could have far-reaching implications for other asset classes. With heightened market volatility, investors might shift their focus to safer assets. Moreover, such a correction may serve as a wake-up call for the broader market, prompting both retail and institutional investors to review their portfolios and risk management strategies.

Conclusion

In summary, public data and current market trends support Kostin’s warning about the S&P 500. Rising market risks, overvaluation, and economic uncertainties are key factors that may trigger a correction. Investors should stay informed and practice caution as they navigate these turbulent market conditions. Ultimately, this forecast calls for a balanced approach to risk and a strategic review of investment positions.

This analysis is based on widely reported public market data and reflects a growing consensus among financial experts. As the market evolves, monitoring these trends closely will be essential for making well-informed decisions.

The post Goldman Sachs Kostin Warns of a Potential S&P 500 Correction appeared first on FinanceBrokerage.

In wake of L.A. wildfires, a diverse small business community looks to rebuild

When the Los Angeles wildfires swept through Southern California in January, Barbara Shay lost much more than the building housing the cafe she owned.

Gone were the ingredients for menu items like grits or pancakes. Gone were the photos of icons ranging from former President Barack Obama to actor Richard Pryor that had lined the walls. Gone, too, were the decades of labor from Shay’s family.

“I am still in shock,” Shay said in an interview with CNBC. “It’s an emotional roller coaster — not just for me, but just for everyone.”

Shay is part of the diverse fabric of small business owners in Altadena, a town about 15 miles outside downtown L.A that was hard hit by last month’s blaze. As the community starts the yearslong rebuilding process, entrepreneurs like Shay are starting to chart their paths forward.

She plans to rebuild the 70-year-old Little Red Hen Coffee Shop and is evaluating the finances for opening up a temporary storefront or popups. The business spans generations: After following in the footsteps of her mother and brother in owning the business, she now works alongside her daughter and grandson.

But while many in Altadena’s entrepreneurial community remain optimistic about a recovery, multiple business owners described lengthy and difficult roads ahead.

Some businesses were burned entirely to the ground like Shay’s, while others face long-term displacement due to damage or smoke. For those fortunate enough to have brick-and-mortar properties still standing, they’re surrounded by what some have described in interviews as “ground zero.”

“It’s kind of unfathomable,” said Henri Wood, who owned a cannabis business called The Flourish Group that was burned down. “What was once just a vibrant, lively community is just completely gone.”

Altadena’s diversity cannot be understated. Census data shows that more than half of the population is people of color, with Latinos making up 27% of residents and Black people accounting for 18%.

Altadena has historically been known as a hub for Black families and businesses after being one of the only Los Angeles County areas exempt from redlining during the Civil Rights movement. The Associated Press found that the home ownership rate for Black people in Altadena now sits above 80%, which is nearly double the national average.

People stop to take in the scene of burned down businesses along Lake Avenue in Altadena on Thursday, January 9, 2025. Christina House / Los Angeles Times / Getty Images

But Altadena’s business owners — many of whom also grew up and now raise families there — are worried the fires will leave that diversity in the rubble. Emeka Chukwurah, founder of community culture center Rhythms of the Village, said he’s concerned that the fires will expedite gentrification that was already taking place in the neighborhood.Black residents accounted for more than 40% of the town’s population in 1980, according to Altadena Heritage. That proportion has been more than halved since then. Chukwurah has sold Altadena-branded merchandise to keep the community and its diversity from being forgotten by broader society.

“I’m hoping that we can keep the developers and those kind of people at bay so that we can hold on to what’s been built over generations,” Chukwurah said. “I’m hoping that this one will be in the history books as a resilient community, and that a large amount of us — or, if not, all of us — can stay to tell the story.”

Insurance agent Maricela Viramontes has seen how homeowners in the town at the foothills of the San Gabriel mountains are responding firsthand. Many are accustomed to fires due to its geographic location, she said, but they did not expect the destruction seen in January. The deadly fires caused more than $250 billion in damage and economic loss, according to an AccuWeather estimate.

Viramontes, who has lived in Altadena for nearly 25 years, woke up the morning after the fires in a shelter, as it was the only place her family could find to evacuate to. By early that morning, she began receiving calls while still at the shelter from clients looking for guidance on filing claims for lost property.

It’s the same paperwork that she, too, is filling out. Shortly after that day taking calls in the shelter, Viramontes learned that her home and car were both destroyed. Her office needs months of repairs for smoke damage.

“Everyone asks, ’What can I do?, ‘How can I help you?,‘” said Viramontes, who now lives and works out of her parents’ home nearby. “It’s so hard to answer that question when you don’t know.”

As businesses begin draft plans to clear their land and build new structures, they’re making plans for how to make ends meet in the short term.

Wood’s cannabis shop, for instance, has been connecting customers directly with providers while it figures out a long-term strategy. He called donations and mutual aid a “lifeline” for the business, which he said is excluded from several government aid programs because marijuana is not legalized federally.

Multiple entrepreneurs interviewed by CNBC said they are considering short-term rentals. They’re also considering business loans, though there’s concern about owing money with the financial outlook for their ventures so uncertain.

Through it all, these owners haven’t forgotten they are part of a community that’s stepping up to meet the moment.

Steve Salinas, who’s owned a namesake bike shop in Altadena for nearly four decades, has been repairing donated bicycles and re-homing them with community members. He’s gotten parts donated from other shops and monetary support through GoFundMe.

“Everybody sort of pitches in to help where they can,” said Salinas, who is looking for a short-term rental space after his store burned down. “People that have lost everything are donating their time and their resources and, most importantly, their connections to help other people in the community heal.”

In the same vein, Rhythms of the Village’s Chukwurah opened a free boutique with clothing and other necessities at his family home. It’s the temporary headquarters for the business, which has previously offered drum lessons and classes on Nigerian language and African history, after their storefront burned down.

Chukwurah said he’s committed to keeping the business in the Altadena area. As he scouts out a new location for the center, he’s planning to purchase this time around instead of rent.

“The structures are down,” he said, “but the community spirit is up.”

— NBC News contributed to this report.

This post appeared first on NBC NEWS

Treasury Dept. will not enforce ownership information reporting for millions of businesses

The U.S. Department of the Treasury on Sunday announced it won’t enforce the penalties or fines associated with the Biden-era “beneficial ownership information,” or BOI, reporting requirements for millions of domestic businesses. 

Enacted via the Corporate Transparency Act in 2021 to fight illicit finance and shell company formation, BOI reporting requires small businesses to identify who directly or indirectly owns or controls the company to the Treasury’s Financial Crimes Enforcement Network, known as FinCEN.

After previous court delays, the Treasury in late February set a March 21 deadline to comply or risk civil penalties of up to $591 a day, adjusted for inflation, or criminal fines of up to $10,000 and up to two years in prison. The reporting requirements could apply to roughly 32.6 million businesses, according to federal estimates.     

The rule was enacted to “make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures,” according to FinCEN.

In addition to not enforcing BOI penalties and fines, the Treasury said it would issue a proposed regulation to apply the rule to foreign reporting companies only. 

President Donald Trump praised the news in a Truth Social post on Sunday night, describing the reporting rule as “outrageous and invasive” and “an absolute disaster” for small businesses.

Other experts say the Treasury’s decision could have ramifications for national security.

“This decision threatens to make the United States a magnet for foreign criminals, from drug cartels to fraudsters to terrorist organizations,” Scott Greytak, director of advocacy for the anticorruption organization Transparency International U.S., said in a statement.

— Greg Iacurci contributed to this article.

This post appeared first on NBC NEWS

Financials’ Strong Week Lifts Them to Within a Whisker of an All-Time High

Many are watching the disaster in growth stocks unfold, including us at EarningsBeats.com, but the reality is that many other areas of the stock market represent a silver lining. When growth stocks sell off, essentially two things can happen. One, the rest of the stock market sells off as well, indicative of pure market distribution. These types of selloffs can lead to large corrections or even bear markets. The second type of growth stock selloff can be much more bullish in nature, as money simply rotates from very overbought growth stocks to much more reasonably-priced value stocks for a brief period of time. The former represents a necessary departure from current bullish trading strategies. The latter represents a need for patience. I want you to look at last week’s performance by sector and decide if the selling was more like across-the-board distribution or simply bullish rotation like we’ve seen many times over the past 12 years of this secular bull market advance:

7 sectors rose last week while only 4 declined. It was absolutely NOT a case where everything was selling off. It may morph into that type of market environment, but that’s not what we saw last week. Remember, the NASDAQ was down more than 5% last week, before Friday’s rally kicked in. That 5% drop was over and above the huge Friday drop just prior to last week. The cumulative drop on the NASDAQ 100 from its all-time high was 8%, not far from correction territory, which is considered a drop of 10% or more, but less than 20%. Options expiration may have triggered the start of this 8% selloff, but it was unlikely the only reason.

A week ago Friday, there was a turning point in the stock market short-term. Money rotated very heavily, on an intraday basis, away from aggressive areas like consumer discretionary (XLY) and into defensive, value-oriented areas like consumer staples (XLP). Part of this shift can be attributed to monthly options expiration in February as there was a TON of net in-the-money call premium on key stocks like NVDA, META, PLTR, etc. Nonetheless, it was the 10th-highest bearish distribution day (between the XLY and XLP) since the financial crisis bottom in 2009. The other 9 all occurred during either cyclical bear markets or during corrections. Will this 10th occurrence be any different than the previous 9? The takeaway here is that those types of massive distribution days are NOT normal and should give us bulls reason to pause. They don’t occur very often, thankfully.

But let’s get back to that sector rotation last week and take a look at financials (XLF), specifically, which gained 2.82% for the week and closed one penny below its all-time closing high of 52.19. The top-performing industry group within financials was full line insurance ($DJUSIF), which broke out of a lengthy period of consolidation, as you can see below:

Bullish momentum is accelerating, as evidenced by the rising daily PPO. Yes, we’re overbought with an RSI at 74, but overbought can remain overbought for a period of time. This is a bullish continuation pattern (uptrend followed by sideways, or rectangular, consolidation) breakout and, outside of a possible brief pullback, I’d look for higher prices down the road, ultimately reaching a measurement target of 88-89. I’ll be featuring a full line insurance stock in our Monday morning EBD that is in position to benefit from this industry group breakout. If you’re not already a subscriber to our FREE EB Digest newsletter, you can CLICK HERE to subscribe.

Happy trading!

Tom

American West Gearing up for Transformational Year at the Storm Copper Project, Canada

American West Metals Limited (American West Metals or the Company) (ASX:AW1) is pleased to announce positive findings of the Preliminary Economic Analysis (PEA) for the Storm Copper Project (Storm or the Project) on Somerset Island, Nunavut, Canada.

Positive Preliminary Economic Analysis (PEA) defines Pathway to Production:

  • Initial production target. Study on a starter operation at Storm based on mining inventory of 10.3Mt @ 1.3% Cu, 3.7g/t Ag delivers 487,000t of copper concentrate at 17.1% Cu, 49g/t Ag
  • 10-year production plan. Initial mine plan covers 10 years of production with scope to increase both the scale of the mining operation and the mine life with potential increases in the Storm Mineral Resource Estimate (MRE)
  • Attractive financials. Robust economics (estimated based on the assumptions in the base case and assuming no leverage):
    • Total revenue – Approx. US$839m
    • Post-tax NPV8 – Approx. US$149m
    • Post-tax IRR – Approx. 46%
    • Payback of Approx. 3 years
  • Low-cost operation. Very low capex and operating costs of approximately:
    • Initial CAPEX – US$47.4m
    • Life of mine CAPEX – US$80.3m
    • C1 Cost – US$2.63/lb
  • Enhanced shareholder returns with leverage. Pre-tax IRR of approximately 135% with project development using 100% debt finance. American West is in discussions with a number of parties that are considering proposals to provide off-take finance or other debt solutions for development of Storm
  • Innovative processing with high ESG credentials. Simple ore-sorting and beneficiation produces a high-quality copper-silver product with zero deleterious elements, chemicals, and tailings
  • Mine permitting to commence. Mine permitting will now be initiated based on the PEA with potential for a further US$3.5 million to be advanced in the near- term under the Storm royalty arrangement with Taurus Mining Royalty Fund

2025 drilling to accelerate growth of copper resources:

  • Existing resource is just the beginning. Major drill program planned for 2025 to accelerate the definition of copper resources along the 110km Storm Copper belt
  • 2024 discoveries ready for resource definition drilling. Potential to rapidly increase the MRE through resource definition drilling of new discoveries, including:
    • The Gap – a strong EM anomaly confirmed with drilling that returned 20m @ 2.3% Cu from 28m
    • Cyclone Deeps – potential continuation of the large Cyclone Deposit at depth with drill intercepts such as 10m @ 1.2% Cu from 311m
    • Squall – EM anomaly with drilling confirming high-grade copper of 1.5m @ 2.36 Cu from 181.4m at end of hole
    • Hailstorm – chalcocite boulders at surface that returned assays of >50% Cu within a geochemical soil anomaly over 3km2
  • Regional targets highlight large endowment potential. Pipeline of large-scale exploration targets along the 110km copper belt including:
    • Tornado/Blizzard – located 5km east of the Storm copper deposits the area hosts a 3.2km x 1.5km geochemical copper anomaly and two large electromagnetic (EM) plates yet to be drilled
    • Tempest – 4km long zone of gossans located 40km south of the Storm MRE with assays from surface samples returning base metal grades up to 38.2% Cu and 30.8% Zn
  • Geophysics to generate new targets. Large airborne Mobile Magneto-Telluric (MT) survey planned for the Storm MRE area and other areas of interest along the 110km prospective copper horizon
  • Forward planning for 2025 field season. The sealift operation completed in Q4 2024 delivered bulk supplies to Storm in preparation for the 2025 field season, significantly streamlining logistics to enable a short lead time for start of drilling in 2025 and reducing 2025 costs by circa. $4m

The PEA has outlined a technically robust project and demonstrated that Storm has the potential to become a profitable, long-life mine with strong economic returns for the Company.

The PEA estimates that an open pit mining and mineral processing facility at Storm can be developed with a low initial capital cost of US$47.4m to deliver a project NPV of approximately US$149m and a post-tax IRR of approximately 46%.

Shareholder returns can be substantially enhanced by use of 100% debt to fund development, which boosts the approximate pre-tax IRR to an impressive 135%. American West is in ongoing discussions with a number of parties regarding the potential for off-take or other debt-based financing for the development of Storm.

The PEA is based on the current Storm MRE of 20.6Mt at 1.1% Cu and 3.8g/t Ag which contains 229Kt of copper and 2.2Moz of silver (using a 0.35% Cu cut-off). With less than 5% of the 110km prospective copper horizon at Storm systematically explored with drilling and numerous exploration targets already identified along the copper belt, there is strong potential to add significant copper resources to the Storm MRE. The Company is planning a major exploration program for 2025 to test a pipeline of high-quality copper targets.

American West believes the dual focus of exploration in pursuit of new discoveries while progressing feasibility studies will continue to stamp Storm as an attractive copper development opportunity.

The below key economic metrics of the PEA highlight the competitive cost profile and investment returns (all financial metrics are approximations estimated on the basis of assumptions in the PEA). A copy of the PEA is attached to this ASX Release.

Dave O’Neill, American West’s Managing Director, said:

“Our field work and development studies in 2024 have laid the groundwork for what we believe will be a transformational year for American West.

“The initial economic study is an enormous milestone for the Storm Copper Project. It is exciting to announce a low capital cost pathway to mine development with significant upside to expand the production profile and mine life as our continuing exploration identifies further copper resources.

“Storm is now well positioned to be the next copper mine in Canada, joining other very successful base metal mines in the region such as Polaris (22Mt @ 14.1% Zn, 4% Pb) which operated for 21 Years, and Nanisivik (18Mt @ 9% Zn, 0.7% Pb) which operated for 26 years. We will now initiate the permitting process and progress feasibility study work.

“American West will also continue a strong focus on resource expansion and exploration drilling to fully unlock the resource potential along the prospective 110km copper belt at Storm.

“Exploration in 2024 delivered a pipeline of new discoveries and targets that we will follow-up in 2025. There are several large-scale exploration targets that offer excellent potential for a new discovery – walk-up drill targets that are supported by strong EM plates, gravity anomalies, copper gossans at surface, or high-grade copper confirmed by reconnaissance drilling.

“There is very strong potential to quickly add tonnes to the existing mineral resource estimate. With the scoping study supporting the economic potential of a mining operation at Storm, any increase in the resource is likely to further enhance the potential economics of that mining operation.

“We look forward to updating investors on the 2025 field program as arrangements are finalised.”


Click here for the full ASX Release

This post appeared first on investingnews.com

Mithril Drills 20.5 g/t Gold, 1,833 g/t Silver Over 4.95m

(TheNewswire)

March 3, 2025 TheNewswire – Drilling at La Soledad, has intercepted multiple high-grade veins as the Target 1 resource update drilling progresses at the Copalquin silver and gold district property in Durango State, Mexico.

HIGHLIGHTS

  • 4.95m @ 20.5 g/t gold, 1,833 g/t silver, from 107m (MTH-ES25-11), including

    • 0.55m @ 110 g/t gold, 7,530 g/t silver, from 110m,

  • 0.56m @ 22.8 g/t gold, 1,425 g/t silver, from 130.49m

  • 3.77m @ 1.42 g/t gold, 100.8 g/t silver, from 136.78m, including

    • 0.92m @ 4.97 g/t gold, 296.4 g/t silver, from 136.78m

  • 2.55m @ 9.97 g/t gold, 571.8 g/t silver from 112m, (MTH-ES25-10), including

    • 1.00m @ 20.7 g/t gold, 1,130 g/t silver from 113m

  • 4.85m @ 1.47 g/t gold, 165.3 g/t silver, from 67.2m including

    • 0.80m @ 4.49 g/t gold, 308 g/t silver from 68.0m

    • 0.55m @ 2.42 g/t gold, 504 g/t silver from 70.0m

  • 0.25m @ 15.2 g/t gold, 786 g/t silver from 98.25m (MTH-ES25-09),

  • 0.30m @ 5.39 g/t gold, 210 g/t silver from 138m

  • 0.50m @ 13.25 g/t gold, 584 g/t silver from 89.8m (MTH-ES25-08),

  • 7.40m @ 1.59 g/t gold, 64.6 g/t silver from 17.6m, including

    • 2.48m @ 3.28 g/t gold, 107.4 g/t silver from 17.6m

  • 1.75m @ 1.29 g/t gold, 41.4g/t silver from 97.0m

  • In February, a further six drill holes have been completed at La Soledad, with drilling ongoing expanding the footprint and structural knowledge in this silver and gold rich NW trending structure.  Considerable strike and depth potential exists in this area.

  • Addition of a second drill is on schedule with the municipal access road upgrade for completion late March, allowing 35,000m of core drilling in the district throughout 2025 and advancing the next two target areas while developing the large district scale geologic model

Mithril Silver and Gold Limited (‘Mithril’ or ‘the Company’) (MTH:ASX, MSG:TSXV) announces drill results for the Target 1 resource expansion programme at its Copalquin District project, Mexico.

John Skeet, Mithril’s Managing Director and CEO commented:

‘Drilling at La Soledad in the Target 1 area has continued to produce exceptional results for this silver and gold rich multi-level historic mine area.  The La Soledad structure is open at depth and to the north-west with the opportunity to locate additional ‘ore shoots’ along strike.  The drill program is expanded in the La Soledad area with several additional holes to complete before moving the drill to Refugio West in the Target 1 resource area.  Drilling in the Target 1 area will continue until the end of March 2025, the anticipated cut-off date for the resource update drilling.  The second drill is scheduled to be on site and commence drilling early April, at the Target 2 area.  Progress is on track to complete 35,000 metres of drilling this year, aiming to considerably expand the resource footprint and define the 10 km wide, extensive epithermal silver-gold system in our 70km 2 district.’

COPALQUIN GOLD-SILVER DISTRICT, MEXICO

With 100 historic underground gold-silver mines and workings plus 198 surface workings/pits throughout 70km 2 of mining concession area, Copalquin is an entire mining district with high-grade exploration results and a maiden JORC resource. To date there are several target areas in the district with one already hosting a high-grade gold-silver JORC resource at El Refugio (529koz AuEq @6.81 g/t AuEq) 1 supported by a conceptional underground mining study completed on the maiden resource in early 2022 ( see ASX announcement 01 March 2022 and metallurgical test work (see ASX Announcement 25 February 2022 ). There is considerable strike and depth potential to increase the resource at El Refugio and at other target areas across the district, plus the underlying geologic system that is responsible for the widespread gold-silver mineralisation.

With the district-wide gold and silver occurrences and rapid exploration success, it is clear the Copalquin District is d eveloping into another significant gold-silver district like the many other districts in this prolific Sierra Madre Gold-Silver Trend of Mexico.

Drilling is in progress at the Target 1 drill area where the current maiden resource drilling is scheduled to be completed by end of Q1 2025. Channel sampling work, using a diamond rock saw, has continued adjacent to the Target 1 area and immediately to the south towards the Copalquin creek. Drilling is planned to commence with the second drill rig at the Target 2 area by April 2025.


Click Image To View Full Size

Figure 1 LiDAR identified historic workings across the 70km 2 district.  Target 1 area current drilling location, channel sampling area and the high priority drill target areas of Las Brujas-El Peru (Target 2) and La Constancia-El Jabali (Target 3).  Several new areas highlighted across the district for follow-up work.

Drill Results Discussion

Drilling at La Soledad , the north-westerly tending structure on the north-eastern side of the Target 1 resource area, has returned excellent intercepts ahead of the planned resource update.  Results for drill holes MTH-ES25-08 to MTH-ES25-11 are summarised below.  Drilling is continuing at La Soledad where a further seven holes have been completed and four of these dispatched to the assay laboratory.

  • 4.95m @ 20.5 g/t gold, 1,833 g/t silver, from 107m (MTH-ES25-11), including

    • 0.55m @ 110 g/t gold, 7,530 g/t silver, from 110m,

  • 0.56m @ 22.8 g/t gold, 1,425 g/t silver, from 130.49m

  • 3.77m @ 1.42 g/t gold, 100.8 g/t silver, from 136.78m, including

    • 0.92m @ 4.97 g/t gold, 296.4 g/t silver, from 136.78m

  • 4.85m @ 1.47 g/t gold, 165.3 g/t silver, from 67.2m (MTH-ES25-10), including

    • 0.80m @ 4.49 g/t gold, 308 g/t silver from 68.0m

    • 0.55m @ 2.42 g/t gold, 504 g/t silver from 70.0m

  • 2.55m @ 9.97 g/t gold, 571.8 g/t silver from 112m, including

    • 1.00m @ 20.7 g/t gold, 1,130 g/t silver from 113m

  • 0.25m @ 15.2 g/t gold, 786 g/t silver from 98.25m (MTH-ES25-09), plus

  • 0.30m @ 5.39 g/t gold, 210 g/t silver from 138m

  • 7.40m @ 1.59 g/t gold, 64.6 g/t silver from 17.6m (MTH-ES25-08), including

    • 2.48m @ 3.28 g/t gold, 107.4 g/t silver from 17.6m

  • 0.50m @ 13.25 g/t gold, 584 g/t silver from 89.8m

  • 1.75m @ 1.29 g/t gold, 41.4g/t silver from 97.0m


Click Image To View Full Size


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At El Cometa on the eastern side of the Target 1, the last two holes completed at resource area returned multiple shallow intercepts.  The near surface ( 2 compared with 1.00 g/t AuEq 2 for >100m down hole intercept reporting) reflecting its potential for lower cost mining methods.

El Cometa features a broad mineralised structure with cross cutting structures hosting very high-grade gold and silver, such as reported from drill hole CDH-159 in 2024 ( 33.00m @31.8 g/t gold, 274 g/t silver from surface).

Intercepts for MTH-EC25-06 and MTH-EC25-07 are summarised below and have continued to build on the excellent results from this shallow mineralisation.

  • 1.00m @ 1.56 g/t gold, 58.3 g/t silver from 31.0m (MTH-ES25-07)

  • 1.00m @ 0.72 g/t gold, 29.0 g/t silver from 33.5m

  • 6.00m @ 1.33 g/t gold, 178.6 g/t silver from 95.0m, including

    • 1.70m @ 4.07 g/t gold, 588 g/t silver from 98.15m

  • 7.00m @ 1.56 g/t gold, 70.5 g/t silver from 126m, including

    • 1.00m @ 8.70 g/t gold, 272 g/t silver from 127m

  • 2.90m @ 0.83 g/t gold, 88.0 g/t silver from 22.6m (MTH-ES25-06)


Click Image To View Full Size


Click Image To View Full Size

ABOUT THE COPALQUIN GOLD SILVER PROJECT

The Copalquin mining district is located in Durango State, Mexico and covers an entire mining district of 70km 2 containing several dozen historic gold and silver mines and workings, ten of which had notable production. The district is within the Sierra Madre Gold Silver Trend which extends north-south along the western side of Mexico and hosts many world-class gold and silver deposits.

Multiple mineralisation events, young intrusives thought to be system-driving heat sources, widespread alteration together with extensive surface vein exposures and dozens of historic mine workings, identify the Copalquin mining district as a major epithermal centre for Gold and Silver.

Within 15 months of drilling in the Copalquin District, Mithril delivered a maiden JORC mineral resource estimate demonstrating the high-grade gold and silver resource potential for the district. This maiden resource is detailed below (see ASX release 17 November 2021 ) ^ and NI43-101 Technical Report filed on SEDAR+

  • 2,416,000 tonnes 4.80 g/t gold, 141 g/t silver for 373,000 oz gold plus 10,953,000 oz silver (Total 529,000 oz AuEq*) using a cut-off grade of 2.0 g/t AuEq*

  • 28.6% of the resource tonnage is classified as indicated

Tonnes

(kt)

Tonnes

(kt)

Gold

(g/t)

Silver

(g/t)

Gold Eq.* (g/t)

Gold

(koz)

Silver

(koz)

Gold Eq.* (koz)

El Refugio

Indicated

691

5.43

114.2

7.06

121

2,538

157

Inferred

1,447

4.63

137.1

6.59

215

6,377

307

La Soledad

Indicated

–

–

–

–

–

–

–

Inferred

278

4.12

228.2

7.38

37

2,037

66

Total

Indicated

691

5.43

114.2

7.06

121

2,538

157

Inferred

1,725

4.55

151.7

6.72

252

8,414

372

TOTAL

2,416

4.80

141

6.81

373

10,953

529

Table 1 – Mineral resource estimate El Refugio – La Soledad using a cut-off grade of 2.0 g/t AuEq*

*  The gold equivalent (AuEq.) values are determined from gold and silver values and assume the following:  AuEq. = gold equivalent calculated using and gold:silver price ratio of 70:1.  That is, 70 g/t silver = 1 g/t gold.  The metal prices used to determine the 70:1 ratio are the cumulative average prices for 2021: gold USD1,798.34 and silver: USD25.32 (actual is 71:1) from kitco.com.  Metallurgical recoveries are assumed to be approximately equal for both gold and silver at this early stage. Actual metallurgical recoveries from test work to date are 96% and 91% for gold and silver, respectively.  In the Company’s opinion there is reasonable potential for both gold and silver to be extracted and sold. Actual metal prices have not been used in resource estimate, only the price ratio for the AuEq reporting. Formula for AuEq. = Au grade +((Ag grade/gold:silver price ratio) x (Ag recovery/Au recovery))

^ The information in this report that relates to Mineral Resources or Ore Reserves is based on information provided in the following ASX announcement: 17 Nov 2021 – MAIDEN JORC RESOURCE 529,000 OUNCES @ 6.81G/T (AuEq * ), which includes the full JORC MRE report, also available on the Mithril Resources Limited Website.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Mining study and metallurgical test work supports the development of the El Refugio-La Soledad resource with conventional underground mining methods indicated as being appropriate and with high gold-silver recovery to produce metal on-site with conventional processing.

Mithril is currently exploring in the Copalquin District to expand the resource footprint, demonstrating its multi-million-ounce gold and silver potential.

Mithril has an exclusive option to purchase 100% interest in the Copalquin mining concessions by paying US$10M on or any time before 7 August 2026 (option has been extended by 3 years). Mithril has reached an agreement with the vendor for an extension of the payment date by a further 2 years (bringing the payment date to 7 August 2028).


Click Image To View Full Size

Figure 2 – Copalquin District location map, locations of mining and exploration activity and local infrastructure

-ENDS-

Released with the authority of the Board.

For further information contact:

John Skeet

Managing Director and CEO

jskeet@mithrilsilvergold.com

+61 435 766 809

+1 672 962 7112

Mark Flynn

Investor Relations

mflynn@mithrilresources.com.au

+61 416 068 733

Competent Persons Statement – JORC

The information in this announcement that relates to metallurgical test results, mineral processing and project development and study work has been compiled by Mr John Skeet who is Mithril’s CEO and Managing Director. Mr Skeet is a Fellow of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

Mr Skeet has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Skeet consents to the inclusion in this report of the matters based on information in the form and context in which it appears. The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

The information in this announcement that relates to sampling techniques and data, exploration results and geological interpretation for Mithril’s Mexican project, has been compiled by Mr Ricardo Rodriguez who is Mithril’s Project Manager. Mr Rodriguez is a Member of the Australasian Institute of Mining and Metallurgy. This is a Recognised Professional Organisation (RPO) under the Joint Ore Reserves Committee (JORC) Code.

Mr Rodriguez has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Rodriguez consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources is reported by Mr Rodney Webster, Principal Geologist at AMC Consultants Pty Ltd (AMC), who is a Member of the Australasian Institute of Mining and Metallurgy. The report was peer reviewed by Andrew Proudman, Principal Consultant at AMC. Mr Webster is acting as the Competent Person, as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, for the reporting of the Mineral Resource estimate. A site visit was carried out by Jose Olmedo a geological consultant with AMC, in September 2021 to observe the drilling, logging, sampling and assay database. Mr Webster consents to the inclusion in this report of the matters based on information in the form and context in which it appears

The Australian Securities Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Qualified Persons – NI 43-101

Scientific and technical information in this Report has been reviewed and approved by Mr John Skeet (FAUSIMM, CP) Mithril’s Managing Director and Chief Executive Officer. Mr John Skeet is a qualified person within the meaning of NI 43-101.

Table 2 Mineralised intercepts in reported drillholes above 0.1 g/t AuEq.

(*See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. Calculation)

Hole ID

From (m)

To (m)

Length (m)

Sample ID

Gold (g/t)

Silver (g/t)

AuEq*

AgEq*

MTH-EC25-06

3

4

1

799610

0.043

3.9

0.1

6.91

MTH-EC25-06

11

12

1

799619

0.065

3.7

0.12

8.25

MTH-EC25-06

14

15

1

799622

0.069

6.6

0.16

11.43

MTH-EC25-06

16

17

1

799624

0.117

4.6

0.18

12.79

MTH-EC25-06

17

18

1

799626

0.072

2.7

0.11

7.74

MTH-EC25-06

18

19

1

799627

0.048

6.7

0.14

10.06

MTH-EC25-06

19

20

1

799628

0.065

2.3

0.1

6.85

MTH-EC25-06

20

21

1

799629

0.05

4.5

0.11

8

MTH-EC25-06

22

22.6

0.6

799631

0.037

4.9

0.11

7.49

MTH-EC25-06

22.6

23.25

0.65

799632

0.596

30.1

1.03

71.82

MTH-EC25-06

23.25

24

0.75

799633

0.46

36.2

0.98

68.4

MTH-EC25-06

24

25

1

799634

1.365

174

3.85

269.55

MTH-EC25-06

25

25.5

0.5

799635

0.599

68.8

1.58

110.73

MTH-EC25-06

25.5

26

0.5

799636

0.154

10.3

0.3

21.08

MTH-EC25-06

26

26.85

0.85

799637

0.274

14.9

0.49

34.08

MTH-EC25-06

26.85

27.85

1

799638

0.065

5.1

0.14

9.65

MTH-EC25-06

27.85

28.85

1

799639

0.078

11.5

0.24

16.96

MTH-EC25-06

28.85

29.85

1

799641

0.34

27.1

0.73

50.9

MTH-EC25-06

29.85

30.85

1

799642

0.263

12.3

0.44

30.71

MTH-EC25-06

30.85

31.45

0.6

799643

0.068

11.2

0.23

15.96

MTH-EC25-06

31.45

32.1

0.65

799644

0.136

6.3

0.23

15.82

MTH-EC25-06

32.1

32.6

0.5

799645

0.127

6.4

0.22

15.29

MTH-EC25-06

32.6

33.17

0.57

799646

0.094

8.5

0.22

15.08

MTH-EC25-06

33.17

33.81

0.64

799647

0.095

5.8

0.18

12.45

MTH-EC25-06

33.81

34.4

0.59

799648

0.175

16.4

0.41

28.65

MTH-EC25-06

34.4

35

0.6

799649

0.094

6

0.18

12.58

MTH-EC25-07

15

15.55

0.55

799704

0.158

6.2

0.25

17.26

MTH-EC25-07

15.55

16.05

0.5

799705

0.347

4.3

0.41

28.59

MTH-EC25-07

21

21.5

0.5

799711

0.037

7.7

0.15

10.29

MTH-EC25-07

21.5

22

0.5

799712

0.055

25.5

0.42

29.35

MTH-EC25-07

31

32

1

799723

1.56

58.3

2.39

167.5

MTH-EC25-07

33.5

34

0.5

799727

0.332

13.9

0.53

37.14

MTH-EC25-07

34

34.5

0.5

799728

1.11

44.2

1.74

121.9

MTH-EC25-07

36

37

1

799731

0.057

4.8

0.13

8.79

MTH-EC25-07

37

38

1

799732

0.086

3.5

0.14

9.52

MTH-EC25-07

39

39.85

0.85

799734

0.116

4.8

0.18

12.92

MTH-EC25-07

39.85

40.85

1

799735

0.089

4.2

0.15

10.43

MTH-EC25-07

40.85

41.85

1

799736

0.096

5

0.17

11.72

MTH-EC25-07

41.85

42.85

1

799737

0.048

4.3

0.11

7.66

MTH-EC25-07

42.85

43.55

0.7

799738

0.246

11.4

0.41

28.62

MTH-EC25-07

69

69.8

0.8

799745

0.096

4.5

0.16

11.22

MTH-EC25-07

79.2

80

0.8

799746

0.408

15.9

0.64

44.46

MTH-EC25-07

82

82.8

0.8

799749

0.079

6

0.16

11.53

MTH-EC25-07

85.85

86.35

0.5

799751

0.548

1.8

0.57

40.16

MTH-EC25-07

86.35

87

0.65

799752

0.391

13.7

0.59

41.07

MTH-EC25-07

87

87.55

0.55

799753

0.056

4.8

0.12

8.72

MTH-EC25-07

88.6

89.4

0.8

799755

0.444

6

0.53

37.08

MTH-EC25-07

89.4

89.95

0.55

799756

0.1

6.5

0.19

13.5

MTH-EC25-07

89.95

90.7

0.75

799757

0.117

6.7

0.21

14.89

MTH-EC25-07

90.7

91.5

0.8

799758

0.088

5.9

0.17

12.06

MTH-EC25-07

91.5

92

0.5

799759

0.069

2.2

0.10

7.03

MTH-EC25-07

94.5

95

0.5

799763

0.088

2.2

0.12

8.36

MTH-EC25-07

95

95.7

0.7

799764

0.177

6.2

0.27

18.59

MTH-EC25-07

95.7

96.35

0.65

799765

0.888

29.9

1.32

92.06

MTH-EC25-07

97

98.15

1.15

799767

0.131

14.1

0.33

23.27

MTH-EC25-07

98.15

99

0.85

799768

5.54

767

16.50

1154.8

MTH-EC25-07

99

99.85

0.85

799769

2.6

409

8.44

591.00

MTH-EC25-07

99.85

100.35

0.5

799770

0.096

31.4

0.54

38.12

MTH-EC25-07

100.35

101

0.65

799771

0.206

20.9

0.50

35.32

MTH-EC25-07

101

101.8

0.8

799772

0.076

6.8

0.17

12.12

MTH-EC25-07

102.4

103

0.6

799774

0.082

7.3

0.19

13.04

MTH-EC25-07

103

104

1

799776

0.112

12.7

0.29

20.54

MTH-EC25-07

104

104.5

0.5

799777

0.033

6

0.12

8.31

MTH-EC25-07

104.5

105.2

0.7

799778

0.049

10

0.19

13.43

MTH-EC25-07

107

108

1

799781

0.141

7.6

0.25

17.47

MTH-EC25-07

108

109

1

799782

0.086

5.7

0.17

11.72

MTH-EC25-07

109

110

1

799783

0.051

4.8

0.12

8.37

MTH-EC25-07

112.65

113.65

1

799787

0.233

19.5

0.51

35.81

MTH-EC25-07

116.65

117.65

1

799791

0.109

12

0.28

19.63

MTH-EC25-07

125.4

126

0.6

799792

0.133

8.5

0.25

17.81

MTH-EC25-07

126

127

1

799793

0.232

33.3

0.71

49.54

MTH-EC25-07

127

128

1

799794

8.7

272

12.59

881

MTH-EC25-07

128

129

1

799795

0.181

30.6

0.62

43.27

MTH-EC25-07

129

130

1

799796

0.953

91.4

2.26

158.11

MTH-EC25-07

130

131

1

799797

0.178

15

0.39

27.46

MTH-EC25-07

131

132

1

799798

0.261

27.7

0.66

45.97

MTH-EC25-07

132

133

1

799799

0.425

23.8

0.77

53.55

MTH-EC25-07

133

134

1

799802

0.034

6.6

0.13

8.98

MTH-EC25-07

134

135

1

799803

0.075

7.8

0.19

13.05

MTH-EC25-07

135

136

1

799804

0.442

15.2

0.66

46.14

MTH-EC25-07

137

138

1

799806

0.138

5.2

0.21

14.86

MTH-EC25-07

138

139

1

799807

0.083

6.1

0.17

11.91

MTH-EC25-07

139

140

1

799808

0.069

6.8

0.17

11.63

MTH-EC25-07

140

141

1

799809

0.055

4.6

0.12

8.45

MTH-EC25-07

146

147

1

799815

0.499

56.3

1.30

91.23

MTH-EC25-07

148

149

1

799817

0.047

4.6

0.11

7.89

MTH-EC25-07

149

150

1

799818

0.078

8.2

0.20

13.66

MTH-EC25-07

150

150.6

0.6

799819

0.369

20.7

0.66

46.53

MTH-EC25-07

152

153

1

799822

0.219

35

0.72

50.33

MTH-EC25-07

155

156

1

799826

0.262

37.3

0.79

55.64

MTH-EC25-07

184.5

185

0.5

799834

0.065

4.9

0.14

9.45

MTH-EC25-07

189.05

189.65

0.6

799841

0.082

4.2

0.14

9.94

MTH-EC25-07

189.65

190.15

0.5

799842

0.062

5.6

0.14

9.94

MTH-EC25-07

196

196.5

0.5

799849

0.154

7.8

0.27

18.58

MTH-EC25-07

196.5

197.1

0.6

799851

0.375

1.8

0.40

28.05

MTH-EC25-07

199.6

200.1

0.5

799855

0.098

1.8

0.12

8.66

MTH-EC25-07

200.1

201

0.9

799856

0.065

2.7

0.10

7.25

MTH-LS25-08

0

1.5

1.5

799861

0.136

18.2

0.40

27.72

MTH-LS25-08

2

3

1

799863

0.044

10.2

0.19

13.28

MTH-LS25-08

3

4

1

799864

0.069

7.7

0.18

12.53

MTH-LS25-08

4

5

1

799865

0.058

5.8

0.14

9.86

MTH-LS25-08

5

6

1

799866

0.96

15.4

1.18

82.6

MTH-LS25-08

7

8

1

799868

0.089

1

0.10

7.23

MTH-LS25-08

14

15

1

799876

0.479

10.6

0.63

44.13

MTH-LS25-08

16.5

17.6

1.1

799879

0.061

3.5

0.11

7.77

MTH-LS25-08

17.6

18.1

0.5

799881

1.19

51.5

1.93

134.8

MTH-LS25-08

18.1

19

0.9

799882

0.36

62.2

1.25

87.4

MTH-LS25-08

19

20.08

1.08

799883

7.97

171

10.41

728.9

MTH-LS25-08

20.08

21

0.92

799884

0.22

34.9

0.72

50.44

MTH-LS25-08

21

21.5

0.5

799885

0.22

35.9

0.74

51.51

MTH-LS25-08

21.5

22

0.5

799886

1.88

76.7

2.98

208.3

MTH-LS25-08

22

23

1

799887

0.36

46.2

1.02

71.33

MTH-LS25-08

23

24

1

799888

0.26

43.9

0.89

62.31

MTH-LS25-08

24

25

1

799889

0.33

33.4

0.81

56.36

MTH-LS25-08

25

26

1

799890

0.07

4.1

0.13

9.00

MTH-LS25-08

29

30

1

799894

0.037

7

0.14

9.59

MTH-LS25-08

30

31

1

799895

0.027

5.7

0.11

7.59

MTH-LS25-08

39.5

40

0.5

799906

0.055

16.9

0.30

20.75

MTH-LS25-08

40

40.5

0.5

799907

0.345

8.2

0.46

32.35

MTH-LS25-08

41

41.5

0.5

799909

0.629

7.5

0.74

51.53

MTH-LS25-08

42

43

1

799911

0.339

2.4

0.37

26.13

MTH-LS25-08

71

72

1

799916

0.037

4.8

0.11

7.39

MTH-LS25-08

88

89

1

799917

0.332

9.7

0.47

32.94

MTH-LS25-08

89

89.8

0.8

799918

0.033

5.2

0.11

7.51

MTH-LS25-08

89.8

90.3

0.5

799919

13.25

584

18.34

1284

MTH-LS25-08

90.3

91

0.7

799921

0.11

5.7

0.19

13.4

MTH-LS25-08

97

97.75

0.75

799929

0.566

28.1

0.97

67.72

MTH-LS25-08

97.75

98.25

0.5

799930

2.44

58.4

3.27

229.2

MTH-LS25-08

98.25

98.75

0.5

799931

1.23

44.4

1.86

130.5

MTH-LS25-08

98.75

99.75

1

799932

0.121

1.3

0.14

9.77

MTH-LS25-08

105

106

1

799940

0.112

4.5

0.18

12.34

MTH-LS25-08

107.3

108

0.7

799943

0.35

5.2

0.42

29.7

MTH-LS25-08

179.35

179.85

0.5

799982

0.98

3.3

1.03

71.9

MTH-LS25-08

185

186

1

799989

0.26

6.8

0.36

25.00

MTH-LS25-08

187.58

188.15

0.57

799992

0.332

2.3

0.36

25.54

MTH-LS25-09

20

20.74

0.74

800008

0.09

2

0.12

8.23

MTH-LS25-09

20.74

21.67

0.93

800009

0.14

4.3

0.20

13.89

MTH-LS25-09

21.67

22.5

0.83

800010

0.43

2

0.45

31.82

MTH-LS25-09

40

40.6

0.6

800018

0.10

5.4

0.18

12.61

MTH-LS25-09

48.3

48.91

0.61

800022

0.36

35.3

0.87

60.64

MTH-LS25-09

48.91

49.41

0.5

800023

0.25

21.7

0.56

39.41

MTH-LS25-09

88.5

89

0.5

800035

0.56

28.8

0.97

67.65

MTH-LS25-09

98.25

98.5

0.25

800036

15.20

786

26.43

1850

MTH-LS25-09

120.5

121

0.5

800039

0.33

31.7

0.78

54.59

MTH-LS25-09

138

138.3

0.3

800043

5.39

210

8.39

587.3

MTH-LS25-09

196

196.9

0.9

800062

0.19

0.8

0.20

14.24

MTH-LS25-09

196.9

197.45

0.55

800063

0.11

1.1

0.12

8.59

MTH-LS25-09

198

199

1

800065

0.22

0.7

0.23

15.96

MTH-LS25-10

65

66

1

800098

0.042

5.4

0.12

8.34

MTH-LS25-10

66

66.6

0.6

800099

0.079

14.7

0.29

20.23

MTH-LS25-10

66.6

67.2

0.6

800101

0.099

11.7

0.27

18.63

MTH-LS25-10

67.2

68

0.8

800102

0.968

122

2.71

189.76

MTH-LS25-10

68

68.8

0.8

800103

4.49

308

8.89

622.30

MTH-LS25-10

68.8

69.4

0.6

800104

0.106

3.6

0.16

11.02

MTH-LS25-10

69.4

70

0.6

800105

0.299

5.6

0.38

26.53

MTH-LS25-10

70

70.55

0.55

800106

2.42

504

9.62

673.40

MTH-LS25-10

70.55

71.25

0.7

800107

0.127

4

0.18

12.89

MTH-LS25-10

71.25

72.05

0.8

800108

1.39

215

4.46

312.30

MTH-LS25-10

73

74

1

800110

0.27

6.3

0.36

25.20

MTH-LS25-10

75

76

1

800112

0.147

5.9

0.23

16.19

MTH-LS25-10

76

77

1

800113

0.083

5.4

0.16

11.21

MTH-LS25-10

91.5

92.25

0.75

800131

0.083

15.2

0.30

21.01

MTH-LS25-10

98.1

98.8

0.7

800139

0.042

6.3

0.13

9.24

MTH-LS25-10

102

102.55

0.55

800144

0.022

42.7

0.63

44.24

MTH-LS25-10

102.55

103.1

0.55

800145

0.4

17.4

0.65

45.40

MTH-LS25-10

103.1

104

0.9

800146

0.641

27.3

1.03

72.17

MTH-LS25-10

108

108.95

0.95

800152

0.069

37.5

0.60

42.33

MTH-LS25-10

108.95

109.45

0.5

800153

0.043

7.6

0.15

10.61

MTH-LS25-10

110.05

111

0.95

800155

0.132

5.9

0.22

15.14

MTH-LS25-10

111

112

1

800156

0.156

11

0.31

21.92

MTH-LS25-10

112

113

1

800157

0.659

82.2

1.83

128.33

MTH-LS25-10

113

114

1

800158

20.70

1130

36.84

2579.00

MTH-LS25-10

114

114.55

0.55

800159

7.4

447

13.79

965.00

MTH-LS25-10

114.55

115.05

0.5

800161

0.122

10.3

0.27

18.84

MTH-LS25-10

115.05

116

0.95

800162

0.255

17.1

0.50

34.95

MTH-LS25-10

116

117

1

800163

0.108

14.3

0.31

21.86

MTH-LS25-10

124.1

125

0.9

800172

0.027

8.4

0.15

10.29

MTH-LS25-10

127.6

128.1

0.5

800177

1.93

141

3.94

276.10

MTH-LS25-10

128.6

129.2

0.6

800179

1.14

24.3

1.49

104.10

MTH-LS25-10

130

131

1

800181

0.043

8

0.16

11.01

MTH-LS25-10

141.6

142.1

0.5

800193

2.74

123

4.50

314.80

MTH-LS25-10

189.1

190

0.9

800220

0.18

3.3

0.23

15.90

MTH-LS25-10

192.3

192.8

0.5

800224

0.081

2

0.11

7.67

MTH-LS25-11

102.2

103.15

0.95

800281

0.23

22.6

0.55

38.70

MTH-LS25-11

103.15

103.95

0.8

800282

0.109

7.7

0.22

15.33

MTH-LS25-11

105

106

1

800284

0.097

12.1

0.27

18.89

MTH-LS25-11

106

107

1

800285

0.565

27.5

0.96

67.05

MTH-LS25-11

107

108

1

800286

1

27.2

1.39

97.20

MTH-LS25-11

108

108.8

0.8

800287

31.6

4030

89.17

6242.00

MTH-LS25-11

108.8

109.35

0.55

800288

7.15

641

16.31

1141.50

MTH-LS25-11

109.35

110

0.65

800289

8.69

892

21.43

1500.30

MTH-LS25-11

110

110.55

0.55

800290

110

7530

217.57

15230.00

MTH-LS25-11

110.55

111.25

0.7

800291

6.95

1020

21.52

1506.50

MTH-LS25-11

111.25

111.95

0.7

800292

0.505

50.1

1.22

85.45

MTH-LS25-11

111.95

113

1.05

800293

0.359

37.8

0.90

62.93

MTH-LS25-11

129.49

130.49

1

800297

0.251

26.2

0.63

43.77

MTH-LS25-11

130.49

131.05

0.56

800298

22.8

1425

43.16

3021.00

MTH-LS25-11

136.78

137.2

0.42

800306

1.12

88.6

2.39

167.00

MTH-LS25-11

137.2

137.7

0.5

800307

8.21

471

14.94

1045.70

MTH-LS25-11

137.7

138.6

0.9

800308

0.132

11.8

0.30

21.04

MTH-LS25-11

138.6

139.6

1

800309

0.453

38.6

1.00

70.31

MTH-LS25-11

139.6

140.55

0.95

800310

0.212

61.2

1.09

76.04

MTH-LS25-11

140.55

141.15

0.6

800311

0.037

6.9

0.14

9.49

MTH-LS25-11

148

148.45

0.45

800323

0.277

4.6

0.34

23.99

MTH-LS25-11

173

174

1

800330

0.012

7.6

0.12

8.44

MTH-LS25-11

182

182.6

0.6

800336

0.265

14.5

0.47

33.05

MTH-LS25-11

182.6

183.1

0.5

800337

0.069

3.5

0.12

8.33

MTH-LS25-11

191

191.5

0.5

800347

0.064

5.6

0.14

10.08

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling techniques

  • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

  • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

  • Aspects of the determination of mineralisation that are Material to the Public Report.

  • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

  • Samples for the Copalquin, Mexico drill programs consist of ½ HQ core cut lengthwise with a diamond saw. Intervals are nominally 1 m but may vary between 1.5 m to 0.5 m based on geologic criteria.

  • Deeper portions of holes from CDH-075 onward consist of ½ NQ core. Sample sizes are tracked by core diameter and sample weights.

  • The same side of the core is always sent to sample (left side of saw).

  • Reported intercepts are calculated as either potentially underground mineable (below 120m below surface) or as potentially open-pit mineable (near surface).

  • Potentially underground mineable intercepts are calculated as length weighted averages of material greater than 1 g/t AuEQ_70 allowing up to 2m of internal dilution.

  • Potentially open-pit mineable intercepts are calculated as length weighted averages of material greater than 0.25 g/t AuEQ_70 allowing for up to 2m of internal dilution.

  • Rock chip sampling is done with hammer and chisel along continuous chip lines oriented perpendicular to the mineralized structure. The samples are as representative as possible.

Drilling techniques

  • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

  • Drilling is done with an MP500 man-portable core rig capable of drilling HQ size core to depths of 400 m. Core is recovered in a standard tube. Less than 6% of the total core drilled is NQ size core (as of 2025-03-03).

Drill sample recovery

  • Method of recording and assessing core and chip sample recoveries and results assessed.

  • Measures taken to maximise sample recovery and ensure representative nature of the samples.

  • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

  • Drill recovery is measured based on measured length of core divided by length of drill run.

  • Recovery in holes CDH-001 through CDH-025 and holes CDH-032 through CDH-077 was always above 90% in the mineralized zones. Detailed core recovery data are maintained in the project database.

  • Holes CDH-026 through CDH-031 had problems with core recovery in highly fractured, clay rich breccia zones.

  • There is no adverse relationship between recovery and grade identified to date.

Logging

  • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

  • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

  • The total length and percentage of the relevant intersections logged.

•        Core samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

•        Core logging is both qualitative or quantitative in nature. Photos are taken of each box of core before samples are cut. Core is wetted to improve visibility of features in the photos.

  • All core has been logged and photographed.

Sub-sampling techniques and sample preparation

  • If core, whether cut or sawn and whether quarter, half or all core taken.

  • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

  • For all sample types, the nature, quality and appropriateness of the sample preparation technique.

  • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

  • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

  • Whether sample sizes are appropriate to the grain size of the material being sampled.

•        Core is sawn and half core is taken for sample.

•        Samples are prepared using ALS Minerals Prep-31 crushing, splitting and pulverizing. This is appropriate for the type of deposit being explored.

•        Visual review to assure that the cut core is ½ of the core is performed to assure representativity of samples.

•        field duplicate/second-half sampling is undertaken for 3% of all samples to determine representativity of the sample media submitted.

  • Sample sizes are appropriate to the grain size of the material being sampled.

Quality of assay data and laboratory tests

  • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

  • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

  • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

•        Samples are assayed for gold using ALS Minerals Au-AA25 method a 30 g fire assay with an AA finish. This is considered a total assay technique.

Samples are assayed for silver using ALS Minerals ME-ICP61 method. Over limits are assayed by AgOG63 and AgGRAV21. These are considered a total assay technique.

  • Standards, blanks and duplicates are inserted appropriately into the sample stream.  External laboratory checks will be conducted as sufficient samples are collected. Levels of accuracy (ie lack of bias) and precision have not yet been established.

  • Soil sampling is also subject to a program of standards and blanks using the X-ray florescence (XRF) analyser. Results are acceptable. Samples were analysed using three wavelengths 50Kv, 40 Kv and 15 Kv for times of 120 seconds, 30 seconds and 30 seconds respectively.

  • Samples with significant amounts of observed visible gold are also assayed by AuSCR21, a screen assay that analyses gold in both the milled pulp and in the residual oversize from pulverization. This has been done for holes CDH-075 and CDH-077.

Verification of sampling and assaying

  • The verification of significant intersections by either independent or alternative company personnel.

  • The use of twinned holes.

  • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

  • Discuss any adjustment to assay data.

•        The verification of significant intersections by either independent or alternative company personnel has not been conducted. A re-assay program of pulp duplicates is currently in progress.

•        The use of twinned holes. No twin holes have been drilled.

MTH has drilled one twin hole. Hole CDH-072, reported in the 15/6/2021 announcement, is a twin of holes EC-/002 and UC-03. Results are comparable.

•        Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols are maintained in the company’s core facility.

  • Assay data have not been adjusted other than applying length weighted averages to reported intercepts.

Location of data points

  • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

  • Specification of the grid system used.

  • Quality and adequacy of topographic control.

•        Drill collar coordinates are currently located by handheld GPS. Precise survey of hole locations is planned. Downhole surveys of hole deviation are recorded for all holes. Locations for holes CDH-001 through CDH-048 and CDH-051 through CDH-148 have been surveyed with differential GPS to a sub 10 cm precision.

Hole CDH-005 was not surveyed

•        UTM/UPS WGS 84 zone 13 N

  • High quality topographic control from Photosat covers the entire drill project area.

Data spacing and distribution

  • Data spacing for reporting of Exploration Results.

  • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

  • Whether sample compositing has been applied.

•        Data spacing is appropriate for the reporting of Exploration Results.

•        The Resource estimation re-printed in this announcement was originally released on 16 Nov 2021

  • No sample compositing has been applied.

Orientation of data in relation to geological structure

  • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

  • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

•        Cut lines are marked on the core by the geologists to assure that the orientation of sampling achieves unbiased sampling of possible structures. This is reasonably well observed in the core and is appropriate to the deposit type.

  • The relationship between the drilling orientation and the orientation of key mineralised structures is not considered to have introduced a sampling bias.

Sample security

  • The measures taken to ensure sample security.

  • Samples are stored in a secure core storage facility until they are shipped off site by small aircraft and delivered directly to ALS Global.

Audits or reviews

  • The results of any audits or reviews of sampling techniques and data.

  • A review with spot checks was conducted by AMC in conjunction with the resource estimate published 16 Nov 2021. Results were satisfactory to AMC.

Section 2 Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

  • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

  • Concessions at Copalquin

No.

Concession

Concession Title number

Area (Ha)

Location

1

LA SOLEDAD

52033

6

Tamazula, Durango, Mexico

2

EL COMETA

164869

36

Tamazula, Durango, Mexico

3

SAN MANUEL

165451

36

Tamazula, Durango, Mexico

4

COPALQUIN

178014

20

Tamazula, Durango, Mexico

5

EL SOL

236130

6,000

Tamazula, Durango and Badiraguato, Sinaloa, México

6

EL CORRAL

236131

907.3243

Tamazula, Durango and Badiraguato, Sinaloa, México

Exploration done by other parties

  • Acknowledgment and appraisal of exploration by other parties.

  • Previous exploration by Bell Coast Capital Corp. and UC Resources was done in the late 1990’s and in 2005 – 2007. Work done by these companies is historic and non-JORC compliant. Mithril uses these historic data only as a general guide and will not incorporate work done by these companies in resource modelling.

  • Work done by the Mexican government and by IMMSA and will be used for modelling of historic mine workings which are now inaccessible (void model)

Geology

  • Deposit type, geological setting and style of mineralisation.

  • Copalquin is a low sulfidation epithermal gold-silver deposit hosted in andesite. This deposit type is common in the Sierra Madre Occidental of Mexico and is characterized by quartz veins and stockworks surrounded by haloes of argillic (illite/smectite) alteration. Veins have formed as both low-angle semi-continuous lenses parallel to the contact between granodiorite and andesite and as tabular veins in high-angle normal faults. Vein and breccia thickness has been observed up to 30 meters wide with average widths on the order of 3 to 5 meters. The overall strike length of the semi-continuous mineralized zone from El Gallo to Refugio, Cometa, Los Pinos, Los Reyes, La Montura to Constancia is almost 6 kilometres. The southern area from Apomal to San Manuel and to Las Brujas-El Peru provides additional exploration potential up to 5km.

Drill hole Information

  • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

  • easting and northing of the drill hole collar
    • elevation or RL (Reduced Level – elevation above

  • sea level in metres) of the drill hole collar

  • dip and azimuth of the hole

  • down hole length and interception depth

  • hole length.

  • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Drillhole

Easting

Northing

Elevation

Azimuth

Dip

Final Depth

CDH-167

289607

2823791

1176

240

75

357

MTH-EC24-01

289612

2823837

1155

250

50

291

MTH-EC24-02

289662

2823808

1152

250

50

258

MTH-EC24-03

289594

2823842

1145

250

50

330

MTH-EC24-04

289619

2823766

1168

330

50

240

MTH-EC24-05

289603

2823896

1148

250

50

381

MTH-EC25-06

289612

2823805

1174

145

50

207

MTH-EC25-07

289506

2823824

1186

248

70

210

MTH-LS25-08

289615

2824074

1155

210

60

201

MTH-LS25-09

289570

2824106

1181

210

60

210

MTH-LS25-10

289643

2824122

1148

210

60

210

MTH-LS25-11

289594

2824196

1111

225

67

222

MTH-LS25-12

289665

2824157

1114

210

72

201

MTH-LS25-13

289622

2824214

1093

210

60

210

MTH-LS25-14

289692

2824202

1073

210

60

219

MTH-LS25-15

289536

2824254

1155

210

65

339

MTH-LS25-16

289565

2824286

1162

210

58

342

MTH-LS25-17

289565

2824286

1162

210

75

402

MTH-LS25-18

289565

2824286

1162

225

63

448.5

MTH-LS25-19

289638

2824289

1116

210

70

In Progress

Data aggregation methods

  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

  • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

  • The assumptions used for any reporting of metal equivalent values should be clearly stated.

  • Intercepts are reported for all intercepts greater than or equal to 1 g/t AuEQ_70 using a 70:1 Silver to gold price ratio. No upper cut-off is applied to reporting intercepts.

  • Length weighted averaging is used to report intercepts. The example of CDH-002 is shown. The line of zero assays is a standard which was removed from reporting.

Au

raw

Ag

raw

Length

(m)

Au

*length

Ag

*length

7.51

678

0.5

3.755

339

11.85

425

0.55

6.5175

233.75

0 0 0 0 0

0.306

16

1

0.306

16

0.364

31.7

1

0.364

31.7

3.15

241

0.5

1.575

120.5

10.7

709

0.5

5.35

354.5

15.6

773

0.5

7.8

386.5

From

To

Length

Au gpt

Ag gpt

4.55

25.6675

1481.95

91.95

96.5

4.55

5.64

325.70

  • Metal equivalent grades are reported using a 70:1 silver to gold price ratio. This ratio is based on the gold and silver prices reported on kitco.com as of 11 July 2021 (actual ratio at that date 69.3:1)

Relationship between mineralisation widths and intercept lengths

  • These relationships are particularly important in the reporting of Exploration Results.

  • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

  • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

  • True widths at Refugio between sections 120 and 1,000 vary according to the hole’s dip. Holes drilled at -50 degrees may be considered to have intercept lengths equal to true-widths, Holes drilled at -70 degrees have true widths approximately 92% of the reported intercept lengths and holes drilled at -90 degrees have true widths of 77% of the reported intercept lengths.

  • True widths are not known at La Soledad and downhole intercepts are reported.

Diagrams

  • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

See figures in announcement

Balanced reporting

  • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

  • All exploration results are reported.

Other substantive exploration data

  • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

  • No additional exploration data are substantive at this time.

  • Metallurgical test work on drill core composite made of crushed drill core from the El Refugio drill hole samples has been conducted.

  • The samples used for the test work are representative of the material that makes up the majority of the Maiden Resource Estimate for El Refugio release on 17 th November 2021.

  • The test work was conducted by SGS laboratory Mexico using standard reagents and test equipment.

Further work

  • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

  • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

  • Exploration results from the Copalquin District reporting in this release.

1 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.

2 See ‘About Copalquin Gold Silver Project’ section for JORC MRE details and AuEq. calculation.

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