Canadian Securities Exchange Magazine • February 2026 by Canadian Securities Exchange

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The Mining Issue

Letter from the Editor | 4

Welcome to the CSE

Mining & Exploration Companies | 6

Meet some of the recently listed mining and exploration companies pursuing opportunities across North America and beyond

Tune In | 8

Stay up to date on all things capital markets with CSE’s content hub

CSE Magazine Tribute |

From conference tables to boardroom conversations – celebrating the magazine that has always delivered the stories of entrepreneurs and capital markets leaders to the world

new to public markets gets ready to shine

Canadian Copper | 24

Strategic asset combination positions rising junior to take advantage of a strong metals market

Avanti Gold | 28

A project with parallels to one of Africa’s largest gold mines leverages positive change in the DRC

Apex Critical Metals | 32

Rare earth and niobium exploration moves forward in Nebraska and British Columbia with eye on domestic supply chains

Upcoming Events | 36

Connect with the CSE at important investment events

Allied Critical

Metals

| 12

Faith in high-grade tungsten project pays off as metal price soars, governments take notice

Lion Copper and Gold | 16

Brownfield copper project in Nevada progressing quickly to realize production by 2029

Pacifica Silver | 20

A large, high-grade precious metals project

Listed Issuer Updates | 38

Four CSE listed issuers share their current projects, milestones, and what’s next for their companies

Spotlight on James Black

| 44

CSE Vice President, Marketing and Communications James Black reflects on his capital markets journey and the evolution of the Exchange

The information contained in this magazine is provided for general information purposes only and should not be construed or relied upon as legal, financial, investment or any other kind of professional advice or opinions. No one should act, or refrain from acting, based solely upon the information provided in this magazine without first seeking appropriate, qualified professional advice. The information is not an invitation to purchase securities listed on CSE. CSE and its affiliates do not endorse or recommend any securities referenced in this magazine. The opinions and views expressed in this magazine do not necessarily reflect the views of the CSE or its affiliates. CSE nor any of its affiliates make no warranties or representations regarding the completeness, reliability, or accuracy of the information. This magazine may contain links to third-party websites or services that are not owned or controlled by CSE or its affiliates. CSE or its affiliates have no control over, and assume no responsibility for, the content, privacy policies, or practices of any third-party websites or services. The inclusion of any links does not imply endorsement by the CSE or its affiliates. We reserve the right to update or change this disclaimer at any time without prior notice. Readers are encouraged to review this disclaimer periodically for any changes.

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GROUP PUBLISHER

Hamish Khamisa

EDITOR-IN-CHIEF

James Black

EDITORS

Peter Murray Libby Shabada

ART DIRECTOR

Nicole Yeh

WRITERS

Oliver Haill

Angela Harmantas

Emily Jarvie

Peter Murray Libby Shabada

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TERRITORY ACKNOWLEDGEMENT

The Canadian Securities Exchange acknowledges that our work takes place on traditional Indigenous territories.

Letter from the Editor

A year ago, as the CSE headed into PDAC, the global economic landscape was shifting, but the strategic picture was still coming into focus. Twelve months later, much has changed. Gold surpassed US$5,000 per ounce, the conversation around critical minerals has moved decisively from economic opportunity to strategic necessity, and the Exchange itself completed a transformation that has expanded its reach across hemispheres.

This Mining Issue features 10 CSE listed companies advancing projects across multiple continents – from Allied Critical Metals developing tungsten supply in Portugal aligned with European defence priorities to Apex Critical Metals pursuing rare earths and niobium in North America, from Canadian Copper's near-term base metals production in New Brunswick to Lion Copper and Gold's partnership with a Rio Tinto venture in Nevada, and from Avanti Gold's gold project in the Democratic Republic of the Congo to Pacifica Silver's district-scale exploration in Mexico. Together, they demonstrate the remarkable global reach of Canadian mining expertise.

The momentum in mining and mineral exploration is indicative of their importance to the Canadian public markets in general and to the CSE in particular. In 2025, CSE issuers raised $3.14 billion across 1,211 financing transactions – a five-year high – with mining companies representing more than half of all transactions and

the majority of new listings. Trading value climbed 50.8% to $6 billion, representing capital flowing directly into the hands of the entrepreneurs building the next generation of mines.

That capital now moves through a truly global platform. With CSE listed securities now fully accessible via Interactive Brokers to approximately 3.6 million client accounts across more than 160 markets, and our acquisition of the National Stock Exchange of Australia now complete, mining entrepreneurs listing on the Exchange can reach a worldwide investor audience like never before.

This issue also marks the final edition of this magazine. What began as CSE Quarterly in 2014 has, for more than a decade, given a platform to entrepreneurs whose stories might otherwise go untold. Our gratitude goes to Hamish Khamisa and the team at Sparx Publishing Group, Peter Murray and the team at Proactive for their support in producing this exceptional publication, and above all, to the entrepreneurs at the heart of every issue.

Though the format may change, our commitment to amplify issuer stories to the world does not. Canada possesses the resources, the expertise, the capital markets infrastructure, and the entrepreneurial talent the world is actively seeking. As we welcome the world to PDAC once again, the CSE remains always invested in the companies and the people shaping what comes next – proud, as ever, to support a sector that truly is the flag bearer of Canadian excellence.

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Mining & Exploration Companies

Meet some of the recently listed mining and exploration companies pursuing opportunities across North America and beyond

Barranco Gold Mining

CSE:BAR

Listed on February 6, 2025

Barranco Gold Mining is a gold-focused exploration company advancing the King Gold Project in Canada’s newest gold district, the Spences Bridge Gold Belt. Barranco controls 3,200 hectares within seven 100% owned claims strategically located within this belt.

Learn more: thecse.com/listings/ barranco-gold-mining-corp

McFarlane Lake Mining

CSE:MLM

Listed on May 8, 2025

McFarlane Lake Mining is a Canadian gold exploration company focused on advancing its flagship Juby Gold Project, located near Gowganda, Ontario, within the established Abitibi Greenstone Belt.

Learn more: thecse.com/listings/ mcfarlane-lake-mining-limited

Libra Energy Materials

CSE:LIBR

Listed on July 10, 2025

Libra Energy Materials is a Canadian mineral exploration company focused on the discovery and development of the critical minerals necessary for the green energy transition. Libra's Flanders North, Flanders South, and SBC projects in Ontario are being explored under a $33M earn-in deal with KoBold Metals Company.

Learn more: thecse.com/listings/ libra-energy-materials-inc

Upside Gold

CSE:UG

Listed on January 5, 2026

Upside Gold is a resource exploration company dedicated to developing the historical Kena Gold-Copper Project in the Tier-1 mining jurisdiction of southeastern British Columbia. The project spans over 10,000 hectares in BC’s highly prospective Kootenay Volcanic Arc.

Learn more: thecse.com/listings/ upside-gold-corp

Maxus Mining

CSE:MAXM

Listed on May 8, 2025

Maxus Mining is a mineral exploration company based in Vancouver focused on advancing antimony, tungsten, and copper projects. The company’s principal property is comprised of eight map-staked mineral claims covering 3,123 hectares located within the Fort Steel Mining Division of British Columbia.

Learn more: thecse.com/listings/ maxus-mining-inc

Nexcel Metals

CSE:NEXX

Listed on June 2, 2025

Nexcel Metals is a junior mining company engaged in the acquisition, exploration, and development of mineral properties. Nexcel is focused on the Lac Ducharme Rare Earth Elements (REE) Project in Québec and the Burnt Hill Tungsten-Molybdenum-Tin Project in New Brunswick.

Learn more: thecse.com/listings/nexcel-metals-corp

Viridian Metals

CSE:VRDN

Listed on February 6, 2025

Viridian maintains expertise in a range of critical metals, with a primary focus on copper, nickel, and cobalt in the near term. Viridian’s commitment to environmental responsibility and ethical practices ensures that its projects contribute meaningfully to the green transition, creating sustainable value for all stakeholders.

Learn more: thecse.com/listings/viridian-metals-inc

Quarterback Resources

CSE:QB

Listed on June 17, 2025

Quarterback Resources is a Canadian mineral exploration company focused on identifying and advancing copper-gold targets. The company’s flagship Twin Project is located within the Quesnel Trough, one of British Columbia’s most productive copper-gold belts.

Learn more: thecse.com/listings/quarterback-resources-inc

Commodore Metals

CSE:C

Listed on September 29, 2025

Commodore Metals is a junior mining company engaged in the acquisition, exploration, and development of mineral properties. The company holds the exclusive option to acquire a 100% interest, subject to a 2% net smelter returns royalty, in the Keefers-Hanna Gold Project in British Columbia.

Learn more: thecse.com/listings/ commodore-metals-corp

American Atomics

CSE: NUKE

Listed on January 22, 2025

American Atomics intends to develop a vertically integrated uranium supply chain across North America – from exploration and extraction to refinement, conversion, and enrichment. Its project portfolio reflects this full-cycle vision.

Learn more: thecse.com/listings/ american-atomics-inc

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Thomas Caldwell's

Annual Market Outlook

On our annual economic outlook episode of The Canadian Securities Exchange Podcast, Urbana Corporation and Caldwell Securities Chairman Thomas Caldwell returned to share his insights on the economic, political, and market forces shaping the year ahead.

The Canadian Securities Exchange Podcast

Interview with Brent Gilchrist

Deans Knight CEO and JDS Resources President Brent Gilchrist was on The Canadian Securities Exchange Podcast for a wide-ranging conversation on investing, mining, and where opportunities are emerging as we head into 2026.

Market Open

Forge Resources

In celebration of its continued growth and momentum, Forge Resources (CSE:FRG; OTCQB:FRGGF) CEO PJ Murphy and his team joined us at the Market One studio in Vancouver for a special market open, where they reflected on the company’s transformational progress since joining the Exchange in 2018.

The Market this Month Podcast

The Canadian Securities Exchange Podcast

Rick Rule at Precious Metals Summit Zurich

On a special episode of The Canadian Securities Exchange Podcast, recorded during the 13th Annual Precious Metals Summit Zurich, we were joined by legendary resource investor, Rick Rule, who shared his expert insights on secular bull markets, copper, oil and gas, and more.

In Season 2, Episode 1 of The Market this Month podcast, co-hosts Anna Serin from the CSE and Bruce Campbell from StoneCastle Investment Management share capital markets insights, including commodities, market rotation, and more, with a special focus on broadening market leadership.

Allied Critical Metals

Faith in high-grade tungsten project pays off as metal price soars, governments take notice

By Oliver Haill

I t may have escaped the attention of investors focused on gold and silver over the past year, but tungsten has become one of the most in-demand metals in global commodity markets.

The driver is defence. Tungsten’s combination of extreme density, hardness, and a very high melting point makes it essential for weapons, armour, and shielding, as well as for aerospace and other high-end applications.

Prices doubled in 2025 as defence demand accelerated and China announced new export controls. Tungsten ammonium paratungstate (APT) prices averaged around US$375 per metric ton unit (MTU) in 2024, rose above US$400 per MTU by May 2025 and climbed to more than US$1,000 per MTU by the end of the year.

Western supply is scarce. The U.S. and Europe remain heavily dependent on imports from geopolitical rivals, with China, Russia, and North Korea controlling more than 85% of global supply. As defence spending rises, the case for near-shored production is hardening – and long-dormant assets are being reassessed.

One such asset belongs to Allied Critical Metals (CSE:ACM; OTCQB:ACMIF), its flagship Borralha tungsten mine in

northern Portugal. Borralha was shuttered in the mid-1980s when a surge in Chinese production drove prices well below US$100 per MTU, rendering many Western operations uneconomic.

With Europe’s rearmament drive still in its early stages, and NATO members committing to higher long-term defence spending, the European Union has identified tungsten as a critical raw material under its Critical Raw Materials Act, underscoring the strategic importance of domestic supply.

Against that backdrop, it is of little surprise that efforts to restart operations at Borralha are moving at pace.

In October, idD Portugal Defence, a company under the supervision of the Ministry of National Defence and the Ministry of Finance that works to enhance Portugal’s defence technological and industrial base, endorsed the Borralha project via a formal letter of recognition as a “strategic initiative of national importance, with direct impact on Portugal’s and Europe’s defence supply chains.”

That support has translated into regulatory momentum. In January, Portugal’s environmental agency issued a favourable Environmental Impact Declaration for Borralha, clearing the way for the project to

Roy Bonnell Chief Executive Officer

Company

Allied Critical Metals

CSE Symbol

ACM

Listing Date

November 14, 2018

Website alliedcritical.com

advance into detailed engineering and the next phase of permitting.

“These are indicative of the Portuguese government’s support of the project and underscore its strategic importance to Portugal,” says Allied Critical Metals Chief Executive Officer Roy Bonnell. “We’re working with the government right now to put in place the type of support that will help make this project a reality.”

The backing is consistent with a broader shift in Portugal’s approach to strategic minerals. This past month, for example, saw London-listed Savannah Resources confirm receipt of a €110 million (C$178 million) grant from the Portuguese government.

Restarting Borralha, which was one of Portugal’s most significant tungsten producers for around 80 years until it was shuttered in 1985, reflects changing economics. Its closure four decades ago was driven by low market

prices at the time rather than any deterioration in the underlying geology, says Bonnell.

“The grades were always good. If you look around, there were a lot of tungsten mines that probably shut down,” he explains. “The grades at Borralha are fantastic, but they shut it down because of the prices.”

In September 2025, Allied reported results from a reverse circulation drill program targeting an ultra-high-grade zone within the Santa Helena Breccia. Highlights included an intercept of 12 metres of 4.27% tungsten (WO3), including 6 metres of 8.39%, a combination Allied highlights as one of the highest-grade tungsten intercepts reported in Western exploration.

Additional intercepts confirmed mineralization extending both down dip and along strike, supporting the view that higher-grade zones widen at depth rather than pinching out.

Recent drilling at Borralha has focused on extending known mineralization and testing higher-grade zones within the broader system. Bonnell says the results point to a large, continuous tungsten deposit with internal higher-grade shoots – a characteristic shared by several long-life tungsten operations globally.

A 20,000-metre drilling campaign is now underway, designed to further define these zones, convert inferred material into higher-confidence categories, and underpin upcoming economic studies. Current funding on the balance sheet is designed to get Allied through to the definitive feasibility study (DFS) stage.

In November, Allied upgraded Borralha’s mineral resource estimate, lifting measured and indicated resources to 13 million tonnes grading 0.21% WO₃, with a further 7.7 million tonnes at 0.18% WO₃ classified as inferred, all within the Santa Helena Breccia.

“

The U.S. is the biggest market in the world for tungsten, but there’s no domestic production [...] That creates an opportunity, because they have to buy from abroad.

— Bonnell

For readers less familiar with this corner of the commodities market, WO₃ contains about 79.3% elemental tungsten by weight, meaning a grade of 0.21% WO₃ equates to roughly 0.17% tungsten metal.

While headline grades may appear modest to non-mining investors, tungsten deposits are typically bulk-tonnage systems. In that context, Borralha compares favourably with other undeveloped Western projects, particularly when paired with its brownfield status, existing infrastructure, and proximity to European end markets.

As a brownfield project, converting those tonnes into cash flow becomes a lot easier. It has existing access, power, and a long history of underground mining, which lowers capital intensity, shortens development timelines, and should help potential off-take deals, says Bonnell.

In the current tungsten market, the economics look very different to those that prevailed when the mine was last operating.

Bonnell argues Borralha is unlikely to sit at the high end of the cost curve. “This is not a high-cost tungsten project by any means,” he says. “We’re

going to be probably one of the least expensive ones in the Western world.”

When Allied began assembling the project in 2023, tungsten prices were closer to US$300 per metric ton unit. “It made sense to us even then,” Bonnell adds. “At current levels and around US$1,000 a tonne, it becomes tremendously exciting.”

Cost positioning matters in a market with a history of price volatility. Lower-cost operations are better placed to weather cyclical downturns, while retaining significant upside in a tighter supply environment.

The next milestone is a preliminary economic assessment (PEA), expected this quarter.

Bonnell says the company is funded through the current phase of 20 kilometres of drilling through the end of this year.

Beyond that, Allied is exploring a mix of funding options for construction. “We’re continuing to work with governments, not just the Portuguese government, but probably talking to the EU, to NATO, to Canada, to the U.S., and other governments, to make sure that we can get at least a base of financing that is as non-dilutive as possible to our shareholders,” Bonnell says.

“From there, we’ll be looking to move toward a larger financing for our plants, so we can move to construction as soon as possible.”

Allied is also looking to firm up offtake agreements with smelters, which would provide an early test of demand and add commercial validation to the project.

To that end, the company established a U.S. subsidiary last year to

focus on the North American market, led by retired U.S. Army Major General James “Spider” Marks and Kirstjen Nielsen, who served as U.S. Secretary of Homeland Security during President Donald Trump’s first term.

“The U.S. is the biggest market in the world for tungsten, but there’s no domestic production,” says Bonnell. “It’s been more than a decade since there was any meaningful output. That creates an opportunity, because they have to buy from abroad.”

Four decades ago, Borralha was a casualty of low prices and global oversupply.

Today, as the U.S. and Europe rethink how to source critical materials, the mine’s revival reflects a broader shift in how strategic metals are valued – and who is expected to produce them.

Oliver Haill has been writing about companies and markets since the early 2000s, beginning as a financial journalist at Growth Company Investor and later becoming its section editor and head of research. Before joining Proactive, he worked as a freelance reporter contributing to the Financial Times Group, ITV, Press Association, Reuters, and several other high-profile publishers.

About the Author

Lion Copper and Gold

Brownfield copper project in Nevada progressing quickly to realize production by 2029

By Emily Jarvie

Lion Copper and Gold (CSE:LEO;

OTCQB:LCGMF) is right where a junior mining company wants to be in the metals market of early 2026, with its brownfield Yerington Copper Project, situated in the famously mining-friendly jurisdiction of Nevada, set for both further exploration and a push for production before the decade is out.

Adding to the company’s strengths is that Yerington aligns well with the growing U.S. demand for domestically supplied critical minerals.

While all of this held true before, it does even more so now that Lion Copper and Gold has secured an agreement with Rio Tinto’s Nuton venture, which in November 2025 committed up to US$31 million to advance the project. Nuton will also make cutting-edge bioleach technology available to support production.

Lion Copper and Gold Chief Executive Officer John Banning explained to Canadian

Securities Exchange Magazine that Nuton’s decision followed a year of significant technical and regulatory progress at Yerington.

“We had a huge year last year,” Banning says. “We completed our pre-feasibility study (PFS), demonstrating economic viability to the appropriate public and technical reporting standards in North America, and we regained our critical water rights for the project.”

Unlike the more traditional staged approach to feasibility and permitting, Banning explains that Nuton has sufficient confidence in Yerington to advance both simultaneously.

“We aren’t doing what some companies do, which is a staggered definitive feasibility study (DFS) and then permitting,” he notes. “Nuton has the confidence in the project to do them in parallel. Their US$31 million commitment is an endorsement for the project to move toward construction-ready status as quickly as possible.”

The funding structure is designed to carry the project through to full permitting. Crucially, Nuton’s option structure avoids dilution at the parent company level during what Banning describes as the highest-risk stage of development.

“

There are more than 30 billion pounds of copper resources within a seven mile radius of our project. We hold the strategic ground right in the middle with existing infrastructure.

— Banning

“Typically, the DFS and permitting stage carries the highest risk,” he says. “Our shareholders are not going to pay for any of that. It’s an asymmetrical risk-upside position for investors and shareholders.”

At a base-case copper price of US$4.30 per pound, the PFS outlines a post-tax net present value (NPV) at a 7% discount rate of US$694 million, with an internal rate of return (IRR) of 14.6% and a payback period of 6.7 years.

Yerington is modelled to achieve average annual production of approximately 120 million pounds of refined copper cathode over a 12-year mine life, with peak production of 151 million pounds per year during years five through seven.

Proven and probable reserves total 506.5 million tons grading 0.21% copper, which works out to 2.14 billion pounds of copper.

In addition to reserves, Yerington hosts a measured and indicated resource of 293.3 million tons grading 0.18% copper, containing 989 million

pounds of copper, as well as an inferred resource of 158.1 million tons grading 0.14% copper, containing 443.4 million pounds of copper.

Metallurgical testing highlighted strong copper recoveries using lowcost heap leaching. Life-of-mine copper recovery averages 67.4%, including recoveries of 73.2% from sulfide material using Nuton’s leach technology and approximately 60% from oxide material processed through conventional heap leaching.

Beyond favourable economics, Yerington benefits from its location in Nevada, a jurisdiction Banning characterizes as predictable and well-versed in the ins and outs of the mining industry.

“We’re in Nevada, an extremely mining-friendly and stable jurisdiction with very clear, well-understood permitting pathways,” Banning says. “That’s always a key perception of risk to manage with investors and stakeholders.”

Yerington also sits within a broader copper district that Banning believes is often overlooked. “A lot of people

don’t realize the massive copper porphyries in this district. There are more than 30 billion pounds of copper resources within a seven mile radius of our project. We hold the strategic ground right in the middle with existing infrastructure.”

The project’s brownfield nature further reduces execution risk. “There are two open pits. One was mined in the 1990s, one was mined in the 1960s and 1970s, and we simply want to restart those mines,” Banning explains.

The company’s partnership with Nuton represents a core element of Lion Copper and Gold’s development strategy, bringing Rio Tinto-backed sulfide leaching technology into play. Banning describes the technology with a single word: “incredible.”

Nuton’s bioleaching process offers potential economic and environmental advantages over conventional copper processing, including a lower carbon footprint and reduced water consumption.

The process eliminates the requirement for a tailings storage facility and avoids the capital intensity associated with building and operating a mill. It also expands the range of copper resources that can be economically evaluated, particularly lower-grade sulfide material, which represents a significant portion of Yerington’s mineralization.

“For decades, copper has been processed through conventional milling and concentrating with large tailings storage facilities,” Banning says. “What Nuton brings is bioleaching technology that removes the need for all of that.”

From an environmental, social, and governance (ESG) perspective,

Banning notes that Nuton’s process materially reduces resource intensity. “They do it with a much lower carbon footprint and significantly lower water consumption, less than half of conventional methods.”

Water security has already been addressed as part of the project’s de-risking strategy. In 2025, Lion Copper and Gold regained more than 6,000 acre-feet of critical water rights for the project, providing operational certainty.

With funding in place, Lion Copper and Gold is preparing to shift into a more execution-focused phase in 2026. “Shortly, we’re going to be confirming the monies coming in,” Banning says. “With that comes appointing our feasibility study and permitting consultancy partners.”

The company also plans to advance permitting under the U.S. federal FAST-41 program. “That’s going to give the public a very clear and transparent, milestone-driven timeline for certainty.”

Banning frames Yerington’s development timeline against longer-term copper fundamentals rather than nearterm price volatility. “Fundamentally, copper is very cyclical,” he says, adding that recent price strength reflects shortterm dynamics.

However, he sees strong alignment between Yerington’s timeline and future demand. “From 2030 to 2040, structurally, the market gap is forecast to be widening significantly,” he says, citing demand from AI data centres and their supporting grid infrastructure.

Lion Copper and Gold plans to produce finished copper cathode for the U.S. market. “Our project will produce

John Banning Chief Executive Officer Company

Lion Copper and Gold

CSE Symbol

LEO Listing Date

September 20, 2024

Website lioncg.com

a final product of LME-grade copper cathode,” Banning says. “That cathode will go directly into U.S. supply chains.”

Production at Yerington is targeted for the end of the decade, with initial output planned for the second half of 2029. “Those billions and billions of dollars of investments in AI infrastructure are being committed now and will manifest in the next several years, right when we plan on beginning our production. Ideal timing,” Banning says.

As the company advances, Banning highlights execution over promotion. “We’re not about headline grabbing. We’re about creating value by delivering milestones and doing what we say.”

Emily Jarvie began her career as a political journalist in Australia. After she relocated to Canada, she worked as a psychedelics journalist, reporting on business, legal, and scientific developments before joining Proactive in 2022. Emily has worked as a reporter in Australia, Europe, and Canada.

the Author

About

Pacifica Silver

A large, high-grade precious metals project new to public markets gets ready to shine

By Peter Murray

There are certain mining jurisdictions in the world that everyone in the industry knows and respects, and if Mexico doesn’t top the list, it’s certainly very close. Large, high-grade deposits and an environment that facilitates year-round exploration are just two aspects of the Mexico story that make it such an attractive country to operate in.

Pacifica Silver (CSE:PSIL; OTCQB:PAGFF) Chief Executive Officer Todd Anthony knows this as well as anyone, given a career with one of the world’s top mining companies that focused on Mexico. When it came time to set up and lead his own company, it was a natural choice. Anthony joined Canadian Securities Exchange Magazine early in 2026 for a discussion covering Mexican mining, his uncompromising search to find the right project, and the company’s exploration plans for the year.

Pacifica Silver’s Claudia Project encompasses nine artisanal mines and over 30 kilometres of veins. Tell us why you chose to focus on Mexico, and how did the land package come together?

We acquired our project from a private company with multiple owners over the years. It was consolidated back in the early 1990s by one of the owners. There are some pieces of property

that we are looking to add, but the majority were purchased from Durango Gold. That transaction closed in July of 2025.

As for why we chose Mexico, I spent a lot of time in the country during my 13 years with First Majestic Silver. While the company had operations across the country, with varying degrees of risk, much of my time was spent in the state of Durango, which I consider to be one of the safest states to explore and operate in within Mexico. My professional network is also very familiar with Mexico, and so it just made sense.

We were looking for silver and gold projects, and if you are going to focus on silver, Mexico is the largest producing country in the world. You can drill year-round and drilling costs are very low compared to other parts of North America. In Nevada, you can be paying US$400 or $500 per metre, and roughly the same for Idaho. In Mexico, we are about US$105 per metre, and we don’t have to shut down for the winter, unlike some places in North America where you need to pull rigs off your site and close everything down.

Talk to us about previous exploration at Claudia and how that work shaped your plans.

Before we acquired this project, it had only had about 70 holes drilled into it since the 1990s, and

a lot of those were into just one of the principal veins. We have mapped four major structures on the project, and a lot of the exploration we are doing now is to fill in some gaps and learn more about the potential.

As you mentioned, we have over 30 kilometres of veins that have been mapped, and about 90% of those 30 kilometres have never been drill-tested or sampled. We are doing a big sampling program now that will last all of this year and next year, plus mapping.

So, I would say that while we are early on in our exploration, this year will see the biggest drill program ever conducted on this project, as we are planning close to 40,000 metres. Half of that is going to be focused around the Aguilareña vein, which is the main past-producing vein from back in the 1990s. The other half will focus on brand new targets that have never been drilled, and with those it will be a more regional focus to find something big

Todd Anthony Chief Executive Officer

PSIL

Listing Date September 3, 2024

or to fail fast and keep moving around and looking.

Pacifica Silver just closed a $20 million financing. Can you discuss the makeup of the investor base in general terms.

We initially came out with a $10 million offering and demand for it was close to $28 million. The fact that we did not include a warrant and had that level of demand shows the amount of interest in what we are doing. It was great to see that the market was there for us.

We had a lot of support from shareholders who participated in our previous financing. We had three silver-focused corporates participate last time, and they all came in again on this round. Eric Sprott participated again and we also welcomed a few funds that were new to the Pacifica name. Overall, I’d say half of the $20 million was repeat buyers and half was new investors.

A large, high-grade project and two successful capital raises don’t come together without a capable team. Tell us about your background and the strengths of your team.

We have a lot of good people with extensive experience in Mexico, including expertise in all of exploration, development, and production. We have 23 team members at site, including our Vice President of Exploration, Project Manager, field geologists, and administration. The team is very well equipped to operate in Mexico.

I started in the silver industry in 2010 when I joined First Majestic Silver. At that time, the company’s market capitalization was about $200 million, and I believe it has now topped $15 billion. I worked there for 13 years in the Vice President of Corporate Development role, reporting directly to the Chief Executive Officer. I also oversaw the investor relations function.

I stepped away from First Majestic in 2023 with a strong desire to build a company from the ground up and it took me approximately 18 months to find the right project. I reviewed over 70 different projects and there were always one or two insurmountable issues, whether related to grade, metallurgical recovery, or jurisdictional risk. I also didn’t want to put a recycled project into the company and wanted something the market had not seen before.

When I came across Claudia, there were no red flags and the project checked off every critical box: highgrade silver and gold mineralization exposed at surface, over 30 kilometres of mapped vein systems with only a small fraction drill-tested, existing drill permits, a capable local team already in place, location in the state of Durango, and mostly private ownership over the past 50 years. They just needed support with the capital markets, which matched my experience and network. It was a beautiful marriage of two companies and away we went.

As I said earlier, Durango is one of the best, if not the best, states in Mexico to operate in as an exploration or mining company. But don’t take my word for it: according to the Mexico Peace Index in 2025, Durango ranked in the top three out of 32 states, making it one of the country’s safest and most stable states. There is also a long history of exploration and mining in the state, and the Claudia Project is located in the heart of the Sierra Madre Occidental, where all these large deposits of silver and gold are found.

Within three weeks of closing our $10 million financing last September, we had the first rig on site and drilling, which illustrates that our team on the ground is nimble and can move fast.

You mention regenerative mining on your website. What is that and why is it important to highlight?

“ Our core objective at Pacifica Silver is unequivocal: drive new highgrade discoveries and significantly increase our silver and gold resource base in ounces.

— Anthony

The regenerative mining concept is sustainable mining. When mines shut down and go into reclamation, the economic driver behind them is often gone.

But if we create processes and activities as we are building operations that will continue long after the mine is done, that is the regenerative side. Giving back to society and the environment is key. A lot of that is taking place, but I think there is more that can be done. The concept is still evolving and I highlight it as a priority for our team.

Do you have any closing thoughts on Pacifica’s strategy and longterm future?

Our core objective at Pacifica Silver is unequivocal: drive new high-grade discoveries and significantly increase our silver and gold resource base in ounces. We are built to thrive through market cycles – bullish or bearish – because sustainable value creation stems from a focus on high-grade projects, aggressive exploration, and resource growth in safe jurisdictions.

Mexico stands out as one of the few jurisdictions worldwide where highgrade epithermal silver and gold deposits can realistically advance from initial discovery to production in a compressed timeframe – typically five to nine years for standout projects, compared to averages of 27 years in Canada and nearly 29 years in the United States.

This efficiency, combined with Mexico's skilled workforce, established mining infrastructure, and exceptional mineral endowment in the Sierra Madre Occidental, makes the country our unequivocal focus at Pacifica Silver.

On the Claudia Project, our strategy is clear and aggressive: drill extensively across numerous highpriority targets over the next 18 to 24 months to either delineate a major discovery or pivot decisively. We are positioned to seize the moment and build something extraordinary.

Peter Murray oversees a national editorial and broadcasting team as President of Proactive Canada. He spent several years managing the English news desk at Nikkei’s head office in Tokyo and has worked with research teams at Asian and European investment banks. Peter is based in Vancouver.

About the Author

Canadian Copper

Strategic

asset

combination positions rising junior to take advantage of a strong metals market

By Angela Harmantas

When Canadian Copper (CSE:CCI) first set its sights on New Brunswick’s Bathurst Mining Camp, the goal was to acquire prospective ground and move quickly to unlock the opportunity beneath the surface. Home to one of the world’s richest volcanogenic massive sulphide (VMS) districts and the legendary Brunswick No. 12 mine, the region also offers a combination of infrastructure, such as provincial highways, a year-round deep-water port, skilled labour, and regulatory stability.

The company’s mission took shape in what management calls its Combined Strategy, pairing the Murray Brook deposit – the province’s largest VMS resource – with the nearby, permitted Caribou Processing Plant Complex. By repurposing an underutilized mill to process feed from a world-class deposit, Canadian Copper aims to fast-track its operations from exploration to production within three years, subject to permitting approvals.

In this mid-January interview with Canadian Securities Exchange Magazine, Canadian Copper Chief Executive Officer Simon Quick speaks on themes ranging from global copper price trends to the company’s exploration priorities, and partnerships helping to turn its objectives into reality.

Canadian Copper has built a prospective land package in the Bathurst Mining Camp. What’s your big picture strategy for moving these assets forward over the next few years?

We chose the Bathurst Mining Camp because of its long history of critical mineral production. It

was home to Brunswick No. 12, one of the largest underground base metal mines ever operated, producing copper, zinc, lead, and silver for nearly 50 years, something many people aren’t aware of.

That history brings real advantages. Jurisdictions with established mining legacies tend to have clear and robust regulatory frameworks; infrastructure such as ports, roads, and power; and a skilled workforce that knows how to permit, design, build, and operate mines. That made Bathurst an attractive location for us.

By focusing on a brownfield site with relatively low capital requirements, we’ve tried to reduce financing and permitting risks. Bringing in Ocean Partners gave us a strategic partner with the financial strength and technical expertise to execute our combined strategy. Ocean Partners are true partners, and I think every junior wishes they had this calibre of partner to develop an asset with.

Can you walk us through the Combined Strategy, which involves your Murray Brook deposit and the Caribou Processing Plant Complex?

The approach, both opportunities and challenges, of restarting brownfield sites isn’t unique in itself. What’s unique is this specific situation with Caribou. The site has operated intermittently for nearly 30 years, and the most recent operational challenge was mine throughput. The underground mine was deep and sometimes geotechnically challenging, suffered from dilution, and lacked underground drilling definition, so it could never consistently feed a mill sized for

“

We're targeting production within 36 months, which we believe positions us well in the current commodity environment.

— Quick

3,000 tonnes per day. At its peak from 2017 to 2019, it averaged about 2,500 tonnes per day. Thus, the mill ran well but was always underutilized.

For us, the question was whether we can solve that throughput challenge and repurpose the mill. It’s permitted, built, and has a tailings impoundment. Roughly 10 kilometres away, we have the largest open-pit polymetallic resource, Murray Brook. By combining the two, you have complementary needs: a mill that needs throughput and a deposit that needs a mill. For us, it’s really a one-plus-one-equals-three transaction, and that’s the strategy behind the business.

As just noted, Murray Brook is New Brunswick’s largest VMS deposit. What are the key milestones in 2026 that will show the project is on track?

Murray Brook is a true VMS deposit, with copper, zinc, lead, and silver. With today’s commodity prices, the revenue mix shifts constantly. When we did our preliminary economic assessment (PEA), silver was US$27 an ounce; now it’s over US$90, so silver has become a much more significant contributor alongside copper and zinc.

Looking ahead, we plan to officially close the Caribou transaction this quarter, subject to certain government approvals. Final closing and title transfer involves a $6 million payment for the restructuring, which then goes to court in British Columbia, and ultimately the title should transfer here before the end of March based on New Brunswick’s current schedule communicated to us. After that, we’ll continue to advance engineering and permitting, with the goal of submitting the Environmental Impact Assessment in the first half of 2026.

By the end of the year, we aim to deliver a feasibility study that demonstrates engineering progress and develop necessary input data for permitting needs. This year, we hope to have the transaction closed, the permit submitted, engineering largely complete for the feasibility study, and the execution team staffed and ready for early works.

Can you walk us through the key exploration priorities for Canadian Copper this year, and how you plan to advance both the Murray Brook deposit and the surrounding regional targets?

There are three areas of exploration we’re focusing on for the combined company. First is the Murray Brook deposit itself. There are some extensions to the west that remain untested, with promising copper and gold intercepts. We have a 13-hole drill program planned to test that area this year.

Once we’ve consolidated the property package, as in close the Caribou transaction, we’ll control roughly 20 kilometres of the Caribou Fertile Horizon. That area has already delivered three producing operations, but we believe it’s still largely untested, especially using modern geophysics. We plan to conduct geophysical surveys across the region to help refine future exploration targets.

Finally, for Murray Brook West and Murray Brook East, we have follow-up drilling programs planned, including targeted exploration drill holes and larger-scale trenching to refine additional targets, guided by the results of our geophysical work.

You completed metallurgical drilling in 2025. Were there takeaways that shape how the project moves forward?

It’s still early days for the metallurgical test work, but one positive to note from the drill program is that our mineral resource model reconciled well. We re-drilled historical holes to target specific grades, lithologies, and resource depths, with the goal of confirming Caribou’s plant performance with the Murray Brook ore body. The drill program confirmed that our resource model tracks well in terms of what we anticipated to drill in terms of grade and depth, and the commodities matched what we encountered, which is encouraging.

With copper demand increasing and some commodity prices at record highs, Canadian Copper seems well positioned given your eye on production.

We're targeting production within 36 months, which we believe positions us well in the current commodity environment. The supply side of copper is clearly under pressure: grades are declining, historic South American operations are getting deeper and more costly, and social acceptability remains challenging, certainly for new builds and expansions to existing operations.

At the same time, demand continues to grow. Traditionally, copper demand followed economic cycles, but with electrification, that dynamic is shifting. Industrial demand still fluctuates, but electricity-related consumption is steadily rising, creating an imbalance likely to support higher prices in the medium term.

Geopolitically, uncertainty around the U.S. dollar and global trade is driving investors toward hard assets like commodities, and being in North America is a big advantage.

For miners in Canada, this is the first administration in years that is genuinely pro-domestic mineral production, supporting investment, permitting, and critical mineral development. Combined with New Brunswick’s long mining history and excellent infrastructure, including a five-terminal port just 30 minutes from our site, we can export concentrates globally without the need for additional capital. That existing infrastructure is a major benefit for advancing our projects efficiently and cost-effectively.

You’ve brought in strategic investors and raised significant capital recently. How do these partnerships help advance your development plans?

We raised $15 million in Q4 of last year, mostly from strategic investors. By that, I mean groups with financial expertise in mineral resource development that understand the mining business, including partners like Crescat Capital, Stephens Investment Management, and Ocean Partners.

Looking ahead, we’re well funded for the acquisition, and we’ll be exploring additional financing to advance our development strategy. There are opportunities to do this on less dilutive terms through offtake agreements, streams, or royalties. We expect to make decisions on the structure in the first half of this year, depending on what makes the most sense for the project and our shareholders.

Finally, looking ahead, what does success look like for Canadian Copper both on the ground and for your shareholders?

On the ground, our key milestones are clear: deliver a study by the end of this year, obtain construction approval in 2027, and reach some level of production in

Simon Quick Chief Executive Officer Company

Canadian Copper

CSE Symbol

CCI

Listing Date

July 26, 2022

Website canadiancopper.com

2028. Those are the three main measures of success for us as a business.

From a stakeholder perspective, if we continue to deliver on what we promise, minimize dilution, and ultimately increase the share price, that’s where investors’ interests should align. It’s aligned with management, too. We don’t take large salaries here; our personal investments are significant, and the way we succeed is the way our shareholders succeed. So, our focus is on share price appreciation but also on delivering what we say we can deliver.

Angela Harmantas is a senior financial journalist with Proactive. She has 10 years’ experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from multiple countries, including Canada, the U.S., Australia, Brazil, Ghana, and South Africa. Prior to joining Proactive, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. Angela currently resides in Toronto.

Avanti Gold

A project with parallels to one of Africa’s largest gold mines leverages positive change in the DRC

By Angela Harmantas

The Democratic Republic of the Congo (DRC) has long been viewed as a frontier mining jurisdiction, one characterized by both high risk and high reward, though also one often misunderstood by international investors.

Drawing on years of experience with mining in the DRC, Avanti Gold (CSE:AGC; OTCQB:AVTGF) Acting Chief Executive Officer Mohamed Cisse understands the opportunity inherent in the country’s mineral wealth in a way few others can. Cisse played an important role in the development of Kibali, a combination open pit and underground mine in the DRC’s northeast that is often ranked as Africa’s largest gold producer.

“The DRC is a very interesting place, and I’ve had the opportunity to work there for many years,” Cisse explains. He says he sees “a lot of similarities” between Kibali in its early days and what Avanti Gold is working on at Misisi.

Misisi, also in the mineral-rich northeast, spans 133 square kilometres along a 55-kilometre gold belt called Kibara. The project area hosts an inferred resource of 3.1 million ounces of gold, with 41 million tonnes averaging 2.37 grams per tonne gold at the main Akyanga deposit. Few African deposits can match such grade, and beyond Akyanga there are five additional targets that remain largely unexplored but have returned promising preliminary results.

Misisi is owned 73.5% by Avanti and 21.5% by MMG, a Chinese exploration and mining company with projects in several jurisdictions around the world. The DRC government maintains a 5% carried interest.

“When I look at the deposit, the available targets, and the 55-kilometre strike at Misisi, the parallels with Kibali really stand out,” Cisse says. “There is strong consistency in the geology and in the drilling conducted to date, and several

Mohamed Cisse Acting Chief Executive Officer

Avanti

Gold

CSE Symbol

Listing Date

August 24, 2015

Website avantigoldcorp.com

The potential with what we have currently happening in the DRC, with the backing from the U.S. government, is substantial [...] This is the moment, and we have the opportunity to get the work done.

— Cisse

highly prospective targets that are ready to be drilled. That immediately caught my attention and made me feel this is something we can move forward.”

Kibali, operated by Barrick Gold, is among Africa’s largest gold mines. It has grown steadily since pouring its first gold in 2013, and drilling results from the ARK-KCD corridor show significant potential for additional orebodies within the existing footprint. Former Barrick Chief Executive Officer Mark Bristow noted at a media briefing in July 2025 that Kibali has consistently delivered across production, partnerships, and reserve growth.

Permitting and logistics also favour Misisi. The project is covered by three exploitation mining licences that span its entire extent and remain valid until 2045.

“This fully permitted 30-year mining lease gives us stability and long-term certainty,” Cisse says. “One of the biggest challenges mining companies face in Africa is securing a clear licence to operate. Having an exploitation licence in place provides the confidence and stability needed to move a project forward.”

The licence terms include a 3.5% royalty and 5% free carry for the government, as well as a fixed 30% tax rate. While the code has since been amended, Avanti expects its terms to remain the same as when the licence was granted in 2015.

Meanwhile, the broader market and policy environment is increasingly favourable for gold development. Minister of Mines Louis Watum Kabamba confirmed in September that the government is engaging mining companies on agreements to develop new gold mines, aiming to curb widespread smuggling. Rising gold prices provide additional incentive for investment. Talks include established operators such as Barrick, as well as prospective entrants such as Avanti.

Security and stability remain important considerations for investors, and Cisse sees progress here, too. “There is risk everywhere in Africa, but the DRC has shown over the years, through operations

like Kibali, Tenke Fungurume, and others, that investment can be worthwhile and can pay off,” he says.

The country held general elections in 2023, providing political certainty for five years. Another major catalyst is increased interest from the U.S. government, including efforts to support a peace agreement between the DRC and Rwanda, with mining investment playing a central role.

The U.S.-DRC Washington Accords, signed in late 2025, amplify this context. While focused on cobalt, copper, lithium, and manganese, the agreement reflects a broader push for U.S. strategic engagement in Congolese mining, countering China’s dominant position. Although gold is not a critical mineral, the political and investment momentum benefits projects like Misisi.

“We view the U.S.-backed peace initiative as a catalyst for greater stability, particularly around fiscal and regulatory frameworks,” Cisse explains.

Against this backdrop, Avanti Gold has moved decisively. A $25 million financing in October enabled the company to firm up its balance sheet and supports Phase One drilling. “We had some old liabilities to take care of, and that’s done. We now have around $20 million available to deploy,” Cisse says.

Avanti’s focus is now on the Phase One drilling program, which contemplates a total of 15,000 metres. That program will give the company clear visibility on resource expansion. Avanti’s team plans to use the capital carefully to finish the first phase, then revisit its models before taking any further steps. “The main goal is to expand the resource beyond the current 3 million ounces and explore the potential to reach 5 million ounces or more.”

Phase One targets Akyanga and Akyanga East. The original 3.1 million ounces were defined using a pit shell based on a gold price of US$1,500 per ounce. “We are redesigning the drilling program using a US$2,900 per ounce pit shell, which should allow us to expand

the resource footprint and drill deeper,” Cisse says. Geologists will also conduct fieldwork across remaining targets, refining plans to maximize every metre drilled.

Phase Two will focus on redefining the resource and converting inferred resources into reserves, with a preliminary economic assessment (PEA) expected by 2027. “Our focus now is to execute the program effectively, share results with investors, de-risk the Misisi project, and increase the company’s net asset value quickly,” Cisse states. “This is about creating shareholder returns while developing the project for the long term, with the full support of our board.”

The company’s current market value underscores the opportunity. Trading at about $100 million, or roughly 60 cents per share, Cisse believes Misisi deserves a higher valuation. “By resuming exploration, we expect to better align with peers. Our goal is to bring Misisi to its full potential and show investors the value that’s already in the ground.”

The combination of high-grade resources, comprehensive permitting, political stability, and supportive geopolitics positions Misisi as a notable project. “This is the moment to maximize our efforts and advance the project in a region with significant upside,” Cisse says.

For investors and industry watchers, Avanti Gold offers a case study in strategic timing and execution. By leveraging lessons from Kibali, operating with clear licences and fiscal terms, and moving decisively in a favourable market, the company is attempting to replicate one of Africa’s biggest mining success stories while navigating a region often perceived as high in risk but rich with possibility.

“The potential with what we have currently happening in the DRC, with the backing from the U.S. government, is substantial, so we need to utilize that and then do a maximum amount of work to develop projects in that part of the world,” Cisse concludes. “This is the moment, and we have the opportunity to get the work done.”

Apex Critical Metals

Rare earth and niobium exploration moves forward in Nebraska and British Columbia with eye on domestic supply chains

By Peter Murray

While the problem has been widely recognized for decades, many of the world’s leading economies seem only now to be taking seriously the need for control over their access to critical minerals for use in everything from high-tech products to military equipment.

If there is a positive side to this, it is that strong markets for precious, base, and other metals mean proper funding is available to explore and develop critical minerals projects in a variety of jurisdictions.

When the goal is to bolster vulnerable supply chains, it is best to be close to home, and in this regard, Apex Critical Metals (CSE:APXC; OTCQX:APXCF) seems well-positioned, with carefully chosen rare earth and niobium assets in Nebraska and British Columbia.

Canadian Securities Exchange Magazine spoke with Apex Critical Metals Executive

Vice President, Growth Strategy Joness Lang recently about the company’s success in 2025 and plans to progress both projects quickly in the current year.

Apex Critical Metals’ focus on rare earths and niobium has you working in North America, with the potential to help offset China’s and South America’s dominance in production and processing.

Around mid-2023, the company went through a restructuring, recapitalization, and total revamp of personnel. The CAP project, located relatively close to Prince George, British Columbia, was the primary focus out of the gate. There was good infrastructure and an emerging niobium belt for targeting that had seen very limited drilling for several years.

Our team did a summer campaign in 2024 involving a lot of mapping and

Image credit: Shutterstock

“ Applications span renewable energy, robotics, consumer products, electronics, defence [...] and rare earth magnets are indispensable and vital to industry.

— Lang

sampling, and we saw some very promising results. We followed up in 2025 and had the best niobium drill hit ever on the property, with 36 metres of 0.59% Nb₂O₅ within a 124.5-metre mineralized interval, including a 10-metre run of 1.08% Nb₂O₅.

Importantly, none of the other drilling in that campaign directly followed up on that hole, so this area is wide open for expansion and an obvious priority for us to go back to next summer.

The company also had intimate knowledge of the Elk Creek carbonatite complex in Nebraska, as members of our team originally assembled a land package there 15 years ago within a company that went on to become NioCorp Developments. This was not a reactionary acquisition based on recent narratives and geopolitical vulnerability. Our team spent more than a year assembling and consolidating the Rift Rare Earth Project land position after reviewing countless carbonatite targets in North America and prioritizing the Elk Creek area. That was one that was always on our radar screen.

Our technical leadership includes Jody Dahrouge and Darren Smith, who have been focused on critical metals, including niobium and rare earths, for two decades. They bring a wealth of experience, from discovery to processing, that will be invaluable as we advance our flagship Rift project.

Carbonatite-hosted mineralization globally has the highest percentage of mines, be it past production, current production, or current resources. They are a prolific host rock for minerals, and there is a grocery store of commodities and minerals within them. We are very excited about the land package we have next to NioCorp in Nebraska.

Having a successful project next door is definitely helpful. Tell us more about that aspect and the local operating environment in general.

One of the advantages Apex has going forward is NioCorp securing significant funding, very much being in the spotlight and knocking down a number of the different development and permitting goalposts as they advance

their deposit. Certainly, if we are having exploration success right next door, it puts us in a very good position to explore synergies and follow a streamlined permitting path.

It is also private land, which provides other advantages. You are not working with the U.S. Forest Service or navigating Bureau of Land Management permitting. These are private lease deals with options to purchase that we have secured over the past year. The land position now stands at 3,500 acres in holdings that cover globally significant rare earth mineralization. There are two previously drilled holes located 160 metres apart that encountered broad intervals of more than 2% rare earth oxide (REO) mineralization. Both of these drill holes also included consistent higher-grade intervals within, with 55-metre to 70-metre runs of over 3.3% REO.

These two significant, consistent drill hits remain wide open with no other drill holes in the immediate area, so this target area will be the primary focus for the company in Q1. We will

be completing a first phase of drilling that will look to verify, extend, and expand upon those significant historical results over an approximate 850-metre strike length.

Let’s turn our attention to CAP. It is located in northern BC but you can still access it throughout the year.

CAP is about 250 kilometres southeast of Taseko’s niobium deposit. That’s a big company with other assets and it’s not necessarily their flagship, but it is a wellknown belt in BC. The project is located 85 kilometres north of Prince George. It is accessible year-round, though we

Joness

Lang Executive Vice President, Growth Strategy

Company

Apex Critical Metals

CSE Symbol

APXC

Listing Date

March 15, 2023

Website apexcriticalmetals.com

typically like to do our drilling and more significant work during the summer, as it is easier and lower cost.

There is a 1.8-kilometre trend identified at CAP. We drilled nine holes for just over 2,300 metres this past summer and made a new discovery: 36 metres of 0.59% Nb₂O₅, including 10 metres of 1.08% Nb₂O₅. The other drill holes were regionally focused, testing various targets throughout the trend. The hole I just mentioned with the 36-metre run had no direct follow-up, so that is an area that is wide open for us to go back and step out from later this year.

In addition, we completed a geophysical survey at the end of the summer season, which identified a massive buried magnetic anomaly that is much more significant in terms of its response and scale than the areas we drilled in 2025. A couple of deeper drill holes will also be planned to test that very compelling target later this year.

Rift will see much of the Q1 work and plans for CAP feature in the summer. What other activity will take place in 2026?

Rift is without question our primary focus, and from the time we put together that land package, we have been moving as fast as we can. We completed a strategic financing of $10 million that brings our cash position up to around $14 million.

We partnered with the Conservation and Survey Division, School of Natural Resources at the University of Nebraska–Lincoln to complete re-logging and re-assaying work of the preserved drill core from Molycorp's work in the 1970s and 1980s. It is rare and a huge benefit to have access to the

original drill core, given the vintage of some of that drilling, so we are grateful to the University of Nebraska–Lincoln for being the custodian of that drill core. We should have those results later in Q1.

We have been working to incorporate all of the historical data that we can into a 3D model. We’ve got our permit for drilling and secured the same drill contractor that completed much of the drilling at NioCorp’s neighbouring project.

Drilling should commence by the end of January, with roughly 8,000 metres over 10 to 15 drill holes planned, with the program running for the better part of three months. On the back of that, getting assays and really understanding the mineralization controls will position us for a follow-up Phase Two program, with the objective there being more resource-definition–focused. We are trying to rapidly advance Rift to a maiden resource stage by Q1 2027.

Is there anything we have missed?

I think it is probably just the growth side of the equation. We appreciate the need to secure domestic supply to reduce reliance on other parties, but the demand for permanent magnets is expected to more than triple by 2040. The growth in the electric vehicle space is well documented, but applications span renewable energy, robotics, consumer products, electronics, defence – the list goes on, and rare earth magnets are indispensable and vital to industry. Demand projections, coupled with the challenge of finding economic concentrations that can be efficiently processed, let alone on North American soil, create a significant opportunity for us at the Rift project, and one we are excited to take on in 2026.

About the Author

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Listed Issuer Updates

Interviewee

James Walker, CEO

Interview Date

December 5, 2025

Four

Editor’s

Ares Strategic Mining

CSE Symbol ARS

Listing Date October 22, 2021

Website aresmining.com

We are currently the only permitted fluorspar mine in the whole of the United States. And so, we will almost certainly be the first company to bring that production back to America. That's a big component of the story, and that's helped us get federaland state-level support, because there is a drive to reindustrialize, and Ares has been part of that. Where we fit in is that there's sort of a deglobalization going on at the moment, where countries are looking to become more sovereign and independent in certain areas, especially around resources and having that in-country capability.

We're in a very nice situation in that the bulk of the capital that we needed for the operation, we've already raised and spent. We've got the industrial land. We've got the warehousing. We've got the plants; we've got one of them almost completed construction. We've got all the heavy mining equipment. We've got the rail spur. We've got the mine built out with all of the shotcreting, the rock bolts, the ventilation is all installed, the heavy mining equipment, all of that is done.

“

We are currently the only permitted fluorspar mine in the whole of the United States. And so, we will almost certainly be the first company to bring that production back to America.

Walker

Long term, we're going to be looking at mergers [and] acquisitions to expand our reach. And this is an area where we're going to be very uniquely situated to expand because we now have the expertise, we understand the metallurgy, we understand the markets. We're uniquely positioned to expand into that – maybe beyond anybody else's position to expand into that market. We're in a very comfortable position now with the company.

Volta Metals

Interviewee

Kerem Usenmez, President and CEO

Interview Date

October 6, 2025

WATCH THE FULL INTERVIEW

go.thecse.com/ volta-metals

CSE Symbol VLTA

Listing Date September 25, 2019

Website voltametals.ca

We looked at all the rare earth projects in North America, not just Canada. There are about 177 projects in North America – only 21 of those have third-partymade resource, and Springer, our project, is one of them. When you rank it based on tonnage or grade, it's about 13 out of the 21, but when you add the gallium as it is before we drill, it goes up to eight, with gallium's value and the high-grade nature of it. We are hoping that with this drilling, we're going to be in the top five.

Gallium is an extremely strategic element. It is currently predominantly used in AI applications, and it's used more and more in semiconductors because of its faster response. Therefore, it is very strategic in the sense that the majority of the production in the world is done in China.

The Western world is realizing the importance of rare earths. [They’re] used in defence, healthcare, electronics – literally in everyday modern life that the Western world depends on.

Having a deposit here in Ontario, in Canada, with this infrastructure becomes extremely important. When you look at the U.S. talking about Greenland or Ukraine,

there is no comparison because of the infrastructure we have, the support we have, and the deposit being easily accessible and advanceable. I think it gives us a massive advantage over comparables.

What we're going to do [as next steps]: drill results, Idaho National Laboratory results (in terms of recovery and the roadmap for metallurgical), detailed roadmap, updated resource, [and] potential for advanced studies to get more funding or financing to advance this project into development stage.

“

Gallium is an extremely strategic element. It is currently predominantly used in AI applications, and it's used more and more in semiconductors because of its faster response. Usenmez

Interviewee

Scott Walters, CEO

Interview Date

December 11, 2025

WATCH THE FULL INTERVIEW

go.thecse.com/ maxus-mining

Maxus Mining

CSE Symbol MAXM

Listing Date May 8, 2025

Website maxusmining.com

“

We have a clear view on focusing on antimony and tungsten in our portfolio, and I think what really sets us apart is that we're focused on districtscale exploration for critical minerals, targeting antimony.

Walters

We have a clear view on focusing on antimony and tungsten in our portfolio, and I think what really sets us apart is that we're focused on district-scale exploration for critical minerals, targeting antimony. Within our portfolio – which is just over 37,000 acres (or just over 15,000 hectares) – is the Alps Alturas district in southeastern British Columbia. It hosts Canada's most prolific antimony

mine, which was active in the 1920s.

We're taking a modern datadriven approach to a historically productive area and building a portfolio around an anchor of that former antimony mine that was producing 57% antimony. [Beyond] doing exploration where no mine has been before, we've been able to acquire great data sets. We've spent quite a bit of time in the field, and that's setting us up for a busy and productive 2026.

We recently raised a couple of million dollars on a flow-through financing, and that's given us the funding that we require to attack that asset early in the spring. So, I think we'll be able to get on the property early [this year], and we're going to work toward a 43101 there and drilling and really defining that property further.

We'll have boots on the ground early in 2026 on the Alturas West property, which hosted our historic antimony mine, and that's going to be the core focus. So, investors should look for more news on field programs and drilling, as well as assay results that will be coming out between now and then.

Interviewee

Thomas Lamb, CEO

Interview Date

January 22, 2026

WATCH THE FULL INTERVIEW

go.thecse.com/ myriad-uranium

Myriad Uranium

CSE Symbol M

Listing Date November 5, 2019

Website myriaduranium.com

We have two main projects: Wyoming and New Mexico. These are fairly advanced projects in that they've both seen considerable development. The Wyoming project, called Copper Mountain, saw a huge investment in the 1970s. It was going to be a large-scale conventional uranium mine. The New Mexico project, called Red Basin, has seen upwards of 1,000 boreholes, and it has a historic non-43-101 indicated resource and a larger inferred resource.

“

Both projects are very exciting, and we are in the best states just as uranium inside the U.S. is becoming critical. Lamb

We've recently done geophysics at both Red Basin and Copper Mountain. Both of those programs are going to inform the targeting of our drill programs in 2026. So, this war chest that we have – and we already had cash in the bank – has got us in a great position.

We're likely to go to 100% ownership of Copper Mountain. That's a one plus one equals three proposition because 100% ownership is valued a lot more highly than 75% of something. So, that's an exciting likely development – of course, we can’t make promises. We [also] have very cool drill targets at Copper Mountain. We can't wait to get in there and start drilling them.

Both projects are very exciting, and we are in the best states just as uranium inside the U.S. is becoming critical.

At Red Basin, there’re going to be interesting developments. A lot of money is flowing into New Mexico, especially from the technology side. These people need data, AI. They're going to be working on nuclear technology up and down the fuel cycle. This is conversion enrichment of uranium, and of course, they'll need to source uranium out of the ground. That could be us.

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SPOTLIGHT ON James Black

CSE Vice President, Marketing and Communications

James

Black reflects on his capital markets journey and the evolution of the Exchange

By Libby Shabada

You have been at the Canadian Securities Exchange for nearly two decades. Tell our readers a bit about your journey to the Exchange and how you have seen the CSE evolve during this time.

My time at the CSE has been an incredible journey. I joined the Vancouver office in 2009, still relatively new to the industry and without much of a playbook. Since then, the company has undergone multiple transformations and experienced significant growth.

I’m grateful to have contributed along the way and to have worked alongside many talented people who have been part of that evolution.

Can you give us a little insight into your role and how it fits into the broader vision for the Exchange?

Recently, I transitioned into a new role as Vice President, Marketing and Communications. This shift reflects the company’s expanding global ambitions and the need to support a broader mandate as we grow into a truly international organization. Establishing a dedicated marketing function allows the CSE to better anticipate and respond to trends in what is often a fast-moving and volatile market environment.

Let’s shift focus to the mining sector. In terms of new CSE listed issuers, what advice do you have for emerging mining companies looking to list?

Conviction is everything. The entrepreneurs who succeed are those who believe deeply in their vision and can bring exceptional people together around it. Nothing meaningful is built alone – strong

teams and capable leadership are critical. Alignment also matters. The CSE has grown alongside earlystage explorers by offering rightsized regulation and manageable costs, providing a platform where emerging companies can build and grow effectively.

At the end of 2025, the CSE officially completed the acquisition of the National Stock Exchange of Australia. What can we expect from this acquisition in terms of new listings?

The NSX acquisition reflects our long-term vision to expand globally and better connect complementary capital markets in Canada and Australia. Few have attempted this kind of integration, but the CSE brings proven experience that translates well to the Australian market. While I won’t speculate on precise numbers, increased domestic competition in Australia, combined with growing interest in cross-market listings, should support meaningful growth in NSX listings in the years ahead.

As Editor-in-Chief, what has been your favourite part of Canadian Securities Exchange Magazine?

It has been a privilege to work alongside the many contributors who have shaped the magazine over the years. The quality of the publication has steadily improved thanks to the care and dedication of the entire team, and everyone involved should be proud of the body of work produced. As we transition away from the print publication, we look forward to continuing to tell these stories through our video platforms and exploring new formats and ideas. It has truly been a great ride.

Canadian Securities Exchange Magazine • February 2026

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SPOTLIGHT ON James Black

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Black reflects on his capital markets journey and the evolution of the Exchange