Disseminated on behalf of  ESGold Corp. (CSE: ESAU) (OTCQB: ESAUF) and may include paid advertising.

• ESGold Corp., an exploration-stage company committed to the acquisition, exploration, and development of high-quality mineral properties worldwide, is especially optimistic about the coming year
• Recent developments include success with a closed flow-through share private placement, and major progress on the company’s Montauban project exploration
• With the closed $4½ million placement, ESGold has the resources it needs for comprehensive exploration of the promising mining site, and an advancing runway toward monetization and profitability

ESGold (CSE: ESAU) (OTCQB: ESAUF), an exploration-stage company committed to acquiring, exploring, and developing high-quality mineral properties worldwide, is going into 2026 strong on the heels of a closed flow-through share private placement and incredible progress on its Montauban project exploration. The partial completion and interpretation of a comprehensive three-dimensional geological model on the property demonstrated that Montauban is not just a reclamation story, but the nucleus of a potentially much larger gold, silver, and base-metal district.

“The Montauban model is the most significant technical milestone in the project’s modern history,” noted ESGold’s CEO and Director, Gordon Robb. “What was once seen as a series of small, isolated deposits now seems to emerge as a continuous multilayered mineral system with dimensions not previously recognized at Montauban,” he added (https://ibn.fm/mwACF).

Following completion of the three-dimensional geological model scan, ESGold proceeded with a property-wide ANT survey, the digitization and incorporation of historical mine records, and the development of a systematic exploration and drilling program. It also set out to initiate drill permitting processes and a self-funded discovery model. Its combination of near-term production-readiness and multipod exploration upside uniquely positioned the company among emerging producers in Québec, while also positioning it as a leader in its space (https://ibn.fm/MMw04).

ESGold also recently closed its private placement of flow-through shares, raising aggregate gross proceeds of $4,505,000. The placement, which involved the sale of 5,300,000 shares, was transacted at $0.85 per FT share, placing the company at an advantageous position with resources to explore such a valuable mining site, along with a runway toward final monetization and profitability (https://ibn.fm/jYKCY).

Going into 2026, ESGold has all the pieces to make for a successful year. It has the resources and the expertise to stamp its position as a leader in its space. Most importantly, it has the legacy of the Montauban property, and an unrivalled understanding of the market, placing it a league above its competitors. The company’s management continues to affirm its optimism about the company’s growth, seeing 2026 as ESGold’s best year yet.

For company information, visit the company’s website at www.ESGold.com.

NOTE TO INVESTORS: The latest news and updates relating to ESAUF are available in the company’s newsroom at https://ibn.fm/ESAUF

Disseminated on behalf of Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) and may include paid advertising.

• Trilogy Metals is focused on advancing the Arctic and Bornite projects, part of the Upper Kobuk Mineral Projects located in northwest Alaska
• The need for high-grade projects such as Arctic and Bornite is reinforced by macroeconomic trends
• Beyond its project pipeline, Trilogy Metals has a clear vision focused on responsible resource development, community partnership and long-term value creation

A global surge in demand for copper and critical minerals continues to reshape development priorities across the mining sector, driven by the accelerating transition to clean energy technologies and the build-out of modern infrastructure. The world’s need for reliable, ethically sourced copper, zinc and associated metals has never been greater, positioning advanced North American projects as increasingly strategic. Within this context, Trilogy Metals (NYSE American: TMQ) (TSX: TMQ) is emerging as a key player through its work to advance one of the most promising undeveloped copper districts in the United States.

Trilogy Metals is focused on advancing the Upper Kobuk Mineral Projects (“UKMP”), located in the Ambler Mining District – a large, high-grade copper-dominant mineral belt in northwest Alaska. The district is being developed by Ambler Metals LLC, a 50-50 joint venture between Trilogy Metals and South32 Limited, formed to explore and develop the rich polymetallic resources of the region. The two cornerstone deposits within this district are Arctic and Bornite. Arctic is considered one of the highest-grade copper-zinc-lead-gold-silver volcanogenic massive sulfide deposits known in the world, while Bornite is a significant copper-cobalt carbonate deposit with compelling scale potential.

“The strategy of Trilogy and our partners is to advance both the Arctic and Bornite projects into production while carrying out additional exploration in the search for high-grade deposits within the UKMP,” the company has stated. In addition to Arctic and Bornite, the UKMP also hosts numerous other polymetallic mineral deposits and prospects such as Sunshine, South Cliff, Horse-Cliff, Snow, Nora, Tom Tom and BT. The formation of the joint venture with South32, in which South32 contributed $145 million into Ambler Metals, enables additional exploration activities with the goal of increasing the mineral inventory of the district.

The need for projects such as Arctic and Bornite is reinforced by macroeconomic trends. The International Energy Agency has emphasized that demand for copper is expected to rise substantially due to its essential role in electrification, renewable energy systems and electric vehicle components. A 2023 IEA analysis noted that clean energy technologies alone could double copper demand by 2030, underscoring the strategic importance of new, high-quality sources in stable jurisdictions. This trend aligns closely with Trilogy Metals’ focus, as both Arctic and Bornite contain the grade profile and tonnage that could meaningfully contribute to future supply.

Trilogy’s Arctic project, which has completed a feasibility study, represents a significant potential source of copper, zinc, lead, gold and silver. The feasibility study outlines a conventional open-pit operation with strong economics, including an estimated post-tax net present value exceeding $1 billion at consensus long-term metal prices. These results highlight the potential for Arctic to become a foundational project in Alaska’s mineral development landscape. The deposit’s high grades also position well within a global market increasingly focused on reducing the carbon intensity of copper production, as richer deposits tend to require less energy and result in lower emissions per tonne of metal recovered, because less material is mined and processed.

The company’s Bornite project, the second major asset within the district, offers long-term optionality with its combination of copper and cobalt resources. Cobalt is a crucial component in many battery chemistries, and while global supply is heavily concentrated in the Democratic Republic of Congo, there is growing pressure for diversification into ethically sourced jurisdictions. Trilogy Metals’ positioning within the United States provides investors and downstream battery manufacturers a future opportunity for supply originating in a region that adheres to stringent environmental and governance standards.

The broader Upper Kobuk Mineral Projects benefit from significant strategic support at the federal and state levels. In October 2025, the Alaska Industrial Development and Export Authority allocated $50 million for preconstruction activities for the Ambler Access Road – a proposed controlled-industrial road designed to connect the mining district to existing state transport infrastructure – following a Presidential order that reinstated the road’s federal permits. Trilogy Metals notes that more finalization on the road would spur exploration activity in the district. The road’s advancement is seen as an important catalyst for Trilogy and South32 as they continue to evaluate the long-term development potential of the region.

Beyond its project pipeline, Trilogy Metals has a clear vision focused on responsible resource development, community partnership and long-term value creation. Operating in Alaska requires close collaboration with local and Alaska Native communities, with Ambler Metals outlining detailed engagement protocols that emphasize transparency and shared economic benefits.

The company has highlighted that the region is part of the NANA Regional Corporation lands, meaning that development activities must align with the subsistence values, cultural priorities and economic goals of the Iñupiat people. This partnership-driven approach is integral to how Trilogy advances exploration and permitting, and it supports the company’s ability to develop projects that can deliver both economic opportunity and environmental stewardship.

As the clean-energy transition accelerates and global metal markets tighten, Trilogy Metals’ positioning within a world-class copper jurisdiction becomes increasingly meaningful. The combination of high-grade resources, strong joint-venture backing, supportive local partnerships and the potential for future infrastructure access underscores the company’s strategic place in the North American metals landscape. With demand for copper projected to grow for decades, Trilogy Metals is working to responsibly advance assets that could become critical components of the domestic supply chain.

For more information, visit www.TrilogyMetals.com.

NOTE TO INVESTORS: The latest news and updates relating to Trilogy Metals are available in the company’s newsroom at ibn.fm/TMQ

• The company has secured its 16th new U.S. service provider partnership and its 15th new U.S. state entered since mid-2024, marking the company’s first deployment in North Carolina.
• The agreement follows a recurring revenue model tied to active daily monitoring units, as the company continues to displace incumbent electronic monitoring vendors across multiple jurisdictions.
• The company is leveraging its PureSecurity(TM) platform to support offender monitoring and domestic violence prevention, and the strong profitability metrics provide financial capacity to support continued geographic expansion.

SuperCom (NASDAQ: SPCB), a global provider of secured e-Government, IoT, and cybersecurity solutions, continues to broaden its presence in the U.S. electronic monitoring (“EM”) market, announcing a new service provider partnership in North Carolina that extends its reach to a 15th new state entered since mid-2024. The agreement marks SuperCom’s first deployment in North Carolina and its 16th new service provider partnership over the past 18 months, underscoring the pace of the company’s domestic footprint expansion (https://ibn.fm/aoEsr).

The contract, disclosed December 16, positions SuperCom as the primary EM technology partner for a North Carolina-based service provider. Under the terms of the agreement, the provider will transition its existing GPS tracking infrastructure to SuperCom’s proprietary hardware and software platform. Revenue will be generated on a recurring basis, calculated by the number of active monitoring units deployed each day.

Management emphasized that the agreement is independent of a separate procurement vehicle contract previously awarded to SuperCom by the North Carolina Sheriff’s Association earlier in the year. Instead, the new partnership reflects a competitive evaluation process conducted by the service provider, which ultimately selected SuperCom’s technology to replace an incumbent vendor.

The win adds to the company’s growing pattern. Since mid-2024, SuperCom has secured more than 30 new U.S. electronic monitoring contracts and entered multiple new states, often by displacing established providers. This momentum suggests that regional service providers and agencies are increasingly reassessing incumbent EM systems in favor of newer, modular platforms.

“Our entry into North Carolina represents another meaningful step in our U.S. expansion strategy through our growing network of trusted service providers and direct agency customers,” said President and CEO Ordan Trabelsi in the announcement. “This win reflects the continued momentum we’re building across the U.S., with 16 service provider contracts signed and 15 new states entered since mid-2024. These wins demonstrate our ability to displace incumbents, ramp quickly, and establish a durable presence in new geographies.”

SuperCom’s core EM offering is built around its PureSecurity(TM) platform, a modular suite that integrates GPS, RFID, and cloud-based monitoring tools. The platform is designed to support a range of use cases, including home detention, probation and parole supervision, inmate monitoring, and domestic violence prevention.

The PureSecurity(TM) ecosystem allows agencies and service providers to configure solutions based on operational needs. Hardware options include one-piece and two-piece GPS tracking devices, RF-based house arrest equipment, and smartphone-enabled monitoring systems. Software components such as PureMonitor provide real-time visibility and alerts. At the same time, complementary tools like PureShield(TM) and PureProtect(TM) focus on enhancing victim safety through proximity notifications in domestic violence prevention programs.

SuperCom’s emphasis on electronic monitoring aligns with broader trends in corrections and public safety. Research from multiple jurisdictions suggests that EM can reduce recidivism while lowering costs compared with incarceration. Studies in Argentina, Australia, and France have reported reductions in reoffending ranging from roughly 10% to nearly 50%, depending on the program and timeframe. These findings have supported wider adoption of EM as an alternative or supplement to traditional detention, particularly for nonviolent offenders and pretrial populations.

Financially, the company enters this expansion phase from a position of strength. SuperCom reported record net income of $6 million for the first nine months of 2025, with an EBITDA margin exceeding 35%, according to management. These metrics provide the operational flexibility needed to support new deployments, onboard service provider partners, and scale support infrastructure as geographic coverage expands.

The U.S. expansion strategy complements SuperCom’s broader international footprint, which spans EMEA and North America. However, management has increasingly highlighted the U.S. market as a focal point, given the fragmented nature of EM providers and the ongoing push by courts and agencies to modernize supervision technologies. “We remain well-positioned and poised to scale nationally while delivering long-term value for all stakeholders,” Trabelsi added.

For more information, visit the company’s website at www.SuperCom.com.

NOTE TO INVESTORS: The latest news and updates relating to SPCB are available in the company’s newsroom at http://ibn.fm/SPCB

• Over the next decade, innovation in retail technology is likely to matter as much as location, pricing and assortment.
• A2Z positions its Cust2Mate smart-cart platform as a modular system that can retrofit existing carts with a large touchscreen and a “sensor fusion” approach.
• For investors and retail operators watching the space, the core takeaway is that innovation is no longer optional “futureproofing.”

Retail is in a race to make shopping faster, more personalized and more efficient, and the winners are increasingly the ones investing in technology that connects what shoppers do in-store with the intelligence retailers have built online. A2Z Cust2Mate Solutions (NASDAQ: AZ) is focused squarely on that shift through its smart-cart platform, designed to retrofit existing carts with a digital interface and a sensor-driven, data-enabled in-store experience.

Over the next decade, innovation in retail technology is likely to matter as much as location, pricing and assortment. Stores are under pressure from labor constraints, rising fulfillment expectations and consumers who want “online-level” convenience in physical aisles. Think easy product discovery, frictionless checkout and relevant offers delivered in the right way and at the right moment. Deloitte’s 2025 retail outlook highlights how retailers are prioritizing efforts that strengthen digital commerce and enhance omnichannel experiences, moves that depend heavily on better data, smarter operations and smoother customer journeys.

One major area of change is the push toward automation and “smart-store” operations that reduce routine work and improve accuracy. Industry forecasts show retail automation as a sizable and expanding category, reflecting investment in systems that streamline workflows, improve visibility, and raise productivity. For example, Grand View Research estimates the global retail automation market at about $24.1 billion in 2023 and projects it could reach about $44.8 billion by 2030, implying strong growth through the end of the decade. That growth is showing up in self-checkout upgrades, computer-vision tools that reduce shrink and speed transactions, and back-of-house automation that supports faster replenishment and fulfillment.

A second game-changing shift is real-time inventory intelligence, where retailers are trying to eliminate the “I came in, but you didn’t have it” moment. Radio-frequency identification (“RFID”) is one of the most practical technologies driving this transformation because it can make inventory counts faster and more accurate and can help detect errors earlier in the supply chain. ABI Research notes that the retail RFID software market is expected to more than triple between 2025 and 2030, reaching more than $1 billion by 2030, an indicator of how quickly retailers are operationalizing item-level visibility at scale. As RFID, sensors and analytics mature together, the strategic value is not just knowing what’s in the building but knowing what’s on the shelf, what’s missing, and what should be replenished before sales are lost.

A third shift is the rise of in-store digital engagement as a revenue line, not just a cost center. Retailers have been building retail media networks online for years, and the next phase increasingly brings that model into physical stores through screens, apps and context-aware placements. Forrester forecasts global retail media spending could grow from $184 billion in 2025 to $312 billion by 2030, underscoring how meaningful “commerce-driven advertising” is becoming. The implication is significant: Stores are turning into measurable media environments, where promotions can be personalized and tied directly to outcomes, including basket size, category trade-up and repeat visits.

These technology arcs point directly to where A2Z Cust2Mate fits. The company positions its Cust2Mate smart-cart platform as a modular system that can retrofit existing carts with a large touchscreen and a “sensor fusion” approach that can incorporate tools such as barcode scanning, computer vision, AI, weight and RFID, enabling real-time engagement and workflows while shoppers are in motion. In practical terms, smart carts can support guided shopping, help shoppers find items, reduce friction during checkout and create new touchpoints for targeted promotions, all while also generating store-level data that can improve decisions on merchandising, labor allocation, and marketing effectiveness.

In addition, there’s a broader strategic point: As shoppers return to stores while still expecting online-like personalization, smart carts and connected-store systems become a bridge between digital intelligence and physical behavior. Industry coverage has highlighted how retailers are using AI, IoT and sensor-driven tools, including smart carts, to connect online insights with in-store actions and to create more responsive operations. That’s the direction of travel for physical retail over the coming decade: fewer disconnected moments, more context and better measurement of what actually drives conversion inside the store.

For investors and retail operators watching the space, the core takeaway is that innovation is no longer optional “futureproofing.” Rather, it is becoming a near-term lever for margin, loyalty and differentiation. A2Z Cust2Mate’s focus on smart-cart technology places it in the middle of several converging trends: automation to offset operational pressure, sensor-driven inventory accuracy, and in-store digital engagement that supports personalization and monetizable retail media.

For more information, visit https://cust2mate.com.

NOTE TO INVESTORS: The latest news and updates relating to AZ are available in the company’s newsroom at https://ibn.fm/A2Z

• Safe Pro Group and Ondas Holdings’ 4M Defense have successfully completed an eight-week pilot program in the Middle East, which demonstrated the strong performance of Safe Pro’s AI algorithms when it comes to analyzing high-resolution drone imagery.
• The combined approach between Safe Pro’s AI detection and analysis and 4M Defense’s extensive land data gives a more complete operational picture for successful demining and reconstruction planning.
• Leadership from both companies are excited about the partnership and what it means for the future of the industry.

Safe Pro Group (NASDAQ: SPAI), a leader in AI defense and security solutions, and Ondas Holdings’ 4M Defense, recently announced the completion of a joint pilot program in the Middle East (https://ibn.fm/rPBJK).

The eight-week program evaluated the use of AI to identify and detect explosive hazards in support of humanitarian efforts like demining and reconstruction. It demonstrated the strong performance of Safe Pro’s AI algorithms in analyzing aerial imagery to identify landmines, unexploded ordnance (“UXO”), improvised explosive devices (“IEDs”) and other hazardous indicators in complex environments.

The company’s Safe Pro Object Threat Detection (“SPOTD”) system rapidly processed survey data and consistently identified threats with speed and accuracy beyond traditional methods like manual reviews. Across 22 acres of surveyed land, the AI system was able to identify nearly 150 hazardous items and indicators, including approximately 60 confirmed landmines and UXO.

4M Defense designed and carried out the aerial survey missions and evaluated how SPOTD’s outputs may be incorporated into its land-intelligence platform. Blending this AI-powered detection along with additional terrain and sensor layers, provides comprehensive combat zone mapping to better reveal hazardous patterns, understand the complexity of terrain, and assess scalability.

Leadership at both companies are proud and excited about the work being done. Eric Brock, CEO and Chairman of Ondas Holdings (NASDAQ: ONDS), said that “Ondas is proud to partner with Safe Pro to demonstrate the strength of their advanced AI tools in addressing one of the most urgent humanitarian and operational challenges in the Middle East.”

He also added that “Safe Pro’s technology delivered impressive performance in identifying explosive hazards, and we see significant opportunity to integrate these capabilities within 4M Defense’s mission-planning and land-intelligence platform.”

Dan Erdberg, Chairman and CEO of Safe Pro, also showed excitement about the partnership when he said “By partnering with Ondas and 4M Defense, we see a clear path to delivering an integrated solution that combines our AI-driven threat detection with 4M’s land-intelligence and mission-planning capabilities. Together, we are positioned to meet the needs of a large and growing market that requires faster, safer, and more scalable methods for assessing and reclaiming critical land.”

Due to the analyzed data and imagery from this pilot, Safe Pro is expanding the SPOTD dataset to better characterize the UXO, landmines, and other objects that could be encountered throughout the Middle East. This strengthens the platform’s hazard-detection capabilities to provide optimal levels of intelligence.

4M Defense sees significant opportunities to expand the company’s programs by incorporating AI-driven datasets from Safe Pro, which may result in more robust situational awareness.

By integrating SPOTD, 4M Defense also aims to offer a more scalable and comprehensive solution for customers who want a faster, safer, and data-driven path to rebuilding and reclaiming dangerous or contaminated areas.

About Safe Pro Group Inc. (NASDAQ: SPAI)

Safe Pro Group is a tech company that’s designing and delivering advanced AI solutions for customers in the humanitarian, defense, security, law enforcement, and commercial industries. The company’s patented computer vision technology helps rapidly detect and identify small objects in drone photos and videos, to allow for safer and more efficient field operations.

For more information, visit the company’s website at www.SafeProGroup.com.

NOTE TO INVESTORS: The latest news and updates relating to SPAI are available in the company’s newsroom at https://ibn.fm/SPAI

• The deal strengthens Safe & Green’s strategy to become a value-added energy and infrastructure solutions provider.
• Giant Containers brings an established customer base and a contracted and prospective project pipeline.
• Containerized solutions align with rising demand for modular power, data center, and energy infrastructure.
• The acquisition supports Safe & Green’s vertically integrated energy model implemented via wholly owned subsidiary Olenox.

Safe & Green Holdings (NASDAQ: SGBX), a diversified holding company, has completed the acquisition of Giant Containers Inc., a custom manufacturer of modular shipping container solutions, in a move that further consolidates the company’s shift toward energy development and infrastructure services. The transaction, announced December 19, 2025, was completed using a mix of cash and stock and marks a strategic expansion of Safe & Green’s operational capabilities (https://ibn.fm/GbpzT).

The acquisition comes as energy infrastructure demand continues to rise, driven in part by data centers, artificial intelligence workloads, and distributed power generation. Modular, containerized systems have become an increasingly common way to deploy energy assets quickly and at scale, particularly in regions facing grid constraints or rapid load growth.

Giant Containers, founded in 2017, specializes in transforming standard shipping containers into engineered structures for residential, commercial, industrial, and institutional uses. Its customer roster includes large corporate and institutional names such as Tesla, Amazon, General Motors, Nike, and Yale University. At the time of acquisition, Giant Containers reported more than $5 million in projects under contract and an additional $22.5 million in its project pipeline.

For Safe & Green, the appeal lies in how those capabilities fit with its evolving business model. Safe & Green repositioned itself around energy development, with an emphasis on owning and operating assets across the value chain. Olenox, a wholly owned subsidiary, operates three integrated divisions spanning oil and gas production, oilfield services, and energy technologies.

The Giant Containers acquisition adds a complementary layer. While Olenox brings subsurface expertise, production operations, and well services, Giant Containers contributes front-end design, sales, and project management for containerized systems. This combination is particularly relevant for applications such as containerized power generation, mobile data centers, crypto mining infrastructure, and energy systems deployed in remote or industrial settings.

Management has framed the transaction as a way to close gaps in Safe & Green’s internal capabilities. Giant Containers’ strength in sales, marketing, and customer relationships is paired with Safe & Green’s domestic manufacturing and production capacity, which is increasingly important for enterprise and government customers seeking U.S.-based fabrication and predictable delivery timelines.

Leadership alignment was also a feature of the deal. Daniel Kroft, founder and chief executive of Giant Containers, elected to receive part of the acquisition consideration in restricted Safe & Green common stock, a structure that ties his incentives to the long-term performance of the combined business.

“We are very excited about this strategic acquisition of Giant Containers,” Safe & Green Chief Executive Officer Michael McLaren said in the announcement. “It was a key foundation stone in our corporate strategy to become a value-added energy provider, and we are now empowered with sales, design, and engineering capabilities for containerized power generation, crypto mining, and data center solutions.”

McLaren also pointed to the broader demand environment. The expansion of AI workloads has intensified the need for reliable power infrastructure, often deployed faster than traditional grid expansions allow. Modular systems can shorten development timelines and offer flexibility in where and how energy assets are deployed.

Kroft emphasized the operational impact from Giant Containers’ perspective. He said the acquisition provides the infrastructure needed to support larger and more complex projects, including access to a new production facility in Texas that expands manufacturing capacity for both domestic and international customers.

“The acquisition capitalizes on strong synergies between both teams and the depth of human capital across the organizations, fueling optimism through a shared vision and aligned goals for Giant Containers,” Kroft added. “I’m particularly excited about entering an entirely new market by developing solutions tailored to the oil, gas, and energy industry, guided by the expertise of Mike McLaren and the team at Olenox. This new framework allows us to dedicate even more manpower to business development and the global rollout of our unique product offerings.”

As power-hungry applications such as AI and data centers continue to expand, modular energy and infrastructure solutions are likely to remain in focus. The Giant Containers acquisition illustrates how Safe & Green is assembling a broader energy infrastructure platform rather than operating as a single-segment business. Moreover, the company has now added a practical component to its strategy, positioning itself to participate in that growth through design, fabrication, and delivery of containerized energy systems.

For more information, visit the company’s website at www.SafeandGreenHoldings.com.

NOTE TO INVESTORS: The latest news and updates relating to SGBX are available in the company’s newsroom at https://ibn.fm/SGBX

Disseminated on behalf of New Pacific Metals Corp. (NYSE American: NEWP) (TSX: NUAG) and includes paid advertisement.

• Global supply deficits and rising industrial demand support a long-term case for higher silver prices, though silver remains historically undervalued in real terms, even after recent price appreciation.
• Development-stage companies can offer superior risk-adjusted returns compared with existing producers.
• New Pacific Metals owns two of the world’s largest undeveloped silver deposits, Silver Sand and Carangas.
• Both projects have demonstrated strong economics in technical studies and could jointly produce nearly 19 million ounces per year when developed.

Investors seeking exposure to silver tend to naturally gravitate toward established producers with healthy margins. Yet history suggests that the strongest risk-adjusted returns often come from a different corner of the sector: development-stage companies advancing large, viable deposits toward production. In the current silver market, characterized by supply shortages, robust industrial demand, and long-term underinvestment, developers such as New Pacific Metals (NYSE American: NEWP) (TSX: NUAG) can often provide a clearer path to value creation than miners already in operation.

A recent analysis of global silver developers argues that the metal remains deeply undervalued when adjusted for inflation (https://ibn.fm/Pw1fC). While nominal prices briefly touched record highs above US$53/oz this year, the inflation-adjusted high from 1980 would translate to roughly US$187/oz in today’s dollars. That gap underscores how far silver prices remain from past real levels. Compounding this, the gold-to-silver ratio has hovered near 90–100:1 for most of 2025, far above its historical average of about 60:1. By these measures, silver appears relatively inexpensive against both gold and its own long-term pricing.

The supply side tells a similar story. Global silver demand has outpaced supply for five consecutive years, with a projected deficit of 117–149 million ounces in 2025. Industrial use reached a record 681 million ounces in 2024 and continues to rise, driven by solar manufacturing, electric vehicles and electronics. Yet new silver production has been slow to respond. Ore grades have declined more than 50% since 2007, costs of development have risen and output in countries such as the United States, Canada and Australia has fallen sharply from early-2000s levels.

These conditions create an environment where higher silver prices are needed to incentivize new supply. They also highlight an important structural point: most silver is produced as a by-product of mining for other metals. As a result, even substantial increases in silver prices do not necessarily trigger new silver production from existing mines. The shortage of large, undeveloped primary silver projects has become increasingly apparent.

This is where developers, companies with defined deposits advancing toward feasibility, permitting and financing, can offer advantages. They have already completed the highest-risk stage of mining: discovery. Only about one in 1,000 exploration projects becomes an economic deposit. Developers are the survivors of that process, moving through technical studies that determine how and when a project could be built.

Developers often trade at low valuations in the mid-stage “valley” between discovery excitement and the start of construction. During this period, investor attention frequently shifts toward producers with immediate cash flow, leaving development companies undervalued relative to the intrinsic worth of their assets. As developers de-risk their projects, secure permits and publish feasibility studies, value tends to accrete steadily, often sharply as construction nears. Rising metal prices amplify this effect: because a developer’s cost assumptions are fixed in economic models, higher silver prices can dramatically increase project net present value.

Against this backdrop, Canadian exploration and development company New Pacific Metals stands out. The company owns two of the world’s largest undeveloped open-pittable silver deposits, Silver Sand and Carangas. Technical studies published last year showed solid economics for both assets. While neither project is currently producing, their potential combined output, nearly 19 million ounces of silver annually, would exceed that of many established silver companies.

The Silver Sand project is among the most advanced large-scale silver developments globally, with near-surface mineralization suitable for open-pit mining. Carangas offers a different profile: a broad, near-surface silver zone underlain by a substantial gold system, adding optionality in future expansions. The substantial scale of both projects places New Pacific in a rare category: a developer with multiple large deposits capable of supporting long-term production.

The jurisdiction is not without challenges. Bolivia has historically presented complex regulatory and political environments for mining companies, while ranking among the top global silver producers. However, a recent political shift spells good news for the mining sector and New Pacific’s established presence in the country. The inauguration of President Rodrigo Paz last month has reordered the country’s political and economic priorities. Paz outlined a reformist agenda built on “positioning Bolivia in the world,” promoting what he described as “capitalism for everyone,” reducing state bureaucracy, and empowering regional governments, while signaling more collaborative relations with foreign investors.

Meanwhile, structural factors continue to favor higher long-term silver prices. Global solar demand is expected to absorb more than 20% of total silver supply in 2025, up from 10% in 2020. Critical minerals policies in the United States, Canada and Australia are encouraging development of domestic mining capacity, while Chinese production and processing still dominate the global supply chain. As countries push for supply security, large deposits in stable corporate structures become more important.

For investors assessing how to position for the next phase of the silver cycle, the argument for development-stage companies is rooted in timing, scarcity and leverage. Developers offer relatively predictable costs, rising project value as feasibility progresses and significant upside if silver prices continue climbing from historically undervalued real levels. New Pacific Metals sits squarely within that value-creation window. If silver continues moving toward a price level that incentivizes new supply, development-stage assets of this scale may become increasingly central to the sector’s future.

For more information, visit the company’s website at NewPacificMetals.com/welcome.

NOTE TO INVESTORS: The latest news and updates relating to NEWP are available in the company’s newsroom at https://ibn.fm/NEWP

Disseminated on behalf of Silvercorp Metals Inc. (NYSE-A/TSX: SVM) and includes paid advertisement.

• Analysts remain optimistic about gold and silver prices during the coming months amid economic pressures from geopolitical turbulence
• The S&P/TSX Composite Index recently announced that Silvercorp will be added to its listings beginning Dec. 22, further increasing the company’s visibility and credibility with investors
• Silvercorp Metals is a top performing silver stock this year, increasing over 160%, but the company remains undervalued relative to peers
• The company is building a copper-gold mine in Ecuador, which will diversify its revenue base and potentially catalyze a market re-rate

Precious metals explorer Silvercorp Metals (NYSE American/TSX: SVM) will gain inclusion on the S&P/TSX Composite Index beginning Dec. 22, sending out the old year and ringing in the new with expectations of boosting its liquidity, increasing its visibility, and benefitting in general from the credibility afforded by the primary benchmark for the Canadian market (https://ibn.fm/5mogw).

Silvercorp has been riding a wave of enthusiasm during a year of marked revenue growth that has paralleled rising market prices for both gold and silver. According to the latest commentary from CPM Group, a precious metals research and analysis firm, the rise in silver prices is far from over. While investment demand softened briefly in 2022–2023, CPM notes that both silver demand and prices began strengthening again in 2024 and are set for further gains as investors react to persistent economic, political, and inflationary pressures. The firm projects that these underlying conditions “are unlikely to improve for many years,” and therefore expects silver to move higher over the next decade or more, with the broader precious metals uptrend still intact (https://ibn.fm/DDBVz).

Silvercorp reported last month that the ongoing surge in silver and gold prices gave its most recent quarterly financial report a hefty boost, with a 23% YOY increase in revenues (https://ibn.fm/vmzE0), continuing a trend that has defined itself as silver hovers near record territory and gold remains near-record above $4,000 an ounce (https://ibn.fm/ltGzP).

The company has also increased its production output  and continues to anticipate production growth as it nears the end of another financial reporting period. In China, at the company’s Ying area sites, capacity will increase to 1.52 million tonnes, once construction is completed and production is fully ramped up on a satellite project. 

In Ecuador, site development is now expected to bring the company another $211 million in gold and silver revenues to the table once operations get under way at its El Domo project. (https://ibn.fm/ZemLf). Ecuador is experiencing a surge in mine-building interests, with some $10 billion in investment going toward decisions on project construction during the country’s new term for its mining-friendly president, which begins in May. 

Silvercorp’s strong balance sheet, including cash of over US$380 million as of September 30, allows the company to pursue additional strategic M&A for growth and diversification.

“We’re pretty open-minded to look at what we think could be value-creating, mine-building opportunities for us,” Lon Shaver, President of Silvercorp, told Natural Resource Stocks in October (https://ibn.fm/7LbTE). “We’ve built this cash position so that we can be out there and aggressively looking at opportunities to buy other assets — either operating mines or development projects — and we remain very active on that front,” he added more recently in an interview with Triangle Investor (https://ibn.fm/DVtln). “The objective for this is to be in a position to move decisively and grow if we see something that we like.”

Shaver also noted that Silvercorp remains undervalued relative to peers and that continued operational progress, particularly in Ecuador, could support a future re-rate. 

For more information, visit the company’s website at https://silvercorpmetals.com/welcome.

Third-Party Disclaimer:

The IBN website may contain third-party content articles and other content submitted by third parties, including articles submitted through the IBN Premium Partnership Program. All opinions, statements and representations expressed by such third parties are theirs alone and do not express or represent the views and opinions of IBN or its affiliates and owners. Content created by third parties is the sole responsibility of such third parties, and IBN does not endorse, guarantee or make representations concerning the accuracy and completeness of any third-party content. You acknowledge that by IBN providing you with this internet portal that makes accessible to you the ability to view third-party content through the IBN site, IBN does not undertake any obligation to you as a reader of such content or assume any liability relating to such third-party content. IBN expressly disclaims liability relating to such third-party content. IBN and its members, affiliates, successors, assigns, officers, directors, and partners assume no responsibility or liability that may arise from the third-party content, including, but not limited to, responsibility or liability for claims for defamation, libel, slander, infringement, invasion of privacy and publicity rights, fraud, or misrepresentation, or an private right of action under the federal securities laws of the United States or common law. Notwithstanding the foregoing, IBN reserves the right to remove third-party content at any time in its sole discretion. By viewing this third-party content, you acknowledge that you have viewed, read fully, accepted and agreed to all terms of the disclaimer at https://IBN.fm/Disclaimer.

Disseminated on behalf of LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) (FSE: 3WK0) and may include paid advertising.

• LaFleur Minerals upsized a previously announced LIFE offering due to investor demand, up to $4.5 million, as part of a non-brokered private placement to fund production restart at its Beacon Gold Mill
• The offering is taking place in tandem with a flow-through-eligible (“FT”) offering for gross proceeds up to $1.5 million to fund operations at its Swanson Gold Project
• Beacon Gold Mill was acquired by LaFleur in a state of readiness to resume operations pending a few equipment upgrades, and this round of financing provides full capital for up to 750 tpd gold production restart
• Gold is enjoying a banner year, striking record territory 50 times during 2025 and sustaining prices above $4,000 per ounce for the last few months, with LaFleur providing a simple and affordable way of investing in what is developing as a long-term gold rush

Gold explorer and near-term producer LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) is upsizing an investment opportunity previously announced on Dec. 15 due to high demand of the offering, adding the potential for more investor access as the company prepares for the launch of its flagship operation in the renowned Abitibi Gold Belt, in Val d’Or, Quebec, early in the new year. With this financing, LaFleur Minerals will be fully funded for restart of gold production operations at its Beacon Gold Mill located ~50km from its advanced stage exploration project and primary source of mineralized material, the Swanson Gold Project.

The offering regulated under the terms of Canada’s Listed Issuer Financing Exemption (“LIFE”) is expected to close on or about Dec. 31 but is no longer subject to an accelerated expiry clause that was part of the Dec. 15 announcement (https://ibn.fm/wLuO2).

LaFleur Minerals’ LIFE offering of 9 million units is designed to obtain gross proceeds of up to $4.5 million to advance exploration at the approximately 18,304-hectare (45,230-acre) Swanson site and the restart of gold production operations at the company’s wholly-owned Beacon Gold Mine and Mill in the heart of Val-d’Or’s active gold camp in the Quebec greenstone belt.

The Beacon Gold Mill is capable of processing more than 750 metric tons per day and is in a state of readiness, needing only a few equipment upgrades to restart operation after its shutdown three years ago under a different company’s ownership. 

At that time, gold was selling at $1,600 an ounce. The precious metal has enjoyed a banner year in 2025, sustaining prices above $4,000 an ounce for the last few months and recently striking new record territory above $4,500 an ounce — the latest in a succession of 50 all-time highs during the year driving gold to be “viewed as a currency rather than a commodity” (https://ibn.fm/wzV2x).

Beacon is about 50 kilometers from Swanson, and the Beacon Gold Mill is expected to be used to process product from the company’s exploration project. Being situated amid major operators such as Agnico Eagle, Eldorado Gold and Probe Gold/Fresnillo, it also has the potential to contract for custom work with other clients to boost its revenue stream. Existing stockpiles on-site are making it relatively quick to recommission the mill with initial feed and test runs.

Swanson, LaFleur’s primary focus as source of mineralized material to feed the mill, benefits from historical data derived from over 36,000 metres of drilling, including high-grade intervals the company anticipates will lead to open pit mining.

A Preliminary Economic Assessment (“PEA”) led by ERM is expected to be completed within the coming days, drawing on data from the historical drilling as well as new twin-hole drilling and infill to update the resource.

“Because Swanson is so advanced and sitting on an existing mining lease, we can get that into production fairly quickly compared to maybe other deposits in the region,” LaFleur CEO Paul Ténière said during an interview with Crux Investor (https://ibn.fm/8wNV4).

LaFleur’s expanded LIFE offering is being managed in tandem with a flow-through-eligible offering (FT Offering) that provides investors an additional benefit by transferring the tax deductibility of exploration and development expenses to them. The flow-through offering’s terms, for gross proceeds of up to $1.5 million, have not changed since they were announced in the Dec. 15 statement (https://ibn.fm/ZAPkU).

For more information, visit the company’s website at LaFleurMinerals.com.

NOTE TO INVESTORS: The latest news and updates relating to LFLRF are available in the company’s newsroom at https://ibn.fm/LFLRF

Qualified Person Statement:

All scientific and technical information contained in this article has been reviewed and approved by Louis Martin, P.Geo. (OGQ), Exploration Manager and Technical Advisor of the company and considered a Qualified Person for the purposes of NI 43-101.

Disseminated on behalf of  Powermax Minerals Inc. (CSE: PMAX) (OTCQB: PWMXF) and may include paid advertising.

• Governments and industry are accelerating investment to rebuild domestic rare earth element (“REE”) supply chains, as Powermax Minerals advances early-stage REE assets in Canada and the United States amid tightening supply.
• New refining, magnet manufacturing, and recycling projects, underscore strategic urgency in North America, while China’s dominance of REE processing continues to shape policy and capital allocation decisions.
• Exploration progress at Atikokan greatly strengthens Powermax’s technical foundation in a proven mining district.

A wave of recent investment announcements across the United States is underscoring how rare earth elements have moved from niche commodities to strategic priorities. From refining facilities in Louisiana to magnet recycling hubs in Texas, governments and companies are working to rebuild domestic supply chains long dominated by China. The trend highlights growing opportunities not only in downstream processing and manufacturing, but also in upstream exploration, where companies such as Powermax Minerals (CSE: PMAX) (OTCQB: PWMXF) are positioning themselves.

The urgency is rooted in geopolitics as much as economics. China controls roughly 60% of global rare earth mining and close to 90% of processing capacity. Export restrictions imposed by Beijing over the past two years have sharpened concerns in Washington and Ottawa about supply security for defense systems, electric vehicles, wind turbines, and advanced electronics. In response, North America is beginning to assemble a more integrated REE ecosystem.

A recent example came in December, when Louisiana announced that ElementUSA would invest $850 million to build a rare earth and critical minerals refining facility in St. John Parish. The project, supported by a $29.9 million U.S. Department of Defense grant, aims to extract gallium, scandium, and other critical minerals from bauxite residue, strengthening domestic supply while creating more than 750 direct and indirect jobs (https://ibn.fm/qWCBB).

That announcement followed similar momentum in magnet manufacturing and recycling. HyProMag USA finalized a long-term lease for a rare earth magnet recycling and manufacturing facility in the Dallas–Fort Worth area, targeting commissioning by mid-2027. The project uses patented hydrogen processing technology to recover rare earth magnets from end-of-life products, contributing to a circular, domestic supply chain (https://ibn.fm/NQDGu).

Together, these developments reflect a broader effort to reduce reliance on Chinese-controlled material flows. USA Rare Earth, for example, has articulated an ex-China magnet strategy built around vertical integration, from mining to finished magnets, to support defense and clean energy applications (https://ibn.fm/Z7xGf). While execution risks remain, the policy backdrop is increasingly supportive, with more than $1 billion in U.S. defense-related funding earmarked for critical minerals supply chains under instruments such as the Defense Production Act.

This downstream momentum has direct implications for upstream explorers. Global demand for rare earth elements is projected to triple from about 59,000 tonnes in 2022 to roughly 176,000 tonnes by 2035, driven largely by electric vehicles and wind power. At the same time, supply growth is expected to lag demand by as much as 30%, raising the risk of persistent shortages. Against that backdrop, exploration-stage companies are being reassessed as potential feeders into future North American supply chains.

Powermax Minerals is one such company. Based in Canada, Powermax is focused on identifying and advancing REE opportunities in both Canada and the United States. Its portfolio includes the Cameron REE property in British Columbia, the Atikokan REE property in Ontario, and a 100% interest in the Ogden Bear Lodge Project in Wyoming, as well the Pinard REE property in north Ontario which the company optioned on November 13 of this year (https://ibn.fm/yMx1B).

In December, Powermax reported completion of its 2025 field exploration program at the Atikokan property in northwestern Ontario, marking a key technical milestone. The program combined geological mapping, prospecting, ground-based radiometric surveys, and geochemical sampling across several priority targets. According to the company, 426 samples were collected, including soils, sediments, and rock samples, providing broad coverage of the property (https://ibn.fm/t5fyR).

Geological mapping at Atikokan identified three principal lithological domains, including granodiorite, granite, and gneissic tonalite. Management highlighted the presence of granitic and pegmatitic units as a potentially favorable indicator, given their association with late-stage magmatic processes that can concentrate rare earth elements. While Powermax cautioned that there is no assurance of economic mineralization, the results provide a framework for prioritizing future targets.

The field program also complements a high-resolution helicopter-borne magnetic and radiometric survey previously completed over the property. Powermax is awaiting final interpretation that will integrate airborne geophysical data with the 2025 field results, with the aim of refining structural controls and identifying anomalies for follow-up work. Chief Executive Officer Paul Gorman described the program as a foundational step that produced a robust technical dataset for evaluating both rare earth and critical metals potential.

Powermax’s assets in Wyoming and British Columbia add geographic diversification at a time when North American jurisdictions are increasingly aligned on critical minerals policy. Canadian companies, in particular, are eligible for U.S. defense-related grants and long-term purchase commitments tied to supply chain security, expanding potential funding avenues for successful projects.

As governments continue to emphasize energy transition, defense readiness, and industrial resilience, rare earth elements are likely to remain a focal point. Powermax’s progress at Atikokan and its broader portfolio position the company as an early participant in a market where supply constraints and policy support are reshaping long-term fundamentals.

For more information, visit the company’s website at www.PowermaxMinerals.com.

NOTE TO INVESTORS: The latest news and updates relating to PWMXF are available in the company’s newsroom at https://ibn.fm/PWMXF