Heliostar Metals (HSTR.V) has completed its first official gold pour from the restarted operations at the San Agustin mine. The company had resumed mining, crushing and stacking of new ore on t he leach pad in Q4 2025, and so far, the operation has exceeded the internal targets for mining rates and recoverable ounces stacked on the pad. This also means the current production guidance of 30,000-32,700 ounces for this year appears quite feasible.

West Point Gold (WPG.V) recently increased the size of its private placement to C$25M with SCP Resource Finance acting as lead agent for a syndicate of agents. The proceeds of this financing will be used to continue to aggressively advance the flagship Gold Chain project in Arizona. The company will likely receive close to C$23.5M in net proceeds as the finders fee was limited to 5% (and just 2% on the president’s list) with the agent having the option to elect up to 50% of its cash commission to be settled in shares at the C$1.10 issue price.

Equity Metals (EQTY.V) has mobilized field crows to its flagship Silver Queen project in British Columbia. The technical team has designed a winter drill program consisting of 4,200 meters of drilling in sixteen holes. Some of these holes are designed to twin some of the historical holes and the data from this year’s drill campaign should hopefully validate the historical results.

Tocvan Ventures (TOC.C) is striking the iron while it’s hot and after announcing an initial bought deal size of C$6M, the company and its sole underwriter and bookrunner, Stifel Canada, increased the size of the bought deal by in excess of 40%. The company will now raise C$8.7M in a unit financing priced at C$1 per unit. Each unit consists of one common share as well as a full warrant with each full warrant allowing the warrant holder to acquire an additional share in Tocvan for C$1.40 per share.

↓ Download PDF The metal prices are very volatile, and senior producers have seen their run come to an abrupt halt (for now?). But there is a sweet spot in the base metals segment of advanced stage exploration companies that appear to have a promising asset, and are on a quest to ensure ‘critical mass’ can be achieved before commencing economic studies.

Kenorland Minerals (KLD.V) confirmed a gold discovery at the Opinaca project in the James Bay region of the Quebec province. The recent drill program intersected gold in seven of the eight holes that were drilled over a 4 kilometer long target area, and some of those holes returned very strong results. The bullet points below show the highlights of the drill program.

The timing of our recent update on District Metals (DMX.V) which you can read here could not have been worse. Just hours later, the share price started to slide after Swedish media reported on a revised approach to municipal veto rights, which was rumored to include a decision right on mining alum shales. While we plan to catch up with CEO Garrett Ainsworth in the next few days (and we will provide an update after our conversations), the company…

Canada Nickel (CNC.C) has released an updated resource calculation on the Reid zone of its Crawford Nickel Project. That zone now hosts a total measured and indicated resource of approximately 908 million tonnes, at an average grade of 0.23% nickel (with a 0.012% cobalt credit and very low values of palladium and platinum. The latter elements could be interesting to potentially source funding through a streaming or royalty deal.

Terra Critical Minerals (T92.AX) has now acquired full ownership of the True American tungsten project, located in Nevada. This was a dormant project as the last known exploration activities occurred in the mid-1940s, when a historical sampling program returned grades that even reached double digit percentages. While this is a known deposit, it’s now up to Terra Critical Minerals to see if it can reach critical mass on the project.

↓ Download PDF District Metals (DMX.V) has seen quite a bit of volatility in its share price in the past few years. Until November 2025, the company was a ‘black or white’ type of speculative investment, waiting for the Swedish parliament to take the required steps to lift the ban on uranium exploration and mining in Sweden. That process is now in full swing, which means the focus will shift from a political angle to an exploration and development angle.

We had to wait for quite a while for Element 29 Resources (ECU.V) to release assay results from its Elida drill program, but patience was rewarded as the recently released drill results contained some phenomenal intervals. As you may remember, in our previous update on Element 29 we mentioned the key element would be to build tonnage in order to reach the critical mass that’s required to develop a porphyry copper asset.

Endurance Gold (EDG.V) has released a maiden resource on its fully-owned Reliance gold project in British Columbia. The all-inferred resource calculation contains 19.6 million tonnes of rock at an average grade of 2.3 g/t gold, for a total of 1.45 million ounces of gold. Size-wise, the resource came in a bit larger than we had anticipated but the average grade is a bit lower than we had hoped for (perhaps we were too optimistic).

Arras Minerals (ARK.V) released assay results from its Berezski drill program earlier this month. The headline result was a very strong 246 meters with an average grade of 1.02% copper-equivalent, of which 0.24% was copper and the remainder of the equivalent grade was contributed by the 0.75 g/t gold component. The key element of this interval in hole EL25023 is the fact the mineralization started at less than one meter down hole, so the mineralization basically starts at surface.

Canterra Minerals (CTM.V) has released assay results from its Fall 2025 diamond drill program on its Wilding gold project in Newfoundland. The company completed just under 1,250 meters of drilling in 18 relatively shallow holes on three different targets. Some of the holes were empty, that’s of course to be expected on exploration properties, but other holes successfully intersected gold. As the table below shows, there are numerous holes with a length of 1-4 meters at pretty strong grades close to surface, but hole WL-25-100, which was drilled on the Elm zone, yielded the headline result.

↓ Download PDF Generation Mining (GENM.TO) has ticked every box it was supposed to tick in the past few years and this resulted in a shovel-ready fully permitted project. The next major part of the puzzle to unlock the value of the Marathon Copper-PGM project will be to secure the main components of the construction financing as we are convinced this will result in a re-rating of the company’s valuation.

Arras Minerals (ARK.V) released assay results from its Berezski drill program earlier this month. The headline result was a very strong 246 meters with an average grade of 1.02% copper-equivalent, of which 0.24% was copper and the remainder of the equivalent grade was contributed by the 0.75 g/t gold component. The key element of this interval in hole EL25023 is the fact the mineralization started at less than one meter down hole, so the mineralization basically starts at surface.

Earlier this month, Integra Resources (ITR.V, ITRG) announced the US Bureau of Land Management has established a federal permitting schedule under the National Environmental Policy Act. It’s not a secret that permitting under the Trump Administration is substantially faster than under previous administration and whereas we were already quite optimistic when we expected an 18 month permitting timeline, the NEPA review period is now estimated at just 15 months, shaving off three months from our expectations.

G Mining Ventures (GMIN.TO) has released its production results for the final quarter of 2025 on its Tocantinzinho gold mine in Brazil. That mine produced just over 47,000 ounces of gold as the mill processed almost 1.1 million tonnes of rock at an average grade of just under 1.5 g/t gold. As the average recovery rate came in at almost 92%, Tocantinzinho ended its first full year of commercial production on a strong note.

IDEX Metals (IDEX.V) has released the long-anticipated assay results for holes KSMT25003 and 004, which were drilled on the Kismet Breccia target, part of its fully owned Freeze copper-gold-molybdenum project. While the headline result in the company’s press release only mentions the copper values (and perhaps this disappointed the market a bit), the copper-equivalent grades are 25% to 30% higher than the pure copper values.

Element 29 Resources (ECU.V) announced last week the company has received environmental certification under a Declaracion de Impacto Ambiental from the relevant authorities, which will now allow the company to apply for a new PIA (‘Programa de Inicio de Actividades’). The current PIA permit was approved under a different certification which is set to expire in the second quarter of this year and has to be renewed (this time related to the DIA application process).

NevGold (NAU.V) has released the first results of a pit sampling program on its crushed leach pad and ROM leach pad zones where previously mined ore has been left behind by previous operators. As you can see below, sampling these areas has highlighted the tonnage potential and the average sampled grade. As a reminder, every 0.1% in antimony value represents 2.2 pounds of antimony.

Southern Silver Exploration (SSV.V) is showing why it was so interested in acquiring the Puro Corazon claims that were surrounded by the existing Cerro Las Minitas project in Mexico’s Durango State. After releasing initial drill results in 2025, the company has reported on an additional four holes that were drill-testing the Puro Corazon claims. The highlight is a 10.4 meter interval with an average grade of 743 g/t silver-equivalent (with approximately half of the equivalent grade represented by silver), including a 3.9 meter interval with an average grade of 1490 g/t silver-equivalent.

West Point Gold (WPG.V) has released the assay results from an additional four holes that were drilled on the Tyro zone. All four holes encountered high-grade mineralization (we even count the 2.22 g/t in hole GC25-86 as high-grade as that will likely be more than 10 times higher than the cutoff grade in an oxide-hosted gold project). The bullet points below show the highlights of the four holes, and it’s quite clear the 27.4 meters of 9.56 g/t in hole GC25-87, starting at just under 72 meters down hole, is excellent.

Generation Mining (GENM.TO) was able to increase the size of its bought deal from the initially announced C$20M to C$30M. Each unit will be priced at C$0.72 and consist of one common share and half a warrant with each full warrant allowing the warrant holder to acquire an additional share for C$1.00 during a 24 month period. And even after the upsize, we only received 37% of the units we asked for in this financing from our Canadian broker, indicating there was plenty of interest in this financing.

Aztec Minerals (AZT.V) has released the assay results from an additional seven RC holes completed on its Tombstone gold-silver project in Arizona. Additionally, the company released the multi-acid digestion analytical results, providing more data compared to the fire assay results on holes 16, 17 and 17A that were released in November 2025. As you can see below, hole 17 intersected 57.8 meters of 5.16 g/t gold and 39.12 g/t silver for a total silver-equivalent grade of 400.