The Prospectors & Developers Association of Canada (PDAC) proudly celebrated another landmark gathering with PDAC 2025, which brought together 27,353 participants to explore premier business prospects, investment opportunities, and professional networks in the global mineral exploration and mining sphere. Showcasing more than 1,100 exhibitors-including government representatives, corporate leaders, and technical specialists from across the world-PDAC 2025 upheld its reputation as the industry’s most influential convention.

“Year after year, the PDAC Convention is the place to be for unveiling the latest market insights, advances in technology, and for fostering essential partnerships,” said PDAC President Raymond Goldie. “In 2025, we continued that legacy by bringing together not only a wide array of educational programming focused on crucial areas such as capital markets, Indigenous engagement, career development, and sustainability, but also a dynamic trade show and company presentations to investors, offering exhibitors and attendees invaluable opportunities for business growth and collaboration.”

Beyond highlighting trailblazing innovation and thought leadership, PDAC 2025 provided a vital platform for dialogue between industry stakeholders and government officials. PDAC’s leaders used this forum to emphasize the impact of forward-looking public policy on maintaining Canada’s competitive edge in the mineral sector.

“Minerals are the backbone of modern technology and are indispensable to our daily lives, highlighting the essential role of mineral exploration and mining in Canada’s economic strength and resilience,” Goldie noted. “This week, PDAC was encouraged by the federal government’s commitment to extend the Mineral Exploration Tax Credit (METC) for two years. Our priority now is to ensure that this commitment becomes law, and we’ll continue pushing for it to have a permanent place in Canada’s fiscal framework.”

Goldie extended his heartfelt appreciation to everyone who helped make PDAC 2025 such a success-volunteers, speakers, sponsors, delegates and PDAC’s staff. The association eagerly anticipates welcoming participants back for PDAC 2026, March 1-4, 2026.

About PDAC

The Prospectors & Developers Association of Canada (PDAC) is the leading voice of the mineral exploration and development community, an industry that employs more than 664,000 individuals, and contributed $132 billion to Canada’s GDP in 2021. Currently representing over 8,000 members around the world, PDAC’s work centers on supporting a competitive, responsible, and sustainable mineral sector.

Media Contact:
Scott Barber
Senior Manager, Communications
Prospectors and Developers Association of Canada
416.362.1969 X244
sbarber@pdac.ca

By Rod Blake

When the market enthusiasts reviewed last week’s statistics – one item stood out amongst all of the rest. The usually lagging TSX Venture Exchange was the best performing North American market to date in 2025. The Venture at last Friday’s close of 639 is up some 6.93% this year. Well ahead of the Dow 30’s 4.13% gain, the TSX Composite’s 2.89% gain, the S&P 500’s 2.45% gain and the NASDAQ’s 1.10% gain.

The way I see it – It is not very often that the TSX venture outperforms its larger cousins. And when it does it is usually in the first few months of the New Year as tax loss sellers get back into the junior market and the price of gold bullion is usually buoyant. The real test of the Venture’s newfound investor enthusiasm will come as we approach April, when investors rebalance and the traditional 1st-quarter rally in gold comes to an end. Perhaps this year gold will hold onto most of its gains and the Venture will continue to lead. If this happens, we could be setting up for an exciting time for the Venture that we haven’t seen in many years. Stay tunedΓǪ

With that – gold bullion rose to close at a new all-time high of US$2,928 a troy ounce (t oz).

Which no doubt helped the closing price of Equinox Gold Corp. ΓÇÿEQX-T & N.A’ to close at a new 3-year new high of $9.98.

Wheaton Precious Metals Corp. ΓÇÿWPM-T & N’ stock rose to a new all-time closing high of $98.24.

Barrick Gold Corp. ΓÇÿABX-T’ & ΓÇÿGOLD-N’ shares’ gained $1.55 or 6.35% to a new 3-month closing high of $25.97 after the gold mining giant pleased the street with its year end 2024 results and better yet – an optimistic 2025 guidance.

Going the other way – the stock price of gold market leader Kinross Gold Corp. ΓÇÿK-T’ & ΓÇÿKGC-N’ fell by $1.18 or 6.79% to $16.21 after the Toronto, ON based miner disappointed with its 4th-quarter and year-end 2024 figures and 2025 guidance.

Calibre Mining Corp. ΓÇÿCXB-T’ issued more encouraging drill hole results from the Vancouver, BC based miner’s Valentine Gold Mine in Newfoundland & Labrador – including Hole FZ-24-062 returning 3.08 grams per tonne gold (g/t Au) over 48.2-metres (m) estimated true width (etw).

Silver issues also caught a bid with the share price of Pan American Silver Corp. ΓÇÿPAAS-T & N’ closing at a new 3-year high of $36.03.

Hecla Mining Company ΓÇÿHL-N’ shares’ rose to close at a new 3-month high of US$6.29 after the American miner announced the company had achieved near all-time high silver reserves of 240-million ounces.

This as the price of silver hit a new 3-month closing high of US$32.40 a troy ounce (t oz).

Copper rose to a new 1┬╛-year closing high of US$4.77 a pound (lb).

Iron ore reached a new 4-month closing high of US$107.26 a tonne (t).

Canadian Nickel Company Inc. ΓÇÿCNC-V’ stock fell to close at a new 5-year low of $0.79.

Birchcliff Energy Ltd. ΓÇÿBIR-T’ stock rose by $0.19 or 3.33% to $5.90 after the Calgary, AB based petroleum producer issued upbeat 4th-quarter and full year 2024 operating results and reserves.

Natural gas closed at a new 1-month high of US$3.73 per million British thermal units (MMBtu).

This as the influential Baker Hughes Petroleum Rig Count reported the number of active American drilling rigs rose by 2-rigs over the week to 588, down by 33-rigs from this time last year. Up north – the number of Canadian active rigs fell by 4-rigs during the week to 245, up by 11-rigs from one year ago.

Uranium fell to a new 17-month low of US$67.35 a pound (lb).

Leaving the market to sell the share price of uranium giant Cameco Corporation ΓÇÿCCO-T’ & ΓÇÿCCJ-N’ down to a new 4┬╜-month closing low of $66.88.

Albemarle Corporation ΓÇÿALB-N’ shares’ fell to a new 6-month closing low of US$75.14 after the giant American lithium producer filed to impress investors with the company’s 4th-quarter and full year 2024 results.

Lithium Royalty Corp. ΓÇÿLIRC-T’ stock dropped to a close at a new all-time low of $4.76.

Lumber rose to a new 3-month closing high of US$610 per 1,000 board feet (mbf).

Doman Building Materials Group Ltd. ΓÇÿDBM-T’ shares’ fell to close at a new 4┬╜-month low of $7.64.

The TSX Venture Exchange rose to close at a new 2┬╜-year high of 648.

The Canadian Loonie reached a new 2-month closing high of US$0.7058 while the US Dollar Index ΓÇÿDXY‘ fell to a new 2-month closing low of 106.77.

Enjoy that cheap cup of morning brew – as the price of Coffee rose to close at a new all-time high of $4.34 a pound (lb) – nearly double its price in the past 3-months.

The CRB Commodities Index closed at a new 16┬╜-year high of 379.

Natural gas and lumber pushed commodities higher over the week, while uranium and lithium were off the most.

Following a mixed week of trading – all of the American Indexes were in the black going into the weekend.

For the Week – the DJI gained 0.55% to 44,546 with the S&P 500 up 1.48% to 6,115, and the NASDAQ higher by 2.58% to 20,027. Across the line – the TSX gained 0.16% to 25,483 and the TSX Venture also rose 0.16% to 640. The CBOE Volatility Index or VIX dropped 1.78% to 14.78.

With currencies – the Canadian dollar gained 0.84% to US$0.7058, while the U.S. dollar Index ‘DXY’ fell 1.20% to 106.77.

With commodities – gold bullion rose 0.73% to US$2,884, as silver gained 0.97% to US$32.16, and copper climbed 1.07% to US$4.63, while lithium lost 0.75% to US$10,505. Crude oil lost 0.55% to US$70.65, while natural gas gained 12.69% to US$3.73, and uranium fell 3.50% to US$67.50. With soft commodities – lumber gained 3.04% to US$610.

Overall – the CRB Commodities Index rose 2.16% to 379.

By Rod Blake

The new trading week began with big cap passive or index investors pouring over their notes to see what had gone wrong with the generally accepted game plan for investment success. They had been told to buy the index and just sit back and let the Fed do its job. U.S. interest rates were to retreat steadily back to the 2% range and the equity markets would respond by building upon the 20% plus annual gains of the past 2-years and climb to more and more all-time highs. Easy peasy – buy, hold and forget about it investing. All is good – until it isn’t.

The way I see it – In over 30 some years of being an independent broker, one learns that if the majority of the market is over weighted on one side of the street, then one might be advised that the best place for success might just be on the other side. For over a year and just up until recently – most market gurus were almost guaranteeing that US interest rates were going back down to the 2% range and that inflation will be tamed once again. But here we are in the first part of 2025 and U.S. interest rates are much closer to 5% than to the targeted 2%. This has resulted in the U.S. dollar Index ΓÇÿDXY-N’ at near 23-year highs. A strong U.S. dollar is usually never good for commodity prices which are traded in such. Except that many commodities such as gold and silver holding their own while others such as copper, crude oil and natural gas are even a bit higher on the year to date. A little weaker U.S. dollar could go a long way to jump start these commodities and their underlying equities. Most of the mainstream market pundits seem to be favouring the overextended big cap side of the street, while a shrewd few contrarian investors are on the other.

After handing out rebates of up to $5,000 for more than 546,000 new light-duty electric vehicles (EVs) since 2019 – Ottawa has cut off further light-duty EV subsidies as the funds allotted to the program have run out 2┬╜-months early. The successful program is scheduled restart with smaller rebates in April.

Sometimes it’s confusing how the market reacts to news releases. Case in point – the share price of American Eagle Gold Corp. ΓÇÿAE-V’ plunged lower by $0.15 or 25.00% to $0.50 in spite of the Toronto, ON based explorer reporting its drill hole NAK24-31 from the company’s NAK Project in central British Columbia returned 0.78% copper equivalent (CuEq) over 407 metres (m).

This as the price of copper reached a new 2-month closing high of US$4.41 a pound (lb).

Mining is a risky business. As such – Barrick Gold Corp. ΓÇÿABX-T’ & ΓÇÿGOLD-N’ shut down its Loulo-Gounkoto mining complex after the government of Mali seized the mine’s recovered gold in an ongoing royalty dispute, and to rub salt into the wound – also issued an arrest warrant for Barrick’s president and CEO Mark Bristow.

Meanwhile, investors of B2Gold Corp. ΓÇÿBTO-T’ & ‘BTG-N.A’ – also with operations in Mali – saw their investment fall by $0.18 or 4.99% to close at a new 4-month low of $3.43 after the Vancouver, BC based miner cut the quarterly dividend of its underperforming stock in half to $0.02 a common share.

Skeena Resources Ltd. ΓÇÿSKE-T & N’ shares’ rose by $0.42 or 3.18% to close at $13.64 after the Vancouver, BC based mineral developer announced the discovery of an as yet unnamed new Gold-Copper Porphyry system at the company’s KSP Property in the Golden Triangle region of British Columbia.

Pan American Silver Corp. ΓÇÿPAAS-T & N’ stock gained $0.49 or 1.61% to close at $30.89 after the Vancouver, BC based miner achieved its production guidance for 2024.

Crude oil rose to close at a new 5-month high of US$80.34 a barrel (bbl).

And natural gas reached a new 2-year closing high of US$4.28 per million British thermal units (MMBtu).

Suncor Energy Inc. ΓÇÿSU-T & N’ closed at a new 2-month high of $57.50.

Meanwhile, the key Baker Hughes Petroleum Rig Count reported the number of active American drilling rigs fell by 4-rigs over the week to 580, down by 40-rigs from this time last year. Up north – the number of Canadian active rigs rose by 13-rigs during the week to 229, up by 6-rigs from one year ago.

Utility issues caught a bid with –

Enbridge Inc. ΓÇÿENB-T & N’ shares’ rising to a new 10-year closing high of $64.38.

And TransAlta Corporation ΓÇÿTA-T’ & ΓÇÿTAC-N’ closed at a new 13-year high of $20.68.

Nickel climbed to a new 1-month closing high of US$7.31 a pound (lb).

Lithium rose to a new 1┬╜–month closing high of US$10,600 a tonne (t).

Lumber rose to close at a new 2-month high of US$600 per 1,000 board feet. (MBF).

The CRB Commodities Index rose to close at a new 16┬╜–year high of 376.

The Canadian Loonie fell to a new 9-year closing low of US$0.6906.

Lumber and lithium lead commodities higher over the week while natural gas and silver were the biggest drag.

After an uncertain start to the week – all of the North American equity markets rallied into the weekend.

For the Week – the DJI gained 3.70% to 43,488, with the S&P 500 up 2.92% to 5,997, and the NASDAQ ahead 2.44% to 19,630. Across the line – the TSX gained 1.21% to 25,068 and the TSX Venture rose 1.32% to 616. The CBOE Volatility Index or VIX fell 18.60% to 15.97.

With currencies – the Canadian dollar lost 0.36% to US$0.6906, while the U.S. dollar Index ‘DXY’ gained 0.43% to 109.39.

With commodities – gold bullion rose 0.37% to US$2,702, while silver lost 0.23% to US$30.33, as copper rose 1.41% to US$4.32, and lithium gained 3.08% to US$10,600. Crude oil gained 1.75% to US$78.01, while natural gas lost 1.75% to US$3.92, as uranium rose 0.82% to US$73.80. With soft commodities – lumber rose 7.41% to US$594.

Overall – the CRB Commodities Index rose 3.59% to 375.

By Rod Blake

The first full trading week of November began with the equity and resource markets seemingly pulling back from previous near or all-time gains as investors turned to cash ahead of this week’s all-important American Presidential election and U.S. Fed interest rate decision.

The way I see it – There are two terms that every investor should understand intimately – Realized or unrealized capital gains. These two terms both seem to be describing much the same thing but from very different perspectives. As a broker, I tried to make sure that my clients understood the difference. Unrealized capital gains are theoretical gains that come from an asset increasing is value without incurring an actual sale. The current housing market is a perfect example of an unrealized gain. Housing prices have climbed dramatically in the past years and homeowners are feeling quite flush if they own a home that they bought ten or so years ago. It’s a gain on paper but not in the bank. A realized gain comes from the actual selling of an asset. I always encouraged my clients to sell part of a winning position to lock in these gains. To at least sell enough to get their initial investment out. Looking at a realized gain in one’s account can be a good thing. Failing to sell and then watching an unrealized gain fall to zero because the market suddenly turns is not. From the way the current market is reacting, for many investors – this might be a good time to create some realized gains.

Major Drilling Group International Inc. ‘MDI-T’ stock rose by $0.70 or 8.59^% to close at a new 2-month high of $8.85 after the Moncton, NB based company announced the acquisition of Lima, Peru drilling company Explomin Perforaciones in a cash & earn-out deal valued at some $115-million.

This old driller’s helper still loves to see exceptional drilling assays and as such – Lundin Gold Inc. ‘LUG-T & Q’ reported drill hole UGE-S-24-145 from the company’s Fruta del Norte gold mine in southeast Ecuador returned 22.67 grams per tonne gold (g/t g) over 41.60 metres (m).

TransAlta Corporation ‘TA-T’ & ‘TAC-N’ shares’ gained $0.99 or 6.92^% to close at a new 2^1/3-year high of $15.30 after the Calgary, AB based energy utility pleased the street with its 3^rd-quarter financials.

The major North America equity markets surged ahead following the long-awaited U.S. Presidential election with –

The Dow 30 Index closing at a new all-time high of 43,989.

The S&P 500 reaching a new all-time closing high of 5,996.

The NASDAQ Exchange closing at a new all-time high of 19,287.

The TSX Composite Index climbing to a new all-time closing high of 24,846.

The election also helped the U.S. dollar Index or ‘DXY’ to close at a new 4-month high of 105.12.

Speculators pushed the price of Northern Dynasty Minerals Ltd. ‘NDM-T’ & ‘NAK-N.A’ up by $0.13 or 22.41^% to a new 3^1/2-year closing high of $0.71 on the hope that the incoming Trump administration would be more amicable to giving the company’s giant Pebble Copper/Gold Project in Alaska a path towards production.

Superior Plus Corporation ‘SPB-T’ stock plunged lower by $1.15 or 17.04^% to $5.60 after the Calgary, AB based propane company slashed its quarterly dividend by some 86^% from $0.18 to just $0.045 a share.

Interest rate sensitive pipeline equities drew some investor attention with –

Enbridge Inc. ‘ENB-T & N’ closing at a new 2^1/2-year high of $58.93.

TC Energy Corporation ‘TRP-T & N’ reaching a new 4^3/4-year closing price of $68.83.

The key Baker Hughes Petroleum Rig Count reported the number of active American drilling rigs was unchanged in the past week at 585, down by 31-rigs from this time last year. Across the line – the number of Canadian active rigs fell by 6-rigs to 207, up by 8-rigs from one year ago.

Infrastructure company Aecon Group Inc. ‘ARE-T’ shares’ rose to close at a new all-time high of $29.07.

Doman Building Materials Group Ltd. ‘DBM-T’ stock rose by $0.43 or 5.19^% to $8.71 after the Vancouver, BC based building materials company pleased investors with its 3^rd-quarter financials.

This as the price of lumber continued its bull run by climbing to a new 7-month closing high of US$572.

Uranium continued to be out of favour with the price of U₃O₈ falling to close at a new 1-year low of US$76.60 a pound (lb).

Copper stocks fell late in the week as the price of the red metal dropped to close at a new 2-month low of US$4.21 a pound (lb).

Zinc fell to a new 1^1/2-month closing low of US$1.36 a pound (lb).

Crude oil and natural gas led commodities higher on the week, while uranium and silver were the biggest drags.

The American equity markets held their gains going into the weekend, while the Canadian markets retreated along with base and precious metal prices.

For the Week – the DJI gained 4.61^% to 43,989, with the S&P 500 up 4.66^% to 5,996, and the NASDAQ ahead 5.74^% to 19,287. In Canada – the TSX gained 2.08^% to 24,759 and the TSX Venture rose 0.83^% to 609. The CBOE Volatility Index or VIX fell 31.72^% to 14.94.

With currencies – the Canadian dollar rose 0.35^% to US$0.7189, and the U.S. dollar ‘DXY’ gained 0.58^% to 104.95.

With commodities – gold bullion lost 1.79^% to US$2,685, as silver fell 3.69^% to US$31.29, while copper dropped 0.92^% to US$4.29, and lithium dropped 0.82^% to US$10,072. Crude oil gained 1.43^% to US$70.45, while natural gas gained 0.75^% to US$2.67, and uranium lost 3.95^% to US$76.60. With soft commodities – lumber gained 0.36^% to US$558. Overall – the CRB Commodities Index rose 2.40^% to 342.

Jason Kosec, President, CEO and Director of Integra, stated, “We are thrilled to announce the completion of this transformational Transaction for Integra. I would like to welcome the new team members, board members, and shareholders to Integra. The Florida Canyon Mine will play a crucial role in realizing our long-term vision of becoming a leading mid-tier precious metals producer. Today marks the beginning of a new chapter for Integra as a Great Basin focused precious metals producer with a built-in growth pipeline, peer leading resource base, bolstered balance sheet, and strong support from our key strategic shareholders, including Wheaton Precious Metals Corp., Beedie Capital, and Alamos Gold Inc.”

Under the terms of the Transaction, Integra acquired all of the issued and outstanding common shares of FCGI (each, an “FCGI Share“). Former shareholders of FCGI are entitled to receive 0.467 of a common share of Integra (each whole share, an “Integra Share“) for each FCGI Share held immediately prior to the effective time of the Transaction. In aggregate, 65,213,010 Integra Shares were issued today for the benefit of former FCGI shareholders as consideration for their FCGI Shares.

As a result of the Transaction, FCGI became a wholly-owned subsidiary of Integra. The FCGI Shares are anticipated to be delisted from the TSX Venture Exchange (the “TSXV“) at market close on or about November 12, 2024. Following the delisting, FCGI intends to apply to cease to be a reporting issuer under applicable Canadian securities laws.

Board of Directors

Integra’s Board of Directors (the “Board“) will continue to be led by George Salamis, as Executive Chairman, and now includes Janet Yang and Ian Atkinson, former directors of FCGI, as new members.

Ms. Yang has over twenty years of varied experience in financial management, business leadership, corporate strategy, capital markets and M&A. She currently serves as Chief Financial Officer for Reveam, Inc., a developer and operator of electronic cold-pasteurization treatment systems. Prior to joining Reveam, Ms. Yang held the role of Research Director, Energy and Mining at GMT Capital Corp., and from 2018 to 2023, she was Executive Vice President and Chief Financial Officer of W&T Offshore, Inc., a Texas-based oil and gas exploration and production company traded on the New York Stock Exchange. While at W&T Offshore, Ms. Yang was responsible for US$1.7 billion in financing transactions and played a key role in other strategic initiatives, including a substantial deleveraging of the company and originating the company’s partnerships with large, international entities such as Baker Hughes General Electric and Korea National Oil Company. Earlier in her career, Ms. Yang held positions in research and investment analysis at BlackGold Capital Management, investment banking at Raymond James and energy trading at Allegheny Energy. Ms. Yang also serves on the board of directors of Saturn Oil & Gas Inc., and she previously served as a director for FCGI and Argonaut Gold Inc. Ms. Yang holds a Master of Business Administration degree from the Booth School of Business at the University of Chicago, as well as a Bachelor of Arts degree in Economics from Rice University.

Mr. Atkinson is a Professional Geologist who currently serves as Director of Globex Mining Enterprises Inc. and Wolfden Resources Corporation and retired from the Board of Kinross Gold Corp in May 2024. Mr. Atkinson was previously Director, President, and CEO of Centerra Gold Inc. He has more than 50 years of experience in the mining industry with extensive background in exploration, project development, operations, mergers and acquisitions. Prior to his ten-year tenure at Centerra, Mr. Atkinson held various senior positions with Hecla Mining Company, Battle Mountain Gold Inc., Hemlo Gold Mines Inc., and Noranda Inc. During his career, Mr. Atkinson has contributed to the discovery of several major mineral deposits and been involved in a number of large global mining projects. Mr. Atkinson holds a Bachelor of Science (Geology) from King’s College, University of London and a Master’s Degree in Geophysics from the Royal School of Mines, University of London.

Sara Heston and Stephen de Jong have resigned from the Board. The Company would like to express its gratitude for their years of service.

Subscription Receipt Financing

In connection with closing of the Transaction, the escrow release conditions in respect of an aggregate of 14,900,000 subscription receipts (the “Subscription Receipts“) of Integra issued on August 21, 2024 at a price of C$1.35 per Subscription Receipt (the “Subscription Receipt Financing“) were satisfied, and the net proceeds of approximately C$19.4 million were released to Integra. The net proceeds are expected to be used to fund mine optimization opportunities at the Florida Canyon Mine, for the continued advancement of the DeLamar Project and the Nevada North Project, and for general corporate purposes. Each Subscription Receipt automatically converted today into one Integra Share for no additional consideration. The Integra Shares issued today upon conversion of the Subscription Receipts are subject to a statutory hold period expiring on December 22, 2024.

Credit Facility Draw

The Company also announces that it has drawn a second advance under its up to US$20 million convertible facility with Beedie Capital, in the principal amount of US$5 million, with a conversion price equal to C$1.6875 per Integra Share. The number of Integra Shares issuable upon conversion of the principal amount of the second advance is 4,098,360. The proceeds from the subsequent draw are expected to be used to finance the exploration and development of the Company’s DeLamar and Nevada North Projects, and for general working capital purposes in respect of each of Integra’s projects.

Information for Former FCGI Shareholders

In order to receive Integra Shares in exchange for FCGI Shares, registered shareholders of FCGI must complete, sign, date and return the letter of transmittal that was mailed to each FCGI shareholder prior to closing. The letter of transmittal is also available under FCGI’s profile on SEDAR+ at www.sedarplus.ca. For those shareholders of FCGI whose FCGI Shares are registered in the name of a broker, investment dealer, bank, trust company, trust or other intermediary or nominee, such shareholders should contact such nominee for assistance in depositing their FCGI Shares and should follow the instructions of such intermediary or nominee.

Further information about the Transaction is set forth in the management information circular (the “Circular“) prepared by FCGI in respect of the Meeting which was mailed to shareholders of FCGI and filed under FCGI’s issuer profile on SEDAR+ at www.sedarplus.ca.

Early Warning Disclosure

Prior to the completion of the Transaction, Integra held no FCGI Shares. Following the completion of the Transaction, Integra holds all of the issued and outstanding FCGI Shares. An early warning report will be filed by Integra under FCGI’s SEDAR+ profile at www.sedarplus.ca in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact the Corporate Secretary of Integra at 604-416-0576 or leanne@integraresources.com. Integra’s head office is located at 1050 – 400 Burrard Street, Vancouver, British Columbia, V6C 3A6.

Advisors and Counsel

Stifel and Trinity Advisors Corporation acted as financial advisors to Integra. Cassels Brock & Blackwell LLP acted as legal counsel to Integra in connection with the Transaction.

Cormark Securities Inc. acted as financial advisor to FCGI. Bennett Jones LLP and HBH Strategic Advisors acted as legal counsel to FCGI in connection with the Transaction.

About Integra Resources

Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho and the Nevada North Project located in western Nevada. Integra creates sustainable value for shareholders, stakeholders, and local communities through successful mining operations, efficient project development, disciplined capital allocation, and strategic M&A, while upholding the highest industry standards for environmental, social, and governance practices

INTEGRA CONTACT INFORMATION

Inquiries: ir@integraresources.com
Website: www.integraresources.com
Phone: 604-416-0576

Forward looking and other cautionary statements

Certain information set forth in this news release contains “forwardΓÇÉlooking statements” and “forwardΓÇÉ looking information” within the meaning of applicable Canadian securities legislation and applicable United States securities laws (referred to herein as forwardΓÇÉlooking statements). Except for statements of historical fact, certain information contained herein constitutes forwardΓÇÉlooking statements which includes, but is not limited to, statements with respect to: the potential benefits to be derived from the Transaction; the use of proceeds from the Subscription Receipt Financing and the second advance under the Company’s credit facility; the future financial or operating performance of the Company and the Company’s mineral properties and project portfolio; the results from work performed to date; the estimation of mineral resources and reserves; the realization of mineral resource and reserve estimates; the development, operational and economic results of technical reports on mineral properties referenced herein; magnitude or quality of mineral deposits; the anticipated advancement of the Company’ mineral properties and project portfolios; exploration expenditures, costs and timing of the development of new deposits; underground exploration potential; costs and timing of future exploration; the completion and timing of future development studies; estimates of metallurgical recovery rates; exploration prospects of mineral properties; requirements for additional capital; the future price of metals; government regulation of mining operations; environmental risks; the timing and possible outcome of pending regulatory matters; the realization of the expected economics of mineral properties; future growth potential of mineral properties; and future development plans. Forward-looking statements are often identified by the use of words such as “may”, “will”, “could”, “would”, “anticipate”, “believe”, “expect”, “intend”, “potential”, “estimate”, “budget”, “scheduled”, “plans”, “planned”, “forecasts”, “goals” and similar expressions. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided. Assumptions and factors include: the Company’s ability to complete its planned exploration programs; the absence of adverse conditions at mineral properties; no unforeseen operational delays; no material delays in obtaining necessary permits; the price of gold remaining at levels that render mineral properties economic; the Company’s ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates.

Forward looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forwardΓÇÉlooking statements. These risks and uncertainties include, but are not limited to: integration risks; general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and management’s ability to anticipate and manage the foregoing factors and risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in Integra’s Form 20- F dated March 28, 2024 for the fiscal year ended December 31, 2023, FCGI’s listing application on TSXV Form 2B dated July 12, 2024, and the Circular.

There can be no assurance that forwardΓÇÉlooking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forwardΓÇÉlooking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding the Company’s plans, objectives and goals, and may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and the reader is cautioned not to place undue reliance on forwardΓÇÉlooking statements.

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

By Rod Blake

As the brokers, investors, traders and portfolio managers prepared for another week of October market action, some were content in let this bull market continues to take the value of their holding higher. Others, noticing a rotation in leadership taking place, were scrambling to educate themselves on the value of precious metals and precious metals issues, as this sector continued to outperform.

The way I see it – Not only are gold and silver issues outperforming, but the investment interest is now filtering down from the senior to more junior issues. Case in point – The TSX Venture Exchange – the index that houses most of the junior mining issues – begins the week up some 17^% from its August low and looks poised on taking a run at the previous year to date high of 622 set in late May. Should it break through the next level of resistance is near the 645 high set over 1^1/2-years ago. Trading volumes on the Venture are also increasing with the junior exchange trading over 45-million shares last Friday. This increased volume will be needed for the Venture to take a run at the April 2023 high. I’ve said it before that bull markets usually start quietly and can go unnoticed for quite some time. It will be interesting to see what happens if the 645 level is breeched.

Gold bullion closed at a new all-time high of US$2,747a troy ounce (t oz).

All of which gave gold equities a lift as –

B2Gold Corporation ‘BTO-T’ & ‘N.A’ closed at a new 1^1/4-year high of $4.78 and

Agnico Eagle Mines Ltd. ‘AEM-T & N’ closed at a new all-time high of $122.65.

Silver reached a new 13-year closing high of US$34.79 a troy ounce (t oz).

And silver issues caught a bid and –

Impact Silver Corp. ‘IPT-V’ rose to a new 6-month closing high of $0.32 as –

Pan American Silver Corp. ‘PAA-T & N’ rose to a new 2^1/2-year closing high of $35.75.

The all-important gold/silver ratio dropped to 79.

The US Dollar Index or ‘DXY’ climbed to a new 3-month closing high of 104.43.

The Canadian Loonie fell to close at a new 3-month low of US$0.7195.

Mining is much more than just taking ore from the ground and most mining companies become integral members of their communities. Case in point – Sherritt International Corp. ‘S-T’ shared electrical power from the company’s Moa Nickel mine in Cuba to help that Caribbean country re-establish its national grid operations following recent hurricanes.

Teck Resources Ltd. ‘TECK.B-T’ & ‘TECK-N’ stock fell by $2.38 or 3.59^% to $66.30 after Canada’s largest miner failed to impress the street with the company’s 3^rd-quarter update.

The key Baker Hughes Petroleum Rig Count reported the number of active American drilling rigs was unchanged in the past week at 585, down by 40-rigs from this time last year. Up north – the number of Canadian active rigs fell by 1-rigs to 216, up by 20-rigs from one year ago.

Natural gas and crude oil were the commodities with the largest percentage gains during the week while lithium and uranium had the largest percentage loss,

The TSX Venture Exchange rose to a new 1^1/3-year closing high of 627.

The North American equity markets were mixed going into the weekend.

For the Week – the DJI lost 2.69^% to 42,114, with the S&P 500 off 0.97^% to 5,808, while the NASDAQ rose 0.16^% to 18,519. Up north – the TSX fell 1.45^% to 24,464 and the TSX Venture lost 0.32^% to 620. The CBOE Volatility Index or VIX rose 12.69^% to 20.33.

With currencies – the Canadian dollar fell 0.68^% to US$0.7195, while the U.S. dollar ‘DXY’ rose 0.82^% to 104.33.

With commodities – gold bullion gained 0.88^% to US$2,745, while silver fell 0.27^% to US$33.66, as copper lost 0.46^% to US$4.33, and lithium lost 1.60^% to US$10,022. Crude oil gained 3.33^% to US$71.62, and natural gas rose 12.44^% to US$2.53, while uranium lost 1.56^% to US$82.00. With soft commodities – lumber gained 0.57^% to US$530. Overall – the CRB Commodities Index rose 1.20^% to 337.

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Highland Gold, one of Russia’s largest gold miners, which is owned by a well-known local businessman Vladislav Sviblov, plans to invest more than 106 billion rubles (US$1.17 billion) in the development of Lugokan field, which is located in the Russian Transbaikalia Region.

Under the terms of the project that will be implemented by Highland Gold’s subsidiary Industrial Investments, the development of Lugokan copper-gold field will be conducted during the period of 2024-2027. In addition to mining works, the project involves the construction of facilities for processing 15 million tons of ore per year.

According to the Russian Ministry of Natural Resources, the reserves of Lugokan field, which is located in the Transbaikalia, a mountainous region to the east of Lake Baikal in Far Eastern Russia, are estimated at 124 tonnes of gold, 604,000 tonnes of copper and 1.500 tonnes of silver. So far, the Russian federal government together with the authorities of Transbaikalia Region, has already promised Mr. Sviblov to provide all the needed support during the implementation of the project that will be probably in the form of tax and customs exemptions. The revenues from the project to the state budget are an estimated 70 billion rubles.

The Lugokan field is expected to be not the only gold field in the Transbaikalia region that will be developed by Highland Gold in years to come. As part of the company’s plans is the development of at least two other gold mines in the region.

One of them is known as Serebryanoye, which development will require investments of more than 16.2 billion rubles. The project also involves the construction of processing facilities for 3 million tonnes of ore per year on the basis of the field. Finally, the third field, which is scheduled for development is Talatuyskoye LLC. The volume of investments is estimated at 11 billion rubles.

According to earlier calculations of the Union of Gold Miners of the Russian Federation, as of the beginning of 2022 Highland Gold occupied the third place in terms of gold production in Russia with a total figure of about 16 tonnes. As stated on the Highland Gold website, the group’s activities are concentrated around four production centers in the Khabarovsk, Kamchatka and Trans-Baikal Territories, as well as in the Chukotka Autonomous Okrug. In addition, the company owns assets in Kyrgyzstan.

Russian analysts expect local investors will continue to increase investments in gold mining due to maintaining high global gold prices.

According to their calculations, of the total investments in the global mining and metallurgical sector, about 28% accounts for projects in the gold mining sector. Moreover, many gold mining projects in Russia can be more profitable compared to foreign ones at present, due to lower costs.

Highland Gold Mining Limited was established in 2002 on the resource base of the Mnogovershinnoe gold mining enterprise in the Khabarovsk Territory. In 2003 Barrick Gold Corp., became an investor in the company and later increased its stake up to 34%. However, the company later sold its stake, explaining that “participation in a Russian company is no longer a core business”.

In 2007, more than 40% of Highland Gold shares were acquired by the investment company Millhouse, acting in the interests of Roman Abramovich. In mid-2020, structures controlled by Vladislav Sviblov announced the purchase of a 40.06% stake in Highland Gold from Abramovich and partners. By the end of 2020, Sviblov became a sole owner of Highland Gold.

In 2021 Highland Gold acquired the largest gold producer in Kamchatka – Gold of Kamchatka, along with Trans-Siberian Gold.

In April 2022, Highland Gold announced the purchase of Russian assets of Canadian Kinross Gold at a price of US$340 million instead of the initially proposed US$680 million, which was already below the estimated market value of the assets.

By Rod Blake

As I reviewed the end of week market stats last Friday, the broad conclusion was that all five of the North American Indexes that I follow for this commentary were up on the week, and in particular, the U.S. markets were ahead for the third week in a row. But, as I looked a little deeper – the TSX Venture Exchange seems to be gaining momentum and with a weekly gain of 2.58^%, was not only the best performing index, it finished the week just under the psychologically important level of 600. This is the second time in a year that the venture has approached 600. The main difference is that last year it was approaching 600 from above and on its way to a multi-year low of 507. This time, the Venture was attempting to through break the 600 level from below and hopefully on its way to higher highs to come.

The way I see it – markets, just like the ocean, move in waves. And while it is not proven scientifically, it is believed by wave watchers such as surfers that waves tend to come in groups of seven and they build one upon the other with each wave growing in size and momentum until the 7^th, which is usually the largest and most powerful of the set. Similarly, markets tend to move in waves with each wave building upon the last until there is a peak or blow off. The lowly Venture Exchange has seen 5 upward waves and 4 corrections from that low last November. These waves seem to be gaining momentum led by the broad based rising prices of uranium, crude oil, natural gas, gold, silver and now copper, zinc and nickel. Is the current wave to 600 the largest and last? Or, as the wave watchers think, are there still more bullish waves to higher levels to come? No one knows for sure, but for now it seems – surfs up!

Copper continued its recent trend from lower left to upper right with the red metal reaching a new 2-year closing high of US$5.08 a pound.

Which helped Taseko Mines Ltd. ‘TKO-T’ & ‘TGB-N.A’ stock to climb to a new all-time 12-year closing high of $4.00 and Capstone Copper Corp. ‘CS-T’ to close at a new all-time high of $11.20.

Hudbay Minerals Inc. ‘HBM-T & N’ shares’ surged higher by $1.69 or 14.06^% to close at a new 13-year high of $13.71 after the Toronto, ON copper/gold miner’s 1^st-quarter production and financial numbers beat most analyst expectations.

Sprott Inc. ‘SII-T’ announced plans to launch the Sprott Physical Copper Trust.

Zinc rose to close at a new 1^1/4-year high of US$1.38 a pound.

Which no doubt helped giant copper/zinc miner Teck Resources Ltd. ‘TECK.B-T’ & “TECK-N’ stock to close at a new all-time high of $73.22.

Silver reached a new 11-year closing high of US$31.49 and gold bullion rose to close at a new all-time high of US$2,414.

Precious metal miners continued to attract investor interest with Endeavour Silver Corp. ‘EDR-T’ & ‘EXK-N’ shares closing at a new 1-year high of $5.25 and IAMGOLD Corporation ‘IMG-T’ & ‘IAG-N’ shares’ reaching a new 4-year closing high of $6.17.

The board of directors of New Gold Inc. ‘NGD-T’ & ‘NGD-N.A’ placed a bet on their future by purchasing an additional 26.1^% of the company’s flagship New Afton Mine from the Ontario Teachers’ Pension Plan for an all-cash purchase price of $255-million. This gives the Toronto, ON based miner an 80.1^% interest in the historic copper/gold mine near Kamloops, BC.

Orla Mining Ltd. ‘OLA-T’ & ‘ORLA’N’ shares’ gained $0.48 or 9.21^% to $5.69 after the Vancouver, BC based gold miner impressed the street with its 1^st-quarter production and financial figures.

Nickel rose to close at a new 10-month high of US$9.61 a pound.

Natural gas rose to a new 4-month closing high of US$2.63 per million British thermal units (MMBtus).

Which no doubt helped the price of Birchcliff Energy Ltd. ‘BIR-T’ stock to rise to a new 4-month closing high of $5.96 after the Calgary, AB natural gas & oil producer released favourable 1^st-quarter production and financial figures and better yet – forecast an upbeat guidance for the rest of 2024.

This as the industry standard Baker Hughes Petroleum Rig Count reported the number of active American drilling rigs rose by 1-rig in the past week to 604, down by 116 rigs from this time last year. Up north – the number of Canadian active rigs dropped by 2-rigs to 114, up by 29-rigs from one year ago.

Asahi Kasei Corporation announced the Japanese multinational company would build a $1.6-billion electric vehicle (EV) battery separator plant in Port Colborne, Ontario, estimated to be in operation by 2027.

Meanwhile, Patriot Metals Inc. ‘PMET-T’ and lithium industry giant Albemarle Corporation ‘ALB-N’ mutually agreed not to extent their 9-month Memorandum of Understanding (MOU) to develop Patriot’s Corvette lithium project in Quebec.

Albemarle may wish to rethink that decision as Patriot’s stock rose by $0.36 or 4.42^% to 8.50 after drill hole CV24-405 reported 122.5-metres (m) of 1.42^% lithium oxide (Li₂O) from the company’s CV5 zone at Corvette.

Some lithium issues continued to win back investor confidence with Standard Lithium Ltd. ‘SLI-V’ & ‘SLI-N.A’ shares’ closing at a new 3-month high of $2.60.

NFI Group Inc. ‘NFI-T’ stock rose by $0.56 or 3.61^% to $16.06 after the Winnipeg, MB transit bus manufacturer announced the sale of 33 of the company’s next-generation Xcelsior CHARGE NG^tm 40-foot battery electric buses (BEBs).

Forest stocks continued to be out of favour with Doman Building Materials Group Ltd. ‘DBM-T’ falling to a new 4-month closing low of $7.21.

Uranium issues caught a bid late in the week as – Denison Mines Corp. ‘DML-T’ & ‘DNN-N’ closed at a new 13-year high of $3.06 and industry giant Cameco Corporation ‘CCO-N’ & ‘CCJ-N’ rose to close at a new all-time high of $72.21.

The TSX Venture Exchange rose to close at a new 9-month high of 615 and trading volumes reached 74.58-million shares a day, and the TSX Composite closed at a new all-time high of 22,465.

Down south – the Dow 30, S&P 500 and NASDAQ rose to respective new all-time closing highs of 40,004, 5,308 and 16,742.

Meanwhile, going the other way – the CBOE Volatility Index or VIX fell to a new 3-month closing low of 12.41.

Natural gas and silver were the commodities that performed the best over the week, while lithium and uranium underperformed the most.

All five North America American markets were in the black going into the weekend as U.S. inflation figures hinted that interest rates may start to come down sooner than later.

For the Week – the DJI gained 1.24^% to 40,004, while the S&P 500 rose 1.53^% to 5,303, and the NASDAQ gained 2.11^% to 16,686. In Canada – the TSX gained 0.70^% to 22,465 and the TSX Venture rose 3.02^% to 615. The CBOE Volatility Index or VIX fell 4.46^% to 11.99.

With currencies – the Canadian dollar gained 0.44^% to US$0.7346, while the U.S. dollar ‘DXY’ fell 0.77^% to 104.49.

With commodities – gold bullion rose 2.29^% to US$2,414, as silver gained 11.83^% to US$31.49, and copper rose by 9.25^% US$5.08, while lithium lost 4,51^% to US$14,587. Crude oil gained 2.30^% to US$80.00, as natural gas rose 16.89^% to US$2.63, while uranium fell 2.79^% to US$90.65. With soft commodities – lumber rose 8.42^% to US$528. Overall – the CRB Commodities Index was unchanged at 338.

And Finally – as the electric vehicle (EV) market matures, The Automotive News reports there are three main things that potential EV buyers are looking for – a 20-minute charging time, a 350-mile or 563-kilometre driving range, and a new EV to cost US$50,000.

Robert Simpson, President and CEO of PRA Communications, remarked, “Contrary to common belief, the mining industry excels in public communication. Extensive communication is not only necessary but imperative for obtaining permits to operate, securing permissions from First Nations, and gaining social acceptance from the public.”

The KSM Project, situated in Northwestern British Columbia’s Golden Triangle, presented a substantial communication challenge for Seabridge Gold. To acquire environmental certifications, the project necessitated demonstrating its lack of adverse environmental impacts and garnering support from various stakeholders and rightsholders, including five First Nations, two cities three municipalities, and British Columbia, Canadian, Alaskan and US governmental bodies.

“It’s imperative to recognize that it’s not enough to simply demonstrate a project’s lack of adverse effects on the environment. Proponents must also prioritize building relationships with the First Nation community members, residents living in nearby cities, towns and municipalities, and, in our case, with British Columbia, Canadian, Alaska and US regulators. It’s only after mutual trust is established that meaningful and transparent discussions about the scientific aspects of the project can start,” says Brent Murphy, Senior Vice President Environment for Seabridge Gold.

To initiate the project, PRA Communication undertook comprehensive baseline research. This involved assessing the levels of knowledge and support among various stakeholder and rightsholder groups regarding the KSM Project. Furthermore, the research aimed to pinpoint specific concerns held by these groups.

“The best communication strategies are founded in research and measurable. Once the baseline is established you can measure and show the successes of your communications to regulatory decision makers along the way,” says Simpson.

“In my previous experience, strategic communication and reputation management was either overlooked during the environmental assessment process or relegated to scientists and engineers, who are not professional communicators. At Seabridge we understood professional, comprehensive, strategic and measurable communication and public relations was critical for our success.,” says Murphy.

From the executive suite to environmental scientists and camp workers, every member of Seabridge Gold’s team actively engaged in project communications. This commitment was particularly evident during the rigorous eight-year environmental assessment process, which stands as the largest and most comprehensive ever conducted in North America. Throughout this period, company representatives participated in over 500 trade shows, round tables, community meetings, information sessions and technical working groups listening and answering people’s questions and concerns about the KSM Project.

Simpson emphasizes that for success to thrive, communication must hold a prominent place in management’s agenda across the entire organization. Every individual, be it employees, consultants, or contractors, should feel empowered, recognizing themselves as ambassadors for the company.

The KSM project was granted an Environmental Assessment Certificate by British Columbia, a certificate from the federal government, and EA approval under terms of the Nisga’a Treaty. Upon submission of the Environmental Assessments community and First Nations support for the KSM Project measured through polling and interviews was 76 percent. In addition, the Tahltan Nation voted 83 percent in favor of the KSM Project and the Impact Benefits Agreement.

Seabridge Gold received letters of support for their environmental assessment application from the Cities of Terrace, Smithers, the Districts of Stewart and Hazelton. The company successfully signed benefit agreements with the Nisga’a Lisim and Tahltan Central Governments, a Sustainability Agreement Gitanyow Wilps represented by the Gitanyow Hereditary Chiefs’ Office and the Gitxsan Hereditary Chiefs endorsed the KSM Project with a letter of support for the environmental assessment approval.

Upon certification of the KSM Project, Seabridge Gold was acknowledged by the Province of British Columbia as an industry model for its consultation, engagement and external communication.

“I want to make it clear, the SABRE Award reflects the work and commitment of a lot of people over the years, both at PRA Communication and Seabridge Gold, so in all respects this award is a shared,” says Simpson.

The SABRE Awards are the world’s largest PR awards programme dedicated to benchmarking the best PR and communication work from across the globe. The Gold Sabre Awards were presented at a ceremony in New York, May 1, 2024.

By Rod Blake

After a few nervous weeks of correction, the brokers, investors, portfolio managers and traders who held U.S Index funds were confident that now, with two consecutive weeks of gains, that the bull market that began in October 2023 was back on track, that the central bankers were wrestling inflation back into its pre Covid-19 bag, and that artificial intelligence (AI) would continue to lead the markets higher. Meanwhile, those weighted to resources were left wondering if “I should have sold in April” after resources just had their worst week since the current mini-6-month bull market began last November, and perhaps another depressing summer lay ahead.

The way I see it – Today’s resource markets are a far cry from those of the last few years. Many commodities such as gold, silver and uranium have broken through previous long-term resistance that will now provide support in a downturn. Other commodities such as copper lithium and rare earths are in increasing demand and the world races towards a zero-emission future. North American housing has never been in more demand. Financings on the TSX Venture Exchange are becoming more frequent and increasing in size, and trading volumes are rising. Commodities might be going through a correction, but I don’t think it will depress markets as in the past few years. I’ll be looking for support levels to hold and economics to keep upward pressure on demand. Perhaps this time it is different.

Fireweed Metals Corp. ‘FWV-V’ scored a coup and its stock price rose by over 17^% to close at $1.23 on word that Adam Lundin, Chair of Lundin Mining Corp. ‘LUN-T had joined the Vancouver, BC zinc explorer as a Strategic Advisor.

It is said that the best place to look for gold is where the old miners used to be. Such was the good fortune for West Red Lake Gold Mines Ltd. ‘WRLG-V’ as the Vancouver, BC based mineral explorer reported recovering 415 of an estimated 2,500 ounces of gold that the company believes a previous operator left behind in its now shuttered sag mills of the old Madsen Mine mill in Northwest Ontario.

Some gold equities continued their bullish run with Franco-Nevada Corp. ‘FNV-T & N’ closing at a new 1^1/2-year high of $174.75 and Agnico Eagle Mines Ltd. ‘AEM-T & N’ reaching a new all-time closing high of $93.15.

Similarly, some copper stock charts continued to move from lower left to upper right with Capstone Copper Corp. ‘CS-T’ closing at a new all-time high of $10.56.

First Quantum Minerals Ltd. ‘FM-T’ shares’ closed at a new 6-month high of $18.58 on rumours that the new government in Panama would be receptive on re-opening the company’s Cobre Panama copper mine. This is the highest price for the Toronto, ON based miner’s stock since the previous government voted to shut down the mine last October.

Silver companies also saw some love with – Pan American Silver Corp. ‘PAAS-T & N’ stock rising $2.62 or 10.23^% to a new 2-year closing high of $28.22 after the Vancouver, BC based silver miner pleased investors with its 1^st-quarter production figures.

Fortuna Silver Mines Inc. ‘FVI-T’ & ‘FSM-N’ shares’ gained $0.49 or 7.42^% to close at a new 2-year high of $7.09 after the Vancouver, BC based miner beat the streets’ expectations with the company’s 1^st-quarter financials.

Similarly, Endeavour Silver Corp. ‘EDR-T’ & ‘EXK-N’ stock reached a new 9-month closing high of $4.54.

Shareholders’ of Teck Resources Ltd. ‘TECK.B-T’ & ‘TECK-N’, the giant bellwether company of Canadian mining, saw their investment rise to close at a new all-time high of $70.84.

Uranium issues caught an unexpected bid with industry giant Cameco Corporation ‘CCO-T’ & ‘CCJ-N’ and developer NexGen Energy Ltd. ‘NXE-T & N’ closing at respective record highs of $71.43 and $12.00.

NexGen also announced the Vancouver, BC based mineral developer was purchasing 2,702,410 pounds of natural uranium concentrate U₃O₈ for US$250-million to hold as inventory s the company advances its flagship Rook 1 Project in northern Saskatchewan.

The driller’s helper in me likes to report exceptional drill hole intercepts. This one comes from Vancouver, BC based Faraday Copper Corp. ‘FDY-T’ reporting its diamond drill hole LM-2 returned 103.64 metres (m) grading 1.34^% copper (Cu) and 0.28 grams per tonne (g/t) of gold (Au) from the company’s Copper Creek project in Arizona.

Even some beaten down lithium equities got some interest with Standard Lithium Ltd. ‘SLI-T & N.A’ rising to a new 3-month closing high of $2.38.

Westshore Terminals Investment Corp. ‘WTE-T’ shares’ fell by $1.76 or 6.62^% to $24.62 after the giant west coast coal terminal reported an unexpected drop in 1^st-quarter shipping and revenue.

Going the other way – Finning International Inc. ‘FTT-T’ stock rose by $1.41 or 3.45^% to $42.23 after the west’s leading company for mining and construction met analysts’ expectations with its 1^st-quarter financials and better yet – raised its quarterly dividend for a 23^rd consecutive year this time by 10^% to $0.275.

Kinross Gold Corp. ‘K-T’ & ‘KGC-N’ shares’ gained $0.46 or 4.95^% to close at a new 3-year high of $9.75 after the Toronto, ON based miner impressed the street with the company’s 1^st-quarter production and financials.

Going the other way – the price of Osisko Development Corp. ‘ODV-T & N’ stock fell by $0.10 or 4.17^% to $2.40 after the Montreal, PQ gold miner’s 1^st-quarter revenue fell short of the market’s expectations.

Suncor Energy Inc. ‘SU-T & N’ – Canada’s largest integrated energy company – reported the company’s 1^st-quarter petroleum product rose to a record 835,000 barrels per day (bbls/d).

Enbridge Inc. ‘ENB-T & N’ stock closed at a new 1-year high of $51.67 after the Calgary, AB based pipeline giant’s 1^st-quarter financials exceeded analysts’ expectations.

And, we could have witnessed a short squeeze in the making as, only weeks after plunging to a 4-year low of $1.61 – Natural gas, in just a few days, rose to a new 3-month closing high of US$2.31 per million British thermal units (MMBtu).

This as the closely followed Baker Hughes Petroleum Rig Count reported the number of active American drilling rigs fell by 2-rigs in the past week to 603, down by 128 rigs from this time last year. Across the line – the number of Canadian active rigs dropped by 4-rigs to 116, up by 22-rigs from one year ago.

Lumber issues continued to be out of favour with Western Forest Products Inc. ‘WEF-T’ shares falling to a new 14^1/2-year closing low of $0.51.

Meanwhile, Vancouver, BC based Canfor Corporation ‘CFP-T’ sited challenging operating conditions and a shortage of economic timber in announcing the permanent closing of its Polar sawmill in Bear Lake, BC and suspension of planned reinvestment in the company’s mill in Houston, BC.

The TSX Venture Exchange rose to a new 8-month closing high of 597 and the TSX Composite Index closed at a new all-time high of 22,376.

Silver and natural gas were the commodities with the greatest gains over the week, while lumber and lithium reported the greatest losses.

All five North America American markets were in the black going into the weekend as world affairs and economics seemed to be in balance.

For the Week – the DJI gained 2.16^% to 39,513, while the S&P 500 rose 1.85^% to 5,223, and the NASDAQ gained 1.15^% to 16,341. In Canada – the TSX gained 1.65^% to 22,309 and the TSX Venture rose 2.58^% to 597. The CBOE Volatility Index or VIX fell 6.97^% to 12.55.

With currencies – the Canadian dollar gained 0.10^% to US$0.7314, and the U.S. dollar ‘DXY’ rose 0.21^% to 105.30.

With commodities – gold bullion rose 2.56^% to US$2,360, as silver gained 6.06^% to US$28.16, and copper rose by 1.53^% US$4.65, while lithium lost 0.57^% to US$15,276. Crude oil gained 0.31^% to US$78.20, while natural gas rose 4.65^% to US$2.25, and uranium gained 1.63^% to US$93.25. With soft commodities – lumber lost 2.79^% to US$487. Overall – the CRB Commodities Index gained 2.11^% to 338.

And Finally – As Canadian law enforcement departments grapple with a surge in auto thefts – it was with a smile to read that the official vehicle of the federal Minister of Justice was stolen three times in as many years from 2021 – 2023.

Global silver demand is poised to rise to 1.2 billion ounces in 2024, potentially marking the second highest demand level on record, driven predominantly by industrial applications. The projected 4.0 percent rise in silver industrial fabrication this year will underpin the growth in demand, reaching a peak of 690 million ounces-a testament to the white metal’s enduring industrial importance.

However, forecasts of rising demand are driven mainly by the rapidly expanding electric vehicle (EV) market, and with it, silver’s utilization in electronic components and the burgeoning battery charging infrastructure that will be needed to support the increased use of electric vehicles.

Long term forecasts are also optimistic about silver’s role in green technologies, such as silver consumption from a surge in photovoltaic (PV) installations, with the incremental capacity anticipated to scale to new heights. Technological innovations like higher-efficiency N-type solar cells will further enhance silver’s prominence in the green energy sector.

The integration of AI into consumer electronics holds promise for silver usage, as tech companies prepare to launch new silver-intensive products into the market.

Additionally, a notable revival in the jewelry and silverware sectors is expected to inflate demand by 6.0 percent, with India playing a pivotal role in the market uplift. The jewelry sector, in particular, anticipates a resurgence in demand, based in the view that India’s economy presents a conducive environment for growth.
However, the U.S. and European jewelry markets might continue facing headwinds from cautious consumer spending, partially offset by retailers’ inventory rebuilding efforts.

In 2023, the U.S. silver mining industry thrived with production reaching approximately 1,000 tons. Alaska and Nevada lead the charge in silver output, demonstrating the continued relevance of silver in the national mining landscape.

Silver’s role in the U.S. stretches across many sectors-from investment bars and electrical components to coins and medals, demonstrating its versatility and durability as an industrial and investment asset.

The U.S. continues to engage actively in the international trade of silver, boasting consumption patterns that reflect its robust industrial landscape and investment strategies.

Prospects for 2024 indicate a 4.0 percent increase in global silver mine production, reaching 843 million ounces-the highest since 2018-contingent on uninterrupted operations in major mines across Mexico, Russia, Chile, and the United States.

However, silver recycling is expected to drop to by 3.0 percent. This retracement is largely due to diminishing returns from jewelry and silverware scrap, coupled with a sustained decline in photographic scrap supply.

Silver supply may face obstacles, particularly from the by-product production from base metal mines, which is expected to decrease in the wake of mine closures stemming from societal and governmental disputes, particularly in South America.

As 2024 unfolds, financial markets are readjusting their expectations regarding U.S. interest rate cuts, and how this might influence the price of silver. Although an initial rise in U.S. rates seems unlikely, expected adjustments in the latter half of the year suggest potential for silver investment recovery.

Investment dynamics as in relation to silver are intricately linked to global economic policies. With the U.S. Federal Reserve poised to start rate cuts by mid-year, silver could be bolstered as inflation abates, real yields fall, and the dollar faces pressure.

The contrasting economic landscapes of the U.S. and China will play a pivotal role in silver investment trends. A robust U.S economy might suppress investment in silver, while a lagging recovery in China could similarly act as a deterrent.

While initial forecasts for 2024 remain cautious about the outlook for investment in precious metals, particularly silver, a turnaround is anticipated when the Federal Reserve triggers rate cuts. Investment trends in silver for the latter part of the year are expected to pivot, enhancing the metal’s attractiveness as a hedge against volatility, particularly if economic signals point towards monetary easing and inflation targeting.

A projected easing of inflation and real yields could stimulate investment in silver as investors seek assets that perform well amidst such economic shifts. The silver market is anticipated to experience its fourth consecutive year of deficits, with a minor decrease expected to reach 176 million ounces. Various factors, including production and industrial offtake, will influence the deficit forecast, potentially maintaining high deficits by historical standards.

Persistent deficits in the silver market underscore the enduring demand for the metal and may impact long-term price stabilization and investment strategies. Investors face a myriad of economic uncertainties in early 2024. This may influence the investment appeal of silver in the immediate term.

The Federal Reserve’s long-term monetary policy decisions are poised to shape the landscape for precious metal investments, including silver.

While global economic shifts are inscribing complex, multifaceted impacts on silver’s stature as a dual asset, with industrial thrusts, technology advancements, and fluctuating investment climates presaging a dynamic path ahead, it is also pertinent to note the specific milestones and developments from junior silver companies such as Equity Metals Corp. [EQTY-TSXV; EQMEF-OTCQB; EGSD-FSE], Discovery Silver Corp. [DSV-TSX; DSVSF– OTCQX] and Southern Silver Exploration Corp. [SSV-TSXV; SSVFF-OTCQB; SEG1-FSE; SSVCL-Santiago. Their exploration activities and potential mine developments may subtly but surely influence the broader market.

Discovery Silver aims to become the mining sector’s next major silver producer as it works to develop its 100%-owned Cordero project in Chihuahua State, Mexico.

The bid to secure permits for Cordero is headed by CEO Tony Makuch, a highly experienced mining executive who previously led the transformation of Kirkland Lake Gold Ltd., a company that merged with Agnico Eagle Mines Ltd (AEM-TSX, AEM-NYSE) in a $13.5 billion deal in February 2022.

When Discovery released the results of a feasibility study in February 2024, Makuch outlined the value proposition that Cordero represents, not only for investors and local communities in Mexico, but also for the global effort to reduce greenhouse gas emissions.

With expected annual production averaging 37 million silver-equivalent (AgEq) ounces in the first 12 years, he said Cordero can play a key role in closing market deficits and supplying silver for high-growth sectors such as electric vehicles and solar energy. Makuch said the project will deliver valuable benefits to Mexico by creating high-quality, high-paying jobs, investing in infrastructure as well as goods and services and generating tax revenue.

But more importantly, Cordero can be an example of how a large-scale mining project that is profitable, contributes to greater prosperity and meets the highest environmental standards, can be part of the solution when it comes to addressing ESG issues and achieving sustainable objectives in a world that increasingly needs metals and minerals.

The Cordero project is located in northern Mexico, in the state of Chihuahua, about 600 kilometres from the border with the U.S. and 35 kilometres by road from Chihuahua City. It is a region with a long history of mining, dating all the way back to the 1600s.

Cordero will be an open pit mine with an expected lifespan of 19 years and is expected to be one of the most significant employers in the Chihuahua region, creating over 2,500 jobs during the construction and over 1,000 direct jobs during operation. In addition, the project will purchase $4 billion in goods and services over the mine life, leading to significant indirect job creation, and make estimated tax contributions of over $1.4 billion within Mexico.

According to the feasibility study, it will rank as one of the largest primary silver mines globally, with average production of 33 million ounces of AgEq annually at all-in-sustaining cost averaging US$13.50 an ounce AgEq over the life of the mine. On April 12, 2024, spot silver was trading at US$28.01 an ounce.

The feasibility study is based on resource estimate that was recently updated to include an additional 33,400 metres of drilling (total drilling of 310,900 metres in 793 drill holes). Discovery has said the overall expansion of the resource was driven largely by exploration success at depth and in the northeast part of the deposit.

Measured and indicated resources stand at 1.2 billion ounces AgEq at an average grade of 52 g/t AgEq (719 million tonnes grading 21 g/t silver, 0.06 g/t gold, 0.31% lead, and 0.60% zinc).

On top of that is an inferred resource of 155 million ounces of AgEq at an average grade of 32 g/t AgEq (149 million tonnes of 14 g/t silver, 0.03 g/t gold, 0.18% lead, and 0.35% zinc).

In a bid to maximize capital efficiency, development will occur in phases with phase 1 estimated at $606 million to be incurred over a two-year period. This capital estimate includes Phase 1 of the process plant, with nameplate capacity of 9.6 million tonnes annually (26,000 tonnes per day).

Phase 2 will be funded from project cash flow and involve the processing facility to be expanded to a nameplate capacity of 19.2 million tonnes annually (51,000 tonnes per day) at an estimated cost of $291 million. An expansion of the flotation circuit is planned for Year 7 at a cost of $17 million to accommodate an increase in zinc grades.

On May 7, 2024, Discovery Silver shares were trading at 92 cents in a 52-week range of $1.22 and 52 cents, leaving the company with a market cap of $364.3 million based on 396 million shares outstanding.

Southern Silver Exploration Corp. [SSV-TSXV, SSVFF-OTCQX, SSVCL-SSEV] is another exploration and development company with a specific emphasis on the 100%-owned Cerro Las Minitas silver-lead-zinc project in Mexico.

Southern Silver is hoping that by improving the economics at Cerro Las Minitas, it will attract a joint venture partner or a major mining company who is willing to buy the project outright and take it to production.

It is a strategy led by a highly experienced management team, including company President Lawrence Page, who has been involved in the development of a number of major mining projects, including Eskay Creek (British Columbia), Hemlo (Ontario) and Penasquito (Mexico).

It is worth noting that the company’s portfolio includes two properties in southern New Mexico: the Oro porphyry/CRD copper-gold project and the early-stage Hermanas gold-silver epithermal vein project.

The flagship Cerro Las Minitas project already ranks as one of the largest and high- grade undeveloped silver projects in the world. It is located in a well-established silver mining district, about 79 kilometres to the northeast of the city of Durango. Consisting of 25 concessions covering 34,450 hectares, it lies within the heart of the Faja de Plata (Belt of Silver) of north central Mexico.

The belt is one of the most significant silver producing regions in the world, with current reserves/resources and historic production in excess of 3.0 billion ounces of silver. Major mining operations in the region include Newmont Corp.’s [NGT-TSX, NEM-NYSE] Penasquito mine.

According to the latest estimate, Cerro Las Minitas hosts an indicated resource of 12.5 million tonnes of average grade 106 g/t silver, 0.07 g/t gold, 0.2% copper, 1.3% lead and 3.3% zinc, an amount that equates to 140 million ounces of silver equivalent (AgEq).

On top of that is an inferred resource of 21.0 million tonnes of 118 g/t silver, 0.1 g/t gold, 0.2% copper, 1.2% lead and 2.2% zinc, 210 million ounces of AgEq.

To date, Southern Silver has identified six high-grade silver-polymetallic deposits, which have been partially delineated, as well as several other high priority targets throughout the property.

In a recent interview, Southern Silver Exploration Vice-President Rob MacDonald said the company hopes to increase the indicated and inferred resource from the current 33.5 million tonnes to around 40 million tonnes.

According to a preliminary economic assessment (PEA) dated August, 2022, the project can support a large-scale underground mining operation with a 15-year mine life, with an average annual plant feed of 14.2 million ounces of silver equivalent (AgEq) (including 5.8 million ounces of silver) at an all-in-sustaining cost of US$13.27 per ounce of AgEq sold.

The PEA envisages base case gross revenue of US$3.7 billion with silver accounting for 42% of the revenue, and zinc accounting for 39%. The project has an initial capital expenditure of US$341 million.

However, the company is confident that it can improve on those numbers in a updated PEA that is expected to be announced in the very near future.

Future work at Cerro Las Minitas will focus on adding value to the project early in the production timeline for maximum economic benefit. This will include further engineering upgrades to the project design, a detailed review of capital expenditures, the addition of gold payables to the cash-flow model and pre-concentration to improve the project economics.

The company is also working to enhance the value of its other projects. It is looking at the potential for rare earth elements (REEs) by-product revenue at its wholly-owned Oro property located in a porphyry copper belt in southwestern New Mexico, U.S.A.

It is also aiming to secure permits to drill its Hermana gold silver project in New Mexico.

On May 7, 2023, Southern Silver shares were trading at 23 cents in a 52-week range of 25.5 cents and 11 cents, leaving the company with a market cap of $67 million based on 292.3 million shares outstanding.

Equity Metals Corp. [EQTY-TSXV, EQMEF-OTCQB, EGSD-FSE] is working to develop a high-grade resource that is open for expansion at its flagship Silver Queen project in British Columbia.

Silver Queen Project is a premier gold-silver property with over 100 years of historic exploration and development and is located in the Skeena Arch porphyry copper region of B.C., adjacent to power, roads, and rail with significant mining infrastructure that was developed under previous operators Bradina JV (Bralorne Mines) and Houston Metals Corp. (a Hunt Brothers company). The property covers 18,852 hectares with no underlying royalties and contains two historic declines into the No 3 Vein, camp infrastructure and a maintained tailings facility.

Mineralization is hosted by high-grade precious and base metal veins related to a buried porphyry system which has only been partially delineated.

In December 2022, the company announced an updated indicated and inferred resource of 85 million silver equivalent (AgEq) ounces. The estimate was based on 78 holes or 25,659 metres of drilling in six successive exploration phases starting in late 2020.

Five separate target areas were tested in part and thick intervals of high-grade gold, silver and base metal mineralization have been identified in each of the Camp Vein, The Sveinson Target, No. 3 Vein and NG-3 Vein system.

Hopes that the existing resource can be expanded are based on exceptional assay results, which demonstrate exploration upside across several of the more than 20 different veins which have been identified on the property so far.

Equity Metals President Joe Kizis said the resource remains open for additional delineation west of the Camp Target and within the Sveinson Target. “In addition, there are several targets that have only been tested by a few drill holes and remain very attractive areas for new discoveries and a MRE (mineral resource estimate) increase,” he said.

Overall, in 2023, 26 core holes were completed for a total of 9,989 metres and 1,437 soil sediment samples were collected. That program successfully demonstrated lateral and down-dip extensions of the known Camp and Sveinson deposits.

Looking ahead to drilling in 2024, the company said it will focus on the systematic resource expansion of the Camp and Sveinson deposits and the further delineation of mineralization at both the Cole Lake and George Lake targets which were not included in the 2022 mineral resource update.

Several additional new targets will be tested in 2024, including the newly identified soil anomaly north of the Camp Deposit. An initial program 6,000 metres of drilling is planned and is currently funded to begin testing these targets.

In a January 15, 2024, press release, Equity Metals reported assays from the final six holes on the Cole Lake target and a single hole from the Camp Target, which were completed as part of the company’s Autumn 2023 core drilling program.

“The initial drill results from the Cole Lake target confirm both the historical grade and tenor of the Cole Vein and its prospectivity as a viable follow-up target for resource delineation,” said Rob Macdonald, Vice-President, Exploration at Equity Metals.

Macdonald is a key part of a highly experienced geological exploration team with a proven track record of success. Kizis, has 40 years of experience in exploring for gold, silver, copper, molybdenum, lead and zinc in British Columbia and abroad.

On May 7, 2024, Equity Metals shares closed at 20 cents and are currently trading in a 52-week range of 25.5 cents and $0.075, leaving the company with a market cap of $31.6 million based on 158 million shares outstanding. The company recently had $2.7 million cash in its treasury.

Aside from its 100% interest in Silver Queen, the company also has interests in two highly prospective diamond properties in the Lac de Gras area northeast of Yellowknife in the Northwest Territories. Lac de Gras ranks as one of Canada’s most prolific diamond producing areas.