Raptor Resources (RAP:AU) has announced Raptor Completes Further Drilling at Chester Project
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The era of “smooth globalization” is over, and mining is entering a more fragmented, politically charged phase defined by strategic nationalism, according to speakers at S&P Global’s latest webinar.
Jason Holden, who opened the “State of the Market: Mining Q4 2025” session with a macro overview, said the industry is operating in a world increasingly shaped by supply chain security and state intervention.
“For decades we operated under a model of frictionless trade,” said Holden, a senior mining analyst at the firm. “That era is over. We’ve entered a world of strategic re-nationalization.”
While the base economic outlook remains resilient, with moderate growth and easing headline inflation, Holden warned that “sticky core inflation remains stubbornly high.”
For mining companies, that has two major implications: higher capital costs and less room for the easy-money valuation surges seen in past cycles. Central banks, led by the US Federal Reserve, are no longer aggressively tightening, but are also not on a clear-cut path to interest rate cuts.
“We’re no longer on a predictable path of easing,” Holden explained to listeners. “The market is now focused on if and when cuts might resume.” At the same time, geopolitical disputes are increasingly spilling into trade policy. The conversation around critical minerals, he noted, has shifted decisively.
“It’s no longer just about economics,’ said Holden. “It’s explicitly framed as national security.”
That shift is driving greater government intervention, subsidies, capital screening and “friend-shoring,” where materials are sourced from politically aligned nations.
Gold’s insurance premium
Nowhere has geopolitical risk been more visible than in gold.
The metal surged to fresh highs in early 2026 after setting 40 new records in 2024 and 53 more in 2025, a pace not seen since 1979. The price briefly pushed beyond US$5,500 per ounce at the start of the year.
“The message from this price action is unmistakable,” Holden said. “In an uncertain world, the market is paying a premium for insurance, and gold is the ultimate safe asset.”
While short-term flashpoints helped fuel the rally, the structural driver has been central bank buying. Since sanctions in 2022 prompted reserve managers to rethink US dollar exposure, official sector purchases have accelerated.
“The sustained buying from central banks is the real engine behind the rally,” Holden said.
S&P’s base case sees gold averaging US$4,247 per ounce in 2026, with upside potential toward US$6,000 by 2027 in a more bullish scenario.
Copper tightness, nickel politics
Luiz Amaral from S&P’s exploration team said copper ended 2025 on strong footing, with London Metal Exchange (LME) prices reaching US$12,500 per metric ton in December.
Supply-side tightness, a weaker US dollar and copper’s growing role in electrification supported prices. The US decision to formally list copper as a critical mineral reinforced its strategic importance.
S&P has lifted its 2026 copper price forecast to US$11,400 per metric ton, projecting a 543,000 metric ton concentrate deficit next year. However, the refined market is expected to move into surplus later in the decade as new smelter capacity ramps up. Longer term, the concentrate picture darkens again.
“Our base case shows a 3 million metric ton shortfall by 2036,” Amaral said.
Nickel’s recent rally, by contrast, has been driven more by policy than fundamentals. The price broke above US$18,000 per metric ton in January after Indonesia reduced its 2026 production quota.
“The market is responding emotionally to policy updates,” Amaral said, noting that despite the rally, the broader market remains in surplus and LME inventories are building.
Lithium rebounds amid persistent surplus
Lithium prices have also staged a sharp rebound, rising 57 percent in China between mid-December and mid-January on renewed demand optimism and supply concerns. Yet S&P expects the market to remain oversupplied for most of the decade, with deficits not emerging until the early 2030s.
New supply from Australia, Latin America and China continues to outpace demand growth, even as electric vehicles account for roughly 75 percent of lithium consumption through 2035.
Diverging margins
At the mine level, gold producers are enjoying some of the strongest margins in years, with prices rising faster than all-in sustaining costs. Silver has outperformed even more dramatically, climbing 154 percent in 2025 versus gold’s 71 percent gain, compressing the gold-silver ratio to below 70.
Battery metals face a tougher backdrop.
“Lithium and nickel continue to face margin pressure as prices lag elevated costs amid oversupply,” said Monica Ramirez from S&P’s mine economics and emissions team.
Across 12 metals analyzed, S&P sees a structurally higher cost environment emerging due to inflation, energy expenses and maturing ore bodies. Precious metals retain the strongest buffers, while copper remains positive but increasingly sensitive at the upper end of the cost curve.
Exploration at a crossroads
Despite record prices in some commodities, exploration spending tells a more cautious story.
Global exploration budgets totaled US$12.4 billion in 2025, down 1 percent year-on-year. Adjusted for inflation, spending has slipped back to levels last seen nearly two decades ago.
“Gold continues to dominate,” Amaral said, accounting for roughly half of global exploration budgets. Lithium, once a standout, saw budgets fall nearly 50 percent amid weaker prices.
More concerning is the structural shift away from grassroots exploration.
In the mid-1990s, two-thirds of spending targeted generative programs. Today, that share has fallen to a record low as companies prioritize near-mine and late-stage work.
“We are underinvesting at the very front end of the supply chain,” Amaral warned. Without renewed grassroots spending, the long-term discovery pipeline could suffer.
M&A: Quality over quantity
Mining M&A remained active into late 2025, though deal value normalized after earlier mega-mergers. Transaction value fell 45 percent quarter-on-quarter to US$16.1 billion, but deal count rose to its highest level in more than five years.
Gold led activity, with buyers focusing on large-scale, long-life assets in low-risk jurisdictions.
“Gold M&A today is no longer about simple volume growth,” Ramirez emphasized to viewers. “It’s about asset quality, jurisdictional safety and durable cashflow.”
As the webinar made clear, mining is navigating a landscape defined by geopolitical risk, tighter capital and structural cost pressures. For companies able to secure high-quality assets and control costs, opportunities remain, but the margin for error is narrowing.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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Here’s a quick recap of the crypto landscape for Monday (February 23) as of 9:00 p.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin (BTC) was priced at US$64,409.84, down by 4.4 percent over the last 24 hours.
Bitcoin price performance, February 23, 2026.
Chart via TradingView.
XS.com senior market analyst Linh Tran suggested that the medium-term uptrend is limited without major catalysts. She predicts that Bitcoin will fluctuate between US$65,000 support and US$70,000 resistance; however, if current pressures persist, there is a risk of Bitcoin retesting the US$60,000 low, which could trigger a deeper decline.
Software stocks slipped alongside a further decline in crypto prices after Anthropic said its Claude platform can help ‘break the cost barrier to COBOL modernization,’ a high-level, compiled computer programming language that the firm says ‘runs in production every day, powering critical systems in finance, airlines, and government.’
Ether (ETH) was priced at US$1,860.34, down by 4.1 percent over the last 24 hours.
Altcoin price update
- XRP (XRP) was priced at US$1.36, down by 2 percent over 24 hours.
- Solana (SOL) was trading at US$78.37, down by 5.6 percent over 24 hours.
Today’s crypto news to know
Yield Basis thrives on market volatility
Some parts of the DeFi ecosystem have benefited from the chaos of Bitcoin’s sudden price drop in January, which liquidated billions of dollars’ worth of positions. A DeFi project called Yield Basis, which helps people trade Bitcoin and Ether through its liquidity pools, says it’s handled US$769 million in trades since the beginning of 2026, with more than half occurring after January 28, when crypto prices began swinging wildly.
According to a recent report, the protocol has collected US$12.15 million in fees since it launched its v2 pools in November 2025, compared to US$5.31 million worth of tokens it paid out as rewards, leaving about US$6.84 million in net profit for the users providing liquidity and holding the project’s tokens.
Open-source AI project distances itself from crypto
An open-source AI agent framework known as OpenClaw has inadvertently become the center of a crypto controversy. The project, built to power autonomous agents capable of browsing the web and executing complex tasks, was briefly rebranded amid a naming dispute before scammers launched a fake Solana-based token using its former branding.
The token’s market capitalization surged to roughly US$16 million within hours before collapsing more than 90 percent after developer Peter Steinberger disavowed any connection.
Steinberger publicly rejected the speculation, writing on X: “To all crypto folks: please stop pinging me, stop harassing me. I will never do a coin. Any project that lists me as coin owner is a SCAM.”
USDT contraction flashes rare stress signal
Tether’s USDT stablecoin is signaling liquidity strain reminiscent of the market turmoil following the FTX collapse.
According to CryptoQuant, the 60 day change in USDT supply has dropped to negative US$3 billion, which marks only the second time such a contraction has occurred. Bloomberg reported that USDT is on pace for its steepest monthly supply decline since December 2022, already shrinking by roughly US$1.5 billion in February alone.
Large-scale redemptions typically suggest institutions or major holders are pulling capital out of the crypto ecosystem rather than simply rotating between tokens. The last comparable contraction came as Bitcoin fell toward US$16,000 during the FTX crisis before stabilizing and beginning a multi-year recovery.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Red Mountain Mining Limited (ASX: RMX, US CODE: RMXFF, or “Company”), a Critical Minerals exploration and development company with an established portfolio in Tier-1 Mining Districts in the United States and Australia, is pleased to announce an update on the Company’s portfolio of high-quality Antimony projects in the United States.
Over the past six months, Red Mountain has moved decisively to acquire assets in Tier-1 regions in highly prospective antimony mineral districts in Montana, Utah and Idaho, USA, placing the Company in a strong strategic position as the US Government moves aggressively to secure domestic supply of Antimony which is classified as a Critical Metal by the United States and Australian Governments.
HIGHLIGHTS:
- Red Mountain continues to deliver repeated successful project and development programs across its high-quality Critical Minerals portfolio, systematically advancing its United States and Australian projects toward development and directly supporting the US Government’s drive to secure domestic supply of critical metals
Thompson Falls Antimony Project, High-grade Antimony next to UAMY Antimony Smelter
- Thompson Falls Antimony Project is 4.2km from the operations of United States Antimony Corporation (NYSE: UAMY; Market Cap $A1.5 billion), with the country’s only operating Antimony smelter
- Initial sampling from Red Mountain’s Thompson Falls Project returned high-grade values of up 36.5% Sb and 0.65g/t Au
- Additional assay results are now expected to be received by the end of February
- Comprehensive surface mapping and sampling program to fast-track the definition of the Thompsons Falls Antimony Project resource potential, planned to launch next month
- Red Mountain has recently strengthened its US technical team with dedicated drill-permitting expertise, driving the permitting process forward across all of the Company’s US Projects
Utah Antimony Project, Antimony Mining District
- Utah Antimony Project adjoins American Tungsten and Antimony Ltd’s (ASX: AT4; Market cap A$200 million) Antimony Canyon Project (ACP), one of the largest and highest-grade Antimony projects in the USA, which has reported assays of up to 33% Sb and has a defined conceptual Exploration Target of 12.8 to 15.6 Mt @ 0.75% to 1.5% Sb, containing between 96,000 to 234,000 tons of Antimony metal
- Recent visible stibnite mineralisation observed between AT4’s claims and RMX’s project provides evidence the ACP system may extend into the Utah Antimony Project*
- Mapping analysis previously undertaken by RMX suggests that both the same type of host rocks and extensions of the large epithermal Antimony mineralising system targeted by AT4 at Antimony Canyon are present within the Utah Antimony Project**
Exceptionally Strong Antimony results from Thompson Falls and further assays pending
Red Mountain acquired the Thompson Falls Antimony Project on 5 February1, next to the only operating antimony smelter in the USA, US Antimony Corporation’s (NYSE: UAMY; Market Cap ~AU$1.5 billion) Thompson Falls Smelter and UAMY’s Stibnite Hill Mine in Montana (Figure 1).
First-pass exploration of Red Mountain’s Thompson Falls Antimony Project, by the Company’s US field team, successfully located three historical underground mines and pit within the project area. Initial sampling of material from Eastern Star returned multiple samples with high antimony and gold results, with peak results of 36.5% Sb and 0.65g/t Au1 (Figure 1; Figure 2).
Samples collected from Eastern Star closely resemble the quartz-stibnite veins mined at UAMY’s Stibnite Hill deposit, ~7km east of Red Mountain’s Thompson Falls Project area, although these veins are not recorded as producing gold. Red Mountain’s field team also collected additional rock samples from the project area, with assay results expected this month.
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Brightstar Resources (BTR:AU) has announced High-grade assays incl 4m @ 26.7g/t Au in Sandstone drilling
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Aurum Resources (AUE:AU) has announced Boundiali Resource Grows to 3Moz – Indicated Up 49%
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Gold and silver prices experienced declines early in the week, but ended higher.
The yellow metal closed the week at US$5,111.88 per ounce, while silver finished at US$84.65 per ounce, buoyed by reignited tariff uncertainty out of the US.
On Friday (February 20), the US Supreme Court stuck down tariffs put in place by President Donald Trump using the International Emergency Economic Powers Act. He quickly responded by announcing a new 10 percent global tariff and then increasing it to 15 percent, ramping up trade tensions.
Earlier in the week, Wednesday (February 18) brought the release of the US Federal Reserve’s latest meeting minutes, which show that although officials largely agreed with the January decision to hold interest rates steady, they aren’t aligned about the path forward as 2026 continues.
What’s received more attention is the Lunar New Year holiday.
Most Asian markets are closed for the occasion, and will reopen next week. I asked Ole Hansen of Saxo Bank about the significance of the closure, and he said that in his view, the more important question is what will happen when they’re back in business next week.
Here’s how he thinks that could play out:
‘I think … if they come back to more or less unchanged prices, they will see that probably as a buying opportunity. Simply — well, they probably hope that they might be able to pick it up cheaper in the absence. But if we can manage to hold these levels, then there could be a positive story building as we as we see China reopen.’
Hansen is bullish on gold this year, saying he sees it reaching US$6,000 in the next 12 months.
But interestingly, he has a different take on silver — he thinks the white metal’s upside could be limited by demand-side factors like substitution and higher supply from scrap material.
‘Gold over time can go to US$10,000, it can go to US$20,000 — it’s a monetary metal, which doesn’t really depend on demand from areas where demand could be negatively impacted with the price.
‘Silver hasn’t got that luxury. And that basically means if gold moves towards US$6,000, I would believe that — I would think that silver, at some point, will struggle to keep up, and we will see basically gold relatively outperform silver. But when that point, when that time comes, I can’t see. Again it’s very unclear, especially given the speculative demand, which can carry on for a while longer.’
I also heard this week from Christopher Aaron of iGold Advisor and Elite Private Placements, who has a much brighter outlook for silver — he said given that the metal has just broken out of a 45 year consolidation period, it still has much further to go:
‘Now that whole process, the 45 year consolidation breakout and now coming back, that is — for a number of people here — that is going to be a once-in-a-lifetime breakout. We’re talking a multi-generational breakout happening in silver right now. And it’s really important to — I mean, the bottom line is this: After 45 years of consolidation, a market doesn’t end just two months after a breakout and then kind of withering and petering out for the next 45 years. Again, that’s not how 45 year breakouts happen when we look back.’
Ultimately Aaron sees US$250 to US$350 as a reasonable price level for silver.
Bullet briefing — TSX Venture 50, BHP/Wheaton deal
Gold, silver dominate TSX Venture 50
The latest TSX Venture 50 list was released on Wednesday, with gold and silver juniors dominating. In fact, of the companies included, only three fall outside the mining sector.
The list ranks TSXV companies’ annual performance by market cap growth, share price performance and Canadian consolidated trading value. Taking the top spot was Santacruz Silver Mining (TSXV:SCZ,NASDAQ:SCZM), which had an impressive share price increase of over 1,100 percent.
As a group, the companies on the list delivered a share price increase of 431 percent.
We’ll have to wait and see whether these types of gains are repeated — or exceeded — in 2026, but the list definitely underscores the strength in gold and silver prices, and shows that their momentum is boosting not just the majors, but also the juniors.
BHP, Wheaton sign streaming deal
On the M&A side, BHP (ASX:BHP,NYSE:BHP,LSE:BHP) has entered into a long-term streaming agreement with Wheaton Precious Metals (TSX:WPM,NYSE:WPM).
Under the deal, which was signed by subsidiaries of BHP and Wheaton, BHP will receive an upfront payment of US$4.3 billion in exchange for the delivery of silver from the Peru-based Antamina mine, plus ongoing payments when metal is delivered. According to BHP, this is the most valuable streaming transaction to date based on upfront consideration received.
Antamina is a joint venture between commodities giants BHP, Glencore (LSE:GLEN,OTCPL:GLCNF), Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) and Mitsubishi (TSE:8058,OTCPL:MSBHF), and Wheaton already has a silver stream in place with Glencore. Once the BHP arrangement closes, Wheaton will receive a combined 67.5 percent of the mine’s silver.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Chibougamau Copper-Gold Project, Canada
HIGHLIGHTS:
- Cygnus sets up value drivers for 2026 with exploration and resource growth a high priority
- At Cedar Bay, Downhole Electromagnetics (‘DHEM’) is in progress to identify follow-up targets from recent intersections1 such as:
- 28.9m at 2.5g/t AuEq (1.0g/t Au, 1.0% Cu & 12.0g/t Ag) (CDR-25-16)
- 10.6m at 4.1g/t AuEq (3.6g/t Au, 0.3% Cu & 2.8g/t Ag) (CDR-25-11W1)
- This is the first time DHEM is being used at Cedar Bay in over 20 years
- Drilling has started at Golden Eye to test extensions below the current resource, which stands at 0.5Mt at 5.6g/t AuEq for 91koz AuEq (Indicated) and 1.2Mt at 4.6g/t AuEq for 182koz AuEq (Inferred)2
- At Joe Mann, a detailed Induced Polarisation (‘IP’) survey is underway to identify walk-up drill targets analogous to IAMGOLD’s Nelligan Complex deposits which contain 4.3Moz Au (M&I) and 7.5Moz Au (Inferred)3 located just 10km west of Joe Mann
- Permits are being submitted for the Gwillim prospect for drilling in the coming quarter; This will co-funded by 50% JV partner Alamos Gold, which has a market capitalisation of ~C$25B. Initial targets will follow up historic intersections4 of:
- 7.6m @ 38.1g/t Au from 314.9m (87-KOD-18);
- 15.2m @ 9.4g/t Au from 155.1m (87-KOD-1); and
- 16.4m @ 8.3g/t Au from 168.3m (87-KOD-10).
- Cygnus believes there is significant potential to continue growing the Chibougamau resource, which stands at 6.4Mt at 3% CuEq for 193kt CuEq (M&I) and 8.5Mt at 3.5% CuEq for 295kt CuEq (Inferred)2
| Cygnus Executive Chairman David Southam said: ‘There is overwhelming evidence which points to the potential for substantial resource growth at Chibougamau. The resources remain open in many places and we have a pipeline of compelling targets to test.
‘We have devised an extensive program of drilling and geophysics to unlock this upside. This will include brownfields drilling as well as testing new targets. After growing the resource by 29 per cent last year, we are confident that our exploration strategy will deliver more strong results and create more value for shareholders. ‘We are now drilling at Golden Eye and Cedar Bay, which provide substantial resource upside. ‘Joe Mann and Gwillim have excellent discovery potential and have been materially overlooked for the last 20 years. With this potential and the current gold price we are excited to commence exploration on these targets’. |
Cygnus Metals Limited (ASX: CY5; TSXV: CYG,OTC:CYGGF; OTCQB: CYGGF) (‘Cygnus’ or the ‘Company’) is pleased to announce the start of extensive exploration programs aimed at growing the resources at its Chibougamau Copper-Gold Project in Quebec.
Resource growth and discovery remain a key pillar of Cygnus’ growth strategy as the Company continues to unlock the Chibougamau district. A key focus is brownfields exploration, including extensions to deposits such as Cedar Bay and Golden Eye.
At Cedar Bay, Downhole Electromagnetics (‘DHEM’) is in progress to define follow up drill targets from recent exploration drilling1 which returned:
- 28.9m at 2.5g/t AuEq (1.0g/t Au, 1.0% Cu & 12.0g/t Ag) (CDR-25-16)
- 10.6m at 4.1g/t AuEq (3.6g/t Au, 0.3% Cu & 2.8g/t Ag) (CDR-25-11W1)
Recent drilling successfully demonstrated extensions to the current resource at Cedar Bay of 0.3Mt at 8.1g/t AuEq for 67koz (M&I) and 0.8Mt at 7.8g/t AuEq for 205koz (Inferred).2 DHEM aims to define resource extensions as well as identifying high grade shoots which are typically associated with semi massive sulphides. This will be the first time DHEM is being used at Cedar Bay in over 20 years, presenting a huge opportunity for Cygnus.
At Golden Eye, drilling has commenced with three rigs to grow the Indicated Resource and extend the resource below the currently defined depth of just 450m. Golden Eye was a new resource defined by Cygnus last year of 0.5Mt at 5.6g/t AuEq for 91koz (Indicated) and of 1.2Mt at 4.6g/t AuEq for 182koz (Inferred)2 and remains open at depth with one of the deepest intersections5 from last year of:
- 2.9m @ 10.2g/t AuEq (8.3g/t Au, 1.4% Cu & 3.3g/t Ag) from 463.8m (LDR-25-08)
The Company also has a strong focus on defining new resources and making discoveries. Two key areas identified as high priority are gold targets Joe Mann and Gwillim.
At Joe Mann, the Company has commenced a detailed Induced Polarisation (‘IP’) survey along major structures to identify walk-up drill targets for Q2 this year. Cygnus is targeting analogous mineralisation to IAMGOLD’s Nelligan Complex, which is located just 10km west of the project and contains 4.3Moz Au (M&I) and 7.5Moz Au (Inferred).3
This survey will help to generate further drill targets in addition to some of the high-grade historic intersections which also require follow up.4 These include:
- 0.7m @ 480.2g/t Au from 92.3m (H-118);
- 3.8m @ 20.8g/t Au from 287.2m (H-214); and
- 8.4m @ 6.3g/t Au from 175.6m (H-374).
At Gwillim, permits are underway for drilling to commence in the coming quarter. Drilling at Gwillim will be co-funded by 50% JV partner Alamos Gold, which has a market capitalisation of ~C$25B. Gwillim is just 12km from the Chibougamau processing facility and has high potential for defining new resources. Initial drilling will focus on following up high-grade historic intersections4 such as:
- 7.6m @ 38.1g/t Au from 314.9m (87-KOD-18);
- 15.2m @ 9.4g/t Au from 155.1m (87-KOD-1); and
- 16.4m @ 8.3g/t Au from 168.3m (87-KOD-10).
The Chibougamau area has well-established infrastructure, giving the Project a significant headstart as a copper-gold development opportunity. This infrastructure includes a 900,000tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site. Significantly, the Chibougamau processing facility is the only processing facility within a 250km radius.
Figure 1: Exploration progressing across mutiple fronts with a focus on both resource extensions and discovery
Figure 2: Joe Mann IP survey covering key structures from IAMGOLD’s major deposits Nelligan and Phillibert3
This announcement has been authorised for release by the Board of Directors of Cygnus.
| David Southam Executive Chair T: +61 8 6118 1627 E: info@cygnusmetals.com |
Nicholas Kwong President & CEO T: +1 647 921 0501 E: info@cygnusmetals.com |
Media: Paul Armstrong Read Corporate T: +61 8 9388 1474 |
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG,OTC:CYGGF, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.
Forward Looking Statements
This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond Cygnus’ control. Cygnus makes no representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly, to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in this release or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.
End Notes
- Refer to Cygnus’ ASX announcements dated 30 October 2025 and 8 December 2025.
- Refer to Cygnus’ ASX announcement dated 17 September 2025 and subsequent technical report dated 31 October 2025 titled ‘NI 43-101 Technical Report Chibougamau Hub and Spoke Complex, Québec, Canada’ prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (‘NI 43-101’) and the Joint Ore Reserves Committee (JORC) Code (2012 Edition).
- Refer to IAMGOLD’s news release dated 17 February 2026.
- Refer to Cygnus’ ASX announcement dated 20 January 2026.
- Refer to Cygnus’ ASX announcement dated 8 May 2025.
Qualified Persons and Compliance Statements
The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a ‘qualified person’ as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
The information in this release that relates to the Mineral Resource Estimate for the Chibougamau Project reported in accordance with the JORC Code (2012 Edition) and NI 43-101 was released by Cygnus in an announcement titled ‘Major Resource Update’ released to the ASX on 17 September 2025 and subsequent technical report dated 31 October 2025 titled ‘NI 43-101 Technical Report Chibougamau Hub and Spoke Complex, Québec, Canada’ prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (‘NI 43-101’) and the JORC Code (2012 Edition). Details of the Mineral Resource Estimate are included in Appendix A.
The information in this announcement that relates to previously reported Exploration Results at the Company’s projects has been previously released by Cygnus in ASX Announcements as noted in the End Notes.
Individual grades for the metals included in the metal equivalents calculations for the Mineral Resource Estimate, as well as the price assumptions, metallurgical recoveries and metal equivalent calculations themselves, are in Appendix A of this release. Individual grades for the metals included in the metal equivalents calculation for the exploration results are in the original market announcements. Metal equivalents for exploration results have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz and silver price of US$25/oz, with copper equivalents calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Metallurgical recovery factors have been applied to the copper equivalents calculations for the exploration results, with copper metallurgical recovery assumed at 95% and gold metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility, and the metallurgical results contained in Cygnus’ announcement dated 28 January 2025. It is the Company’s view that all elements in the copper and gold equivalent calculations have a reasonable potential to be recovered and sold.
Cygnus is not aware of any new information or data that materially affects the information in these announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
APPENDIX A – Mineral Resource Estimate for the Chibougamau Project as at 17 September 2025
| Cu Project |
Classification | COG CuEq |
Tonnage | Average Grade | Contained Metal | ||||||||
| Cu | Au | Ag | CuEq | AuEq | Cu | Au | Ag | CuEq | AuEq | ||||
| % | Mt | % | g/t | g/t | % | g/t | kt | koz | koz | kt | koz | ||
| Corner Bay | Indicated | 1.2 | 4.9 | 2.5 | 0.3 | 8.4 | 2.8 | 4.1 | 124 | 43 | 1,316 | 137 | 638 |
| Inferred | 5.4 | 2.7 | 0.2 | 8.9 | 3.0 | 4.3 | 146 | 41 | 1,543 | 159 | 744 | ||
| Devlin | Measured | 1.5 | 0.1 | 2.7 | 0.3 | 0.5 | 2.9 | 4.7 | 4 | 1 | 2 | 4 | 19 |
| Indicated | 0.6 | 2.0 | 0.2 | 0.2 | 2.1 | 3.4 | 13 | 4 | 5 | 13 | 69 | ||
| M&I | 0.8 | 2.1 | 0.2 | 0.3 | 2.3 | 3.6 | 16 | 5 | 7 | 17 | 88 | ||
| Inferred | 0.3 | 2.0 | 0.2 | 0.3 | 2.1 | 3.4 | 7 | 2 | 3 | 7 | 36 | ||
| Joe Mann | Inferred | 2.0 | 0.7 | 0.2 | 6.0 | – | 4.6 | 6.3 | 2 | 143 | – | 34 | 151 |
| Cedar Bay | Indicated | 1.8 | 0.3 | 1.6 | 6.0 | 9.9 | 6.4 | 8.1 | 4 | 50 | 82 | 16 | 67 |
| Inferred | 0.8 | 2.0 | 5.1 | 11.8 | 6.1 | 7.8 | 17 | 134 | 309 | 50 | 205 | ||
| Golden Eye | Indicated | 0.5 | 1.0 | 4.3 | 9.9 | 4.4 | 5.6 | 5 | 69 | 161 | 22 | 91 | |
| Inferred | 1.2 | 0.9 | 3.4 | 7.9 | 3.6 | 4.6 | 11 | 134 | 313 | 45 | 182 | ||
| Project | Classification | Tonnage | Average Grade | Contained Metal | |||||||||
| Cu | Au | Ag | CuEq | AuEq | Cu | Au | Ag | CuEq | AuEq | ||||
| Mt | % | g/t | g/t | % | g/t | kt | koz | koz | kt | koz | |||
| Hub and Spoke | Measured | 0.1 | 2.7 | 0.3 | 0.5 | 2.9 | 4.7 | 4 | 1 | 2 | 4 | 19 | |
| Indicated | 6.3 | 2.3 | 0.8 | 7.8 | 3.0 | 4.3 | 146 | 166 | 1,563 | 189 | 865 | ||
| M&I | 6.4 | 2.3 | 0.8 | 7.6 | 3.0 | 4.3 | 149 | 167 | 1,565 | 193 | 884 | ||
| Inferred | 8.5 | 2.1 | 1.7 | 7.9 | 3.5 | 4.8 | 182 | 454 | 2,168 | 295 | 1,318 | ||
Notes:
- Cygnus’ Mineral Resource Estimate for the Chibougamau Copper-Gold project, incorporating the Corner Bay, Devlin, Joe Mann, Cedar Bay, and Golden Eye deposits, is reported in accordance with the JORC Code and the Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM’) (2014) definitions in NI 43-101.
- Mineral Resources are estimated using a long-term copper price of US$9,370/t, gold price of US$2,400/oz, and silver price of US$30/oz, and a US$/C$ exchange rate of 1:1.35.
- Mineral Resources are estimated at a CuEq cut-off grade of 1.2% for Corner Bay and 1.5% CuEq for Devlin. A cut-off grade of 1.8 g/t AuEq was used for Cedar Bay and Golden Eye; and 2.0 g/t AuEq for Joe Mann.
- Corner Bay bulk density varies from 2.85 tonnes per cubic metre (t/m3) to 3.02t/m3 for the estimation domains and 2.0 t/m3 for the overburden. At Devlin, bulk density varies from 2.85 t/m3 to 2.90 t/m3. Cedar Bay, Golden Eye, and Joe Mann use a bulk density of 2.90 t/m³ for the estimation domains.
- Assumed metallurgical recoveries are as follows: Corner Bay copper is 93%, gold is 78%, and silver is 80%; Devlin copper is 96%, gold is 73%, and silver is 80%; Joe Mann copper is 95%, gold is 84%, and silver is 80%; and Cedar Bay and Golden Eye copper is 91%, gold is 87%, and silver is 80%.
- Assumptions for CuEq and AuEq calculations (set out below) are as follows: Individual metal grades are set out in the table. Commodity prices used: copper price of US$9,370/t, gold price of US$2,400/oz and silver price of US$30/oz. Assumed metallurgical recovery factors: set out above. It is the Company’s view that all elements in the metal equivalent calculations have a reasonable potential to be recovered and sold.
- CuEq Calculations are as follows: (A) Corner Bay = grade Cu (%) + 0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t) ; (B) Devlin = grade Cu (%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t); (C) Joe Mann = grade Cu (%) + 0.72774* grade Au (g/t); and (D) Golden Eye and Cedar Bay = grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t).
- AuEq Calculations are as follows: (A) Corner Bay = grade Au (g/t) + 1.45097* grade Cu(%)+0.01282* grade Ag (g/t); (B) Devlin = grade Au (g/t) + 1.59957* grade Cu(%)+0.01379* grade Ag (g/t); (C) Joe Mann = grade Au (g/t) + 1.37411* grade Cu (%); and (D) Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
- Wireframes were built using an approximate minimum thickness of 2 m at Corner Bay, 1.8 m at Devlin, 1.2 m at Joe Mann, and 1.5 m at Cedar Bay and Golden Eye.
- Mineral Resources are constrained by underground reporting shapes.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Totals may vary due to rounding.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9f3d9271-0c1d-4946-b6b7-907187bb4f3a
https://www.globenewswire.com/NewsRoom/AttachmentNg/bf51280f-9701-4436-8255-c21949f90dfe
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Locksley Resources (LKY:AU) has announced LKY Commences Diamond Drilling at Desert Antimony Mine
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Los Angeles County filed a civil lawsuit against Roblox, alleging that the platform markets itself as a gaming experience for children but has created a ‘largely unsupervised online world’ that allows adults to mingle with minors with very little oversight.
The lawsuit says that Roblox’s architecture makes it easy for adults to masquerade as children in order to target them.
‘Beneath the bright animation and cheerful branding lies an environment in which child predators can readily locate, contact, and interact with minors through Roblox-enabled features and defaults, and where age-inappropriate sexual content and sexually themed interactions and experiences can be assessed and disseminated through Roblox’s functionality and tools, leaving minors to navigate dangers they do not and cannot understand,’ the lawsuit says.
The suit was filed on Thursday and asks that Roblox be ordered to pay a civil penalty of up to $2,500 for each violation of the Unfair Competition and False Advertising laws. It also asks that Roblox cover the county’s legal fees.
Roblox said in a statement that it disputes the county’s claims ‘and will defend against it vigorously.’
‘Roblox is built with safety at its core, and we continue to evolve and strengthen our protections every day,’ a company spokesperson said. ‘We have advanced safeguards that monitor our platform for harmful content and communications, and users cannot send or receive images via chat, avoiding one of the most prevalent opportunities for misuse seen elsewhere online.’
The company said safety remains a top priority and takes ‘swift action against anyone found to violate our safety rules.’
The lawsuit, however, accuses Roblox of failing to implement safety measures, including age verification, default communications restrictions and effective reporting mechanisms.
‘These fixes are obvious, easy, and long overdue,’ it says.
The county said in its suit that it has had to ‘expend, divert and increase resources to address rising rates of child sexual exploitation, trafficking, abuse and mental health trauma.’
‘By taking actions that increase the costs of law enforcement, child protective services, victim services, mental health counseling, and other public services, Roblox has diverted taxpayer dollars away from other critical public programs and services,’ the suit alleges.
Roblox said in its statement that as of January, it requires all users to undergo a facial age check to use the chat feature, and that chat users are placed into age groups.
Parents are given control over whether their child can access the chat feature, can block specific users and games, and can set screen time limits. The company also said it does not allow users to send images or videos via chat.
‘There is no finish line when it comes to protecting kids, and while no system can be perfect, our commitment to safety never ends,’ Roblox said.
Since its launch in 2006, Roblox has grown to become a massive global success. It has 144.5 million daily active users with over 35 billion engagement hours, its website states.
According to its most recent shareholder letter for Quarter 4, revenue grew 36% year-over-year to $4.9 billion and generated $1.8. billion in operating cash flow in fiscal 2025.
This was due to the addition of about 60 million daily active users from Quarter 4 of 2024 to Quarter 4 of 2025, the letter says.
Over the years, the gaming platform has been at the center of several lawsuits, including one filed last year where a California woman alleged that her teenage son was groomed and coerced to send explicit images on Roblox and Discord. The suit was filed after the boy took his own life in April 2024.
Attorneys for the mother said the boy was targeted by “an adult sex predator” who posed as a child on Roblox. The lawsuit alleged that the conversation between the boy and the man escalated to include “sexual topics and explicit exchanges.” The man eventually encouraged the boy to move the conversation to Discord, demanded that the boy share explicit videos and images, and then threatened to post them, the lawsuit alleged.
Both companies said at the time that it does not comment on legal matters. The case is still pending.
Louisiana Attorney General Liz Murrill also sued the platform last year, alleging that it was “the perfect place for pedophiles” due to its failure to implement strong safety protocols. Roblox denied her claims and said it was committed to working with the prosecutor’s office to keep children safe.
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