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Overview
Silver’s longer-term outlook remains positive due to supply deficits, industrial demand from solar power and electrification, and investment demand for precious metals. Silver prices hit a record high in January 2026 and market analysts predict the price of the metal will be over US$70 per ounce by the end of 2026.
Silver Hammer Mining’s portfolio gives the company exposure to potential increases in silver prices. The company’s strategy centers on advancing past-producing assets, where existing infrastructure and historical data may help the company identify and evaluate exploration targets. Its core projects, Silver Strand and Fahey in Idaho, along with Silverton and Eliza in Nevada, are located in regions with long histories of silver production and strong geological potential. In addition to silver, the portfolio offers exposure to gold and copper mineralization.
Surface sampling in 2021 returned high-grade silver results at Silverton and Eliza. At Silverton, rock-chip samples from the western limestone-hosted area returned silver grades ranging from 0.32 to 692 grams per tonne, while surface sampling at Eliza returned individual assays of 1,540 and 1,410 grams per tonne silver.
The company announced acquisitions of Stroud Resources and SilverMark Resources in July 2026. Upon closing, the combined company will be renamed Silver Frontier Resources, creating a new global pure-play silver company with projects across Mexico, the U.S. and Morocco. Concurrently with the acquisitions, Silver Hammer Mining also announced a brokered private placement of up to C$10 million in subscription receipts, priced at C$0.26 each, and expects to close it on or about November 30, 2026.
The Company is expected to have a pro-forma market cap of ~C$33M, a well-funded balance sheet following its concurrent C$10M equity financing, and Eric Sprott as its cornerstone shareholder with a >20% interest.
The company is led by an experienced management team and board that includes silver specialists and former senior geologists from Coeur Mining and Silver Standard (now SSR Mining). Drawing on experience across exploration, operations and financing, the team is well-positioned to unlock additional value from the company’s brownfield assets, where past production and existing infrastructure provide a strong starting point for modern exploration.
Company Highlights
- Stable mining jurisdictions: Operations are concentrated in Nevada and Idaho, with Nevada ranked first globally in the Fraser Institute’s 2025 Investment Attractiveness Index.
- Brownfield portfolio of past-producing silver mines: Assets include the past-producing Silver Strand Mine in Idaho and the Silverton silver-gold project in Nevada, where exploration has identified several high-grade silver results.
- Industry-leading team: The management and technical team has experience in mineral discovery, mine development and capital markets. CEO Peter A. Ball has raised more than C$250 million for resource ventures, while directors and advisors Donald Birak, Michael Willett and Ron Burk bring extensive exploration and development experience, including prior senior roles with Coeur Mining, Centerra, and Silver Standard (now SSR Mining).
- Fully funded 2026 exploration program: The Company completed a C$3.92 million private placement in February 2026 to fund its planned exploration.
Key Projects
Silver Strand Project
The Silver Strand project in Idaho is a past-producing silver mine that operated in the late 1970s and 1980s. It is located within the Revett Formation in the Coeur d’Alene mining district, which has historically produced more than 1.2 billion ounces of silver.
Historical drilling intersected gold-silver mineralization beneath and adjacent to the former mine workings, which extend to approximately 90 metres below surface, highlighting potential for further mineralization at depth.
At present, the wholly-owned project is fully permitted for an initial eight- to ten-hole drill program scheduled for 2026. This program is designed to test mineralization identified by historical drilling and evaluate additional targets.
The company plans an initial five-hole, 750-meter drill program to test mineralization down-strike.
Silverton Silver Mine
Located near Black Rock, the Silverton Project covers a historically high-grade silver mining area with multiple defined drill targets. The company has prioritized zones near and below historic workings from the 1930s and 1950s.
The project lies within Nevada’s “Silver Alley,” a region that hosts several significant deposits. Nearby deposits include the Tonopah silver project, reported to contain 174 million ounces of silver, and the Tybo project, which reportedly produced approximately 100 million silver-equivalent ounces.
Silver Hammer completed Silverton’s Phase 1 preliminary drill program in December 2025.The program comprised six drill holes totalling 738 metres, with grab samples returned grades of up to 581 g/t silver, while drill assays returned up to 361 g/t silver over 1.5 metres.
Eliza Silver Project
Silver Hammer Mining’s wholly-owned Eliza Silver Project spans 5.52 square kilometres in Nevada and includes the past-producing California Mine Patent claim. The property is situated along strike of the historically high-grade Hamilton Mining District, which historically produced 40 million ounces of silver at grades of up to 25,000 grams per ton between 1876 and 1890.
Geological mapping indicates that Eliza hosts high-grade silver mineralization along the same structural trend as Hamilton. Despite this, the project has seen limited exploration over the past 50 years.
CEO Peter A. Ball noted that the California Mine Patent claim allows the Company to initiate Phase 1 work without additional exploration or drilling permits. The Company is currently sourcing a drilling contractor and expects to mobilize once preparations are complete.
Silver Hammer completed field exploration at Eliza in August 2026. A total of 454 samples were collected, including 396 soil samples across the New Western Au-Ag Anomaly area and 58 rock samples from the Belmont, Passayank, California, New Western Au-Ag and Commodore showings. Samples have been submitted to Bureau Veritas for analysis, and assay results will be reported once received and reviewed. The geochemical work and geological mapping will help the company refine and prioritize drill targets as it prepares a Plan of Operations and advances the project toward permitting.
Fahey Project
Silver Hammer has entered into an option agreement to acquire the Fahey Group Property, with the ability to earn a 100 percent interest through a US$50,000 cash payment and C$450,000 in company shares. Completion is expected by the end of 2030.
Held by the same family for more than 60 years, the Fahey property is now being evaluated using modern exploration techniques using modern exploration techniques. It is located in Idaho’s Silver Valley near producing and past-producing operations, including the Galena Mine, which has produced more than 240 million ounces of silver. The project consists of 18 unpatented claims and more than 20 veins have been identified at Fahey.
The Company is undertaking a surface exploration program at the Fahey Property during the 2026 exploration season, including geological reconnaissance, mapping and sampling, with the objective of advancing the project toward a future drill program and potential submission of a Plan of Operations to the US Forest Service (“USFS”), subject to exploration results and operational planning. Following this program, the Company has requested a proposal for a TITAN 24 Direct Current Induced Polarization (DCIP) and Magnetotelluric (MT) geophysical survey and is evaluating the potential to undertake the program.
Management Team
Peter A. Ball – President, CEO and Director
Mr. Ball brings a progressive track record of proven leadership experience covering more than thirty years in the mining and finance sectors. He has demonstrated competencies in the resource industry on an international level, and held various senior management roles with precious and base metals mining companies in mine engineering, corporate finance, securities trading, business development, corporate communications, public relations and marketing functions. Mr. Ball began his career in the late 1980s working as a mining engineer at Sherritt Gordon Mines, Hudson Bay Mining and Smelting and Echo Bay Mines. Commencing in the 1990s, he held various management and senior executive and corporate roles for numerous companies, including Eldorado Gold, RBC Dominion Securities, Adriana Resources, Century Mining, Argentex Mining, Columbus Gold, Redstar Gold, NV Gold, and most recently Noram Lithium. Mr. Ball has led and assisted in raising over $250 million in capital in the resource sector, and is a member of CIMM. Mr. Ball is also an independent director of Big Gold Inc. (BG:CSE).
Alnesh Mohan – Chief Financial Officer, Corporate Secretary and Director
Alnesh Mohan is a finance executive with over 20 years of experience providing advisory services to a wide array of clients. He has been a partner at Quantum Advisory Partners LLP, a professional services firm focused on providing Chief Financial Officer and full-cycle accounting services to private and public companies, since 2005. Acting on behalf of several public companies, Alnesh has acquired considerable experience in financial reporting, corporate governance and regulatory compliance. He holds a Bachelor of Business Administration from Simon Fraser University, a Master’s of Science in Taxation from Golden Gate University and is a Chartered Professional Accountant (CPA, CA).
Andrew Gillin - Vice President Corporate Development & Investor Relations
Mr. Gillin is a seasoned investment banking and corporate development professional with over 15 years of experience in the metals and mining sector. Most recently, he served as Director, Investment Banking at Echelon Wealth Partners (now Ventum Financial), where he completed transactions with an aggregate value exceeding C$1.2 billion. Prior to Echelon, Mr. Gillin held senior investment banking roles at Eight Capital, where he was a member of the firm’s founding partnership group, and Dundee Capital Markets. Earlier in his career, he worked at Paradigm Capital and also gained international private equity experience at an Abu Dhabi-based asset manager. Mr. Gillin holds a Bachelor of Commerce degree from McGill University and an MBA from the University of Cambridge.
Donald J. Birak – Director
Donald Birak is a veteran exploration geologist with a career spanning over 40 years in mineral exploration and mining operations. He has held senior leadership roles at companies including Coeur Mining, AngloGold North America and Freeport-McMoRan. He is recognized for his role in multiple deposit discoveries, including work in Manitoba’s Flin Flon–Snow Lake region, for which he received the PDAC Bill Dennis Prospector of the Year Award. His technical contributions also extend to published work on deposit geology, geostatistics and exploration best practices.
Michael Willett – Director
Michael Willett is a mining engineer with more than four decades of experience in project development, operations and asset evaluation. He has held senior executive roles across the sector, including serving as Vice President of Operations and Projects at Battle North Gold, where he contributed to the company’s C$343 million acquisition by Evolution Mining in 2021. In addition to executive roles, Willett has spent over 20 years advising on mine restart strategies for companies such as Battle North Gold and Hudbay Minerals.
Ron Burk – Senior Technical Board Advisor
Ron Burk is an exploration geologist with over 30 years of experience focused on identifying and advancing mineral targets. He has held senior exploration roles with Centerra Gold and Silver Standard Resources, where he served as Vice President of Exploration and Chief Geologist. His work has contributed to several significant discoveries, including the Pitarrilla silver project in Mexico.
Overview
Lahontan Gold (TSXV:LG,OTCQB LGCXF) is advancing a portfolio of 100 percent-controlled gold and silver assets in Nevada’s Walker Lane, led by the Santa Fe Mine, a past-producing open-pit heap leach operation. The company has expanded the mineral resource and is now advancing permitting and technical studies to support the project’s development. Management is driving multiple technical workstreams simultaneously, spanning state and federal permitting, metallurgical optimizations via an on-site laboratory, and engineering studies to support its upcoming production restart.
An updated NI 43-101 Mineral Resource Estimate has been completed, showing an overall 22 percent increase from the 2024 MRE. The project now hosts indicated mineral resources of 31.15 Mt grading 0.99 g/t gold equivalent, totaling 993,000 gold equivalent ounces and inferred mineral resources of 41.60 Mt grading 0.71 g/t gold equivalent, totaling 954,000 gold equivalent ounces. That estimate fed directly into the updated PEA announced in October, which outlines an 11-year mine life and average annual production of about 91,900 gold-equivalent ounces.
The company is now focused on filing the supporting technical report and submitting the final Mine Plan of Operations to the U.S. Bureau of Land Management. Construction permits are expected in 2027.
Value creation is supported by aggressive, multi-rig exploration campaigns designed to scale the resource base rapidly. The 2026 campaign deploys a three-pronged approach: a 10,000-metre Reverse Circulation program chasing new exploration targets, a 2,023-metre core drilling program to finalize mine permitting data, and a 1,740-metre sonic program executing 96 drill holes into historic heap leach pads to add low-cost ounces directly to the mine life.
The execution of this corporate strategy is guided by a founder-led management team and an independent board with deep operational histories in the Great Basin. This leadership capability is validated by a corporate share structure that features 41 percent institutional ownership—including resource funds like MERK, EMA (Larry Lepard), APAC, and PALOS—alongside 6 percent insider ownership.
Note: Mineral resources are not mineral reserves and do not demonstrate economic viability.
Company Highlights
- District-scale Nevada Portfolio: Lahontan Gold is advancing a portfolio of 100 percent-controlled gold and silver projects in Nevada’s Walker Lane, anchored by the Santa Fe Mine and complemented by the West Santa Fe and Moho projects.
- Flagship Brownfields Development: The Santa Fe Mine is a past-producing open-pit heap leach gold and silver operation that produced approximately 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1994.
- Large Mineral Resource: The Santa Fe mine project hosts a pit-constrained indicated mineral resource of 1,195,000 contained gold equivalent ounces grading 0.78 grams per tonne gold equivalent, and inferred mineral resources of 1,190,000 contained gold equivalent ounces grading 0.61 grams per tonne gold equivalent. Its updated MRE shows a 435,000-ounce, or 22 percent, increase from its 2024 MRE.
- Robust Project Economics: An updated 2026 Preliminary Economic Assessment (PEA) shows a post-tax NPV of US$820 million and a 40.1 percent IRR over an 11-year mine life, based on gold and silver prices of US$3,600 per ounce and US$49 per ounce, respectively.
- Established Infrastructure: Santa Fe benefits from infrastructure including year-round access, an active substation on site, access to four water wells, and property power lines.
- Top Rated Mining Jurisdiction: Nevada is the world’s top-rated mining jurisdiction as ranked by the 2025 Fraser Institute Survey, featuring straightforward permitting.
Key Projects
Santa Fe Mine (Flagship Brownfields Asset)
The Santa Fe Mine is Lahontan’s flagship, 100 percent-controlled gold and silver project located in Nevada’s Walker Lane. Covering a district-scale land package of more than 28 square kilometres, the past-producing open-pit heap leach operation produced 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1994.
Current resource modeling shows substantial gold oxide mineralization remaining directly within the high-wall and pit bottoms, which feature highly competent wall rock and stable 50-degree pit slopes. The company completed an updated Mineral Resource Estimate for the project in August 2026, showing an overall 22 percent increase from the 2024 MRE. The project now hosts indicated mineral resources of 31.15 Mt grading 0.99 g/t gold equivalent totaling 993,000 gold equivalent ounces and inferred mineral resources of 41.60 Mt grading 0.71 g/t gold equivalent totaling 954,000 gold equivalent ounces.
The updated resource estimate also includes an indicated oxide and transitional resource of 15.9 million tonnes grading 0.57 g/t gold, alongside 15.2 million tonnes of indicated sulfide grading 1.24 g/t gold.
Recent drilling has successfully demonstrated that the resource base remains open for depth and strike expansion. Deep core drilling beneath the conceptual pit boundaries at the Calvada deposit intercepted 90.8 metres grading 0.44 g/t gold equivalent oxide, confirming significant down-dip expansion potential. Simultaneously, 2026 step-out exploration drilling discovered a brand-new gold zone called West Slab, yielding unconstrained structural intercepts of 35.0 metres grading 0.34 g/t gold equivalent and 61.0 metres grading 0.26 g/t gold equivalent.
An updated PEA for Santa Fe outlined an 11-year mine life and a post-tax NPV of US$820 million at base-case prices of US$3,600/oz gold and US$49/oz silver. The study estimates a 40.1 percent IRR and US$1.32 billion in after-tax life-of-mine net cash flow.
Average annual production is projected at about 91,900 gold-equivalent ounces, increasing to about 112,500 in years four to eleven. Estimated gold cash costs are US$1,909/oz and AISC is US$2,250/oz. Pre-production capital is US$172 million, with a projected payback of 3.7 years. The capital cost estimate in the PEA update includes a 20 percent contingency.
Note: Mineral resources are not mineral reserves and do not demonstrate economic viability.
West Santa Fe (Satellite Oxide Asset)
West Santa Fe is a satellite project located just 13 kilometres west of the main Santa Fe Mine infrastructure, encompassing a 19 square kilometre land package. The asset features gold and silver mineralization starting directly at surface and has the potential to host a significant shallow oxide gold and silver resource.
Recent twin-hole drilling has confirmed the validity of the historical database while delivering exceptional grades. Reverse Circulation hole WSF25-04R hit 36.6 metres grading 3.11 g/t gold equivalent from the surface, including a high-grade zone of 10.7 metres grading 5.75 g/t gold equivalent in completely oxidized material. Metallurgical testing highlights excellent processing characteristics; historic column leach tests showed 70 percent gold and 50 percent silver recoveries, while recent cyanide-extractable assay results outperformed expectations with an average gold recovery of 81 percent and silver recovery of 60 percent. Because the deposit aligns structurally as a look-alike to the main Santa Fe pit, it is being designed as a low-cost, open-pit satellite operation that can feed directly into the flagship processing hub.
Moho Mine (Satellite High-Grade Asset)
The Moho Mine represents a satellite high-grade gold and silver asset within Lahontan’s regional Walker Lane portfolio. Characterized by an extensive multiple-vein system, the historic underground asset features historic mining grades of 25 g/t gold and 300 g/t silver. It provides the company with localized, high-grade exploration targets that run parallel to its primary large-scale gold oxide heap-leach development projects.
Management Team
Kimberly Ann – Founder, Executive Chair, President and CEO
Kimberly Ann has more than a decade of experience founding and financing junior resource companies, raising more than US$300 million in capital and participating in multiple mergers, acquisitions and corporate transactions in the mining sector. She has also raised more than US$210 million in project financing and participated in three M&A transactions. Previously, she led Prodigy Gold through its $340 million acquisition by Argonaut Gold, held senior roles at Waterton Global Resource Management and helped bring PPX Mining's Callanquitas gold-silver mine into production in Peru. She is currently a Managing Partner of KA Gold LLC.
Brian Maher – Founder, Senior Vice President - Mine Development & Exploration
Brian Maher is a certified professional geologist. He previously served as President and CEO of Prodigy Gold, guiding exploration and development of the Magino deposit through the company's $341 million acquisition. His career includes sixteen years with ASARCO and senior exploration roles with Metallic Ventures Gold and Hochschild Mining.
Tony Gesualdo — Vice President, Exploration
Tony Gesualdo is a structural and economic geologist focusing on early-stage exploration, resource development, open-pit expansion and underground production geology. He previously worked as Senior Exploration Geologist at McEwen Inc., and also held roles in companies such as Coeur Mining, OceanaGold and Barrick Gold. He is the former Exploration Manager at Lahontan Gold and was instrumental to the development of the initial MRE at Santa Fe.
Billy Choi – Chief Financial Officer
Billy Choi holds extensive experience in public-company finance, capital markets, and transaction management. His background includes financial reporting and prospectus readiness, strengthening internal controls and financial processes, and helping build finance infrastructure for resource companies. He recently served as Vice President of Finance at Lithium Royalty Corp, where he played a significant role in the company’s public trading activities.
Chris Irwin - Corporate Secretary
Chris Irwin is a securities and corporate-commercial lawyer for public companies, boards and independent committees. He has served as a director and officer for numerous businesses such as those acquired by IAMGOLD, Goldcorp and First Majestic Silver. He is currently a Managing Partner of Irwin Lowy LLP.
Jen Earle - Investor Relations and Business Development
Jen brings two decades of experience in the natural resources sector, with extensive expertise in investor relations, capital markets, and strategic investor engagement for companies listed on the LSE, ASX and TSX. Her career spans junior mining companies with assets across multiple jurisdictions and a FTSE 250 oil and gas company, giving her broad experience across the natural resource and international capital markets landscape. Throughout her career, she has led and delivered capital market days, international field programs and global roadshows, developing meaningful relationships with investors and helping companies effectively communicate their strategy, assets and growth opportunities to the market.
Board of Directors
Miranda Werstiuk – Independent Director
Miranda Werstiuk holds over 30 years of experience across global resource markets, specializing in equity, debt and alternative financing for natural-resource, technology and renewable-energy companies. She currently serves on the board of Guanajuato Silver Company and is active in the PDAC, CIM and Women in Mining.
Shane Williams – Independent Director
Shane Williams is CEO and President of West Red Lake Gold Mines and previously served as COO of Skeena Resources. At Eldorado Gold, he led the Lamaque project from PEA to commercial operation in 18 months. His career also includes open-pit project roles with Rio Tinto and Kaunis Iron.
Evan Pelletier – Independent Director
Evan Pelletier has over 30 years of underground operating and project-delivery experience.
His career includes senior roles with Americas Gold & Silver and Kirkland Lake Gold, where he served at the Macassa mine during a period of significant growth. His international experience spans Mongolia, Argentina and Africa, including the oversight of a 2,000-metre shaft project delivered on time and on budget.
Antony Rowe - Independent Director
Antony Rowe is a mining-finance executive experienced in private credit, project finance, corporate lending and law. He previously helped build Resource Capital Funds' mining debt and credit strategy and executed mining investments at Investec Bank across Europe, the Americas and Africa. He currently serves as a Managing Director of Arrowpoint Mining Capital and Senior Adviser to Canmore Capital.
Note: CEO Kimberly Ann also forms part of Lahontan Gold’s board of directors.
Investor Insight
CoTec Holdings combines proprietary processing technologies with undervalued and legacy resource assets to create high-margin opportunities across rare earths, iron and copper sectors. With three execution-stage projects and a significant discount to attributable NAV, CoTec provides differentiated exposure to strategic minerals tied to electrification, AI infrastructure and supply-chain security.
Overview
CoTec Holdings (TSXV:CTH, OTCQX:CTHCF) is redefining the future of rare earth magnet recycling and strategic material extraction. Its portfolio spans rare earth magnet recycling, iron tailings reprocessing and emerging copper extraction technologies, all directed at fast-tracking revenue generation and reducing energy and capital intensity compared to conventional mining.
Key Technologies
The company’s modular, capital-efficient model — including joint ventures and strategic subsidiaries — positions it for scalable growth and streamlined execution. With significant advancement in project execution, two completed feasibility studies, a third underway and an independent pre-feasibility study for HyProMag USA’s U.S. expansion completed in October 2026, CoTec is moving toward transforming its technology suite into commercial operations.
Why Invest in CoTec?
- Differentiated Growth Model: Capital-light strategy deploying modular technologies at brownfield assets to accelerate timelines and reduce capital intensity.
- Strategic Commodity Exposure: Exposure to rare earths, iron and copper — key materials for electrification, AI infrastructure, robotics and other critical supply chains.
- Execution-Stage Portfolio: Three projects advancing through feasibility, engineering and financing stages.
- Aligned Leadership: Strong insider ownership and experienced management with deep mining and capital markets expertise.
- Lower-Carbon Production: Technologies designed to reduce energy use, water consumption and emissions relative to conventional mining.
Company Highlights
- Technology-Driven Value Creation: Deploys proprietary, low-carbon processing technologies to extract value from waste, tailings and marginal deposits that traditional mining overlooks.
- Execution-Stage Projects: Advancing three core assets — HyProMag USA magnet recycling, the Lac Jeannine iron tailings project, and MagIron iron ore feedstock, concentrator and pelletizer — with clear development pathways.
- Expanding Rare Earth Footprint: HyProMag USA advances its scalable US hub-and-spoke rare earth magnet recycling roll-out using the Hydrogen Processing of Magnetic Scrap (“HPMS”) technology, with Inserma HDD pre-processing machines installed in South Carolina and Nevada and power secured for the Texas Hub. An independent Pre-Feasibility Study (October 2026) outlines a four-plant U.S. platform that would roughly quadruple planned magnet capacity to approximately 4,192 metric tons per year by 2034.
- Strategic Copper Focus: Established a new subsidiary, CoTec Copper, to accelerate targeted investment in copper tailings and copper sulfide deposits globally, leveraging CoTec’s core technologies to unlock value.
- Iron Ore & Green Steel: Advancing iron tailings reprocessing at Lac Jeannine and supporting the restart of MagIron in Minnesota and Indiana, which is now advancing merchant pig iron as its primary development strategy while retaining DR-grade pellet optionality, to supply high-grade feedstock for low-carbon steel production.
- Strong Insider Support: Insiders own approximately 58 percent of shares, reinforcing alignment with long-term value creation.
- Experienced Leadership: Board and executives bring deep mining, technology and capital markets experience from leading global organizations.
Key Technologies and Assets
HyProMag USA Projec
HyProMag USA is CoTec’s flagship rare earth recycling platform and a cornerstone of its strategy to localize critical mineral supply chains. The project deploys Hydrogen Processing of Magnetic Scrap technology to recover neodymium iron boron magnets from end-of-life electronics and industrial equipment through a simplified hydrogen-based process that bypasses traditional chemical separation and smelting. This short-loop approach dramatically reduces energy use, water consumption and emissions while lowering operating complexity and cost.
The company’s phased development plan is targeting commissioning of its initial neodymium-iron-boron magnet cutting and finishing operations in Texas in H1 2027, with Phase 1 of the integrated Northlake, Texas recycling and magnet manufacturing facility targeted for completion in mid-2028. Up to 20 tonnes of magnet blocks supplied by HyProMag Group in the United Kingdom and Germany will be shaped and finished at HyProMag USA's operations for U.S. customers. Power capacity for the Texas Hub has been secured with Oncor, expected to be supplied predominantly from renewable energy, and contractor selection and permitting are underway. In October 2026, an independent Pre-Feasibility Study by PegasusTSI and BBA USA outlined an expansion to three additional plants and a Central Texas Hub, taking the platform to approximately 6,000 metric tons per year of salable material by 2034.
Watch an overview of HyProMag USA here: https://www.youtube.com/watch?v=v0d7rKdwu_s
Highlights
- CoTec holds a 60.3 percent economic interest.
- Northlake, Texas facility post-tax NPV of approximately US$723 million at forecast prices (October 2026 update to the 2024 Feasibility Study, reflecting detailed engineering and finalized equipment orders).
- Northlake capital cost estimated at approximately US$167 million (AACE Class 2), with Phase 1 targeting about 1,034 metric tons per year of payable production and Phase 2 about 1,526 metric tons per year.
- Initial magnet cutting and finishing operations, and first U.S. magnet sales, targeted for H1 2027.
- Independent Pre-Feasibility Study (October 2026) indicates an incremental post-tax NPV of US$1.85 billion to US$2.06 billion and post-tax IRR of 31 to 36 percent for three additional plants and a Central Texas Hub, at a capital cost of approximately US$623 million to US$656 million; combined with Northlake, platform post-tax NPV of US$2.6 billion to US$2.8 billion and NdFeB magnet capacity of approximately 4,192 metric tons per year by 2034.
- Inserma pre-processing machines have been installed at South Carolina and Nevada facilities to support feedstock preparation and scale-up of the hub-and-spoke rollout.
- Integrated Texas Hub’s Hydrogen Processing of Magnet Scrap section targeted for mid-2028.
- HyProMag GmbH, the HyProMag Group’s German operation in Pforzheim, was designated a Strategic Project under the EU Critical Raw Materials Act in October 2026, underscoring the strategic relevance of the HPMS technology.
Lac Jeannine Iron Project
The Lac Jeannine project is an advanced tailings reprocessing initiative designed to transform legacy mining waste into high-purity iron concentrate for steelmaking. By leveraging existing infrastructure and modern processing technologies, the project aims to unlock value from previously discarded material while simultaneously advancing environmental reclamation. This approach aligns economic return with environmental remediation and supports domestic iron supply.
Metallurgical test work has demonstrated the project's ability to produce a high-purity iron concentrate grading in excess of 67 percent FeT, the threshold for high-purity iron under the Québec and Canadian critical and strategic minerals frameworks. CEO Julian Treger said that this validates the resource’s quality and the effectiveness of the company’s processing strategy. “(It also supports) our vision of transforming a historic environmental liability into a strategic asset capable of supporting the global transition to lower-carbon steel production."
Highlights
- Indicated resource of about 31 Mt at 6.8 percent iron and inferred resource of about 71 Mt at 6.8 percent iron (2026 MRE).
- After-tax NPV7 of US$91.9 million and IRR of 29.6 percent (2026 PEA).
- Initial capex estimated at US$69.4 million.
- 15-year mine life
- A 41 percent increase in the resource according to the 2026 PEA, with a global increase in total iron grade from 6.7 to 6.8 percent.
- Feasibility Study underway with BBA Consulting, with permitting and offtake discussions in progress.
MagIron represents a restart-ready brownfield iron ore deposit, concentrator and pelletizer project in Minnesota and Indiana, that benefits from an estimated $660m in historical capital investment, targeting the production of direct-reduction grade pellets for low-carbon steelmaking. The project benefits from extensive existing infrastructure and prior capital investment, allowing rapid recommissioning compared with greenfield developments. Its strategic positioning targets rising demand for domestically sourced feedstock for electric arc furnaces and decarbonized steel production.
Senior leadership changes have been made to support the ongoing development of MagIron, especially regarding restarting its iron ore concentrator in Minnesota and pellet plant in Indiana. In August 2026, a concept study by Primetals Technologies confirmed three technically credible pathways to produce approximately 2 million tonnes per year of granulated pig iron at MagIron’s facilities. MagIron is now advancing pig iron as its primary development strategy while retaining DR-grade pellet optionality, and independent test work at the Natural Resources Research Institute confirmed that MagIron concentrate can produce DR-grade pellets.
Highlights
- CoTec owns approximately 17 percent.
- Definitive Feasibility Study shows after-tax NPV of about US$1.60 billion and IRR about 27.6 percent.
- Average annual production is about 2.6 Mt DR-grade pellets.
- Life of mine is about 32 years.
- Payback period is about 3 years and 7 months.
- Mine and concentrator permits in place; pellet plant permitting in progress
- Raised additional capital at a pre-money valuation of US$550 million from existing shareholders
CoTec Copper
CoTec Copper is a dedicated subsidiary created to accelerate the company’s exposure to copper, one of the most strategically important electrification metals. The unit focuses on acquiring and advancing copper tailings projects and sulphide deposits, particularly in historically productive mining jurisdictions where modern processing technologies can unlock additional value from previously uneconomic material. It leverages CoTec’s existing technology portfolio to enhance recoveries and lower operating costs.
Highlights
- Targets assets in Tier 1 mining regions across the United States, Australia, Latin America and Africa.
- Focuses on both tailings reprocessing and sulphide copper deposits.
- Designed as a scalable growth platform to expand CoTec’s copper exposure.
- Definitive joint venture shareholder agreement with Copper Intelligence (September 2026) to pursue historical copper tailings opportunities in the Democratic Republic of Congo, with funding to be sought from the U.S. International Development Finance Corporation and other sources once sufficient scale is achieved.
- Non-binding framework agreement with Battery Mineral Resources (October 2026) toward a Strategic Economic Joint Venture at the Punitaqui copper mining district in Chile.
Binding Solutions
Binding Solutions provides a cold agglomeration technology that converts ultrafine mineral waste into ISO-compliant pellets or briquettes suitable for industrial use, particularly in green steel production. Unlike traditional pelletizing processes that rely on high-temperature furnaces, this approach operates at low temperatures, drastically reducing energy consumption and emissions while enabling monetization of low-grade or waste materials.
Highlights
- Uses about 95 percent less energy than conventional pelletizing.
- Generates about 98 percent fewer emissions.
- Applicable to iron and other mineral fines.
Ceibo
Ceibo’s oxidative heap-leaching technology is designed to improve copper recovery from sulphide ores such as chalcopyrite, which account for the majority of global copper reserves but are traditionally difficult and costly to process. The process enhances recovery rates while lowering environmental impact and capital intensity, potentially transforming the economics of many existing copper assets.
Highlights
- Potential recovery improvement from about 30 percent to approximately 75 percent.
- Targets refractory sulphide deposits often considered uneconomic.
- CoTec holds a minority equity interest and a seat on the technical advisory board.
- Completed Series B financing of over US$30 million led by Energy Impact Partners to fund the scaling of the technology.
- Investor syndicate includes BHP Ventures. Ceibo has partnered with Glencore’s Lomas Bayas operation in Chile (2024) and produced first copper cathodes at a demonstration plant with Compañía Minera San Gerónimo (2025).
WaveCracker
WaveCracker is a microwave-assisted mineral processing technology being advanced in collaboration with McGill University. The system uses targeted microwave energy to weaken mineral structures before conventional processing, improving metal liberation, reducing reagent consumption and lowering overall processing costs.
Highlights
- Focused initially on copper sulphide applications.
- Designed to accelerate leaching and recovery kinetics.
- Builds on more than 30 years of microwave mineral processing research.
Salter Cyclones
Salter Cyclones technology uses multi-gravity separators to recover ultra-fine minerals from tailings streams that traditional processing methods cannot efficiently capture. By enabling recovery of metals from waste material, the system creates new revenue streams while reducing environmental liabilities associated with tailings storage.
Highlights
- Applicable to iron, manganese and other fine mineral commodities.
- Exclusive global rights for iron applications and regional exclusivity for manganese during the initial agreement period.
- Converts waste into high-grade concentrates suitable for market.
- CoTec-owned commercial-scale SCMG2 unit under assembly in the UK, with factory acceptance testing from Q3 2026, for deployment at Corem in Québec as a commercial testing and demonstration platform supporting Lac Jeannine and third-party iron ore opportunities.
Management Team
Julian Treger - Chief Executive Officer and Director
Julian Treger previously served as the CEO of Anglo Pacific Group before establishing Audley Capital Partners. At Audley, Treger directed the team through acquisitions totaling $570 million and achieved a realized Internal Rate of Return (IRR) of 38 percent. Treger continues to serve as the chairman of Audley Capital and holds both a BA and an MBA from Harvard.
Abraham Jonker - Chief Financial Officer
Abraham Jonker has 30 years of experience in mining finance. He previously served as the Lead Independent Director at Mandalay Resources and has been instrumental in leading over $750 million in equity and debt raises. Jonker is a Chartered Accountant in the UK, Canada, and South Africa and holds a Master's in Tax from Rand Afrikaans University.
John Singleton - Chief Operating Officer
John Singleton possesses over 25 years of experience in mining. His career began at De Beers, and he has since held senior leadership roles at Centamin and Rio Tinto. Singleton is a Fellow of the Royal Geological Society and holds degrees from Imperial College London and the University of Bristol.
John McGagh - Technology Consultant
John McGagh has more than 35 years of experience in digital transformation across various industries. He served as the head of innovation at Rio Tinto and is currently the chief digital officer at Snowy Hydro. McGagh is an adjunct professor at the University of Queensland and a Fellow of the Australian Academy of Technology Science and Engineering.
Eugene Hercun - VP Finance & Investor Relations
Eugene Hercun is a CPA, CA, with 15 years of varied experience in mining finance. He has led metal sales negotiations for more than $200 million annually and holds Level 1 of the CFA designation.
Hugh Thatcher - VP North America
Hugh Thatcher has 25 years of experience as in-house counsel in the mining and industrial sectors, including as Chief Counsel - US at Rio Tinto from 2020 to 2023. He holds a BA from Whitman College and a JD from Vanderbilt University.
Ian French - VP Projects
Ian French has more than 20 years of experience in project delivery and risk advisory across diamonds, gems and precious metals, including as Global Head of Diamond Risk & Security at Rio Tinto, and has led major infrastructure programs for mining companies and governments.
Board of Directors
Lucio Genovese, Independent Chairman
Lucio Genovese currently serves as the CEO of Nage Capital and as the chairman of Ferrexpo plc. He previously held senior roles at Glencore, including CEO of the CIS region. Genovese is a Chartered Accountant with degrees in Commerce and Accounting from the University of Witwatersrand.
Tom Albanese, Non-executive Director
Tom Albanese is the former CEO of Rio Tinto and Vedanta Resources. He was appointed Chair of Franco-Nevada Corporation in May 2026, having served as a director since 2013, and previously served as lead independent director of Nevada Copper. Albanese holds Master's and Bachelor's degrees from the University of Alaska Fairbanks.
Robert (Bob) Harward - Non-Executive Director
Robert Harward is a retired US Navy Vice Admiral (SEAL) and former deputy commander of US Central Command. He served on the US National Security Council and held senior strategy roles at Lockheed Martin and Shield AI.
Erez Ichilov - Non-executive Director
Erez Ichilov previously served as managing director at Traxys Projects, where he led investments in companies such as Nouveau Monde Graphite, Talon Metals, and Li-Cycle. Ichilov holds LLB and MBA degrees.
Sharon Fay - Non-executive Director
Sharon Fay previously served as head of equities and head of responsibility at AllianceBernstein. She built the firm's Corporate Responsibility and Responsible Investment teams. Fay is a Chartered Financial Analyst with a BA from Brown and an MBA from Harvard.
Overview
Brixton Metals (TSXV:BBB,OTCQB:BBBXF,FRA:8BX1) is a Canadian mineral exploration company focused on silver, copper, gold and critical minerals across North America.
The company is currently transitioning from explorer to developer as it advances its Langis Silver Project in Ontario towards maiden mineral and tailings resource estimates. Thorn, its district-scale project in British Columbia’s Golden Triangle, remains a shared focus with three individual resource estimates expected in Q1 2027
In addition, Brixton Metals is strategically advancing non-core projects through partnerships and option agreements with companies such as Ivanhoe Electric (NYSE American:IE;TSX:IE). These partnerships provide partner-funded exploration, allowing Brixton Metals to retain upside exposure while conserving capital and strengthening its balance sheet. This approach enables the company to focus on high-impact targets while mitigating exploration risk.
Brixton Metals’ management team, led by Chairman & CEO Gary R. Thompson, brings decades of experience in resource exploration, project development, and capital markets. The team’s expertise allows the company to efficiently advance multiple projects while maintaining exposure to a diversified portfolio of metals.
In October 2026, Brixton announced the closing of its option agreement with McKnight Resources AB to acquire a 100 percent interest in the silver-focused Silvergruvan Project in Hällefors Municipality, south-central Sweden. The 1,460-hectare property sits on the western margin of the Bergslagen province. Brixton can exercise the option by issuing C$1.5 million in shares and funding C$3.3 million in exploration, with a 2 percent NSR royalty granted to McKnight upon exercise.
With global demand for copper and critical minerals set to surge over the next 25 years—driven by renewable energy, electrification, and industrial decarbonization—Brixton Metals is well positioned to capitalize on the green revolution. By combining discovery potential at its flagship project, strategic monetization of non-core assets, and disciplined exploration, Brixton Metals is advancing toward its next growth milestones while delivering significant value for investors.
Company Highlights
- High-Grade Silver Project: Langis Silver Project in the historic Cobalt Mining District of Ontario, which combines the past-producing, high-grade Langis and Hudson Bay mines.
- Pipeline Projects: Includes Thorn (BC, Canada), Hog Heaven (Montana, USA) and Atlin Goldfields (BC, Canada), providing diversified exposure to copper, gold and silver.
- Partnerships: Strategic option agreements with tier-one partners BHP and Ivanhoe Electric provide technical validation and fund exploration on non-core projects.
- Shareholder Base: Strategic investors include BHP (approx. 10.4percent) and Ivanhoe Electric.
- Management Expertise: Led by co-founder Gary Thompson, the management team has an average tenure of over 25 years, showing significant stability.
- Fully funded 2026 program: The company closed a C$9.1 million financing in August to ramp up its ongoing drill campaign at the Langis Silver Project to capitalize on record-high silver prices. Brixton also announced a non-brokered flow-through private placement of up to C$6 million in October, with proceeds directed to exploration and drilling at the Thorn and Langis projects.
- Near-term catalyst: Brixton is anticipating a maiden mineral resource estimate on the historic tailings at Langis in Q4 2026, three mineral resource estimate on the Thorn project in Q1 2027, and a maiden mineral resource estimate at Langis in Q2 2027.
Key Projects
Langis Silver Project (Ontario, Canada)
The Langis Silver Project combines the past-producing, high-grade Langis and Hudson Bay mines, which are primary silver-cobalt-nickel brownfield opportunities located in the historic Cobalt Mining District of Ontario, which has a regional production history of over 600 million ounces of silver.
Brixton Metals has actively explored these sites, with drilling at Langis yielding over 220 intervals exceeding 100 g/t silver, including high-grade intercepts such as 15,436 g/t silver and 1.98 percent cobalt between 2016 - 2022. Recent drill results included 20 m of 5,015 g/t silver, including 0.65 m of 89,125 g/t. The projects benefit from year-round road access and proximity to existing infrastructure, including a railway and the Electra Battery Metals cobalt refinery 10 km away.
Project Highlights:
- Historic Mineralization: High-grade silver and cobalt intercepts in historical drilling.
- Strategic Opportunity: Near term cash-flow by reprocessing historic tailings
- Exploration Upside: Property hosts brownfield exploration targets with known mineralization.
- Critical Minerals Exposure: Adds battery metals to Brixton Metals’ diversified portfolio.
Thorn Project (BC, Canada)
The Thorn Project covers approximately 2,945 sq km on the same geological trend as British Columbia’s Golden Triangle, a region renowned for world-class porphyry and epithermal systems. The project hosts porphyry-style alteration with copper, gold, silver, and molybdenum, with significant exploration potential. Its proximity to regional infrastructure and road access reduces logistical challenges and supports accelerated exploration programs.
Project Highlights:
- Camp Creek Corridor: An 80-kilometer-long northeast-southwest trending corridor that hosts multiple underexplored porphyry-style prospects.
- Trapper Target: High-grade gold intercepts demonstrate multiple vein systems with near-term resource potential.
- Catalyst Target: First-ever drilling confirms copper-gold porphyry mineralization, advancing the exploration pipeline.
- Tempest Target: Initial drilling reveals a multiphase porphyry system with copper-gold-silver-molybdenum mineralization and strong hydrothermal alteration.
Hog Heaven Project (Montana, USA)
Located in western Montana, Hog Heaven is a historical silver-gold-copper property with significant porphyry potential. Hog Heaven is currently under an earn-in agreement where Ivanhoe Electric can earn up to 75 percent interest through staged cash payments and exploration expenditures. This arrangement provides funding for exploration while retaining Brixton Metals’ upside exposure.
The property contains multiple mineralized zones, including historical drill targets with notable copper, gold, and silver intercepts. Ivanhoe’s initial drilling has confirmed mineralization and highlighted the project’s potential for large-scale porphyry systems. Brixton retains exposure to exploration success while de-risking development costs.
Project Highlights:
- Option Agreement: Ivanhoe Electric can earn up to 75 percent through US$4.5 million in cash and US$40 million in work over 11 years. US$3.5M cash payments have been made, and approximately US$21 million has been spent on the project to date.
- Mineralization: Historical drilling confirms copper, gold, and silver mineralization across multiple targets.
- Exploration Focus: Targets include porphyry-style and epithermal systems.
Atlin Goldfields Project (British Columbia, Canada)
The Atlin Goldfields Project is located in northwestern British Columbia, an area historically known for placer gold production, offering strong potential for hard-rock gold discoveries.
Exploration at Atlin focused on identifying orogenic and intrusion-related gold targets, with early work confirming mineralization continuity in key areas. The property benefits from proximity to historic mining infrastructure and geology conducive to high-grade gold zones, providing an attractive exploration and growth opportunity.
Project Highlights:
- Historic Production: Located near areas of historic placer gold production, indicating strong geological potential.
- Exploration Targets: Focused on orogenic and intrusion-related gold deposits with high-grade potential.
Management Team
Gary R. Thompson - Chairman and CEO, President, Director
Gary Thompson is a co-founder of Brixton Metals with over 25 years of experience in the resources sector, spanning precious and base metals, oil & gas, and geothermal energy. He has led public companies since 2006 and has held senior roles in both junior and major mining companies, including Newmont Mining, NovaGold Resources, and Encana Corporation. Thompson took Cayley Geothermal public in 2006 through the acquisition of Sierra Geothermal Power and served as CEO until its acquisition by Ram Power in 2010.
Cale Moodie – CFO and Director
Cale Moodie, a co-founder of Brixton Metals, has over 15 years of public markets experience. A CPA and serial entrepreneur, he has served as founder, CEO, CFO, director, and audit committee chair for multiple publicly traded companies on the TSXV and CSE. Moodie holds a Bachelor of Science from UBC and earned his CPA designation while working at KPMG in Vancouver. He has been involved in over $150 million in financings for resource and technology companies.
Michael Rapsch – Vice President, Investor Relations
Michael Rapsch has 20 years of capital markets experience in the resource sector, including senior roles in corporate communications and corporate development. He led investor relations and marketing programs for SilverCrest Mines until its acquisition by First Majestic in 2015, and from 2015 to 2018 managed investor relations for SilverCrest Metals, owner of the Las Chispas silver-gold project in Mexico. In 2019, he founded Cologne Communications, providing investor relations consulting to publicly traded resource companies, and has been instrumental in capital raises and market communications throughout his career.
