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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.
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 CompañĂa Minera San GerĂłnimo (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.
Overview
Metals.io is a unified real-world asset platform built on Tezos infrastructure, designed to simplify access to physically backed commodities through blockchain tokenization. It enables investors to gain exposure to uranium, gold, and strategic metals through a single digital interface, reducing fragmentation, limited accessibility, and opacity traditionally associated with commodity markets.
The platform builds on the foundation of tokenized uranium and expands into a broader multi-asset framework aligned with growing global demand for critical resources. Uranium remains central due to its role in nuclear energy and long-term decarbonization efforts, while gold continues to function as a global store of value in periods of macroeconomic uncertainty.
Alongside these core assets, Metals.io incorporates exposure to strategic and rare earth metals that are increasingly vital to modern industrial systems. These materials underpin semiconductors, electrification, defense technologies, and AI-driven infrastructure, reflecting their growing importance in global supply chains.
By integrating blockchain infrastructure with real-world commodity markets, Metals.io enables fractional ownership, real-time settlement, 24/7 global trading access, and programmable financial utility. The platform represents a streamlined gateway to tokenized commodities that are central to both energy transition and technological advancement.
As of October 2026, the company allows access, ownership and trading of six metals: uranium (xU3O8), gold (VNXAU), a diversified strategic metals basket (RARE), cobalt (xCo), nickel (xNi) and copper (xCu). Cobalt and nickel were added in June 2026, followed by copper in October 2026. The company said it continues to strengthen its position as the “go-to destination for the buying and selling of critical infrastructure metals driving the low-carbon revolution to AI technologies.”
Latest Press Releases
October 29, 2026
Metals.io Launches Copper, Unlocking Access to the Critical Metal at the Heart of Electrification
Company Highlights
- Multi-Asset Commodity Platform: Provides access to tokenized uranium (xU3O8), gold (VNXAU), a diversified strategic metals basket (RARE), cobalt (xCo), nickel (xNi) and copper (xCu) through a single interface
- Built on Tezos: Utilizes Tezos smart-rollup technology to enable scalable, low-latency and energy-efficient real-world asset tokenization.
- Physically Backed Assets: Tokens represent ownership of underlying physical commodities or allocated reserves, ensuring a direct link between digital assets and real-world supply.
- Institutional-Grade Custody: Archax, an FCA-regulated digital asset custodian, provides secure and compliant custody, with uranium stored in regulated facilities operated by Cameco and physical nickel, cobalt, and copper stored at industry-certified bonded warehouses in the Netherlands.
- Established Supply Chain: Curzon Uranium supports sourcing and logistics for uranium; Steinweg / C. Steinweg are physical custodians of the underlying cobalt, nickel and copper;while VNX and Noemon Tech contribute gold and strategic metals exposure.
- Global Market Access: Enables 24/7 access to tokenized commodities through digital asset infrastructure, supporting broader investor participation.
- Enhanced Market Transparency: Integrates pricing and data systems aimed at improving visibility in traditionally opaque commodity markets.
- On-Chain Financial Utility: Tokenized commodities can be used within decentralized finance applications, enabling liquidity access without selling underlying assets.
- Aligned with Global Demand Trends: Provides exposure to commodities central to nuclear energy, monetary hedging, industrial production, and advanced technologies, including AI and electrification.
Latest Press Releases
October 29, 2026
Metals.io Launches Copper, Unlocking Access to the Critical Metal at the Heart of Electrification
Key Assets
xU3O8 – Tokenized Uranium
xU3O8 provides direct exposure to physically backed uranium ore concentrate, a core input in nuclear energy generation. Each token represents ownership of uranium stored in regulated facilities, enabling fractional access to a historically institutional market.
Uranium plays a critical role in the global energy transition as nuclear power expands to meet rising electricity demand and decarbonization targets. xU3O8 enables investors to participate in this sector through a transparent, digitally accessible structure linked to physical supply.
On July 2026, Metals.io announced that xU3O8 is now available for trading on global crypto platforms Kraken and Kraken Pro. Aside from the Metals.io website, xU3O8 is also accessible via Gate, KuCoin, MEXC, Bitrue, LBank, BingX, the decentralized exchange Hanji and uranium.io.
The company highlighted the value of access to uranium with fractional ownership, no minimums, 24/7 global availability and near-instant settlement, providing individual investors with ownership options amidst the growing global electricity demand.
xCo - Tokenized Cobalt
xCo enables investors to own and trade physical cobalt in an investment-friendly and transparent manner by administering fractional ownership of physical cobalt in the form of a smart contract ledger. Each xCo represents a right of ownership of cobalt held by Archax as a trustee for investors.
Over 70% of cobalt comes from one country. Supply is tightening as the DRC (Democratic Republic of Congo) caps exports at 96,600 metric tons per year. Global EV (Electric Vehicle) battery demand is projected to increase cobalt consumption.
xNi - Tokenized Nickel
xNi enables investors to own and trade physical nickel in an investment-friendly and transparent manner by administering fractional ownership of physical nickel in the form of a smart contract ledger. Each xNi represents a right of ownership of nickel held by Archax as a custodian for investors.
Nickel powers the modern industry, essential for stainless steel and increasingly critical for EV (Electric Vehicle) batteries. Indonesia controls over 60% of supply and is tightening quotas. Trade restrictions, export bans, and policy shifts influence price movements, making real-time investment access vital.
xCu - Tokenized Copper
xCu enables investors to own and trade physical copper in an investment-friendly and transparent manner by administering fractional ownership of physical copper in the form of a smart contract ledger. Each xCu represents a right of ownership of copper held by Archax as a trustee for token holders.
Copper is the metal at the heart of electrification, essential for EVs, AI data centers, power grids, and renewable energy. Demand is forecast to grow 50% by 2040, while new mine supply takes 17+ years to come online. Unlike some metals, where substitution offers a safety valve, copper's conductivity properties make it difficult to replace in most applications.
VNXAU – Tokenized Gold
VNXAU represents allocated physical gold stored in secure, regulated vaults. Each token reflects direct ownership of gold reserves, combining the stability of gold as a traditional store of value with the efficiency and divisibility of blockchain infrastructure.
Gold continues to serve as a hedge against inflation, currency volatility, and macroeconomic uncertainty. Tokenization enhances accessibility and transferability while preserving full physical backing.
RARE – Strategic Metals Basket
RARE provides diversified exposure to strategic and rare earth metals essential to modern industrial and technological systems. The basket includes metals used in semiconductors, renewable energy infrastructure, defense technologies, and advanced manufacturing.
As global supply chains tighten and demand accelerates for critical inputs, strategic metals have become increasingly important to economic and technological resilience. RARE enables diversified exposure through a single tokenized instrument.
Key Technology Platform
Tezos / Etherlink Infrastructure
Metals.io is built on Tezos smart-rollup architecture via Etherlink, enabling high-speed execution, low latency, and scalable tokenization of real-world assets.
Physically Backed Asset Framework
Each token is backed by physical commodities or allocated reserves, ensuring verifiable linkage between digital assets and underlying real-world holdings across uranium, gold, and strategic metals.
Institutional Custody & Supply Chain
- Archax provides FCA-regulated custody
- Cameco-operated facilities store uranium reserves
- Curzon Uranium manages sourcing and logistics
- VNX supports allocated gold issuance structures
Market Infrastructure
Metals.io incorporates pricing and transparency systems designed to improve visibility in historically opaque commodity markets, particularly uranium and strategic metals.
On-Chain Utility
Tokenized commodities can be used as collateral in decentralized finance applications, enabling access to liquidity without requiring asset liquidation; currently available for Uranium and being expanded to other metals.
