Track market-moving stories before they get noisy

The "Magnificent Seven" are a collection of the leading tech stocks on U.S. markets, and they've normally been excellent investments to own. This year, however, as excitement around artificial intelligence (AI) has begun to cool, some of those stocks simply haven't been doing all that well. Tesla, for instance, is down 18%.

The top performer from the group is Apple, which has risen by 26% thus far. That's a great, market-beating return, but it's still nowhere near as good as how one top dividend stock has done: Target (TGT -0.63%). Shares of the big-box retailer are up a staggering 57%.

What's the deal with Target's rally this year? Here's why it's been overdue, and why it may still be worth buying.

Image source: Getty Images.

Target's valuation has been too low for too longAlthough Target's stock has been doing incredibly well this year, in five years, it's still down 39%. For multiple years, it has been performing poorly, and the last time it was in positive territory was in 2021, when it rose by 31%. As consumers have pulled back on discretionary spending, Target's stock has suffered.

Now, however, with a new CEO and the company showing signs of progress in recent earnings reports, the market has begun to pay attention to the retail stock once again.

But to be clear, it's not as if the business is booming. Its growth rate in its most recent quarter (which ended on Aug. 1) was just 5.3%, and the comparable growth rate was only 3.6%. It's also going up against weak comparables, so while its numbers are decent, they aren't amazing.

But when you combine that with its low valuation and high dividend, it has made for a much more compelling investment to own this year, and that's why I believe it can still go higher.

TGT Target$153.29-$0.97 (-0.63%)

NYSE · As of 4:00 PM ET 10/19/26

The stock remains incredibly cheap compared to the overall marketDespite its tremendous rally this year, Target is still trading at a fairly modest price-to-earnings (P/E) multiple of just 16, which is far below the S&P 500 average of around 23. And rival Walmart trades at a P/E of 43, making Target look incredibly cheap by comparison.

An extra incentive to own Target's stock is also for its dividend, which currently yields 3%, far higher than the market average of about 1%. It has also consistently raised its payout for 55 consecutive years.

Target's stock can still be an excellent buy at its current price point, both for its potential upside and the dividend income it can generate.

Key Takeaways Target's non-merchandise sales jumped 20.1% in Q2, far outpacing the 5% growth in merchandise sales.Roundel billings rose nearly 20%, while Target GMV and Target Circle 360 revenues each surged more than 40%.Higher-margin advertising and non-merchandise revenues helped lift Target's gross margin by about 100 bps. Target Corporation (TGT - Free Report) is witnessing strong momentum in its non-merchandise businesses, which are emerging as important contributors to revenue growth and profitability. The company's advertising platform, Roundel, Target+ marketplace and Target Circle 360 membership program are expanding rapidly, creating opportunities to generate higher-margin revenues beyond traditional merchandise sales. The second-quarter fiscal 2026 results highlighted the growing importance of these businesses to Target's financial performance.

Non-merchandise sales increased 20.1% year over year during the quarter, significantly outpacing the 5% growth in merchandise sales. Roundel's gross billings advanced nearly 20%, while gross merchandise volume (GMV) on the Target+ marketplace surged more than 40%. Target Circle 360 membership revenues also increased more than 40%, reflecting continued momentum across the company's digital advertising, marketplace and membership offerings.

These businesses are contributing to Target's profitability as well. Management highlighted their outsized contribution to top- and bottom-line growth, with higher-margin revenue streams supporting gross margin expansion. Excluding tariff refund benefits, the company's gross margin rate improved approximately 100 basis points year over year, partly reflecting continued growth in advertising and non-merchandise sales.

While these businesses represent a smaller portion of Target's overall sales, their faster expansion highlights an evolving revenue mix. The sustained expansion of these businesses suggests that Target is developing additional earnings opportunities beyond product sales.

How Does Target Stack Up Against Its Industry?Target, which competes with Dollar General Corporation (DG - Free Report) and Costco Wholesale Corporation (COST - Free Report) , has seen its shares rally 14% over the past three months compared with the industry’s 0.3% rise. Shares of Dollar General and Costco have jumped 3.1% and 2.2%, respectively, in the aforementioned period.
 

Image Source: Zacks Investment Research

What Does Target’s Current Valuation Suggest?From a valuation standpoint, Target's forward 12-month price-to-earnings ratio stands at 15.77, lower than the industry’s 27.76. However, the stock is trading above its 12-month median level of 14.93.

Target is trading at a discount to Costco (forward 12-month P/E of 41.03) but at a premium to Dollar General (15.41).

Image Source: Zacks Investment Research

What Do Earnings Estimates Signal for Target?The Zacks Consensus Estimate for Target’s current fiscal-year sales and earnings per share implies year-over-year growth of 5.1% and 37.8%, respectively. For the next fiscal year, the consensus estimate indicates a 3.1% rise in sales but a decline of 9.5% in earnings per share.
 

Image Source: Zacks Investment Research

Target’s Investment CaseTarget’s improving traffic, stronger digital momentum, broad-based category growth and better inventory reliability indicate that its refreshed strategy is gaining traction. Same-day delivery growth, continued price investments and higher-margin revenue streams further strengthen the operating backdrop. Management also raised fiscal 2026 sales and EPS guidance, reflecting greater confidence in underlying momentum. These factors support a constructive investment view on this Zacks Rank #2 (Buy) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Target expects about $5B in fiscal 2026 capex for new stores, remodels and technology upgrades.Target opened 24 stores in the first half and had more than 100 full-store remodels underway.Target fulfilled nearly 30% more same-day and next-day units in the second quarter year over year. Target Corporation (TGT - Free Report) is increasing capital investments to strengthen its store network, supply chain and technology capabilities. The retailer expects capital expenditures of approximately $5 billion in fiscal 2026, with spending directed toward strategic priorities that include new stores, full-store remodels and technology upgrades. Through the first half, Target deployed about $2.4 billion in capital expenditures, up nearly 30% from a year ago.

Store investments remain central to the plan. Target opened 17 new stores in the second quarter, bringing the first-half total count to 24. It also had more than 100 full-store remodels underway, moving toward roughly 130 for the year. Management views these investments as important not only for improving the in-store experience but also for supporting fulfillment, as stores handle more than 95% of the company’s sales.

In tandem with store capital, Target is accelerating its digital and technology capabilities. The company is modernizing its technology foundation to personalize experiences across stores and digital channels, strengthen its retail media business, and help merchants identify and respond to emerging trends faster. Target has partnered with OpenAI, Google Gemini and other leading platforms as it explores the future of agentic commerce. Management said digital traffic sourced from external AI platforms is growing more than 3.5 times the industry rate versus a year ago.

On the operational side, Target is investing in Proxima, a digital twin of its middle-mile inventory positioning system. The tool lets teams test and iterate inventory-flow plans before implementation, assess potential downstream effects and make inventory decisions with greater confidence. Target also said it fulfilled nearly 30% more same-day and next-day units in the second quarter than a year earlier, underscoring how technology, inventory reliability and network investments are being used together to improve speed and execution.

By balancing physical store expansion with investments in digital and supply-chain infrastructure, Target’s capital expenditure plan is strengthening its operating network to support faster fulfillment, greater inventory reliability and improved service across guest touchpoints.

WMT & DG Step Up Capex Across Stores, Supply Chain and TechWalmart Inc. (WMT - Free Report) is also leaning heavily into capital investment, raising its fiscal 2027 capital expenditure outlook to about 4% of net sales from roughly 3.5% earlier. Walmart said higher spending is supporting its omnichannel growth strategy, with investments across automation, technology, fulfillment capacity and its physical network. Walmart expects these investments to improve inventory flow, speed, in-stock levels and fulfillment economics, reinforcing Walmart’s broader push toward faster, tech-enabled retail operations.

Dollar General Corporation (DG - Free Report) expects fiscal 2026 capital expenditures of $1.4-$1.5 billion, with management directing spending toward store growth, remodels, supply-chain projects and technology. Through the 26 weeks ended July 31, 2026, Dollar General spent about $758 million, including $414 million on existing-store upgrades and remodels, $168 million on distribution and transportation projects, and $31 million on information systems and technology. Dollar General also plans about 4,730 real-estate projects during the year.

How Does Target Stack Up Against Its Industry?Target has seen its shares rally 23.7% over the past three months against the industry’s 2.4% decline. 
 

Image Source: Zacks Investment Research

What Does Target’s Current Valuation Suggest?From a valuation standpoint, Target's forward 12-month price-to-earnings ratio stands at 15.99, lower than the industry’s 27.16. However, the stock is trading above its 12-month median level of 14.87.
 

Image Source: Zacks Investment Research

What Do Earnings Estimates Signal for Target?The Zacks Consensus Estimate for Target’s current fiscal-year sales and earnings per share implies year-over-year growth of 5.1% and 37.8%, respectively. For the next fiscal year, the consensus estimate indicates a 3.1% rise in sales but a decline of 9.5% in earnings per share.
 

Image Source: Zacks Investment Research

Target currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

CoreWeave carries a backlog that dwarfs its closest rival and revenue growth that towers over legacy cloud giants, yet the stock still trades far below its 52-week high. Here is why the tension between a soaring opportunity and ballooning debt…

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Our 24/7 Wall St. price target for CoreWeave (NASDAQ:CRWV) is $163.81 over the next 12 months. That means 90.63% upside from a reference price of $85.93.

Metric Value Current Price $85.93 Price Target from 24/7 Wall St. $163.81 Upside/Downside 90.63% Model Rating BUY Confidence Level 50% No AI name we cover has a bigger price target. The model leans on revenue growing over 100% per year and a signed backlog of $104 billion. Against that sit GAAP losses, heavy debt, and negative free cash flow. Confidence is moderate because of that tension.

Record Revenue and a Swelling Backlog Have Shares Climbing Again CoreWeave shares traded at $88.51 early Wednesday, up 3%. The stock is up 2.02% for the week, 5.08% for the month and 23.6% year to date. It is still down 27.76% over the past year and sits well below its 52-week high of $153.2. The 52-week low is $60.55.

Q2 revenue came in at $2.575 billion, up 112.32%, slightly above the $2.555 billion estimate. GAAP EPS of -$1.14 beat expectations of -$1.447.

The backlog does not yet count more than $25 billion in new commitments signed early in Q3. CoreWeave was selected for the Nasdaq-100, and Barron’s this week compared CoreWeave against Nebius.

Why Bulls See $168 and Beyond In the bull case, the stock reaches $168.11. Full-year guidance was raised to $12.4 to $13.2 billion and an approximately 25% increase across SKUs was pushed through in July.

Managed inference ARR grew from $1 million to more than $100 million. Of 38 analysts covering the stock, 26 rate it Buy or Strong Buy.

Surging Interest Costs Are the Risk to Watch The bear case sits at $131.02. Interest expense hit $640 million, up from $267 million a year earlier. Q3 guidance calls for $860 to $940 million. Debt-to-equity stands at 8.94. CoreWeave faces a securities class action saying data center construction delays.

Bulls have a counterargument. Operating cash flow turned positive at $679 million, and adjusted EBITDA reached $1.51 billion. Management also cut its borrowing costs by almost 300 basis points.

How CoreWeave Compares to Nebius and Oracle Nebius (NASDAQ:NBIS | NBIS Price Prediction) is CoreWeave’s closest pure-play rival. Its Q2 revenue grew 454.04%, yet its remaining performance obligations total just $37.5 billion. Nebius has the larger market cap despite the much smaller backlog, which makes our target look reasonable.

Oracle (NYSE:ORCL) gives a sense of what AI cloud looks like at scale. Its cloud infrastructure revenue rose 121%. Oracle’s free cash flow was still -$5.4 billion, so heavy spending is common across the group.

Company Market Cap Latest Revenue Growth Backlog/RPO CoreWeave $40.22B 112.32% $104B Nebius $58.53B 454.04% $37.5B Oracle $414.8B 29.61% $664B CoreWeave Price Prediction 2026-2030 Our 24/7 Wall St. price target of $163.81 has a buy rating at 50% confidence. What tips the scale is a backlog that should turn into revenue as new power comes online.

I’d view shares as attractive if adjusted operating margins reach the “low teens in Q4” as management guided. I’d grow cautious if interest costs keep outpacing margin increases.

Year Price Target from 24/7 Wall St. 2026 $99.78 2027 $186.25 2028 $277.57 2029 $368.84 2030 $453.56 These projections assume CoreWeave keeps executing toward at least 8 gigawatts by 2030. Tighter credit markets or a slowdown in AI spending could send the stock well away from this path, in either direction.

The expansion also depends on the companies providing power, cooling, and networking behind the racks, a group we profiled in a free report on seven AI infrastructure suppliers that aren’t chipmakers.

Contact [email protected] for any questions or corrections.

330 patients randomized as of September 30, 2026, surpassing full trial enrollment targetCompany reiterates prior guidance: primary endpoint data to be submitted for late-breaking presentation consideration at a major cardiovascular conference in Q2 2027 Data expected to support future marketing application submissions by Medtronic to the FDA and other global regulatory agencies
NEW HOPE, Pa., Oct. 01, 2026 (GLOBE NEWSWIRE) -- Orchestra BioMed Holdings, Inc. (Nasdaq: OBIO) (“Orchestra BioMed” or the “Company”), a biomedical company accelerating high-impact technologies to patients through strategic partnerships with market-leading medical device companies, today announced that it has surpassed full enrollment in the BACKBEAT Global Pivotal Trial (“BACKBEAT Trial”), exceeding its previously announced target of 316 randomized patients. The BACKBEAT Trial is evaluating Atrioventricular Interval Modulation Therapy (“AVIM Therapy”) in pacemaker-indicated patients with uncontrolled hypertension despite the use of medication. Hypertension is the most common modifiable risk factor for death worldwide and the most common comorbidity among the pacemaker population.1

The BACKBEAT Trial (NCT06059638) is being conducted with Medtronic plc (“Medtronic”), the Company's strategic collaborator for the BACKBEAT Trial and, subject to regulatory approval, for the commercialization of AVIM Therapy in pacemaker-indicated patients with uncontrolled hypertension despite the use of medication.

As of September 30, 2026, 330 patients have been randomized in the BACKBEAT Trial at 81 sites across 13 countries.The BACKBEAT Trial’s protocol, approved by the U.S. Food and Drug Administration (the “FDA”), specifies 284 evaluable randomized subjects for the primary endpoint analysis, with a total enrollment target of 316 patients to account for potential loss to follow-up. The BACKBEAT Trial is a global, multi-center, prospective, randomized, double-blind pivotal trial. Patients are randomized 1:1 to AVIM Therapy combined with continued medical therapy and pacing (treatment) or continued medical therapy and standard pacing alone (control). The primary efficacy endpoint of the BACKBEAT Trial is the between-group difference in the change in 24-hour ambulatory systolic blood pressure (“aSBP”) at three-month follow-up from pre-randomization baseline. The primary safety endpoint is freedom from unanticipated serious adverse device events in the AVIM Therapy arm at three-month follow-up. The protocol-specified sample size provides greater than 90% statistical power for both primary endpoints and is designed to detect a between-group difference of at least 5 mmHg in aSBP.

David Hochman, Chairman & Chief Executive Officer of Orchestra BioMed, commented, “Achieving and surpassing full enrollment of the BACKBEAT Trial is a defining milestone for Orchestra BioMed, for our collaboration with Medtronic and potentially for the millions of high cardiovascular risk patients who remain above blood pressure target despite the medications available to them today. We are grateful for and excited about the enrollment momentum built across our global trial site network over the last year. I want to thank the patients and their families who chose to participate, and the clinical teams and investigators at our trial sites globally whose commitment made this milestone possible. Our focus now turns to completing three-month follow-up, database lock, and the delivery of a rigorous, well-powered data set next spring.”

Robert C. Kowal, M.D., Ph.D., Vice President and General Manager for Cardiac Pacing Therapies in the Medtronic Electrophysiology Therapies operating unit, stated, “For decades, cardiac pacing has been foundational in the management of rhythm disorders. Reaching full enrollment in the BACKBEAT Trial brings us a big step closer to understanding whether AVIM Therapy can extend the role of cardiac pacing therapy to include hypertension management for patients at increased cardiovascular risk. We are proud of the collaborative work our team and Orchestra BioMed’s team have done alongside investigators around the world, and we look forward to the primary endpoint results.”

Vivek Reddy, M.D., Executive Chairman of the BACKBEAT Clinical Steering Committee, Director of Cardiac Arrhythmia Services at The Mount Sinai Fuster Heart Hospital and Director of Electrophysiology for the Mount Sinai Health System, commented, “Randomized, double-blind evidence is the highest standard by which a new therapeutic modality earns its place in clinical practice, and that is exactly what the BACKBEAT Trial was designed to generate. The pilot data for AVIM Therapy have been exciting, consistent and mechanistically coherent, but the field needs a pivotal trial to answer the question definitively. On behalf of the Steering Committee, I want to recognize the investigators, coordinators and other professionals whose work enabled the trial to reach full enrollment, and I look forward to seeing the three-month primary endpoint results.”

Clinical, Regulatory and Commercial Next Steps

Orchestra BioMed and Medtronic intend to submit the BACKBEAT Trial’s primary endpoint results for consideration as a late-breaking clinical trial presentation at a major cardiovascular conference in the second quarter of 2027. Assuming positive results from the BACKBEAT Trial, Medtronic plans to submit AVIM Therapy marketing applications to the FDA and other global regulatory agencies promptly.

About Orchestra BioMed

Orchestra BioMed is a biomedical innovation company accelerating high-impact technologies to patients through strategic collaborations with market-leading global medical device companies. The Company’s two flagship product candidates, Atrioventricular Interval Modulation (AVIM) Therapy and Virtue Sirolimus AngioInfusion Balloon (Virtue SAB), are currently undergoing pivotal clinical trials for their lead indications, each representing multi-billion-dollar annual global market opportunities. AVIM Therapy is a bioelectronic treatment for hypertension, the leading risk factor for death worldwide, and is designed to be delivered by a pacemaker and achieve immediate, substantial and sustained reductions in blood pressure in patients with hypertensive heart disease. The Company has a strategic collaboration with Medtronic, one of the largest medical device companies in the world and the global leader in cardiac pacing therapies, for the development and commercialization of AVIM Therapy for the treatment of uncontrolled hypertension in pacemaker-indicated patients. AVIM Therapy has FDA Breakthrough Device Designations for these patients, as well as an estimated 7.7 million total patients in the U.S. with uncontrolled hypertension despite medical therapy and increased cardiovascular risk. Virtue SAB is a highly differentiated, first-of-its-kind non-coated drug delivery angioplasty balloon system designed to deliver a large liquid dose of proprietary extended-release formulation of sirolimus, SirolimusEFR™, for the treatment of atherosclerotic artery disease, the leading cause of mortality worldwide. Virtue SAB has been granted Breakthrough Device Designation by the FDA for the treatment of coronary in-stent restenosis, coronary small vessel disease and below-the-knee peripheral artery disease. For further information about Orchestra BioMed, please visit www.orchestrabiomed.com, and follow us on LinkedIn.

About AVIM Therapy

AVIM Therapy is an investigational therapy compatible with standard dual-chamber pacemakers designed to substantially and persistently lower blood pressure. It has been evaluated in pilot studies in patients with hypertension who are also indicated for a pacemaker. In MODERATO II, a double-blind, randomized pilot study, AVIM Therapy-treated patients had a mean reduction of 11.1 mmHg in 24-hour ambulatory systolic blood pressure (aSBP) from pre-randomization baseline at six months, representing a net reduction of 8.1 mmHg versus control patients. At the same time point, the net reduction in office systolic blood pressure (oSBP) was 12.3 mmHg versus control.

Additional MODERATO II data showed an immediate mean oSBP reduction of 13.2 mmHg when AVIM Therapy was activated during setup before randomization, with 97% of patients achieving a reduction of at least 5 mmHg. In addition to reducing blood pressure, clinical results using AVIM Therapy demonstrate improvements in cardiac function and hemodynamics.

The BACKBEAT (BradycArdia paCemaKer with atrioventricular interval modulation for Blood prEssure treAtmenT) global pivotal trial is evaluating the safety and efficacy of AVIM Therapy in lowering blood pressure in patients who have systolic blood pressure above target despite anti-hypertensive medication and who are indicated for or have recently received a dual-chamber cardiac pacemaker. AVIM Therapy has been granted two Breakthrough Device Designations by the FDA for the treatment of uncontrolled hypertension in patients who have increased cardiovascular risk.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements relating to the timing, implementation, results and design of the Company’s ongoing pivotal trials, the timing of regulatory submissions, realizing the clinical and commercial value of the Company’s product candidates, the potential safety and efficacy of the Company’s product candidates, the size of the potential markets for the Company’s product candidates, and the ability of the Company’s partnerships to accelerate clinical development. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks related to regulatory approval of the Company’s commercial product candidates and ongoing regulation of the Company’s product candidates, if approved; the timing of, and the Company’s ability to achieve expected regulatory and business milestones; the impact of competitive products and product candidates; and the risk factors discussed under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 12, 2026.

The Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, the Company cautions against placing undue reliance on these forward-looking statements, which only speak as of the date of this press release. The Company does not plan and undertakes no obligation to update any of the forward-looking statements made herein, except as required by law.

Investor Contact:
Silas Newcomb
Orchestra BioMed
[email protected]

Media Contact:
Nina Premutico
Orchestra BioMed
[email protected]

1 World Health Organization, Global Report on Hypertension 2025 (an estimated 1.4B adults aged 30–79 with hypertension in 2024, 33% of that age group; ~23% of those living with hypertension have their blood pressure effectively controlled).

Highlights

Mapping and sampling complete – Drill commenced this week to April Fool TargetSelective grab sample 616795 at April Fool Target returned 59 g/t goldThree selective grab samples returned greater than 40 g/t goldThirty selective grab samples returned greater than 1 g/t goldTotal 48 selective rock chip and grab samples Geological setting analogous to the Zanzibar Trend, where 2026 drilling has returned 3.14 g/t gold over 49.62 m (25MN-044) and 12.78 g/t gold over 5.91 m (26MN-067)Vancouver, British Columbia--(Newsfile Corp. - October 1, 2026) - Scorpio Gold Corporation (NASDAQ: SGLD) (TSXV: SGLD) (OTCQB: SRCRF) (FSE: RY9) ("Scorpio Gold" or the "Company") is pleased to announce that results from geological mapping and rock chip sampling have advanced the April Fool Target to drill-ready status, with a diamond core drill having commenced drilling earlier this week.

Zayn Kalyan, President, CEO and Director, commented, "Since drilling resumed in May 2025, our focus has been squarely on resource expansion along the core 1.8 kilometres of strike, with Black Mammoth as our first step-out onto one of Manhattan's five historical resource areas. April Fool marks the next step: a second of those five, and one that has never been systematically drilled. Each of these areas is an opportunity to demonstrate the true district-scale potential of Manhattan, and April Fool is also where the district began. John Humphrey's 1905 discovery on this hill founded the camp, and in the more than 120 years since, the only drilling here has been a handful of widely spaced historical holes, with no modern, systematic drill program ever completed. Our 2026 mapping and sampling program has now shown why we should: 48 selective grab samples averaging 6.14 g/t gold, all but one with detectable gold, three above 40 g/t and a peak of 59 g/t, all hosted in the same Zanzibar Limestone and caldera-margin fault setting that has delivered our most consistent drill results this year along the Zanzibar Trend. We have spent 2026 demonstrating that a structural re-interpretation of this district translates into high-grade, continuous drill intercepts, and April Fool is the next test of that model. With a rig mobilized this week and first assays expected by the end of October, we have a clear, near-term catalyst that could open an entirely new growth front at Manhattan."

Leo Hathaway, Executive Technical Director, commented, "April Fool is one of the best under-drilled gold prospects I have visited in my career. The surface expression is textbook low-sulfidation epithermal: bedding-parallel dissolution vugs in the Zanzibar Limestone lined with boiling-textured quartz-carbonate, cut by steep faults carrying the same veining, all sitting against the caldera-margin fault that we interpret as the principal fluid conduit. It is the same architecture that controls mineralization along the Zanzibar Trend, where we now have a full season of drilling to calibrate against. Ferguson's 1924 account of lower-grade gold roughly 100 feet below the historic high-grade pockets is also instructive, because material that was not considered ore in 1905 is exactly what a modern exploration program should be targeting. The Manhattan geological team has built a well-constrained model of the mineralization controls here, and the first holes are designed to test the vertical extent and continuity of what we see at surface."

Figure 1: Overview of the Manhattan District and Scorpio land position, with location of Historic Resource Target Areas relative to the Maiden Inferred MRE

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/316599_a779e0b3a4469915_002full.jpg

Ongoing fieldwork across the entirety of the Company's claim package since May of this year has thus far resulted in enhanced geological understanding of the Manhattan Central area of the Manhattan Project, advancement of several target areas, and a robust structural re-interpretation of this historic and prolific gold mining district. Most recently, selective rock chip and grab samples returned high-grade gold from the historically under-drilled April Fool Target (Figure 2), as well as an updated interpretation of the geological setting of the Target that is similar to that of the Zanzibar Trend Target which has produced a significant number of exciting drill hole results throughout 2026.

Figure 2: Plan map of the Manhattan District with highlighted results from April Fool grab sampling

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/316599_a779e0b3a4469915_003full.jpg

Geological Mapping and Rock Chip Sampling

Geological Mapping and sampling around the April Fool Target commenced in August 2026. The visual indicators of strong epithermal gold mineralization are abundant across the Target Area including bedding parallel dissolution vugs lined with boiling textured quartz/carbonate mineralization in the prospective Zanzibar limestone formation, vertical faulting crosscutting the beds that also contains the same quartz/carbonate veining, proximal to the contact fault between the Paleozoic sedimentary package and the Oligocene aged Manhattan Caldera Volcanic group. Rock chip and grab sampling of the outcrops and mine dumps within and around the historic workings has produced encouraging results pointing to the high-grade potential of the April Fool Target, with several samples assaying greater than 40 grams per tonne gold (Figure 3) and one reaching 59 grams per tonne gold. Forty-eight samples were taken, of which all but one reported detectable gold (Table 1). Rock chip and grab samples are selected from mineralization judged to be of interest and are not necessarily representative of the grade, width or continuity of mineralization on the property; for that reason, no average grade is reported. Quality assurance and quality control procedures applicable to these samples, and their limitations, are described under QA/QC below.

Figure 3: Plan view of April Fool Target area with interpreted geology, sample locations and highlighted sample results

To view an enhanced version of this graphic, please visit:
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Sample IDEastingNorthingElevationAu ppmSource616752494500.14265772.921980.18Rock Chip616753494510.3426576421980.03Grab616754494511.54265763.122000.02Grab616755494288.24265662.622162.24Grab616756494287.74265662.722161.55Grab6167574942874265663.222150.78Grab616758494287.34265661.922152.87Grab6167594943124265693.9221010.29Rock Chip616760494312.44265694.522104.99Rock Chip616761494429.84265774.122140.08Rock Chip616762494428.74265773.522120.19Grab6167634944354265769.922110.03Rock Chip616764494420.84265746.922122.38Rock Chip616765494411.34265746.722084.34Rock Chip616766494411.34265746.722085.00Grab616767494346.84265705.622070.23Rock Chip616768494336.94265701.222057.84Rock Chip6167694943354265701.122064.34Rock Chip616770494217.94265637.622042.20Rock Chip616771494221.94265634.722060.18Rock Chip616772494213.94265633.3220416.90Grab616774494213.94265633.322041.27Rock Chip6167754942304265661.222050.08Rock Chip616776494230.44265662.622051.72Rock Chip6167774942294265664.822033.03Rock Chip616778494237.64265687.621982.25Grab616779494238.74265685.121991.00Rock Chip616780494240.84265685.521992.14Rock Chip616781494241.64265686219917.72Rock Chip616782494243.44265688.421992.20Rock Chip616783494204.24265688.2218712.12Rock Chip616784494204.44265687.5218743.41Rock Chip616785494202.44265683.121874.19Rock Chip616786494200.44265681.1218526.58Rock Chip616787494188.8426564021920.54Rock Chip616788494185.54265639219049.29Rock Chip616789494179.14265638.221950.88Grab616790494176.34265639.921931.74Rock Chip616791494127.74265618.921790.83Rock Chip6167924941264265575.921921.29Rock Chip616793494126.44265576.921921.02Grab616794494125.14265577.521931.69Rock Chip616795494441.24265584.2216559.02Rock Chip616796494447.14265582.321690.04Rock Chip616797494447.94265581.221710.10Rock Chip616798494454.842655732169<0.015Rock Chip616799494457.34265573.221670.09Rock Chip616800494456.34265568.621630.02Rock ChipTable 1: Results of the selective rock chip and grab sampling at April Fool Target

Geological Comparison to the Zanzibar Trend

Results of the mapping and sampling of the April Fool Target Area have shown that the geological setting is remarkably similar to that of the Zanzibar Trend, which has been systematically drilled by Scorpio Gold in 2026 following a re-interpretation of mineralization controls in that area. That re-interpretation opened several hundred metres of strike length proximal to the Maiden MRE (defined below) that had been largely overlooked by previous operators. At April Fool, similar to the Zanzibar Trend, the prospective unit of Zanzibar Limestone sits just above the Gold Hill mudstones, all variably dipping to the north-northwest at approximately 35 - 50 degrees. The bedding is truncated in both Target Areas by a large-scale fault zone separating the Paleozoic sedimentary package from the Oligocene aged volcanic rocks of the Manhattan Caldera. It is believed that in both locations these large strike/slip faults provide the "plumbing" system capable of tapping the source fluids at depth, bringing them closer to the surface allowing them to interact with the prospective and receptive host rocks of the Gold Hill and Zanzibar Formations. Intersections of steeply dipping faults and bedding planes act to focus the gold deposition, with gold-bearing fluid flowing both along the bedding as well as along the fault planes and surrounding damage zones (Figure 3).

Figure 4: Conceptual cross-sectional view of April Fool Target area with interpreted geology and schematic of gold-forming processes, along with highlighted grab sample results

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The Zanzibar Trend illustrates what this geological setting can deliver once it is systematically drilled. Through 2026, successive 50-metre step-out holes along the trend have returned consistently high and continuous gold grades from surface to more than 200 metres downhole, including 3.14 g/t gold over 49.62 m from 59.95 m, including 22.81 g/t gold over 4.24 m, in hole 25MN-044 (see news release dated February 19, 2026); 2.10 g/t gold over 22.25 m from 34.14 m in hole 26MN-063 (April 16, 2026); 2.74 g/t gold over 16.49 m from 45.45 m in hole 26MN-066 (April 28, 2026); 12.78 g/t gold over 5.91 m from 134.51 m, including 30.06 g/t gold over 2.50 m, in hole 26MN-067 (May 5, 2026); 2.68 g/t gold over 11.34 m from 0.76 m, effectively from surface, in hole 26MN-071 (May 21, 2026); 2.77 g/t gold over 12.68 m from 58.64 m, including 20.93 g/t gold over 1.58 m, in hole 26MN-080 (May 28, 2026); 15.28 g/t gold over 2.56 m from 94.27 m and 0.98 g/t gold over 23.20 m from 112.13 m in hole 26MN-114 (August 10, 2026); and 0.93 g/t gold over 22.16 m from 95.71 m and 0.84 g/t gold over 25.05 m from 205.07 m in hole 26MN-116 (September 2, 2026). Reported intervals are downhole lengths; there is insufficient geological information to estimate true widths, and intervals contain no more than 3 continuous metres grading less than 0.1 g/t gold. At April Fool, the same Zanzibar Limestone host, the same bedding attitude and the same caldera-margin fault architecture are present, and the drill program described below is designed to test whether this combination of controls has produced comparable continuity of gold mineralization beneath the historic workings.

Next Steps

With these exciting results in hand, drill holes have been designed to test the multiple apparent controls on mineralization at April Fool, including bedding parallel and fault-controlled mineralization, as well as the intersection of the two. One diamond drill is scheduled to mobilize this week to perform the first diamond core drilling, and the first systematic drill test, of the April Fool Target, with assay results expected within four weeks of drill hole completion.

History of the April Fool Target

The April Fool Target is the site of the April 1905 discovery of free gold by John C. Humphrey that founded the Manhattan mining camp (Ferguson, 1924, USGS Bulletin 723, p. 7-8, 154). Early mining focused on shallow, high-grade pockets, including one that assayed over $8,000 per ton1 (approximately 13,000 g/t gold, converted at the historical gold price of US$20.67/oz; p. 155). Ferguson also documented lower-grade gold mineralization in tunnels approximately 100 feet below the outcrop, including material reported to grade about $4 per ton (approximately 6.6 g/t gold), which was not considered "ore" at the time (p. 93, 155-156). The Company believes that gold mineralization not targeted by historical miners may remain in the area, and this concept will be tested by drilling. Historical drilling at April Fool was limited to a small number of widely spaced holes completed by previous operators prior to 1997, which, together with sampling of the historic underground workings, formed part of the basis of a historical estimate for the area prepared by New Concept Mining, Inc. (Berry and Willard, 1997; see Technical Report, Section 6.4). No diamond core drilling, and no systematic drill program, has previously been completed on the Target.
1These figures are historical and are derived from a public government report. They have not been independently verified by the Company's Qualified Person, as the original sampling methods, locations, and assay procedures are unknown. They are provided for historical context only, do not represent current exploration results or the grade of any mineralized body, and should not be relied upon.

QA/QC

Surface samples were bagged and secured with security tags to ensure integrity during transportation to the Elko, NV, MSALABS facility for preparation. For quality assurance ("QA"), a single unmarked coarse blank was inserted into the sample sequence submitted with these samples, and returned a gold value below the analytical detection limit. The Company's standard protocol is to insert unmarked coarse blanks, unmarked certified reference materials and duplicates at a rate of approximately 10% of each sample run. That protocol was not fully applied to the batches containing the samples reported here; Company-inserted control samples were limited to a single unmarked coarse blank. The accuracy and precision of the reported assays have therefore not been independently checked by the Company through blind control samples. The Qualified Person considers the results adequate for target generation and drill planning only, and they should not be relied upon for any other purpose. Samples were analyzed for gold using a two-cycle PhotonAssayTM analysis method (~500 g) of crushed material (70% passing 2 mm). All MSALABS facilities comply with ISO 17025:2017.

Marketing Update

The Company also announces that, effective September 22, 2026, it has extended its engagement with Sideways Frequency LLC ("SFLLC") to provide certain marketing and investor awareness services to the Company in accordance with the policies of the TSX Venture Exchange. The initial engagement was for a three (3) month term that commenced October 8, 2025. The marketing services will include, but are not limited to, email campaigns, native advertising, display ads, lead generation, creation of content, strategic planning, digital advertisement placement, and overseeing progress and results of digital campaigns. Under the agreement, the Company will pay SFLLC US$200,000 for an initial three-month term. Aside from this engagement, the Company does not have any relationship with SFLLC or Mr. Wesley De Souza, CEO of SFLLC.

About the Manhattan District

Manhattan, located in the Walker Lane Trend of Nevada, USA, is road accessible and lies approximately 20 kilometers south of the operating Round Mountain Gold Mine (https://www.kinross.com/operations/default.aspx#americas-roundmountain), which has produced more than 15 million ounces of gold (past-production is cited solely for geological context, see third note, below). For the first time, the Company has consolidated Manhattan's past-producing mines under a single entity that holds valuable permitting and water rights. Historically, Manhattan has produced approximately 700,000 ounces of gold from high-grade placer and lode operations dating from the late 1890s through to the mid-2000s.¹ The maiden mineral resource estimate (the "Maiden MRE") covering the Goldwedge and Manhattan Pit areas of Manhattan is comprised of 18,343,000 tonnes grading 1.26 g/t gold for a total of 740,000 oz contained gold in the inferred category.² Inferred resources have a significant amount of uncertainty as to their existence and as to their economic feasibility. It cannot be assumed that all or any part will be upgraded to a higher category. They are not mineral reserves and have not demonstrated economic viability.

Notes

Adjacent Properties: The Company has no interest in, or rights to, any of the adjacent properties mentioned, including the Round Mountain Gold Mine, and exploration results on adjacent properties are not necessarily indicative of mineralization on the Company's properties. Any references to exploration results on adjacent properties are provided for information only and do not imply any certainty of achieving similar results on the Company's properties.Historical Data: This news release includes historical information that has been reviewed by the Company's qualified person. The Company's review of the historical records and information reasonably substantiate the validity of the information presented in this presentation. The Company encourages readers to exercise appropriate caution when evaluating these data and/or results.Third-Party Mineral Projects: These deposits are cited solely for geological context. The Company cautions that these properties are not necessarily adjacent to, nor does the Company or have any interest in or control over them. Although certain geological features may be similar, there is no assurance that mineralization comparable to these deposits will be discovered on any of the Company's properties. Information regarding the aforementioned deposits is taken from publicly available sources and technical reports believed to be reliable but has not been independently verified by the Company. The Company encourages readers to exercise appropriate caution when evaluating these data and/or results.Mineral Resource Estimate (MRE): All scientific and technical information relating to Manhattan pertaining to Maiden MRE contained in this news release is derived from the Technical Report dated June 4, 2025 (with an effective date of June 4, 2025) titled "Mineral Resource Estimate and NI 43-101 Technical Report" (the "Technical Report") prepared by Matthew R. Dumala, P.Eng (BC) of Archer Cathro Geological (US) Ltd., Patrick Loury, M.Sc., CPG (AIPG) of Daniel Kunz & Associates, Annaliese Miller, LG (WA) of Geosyntec Consultants, Inc. and Art Ibrado, PhD, PE (AZ) of Fort Lowell Consulting PPLC. The information contained herein in respect of the Maiden MRE is subject to all of the assumptions, qualifications and procedures set out in the Technical Report and reference should be made to the full text of the Technical Report, a copy of which has been filed with the applicable securities regulators and is available under the Company's profile on www.sedarplus.ca.References: (1) Strachan, D. G., and Master, T. D., 2005: Update and Revision of the Gold Wedge Project Development, Nye County. Report prepared for Nevada; Royal Standard Minerals, Inc. and dated March 31, 2005; (2) Dumala, M. R., and Lowry, P., 2025: Mineral Resource Estimate and NI 43-101 Technical Report, Manhattan Property, Nye County, Nevada. Report prepared for Scorpio Gold Corporation and dated October 23, 2025 (with an effective date of June 4, 2025).Qualified Person

The scientific and technical information in this news release has been reviewed, verified and approved by Leo Hathaway, P. Geo., Executive Technical Director of Scorpio Gold, a "Qualified Person", as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Verification included review of laboratory certificates, review of field logs and chain-of-custody records, inspection of blank/standard/duplicate performance, and sample nature and location. No limitations or failures to verify were identified.

About Scorpio Gold Corp.

Scorpio Gold holds a 100% interest in the Manhattan District located in the Walker Lane Trend of Nevada, USA. Scorpio Gold's Manhattan District is ~4,780-hectares and comprises the advanced exploration-stage Goldwedge Mine, and four past-producing pits that were acquired from Kinross in 2021 (see news release dated March 25, 2021 https://scorpiogold.com/news/scorpio-gold-closes-purchase-of-kinross-manhattan-property-nye-county-nevada/). The consolidated Manhattan District presents an exciting late-stage exploration opportunity, with over 140,000 metres of historical drilling, significant resource potential, and valuable permitting and water rights.

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

Connect with Scorpio Gold:
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(NASDAQ: SGLD) (TSXV: SGLD) (FSE: RY9)

Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management as of the date of this news release.

Forward-looking statements in this news release include, among others, statements relating to: the mobilization of a diamond core drill to the April Fool Target this week and the commencement and completion of the first diamond core drilling and first systematic drill test of the April Fool Target; the expected timing of assay results from the April Fool drill program, including the Company's expectation that results from the first drill hole will be received by the end of October 2026 and that assay results will be received within approximately four weeks of drill hole completion; the design and objectives of the April Fool drill holes, including their ability to test the vertical extent and continuity of mineralization and the bedding-parallel and fault-controlled controls on mineralization interpreted at surface; the Company's interpretation of the geological setting of the April Fool Target and its similarity to the Zanzibar Trend, and the potential for that geological setting to host gold mineralization of comparable continuity, grade or extent beneath the historic workings; the Company's belief that gold mineralization not targeted by historical miners may remain at the April Fool Target; the potential for the April Fool Target to represent a new growth front or a near-term catalyst for the Company; the Company's interpretation of the structural controls on mineralization within the Manhattan District and the application of that interpretation to other target areas; the Company's ongoing exploration plans, priorities and objectives at the Manhattan Project, including resource expansion; the anticipated timing of future disclosures and announcements; and other statements that are not historical facts. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including: that the drill contractor, equipment and qualified personnel will be available and able to mobilize to and operate at the April Fool Target on the anticipated schedule; that weather, ground conditions and access will permit drilling to proceed as planned; that the analytical laboratory will process and report assays within its expected turnaround times; that the Company will be able to obtain sufficient financing to complete planned exploration activities; that the Company will be able to obtain and maintain necessary permits and regulatory approvals in a timely manner; that exploration results will be consistent with management's expectations; that general business and economic conditions will not change in a materially adverse manner; and that the Company's interpretations of geological data, including the analogy drawn between the April Fool Target and the Zanzibar Trend, are accurate. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: delays in drill mobilization or drilling due to contractor, equipment, personnel, weather, access or ground condition issues; delays in laboratory processing or reporting of assay results; the risk that drill results at April Fool do not confirm the mineralization, continuity or geological interpretation indicated by surface mapping and selective rock chip and grab sampling, which are by their nature not representative of the grade, width or continuity of mineralization; the limited quality control applied to the surface samples reported in this news release; the Company may require additional financing from time to time in order to continue its operations, which may not be available when needed or on acceptable terms and conditions; the inherent risks involved in the exploration and development of mineral properties, including uncertainties related to the interpretation of drill results and other geological data; fluctuations in commodity prices; compliance with extensive government regulation and changes in domestic and foreign laws and regulations that could adversely affect the Company's business and results of operations; uncertainties related to obtaining necessary permits and regulatory approvals; risks related to the Company's ability to retain key personnel; environmental risks and hazards; title matters and surface rights issues; competition in the mining industry; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company's securities, regardless of its operating performance; and other risks and uncertainties disclosed in the Company's public filings.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/316599

Source: Scorpio Gold Corp

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                                      This news release does not constitute an offer of securities.

Brossard, Québec - TheNewswire - September 30, 2026 — Windfall Geotek Inc. (CSE: WIN; OTCQB: WINKF) ("Windfall" or the "Company"), a leader in the application of Artificial Intelligence (AI) and machine learning for mineral discovery since 2005, is pleased to announce the renewal of its claims on 592 hectares successful modeling and extraction of the geophysical "digital signature"

The AI zinc targets staked by Windfall Geotek was generated by an AI Model with a higher level of similarity using only the zinc-copper assays characterizing seven (7) VMS Deposits located southeast of Bathurst Mining Camp (BMC), either Brunswick Nr.12, Brunswick Nr.6, Key Anacon, Captain, Captain North Extension, Heath Steele and Stratmat Main.

The VMS-1 Upper Sprig Brook property was staked in September 2025 for its VMS (An-Cu-AgAu) potential based on AI Targeting Study of Bathurst Mining Camp in 2025. It is located approximately 14 km east-south-east from the VMS Heath Steele Mines and 6 km south from the VMS Captain Deposit, in New Brunswick. The property is readily accessible via the Highway 430 and through secondary logging roads which branch off the Highway 430.      

Figure 1

Technical Summary & Methodology

Windfall Geotek used a set of 694 variables built from 1995 Multiparameter (magnetic, radiometric, electromagnetic) Survey and the 2004 MEGATEM Survey, and gridded to a 50m cell size (model resolution) was used over the regional modeling surface area which corresponds to 1 363 428 data points (pixels). A total of 26 887 zinc and copper assays were used as learning data. These training data originated from different sources: (1) Government of New-Brunswick Energy & Mines department drill hole database; (2) Votorantim Metals Canada; (3) Data CD in Goodfellow et al., 2003 Massive Sulfide Deposits of the Bathurst Mining Camp, New-Brunswick, and Northern Maine: Economic Geology Monograph 11, 930 p; and (4) Windfall Geotek Compilation in the Hafmile, Chester and Captain deposits).

Read the work summary:

GEOLOGY & EXPLORATION ACTIVITIES The VMS-1 Upper Sprig Brook property is principally underlain by rocks of the Tetagouche Group that includes felsic volcanics of the Nepisiquit Falls Formation and Flat Landing Brook Formation in fault contact with the mafic volcanics of the Boucher Brook Formation.

Exploration activities have taken place on the VMS-1 Upper Sprig Brook property and its vicinity since the 1953 (Figure 2). A total of 37 holes has been drilled from 1953 to 2005 to test MEGATEM II Time Domain Airborne Electromagnetic (EM) anomalies. Most of the holes were target on EM anomalies with conductors explained by graphitic sediments and on stratigraphic purpose. However, some mineralized zones characterized by minor chalcopyrite and few pyritic and /or quartz shists showing negligible gold are reported by few drillholes.

Figure 2.

Best drill results to date include:

 • Hole B-3 (1953): 9.2% Zn, 0.44% Cu and 170 g/t Ag (2)

• Hole B-23 (1953): 4.8% Zn, 0.47 % Cu and 100 g/t Ag (2)

• Hole A72-5 (1972): 0.2 % Zn, 0.6% Cu and 4 g/t Ag (2)

• Hole SB-05-03 (2005): 0.27% Cu and 0.21% Cu over 0.4m (1)

1-New Brunswick Department of Natural Resources and Energy, Assessment Report 476207;  

2-2- Goodfellow, W.D., McCutcheon, S.R., Peter, J.M., 2003, Massive Sulfide Deposits of the Bathurst Mining Camp, New-Brunswick, and Northern Maine: Economic Geology Monograph 11, 930 p.  

3-A strong compilation of historic data followed by terrain campaign (rock or soil sampling) will plan by Windfall Geotek for the near future. 

Management Commentary

Michel Fontaine, President and CEO of Windfall Geotek, commented: “Windfall Geotek’s AI System continues to demonstrate the power of Digital Exploration by using a proven, data‑driven approach to focus exploration on smaller, higher‑priority areas. By narrowing the footprint before major field spending, our technology makes exploration more targeted, efficient, and cost‑effective.

The Bathurst project marks an important evolution in our business model—from generating AI/ML targets for clients to selectively participating in the exploration and potential value creation of targets produced by our own technology. After 41 client discoveries, it is time to showcase the full strength of our AI System and operate as a hybrid company, combining services with direct AI‑driven Digital Exploration.

We look forward to advancing these high‑priority VMS targets through the next phases of work, with the goal of validating and ultimately drill‑testing the strongest targets. This is what Digital Exploration should deliver: better targeting, disciplined capital deployment, and direct participation in the value unlocked by our AI.”

Technical Details

The technical information presented in this news release has been reviewed and approved by Grigor Heba, Chief Geologist of Windfall Geotek and a "qualified person" (QP) as defined by National Instrument 43-101.

About Windfall Geotek – AI-Powered Discovery Since 2005

Windfall Geotek is a global leader in AI-driven mineral exploration, turning complex geoscience data into high-potential discoveries with unmatched speed and accuracy. With a multidisciplinary team of geophysicists, geologists, and AI specialists, Windfall is validating selected AI-generated targets to demonstrate the reliability of its system. Beyond mining, the Company is expanding its expertise into life-saving applications, including landmine and UXO detection.

  For further information, please contact:

Michel Fontaine 514-994-5843

Chairman, President and CEO of Windfall Geotek

Email: [email protected]

Website: www.windfallgeotek.com

  Additional information about the Company is available under Windfall Geotek’s profile on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor does its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This news release contains forward-looking information, which relate to future events or future performance and reflect management’s current expectations and assumptions. The information in this news release about changes to management and expectations in this regard; and any other information herein that is not a historical fact may be forward-looking information. Such forward-looking information reflect management’s current beliefs and are based on assumptions made by and using information currently available to the Company. Such factors include, but are not limited to, achievements of new management varying significantly from expectations; capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; and those risks set out in the Company’s public documents filed on SEDAR (www.sedar.com) under Windfall Geotek’s issuer profile. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and they are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

  

Key Takeaways Red Cat needs roughly $114.3-$144.3M in second-half revenues to meet its $150-$180M 2026 target.Red Cat entered H2 with nine active products, 270,000 square feet of capacity and improved unit economics.Red Cat has $50-$80M of sellable Black Widow and Hellcat drones that could ship quickly if orders arrive. Red Cat Holdings (RCAT - Free Report) exited the first half of 2026 with strong momentum, but its full-year revenue target places considerable emphasis on execution in the second half of the year.

First-half 2026 revenues reached roughly $35.7 million compared with just $4.8 million a year earlier. First-half gross profit improved to $5.2 million from a gross loss in the comparable prior-year period. However, management maintained its 2026 revenue target of $150-$180 million, implying that roughly $114.3-$144.3 million must be generated in the second half.

Management highlighted that it entered the second half with nine active products and roughly 270,000 square feet of production capacity and improved unit economics. This creates a substantially larger operating base from which second-half growth can build.

Management also highlighted a sizable inventory position, including about $84.8 million of inventory (including prepaid inventory) at the end of June, intended to support faster deliveries and improve supply-chain resilience.

RCAT is witnessing solid demand from defense and government clients and expanding program wins. The U.S. Army accounted for roughly half of first-half revenues, compared with 73% of 2025 revenues, while Japan and NSPA in Europe emerged as the second and third-largest customers, respectively.

The company is also broadening its reach into the maritime sector through Blue Ops, where it is developing uncrewed surface vessels (USVs). Blue Ops moved its Variant 7 USV into mass production after completing production validation testing during the second quarter. The platform targets U.S. and allied defense missions spanning ISR, force protection, harbor and coastal security and contested logistics.

RCAT has also started generating Blue Ops revenues. On the last earnings call, management noted that the company expects Blue Ops to become profitable by year-end if it meets the fourth-quarter internal targets, with fewer than 10 boats needed to reach that threshold. Recently, Red Cat partnered with Havoc to integrate collaborative autonomy and command-and-control software across Blue Ops’ USVs.

Still, the size of the required second-half acceleration makes contract timing and execution critical. On the last earnings call, the company indicated that $50-$80 million of sellable drones could ship immediately if corresponding orders were received, primarily Black Widow and Hellcat units. Converting that readiness into signed contracts and deliveries amid stiff competition in the drone space will likely determine whether the company can reach its ambitious 2026 target.

Where Do Competitors Stand?Ondas Inc. (ONDS - Free Report) raised its 2026 revenue outlook after a strong second quarter and a massive backlog. The company generated $133.9 million in revenue during the first half of 2026, including $83.8 million in the second quarter.

On the last earnings call, the company raised its full-year revenue outlook to $525-$550 million from the previous target of at least $525 million, more than 10 times the reported 2025 figure. At the midpoint, the outlook implies more than 30% year-over-year organic growth on a pro forma basis.

For the third quarter, revenues are expected to be $140-$155 million, implying approximately 76% sequential growth at the midpoint and more than 30% organic growth year-over-year on a pro forma basis.  Ondas is likely to benefit from its $757 million pro forma backlog which includes recently acquired businesses such as DZYNE Technologies and Cyberhawk.

AeroVironment (AVAV - Free Report) began fiscal 2027 on a strong note. Fiscal first-quarter revenues of $480.5 million were up 6% year over year. The company secured $683 million in bookings during the quarter, with a book-to-bill ratio of 1.4 and trailing 12-month bookings surpassed $3 billion, with a book-to-bill ratio of 1.5. Funded backlog reached $1.5 billion at quarter-end, up 37% year over year, while total funded and unfunded backlog stood at more than $2.8 billion.

The Autonomous Systems segment remains the company's principal growth engine. The segment delivered 21% year-over-year revenue growth, with Uncrewed Aircraft Systems revenues up 71%, driven by strong domestic and international demand for P550, JUMP 20-X and Puma.

Several recently secured programs could support long-term growth. Earlier in the year, AVAV received a $117 million U.S. Army award for its P550 under the Long-Range Reconnaissance program, which management estimates could represent roughly a $1 billion opportunity over the next few years. The company expects to deliver the “vast majority” of the $117 million award during fiscal 2027. AeroVironment reaffirmed fiscal 2027 revenues of $2.125-$2.225 billion, representing approximately 10% growth at the midpoint.

RCAT Price Performance, Valuation and EstimatesRCAT’s shares have lost 24.3% in the past month against the Technology Services industry’s growth of 0.3%

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RCAT is trading at a price/book ratio of 1.69X, lower than the industry’s multiple of 4.21X.

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The Zacks Consensus Estimate for RCAT’s earnings for the current year has been revised downward over the past 60 days.

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VANCOUVER, British Columbia, Sept. 29, 2026 (GLOBE NEWSWIRE) -- GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS) (“GoldHaven” or the “Company”) is pleased to highlight that, while current drilling is focused on the Kuhn target, GoldHaven’s amended Mines Act Permit provides the Company with significant flexibility to systematically evaluate multiple high-priority exploration areas across the broader Magno Project.

The permit authorizes up to 93 ground-based drill pads across seven work zones, four staging areas, modifications to up to 45 kilometres of existing access, and additional exploration trail construction within the approved work program.

Highlights

93 permitted drill pads across seven work zones provide flexibility to test multiple targets across Magno.2026 drilling is underway at Kuhn, targeting tungsten-bearing skarn mineralization.D Zone / Magno hosts high-grade historical silver-lead-zinc mineralization, including 7.6 metres grading 240 g/t Ag, 4.73% Pb and 4.74% Zn.The broader project hosts tungsten, silver, lead, zinc, copper and critical-mineral potential within a large intrusion-related system.Permitted targets extend beyond Kuhn to include Dead Goat, D Zone / Magno, Lamb Mountain, Contact and Lang Creek.
Rob Birmingham, President and CEO of GoldHaven, commented:

“Kuhn remains a key focus of our 2026 drill program, but it is also one part of a much broader mineralized system. With 93 permitted drill pads across seven work zones, we have the flexibility to evaluate multiple targets across a large project footprint. As drilling advances at Kuhn, our technical team is also evaluating D Zone and other priority areas across Magno to determine how best to allocate the remainder of our 2026 drill program.”

A Multi-Target Exploration Opportunity

GoldHaven’s permitted exploration footprint encompasses several areas of geological interest across Magno and provides the Company with multiple opportunities to evaluate different mineralization styles within the broader property-scale system.

Figure 1: Magno Project – 93 Permitted Drill Pads Across Seven Multi-Target Work Zones

Kuhn and Dead Goat

The current focus of GoldHaven’s 2026 drill campaign and the Company’s principal tungsten-skarn target area. Historical and modern work has identified tungsten-bearing skarn developed within favourable carbonate stratigraphy adjacent to intrusive rocks.

At Kuhn, two principal skarn horizons, the Lower and Upper 3a, have been traced at surface for approximately 640 metres and 206 metres, respectively, with geological mapping indicating potential strike extensions of up to approximately 2 kilometres. The skarns are characterized by diopside-garnet assemblages with scheelite, pyrrhotite and locally molybdenum and base-metal mineralization. Similar tungsten-bearing skarn occurs at Dead Goat, where mineralization has been mapped over a surface expression of up to approximately 200 metres.

D Zone / Magno Area

A high-priority polymetallic target area characterized by silver-lead-zinc mineralization hosted within carbonate rocks of the Lower Cambrian Atan Group. Historical and recent work has identified structurally controlled skarn and carbonate-replacement-style mineralization occurring as bedding-parallel “manto” bodies and crosscutting “chimney”-style zones.

Mineralization includes galena, sphalerite, magnetite and locally massive sulphides, providing the Company with a distinctly different target style from the tungsten-focused Kuhn area.

Historical drilling at the D Zone included a reported interval of 7.6 metres grading 240 g/t silver, 4.73% lead and 4.74% zinc. This historical result predates NI 43-101 and has not been independently verified by a Qualified Person for GoldHaven.

More recent exploration has confirmed strong silver-lead-zinc mineralization across the broader Magno and D Zone trend, including silver values exceeding 2,000 ppm in structurally controlled skarn mineralization.

Lamb Mountain

A permitted exploration area located north of the central Magno target area and positioned within the broader intrusive and mineralized system being evaluated by GoldHaven. Property-wide geochemical work has identified elevated high-temperature pathfinder elements in the broader area south of Lamb Mountain, including anomalous bismuth, which forms part of the dataset being used to trace structural fluid pathways and vector toward potential intrusive sources.

Contact Area

A centrally located permitted exploration area positioned within the broader Magno intrusive and carbonate-contact environment. The Magno Project covers the contact between Cretaceous-aged intrusive rocks and carbonate-rich sedimentary rocks of the Cassiar Terrane, a geological relationship interpreted to control much of the property’s skarn and carbonate-replacement mineralization. The Contact Area provides an opportunity to evaluate additional sections of this favourable intrusive-carbonate interface.

Lang Creek

A permitted exploration area in the southern portion of the Magno Project, located near Highway 37 and forming part of GoldHaven’s broader strategy to evaluate mineralization across the entire property. Its location provides an additional opportunity to evaluate prospective geology along the southern extent of the Magno system while benefiting from nearby road access. The Company intends to integrate geological mapping, historical information, geochemistry and geophysical data when prioritizing future drilling across Lang Creek and other permitted target areas.

The approved work program provides access to the Kuhn and Dead Goat, Granite D / Magno, Lamb Mountain, Contact and Lang Creek areas, allowing GoldHaven to progressively evaluate multiple target styles across the broader Magno mineral system.

Property-Scale Geological Framework

GoldHaven’s recent work has helped define a broader property-scale mineral zonation model at Magno. Integrated geological mapping, sampling and geochemical analysis indicate an intrusion-related system with copper-gold-silver mineralization in more proximal settings, silver-lead-zinc mineralization in intermediate zones, and tungsten-skarn and additional replacement-style mineralization elsewhere across the property.

Recent work has identified copper values of up to 6,660 ppm at Magno, elevated copper within intrusive rocks, tungsten mineralization at Kuhn and Dead Goat, and strong bismuth and tellurium anomalies interpreted as high-temperature pathfinder elements and indicators of structural fluid pathways. Elevated indium associated with zinc mineralization further reinforces the project’s broader critical-mineral potential.

Building Beyond Kuhn

GoldHaven is currently evaluating the sequencing and prioritization of additional targets as drilling progresses at Kuhn. Geological observations, historical exploration data, surface geochemistry and geophysical information are being integrated to determine where additional drill metres can generate the greatest exploration value.

The Company expects to provide further updates regarding target prioritization and drilling plans as the 2026 program progresses.

Historical Results and Estimates

Certain historical exploration results and estimates referenced in this news release were completed prior to the implementation of NI 43-101 and have not been independently verified by a Qualified Person for GoldHaven. These historical results should not be relied upon as current mineral resources or reserves. The Company considers the historical information relevant as a guide to ongoing exploration and intends to continue evaluating and verifying these areas through modern exploration methods.

Qualified Person

The technical and scientific information contained in this news release has been reviewed and approved by Raymond Wladichuk, P.Geo., who is a non-independent Qualified Person as defined under NI 43-101 and a consultant of the Company.

About GoldHaven Resources Corp.

GoldHaven Resources Corp. is a Canadian junior exploration company focused on advancing highly prospective mineral projects in North and South America. The Company’s flagship asset is the district-scale Magno Project in the Cassiar District of northern British Columbia. GoldHaven also owns the Three Guardsmen copper-gold project in British Columbia and the Copeçal Gold Project in Mato Grosso, Brazil. In addition, the Company holds a portfolio of critical-mineral projects in Brazil.

On Behalf of the Board of Directors

Rob Birmingham, Chief Executive Officer

For further information, please contact:
Rob Birmingham, CEO
www.GoldHavenresources.com
[email protected]
Office Direct: (604) 629-8254

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

Cautionary Statements Regarding Forward-Looking Information

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, those listed below under the heading “Forward-Looking Statements in This News Release” are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “will”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “potential”, “scheduled”, or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained demand and prices for precious metals, base metals and critical minerals, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of any future projects in a timely manner, the availability of financing on suitable terms for exploration and development of future projects and the Company's ability to comply with environmental, health and safety laws.

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the inability of the Company to enter into definitive agreements in respect of possible Letters of Intent, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including by the Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's latest interim Management's Discussion and Analysis as filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

Forward-Looking Statements in This News Release

The following statements in this news release constitute forward-looking information:

The amended Mines Act Permit providing flexibility to systematically evaluate multiple high-priority exploration areas across the Magno Project;The 2026 drill program at Kuhn testing tungsten-bearing skarn mineralization;Potential strike extensions of the Lower and Upper 3a skarn horizons at Kuhn of up to approximately 2 kilometres;Evaluation of D Zone and other priority areas to determine allocation of the remainder of the 2026 drill program;The Magno Project hosting tungsten, silver, lead, zinc, copper and critical-mineral potential within a large intrusion-related system;Progressive evaluation of multiple target styles across the Kuhn and Dead Goat, D Zone / Magno, Lamb Mountain, Contact and Lang Creek areas;Integration of geological mapping, historical data, geochemistry and geophysics to prioritize future drilling at Lang Creek and other permitted targets;Sequencing and prioritization of additional targets as drilling progresses at Kuhn, and additional drill metres generating the greatest exploration value;Elevated indium associated with zinc mineralization reinforcing the project’s broader critical-mineral potential;Further updates regarding target prioritization and drilling plans as the 2026 program progresses; andContinued evaluation and verification of historical results through modern exploration methods.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ffa73a54-872d-45e1-bfff-c1d4ef531a1c

VANCOUVER, BC / ACCESS Newswire / September 28, 2026 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF)(FSE:1IR) ("Irving" or the "Company") is pleased to announce completion of detailed geological, geochemical and geophysical surveys around the historical Unoya Mine within its Shika epithermal gold-silver project, Noto Peninsula, Honshu, Japan (Figure 1).

Highlights:

Mapping confirms that silicification and argillic alteration resulting from hydrothermal activity has affected the Early to Middle Miocene Besshodake Andesite and associated pyroclastic rocks and lacustrine sediments throughout the historical Unoya Mine area.Gold-bearing quartz vein float occurs both around the historical Unoya Mine workings as well as within a separate, recently identified area approximately 1 km further south. Irving geologists believe these are part of en echelon veining system that is related to a potential shear structure underlying the region.Sample NT0674, a float vein sample collected from the southern area, contains dark silver-rich bands ("ginguro") and returned the highest assay values of 62.3 g/t Au and 604 g/t Ag.Irving's drone magnetic survey has identified a zone of subdued and relatively uniform magnetic response measuring approximately 2.5 km by 1.0 km. Distribution of gold-bearing quartz vein float and altered rocks corresponds closely with this depressed magnetic feature. Therefore, Irving's geologists believe that hydrothermal alteration has resulted in the destruction of magnetite within volcanic rocks resulting in this magnetic flat.About Irving's Noto Epithermal Au-Ag Projects:

The Company's 99 Noto prospecting licenses and license applications (337.37 sq km) cover four discrete target areas displaying stream sediment gold, silver, arsenic, antimony, mercury and/or copper anomalism. Once all have been granted, these would make Irving the largest holder of prospecting licenses in the Noto area (please refer to the Company's news release dated March 18, 2026). The Noto Project is a joint venture between Newmont Overseas Exploration Limited ("Newmont"), a wholly owned subsidiary of Newmont Corporation, Sumitomo Corporation ("Sumitomo") and Irving (the "JV"). The initial and current interests of the parties in the joint venture are Newmont, 60%, Sumitomo, 12.5%, and Irving, 27.5%.

The Company's previous reconnaissance program in the Unoya area, as reported in its news release dated March 18, 2026, identified gold-bearing quartz vein float extending approximately 1.2 km northeast and southwest of the historical Unoya Mine. Assays from these samples returned values of up to 38.5 g/t Au and 45.6 g/t Ag. High-grade vein material was particularly abundant in the southeastern part of the area. Higher-grade vein float consists of chalcedonic to very fine-grained quartz, commonly displaying delicate crustiform banding.

To better understand the overall mineralized system, the Company conducted follow-up geological mapping, rock sampling, grid-based soil geochemical sampling and a high-resolution drone-borne magnetic survey in May and June 2026.

Noto Peninsula shares geological characteristics with nearby Sado Island, which hosts the historical Sado Kinzan gold mine (Mitsubishi Materials Corporation). Sado Kinzan Mine operated for 388 years beginning in 1601, when it came under the direct control of the Tokugawa Shogunate. It boasts total recorded production of approximately 2.51 million ounces of gold and 74 million ounces of silver (The Mining and Materials Processing Institute of Japan, 1994, Nihon Kinzanshi 4: Kanto and Chubu). No assurance can be given that Irving will achieve similar results at its Noto Project.

Based upon the encouraging results discussed in this news release, the JV is considering drilling as the next phase of exploration in the Unoya area. Irving's Noto Project is the Company's third Japanese exploration project, the other two being the Omu Project, Hokkaido, which has advanced to the resource development stage, and the Yamagano Project, Kyushu, where scout drilling is currently underway. Combined, these three projects comprise the Company's pipeline of projects spanning early-stage exploration through development.

Detailed Results: Unoya area, Shika Prospect:

Figure 1 shows the location of the Unoya area within the broader block of Shika prospecting licenses. Shika prospect was staked based upon the elevated gold values obtained from bulk leach extractable gold ("BLEG") stream-sediment surveys. Figure 2 displays rock and soil sampling locations from surveys conducted in October 2025 and May-June 2026 as well as the area of the May 2026 drone-borne magnetic survey.

Geological Survey

Geological mapping was conducted by Irving's field team for the period from May 8 to 20, 2026 across an area characterized by dense vegetation and a humid monsoonal climate (Figure 3a).

Local topography is dominated by the prominent, linear Togi River valley trending north-northeast to south-southwest. This valley forms a narrow, flat-lying area that is largely used for rice cultivation. Elevation along the valley ranges from approximately 80 to 100 metres above sea level. The terrain east of the Togi river is hilly to mountainous and includes two prominent peaks, Mt. Kazafukidake (354 m above sea level), and Mt. Kawachidake (399 m above sea level). These peaks are elongated broadly parallel to the Togi river. West of the river, the terrain is more subdued with elevations less than 300 metres. Here, the north-northeast to south-southwest structural trend is less evident.

Figure 3b presents the geology of the Unoya area. The historical Unoya Mine is located east of the Togi river, near a central point where several catchments displaying anomalous BLEG gold values converge (Figure 2). Detailed historical information concerning the historical Unoya Mine, including past production records, has yet to be identified by the Irving team. The Unoya area is predominantly underlain by the Early to Middle Miocene Besshodake Andesites, consisting mainly of hornblende-bearing pyroxene andesite, with subordinate volcaniclastic and pyroclastic rocks. A K-Ar age of 15.9 Ma has been reported for andesite collected in the vicinity (Shibata et al., 1981, J. Japan. Assoc. Mineral. Petrol. Econ. Geol.). Three or four horizons of silty lacustrine sedimentary rocks are intercalated within the Besshodake Andesites succession. Based on observed bedding orientations, the volcanic and sedimentary succession appears to dip gently southward.

All lithologies within the Besshodake Andesites succession host gold-bearing quartz veins and suffer varying degrees of hydrothermal alteration and brecciation, including zones of intense silicification and mineralization (Figure 4). One historic working identified during Irving's survey was excavated within a strongly silicified silty horizon (Figure 4a). This siltstone horizon is less than ten metres thick, and host rocks rapidly change upward into silicified andesite and pyroclastic rocks (Figure 4b).

Relatively unaltered glassy andesite occurs at the northeastern end of the survey area. This unit is provisionally referred to as "Upper Andesite." It is not yet known whether Upper Andesite represents a post-mineralized volcanic unit. Andesitic to dioritic dykes are also present, particularly in the northern part of the area.

Geochemical Rock Sampling

Spot and float rock sampling was conducted concurrently with geological mapping. Quartz vein and silicified-rock samples were submitted to ALS in Perth for assay. X-ray diffraction analyses were also performed on argillized host-rock samples to identify their constituent clay minerals by Mineral Resource Science Lab., Akita, Japan.

Several quartz vein float samples collected both near and distal to the historic Unoya Gold Mine returned gold values exceeding 4 g/t Au (Table 1; Figures 5). Of the 56 quartz vein and float quartz vein samples collected during the 2026 program, 13 returned values greater than 1 g/t Au. The highest-grade sample, NT-0674, is comprised of quartz vein material returning 62.3 g/t Au and 604 g/t Ag (Table 1, Figure 5a). This vein sample consists predominantly of very fine-grained quartz, locally chalcedonic, with minor pyrite and delicate crustiform banding (Figure 5). Complex cross-cutting relationships indicate multiple stages of vein formation. Only minor amounts of sulfide minerals are associated with veins.

Quartz veins in the Unoya area are interpreted to trend northeast-southwest, based on the distribution of quartz vein float and the configuration of the historical underground workings. Irving's geologists have found no quartz vein outcrops during exploration to date, thus the exact orientation and mode of occurrence of veins remain unknown.

Of 115 variably altered host-rock samples collected from outcrop, two returned values greater than 1 g/t Au. The highest-grade host-rock sample, NT-0793, is comprised of silicified rock and returned 2.1 g/t Au and 11.6 g/t Ag (Figure 4a).

Clay minerals occurring in altered rocks include smectite, smectite/illite mixed-layer, halloysite and kaolinite. Analysis of the alteration-mineral assemblages remains in progress. Hydrothermal alteration zoning documented at the Hishikari Mine, a typical low-sulfidation epithermal vein system in Japan, indicates that smectite/illite mixed-layer occurs at the uppermost part of the gold-mineralized interval (e.g., Ibaraki and Suzuki, 1990, Mining Geology).

Based on the observed vein textures and alteration-mineral assemblages, Irving's geologists interpret the present erosional level in the Unoya area to be relatively high-level. This interpretation suggests that the more prospective part may occur at depth.

Table 1 High-grade vein float samples collected in the historical Unoya mine area. Location is shown in Fig. 3

The results disclosed in this news release are not necessarily representative of mineralization throughout the Unoya area.

Grid Soil Geochemical Survey

Systematic grid-based soil sampling in the Unoya area was carried out by Irving's technical team from June 1-13, 2026 and covered approximately 5.4 sq km (Figure 2). Sampling was conducted along 13 northwest-southeast-oriented lines spaced 200 metres apart, with samples collected at 50-metre intervals. A total of 548 soil samples, including five field duplicates, were collected from 594 planned sampling locations. Some planned samples could not be collected because the locations fell within cultivated fields, residential properties or areas of landslides.

Samples were dispatched to ALS Global in Brisbane for geochemical analysis. Results are pending.

Drone-Borne Magnetic Survey

A high-resolution drone-borne magnetic survey was conducted over the Unoya area for the period from May 24 to 27, 2026 (Figure 2). This survey covered approximately 10 sq km and comprised 41 west-northwest to east-southeast-oriented flight lines spaced 100 metres apart. North-northeast to south-southwest-oriented tie lines were flown at intervals of approximately 850 metres. The survey was conducted by Mitsui Mineral Development Engineering Co., Ltd. using a DJI Matrice 400 multicopter installed with a GEM Systems GSMP-25U optically pumped magnetometer.

A reduced-to-the-pole ("RTP") magnetic image is presented in Figure 6. Most higher-grade gold-bearing vein float occur within an area characterized by RTP magnetic intensity values of approximately 100 to 300 nT in the central part of the Unoya area. This domain measures approximately 2.5 km long by 1 km wide and may be regarded as a relatively magnetically subdued or uniform zone. Such a magnetically subdued zone can be interpreted to result from hydrothermally altered rocks in which primary magnetite has been destroyed. Such magnetite destruction results in hydrothermal alteration that is directly responsible for gold mineralization (e.g., Craig et al., 1998, Resource Geology). Irving therefore considers this depressed magnetic domain to be prospective for defining potential future drilling targets.

Close examination of the distribution of higher-grade gold-bearing vein samples suggests the presence of two principal clusters: a northern cluster near Y: 4,119,000 and a southern cluster near Y: 4,118,000. This distribution may reflect an en echelon vein setting, a structural pattern commonly observed in Japanese epithermal vein deposits.

Another noteworthy feature is a pronounced negative magnetic anomaly centred at approximately X: 660,000 and Y: 4,119,300 in the north-central part of the Unoya area. This magnetic low broadly coincides with a gravity high shown on the regional gravity map published by the Geological Survey of Japan. Such spatial relationship may indicate the presence of a relatively dense subsurface intrusive body or structural block. Further interpretation will be undertaken through the integrated assessment of geological, geochemical, magnetic and gravity data.

Next Steps at Unoya

The Company is awaiting analytical results from its grid soil geochemical survey and is contemplating a potential drilling program in the Unoya area in 2027.

Given the abundance of mineralized vein material and altered outcrop at surface, Irving considers that potential initial drilling targets may occur at relatively shallow depths. The Company is therefore considering a program of comparatively short reconnaissance drill holes, potentially ranging from approximately 300 to 500 metres in length and oriented broadly northwest-southeast across interpreted structures. Final potential drill-hole locations, orientations and depths will be determined following integration of the geological, rock-geochemical, soil-geochemical and geophysical datasets.

Quality Assurance and Quality Control Measures were strictly applied to both rocks and soils with interchanging OreasTM derived blanks and standards inserted at every 20th sample. Soil and rock samples were dispatched to ALS Global Brisbane and ALS Global Perth, respectively, for geochemical analyses.

Quinton Hennigh (Ph.D., P.Geo.) is the qualified person pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a technical advisor and a director of Irving and has verified the data disclosed including sampling, through review of photographs of core prior to and after sawing and sampling, and analytical, through review of standard and blank analyses.

About Irving Resources Inc.:

Irving is a junior exploration company with a focus on gold in Japan. Irving resulted from completion of a plan of arrangement involving Irving, Gold Canyon Resources Inc. and First Mining Finance Corp.

Additional information can be found on the Company's website: www.IRVresources.com.

Akiko Levinson,
President, CEO & Director

For further information, please contact:
Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 971-0209
[email protected]

Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation including, without limitation, statements as to planned exploration activities. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource exploration industry, the funding of planned drilling and other exploration activities, as well as the performance of services by third parties.

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE

Figure 1
Location of Shika prospect (this work), Irving's prospecting interest area in Noto peninsula, the Sado-Noto region, located along the Sea of Japan coast of central Honshu, superimposed to geological map by Geological Surveys of Japan.

Figure 2
Location of Irving's Exploration Surveys in the Unoya Area, Shika Prospect, Noto Peninsula. Surveys completed in 2026 comprise geological mapping and rock sampling, a grid-based soil geochemical survey, and a drone-borne magnetic survey. Previously reported work comprises reconnaissance and rock sampling and ridge-and-spur soil sampling completed in 2025, as well as a stream-sediment survey using bulk leach extractable gold (BLEG) completed in 2021.

Figure 3a
Satellite image and rock sample locations and part of Au assay results in the Unoya area.

Figure 3b
Geological map and rock sample points and a part of Au assay results in the Unoya area.

Figure 4
Pictures of silicifies host rock observed around the historical Unoya Mine

a: NT-0793 (2.1 g/t Au & 11.6 g/t Ag) : silicified silt with silicified andesite clast, collected at the historical Unoya Mine pit, which location is shown in Figure 3

b: NT-0794 (1.69 g/t Au & 2.7 g/t Ag) : silicified andesite with dense quartz domain, collected at eight meters above the historical pit of (a)

Figure 5
Pictures of sliced vein float samples in the Unoya area. Each sampling location is shown in Figure 3.

a: NT-0674 (62.3 g/t Au & 604 g/t Ag) : quartz Vein with delicate crustiform bandng including dark gray "ginguro" band

b: NT-0678 (7.65 g/t Au & 315 g/t Ag) : : quartz vein with delicate crustiform banding

c: NT-0727 (21.2 g/t Au & 314 g/t Ag) : multiple staged quartz vein with porous silicified andesite clasts

d: NT-0763 (10.5g/t Au & 4.5g/t Ag) : silicified rock with argillized andesitic rock clasts

Figure 6
A reduced-to-the-pole ("RTP") magnetic image map in the Unoya area with Au assay results of rock sample in the Unoya area.

SOURCE: Irving Resources Inc.

Meta just shattered Wall Street's consensus price target on the back of a 37% monthly surge, but with free cash flow collapsing 91% and capex ballooning toward $145 billion, the real debate is whether the AI spending spree pays off…

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Meta (NASDAQ:META | META Price Prediction) has surged past Wall Street’s consensus target of $758.07. At $752.08, the question for investors is what comes next. Our 24/7 Wall St. price target for Meta is $842.43, implying 13.1% upside over the next 12 months. We rate META a buy with 90% confidence.

24/7 Wall St. Price Target Summary Metric Value Current Price $752.08 24/7 Wall St. Price Target $842.43 Upside 13.1% Recommendation BUY Confidence Level 90% A Furious Month for META Shares Meta has staged one of the sharpest rallies among mega-cap tech names. The stock is up 36.86% over the past month and 13.07% in the past week, pushing year-to-date gains to 14.21%. Shares sit just 2% below the 52-week high of $767.99.

The Q2 2026 earnings report on July 29, 2026 showed revenue of $60.8 billion rose 28% year over year, beating consensus, but diluted EPS of $6.18 missed the $7.22 estimate after $2.4 billion in legal charges and $1.2 billion in severance.

Capex reached $31.1 billion, and free cash flow fell to $784 million. Full-year 2026 capex is guided to $130 billion to $145 billion. The market has concluded that ad revenue growth and AI monetization justify the spend.

Why Bulls See a Breakout Ahead The bull case centers on AI-driven ad monetization. Zuckerberg noted Meta’s GEM model produced an 8.3% increase in ad clicks on Facebook and a 15.7% uplift in conversions. Advantage Plus reached a $75 billion annual revenue run rate, and over 1 million businesses use Meta business agents weekly.

Family DAP hit 3.60 billion. New revenue streams include API access, subscriptions, and compute rental, with Zuckerberg noting Meta receives “offers at a meaningful premium” for compute capacity. Our bull-case scenario points to $879.67, roughly 18.1% upside.

What Could Go Wrong The bear case rests on capex indigestion and legal overhang. Free cash flow fell 91.31% in Q2, operating margin compressed from 43% to 31%, and full-year 2026 expenses were raised to $165 billion to $169 billion.

Youth-related U.S. litigation and EU scrutiny of Less Personalized Ads add tail risk. Excluding legal and severance charges, Meta said Q2 operating income would have risen 9% year-over-year. Our bear-case scenario pins META at $729.93.

How META Compares to Alphabet and Pinterest Alphabet (NASDAQ:GOOGL) is the natural comparison as the other dominant AI-plus-advertising franchise. GOOGL trades at a trailing P/E of 16, well below META’s 28. Google Cloud grew 82% last quarter, and Alphabet is guiding to $175 billion to $185 billion in 2026 capex. META’s implied forward multiple of 23 at our target looks defensible given faster ad growth.

Pinterest (NYSE:PINS) offers a smaller-scale ad-tech contrast. PINS grew Q2 revenue 18.17% to $1.18 billion with 640 million MAUs. Meta’s 28% growth on a base 50 times larger is more impressive. The peer set makes our $842 target reasonable.

Our Take on META The 24/7 Wall St. price target of $842.43 with 90% confidence anchors a buy. AI is measurably lifting ad conversions today while creating optionality on agents, APIs, and compute.

The setup looks constructive if capex discipline holds and Q3 revenue lands in the $61 billion to $64 billion guide. The thesis weakens if 2027 capex guidance shocks higher or ad growth decelerates below 20%.

Year 24/7 Wall St. Price Target 2026 $752.08 2027 $844.89 2028 $905.80 2029 $997.24 2030 $1,063.66 Contact [email protected] for any questions or corrections.

Original 110-patient enrollment target achieved ahead of the Company's end-of-September guidance. The MAVERIC Steering Committee recommends expanding enrollment to up to 150 patients to capture sufficient events for a robust assessment of CardiolRx™'s potential to reduce recurrence risk. The recommendation follows a blinded review showing fewer-than-expected recurrences—an observation the Company views as encouraging. Topline results anticipated in mid-2027 following expanded enrollment and study completion. Existing capital expected to fund MAVERIC completion, with cash runway into Q1 2028. , /PRNewswire/ -- Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) ("Cardiol" or the "Company"), a late-stage life sciences company advancing anti-inflammatory and anti-fibrotic therapies for heart disease, is pleased to announce enrollment progress and plans to expand MAVERIC, the Company's pivotal Phase III randomized, double-blind, placebo-controlled, multi-center trial evaluating CardiolRx™ for the reduction in risk of recurrence in patients with recurrent pericarditis. As of September 23, 2026, 110 patients have been enrolled in MAVERIC, achieving the Company's original recruitment target ahead of its end-of-September guidance.

"A blinded review of events in MAVERIC patients who have been randomized 1:1 to either CardiolRx™ or placebo shows a lower level of pericarditis recurrence than anticipated, an observation we view as encouraging, particularly as we are not aware of changes in routine clinical practice that would explain this finding," said David Elsley, President and Chief Executive Officer of Cardiol Therapeutics.

"Our planned enrollment expansion is designed to support the event count needed to preserve the trial's planned statistical power and deliver a more robust assessment of CardiolRx™'s efficacy. Topline results are now anticipated in mid-2027, compared with our previous Q1 2027 guidance. With our cash runway extending into Q1 2028, we are in a strong position to complete MAVERIC and deliver this important clinical readout."

In alignment with the primary endpoint used in the pivotal trial of the only FDA-approved therapy for recurrent pericarditis, MAVERIC's primary efficacy analysis will assess time to a first new episode of pericarditis recurrence. This analysis will evaluate the ability of CardiolRx™ to delay or prevent recurrence over time. The proportion of patients free from a new episode of recurrent pericarditis at the end of the study will be assessed as a secondary endpoint.

About Cardiol Therapeutics

Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) is a late-stage life sciences company focused on advancing the development of anti-inflammatory and anti-fibrotic therapies for heart disease. The Company's lead small-molecule drug candidate, CardiolRx™, modulates inflammasome pathway activation, an intracellular innate immune system response known to play an important role in the development and progression of inflammation and fibrosis associated with pericarditis, myocarditis, and heart failure.

The MAVERIC Program is evaluating CardiolRx™ for the treatment of recurrent pericarditis, an inflammatory disease of the pericardium associated with symptoms including debilitating chest pain, shortness of breath, and fatigue, which can lead to physical limitations, reduced quality of life, emergency department visits, and hospitalizations. The program comprises the completed Phase II MAvERIC-Pilot study (NCT05494788) and the ongoing pivotal Phase III MAVERIC trial (NCT06708299). The U.S. FDA has granted Orphan Drug Designation to CardiolRx™ for the treatment of pericarditis, including recurrent pericarditis.

The ARCHER Program also studied CardiolRx™, specifically in acute myocarditis—an important cause of acute and fulminant heart failure in young adults and a leading cause of sudden cardiac death in individuals under 35 years of age. The program comprises the completed Phase II ARCHER study (NCT05180240), which evaluated the safety, tolerability, and efficacy of CardiolRx™ in this patient population.

The Company is also developing CRD-38, a novel, subcutaneously administered drug formulation intended for the treatment of inflammatory heart disease, including heart failure—a leading cause of death and hospitalization in the developed world, with associated healthcare costs in the United States exceeding US$30 billion per year.

For more information about Cardiol Therapeutics, please visit cardiolrx.com.

Cautionary statement regarding forward-looking information:

This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events, or developments that Cardiol believes, expects, or anticipates will, may, could, or might occur in the future are "forward-looking information". Forward looking information contained herein may include, but is not limited to statements regarding the Company's focus on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease; the Company's intended clinical studies and trial activities and timelines associated with such activities, including the Company's plan to complete the Phase III study in recurrent pericarditis with CardiolRx™; the Company's plan to advance the development of CRD-38, a novel subcutaneous formulation intended for the treatment of inflammatory heart disease, including heart failure, anticipation of topline Phase III MAVERIC data mid-2027, the Company's planned expansion of MAVERIC enrollment from 110 to up to 150 patients, the Company's belief that the expansion of MAVERIC enrollment will provide a robust efficacy assessment, the Company's expected cash runway through Q1 2028, and the sufficiency of the Company's capital resources to fund the completion of MAVERIC. Forward-looking information contained herein reflects the current expectations or beliefs of Cardiol based on information currently available to it and is based on certain assumptions and is also subject to a variety of known and unknown risks and uncertainties and other factors that could cause the actual events or results to differ materially from any future results, performance or achievements expressed or implied by the forward looking information, and are not (and should not be considered to be) guarantees of future performance. These risks and uncertainties and other factors include the risks and uncertainties referred to in the Company's Annual Information Form filed with the Canadian securities administrators and U.S. Securities and Exchange Commission on March 31, 2026, available on SEDAR+ at sedarplus.ca and EDGAR at sec.gov, as well as the risks and uncertainties associated with product commercialization and clinical studies. These assumptions, risks, uncertainties, and other factors should be considered carefully, and investors should not place undue reliance on the forward-looking information, and such information may not be appropriate for other purposes. Any forward-looking information speaks only as of the date of this press release and, except as may be required by applicable securities laws, Cardiol disclaims any intent or obligation to update or revise such forward-looking information, whether as a result of new information, future events, or results, or otherwise. Investors are cautioned not to rely on these forward-looking statements.

SOURCE Cardiol Therapeutics Inc.

Key Takeaways Target sees the fiscal 2026 operating margin around 6%, including a 90-basis-point tariff refund benefit.Target's Q2 operating margin rose to 9.6%, with underlying margin about 70 basis points higher year over year.Target's Q2 gross margin expanded about 100 basis points, excluding tariff refunds, despite higher SG&A costs. Target Corporation (TGT - Free Report) expects its underlying operating profitability for fiscal 2026 to finish above last year’s level. The retailer now anticipates its full-year operating income margin rate, excluding tariff refunds, to be in a range around 50 basis points above the 2025 adjusted operating margin rate of 4.6%. The company had earlier guided to an operating income margin rate more than 20 basis points from the year-ago level.

Including the approximately 90-basis-point benefit from second-quarter tariff refunds, TGT foresees fiscal 2026 operating margin rate to be in a range around 6%. Target booked $994 million in pretax tariff refunds during the quarter, which lifted margin performance. The company reported a second-quarter operating margin rate of 9.6%, up from 5.2% a year earlier. Tariff refunds added 3.7 percentage points to the quarter’s margin, but even without that benefit, the operating margin rate was approximately 70 basis points higher year over year.

Gross margin also strengthened. Excluding tariff refunds, the second-quarter gross margin rate expanded by about 100 basis points from the prior-year rate of 29%. The improvement reflected a comparison against last year’s elevated markdowns and purchase-order cancellation costs, along with continued growth in advertising and other non-merchandise revenues.

The improvement came despite some expense pressure. Target’s SG&A rate increased about 30 basis points to 21.6%, reflecting higher compensation costs and planned spending tied to capital projects. Even with those pressures, the company’s updated outlook points to a higher underlying full-year margin than in 2025.

How Does Target Stack Up Against Its Industry?Target, which competes with Dollar General Corporation (DG - Free Report) and Costco Wholesale Corporation (COST - Free Report) , has seen its shares rally 17.6% over the past three months against the industry’s 7.6% decline. While shares of Dollar General have risen 6.4%, those of Costco have fallen 6.2% in the aforementioned period.
 

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What Does Target’s Current Valuation Suggest?From a valuation standpoint, Target's forward 12-month price-to-earnings ratio stands at 16.16, lower than the industry’s 26.78. However, the stock is trading above its 12-month median level of 14.83.

Target is trading at a discount to Costco (forward 12-month P/E of 39.72) but at a premium to Dollar General (15.08).

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What Do Earnings Estimates Signal for Target?The Zacks Consensus Estimate for Target’s earnings per share for the current and next fiscal year has increased by 16 cents and 9 cents to $10.43 and $9.38, respectively, over the past 30 days.
 

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Target currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Vancouver, British Columbia--(Newsfile Corp. - September 22, 2026) - Valkea Resources Corp. (TSXV: OZ) (OTCQB: OZBKF) (FSE: 4A7) (the "Company" or "Valkea") is pleased to report that active systematic exploration of its 24 new, high-ranking prospects has commenced with diamond drilling of the first new target completed in August and reconnaissance base of till ("BoT") drilling underway.

Highlights

Diamond drilling of the Kari target in the Paana project has been completed, assays expected Q4 2026.Updated aeromagnetic surveys have been undertaken on the wider Paana licences and BoT drilling has commenced, accelerating the goal of providing higher resolution interpretations for diamond drilling of the highest priority targets from late 2026.Preliminary metallurgical test work on samples from Aarnivalkea West to assess economic potential in progress.Thomas Credland, CEO of Valkea Resources, said: "We continue to advance a number of properties in our portfolio with diamond drilling of the first new target completed and BoT drilling capacity added to expedite geochemical sampling of new prospects to focus diamond drilling over the winter season. Initially we plan to expand our program beyond known mineralisation at Aarnivalkea West to 12 new prospective targets elsewhere on the sizeable Paana property."

Paana: our initial focus

Valkea's 100% owned Paana Project comprises four licence areas totalling 93 km2: Paana Central, Paana West, Paana W2 and Paanapyytö. Paana hosts 12 of the 24 new targets identified by Valkea (see press release dated July 22nd 2026) using geophysics (aeromagnetics, EM and VTEM), structural analysis and existing BoT anomalism (Au). Paana covers extensions of regional shear zones considered highly prospective for orogenic gold mineralization with similar volcanic and sedimentary host rocks to the multi-million ounce Kittilä deposit (15 km southeast, see Figure 1).

Previously, BoT and diamond drilling almost entirely focused on the Paana Central's Aarnivalkea West discovery. Over 17,000m of diamond drilling delineated a ~1.3 km north-trending corridor of deformed and altered greenstones associated with broad zones of gold mineralization. Updated airbourne magnetic surveys have now been flown and BoT drilling has now commenced on the wider Paana licences, with an additional BoT rig scheduled to come online in October, with the stated goal of identifying the best 5-10 targets for diamond drilling over the winter (see Figure 2).

Paana Central's Kari target

Drilling of Kari, our first new target, was completed in August. Drilling of Kari was prioritized due to its all-season access, with an initial program of 1,275 m drilled in five holes along an E-W profile, located 2.5 km south of known mineralization at Aarnivalkea West. It also provided an opportunity to drill-test the regional Muusa Shear. Drillholes intercepted a variably deformed succession of rocks, dominated by intermediate or mafic volcanics, including pillow basalts, interbedded volcaniclastic sediments, cherty intervals and relatively thin ironstones. Drilling returned evidence of disseminated sulphide mineralization within the more deformed host lithologies in three out of five drillholes. Assays are expected in Q4 2026. The interpretation of the geological findings will inform further exploration targeting in Paana Central.

Metallurgical test work from Paana Central's Aarnivalkea West

Exploratory metallurgical test work is being undertaken by Alfred H Knight (UK) on a ~53 kg bulk sample from Aarnivalkea West. This includes whole ore leach testing and batch flotation test work. Results from the testwork is expected in the next few months.

About Valkea

Valkea Resources is a geoscience-led exploration company focused on making new gold and base metals discoveries in Northern Finland's prospective Central Lapland Greenstone Belt. Its 350 km2 land package includes six principal project areas that span highly prospective regional geological structures. The Company's leadership and technical team include key contributors to the multi-million-ounce Ikkari gold discovery made in 2020. Work is underway to make a new discovery using the same systematic and disciplined approach to identifying targets with the best potential for meaningful size and the possibility of becoming mines of the future.

Qualified Person

The disclosure of technical or scientific information in this press release has been reviewed and approved by Dr Chris Bonson, a non-independent consulting geologist who holds the position of Vice President Exploration for the Company and is recognized as a Qualified Person as defined by National Instrument 43-101.

Some technical information contained in this release is historical in nature and has been compiled from public sources believed to be accurate. The historical technical information has not been verified by Valkea and may, in some instances, be unverifiable. Mineralisation hosted on adjacent and/or nearby projects is not necessarily indicative of mineralisation hosted on Valkea's projects.

Contact Information

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

Figure 1. Mineral Deposits of Central Lapland and location of Paana (red box)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7621/315381_4d69140304c74848_002full.jpg

Figure 2. Exploration targets and initial work programs planned at Paana in 2026/27 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7621/315381_4d69140304c74848_003full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315381

Source: Valkea Resources Corp.

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Key Takeaways Target's AI-powered wish lists helped lift creations more than 50% and key-page conversion nearly 20%.External AI-platform traffic to Target is growing at more than 3.5 times the industry pace year over year.Target shares rose 21.7% in three months, while its industry declined 7.3%. Target Corporation (TGT - Free Report) is increasingly leaning into artificial intelligence (AI) technologies to personalize the digital shopping experience and deepen engagement with its core consumer base. As part of its broader push to accelerate tech capabilities, the retailer is utilizing AI-powered tools designed to streamline discovery and deliver highly customized content to digital shoppers.

Target has also joined with OpenAI, Google Gemini and other leading platforms to participate in the early development of agentic commerce. Although traffic from external AI platforms remains a small part of the business, management said this traffic is expanding at more than 3.5 times the industry pace compared with a year earlier.

The personalization push is also becoming visible within Target’s own digital ecosystem. During the back-to-school and back-to-college season, the company introduced AI-powered teacher and college wish lists, along with more personalized content on the Target app’s home screen. This tailored approach resonated strongly with consumers. Total wish-list creations increased more than 50% year over year, the number of items added to those lists more than doubled, and conversion across key back-to-school pages rose nearly 20%.

These trends show how Target is using AI not simply as a back-end efficiency tool, but as a way to improve discovery and engagement in digital shopping. By pairing personalized app experiences with AI-enabled shopping tools and external AI-platform partnerships, Target is broadening how guests can find, organize and purchase products across its digital channels.

How Target Compares With Walmart and BJ’s WholesaleWalmart Inc. (WMT - Free Report) is using AI to make digital shopping more personalized and convenient. Walmart said usage of its AI-powered Sparky assistant increased 70% year over year, while customers using Sparky spend 40% more per order. Walmart also highlighted Sparky’s ability to build meal plans, recommend products and recognize prior purchases across stores and online, helping shoppers avoid duplicate purchases and simplifying product discovery.

BJ’s Wholesale Club Holdings, Inc. (BJ - Free Report) is also deepening digital engagement through AI-enabled shopping support. BJ’s Wholesale said its AI-powered assistant, Bev, has handled more than 100,000 member conversations, helping shoppers find products, check club hours and better use their memberships. BJ’s Wholesale is pairing this capability with broader digital convenience, as digitally enabled comparable sales rose 30% in the second quarter of fiscal 2026 and digitally engaged members demonstrated stronger spending and loyalty.

How Does Target Stack Up Against Its Industry?Target has seen its shares rally 21.7% over the past three months against the industry’s 7.3% decline. 

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What Does Target’s Current Valuation Suggest?From a valuation standpoint, Target's forward 12-month price-to-earnings ratio stands at 16.21, lower than the industry’s 26.78. However, the stock is trading above its 12-month median level of 14.81.
 

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What Do Earnings Estimates Signal for Target?The Zacks Consensus Estimate for Target’s earnings per share for the current and next fiscal year has increased by 91 cents and 19 cents to $10.43 and $9.38, respectively, over the past 30 days.
 

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Target currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Highlights

Drilling has commenced - the first hole of DLP's maiden diamond drill program at the 100%-owned Esperanza copper-gold-molybdenum project in southern Peru was collared on September 20, 2026, on schedule.

The first metres ever drilled at Esperanza - 22,500 hectares, a 5.0 km x 2.5 km magnetic anomaly and 503 surface rock chip samples, and until this now not a single metre of drilling. Seven holes totalling approximately 3,000 metres are now being drilled into that target.

Shallow copper oxide holes turning first - the four shallow holes testing the 300 m x 700 m near-surface copper oxide zone are being drilled first, to a maximum of 150 metres each.

Deep porphyry holes to follow - three holes of 800 metres each will then test the interpreted porphyry copper-gold-molybdenum core beneath the 5.0 km x 2.5 km magnetic anomaly.

Cranbrook, British Columbia--(Newsfile Corp. - September 21, 2026) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) (FSE: J8C) ("DLP" or the "Company") is pleased to announce that diamond drilling has commenced at its 100%-owned Esperanza copper-gold-molybdenum project ("Esperanza" or the "Project") in southern Peru. The first hole was collared on September 20, 2026, following receipt of all necessary permits and the mobilization of drill rigs and supporting equipment to site (see news release dated September 10, 2026), marking the first drilling ever undertaken at Esperanza.

The maiden program comprises approximately 3,000 metres of diamond drilling in seven holes and tests two distinct and complementary targets within the same system in a single campaign: the near-surface copper oxide zone defined by high-grade trenching from surface, and the main porphyry copper-gold-molybdenum target interpreted at depth beneath the 5.0 km x 2.5 km magnetic anomaly. Drilling is being carried out sequentially, with the four shallow oxide holes being completed first and the three 800-metre porphyry holes to follow.

Ian Gendall, President and CEO of DLP, commented: "The rig is turning at Esperanza. After the work our team has put into this project, including the mapping, the trenching, the geochemistry, the geophysics and the permitting, we are finally putting a drill bit into a 22,500-hectare land package that has never been drilled. We are testing the shallow copper oxide zone first and then we move the program to depth and drill the porphyry target itself. Assays will be released as they come in from the laboratory"

Drilling Underway

Drill rigs and supporting equipment were mobilized to site following receipt of all necessary permits and authorizations. Site preparation, drill platforms and access were completed in advance of mobilization, and the program is now operating continuously.

Esperanza benefits from established regional infrastructure, road access, power and a skilled labour pool across the Arequipa and Moquegua regions, the same infrastructure that supports the district's producing mines, which allowed the Company to mobilize quickly and supports continuous operation of the program.

The first results are expected to come from the four shallow copper oxide holes, with results from the three deep porphyry holes to follow. Laboratory turnaround times are outside the Company's control and can vary with laboratory capacity and sample volumes; accordingly, the Company is not providing a specific date for the receipt or release of assay results and will report them as they become available. The Company will also provide updates on drilling progress as the program advances.

Drill Program Design - Two Targets, One Program

The maiden program has been designed to test both the shallow, potentially near-term copper oxide mineralisation and the large-scale porphyry system interpreted at depth. All hole locations are directly informed by the coincident geophysical, geochemical and alteration datasets that converge on the Esperanza target area (Figure 1).

Target 1 - Near-Surface Copper Oxide Zone (Four Holes, Maximum 150 Metres Each)

Four shallow holes, each to a maximum depth of 150 metres, will test the near-surface copper oxide zone. This zone extends over an area of approximately 300 metres by 700 metres and has been defined by systematic trenching and channel sampling, which returned broad, continuous intervals of copper oxide mineralisation from surface, including:

54 m of 1.53% Cu, including 10 m of 2.29% Cu (see news releases dated March 9, 2026 and March 16, 2026);

86 m of 0.73% Cu, including 48 m of 1.03% Cu;

96 m of 0.54% Cu, including 58 m of 0.75% Cu;

66 m of 0.66% Cu, including 18 m of 0.98% Cu; and

82 m of 0.62% Cu, including 28 m of 1.33% Cu.

These trench intervals begin at surface and remain open at depth. The four shallow holes are designed to confirm the vertical continuity, thickness and grade of the copper oxide mineralisation below the trenched exposures, and to provide the first material for metallurgical characterisation of the oxide zone. No metallurgical test work has been completed to date, and no assumption should be made regarding the metallurgical response or economic potential of the copper oxide mineralisation.

Target 2 - Main Porphyry Copper-Gold-Molybdenum Target (Three Holes, 800 Metres Each)

Three deep holes, each to a planned depth of 800 metres, will test the main porphyry copper-gold-molybdenum target along the flanks of, and at depth beneath, the 5.0 km x 2.5 km magnetic anomaly, an area of approximately 12.5 square kilometres and one of the largest untested copper-gold footprints in southern Peru.

The porphyry target is supported by an extensive surface geochemical dataset comprising 503 rock chip samples collected systematically across the Project, including:

550 g/t Ag with 4.548% Cu and 141.43 ppm Mo from a single polymetallic vein - the highest-grade silver result returned at Esperanza to date;

7.795 g/t Au with 27.7 g/t Ag and 0.780% Cu from a vein sample, together with 2.353 g/t Au and 2.099 g/t Au;

Copper values of up to 4.558% Cu, with 21 of 55 select samples exceeding 1% Cu and 12 exceeding 2% Cu; and

Molybdenum values of up to 151.97 ppm Mo.

See news releases dated June 25, 2026 and July 28, 2026 for detailed results related to the above.

Figure 1) Drill Collar Locations

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https://images.newsfilecorp.com/files/6456/315119_1f875603648799dd_001full.jpg

A Strategic Position in a Multi-Billion-Tonne Copper District

Esperanza is strategically located within one of the most productive copper belts in Southern Peru, an area that hosts several multi-billion-tonne copper deposits (Figure 2). The Project lies approximately 35 km southwest of Freeport-McMoRan's Cerro Verde mine, one of the largest copper deposits in the world, and immediately south of the Chapi copper mine. The broader southern Peru belt also hosts Anglo American's Quellaveco, Southern Copper's Cuajone and Toquepala mines and the Los Calatos project. Esperanza's proximity to these major copper mines and development projects, combined with its own coincident geochemical and geophysical anomalies, and surface veining and brecciation characteristic of porphyry copper and epithermal gold-silver systems, makes a compelling case for this maiden drill program.

Note: Mineral resources and reserves from nearby properties are not necessarily indicative of the mineralization on the Esperanza property.

Figure 2) Esperanza Property Location

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6456/315119_1f875603648799dd_002full.jpg

Note: Mineral resources and reserves from nearby properties are not necessarily indicative of the mineralization on the Esperanza property. Sources: 1 2025 Annual Report (10K) - Freeport McMoRan; 2 ASX Announcement - September 24 2015 - Presentation - Los Calatos High Grade Development Option; 3 2025 Ore Reserve and Mineral Resources Report - Anglo American; 4 2025 Annual Report (10K) - Southern Copper; 5 2025 Annual Report (10K) - Southern Copper.

Qualified Person

Mr. Gendall, CEO & President of the Company is the qualified person as defined by National Instrument 43-101. Mr. Gendall has reviewed and approved the technical contents of this news release.

About DLP Resources Inc.

DLP Resources Inc. is a copper-focused development company advancing two 100%-owned projects in southern Peru: Aurora and Esperanza.

Aurora is a large-scale porphyry copper-molybdenum-silver deposit containing a combined open pit and underground indicated resource of 614.84 million tonnes at 0.19% Cu, 0.06% Mo and 2.09 g/t Ag, and an inferred resource of 1,118.80 million tonnes at 0.18% Cu, 0.07% Mo and 1.95 g/t Ag. An independent Preliminary Economic Assessment completed in September 2026 established an after-tax NPV8% of US$2,703 million and an IRR of 18.5%, based on a 17.5-year mine life utilizing open pit and underground mining methods. Aurora's robust production profile contemplates payable production of 90.5 million pounds per year of copper, 37.4 million pounds per year of molybdenum and 1.21 million ounces per year of silver.

Esperanza is an emerging district-scale copper-gold discovery located 35km from Cerro Verde, one of the world's largest copper mines. A 5.0km × 2.5km magnetic anomaly is supported by high-grade surface and trench sampling results, with a maiden drill program commencing on September 20, 2026.

DLP is listed on the TSXV (DLP), on the OTCQB (DLPRF), and on the FSE (J8C).

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

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to the timing of mobilization and commencement of drilling, the planned number, depth and orientation of drill holes, the total metreage of the maiden drill program, the timing of receipt and disclosure of assay results, and the further advancement of the Esperanza Project in Peru.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, delays in the mobilization of drill rigs and equipment, weather, ground conditions, drill and laboratory availability, delays in receipt of assay results, changes to the planned scope of the drill program, community and permitting matters, and drill results expected from the Esperanza Project in Peru.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the permits received remain in good standing; drill rigs, equipment and personnel will be available as scheduled; and the Company will maintain the community and regulatory support required to complete the maiden drill program at Esperanza.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

Non-IFRS Measures

This news release refers to certain financial performance measures that are not defined or recognized under International Financial Reporting Standards ("IFRS"), including: after-tax and pre-tax net present value ("NPV") at various discount rates; internal rate of return ("IRR"); payback period from first production; operating costs per tonne milled (including mining, processing, general and administrative, and off-site/refining costs); initial capital cost; sustaining and underground development capital; closure costs; total life-of-mine capital; and total life-of-mine gross revenue. These non-IFRS measures are presented because the Company and its management believe they provide useful information regarding the economic potential of the Aurora Project as contemplated in the PEA and are commonly used by the mining industry and investors to evaluate development-stage projects.

These measures do not have any standardized meaning prescribed under IFRS and may not be comparable to similar measures presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As the Aurora Project is in the development stage, the Company does not currently have IFRS financial measures against which these non-IFRS measures can be reconciled.

For reference, the following definitions apply: NPV is calculated by discounting projected after-tax (or pre-tax, as applicable) free cash flows at the stated discount rate over the life of the mine plan. IRR is the discount rate at which the NPV of the project's after-tax free cash flows equals zero. Payback period is the estimated time to recover the initial capital investment from after-tax operating cash flows. Operating costs per tonne milled represent estimated total operating expenditures divided by total mineralized material tonnes milled over the applicable period or phase. Initial capital cost and sustaining and underground development capital represent the estimated capital expenditures required to construct and operate the project as contemplated in the PEA. Total life-of-mine gross revenue represents the estimated undiscounted gross value of payable metals produced over the Phase 1 mine life, calculated using the commodity price assumptions set out in the PEA, before deduction of smelting, refining, transportation, or royalty costs. All non-IFRS measures presented herein are based on the estimates, assumptions, and inputs described in the PEA and the NI 43-101 Technical Report to be filed on SEDAR+ within 45 days of this news release. Readers are cautioned not to place undue reliance on these measures. See also "Cautionary Note Regarding the PEA and Forward-Looking Information" above.

Additional information relating to the Company can be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca, and on the Company's website at www.dlpresourcesinc.com.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315119

Source: DLP Resources Inc.

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Vancouver, British Columbia – September 18, 2026 - TheNewswire - Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) (FRA: 4K2) (the “Company” or “Western Star”) is pleased to announce results from the Phase 2 soil geochemical survey at its Rowland Tungsten Property in Elko County, Nevada, USA. The survey has defined two discrete, spatially coherent tungsten-in-soil anomalies, each expanding the zones around historical workings.

Blake Morgan, the CEO and President of Western Star, stated, “These results show the methodical exploration approach is paying off. We have defined two significant soil anomalies over the historical workings and extended the recognised footprint well beyond them. Northern Zone B is the tighter of the two, a compact cluster elongate to the northeast, sitting within the modelled intrusive. Rowland Main is the larger footprint, and its best sample, 0.53% WO₃, lies 250 metres from the nearest historical working on ground with no recorded past activity. That is the part that interests us most: the strongest result came from ground nobody has tested.”

Key Highlights:

315 soil samples collected across the Rowland Tungsten Property including a highly anomalous value of 4,240 ppm W (0.53% WO₃) at sample R079. 

Two discrete tungsten-in-soil anomalies defined: the Rowland Main anomaly and the Northern Zone B anomaly. 

Rowland Main anomaly: 18 samples with anomalous values across a footprint of approximately 190 by 630 metres. The highest-grade sample also carries 66.9 ppm Sn, the highest tin value in the survey. 

Northern Zone B anomaly: 13 anomalous samples across 190 by 190 metres, peaking at 228 ppm W – located close to rock-chip samples RO-18-01 to RO-18-03, which returned 0.35% to 1.22% WO₃ as announced in July 2026. 

The Northern Zone B anomaly lies within the modelled intrusive body resolved by the Company’s three-dimensional magnetic inversion, while the Rowland Main anomaly is associated with an interpreted magnetic-high lineament. 

Soil geochemistry from the nearby White Star Tungsten Project (253 samples) remains pending and will be reported when received. 

Phase 2 Soil Geochemical Survey Results

The Phase 2 soil survey comprises 315 samples, collected across the Rowland Tungsten Property on lines spaced approximately 100 metres apart with a sample spacing of 25 to 50 metres. The programme was designed to provide continuous geochemical coverage across the property to refine the targets as we progress to drilling.

Click Image To View Full Size

Figure 1: Tungsten-in-soil results across the Rowland Tungsten property shown over a 1 m LiDAR hillshade and the historical geological mapping of Coats (1964, USGS Bulletin 1141-M).

Rowland Main Anomaly

The larger of the two anomalies lies around the historical Rowland Main workings from which the Company reported a high-grade rock-chip assay of 4.02% WO₃ in July 2026. Eighteen samples define a footprint of approximately 190 metres east-west by 630 metres north-south, elongate north-northeast. Six samples exceed 100 ppm W, headlined by R079 at 4,240 ppm W and supported by R082 (422 ppm W), R119 (373 ppm W), R116 (215 ppm W), R078 (176 ppm W) and R120 (110 ppm W). Sample R079 also returned 66.9 ppm Sn against a survey median of 2.8 ppm, the highest tin value recorded in the survey, and a tungsten-tin association consistent with a greisen-modified skarn system.

Northern Zone B Anomaly

The second anomaly covers an area of 200m x 200m. The peak value is 228 ppm W at sample R188, supported by R155 (174.5 ppm W), R217 (136.5 ppm W), R156 (110.0 ppm W) and R218 (105.5 ppm W). The anomaly is centered on the rock-chip samples RO-18-01, RO-18-02 and RO-18-03, which returned 0.35%, 1.22% and 0.54% WO₃ respectively, as announced by the Company in July 2026. The anomaly is developed over tactite and calc-silicate hornfels and Prospect Mountain quartzite.

Relationship to Geophysics and Historical Workings

The two anomalies occupy different geophysical settings. Most of the strongest soil samples in the Northern Zone B area lie within the modelled intrusive body resolved at a susceptibility threshold of 0.010 SI by the three-dimensional magnetic inversion completed by East Coast Consulting, and the anomaly centre lies close to an interpreted magnetic-low lineament. The Rowland Main anomaly lies outside the modelled intrusive footprint and is associated with an interpreted magnetic-high lineament.

Next Steps

The soil geochemical results will be integrated with the completed UAV magnetic survey, the three-dimensional magnetic inversion and the rock-chip and channel assay results announced in July 2026 to advance drill target generation across the consolidated Jarbidge–Charleston tungsten footprint. Soil geochemistry from the nearby White Star Tungsten Project remains at the laboratory, and the Company will provide further updates as those results are received and interpreted.

 
Click Image To View Full Size

Figure 2: The two tungsten-in-soil anomalies, shown on a 1 m LiDAR hillshade against the modelled intrusive body and the interpreted magnetic-high and magnetic-low lineaments from the Company’s three-dimensional magnetic inversion.

Sample Assay Results

Table 1: Selected tungsten-in-soil results from the Phase 2 survey, Rowland Tungsten Property.

Sample

Site

Zone

UTM E

UTM N

W (ppm)

WO₃ (%)

Sn (ppm)

Cr (ppm)

V (ppm)

Sr (ppm)

102674

R079

Rowland Main

626,160

4,630,186

4,240

0.535

66.9

39

197

142

102677

R082

Rowland Main

626,212

4,630,328

422.0

0.053

8.3

56

97

203

102663

R119

Rowland Main

626,264

4,630,323

373.0

0.047

7.9

56

96

219

102617

R188

Northern Zone B

626,649

4,631,088

228.0

0.029

4.2

44

81

233

102666

R116

Rowland Main

626,237

4,630,252

215.0

0.027

4.8

54

92

233

102673

R078

Rowland Main

626,144

4,630,139

176.0

0.022

4.4

40

80

184

102548

R155

Northern Zone B

626,588

4,631,068

174.5

0.022

4.4

48

81

221

102567

R217

Northern Zone B

626,718

4,631,138

136.5

0.017

4.9

84

110

202

102549

R156

Northern Zone B

626,595

4,631,090

110.0

0.014

3.8

58

97

200

102662

R120

Rowland Main

626,272

4,630,346

109.5

0.014

5.0

57

91

245

102568

R218

Northern Zone B

626,727

4,631,160

105.5

0.013

7.5

143

150

268

102547

R154

Northern Zone B

626,580

4,631,045

81.0

0.010

3.6

46

78

218

102550

R157

Northern Zone B

626,610

4,631,113

73.9

0.009

4.2

63

106

190

102613

R193

Northern Zone B

626,692

4,631,207

68.8

0.009

3.5

57

118

132

102760

R056

Rowland Main

626,162

4,630,479

66.6

0.008

2.7

68

115

212

102616

R189

Northern Zone B

626,657

4,631,114

57.6

0.007

3.4

47

84

198

102654

R127

Rowland Main

626,332

4,630,510

40.6

0.005

2.7

65

108

263

102578

R137

Northern Zone B

626,539

4,631,074

37.2

0.005

3.2

52

96

204

102682

R087

Rowland Main

626,306

4,630,557

34.6

0.004

2.9

51

86

230

102661

R121

Rowland Main

626,280

4,630,369

29.9

0.004

3.3

57

96

186

  Quality Assurance and Quality Control (QA/QC):

Soil samples were collected and submitted to a certified independent laboratory, ALS Global, for preparation and analysis. Samples were dried at a maximum of 60°C and screened to minus 180 microns (preparation code PREP-41), and analysed for 32 elements including tungsten by lithium borate fusion and inductively coupled plasma mass spectrometry (method ME-MS81). Lithium borate fusion was selected because tungsten is refractory and partial digestions under-report tungsten hosted in scheelite and wolframite. WO₃ values presented in this news release are calculated from elemental tungsten (W) results using a conversion factor of 1.2611. Chain-of-custody protocols were maintained throughout. Quality control comprised field duplicates inserted at a rate of approximately one in 32 samples, together with the certified reference materials, blanks and duplicates inserted by the laboratory in each analytical batch. Soil geochemical values represent surficial dispersion and are not, and should not be interpreted as, indicative of grade or of any mineral resource.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Jasper Mowatt, a consultant to the company and a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Mowatt is not independent of the company.

About Western Star Resources

Western Star Resources is a mineral exploration company focused on the acquisition, exploration and advancement of mineral properties, with a growing strategic emphasis on tungsten and critical minerals in the United States. The company is advancing a portfolio of past-producing tungsten assets in Nevada and New Mexico while maintaining additional exploration exposure through its Western Star property in British Columbia.

Contact Information:

Blake Morgan,

Director, President and CEO

[email protected]

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

Certain of the statements made and information contained herein may constitute “forward-looking information”. In particular references to the acquisition, future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Key Takeaways Target shares surged 34.4% in six months as improving business trends strengthened investor sentiment.Target raised fiscal 2026 net sales growth guidance to around 5% and adjusted EPS to $9.90-$10.90.TGT trades at 15.86 times forward earnings, below the industry average but above its one-year median. Target Corporation (TGT - Free Report) has experienced a remarkable surge in its share price over the past six months. The stock has rallied 34.4% against the Zacks Retail-Discount Stores industry’s 5.4% decline. Target has also comfortably outperformed the broader Retail and Wholesale sector and the S&P 500 Index, which posted respective gains of 0.7% and 14.2%.

TGT has outpaced key retail peers, Walmart Inc. (WMT - Free Report) and Dollar General Corporation (DG - Free Report) . Shares of Walmart and Dollar General have declined 11.9% and 2.9%, respectively, over the same period.

Target’s impressive rally has been supported by improving business trends. The company has benefited from stronger consumer engagement, strength across key merchandise categories, solid digital performance and continued momentum in its high-margin non-merchandise businesses. These factors have helped bolster investor sentiment.

TGT Six-Month Stock Performance
Image Source: Zacks Investment Research

The key question now is whether Target still offers meaningful upside or much of the improvement is already priced in. A closer look at the company’s growth initiatives, operating trends, earnings outlook and valuation should help determine whether investors should stay invested, add to their positions or consider booking profits.

Decoding Potential Tailwinds Behind Target’s RallyTarget’s refreshed strategy is gaining traction, creating a firm base for sustainable sales and earnings growth. The company is sharpening its positioning around the combination of style, design, quality and value while concentrating on merchandising authority, an elevated guest experience, technology and stronger execution. Higher traffic suggests customers are choosing Target more frequently, which management views as one of the healthiest indicators of sustainable growth. Sales momentum has also been broad across channels, merchandise categories, demographics and income groups. Target now expects fiscal 2026 net sales growth in a range around 5%, one percentage point higher than its previous guidance.

 Management is directing resources toward categories that are showing high customer response. Beauty, health and wellness, food, baby and kids, women’s style, home, toys and entertainment have become important areas of focus. Target has repositioned nearly half of its center-store grocery assortment, expanded fresh produce and devoted additional space to growing areas such as snacks, global foods and functional coffee. Its Fun101 transformation is similarly reallocating space toward LEGO, wearable technology, trading cards, collectibles and broader fandom experiences. Exclusive partnerships with Pokemon and LoveShackFancy strengthen Target’s cultural relevance, while the rollout of Target Beauty Studio and further changes across home and apparel provide additional opportunities to deepen merchandising differentiation.

The company’s integrated physical and digital model adds another durable growth avenue. Target’s stores serve as both shopping destinations and fulfillment hubs, supporting faster and more cost-effective delivery. Same-day services continue to gain traction, while ongoing investments in new stores, remodels and supply-chain capabilities should expand the reach and operational efficiency. At the same time, Target is investing in artificial intelligence and personalization to enhance digital discovery, improve merchandising decisions and engage consumers through emerging shopping platforms. Management has also highlighted encouraging growth in traffic originating from external AI platforms, such as OpenAI and Google.

Target is also strengthening its value proposition. The company has lowered prices on more than 10,000 items over the past year and plans further reductions while continuing to introduce trend-right merchandise, owned brands and exclusive offerings. Management is addressing tariff pressure through changes in country of origin, vendor collaboration and assortment adjustments. Target is developing meaningful higher-margin revenue streams. Roundel advertising, Target+ marketplace and Circle 360 memberships are growing rapidly and diversifying earnings beyond traditional merchandise sales. As these businesses scale, they can deepen customer engagement while providing attractive incremental profit streams that complement Target’s core retail operations.

Target retains significant financial and operational flexibility to fund its transformation while returning capital to shareholders. Profitability improved even after excluding tariff-refund benefits, supported by better merchandising performance, healthier gross margins and growth in higher-margin revenue streams. Management expects the full-year operating margin, excluding tariff refunds, to finish above last year’s adjusted level and raised adjusted earnings per share guidance to $9.90-$10.90. The range includes approximately $1.65 per share of second-quarter tariff refund benefits but excludes any potential future tariff refunds. Excluding the refund benefit, the midpoint of the updated guidance represents a 75-cent increase from the prior guidance range of $7.50-$8.50.

How Consensus Estimates Stack Up for TargetThe Zacks Consensus Estimate for Target’s current fiscal-year sales and earnings per share indicates year-over-year growth of 4.8% and 37.8%, respectively. Encouragingly, earnings estimates have also moved higher. Over the past 30 days, the Zacks Consensus Estimate for earnings per share has increased by $1.99 to $10.43 for the current fiscal year and by 41 cents to $9.38 for the next fiscal year.
 

Image Source: Zacks Investment Research

Does Target Tick the Boxes for Value Investing?Target is trading at a forward 12-month price-to-earnings (P/E) ratio of 15.86, well below the industry average of 26.74 and the S&P 500’s forward multiple of 19.65. However, the stock currently trades at a premium to its one-year median P/E of 14.80, suggesting that some of the recent improvement in investor sentiment is already reflected in the valuation.

Target is trading at a discount to Walmart (with a forward 12-month P/E ratio of 34.75) but at a premium to Dollar General (15.38).

Image Source: Zacks Investment Research

How to Play Target Stock: Buy, Hold or Take Profits?Strong customer engagement, merchandising gains, an expanding omnichannel ecosystem and higher-margin businesses are supporting continued earnings improvement. Management’s greater emphasis on value and ongoing investments in stores, digital capabilities and personalization further strengthen the company’s growth prospects. Positive earnings estimate revisions also reinforce confidence in the stock’s trajectory. Although TGT trades above its median value due to recent share price appreciation, it remains reasonable relative to the broader industry. Given this backdrop, existing investors may consider retaining their positions, while prospective investors can gradually build exposure to Target. Target currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

  Quebrada Salada emerges as a new epithermal-style target adjacent to IP chargeability responses; new D10 and D11 IP lines extend the San Juan target area; Cerro Blanco’s drill program is underway.

Calgary, Alberta – TheNewswire - September 17, 2026 – San Lorenzo Gold Corp. (“San Lorenzo” or the “Company”) (TSXV: SLG; OTC: SNLGF) is pleased to provide an exploration update from its 11,962-hectare Salvadora Project in Chile’s Atacama Region.

Recent work across Salvadora continues to advance existing discoveries while expanding the exploration pipeline. Highlights include:

Quebrada Salada: mapping and surface sampling outline an approximately 2 km gold-bearing structural corridor east of IP chargeability responses;  

San Juan IP footprint expanded: new D10 and D11 IP lines expand the geophysical picture beyond the current discovery drilling, while planning advances for systematic step-out drilling from D8 toward the broad D9 response;  

Geophysical compilation underway: San Lorenzo is progressing an integrated 3D compilation of approximately a decade of geophysical work across Salvadora to support drill planning and new target generation; and 

Cerro Blanco:the permitted drill program is underway. 

Quebrada Salada – New Gold-Bearing Structural Corridor

San Lorenzo completed reconnaissance prospecting, geological mapping and surface sampling at Quebrada Salada to evaluate a previously underexplored trend marked by historic workings and prospective structures. The work outlined an approximately two-kilometre-long, north- to northwest-trending structural corridor containing multiple subparallel felsic dykes and iron oxide-quartz vein zones (Figure 1). Reconnaissance sampling returned gold values up to 12.80 g/t Au, with anomalous gold identified at multiple locations along the mapped trend. The target is particularly compelling because the gold-bearing structures occur along the eastern margin of existing IP coverage, where several chargeability responses are present nearby, while portions of the mapped trend remain outside the current geophysical footprint. The relationship between the surface mineralization and these subsurface responses has not yet been tested.

This setting is consistent with the exploration approach that led San Lorenzo from surface workings and geochemistry along the Arco de Oro trend to IP-defined subsurface targets and ultimately the discovery at San Juan. The next step at Quebrada Salada is to extend the geological and geophysical coverage and determine whether the surface epithermal system forms part of a larger hydrothermal system at depth.

Click Image To View Full Size

  Figure 1: Quebrada Salada geological compilation and satellite image showing the approximately 2 km north- to northwest-trending structural corridor, mapped felsic dykes and iron oxide-quartz vein zones, together with reconnaissance sample locations and gold values.

Click Image To View Full Size

 Figure 2: Conceptual 3D view showing existing IP coverage and Cerro Blanco drilling to the northwest, with Quebrada Salada surface-sample locations to the east. The Quebrada Salada trend remains largely outside current IP coverage and represents an area for potential follow-up geophysical surveying.

  San Juan – Emerging IP Footprint

San Lorenzo has now incorporated recently completed IP lines D10 and D11 into its interpretation of the San Juan discovery area, building on the D8 and D9 surveys completed previously. San Juan was discovered by drilling a blind chargeability anomaly on IP line D8, where subsequent drilling intersected broad gold mineralization, including 102.3 metres grading 1.33 g/t Au and 52.6 metres grading 1.67 g/t Au in SAL-10-25, as well as 58.5 metres grading 1.07 g/t Au and a separate 60.3 metres grading 1.01 g/t Au in SAL-09-25. See the Company’s news releases dated May 8, 2026 and June 4, 2026 for additional information regarding these previously reported drill results.

The expanded dataset now shows sizeable chargeability responses across D8 through D11. IP line D9, approximately 500 metres from D8, contains a broad and prominent chargeability response, while D10 and D11 identify additional responses across the wider survey area. The relationship and potential continuity between these responses remain under evaluation, but the current interpretation indicates that the geophysical footprint at San Juan extends substantially beyond the area tested by drilling to date. The immediate exploration priority is to systematically step out from the D8 discovery toward D9 and test the substantial undrilled ground between the two lines. Planning for the next phase of drilling is underway and remains a high priority for the Company, with the D8–D11 dataset also being incorporated into ongoing 3D geophysical work to refine the geometry of the principal responses and guide drill targeting.

Click Image To View Full Size

  Figure 3: Conceptual 3D visualization of interpolated IP chargeability responses across lines D5–D11 at San Juan, showing the broader geophysical target area relative to discovery drilling at SAL-09-25 and SAL-10-25. Formal 3D geophysical modelling is in progress.

Integrated 3D Geophysical Compilation

San Lorenzo is progressing an integrated 3D compilation of approximately a decade of geophysical work across Salvadora, spanning roughly 18 km of the property. The program brings historic and recently completed IP datasets into a common framework to improve the Company’s understanding of the property-scale geophysical architecture, support drill planning, and assist with the generation and prioritization of new targets.

Cerro Blanco Update

The Cerro Blanco drill program is underway as part of the Company’s permitted 20-pad program. The program is designed to follow up previously reported broad zones of gold mineralization and further test the scale and continuity of the Cerro Blanco system within its broader alteration and geophysical footprint. Previous drilling at Cerro Blanco returned multiple broad gold intercepts, including 153.5 metres grading 1.04 g/t Au in SAL-01-24. See the Company’s news release dated March 3, 2025 for additional information regarding this previously reported drill result.

Management Commentary

Brandon Gaspar, CEO of San Lorenzo, commented: “What excites us most about Salvadora is how much opportunity still sits in front of us. San Juan has already demonstrated the value of using IP to identify blind mineralized systems, and Quebrada Salada is now emerging as another compelling target with approximately two kilometres of gold-bearing structures, historic workings and nearby chargeability responses that remain untested. As we continue to advance our known discoveries, we are building a pipeline of new exploration targets across Salvadora that we believe will help demonstrate the broader potential of the district. With large areas of the property still lightly explored, we believe there is substantial room for further discovery — and in many respects, we’re just getting started.”

Terence Walker, Vice President Exploration, commented: “We are very encouraged by what we are seeing at Quebrada Salada. The combination of gold-bearing structures, felsic dykes and nearby chargeability responses fits well with the exploration model we have been developing across Salvadora. San Juan demonstrated the value of using IP to identify blind targets, and the D9, D10 and D11 surveys are now giving us a much broader picture of the geophysical system surrounding that discovery. Quebrada Salada is at an earlier stage, but it has many of the geological features we look for and warrants systematic follow-up.”

Sampling and Analytical Procedures

A total of 27 rock and regolith samples were collected at Quebrada Salada during reconnaissance prospecting and geological mapping in June 2026. Samples were submitted to Andes Analytical Assay SpA (“AAA”) in Copiapó, Chile, an independent laboratory, for preparation and analysis. Gold was analyzed by fire assay with atomic absorption finish using method FA-AA-1E42, which uses a nominal 40-gram sample charge, with the actual charge adjusted by the laboratory where warranted by sample characteristics. Silver, copper and 31 additional elements were analyzed by ICP following aqua-regia digestion. AAA applied its standard internal quality-control procedures. The samples are selective in nature and are not necessarily representative of the overall grade or continuity of mineralization at Quebrada Salada.

Geophysical Survey Information

The San Juan IP data discussed in this release include the D5 through D11 chargeability datasets. Figure 3 is a conceptual 3D visualization generated from interpolation of the existing 2D IP sections data and does not represent a formal 3D inversion. Formal 3D geophysical modelling is in progress.

Data Verification and Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Terence Walker, Vice President Exploration of San Lorenzo and a “Qualified Person” as defined by National Instrument 43-101.

About San Lorenzo

San Lorenzo Gold Corp. is a Canadian mineral exploration company advancing its 100%-owned Salvadora Project in Chile’s Atacama Region, approximately 15 kilometres from Codelco’s El Salvador copper-gold mine. Salvadora hosts multiple gold and copper-gold discoveries and mineralized centres identified through drilling, geophysics and surface exploration across the property.

San Lorenzo is focused on expanding known mineralized systems, testing a growing pipeline of exploration targets and systematically defining the scale and potential of Salvadora’s broader mineralized systems.

For further information, please contact:

Brandon Gaspar                                                Al Kroontje

Email:        [email protected]                                         Email : [email protected]

  Terence Walker                                                        Acuity Advisory Group

Email: [email protected]                    Email: [email protected]

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

Cautionary Note Regarding Forward-Looking Information

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of San Lorenzo.  All statements included herein other than statements of historical fact are forward-looking information Such forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise them to reflect new events or circumstances.

Vancouver, British Columbia – TheNewswire - September 16, 2026 – Adamera Minerals Corp. (TSX-V: ADZ; OTC: DDNFF) (“Adamera” or the “Company”) announces it has completed three additional induced polarization (“IP”) lines at its Max Copper-Gold Target on its 100%-owned South Hedley Property in southern British Columbia. Every line completed to date has detected the chargeability anomaly. On line L2200 anomalous chargeabilities are present in the immediate vicinity of the highest copper and gold in soil values returned at Max to date, which include 1,450 ppm copper and 1.34 g/t gold.

The chargeability anomaly reaches 3 to 4 kilometres (km) in width along individual north-south survey lines and 1.6 km of strike, to date. The five completed lines, L3000, L2600, L2200, L1800 and L1400, are spaced 400 metres apart. The survey is being conducted along 5 km lines using a pole-dipole array at 100-metre dipole spacing.

The objective of the IP survey is to define the limits of the chargeability anomaly and the extent of the Max copper-gold target. Results from the fifth line, L1400, show chargeability weakening to the west, as predicted by the ground magnetic data and regional geology. Adamera interprets this as a possible western limit of the anomaly. The anomaly remains open to the east, and the survey will move east of L3000, starting with L3400.

The coincidence of chargeability and copper-gold in soil was first reported on the initial survey line and is now carried across much of the strike length defined to date. The coincidence is partial, as the soil sampling completed to date is not continuous. An additional 2,000 soil samples were collected during the 2026 program to provide more complete coverage along the IP survey lines. Results for the 2026 soil samples are pending.

“Identifying up to 1,450 ppm copper and 1.34 g/t gold in soil at the Max Target is the point at which we first recognized a possible significant copper-gold target on the property. The coincidence of anomalous chargeabilities with the geochemistry is strong evidence consistent with sulphide mineralization. The anomaly has grown in area with every line we have completed, and we have an estimated 3 km by 1.6 km anomaly with the eastern side currently unbound. This target has scale,” said Mark Kolebaba, President and CEO of Adamera.

    The Target Characteristics

Proven belt: The Max Copper-Gold Target lies within the Quesnel Trough, a porphyry copper-gold belt in southern British Columbia, and is located 18 km from the producing Copper Mountain mine and 18 km from the historic Nickel Plate gold mine near Hedley. 

Characteristic porphyry geochemical response: A 3 by 2 km copper±gold-in-soil anomaly at Max forms a distinctive horseshoe pattern, a geochemical signature consistent with mineralized porphyry systems. The copper anomaly remains open, and the 2026 soil sampling is intended to help determine its extent. 

A buried intrusive source: Recent ground magnetic surveying has defined a 3 by 3 km magnetic high coincident with the copper-gold soil anomaly, interpreted as a buried intrusive body with a modelled top at approximately 110 metres depth beneath the volcanic cover. Small outcrops of diorite-composition intrusive rocks carrying anomalous copper have been identified within the magnetic feature near zones of chargeability. 

Geophysical response at depth: The IP data indicate the chargeability response persists below 300 metres depth and appears to originate beneath the volcanic cover rather than within it. Coincident resistivity data show the anomaly is hosted in moderate-to-elevated resistivity rock rather than a low-resistivity conductor, a pattern consistent with disseminated sulphides in resistive host rock.
 

Next Steps

IP survey: shift the IP survey east of L3000, starting with line L3400, with additional lines as required to close off the anomaly eastward. New data from L2200, L1800 and L1400 will be submitted for inversion modelling. 

Soil geochemistry: processing of the 2,000 soil samples collected in 2026 along the IP survey lines and across the open margins of the copper-gold soil anomaly. Additional samples are planned on the north end of L2200 where the chargeability increased and remains open. 

Drilling: advance the pending drill permit application to test the IP chargeability anomaly and other resulting targets. 

The Company will provide further updates as data is received.

  South Hedley Project

South Hedley is a copper-gold property near Princeton, British Columbia, within the Quesnel Trough. With the Bromley claim applications announced on September 8, 2026, which added over 4,700 hectares and extended the property 12 km westward to the eastern claim boundary of Hudbay Minerals Inc.’s Copper Mountain mine claims, the property now covers over 24,000 hectares. Work to date has advanced two targets: the Max Copper-Gold Target, a covered porphyry target defined by coincident copper-gold soil geochemistry, magnetics and IP; and Glix, a gold skarn target defined by soil geochemistry, electromagnetic and magnetic survey data. Drill permit applications for both targets were submitted in February 2026 and remain pending.

Martin St. Pierre, P. Geo., a qualified person as defined by National Instrument 43-101 and a consultant to the Company, has reviewed and approved the technical content of this news release. Survey results reported herein are preliminary, several lines remain to be completed, and the dimensions reported are subject to revision on final data processing and inversion modelling. The Copper Mountain and Nickel Plate mines are located on properties adjacent to or near the South Hedley Property. Information regarding those properties is drawn from public sources and has not been independently verified by Adamera. Mineralization on those properties is not necessarily indicative of mineralization on the South Hedley Property.

  About Adamera

Adamera Minerals Corp. is targeting critical metals in the U.S. and copper-gold in southern British Columbia. In Washington State, the Company is advancing a tungsten portfolio intended to support a secure domestic supply for U.S. markets. In Canada, Adamera is exploring the South Hedley Copper-Gold Project and maintains additional gold projects in its portfolio.

  On behalf of the Board of Directors,

  Mark Kolebaba
President & CEO

  For additional information please contact:
Email: [email protected]
Website: www.Adamera.com

  Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development, including the risk that survey results reported here may change as the survey is completed. As a result, actual results may vary materially from those described in the forward-looking statements. 1450 ppm copper was determined using a portable XRF. 1.34 g/t gold was determined by fire assay at Activation Labs.

Disney's stock has barely moved in a year while Wall Street's consensus target sits 20% higher, and a string of earnings beats has done almost nothing to close that gap. The reason why reveals a deeper tension inside the company…

Disney (NYSE:DIS | DIS Price Prediction) was last seen trading at $107.24, against a Wall Street average price target of $128.34. That is a wide gap on a household-name stock, and it has held there for months.

Disney is a diversified media and experiences conglomerate: theme parks and cruise lines, film studios, ESPN and linear networks, and the Disney+ and Hulu streaming stack. The segments operate on very different timelines, which is exactly why a single multiple never quite fits and why analysts and the market keep disagreeing on what the whole thing is worth. With a market cap near $185.2 billion, this is a mega-cap that Wall Street collectively thinks is mispriced.

A Stock Going Sideways While Targets Sit 20% Higher Contrary to the usual price-drop-versus-target setup, Disney has drifted rather than sold off sharply. Shares are down 4.1% year to date and 7.3% lower over the past year, but they are actually up 3.1% over the past week. The share price is between a 52-week low of $92.18 and a high of $117.09, closer to the middle of that range than either extreme.

So the dislocation reflects a consensus target that has stayed elevated while the stock has done nothing. Fiscal Q3 was actually strong: revenue up 7%, total segment operating income up 21% year over year, and a fifth straight EPS beat at $2.06. Yet net income fell 49.9% year over year on prior-year one-time items, and that headline number, combined with softer Asia parks, an ESPN carriage dispute, and mixed theatrical results from Mandalorian & Grogu and live-action Moana, has kept enthusiasm capped.

Why the Analyst Wall Has Not Come Down The bull case that analysts are defending has three legs: streaming profitability, Experiences resilience, and cash return. Disney posted a 13% SVOD operating margin in fiscal Q3, with combined Disney+ and Hulu operating income more than doubling to $712 million. Management reiterated double-digit full-year SVOD margins and reaffirmed ~12% adjusted EPS growth for FY2026 ex-53rd week and double-digit growth again in FY2027.

Experiences is the other pillar. Global guest count grew 4%, domestic attendance grew 3%, and domestic per-capita spending rose 4%. The segment is now expected at the high end of high-single-digit operating income growth for the year. Layer on a raised $9 billion FY2026 buyback, the $1.2 billion A+E sale feeding repurchases, and the planned Disney+ ecosystem expansion in spring 2027, and the sell side has a clear runway to defend $128 targets.

Wall Street sentiment is very positive. Recent analyst activity has skewed toward reiterations rather than cuts. The near-unanimous bullish wall is telling, but a crowded long side has also historically capped upside surprise.

Disney Versus Streaming and Studio Peers The broader media group has not moved as one. Netflix (NASDAQ:NFLX) has been the standout performer among streaming-first names, trading closer to its highs on subscriber and margin momentum, though analyst upside there is generally about the same as Disney’s. Wall Street rates Netflix mostly Buy with some Holds, and recent revisions have been higher.

Warner Bros. Discovery (NASDAQ:WBD) is at the opposite end, with a more strained balance sheet and a rating mix that leans Hold. Analyst-implied upside there tends to be wider than Disney’s, but that reflects distress pricing rather than a clean growth story.

Comcast (NASDAQ:CMCSA) is the closest structural comparison. Parks, studio, and streaming under one roof, plus cable. It has traded weakly on broadband and linear concerns, and analyst posture there is a mixed Buy/Hold split.

Across this group, the largest implied percentage gaps between price and analyst targets typically appear at Warner Bros. Discovery and Comcast. Disney’s setup is the middle case: a healthier balance sheet and a cleaner growth algorithm than the cable-heavy peers, without Netflix’s momentum.

What the Live Data Shows As mentioned, Disney trades near $107, against the $128.34 consensus target. Trailing P/E is 22x, forward P/E is 14x, and FY2025 free cash flow was $10.08 billion.

The S&P 500 has traded higher year to date, so Disney has clearly underperformed the broader market. Our internal valuation model returns a base-case one-year price of $118.47, a bull case of $126.19, and a bear case of $107.63, with the model’s stated upside of 8.68% measured against a different reference price of $109.01 rather than the live quote.

The forward EPS of $7.47 is doing a lot of heavy lifting here, given that recent quarterly earnings growth was negative 48.3% year over year. That is the central tension: a bullish consensus target set against declining trailing earnings.

Disney’s Bull and Bear The bull case here rests on streaming margins continuing to expand into FY2027, Experiences delivering the high end of its guide, and the $9 billion buyback mechanically supporting EPS while Asia parks recover. The path back to $128 runs through the November 11 fiscal Q4 report, where a clean report plus double-digit FY2027 EPS guidance would let the Street defend targets confidently.

The bear case builds if ESPN’s carriage disputes and cord-cutting overwhelm the streaming gains, if theatrical stays choppy, or if consumers pull back on parks and cruises. A bullish target on a decline in trailing earnings is fragile, and a crowded long book means downside surprises punish quickly.

The verdict: At $108, the setup into November, the cash return, and the mid-range chart pattern suggest the risk/reward tilts toward the analyst target. Analyst targets are one data point among many, and this one needs the FY2027 guide to hold.

Contact [email protected] for any questions or corrections.

Val-d'Or, Quebec--(Newsfile Corp. - September 15, 2026) - Bonterra Resources Inc. (TSXV: BTR) (OTCQB: BONXF) (FSE: 9BR2) ("Bonterra" or the "Company") is pleased to present preliminary results of its 2026 exploration campaign at its 100% owned Desmaraisville South Project (the "Project"). To date, Bonterra has received assay results from 3,785 samples and 264 QA-QC samples from the 23 diamond drill holes completed. Bonterra drilled a total of 23 holes comprising 10,136 meters ("m"), with five holes abandoned totalling 125 m. Assay results have been received for 14 drill holes. There are five drill holes undergoing core cutting, while nine drill holes have either partial assay results or pending results. The drilling program started in January 2026 and, after a three-month pause, resumed in April and was completed in late August (see Figure 1). The objective of the program is to test deep targets on the eastern side of the O'Brien intrusive, which hosts the Bachelor and Moroy deposits and evaluate additional targets near the Bachelor Mill.

Cesar Gonzalez, Executive Chairman and Interim CEO commented: "Our 2026 drilling campaign at the 100%-owned Desmaraisville South Project has identified two exciting areas with strong potential for gold mineralization. These include a new target east of the O'Brien intrusive body, and an east-west corridor where drilling encountered strong alteration, abundant pyrite and visible gold. Importantly, we still have a significant amount of assay results pending, and data from our geophysical survey and structural mapping work. Bringing all of this information will provide an improved understanding of the mineralization controls, better refine our drill targets and guide the next phase of exploration at Desmaraisville South."

2026 Exploration Campaign Highlights to Date (see Table 1 and 2, Figures 1 to 4)

O'Brien East Deep Target - 4.75 g/t Au over 1.4 m. including 16.03 g/t Au over 0.4 m (visible gold or VG), in hole BRDS-26-114, and 0.71 g/t Au over 2.2 m, in hole BRDS-26-124ACéré-Murgor Target - 0.79 g/t Au over 8.2 m, including 1.33 g/t Au over 2.7 m and 4.05 g/t Au over 0.6 m (VG), in hole BRDS-26-128A , and 1.99 g/t Au over 0.7 m, in hole BRDS-26-128AMistik 13 Target - 1.03 g/t Au over 1.5 m, in hole BRDS-26-116A

Figure 1: Desmaraisville South Project - 2026 Diamond Drill Hole Locations

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Figure 2: Desmaraisville South Project - O'Brien East Deep Target Area Plan View - Assay Results

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O'Brien East Deep Target Highlights

4.75 g/t Au over 1.4 m. including 16.03 g/t Au over 0.4 m (VG), in hole BRDS-26-1140.71 g/t Au over 2.2 m, in hole BRDS-26-124AIn drill hole BRDS-26-114, located east of the O'Brien intrusion, the zone containing visible gold corresponds to a quartz veinlet with fluorite, grading 16.03 g/t Au. The host rock consists of the O'Brien intrusive. Very weak hematization, thin quartz-fluorite veinlets are ubiquitous throughout the drill hole (see core photograph below).

This type of mineralization could be similar to the stockwork located on the western side of the O'Brien intrusive and may be pervasive and contain high-grade values.

BRDS-26-114 à 261.5 m: 16.03 ppm Au

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Drill hole BRDS-26-124A, with a total length of 1,566 m, was designed to intersect a mineralized system along the eastern side of the O'Brien intrusive. The emplacement of the intrusive may have generated a fracture network, providing pathways for hydrothermal fluids to percolate through the host rocks, or may have intersected pre-existing mineralized structures. Three zones containing anomalous gold grades were intersected. These zones are characterized by quartz-hematite-sericite alteration with approximately 1 to 2% pyrite.

Figure 3: Desmaraisville South Project - Céré-Murgor Target Area - Assay Results

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Céré-Murgor Target Highlights

0.79 g/t Au over 8.2 m, including 1.33 g/t Au over 2.7 m and 4.05 g/t Au over 0.6 m (VG), in hole BRDS-26-128A1.99 g/t Au over 0.7 m, in hole BRDS-26-128AThe mineralized system is characterized by discordant quartz veinlets containing visible gold, as well as quartz veinlets parallel to the schistosity, hosted within strongly deformed and sericitized fine-grained sediments with disseminated pyrite. The drilling results indicate a favorable geological setting for extensive gold mineralization. This target area may be part of the Opiwaca-Guercheville deformation corridor.

BRDS-26-128 à 529.7 m

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Figure 4: Desmaraisville South Project - Mistik 13 Target Area Plan View - Assay Results

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Mistik 13 Target Highlights

1.03 g/t Au over 1.5 m, in hole BRDS-26-116AThe mineralized interval intersected in drill hole BRDS-26-116A occurs within a basalt cut by quartz-carbonate veinlets forming an anastomosing network and accounting for approximately 10% of the sample. Trace amounts of pyrite are present.

Other 2026 Exploration Activities

Bonterra completed a relogging and sampling program on 70 historic diamond drill holes in which altered and mineralized intervals had not previously been sampled. The Company has received 1,308 assay results, and several significant intercepts have yet to be incorporated into its database.

Laurentia Exploration ("Laurentia") based in Jonquière, Québec, has completed a metallogenic and structural study on the Desmaraisville South Property. Dr. Damien Gaboury, consultant for Laurentia, visited the site in late July to improve the understanding of the gold exploration potential.

Sander Geophysics ("Sander") based in Ottawa, Ontario, was commissioned to generate a 3D inversion model of the 2023 gravimetric data to model three-dimensional volumes that could correspond to late intrusions such as the O'Brien intrusion which hosts the Bachelor and Moroy deposits.

LithologIQ based in Montréal, Québec, has scanned 19 834 m of drill core using their hyperspectral core scanning technology. Historic and recent drill core from all gold mineralized environments at the Project have been scanned directly at the mine site. Identifying minerals associated with gold-bearing environments will allow for the rapid identification of new high-potential area during future drilling campaigns. Interpretation of the data collected and recommendations made by Laurentia, Sander and LithologIQ are being incorporated for future exploration work and better define drill targets.

Table 1: Drill Hole Locations - Desmaraisville South Project

Hole IDEasting NorthingElevation (m)Azimuth (°)Dip (°)Length (m)BRDS-26-1144178335483244342315-55.0390.0BRDS-26-128A4043705478105295300-50.0558BRDS-26-116A4172515486170315180-50.0290BRDS-26-124A4178505482575346360-65.01566UTM Coordinates, System: NAD83-UTM Z 18N

Table 2: Significant Mineralized Intersections from Drilling on the Desmaraisville South Project

Hole IDZonesFrom (m)To (m)Length (m)Grades
(g/t Au)Metal Factor
(Length x Grade)BRDS-26-114*O'Brien East Deep261.3262.71.44.756.7Including261.3261.70.416.036.4BRDS-26-128A*Céré-Murgor528.3536.58.20.796.5Including528.3531.02.71.333.6Including529.5530.10.64.052.43Including466.0466.70.71.901.33BRDS-26-116AMistik 1396.798.21,51.031.5BRDS-26-124AO'Brien East Deep1088.810912.20.711.51) Reported intervals represent drilled core lengths; true widths are not yet known.
2) Gold results obtained above 0.5 g/t Au with a Metal Factor above 1.
3) * Visible Gold (VG).

Quality Control and Reporting Protocols

The Desmaraisville South Project's drill core gold analyses were performed at the MSALABS and the AGAT Laboratories located in Val-d'Or, Québec. These external laboratories employ a rigorous QA-QC analysis program that meets industry standards. At the AGAT laboratory, the analyses are carried out by fire assay (A.A.) with atomic absorption finish and with gravimetric finish for assay above 10 g/t Au. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor the Laboratory's performance. Other core samples gold analysis was performed at MSALABS of Val d'Or, Québec. The samples were crushed to a particle size of 70% passing through a two-millimeter sieve, and then a 500-gram portion was taken for gold analysis by gamma ray (PhotonAssayTM). As per MSALABS' internal procedure, blank samples, and certified reference materials are systematically inserted into the analysis sequence. MSALABS operates several laboratories worldwide and holds ISO-17025 accreditation for numerous metal determination methods, including the photon assay method.

The Company's QA-QC program requires that at least 5 to 10% of the samples be analyzed by an independent laboratory. These verification samples are sent to ALS Minerals laboratory facility located in Val-d'Or, Québec.
The verification shows a high degree of correlation with the laboratory's results.

Qualified Person

M. Donald Trudel, P.Geo. (OGQ # 813), Director Geology for the Company, oversees all exploration activities on the Desmaraisville Property and has compiled and approved the information contained in this press release. Mr. Trudel is a qualified person as defined by National Instrument 43-101 on standards of disclosure for mineral projects.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Québec, Canada. The Company's assets include the Gladiator, Barry(1), Moroy, and Bachelor(2) gold deposits, which collectively hold 16.8 million tonnes ("Mt") at an average grade of 3.02 g/t Au for 1.63 million ounces ("Moz") of Measured & Indicated Mineral Resources, plus 15.6 Mt at 4.32 g/t Au for 2.17 Moz of Inferred Mineral Resources.

In November 2023, the Company entered into an earn-in and joint venture agreement with Osisko Mining Inc. ("Osisko Mining") for the Urban-Barry properties (the "JV Agreement"), which include the Gladiator and Barry deposits. In October 2024, Gold Fields Ltd, through a wholly owned Canadian subsidiary, completed the acquisition of Osisko Mining for C$2.16 billion. Gold Fields is now the counterparty to the JV Agreement and can continue to earn a 70% interest in the joint venture by incurring C$30 million in work expenditures on or before November 2026 (including expenditures incurred by Osisko Mining prior to October 2024). This strategic transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant step towards development.

1) See news release of the Company dated February 23, 2026, and titled "Bonterra Reports Significant Mineral Resources Growth at Barry and Gladiator Deposits" for further details.
2) See news release of the Company dated April 1st, 2026, and titled "Bonterra Reports Significant Mineral Resource Growth at Bachelor and Moroy, 100% owned Deposits and Provides Corporate Updates" for further details.

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

Caution regarding forward-looking statements

This news release contains forward-looking statements within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward-looking and are often identified by words such as "may", "will", "plan", "expect", "anticipate", "estimate", and "intend". Forward-looking statements in this release include, without limitation, statements regarding, the 2026 exploration program at the Desmaraisville South project and at the Phoenix JV, including planned drilling activities, deep-drilling objectives at the Barry deposit, proposed camp upgrades, and Gold Fields' ability to complete the remaining earn-in expenditures under the JV Agreement.

These statements are based on assumptions considered reasonable by management, including assumptions regarding exploration plans, budgets, schedules, regulatory approvals, and the continued advancement of work by Gold Fields. However, forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. Such risks include, but are not limited to, changes to exploration plans, results that differ from expectations, operational or permitting challenges, the ability of the parties to complete the Joint Venture, the timing and completion of earn-in expenditures, the speculative nature of mineral exploration, commodity price fluctuations, and the availability of financing. Additional information regarding risks can be found in the Company's filings at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statement except as required by applicable securities laws. All forward-looking statements in this release are expressly qualified by this cautionary statement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314277

Source: Bonterra Resources Inc.

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Key Takeaways Target stores fulfilled 97.6% of merchandise sales, underscoring their role in omnichannel execution.Comparable digital sales rose 8.7%, while same-day delivery grew more than 25% in the quarter.Target opened 17 stores in Q2, reached 24 first-half openings and advanced more than 100 remodels. Target Corporation’s (TGT - Free Report) second-quarter fiscal 2026 results highlight how its stores have evolved beyond traditional retail locations to become the core of its omnichannel fulfillment network. Target stores served as fulfillment hubs for 97.6% of merchandise sales, far exceeding the 80.4% of merchandise sales that originated in stores. This store-centric model integrates physical retail spaces with digital fulfillment capabilities, bringing inventory closer to consumers and enabling faster, more reliable and cost-effective delivery.

Digitally originated sales represented 19.6% of merchandise sales in the quarter, up from 18.9% a year ago, while comparable digital sales rose 8.7%. Same-day delivery grew more than 25%, underscoring stores' expanding role in supporting online convenience. Target fulfilled nearly 30% more same-day and next-day units than in the prior-year period. Digital options such as Same-Day Delivery, Order Pickup and Drive Up rely heavily on local store infrastructure to process transactions efficiently.

To reinforce this operational framework, Target expanded its physical footprint by opening 17 new stores in the second quarter, bringing the total to 24 new locations in the first half of fiscal 2026 and advancing more than 100 store remodels.

By using local stores as primary fulfillment hubs rather than relying solely on standalone distribution centers, Target optimizes supply-chain proximity and handles increasing digital transaction volumes. As omnichannel scale deepens, integrating store-level inventory and delivery execution remains fundamental to meeting guest demand across touchpoints.

How Does Target Stack Up Against Its Industry?Target, which competes with Dollar General Corporation (DG - Free Report) and Costco Wholesale Corporation (COST - Free Report) , has seen its shares rally 17% over the past three months against the industry’s 8.8% decline. While shares of Dollar General have risen 7%, those of Costco have fallen 7.6% in the aforementioned period.
 

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What Does Target’s Current Valuation Suggest?From a valuation standpoint, Target's forward 12-month price-to-earnings ratio stands at 15.96, lower than the industry’s 27.02. However, the stock is trading above its 12-month median level of 14.76.

Target is trading at a discount to Costco (forward 12-month P/E of 40.11) but at a premium to Dollar General (15.58).

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What Do Earnings Estimates Signal for Target?The Zacks Consensus Estimate for Target’s earnings per share for the current and next fiscal year has increased by $2.01 and 41 cents to $10.43 and $9.36, respectively, over the past 30 days.
 

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Target currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Vancouver, British Columbia--(Newsfile Corp. - September 14, 2026) - Capitan Silver Corp. (TSXV: CAPT) (OTCQX: CAPTF) ("Capitan" or "the Company") is pleased to report additional results from its 60,000-metre drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from thirty-five (35) drill holes.

Highlights:

Capitan's Jesus Maria Silver Trend Expands Drilled Strike Length to 2.8 km: Drilling continues to expand silver mineralization both at depth and on strike along the continuous 2.8 km Jesus Maria Silver Trend, with the Company returning multiple high-grade intercepts from all three target areas (See Figure 1)

Two (2) New High-Grade Silver Zones Discovered at Depth, East of the Peñoles Fault: Drill holes 26-ERRC-63 and 26-SRRC-32 represent two (2) of the widest and highest-grade intervals reported in this target area; both zones remain open along strike and at depth (see Figure 1, Target B)

Drill highlights include:

848.0 g/t AgEq over 1.5 m, within a wider interval of 29.0 m of 181.4 g/t AgEq, as well as a lower zone which returned 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq in drill hole26-ERRC-63

Drill hole 26-ERRC-63 intersected a 70 m wide zone of mineralization (see Figure 2)

889.9 g/t AgEq over 1.5 m, within a wider interval of 27.4 m of 142.4 g/t AgEq and a lower zone of 12.2 m of 63.6 g/t AgEq in drill hole 26-SRRC-32

Drill hole 26-SRRC-32 intersected six (6) silver mineralized zones (see Figure 3)

1,363.1 g/t AgEq over 1.1 m, within a wider interval of 3.1 m of 731.3 g/t AgEq in an upper zone, with the middle zone returning 389.7 g/t AgEq over 1.6 m and 288.6 g/t AgEq over 1.3 m, within a wider interval of 11.6 m of 173.5 g/t AgEq and a lower zone of 198.8 g/t AgEq over 1 m, within 6.3 m of 82.6 g/t AgEq in drill hole 26-JMDD-09

1,123.6 g/t AgEq over 1.0 m and 597.2 g/t AgEq over 1.1 m, within a wider interval of 6.0 m of 125.3 g/t AgEq and a third mineralized zone which intersected 143.9 g/t AgEq over 1.8 m, within a wider interval 25.4 m of 42.8 g/t AgEq in drill hole 26-ERDD-14 

368.9 g/t AgEq over 4.3 m, within a wider interval of 18.1 m of 159.2 g/t AgEq in drill hole 26-JMDD-06 

798.7 g/t AgEq over 1.0 m, within a wider interval of 11.1 m of 192 g/t AgEq in drill hole 26-JMDD-08  

756.6 g/t AgEq over 2.0 m, within a wider interval of 5.3 m of 316.8 g/t AgEq in drill hole 26-ERDD-13 

632.2 g/t AgEq over 1.5 m, within a wider interval of 5.3 m of 313.7 g/t AgEq in drill hole 26-JMDD-04 

648.2 g/t AgEq over 1.1 m, within a wider interval of 6.4 m of 203.1 g/t AgEq in drill hole 26-ERDD-18

Upcoming Catalysts:

Assays pending for 78 drill holes in multiple priority targets: 31 core, 47 reverse circulation ("RC") holes, with more arriving weekly (see new target drill plan map in Figure 7) 

Acquiring new structural data: Pilot Televiewer Survey has commenced

Alberto Orozco, CEO of Capitan Silver, commented:

"I'm very pleased with the results from our 2026 drill program. The footprint of the Cruz de Plata continues to expand and confirms our thesis that we have a large, silver-rich mineralized system. Our most recent batch of assay results have returned an abundance of high-grade silver intercepts, which not only expand known mineralization to 2.8 km along the Jesus Maria Silver Trend, but also expand the mineralized envelope deeper. Most significant - and encouraging - is the fact that these results have also encountered high-grade mineralization in all three of our major target areas, which reinforces our confidence in the robustness and large-scale potential of this asset."

Figure 1: Cruz de Plata Plan Map

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Discussion of 2026 Drill Program and Results

The 2026 drill program at the Cruz de Plata project is fully ramped up, with four (4) drill rigs currently operating at site. Drilling through the late spring and summer focused on extending known zones of high-grade silver mineralization at depth over the entire strike length of the Jesus Maria Silver Trend (see Figure 1, Targets A, B, and C). This phase of drilling was executed primarily with diamond drilling, with some supporting RC holes. Down-dip step-outs varied between 35 to 150 m.

The remainder of the 60,000 m program for this area is focused on drilling the strike length of the Jesus Maria Silver Trend to a depth of 500 m vertically from surface with down-dip step outs increasing to 80 to 175 m with diamond drilling. The RC rig is now fully dedicated to drilling newly-permitted targets and has moved from a single to a double shift to increase the drill rate for the remainder of the program.

Drill Results: Target Area B

Recent drilling at Target Area B has resulted in the discovery of two (2) new high-grade zones of silver mineralization at depth, with grades approaching bonanza levels starting to appear in drilling.

Drill highlights from Target Area B include:

Drill hole 26-ERRC-63 intersected a 70 m wide zone of mineralization (see Figure 2), that includes a number of reported mineralized intervals:

848.0 g/t AgEq over 1.5 m, within a wider interval of 29. 0 m of 181.4 g/t AgEq, as well as a lower zone which returned 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq

Drill hole 26-SRRC-32 intersected six (6) separate silver mineralized zones (see Figure 3). This includes:

889.9 g/t AgEq over 1.5 m, within a wider interval of 27.4 m of 142.4 g/t AgEq and a lower zone of 12.2 m of 63.6 g/t AgEq

Drill hole 26-ERRC-63 was drilled proximal to the hanging wall of the Peñoles Fault, which has demonstrated to be a controlling structure for mineralization on the stratigraphically higher west side of the fault (see previously reported drill holes 25-ERRC-12, 26, 35, 37).

This drill hole returned one of the most significant intersections of silver equivalent mineralization to date along this portion of the Jesus Maria Silver Trend, returning multiple intervals including an upper zone which returned 410.7 g/t AgEq over 1.5 m within a wider zone of 3.0 m of 327.4 g/t AgEq, 848 g/t AgEq over 1.5m, within a wider zone of 6.1 m of 429.6 g/t AgEq, all within a wider interval of 29 m of 181.4 g/t AgEq. The lower zone contained 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq. This new high-grade zone remains open to expansion down-dip to the south and along strike to the east, with follow-up drilling currently being coordinated.

Figure 2: Cross-section of drill hole 26-ERRC-63

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Drill hole 26-SRRC-32 intersected the second high-grade zone of silver mineralization in Target B in the vicinity of the historic San Rafael Mine. The hole returned six zones of mineralization (see Figure 3), of which the most significant was a lower zone (labeled as 6 in Figure 3), which contains 889.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 707 g/t AgEq, 107.7 g/t AgEq over 3.0 m and 197.1 g/t AgEq over 3.0 m, all within a wider interval of 27.4 m of 142.4 g/t AgEq.

Figure 3: Cross-section of drill hole 26-SRRC-32

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These results confirm the Company's current working geological thesis that this portion of the Jesus Maria Silver Trend has been dropped down several hundred metres by the Peñoles Fault, preserving the upper portions of the vertically zoned hydrothermal system, which is generally more gold dominated, and characterized by more widespread silica alteration and boiling textures in the higher, near surface portions. As exploration has continued to expand mineralization to depth, a transition to high-grade silver mineralization has started to evolve, with mineralization wide open to expansion at depth over this portion of the trend.

Drill Results: Target Area C

Drilling at Target Area C continued to return encouraging results, with drilling focused on extending mineralization down-dip from known high-grade zones in the vicinity of the historic Jesus Maria Mine.

Drill holes 26-JMDD-04, 06, 07, 08, 09 and 10 all returned significant intervals of silver mineralization, with all holes reporting values more than 300 g/t AgEq, with bonanza grades greater than 1,000 g/t AgEq returned in drill hole 26-JMDD-09 (see Table 1 and Figure 4). All drill holes extended mineralization between 35 and 150 m down-dip from previously reported intersections.

Drill highlights from Target Area C include:

1,363.1 g/t AgEq over 1.1 m, within a wider interval of 3.1 m of 731.3 g/t AgEq in an upper zone, with the middle zone returning 389.7 g/t AgEq over 1.6 m and 288.6 g/t AgEq over 1.3 m, within a wider interval of 11.6 m of 173.5 g/t AgEq and a lower zone of 198.8 g/t AgEq over 1 m, within 6.3 m of 82.6 g/t AgEq in drill hole 26-JMDD-09

798.7 g/t AgEq over 1.0 m, within a wider interval of 11.1 m of 192 g/t AgEq in drill hole 26-JMDD-08

632.2 g/t AgEq over 1.5m, within a wider interval of 5.3 m of 313.7 g/t AgEq in drill hole 26-JMDD-04

368.9 g/t AgEq over 4.3 m, within a wider interval of 18.1 m of 159.3 g/t AgEq in drill hole 26-JMDD-06

Figure 4: Cross-section of drill hole 26-JMDD-09

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Drill Results: Target Area A

At Target Area A, diamond core drilling continued to expand the main Jesus Maria Vein down-dip from the historic El Refugio Mine. The primary goal of this drilling is to extend previously reported high-grade silver mineralization to depth, with the secondary goal of exploring/infilling areas with poor drill density in the vicinity of the Target C and Target A boundary.

The best intercept in this zone was in drill hole 26-ERDD-14, which intersected up to 1,123.6 g/t AgEq over 1.0 m. Five of the holes returned grades in excess of 500 g/t AgEq, with the majority of the holes intersecting values in excess of 200 g/t AgEq.

Drill highlights from Target Area A include:

1,123.6 g/t AgEq over 1.0 m and 597.2 g/t AgEq over 1.1 m, within a wider interval of 6.0 m of 125.3 g/t AgEq and a third mineralized zone which intersected 143.9 g/t AgEq over 1.8 m, within a wider interval 25.4 m of 42.8 g/t AgEq in drill hole 26-ERDD-14

648.2 g/t AgEq over 1.1 m, within a wider interval of 6.4 m of 203.1 g/t AgEq in drill hole 26-ERDD-18

756.6 g/t AgEq over 2.0 m, within a wider interval of 5.3 m of 316.8 g/t AgEq in drill hole 26-ERDD-13

643.1 g/t AgEq over 0.9 m in drill hole 26-ERDD-23

538.7 g/t AgEq over 1.7 m, within a wider interval of 5.2 m of 285.2 g/t AgEq in drill hole 26-ERDD-27

305.5 g/t AgEq over 1.3 m, within a wider interval of 25.6 m of 85.0 g/t AgEq in drill hole 26-ERDD-29

Drilling at Target area A continues to extend mineralization at depth with base metal tenors continuing to increase as drilling targets deeper and higher temperature portions of the mineralized system. The Company anticipates base metals tenors to continue to increase at depth, similar to what is seen to the west at the Jesus Maria Mine area.

Figure 5: Cross-section of drill hole 26-ERDD-18

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Figure 6: Long-Section of Jesus Maria Silver Trend

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Figure 7: Cruz de Plata Plan Map with New Target Drilling

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Table 1: Drill Results

Hole IDFrom
(m)To
(m)Interval 
(m)Ag Eq Rec 
(g/t)Ag
(ppm)Au
(ppm)Pb
(%)Zn
(%)26-ERDD-11 / TARGET AInterval34.936.31.428.1012.000.2400.0010.009Interval41.743.72.030.0628.000.0460.0040.013Interval97.999.01.131.5421.000.1630.0060.012Interval106.8107.91.145.0938.000.1280.0060.012Interval181.1182.51.4110.55100.000.2180.0240.025Interval216.9234.317.495.8468.740.0740.2160.589including222.4225.22.8153.0973.000.0960.7251.690including226.7230.74.0141.72126.500.0630.1070.456including233.2234.31.1197.78192.000.1110.1090.194Interval239.7240.91.240.7932.000.1470.0090.010Interval249.4251.42.031.6316.000.0500.0390.354Interval310.9312.92.033.7715.000.0030.0510.531Interval335.9336.91.045.9121.000.0370.2540.48526-ERDD-12 / TARGET AInterval64.466.52.135.6123.430.1840.0030.024Interval95.996.91.033.586.000.4000.0020.011Interval201.7224.622.991.8171.290.2020.1660.183including203.7204.71.0118.4070.000.3020.6940.363including209.5212.83.3222.00201.940.2860.2050.198including221.0224.63.6135.07114.720.2310.1620.20026-ERDD-13 / TARGET AInterval97.498.41.038.8117.000.3260.0040.009Interval120.0125.35.3316.82316.940.2010.0490.109including122.0124.02.0756.57781.000.2160.1030.137Interval200.2204.84.6128.18130.960.0350.0540.034including201.8202.81.0302.20314.000.0390.1120.036Interval226.0236.310.354.7231.580.1320.1510.344including228.0229.01.0146.1983.000.1680.3801.350Interval255.0261.46.435.3814.880.0570.1820.36426-ERDD-14 / TARGET Ainterval72.976.03.142.7116.970.3800.0050.015interval82.083.41.427.8911.000.2500.0020.008interval131.0137.06.0125.26126.200.0810.0090.023including135.9137.01.1597.17627.000.0710.0350.056interval141.0143.02.087.4687.000.0620.0160.029interval190.7192.72.0153.05159.000.0300.0350.016interval200.6201.61.01,123.631,172.000.0790.2750.258interval222.0247.425.442.8133.500.0650.0410.167including245.6247.41.8143.86148.000.0270.0350.056interval292.9300.17.243.6429.310.0040.2790.23526-ERDD-15 / TARGET Ainterval20.421.61.253.3936.000.2750.0100.011interval41.442.41.025.2218.000.1150.0020.008interval46.250.03.881.8550.740.4860.0100.020including46.248.22.0130.9882.000.7700.0100.019interval57.059.02.038.1338.000.0230.0040.021interval130.0131.71.728.8229.000.0140.0050.014interval136.0137.71.729.8120.000.1410.0180.023interval146.5161.114.654.0623.100.0630.1930.664including150.0152.02.0114.3749.000.0780.5331.410including153.5154.71.2172.7457.000.0340.5492.980interval173.0175.02.064.2046.000.1690.1780.127interval231.4233.92.540.1234.480.0420.0690.01626-ERDD-16 / TARGET AInterval46.848.21.490.3569.000.3420.0160.045Interval88.289.31.1107.36110.000.0380.0110.031Interval111.0112.41.441.9340.000.0620.0020.000Interval120.0123.53.5191.06175.710.3260.0260.081including120.0122.02.0310.47297.000.3720.0440.131Interval145.3146.51.2328.43337.000.0560.1190.131Interval186.6200.313.768.1746.690.1480.1190.316including192.6195.93.3118.6296.030.2480.1270.228including198.6200.31.7119.9458.000.0770.4571.390Interval205.1213.78.6230.42227.790.1330.1290.104including206.1208.01.9416.72424.000.1330.1570.136including210.0212.22.2382.08370.180.2830.2900.19226-ERDD-17 / TARGET AInterval161.0162.31.358.6652.000.1190.0060.042Interval248.0252.54.668.9159.650.1630.0120.037including249.0250.01.0109.5993.000.2730.0220.081including251.0252.51.5100.6596.000.1410.0090.013Interval322.3323.31.035.8515.000.0730.0490.452Interval328.2330.22.054.8830.500.1600.1240.344Interval339.8342.32.527.2013.600.0240.0730.316Interval482.5483.51.0125.06120.000.0100.1280.23526-ERDD-18 / TARGET AInterval219.4220.61.249.7448.000.0530.0110.020Interval257.7264.06.4203.05210.390.0240.0630.053including257.7258.71.1648.16680.000.0190.1600.093including261.2262.71.5357.66374.000.0090.0940.084Interval279.5280.51.0104.42101.000.0340.0970.130Interval295.1301.26.153.6635.510.0480.1400.383Interval323.6326.52.942.2741.000.0300.0200.033Interval359.4360.91.5167.02174.000.0140.0310.048Interval369.1370.21.1236.97215.000.0160.2790.76226-ERDD-20 / TARGET AInterval13.815.01.326.8219.000.1220.0000.016Interval273.5274.51.025.1024.000.0250.0080.018Interval283.2289.76.625.2618.470.0330.0420.131Interval294.6296.21.628.2527.000.0340.0050.012Interval316.0317.31.380.7581.000.0550.0070.01926-ERDD-21 / TARGET AInterval143.1144.31.276.6145.000.4940.0030.007Interval165.9167.01.129.4426.000.0670.0050.008Interval175.8179.03.2152.02135.310.1880.0250.330including178.0179.01.0371.39332.000.3660.0650.949Interval243.0244.31.351.9552.000.0270.0180.021Interval264.1266.42.397.3864.570.3130.1830.294including264.1265.31.2139.5199.000.4150.2580.313Interval278.7281.93.255.9441.090.1760.0900.079Interval285.4287.31.951.1847.000.0750.0160.04126-ERDD-22 / TARGET AInterval97.098.01.063.2719.000.6540.0050.008Interval107.7108.30.645.7716.000.4410.0070.006Interval164.5166.52.062.6432.000.4280.0120.081Interval178.3181.53.244.2941.190.0690.0080.018Interval300.0306.96.934.1620.670.0500.0880.259Interval348.2348.70.5182.33134.000.0090.3741.33026-ERDD-23 / TARGET AInterval42.843.20.582.7944.000.5930.0060.014Interval84.885.10.3198.494.002.8100.0020.039Interval180.6183.32.841.7328.220.0160.1340.304Interval188.4204.416.167.8654.790.0470.1330.277including194.8200.05.2118.20109.440.0180.0840.346Interval213.6214.00.485.7421.000.3011.1500.383Interval217.1218.31.232.3519.000.1270.1670.031Interval234.8235.70.9643.06259.000.2817.4335.046Interval299.4301.01.656.2118.270.0180.6230.59626-ERDD-24 / TARGET AInterval217.6220.73.190.7938.360.1030.3641.099including219.1220.71.6135.9160.000.0800.4781.780Interval224.4227.53.157.6623.230.0940.5260.429Interval239.1242.43.351.9223.450.0190.1330.72926-ERDD-25 / TARGET AInterval184.7185.71.040.1431.000.1570.0020.005Interval208.0209.81.841.6131.000.1740.0040.011Interval283.6288.75.199.9954.840.0660.1811.140including284.8287.62.8148.7077.550.0840.2001.893Interval305.3316.911.670.2558.690.0640.1350.202including312.5314.11.6186.77168.000.0940.5380.214including315.6316.91.3113.9195.000.0910.2230.356Interval333.2334.31.137.0914.000.0150.1710.53226-ERDD-27 / TARGET AInterval52.053.01.087.6980.000.1660.0140.020Interval257.4262.14.839.6227.780.0350.0580.278Interval289.5294.75.2285.17161.050.3121.7761.836including290.2291.81.7538.73333.000.4353.2303.090Interval303.0304.01.026.7119.000.0430.0800.10726-ERDD-28 / TARGET AInterval37.838.60.829.226.000.3390.0020.006Interval69.570.71.225.076.000.2750.0010.015Interval189.7194.85.178.4366.330.2110.0150.033including191.1192.41.3202.19197.000.1940.0450.070Interval207.8209.21.386.7786.000.0760.0090.013Interval286.7290.23.4100.5190.350.1030.1200.150Interval294.4300.25.838.4419.950.1570.1020.178Interval315.0317.92.992.0545.950.1070.2621.003including316.0317.00.9177.9897.000.1840.4951.770Interval326.9330.03.153.5525.530.0690.2000.56326-ERDD-29 / TARGET AInterval202.9228.525.685.0450.590.0530.3860.676including206.8208.82.0105.7068.000.0770.5220.641including216.0220.74.7260.06167.510.0681.4201.708and including217.9219.11.3305.53254.000.0401.9100.307including223.6225.01.4108.2283.000.0970.1150.59626-ERRC-59 / TARGET BInterval7.612.24.640.5441.330.0160.0030.015Interval39.641.11.525.3424.000.0340.0020.011Interval57.959.41.529.6215.000.2170.0020.016Interval123.4129.56.142.8528.750.2240.0030.011Interval153.9161.57.6104.38100.200.1350.0120.017including153.9157.03.0226.27228.000.1530.0260.022Interval167.6176.89.140.5929.670.1630.0070.038including167.6169.21.5118.04113.000.1250.0130.084Interval193.5202.79.133.9123.830.1460.0100.035Interval240.8245.44.626.3624.000.0450.0030.01726-ERRC-60 / TARGET BInterval22.924.41.594.0195.000.0500.0020.036Interval108.2109.71.550.7448.000.0610.0050.038Interval137.2138.71.529.2229.000.0230.0030.009Interval147.8149.41.534.5027.000.1290.0020.005Interval163.1166.13.034.7420.500.1710.0110.100Interval214.9217.93.038.1729.000.1380.0070.037Interval274.3277.43.044.1739.500.0580.0270.06726-ERRC-61 / TARGET BInterval7.69.11.528.9529.000.0100.0040.027Interval12.213.71.534.3833.000.0340.0020.028Interval36.638.11.542.9645.000.0030.0050.010Interval57.959.41.596.1099.000.0380.0030.010Interval118.9132.613.797.7494.560.1020.0150.043including121.9131.19.1125.62123.670.1030.0200.052Interval164.6166.11.538.3330.000.1400.0040.012Interval169.2170.71.527.7924.000.0700.0020.011Interval178.3182.94.638.4938.000.0280.0070.018Interval198.1199.61.535.3824.000.1410.0200.07526-ERRC-62 / TARGET BInterval50.353.33.074.5774.000.0580.0030.029including50.351.81.5122.11123.000.0770.0040.032Interval57.962.54.625.7618.670.1120.0020.013Interval106.7111.34.6101.99100.330.1010.0080.016including108.2109.71.5180.72182.000.1250.0140.019Interval125.0126.51.529.7022.000.1170.0070.023Interval140.2141.71.532.5429.000.0660.0070.016Interval146.3147.81.563.1064.000.0310.0080.017Interval158.5167.69.134.9428.170.1090.0050.025Interval196.6199.63.064.4756.000.1270.0160.078Interval251.5254.53.064.8058.000.1400.0040.01726-ERRC-63 / TARGET BInterval141.7170.729.0181.42170.210.2930.0130.026including141.7144.83.0178.38184.500.0490.0310.021including146.3149.43.0327.37295.500.6940.0150.042and including147.8149.41.5410.67372.000.8610.0160.039including158.5164.66.1429.61424.750.4120.0270.035and including161.5163.11.5847.97869.000.4100.0430.050including166.1167.61.5206.32153.000.8970.0050.019Interval179.8193.513.7100.3997.110.1170.0120.020including189.0192.03.0340.46344.500.2040.0410.043and including190.5192.01.5429.88433.000.2760.0630.062Interval201.2208.87.625.1821.600.0640.0030.01226-ERRC-68 / TARGET BInterval30.545.715.243.1933.700.1550.0060.019Interval51.853.31.541.4432.000.1540.0080.016Interval54.956.41.525.2323.000.0410.0080.01726-JMDD-04 / TARGET Cinterval45.046.91.940.8032.000.1430.0130.015interval103.8104.91.188.1464.000.3410.1240.031interval110.0111.61.641.1229.000.1080.0130.178interval175.0176.01.030.3521.000.0280.0970.176interval183.7189.05.3313.74161.890.2201.8692.762including185.7189.03.3470.90246.360.3492.7334.073and including185.7187.21.5632.16278.000.5715.1705.480interval205.0206.01.039.2314.000.3150.0330.10226-JMDD-05 / TARGET Cinterval65.667.21.644.3322.000.2130.0780.200interval79.080.01.034.5234.000.0030.0390.038interval91.693.21.627.1118.000.1380.0020.019interval95.997.01.137.2126.000.1500.0220.054interval100.5102.52.056.8443.500.1930.0190.062interval138.9151.612.786.1526.550.2710.4710.862including144.0146.02.0149.1642.000.2510.6752.160interval183.0184.01.026.097.000.0760.2350.225interval204.0205.01.0124.1515.000.6140.0871.92026-JMDD-06 / TARGET Cinterval96.598.01.595.9758.000.3980.1430.295interval115.1116.71.677.3870.000.1270.0310.058interval169.8172.52.7276.15235.040.7380.0370.100including169.8170.81.0692.16621.001.4500.0860.183interval176.1182.66.583.0318.780.9140.0220.056including176.1177.11.0237.1622.003.1100.0440.037including179.6181.41.8112.0931.001.1500.0290.089interval215.2233.318.1159.2849.750.6601.4610.768including222.6226.84.3368.89114.201.6743.5471.377including228.3230.11.8360.1193.001.3504.4201.640including231.3233.32.0130.9847.000.3160.9001.17026-JMDD-07 / TARGET CInterval6.68.01.426.869.000.2400.0010.055Interval66.067.41.4352.17351.000.2850.0300.052Interval93.795.51.832.8227.000.0990.0020.017Interval97.999.31.337.4024.000.1900.0150.040Interval131.0132.01.026.4118.000.1260.0110.015interval229.3235.96.536.3818.240.1130.0910.262interval241.3250.99.6172.54124.590.2840.4910.650including241.3243.92.5246.88112.410.5751.5341.722including246.2247.91.8119.43107.000.0770.0950.320including249.9250.91.1614.52580.000.5830.2710.635interval285.5291.05.637.082.640.4810.0210.02726-JMDD-08 / TARGET CInterval18.819.81.1126.701.001.8200.0010.015Interval69.370.81.599.9899.000.0920.0050.013Interval262.4267.75.350.5244.170.0580.0650.094including262.4263.51.1109.74113.000.0310.0210.023Interval274.8285.911.1191.9798.340.1331.1901.674including274.8275.81.0171.78106.000.3810.6610.805including276.8281.44.6365.01173.370.1282.5333.590and including280.4281.41.0798.65407.000.2234.5907.990including284.9285.91.0104.5282.000.2510.1410.18226-JMDD-09 / TARGET CInterval133.7135.01.376.7662.000.1590.0730.161Interval180.2181.81.627.958.000.1810.1150.139Interval229.9233.03.1731.25702.390.5060.6760.506including229.9231.01.11,363.141,324.001.0400.8820.655Interval250.6262.211.6173.52105.660.1450.8071.221including252.7254.01.3288.55145.000.1720.8433.430including259.4261.01.6389.71205.000.3372.5203.030including261.0262.21.1282.59220.000.0842.0400.376Interval266.5272.86.382.6322.430.0330.4191.397including266.5267.51.0198.8128.000.0420.1974.820including268.5269.61.1189.2177.000.0362.0501.670Interval277.0281.14.244.2918.000.0330.1480.615including277.0278.11.2113.3938.000.0140.4171.91026-JMDD-10 / TARGET CInterval93.094.41.356.2235.000.3280.0060.017Interval244.0245.41.428.287.000.0410.0460.517Interval292.3293.31.026.474.000.0070.4170.310Interval296.5299.02.5177.3490.600.0301.5981.331including297.7299.01.3315.68165.000.0512.9302.200Interval302.0303.01.095.7947.000.0250.9980.644Interval326.6327.91.332.574.000.0150.0160.803Interval460.9462.92.035.0827.000.0130.0650.205Interval474.6475.71.127.8418.000.0030.0770.25326-SRRC-28 / TARGET BInterval21.322.91.539.8140.000.0160.0090.025Interval53.356.43.046.7418.000.4250.0010.017Interval120.4121.91.544.5543.000.0550.0020.009Interval132.6134.11.548.9526.000.3440.0050.021Interval137.2144.87.679.6372.800.1530.0030.017including143.3144.81.5334.36331.000.3200.0120.026Interval185.9199.613.764.5458.560.1250.0060.023including193.5195.11.5194.03200.000.0710.0090.027Interval204.2205.71.541.8741.000.0420.0030.011Interval213.4217.94.642.2538.000.0480.0230.075Interval260.6262.11.536.0829.000.1210.0030.012Interval266.7268.21.532.8531.000.0450.0060.013Interval274.3275.81.536.8927.000.1150.0250.08526-SRRC-29 / TARGET BInterval27.429.01.544.4445.000.0220.0010.017Interval44.250.36.130.2117.250.1660.0020.074Interval82.383.81.585.2324.000.0930.2591.440Interval125.0129.54.6113.14109.000.1360.0110.030including125.0126.51.5224.20221.000.2070.0210.048Interval170.7172.21.572.8763.000.1760.0090.038Interval179.8208.829.073.3465.790.1390.0150.045including192.0193.51.5106.36105.000.0850.0210.036including196.6202.76.1138.90134.250.1420.0240.067including205.7207.31.5131.00130.000.1090.0080.032Interval254.5256.01.551.3345.000.0870.0350.060Interval275.8277.41.560.5516.000.0240.7910.63726-SRRC-32 / TARGET BInterval15.216.81.5252.35261.000.0710.0150.050Interval65.567.11.561.5514.000.2120.1540.866Interval99.1102.13.053.6349.500.0940.0050.014Interval150.9153.93.030.5727.500.0630.0020.011Interval184.4187.53.032.1122.000.1290.0030.074Interval196.6207.310.749.0242.710.1130.0070.027including198.1199.61.5134.44135.000.0860.0210.031Interval224.0251.527.4142.40131.170.2630.0080.023including225.6228.63.0706.95743.000.1070.0100.028and including225.6227.11.5889.89938.000.0980.0140.031including234.7237.73.0107.6590.000.3190.0100.024including239.3242.33.0197.07159.000.6730.0270.017Interval263.7269.76.137.0116.250.3090.0020.012Interval278.9291.112.263.6115.000.7100.0030.017including281.9283.51.586.3213.001.0700.0030.01226-SRRC-33 / TARGET BInterval51.853.31.570.5872.000.0290.0030.025Interval57.959.41.536.5934.000.0560.0020.022Interval131.1138.77.646.5943.600.0630.0060.032Interval170.7172.21.590.0389.000.0800.0070.020Interval176.8178.31.532.7826.000.0990.0050.041Interval182.9199.616.871.3653.910.2850.0050.028including195.1198.13.0114.2174.000.6360.0080.021Interval214.9228.613.753.0240.890.1940.0060.031including225.6227.11.5101.6287.000.2560.0110.056Interval233.2243.810.7137.02128.290.2210.0120.026including236.2237.71.5528.81541.000.2560.0360.049Interval253.0254.51.528.6726.000.0530.0040.01426-SRRC-34 / TARGET BInterval131.1132.61.533.2322.000.1800.0010.004Interval234.7246.912.242.8535.250.1350.0030.009including234.7236.21.5104.18100.000.1420.0070.007Interval251.5253.01.532.4730.000.0550.0020.013Interval254.5256.01.525.5212.000.2040.0010.005Interval288.0289.61.534.725.000.4310.0020.009Interval301.8306.34.667.3611.000.8240.0020.007Interval310.9313.93.042.7514.500.4190.0020.007Interval345.9352.06.154.739.500.6600.0020.010Interval361.2370.39.128.775.500.3360.0010.013Metal Recovery: Ag 94%, Au 86%, Pb 93.5%, Zn 92%

AgEq considers Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t + (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). High grades have not been capped. RC and Diamond Core Drill samples have been analysed at SGS labs in Durango and Hermosillo using fire assay and Four-acid multi-element analysis with the following codes: GE-FAA30V6 and GEICP40Q12, with over assays using the following codes: GO_FAG37V for Au and Ag. QAQC: Capitan Silver maintains a rigorous QAQC program and inserts multiple standards, blanks and duplicates into the sample stream at regular intervals. Check Assays are performed at ALS laboratories in Zacatecas, Mexico. True widths along the Jesús María Trend are estimated to be 70-90% of the drilled width. At new drill targets/discoveries, true widths are unknown. Intervals are calculated at a 25 g/t AgEq cut-off and are cut at a maximum of 3 metres of internal dilution. Some numbers may not sum correctly due to rounding.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Marc Idziszek, P.Geo, Vice President Exploration of Capitan, and a "qualified person" (with the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects).

About Capitan Silver Corp.

Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico's primary silver belt. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.

ON BEHALF OF CAPITAN SILVER CORP.

"Alberto Orozco"

Alberto Orozco, CEO

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain statements contained in this news release constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements, other than statements of historical fact, contained in this news release are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future performance.

Forward-looking statements may be identified by the use of words or phrases such as "may", "will", "would", "could", "should", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "potential", "target", "strategy", "project", "forecast", "outlook", "scheduled", "seek", "explore" and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; management's beliefs regarding the mineralized system at Cruz de Plata; and the Company's strategy and exploration objectives.

The forward-looking statements contained in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company's title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company's ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company's public filings.

The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company's filings available on SEDAR+ (www.sedarplus.ca) under the Capitan's issuer profile.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314137

Source: Capitan Silver Corp.

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Vancouver, British Columbia--(Newsfile Corp. - September 14, 2026) - Endurance Gold Corporation (TSXV: EDG) (OTCQB: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce that the 2026 Reverse Circulation ("RC") drilling program has now commenced on the Eagle Offset Target on the Company's 100%-owned Reliance Gold Project (the "Project"). The road-accessible Project is located 4 kilometres ("km") east of Gold Bridge, BC in the historic Bridge River Mining Camp. In January 2026, the Company reported an inaugural Inferred Mineral Resource Estimate of 19.6 million tonnes at an average grade 2.30 grams per tonne ("gpt") Au, for 1.45 million ounces contained gold ("MRE") (see MRE Disclaimer below).

As announced on January 21, 2026, the Eagle Offset Target is interpreted to be a structural offset and southern continuation of the Royal Shear Trend that hosts the MRE. The geochemical soil anomaly is 1,300 m x 500 m wide with anomalous gold, arsenic and antimony in talus. Bedrock grab samples up to 8.16 gpt gold are associated with silicified and altered mafic volcanics (see figure 1).

Highlights include:

RC drilling has now commenced at the Eagle Offset Target with a minimum of 25 RC holes planned.Two drill access trails have recently been excavated across the previously undrilled soil anomaly resulting in new bedrock exposures of intense carbonate altered, silicified mafic and ultramafic volcanics with areas of mineralized multidirectional quartz-carbonate vein stockworks associated with arsenopyrite and stibnite.Channel sampling has been completed across the newly exposed bedrock (115 samples sent for assay). Results are pending on these samples. The Company expects to complete up to 50 RC holes with the balance of these holes to be allocated based on geological observations and pending channel sampling results. Diamond drilling continues with 9,025 m completed to date in 21 drill holes.Metallurgical and associated testwork studies remain active and an update is expected shortly. "Our 2026 diamond drilling program is expanding the MRE while this RC drilling program is intended to deliver new and additional near-surface gold discoveries that warrant diamond drilling to expand the gold-antimony camp potential of the Reliance Project," said Robert T. Boyd, President and CEO.

Current estimates indicate that the 2026 diamond drill program will exceed 10,000 m in the area of the MRE. Additional holes and metres are being added to the MRE expansion program to follow up on observed mineralization intersected in step-out drill holes. Assay results are pending on fourteen (14) of the diamond drill holes completed to date.

The Reliance Gold Project is interpreted to host a shallow-level (Epizonal) Orogenic gold system. Gold mineralization is directly related to varying amounts, though generally low concentrations of sulphides, including pyrite, arsenopyrite, and stibnite. These occur as sulphide replacement and multigenerational breccias, which are frequently associated with pervasive silicification, quartz stockwork and/or quartz breccia infill. The geological setting and drilling results to date support the Company's view that the Project has near surface and underground growth potential within multiple gold +/-antimony deposits. The geological and alteration observations at the newly exposed Eagle Offset outcrops are comparable to the alteration and mineralization seen at the deeper portions of the Imperial and Crown Zones in the MRE area.

MRE Disclaimer and Qualified Person

The Mineral Resource Estimate ("MRE") was prepared for Endurance Gold Corporation by Ginto Consulting Ltd. in accordance with NI 43-101 - Standards of Disclosure for Mineral Projects with an effective date of January 8, 2026. Please see the NI 43-101 Technical Report dated March 10, 2026 for additional disclosure for the MRE. The Report, titled "NI 43-101 Mineral Resource Estimate and Technical Report on the Reliance Gold Project, British Columbia, Canada", is available on SEDAR+ under the Company's profile and on the Company's website.

Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, changes in global gold markets or other relevant issues.

Endurance Gold Corporation is a precious metals exploration and development company focused on the acquisition, exploration and development of highly prospective North American mineral properties. Our current exploration focus is to advance the Reliance Gold Project, located near Gold Bridge B.C. in the historic Bridge River Gold Mining Camp.

ENDURANCE GOLD CORPORATION

Robert T. Boyd, President & CEO

The technical and scientific information in this news release has been reviewed and approved by Darren O'Brien, P.Geo., Vice President Exploration of the Company and a Qualified Person as defined in National Instrument 43-101. Mr. O'Brien has reviewed and approved of this news release.

Diamond drill core was logged and evaluated on the Property and samples designated for assay analysis under the supervision of a geologist at the property. Drilling was completed with HQ and NQ size tools capable of collecting 6.35 and 4.76 centimetre diameter core (respectively). Drill core was cut using a diamond saw with one half of the core sent for analysis and the remaining kept for future studies. All drill core samples have been submitted to ALS Global in North Vancouver, BC, an ISO/IEC 17025:2017 accredited laboratory, where they are crushed to 70% <2 mm then up to 250 gram pulverized to <75 microns. Samples are then submitted for four-acid digestion and analyzed for 48 element ICP-MS (ME-MS61) and gold 30g FA ICP-AES finish (AU-ICP21). Over limit samples returning greater than 10 parts per million ("ppm") gold are re-analyzed by Au-GRA21 methodology and overlimit antimony returning greater than 10,000 ppm Sb are re-analyzed by Sb-AA08 methodology. Samples with Visible Gold are re-analysed by metallics screening method Au-SCR21 which incorporates a 1 kg pulp screened to 100 microns and includes assaying of the entire oversize fraction.

Talus-fines samples were collected by hand using a shovel and/or grub hoe to excavate up to two metres of pumice tephra-ash that covers the Property. Due to the relatively young age of the tephra-ash deposit there is no mature soil development above this tephra-ash horizon. Soil samples were dried and screened at the Property under the supervision of geologist. The undersized fraction of the sample was analyzed by an Vanta XRF Analyzer which is capable of measuring elements from concentrations as low as single parts per million (ppm). Duplicate pXRF analysis was conducted on a select set of the duplicate split samples to test for reproducibility. The pXRF analysis does not return quantifiable gold but previous work by the Company has shown that arsenic mineralization has a strong positive correlation with gold mineralization. A subset of talus-fines samples were submitted to ALS Global in North Vancouver, BC, where they were analyzed by method AuME-TL43 to validate pXRF arsenic values and to report gold analysis down to 1 ppb gold.

To integrate multiple soil geochemical datasets for visualization, arsenic-in-soil Response Ratios were calculated to normalize variations arising from sampling different soil regolith horizons and utilizing differing analytical techniques. For each dataset, the arsenic background value was established as the lowest quartile within that dataset. Subsequently, the Response Ratio for each sample point was determined by dividing its arsenic concentration by the predetermined background value.

Grab Samples are selective by nature and may not represent the true grade from the area sampled. Since 2020, all rock samples were submitted to ALS Global in North Vancouver, BC, an ISO/IEC 17025:2017 accredited laboratory, where they were crushed to 70% <2 mm then up to 250 gram pulverized to <75 microns. Samples were then submitted for four-acid digestion and analyzed for 48 element ICP-MS (ME-MS61) and gold 30g FA ICP-AES finish (AU-ICP21). Over limit samples returning greater than 10 ppm gold were re-analyzed by Au-GRA21 methodology and over limit antimony returning greater than 10,000 ppm Sb were re-analyzed by Sb-AA08 methodology.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.

Figure 1: Reliance Gold Project: Eagle Offset Surface Geochemical Anomaly

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4976/314133_b35e947e742c4812_002full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314133

Source: Endurance Gold Corporation

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