Market Signal Briefing

NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today announced that Scott Leney has been appointed Regional President, AIG Asia Pacific. Mr. Leney will lead AIG's businesses in Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, South Korea, Hong Kong, Taiwan, Vietnam, and the Philippines. Mr. Leney has more than three decades of experience leading global risk teams in the Asia Pacific region. He joins AIG from Everest Insurance, where he served as Head.

iRobot said on Sunday that it has started a pre-packaged Chapter 11 bankruptcy process in the district of Delaware.

By

PYMNTS
 | 
December 14, 2025

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PNC Financial Services has gotten regulatory approval to complete its acquisition of Colorado-based FirstBank.

The $4.1 billion deal has now received the go-ahead from the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (OCC) and the Colorado Division of Banking, PNC said in a Friday (Dec. 12) news release. 

“Final regulatory approval of this acquisition marks an important milestone for PNC as we continue to expand our coast-to-coast franchise and bring our full breadth of capabilities to more customers and communities,” said William S. Demchak, chairman and chief executive officer of PNC. “We look forward to welcoming FirstBank’s employees and clients to PNC.”

PNC said it expects the transaction to close on or about Jan. 5, 2026, pending the satisfaction of customary closing conditions. After closing, PNC will integrate FirstBank into its national platform, including its treasury management, payments, and digital banking capabilities. Full customer conversion is expected to occur in the middle of next year, the release added.

The bank first announced plans to acquire FirstBank, one of the country’s largest privately held lenders, in September. The acquisition “adds meaningful scale to PNC’s presence in the Rocky Mountain region and the Southwest, including Colorado and Arizona,” the release added.

During a quarterly earnings call in October, Demchak said that efforts by federal banking regulators to reduce regulatory burdens and focus on material risks will save banks a lot of full-time equivalents.

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Asked by analysts about the possible tailwind banks could realize from these regulatory changes, Demchak said that PNC had not really calculated the amount of time spent on regulators’ matters requiring attention (MRAs) but that he estimates it comes to “hundreds and hundreds” of full-time equivalents (FTEs) and half of the time he spends with the board.

In other banking regulation news, the OCC said last week it plans to continue its regulatory reforms in 2026, with a focus on liquidity risk management, Bank Secrecy Act/anti-money laundering (BSA/AML) compliance and community bank regulation.

Speaking at a meeting of the Financial Stability Oversight Council, Comptroller of the Currency Jonathan V. Gould said these planned reforms will mark a continuation of the work undertaken this year by the OCC, the council and others.

“Taken together, these actions represent an initial, but not sufficient, effort to undo discretionary regulatory and supervisory policy choices made after the 2008 crisis that eroded effective supervision and threatened the relevance of the banking system,” Gould said.

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Oil edged higher in early Asian trading amid mixed signals.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities. Before buying or selling any stock, you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

The stock market has been doing exceptionally well over the past three years, and a slowdown could be looming. Investors are growing concerned about high valuations due to tech.

Shares of Power Solutions International have crashed despite its potential to be a long-term winner from the AI megatrend.

Power Solutions International (PSIX 4.17%) caught the artificial intelligence (AI) tailwinds in early 2024 and rode them to stock price gains exceeding 5,950% by mid-September 2025. Since hitting that high, the stock price has fallen 47%, partially on market worries about the power system manufacturer's accounting practices.

Concerns about overstated revenue growth can undoubtedly shift the bullish narrative on the stock, but the company still has potential. For instance, insiders still own roughly 80% of the shares, indicating continued confidence from the people at the top. The company also continues to benefit from the artificial intelligence (AI) trend, and it continues to report outsized revenue growth. Add in that the stock doesn't have the type of lofty valuation that has commonly been a concern for AI stocks. Its price-to-earnings ratio is just 11.3.

Those reasons and more suggest the recent price drop may present a long-term buying opportunity. Let's take a closer look.

Image source: Getty Images.

How Power Solutions International fits into the AI industry
The company develops and produces power systems for industrial, energy, and transportation applications. While Power Solutions International expects demand from the industrial and transportation markets to remain flat, it projects significant growth in data center demand. Basically, as more AI data centers get built, Power Solutions International should experience rising demand for its wares.

In Q3, Power Solutions International's sales rose by 62% year over year to $203.8 million. Power systems sales increased by $85.3 million, while industrial and transportation end market sales decreased by $4.7 million and $2.6 million, respectively.

Management didn't provide exact breakdowns of how much each of these three segments earned in the quarter. However, an $85.3 million increase to existing power systems sales against a total of $203.8 million in revenue suggests that data centers now provide the bulk of Power Solutions International's top line.

Power Solutions will be in a good position to accelerate its revenue growth rates as more data centers are built. Furthermore, AI spending from big tech companies is also expected to rise in 2026, which should result in more demand for Power Solutions International's services.

Today's Change

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PSIX has a solid balance sheet
Power Solutions International has a robust balance sheet that includes $318.9 million in total current assets and $139.9 million in total current liabilities. That comes to a 2.28 quick ratio, which indicates Power Solutions International can easily cover its financial obligations. In general, a quick ratio of 1.0 or higher is considered good.

The company told investors that it has $49 million in cash and cash equivalents and $96.7 million in total debt. It has enough money to fund additional investments while minimizing interest payments.

Power Solutions International has a strong financial profile and is a key beneficiary of the hottest industry right now. AI still has a multiyear tailwind as autonomous vehicles, robots, AI agents, and cloud platforms demand more energy.

Addressing accounting concerns
The main question that has stopped Power Solutions International's stock from rallying further is whether its numbers are real or inflated. The concern isn't without precedent, as the company's former CEO was charged with accounting fraud back in 2019. The company reached a settlement with the SEC in 2020 that resulted in some of Power Solutions International's executives being fired.

The company released its third-quarter report in early November, and management forecasted 45% sales growth for the full year despite reporting sales growth figures of 62% in Q3 and 74% growth in Q4. Some investors are calling for an investigation because the growth figures don't seem to add up. Investors are wondering why sales have suddenly dropped significantly after two quarters of growth acceleration. It should also be noted that Power Solutions International reported 42% revenue growth in Q1, which is more in line with the full-year forecast.

It is a bit shocking that the company forecasted just 45% sales growth without much explanation. It has still achieved strong growth for the year, but investors who are on the fence may want to wait for 2026 guidance. If the company projects much lower growth rates for 2026, especially if AI stocks remain hot due to sizzling sales, the bears will become much louder.

Should investors buy the dip?
Despite the 47% drop from 52-week highs, shares still trade about 114% higher in 2025 and are up by more than 1,770% over the past three years. It has been a hot growth stock. Oddly, its P/E ratio now looks a bit too low given its positioning to benefit from the AI industry. Hyper growth is still on the menu as big tech companies ramp up their spending. The crash looks overdone at current levels.

It should be noted that insiders have sold far more shares than they have bought this year, but that could be a reflection of longtime shareholders finally taking some profits from the two-year-long share price acceleration. Insiders still own roughly 80% of its total shares.

The people who know the most about the company are still holding the majority of their shares. If accounting fraud was rampant, insider selling would likely be much higher, as it wouldn't make sense for people who are in the know to hold 80% of the stock.

Investors who are still wary can wait until the company releases Q4 earnings and offers 2026 guidance before deciding whether to buy in. Power Solution International's long-term growth prospects should become clearer by then. However, the company is in an excellent position to capitalize on rising AI demand and has a healthy balance sheet. If sales start strong in 2026 and guidance is good, investors will forget about the current drama.

Company's secured lender and key supplier, Picea, to acquire iRobot through court-supervised chapter 11 process

Positions iRobot to continue delivering trusted robotics and smart home devices to consumers worldwide

, /PRNewswire/ -- iRobot Corporation (NASDAQ: IRBT) ("iRobot" or the "Company"), a leader in consumer robots, today announced that it entered into a Restructuring Support Agreement (the "RSA") with its secured lender and its primary contract manufacturer, Shenzhen PICEA Robotics Co., Ltd. and Santrum Hong Kong Co., Limited, (collectively "Picea") for Picea to acquire iRobot through a court-supervised process. This agreement represents a critical step toward strengthening iRobot's financial foundation and positioning the Company for long-term growth and innovation.

To efficiently implement this transaction, iRobot and certain of its affiliates voluntarily commenced a pre-packaged chapter 11 process in the District of Delaware (the "Court"). The Company expects to complete the pre-packaged chapter 11 process by February 2026.    

Under the terms of the RSA, Picea will receive 100% of the equity interests in the Company, which will delever the Company's balance sheet and enable iRobot to continue operating in the ordinary course, pursue its product development roadmap, and maintain its global footprint. The transaction contemplated under the RSA provides a path forward to enhance financial stability, reduce debt, and support continued innovation across iRobot's leading portfolio of robotics and smart home devices.

"Today's announcement marks a pivotal milestone in securing iRobot's long-term future," said Gary Cohen, Chief Executive Officer, iRobot. "The transaction will strengthen our financial position and will help deliver continuity for our consumers, customers, and partners. Together, we will work to continue advancing the industry-leading Roomba robots and smart home technologies that have defined the iRobot brand for more than three decades. By combining iRobot's innovation, consumer-driven design, and R&D with Picea's history of innovation, manufacturing, and technical expertise, we believe iRobot will be well equipped to shape the next era of smart home robotics."

Continuity of Operations During Pre-Packaged Chapter 11 Process 
During the chapter 11 process, iRobot will continue operating in the ordinary course with no anticipated disruption to its app functionality, customer programs, global partners, supply chain relationships, or ongoing product support. To maintain business continuity, iRobot has filed a series of customary motions with the Court that will allow the Company to operate in the ordinary course, including to meet its commitments to employees and make timely payments to vendors and other creditors in full for amounts owed before, during, and after the court-supervised process.

Emerging Stronger Under New Ownership
Following Court approval of the transaction, iRobot expects to be better positioned to execute on its long-term innovation strategy under Picea's ownership. Upon completion of the transaction, iRobot will be a private company wholly owned by Picea, and its shares of common stock will no longer be listed on The Nasdaq Stock Market LLC or any other national stock exchange. The transaction is designed to deliver a more stable balance sheet and renewed ability to invest in its next generation of robotics, smart home innovations, and customer experience enhancements.

The Company expects that holders of the Company's common stock will not receive any equity of the reorganized Company, and that all issued and outstanding equity interests in the Company will be cancelled and holders of common stock will experience a total loss and not receive recovery on their investment, if the chapter 11 plan is approved by the Court.

As part of iRobot's chapter 11 cases, the Company's claims agent, Stretto, Inc., will distribute standard court notices to parties of interest as required by the Court. These notices are routine and do not require action from customers, partners, or employees. Publicly filed documents will be available free of charge on the claims agent's website at https://cases.stretto.com/iRobot. Stakeholders with questions may contact Stretto at (833) 228-5389 (U.S./Canada), +1 (949) 590-3576 (International), or via email at [email protected].

Advisors
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as lead legal counsel, Young Conaway Stargatt & Taylor, LLP is serving as Delaware counsel, Alvarez & Marsal is serving as investment banker and financial advisor, and C Street Advisory Group is serving as strategic communications advisor. White & Case LLP is serving as legal counsel to Picea.

About iRobot
iRobot is a global consumer robot company that designs and builds thoughtful robots and intelligent home innovations that make life better. iRobot introduced the first Roomba robot vacuum in 2002. Today, iRobot is a global enterprise that has sold millions of robots worldwide. iRobot's product portfolio features technologies and advanced concepts in cleaning, mapping and navigation. Working from this portfolio, iRobot engineers are building robots and smart home devices to help consumers make their homes easier to maintain and healthier places to live. For more information about iRobot, please visit www.irobot.com.

About Picea
Picea is a global manufacturer and service provider of robotic vacuum cleaners, with research and development and manufacturing facilities in China and Vietnam. Picea has over 7,000 employees globally and serves a diverse, international customer base. Picea maintains long-term, stable partnerships with many leading global enterprises. To date, Picea holds over 1,300 intellectual property rights worldwide and has manufactured and sold more than 20 million robotic vacuum cleaners.

Cautionary Statement Regarding Forward-Looking Statements
This communication includes "forward-looking statements," within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including, in particular, any statements about the Company's plans, strategies, objectives, initiatives, roadmap and prospects. The Company generally uses the words "may," "will," "could," "expect," "anticipate," "believe," "estimate," "plan," "intend," "aim" and similar expressions in this communication to identify forward-looking statements. The Company has based these forward-looking statements on its current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements, include, but are not limited to, statements related to the chapter 11 process ("Chapter 11 Process"), including the Company's ability to complete the process on the terms contemplated by the RSA, on the timeline contemplated or at all, and the Company's ability to realize the intended benefits of the financial reorganization. The Company's actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors. Some of these risks and uncertainties include: risks and uncertainties relating to the Chapter 11 Process, including but not limited to the Company's ability to obtain Court approval with respect to motions in the Chapter 11 Process and approval of requisite stakeholders and confirmation by the Court of the chapter 11 plan, the effects of the Chapter 11 Process on the Company and its various constituents, the impact of Court rulings in the Chapter 11 Process, the ultimate outcome of the Chapter 11 Process in general, the length of time the Company will operate under the Chapter 11 Process, attendant risks associated with restrictions on the Company's ability to pursue its business strategies while the Chapter 11 Process is pending, risks associated with third-party motions in the Chapter 11 Process, the potential adverse effects of the Chapter 11 Process on the Company's liquidity, the likelihood of the cancellation of the Company's common stock in the Chapter 11 Process, uncertainty regarding the Company's ability to retain key personnel and management, whether the Company's vendors, suppliers and customers might lose confidence in the Company's ability to reorganize its capital structure successfully and may seek to establish alternative commercial relationships as a result of the Chapter 11 Process and uncertainty and continuing risks associated with the Company's ability to achieve its goals and continue as a going concern. Additional risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company's reports filed with the U.S. Securities and Exchange Commission ("SEC"), including in the section entitled "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2024, the section entitled "Risk Factors" in Part II, Item 1A of the Company's Quarterly Report on Form 10-Q for the quarters ended March 29, 2025, June 28, 2025 and September 27, 2025 and the Company's Current Report on Form 8-K filed with the SEC on December 1, 2025. You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those identified herein, could cause the Company's results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this communication or to reflect the occurrence of unanticipated events or otherwise.

SOURCE iRobot Corporation

Elon Musk says Tesla is now testing driverless robotaxis, without a human safety monitor, on Austin's streets

By

Lakshmi Varanasi

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A Tesla robotaxi drives down a street in Austin.

Joel Angel Juarez/REUTERS

2025-12-15T00:12:21.167Z

Tesla CEO Elon Musk says the company is now testing its robotaxi without human monitors in Austin.
An X user posted a video on Sunday that appeared to show a robotaxi driving with no one inside.
Musk had earlier said Tesla would remove safety monitors by the end of the year.

An X user recorded a Tesla Model Y driving through Austin's streets on Sunday that appears to show no one, not even a safety monitor, inside.

Since Tesla launched its robotaxi in Austin in June, the driverless cars have always included a human in the passenger seat.

The video generated a fair amount of excitement online from Tesla watchers, some of whom immediately went to their app to order a robotaxi to see whether it would include a safety monitor (they did).

What we learned from the Tesla 'company update'

Tesla CEO Elon Musk later said on Sunday that the company is now testing driverless taxis without human safety operators, though it appears not yet on actual paying customers.

"Testing is underway with no occupants in the car," Musk wrote in response to the X user who posted the original video.

Tesla itself responded to the video with "Just saying."

Tesla's AI chief, Ashok Elluswamy, also responded. "And so it begins!" he wrote on X on Sunday.

A driverless Tesla Robotaxi was spotted on the roads of Austin, Texas today.No one in the car. No safety driver.Fully autonomous.This is actually happening. pic.twitter.com/MSmRaeyJwj

— DogeDesigner (@cb_doge) December 14, 2025
According to Robotaxi Tracker — run by Austin-based robotaxi watcher Ethan McKenna — there are 31 active vehicles in Austin, up from 29 in November. Speaking on the "All-In" podcast in October, Musk said that Tesla was aiming to increase its robotaxi fleet to 500 cars in Austin by the end of the year.

Musk said in a video call at an xAI "hackathon" event last week that Tesla would remove human safety monitors from its robotaxi cars by the end of the year, according to Teslarati, a news site focused on Musk-run companies.

"There will be Tesla robotaxis operating in Austin with no one in them, not even anyone in the passenger seat, in about three weeks," Musk said, the outlet reported.

When Business Insider tested a robotaxi in Austin in July, it required multiple interventions from the safety monitor in the passenger seat, including at one point when the car went the wrong way on a one-way street.

Tesla did not immediately respond to a request for comment from Business Insider.

Elon Musk

Tesla

Read next

The cannabis business might soon be a lot more lucrative.

Shares of Tilray Brands (TLRY +44.13%) surged 65% this past week, according to data provided by S&P Global Market Intelligence. Investors are hopeful that the Trump administration will move to lessen costly regulations on the beleaguered cannabis industry.

Image source: Getty Images.

A highly anticipated executive order
President Donald Trump is reportedly contemplating a reclassification of marijuana from a Schedule I drug to a Schedule III drug, according to The Washington Post. A decision could come as soon as Monday, Dec. 15.

The U.S. Drug Enforcement Administration (DEA) defines Schedule I drugs as "drugs with no currently accepted medical use and a high potential for abuse." Examples include ecstasy and heroin. Schedule III drugs, in contrast, have "moderate to low potential for physical and psychological dependence." Examples include Tylenol with codeine and testosterone.

Today's Change

(

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3.72

Current Price

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12.15

Fewer regulations might mean more profits for pot producers
A rescheduling of marijuana could make it easier for cannabis companies to access banking and other traditional financial services. It could also allow marijuana producers to claim federal tax deductions for a host of conventional business expenses that they currently cannot deduct. All of which would likely help boost after-tax profits for Tilray and other cannabis suppliers.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool recommends Tilray Brands. The Motley Fool has a disclosure policy.

Investors hoping BigBear.ai will go on a Palantir-like run could be better served by keeping it simple.

BigBear.ai (BBAI 5.49%) stock has attracted attention as a potentially explosive play in the defense artificial intelligence (AI) space. With the stock trading at under $7 per share as of this writing, BigBear.ai's low pure-dollar price has also inspired hopes for a potentially massive valuation run.

Bulls have pointed to the incredible success of Palantir (PLTR 2.12%) as a model for how BigBear.ai's stock trajectory could play out. But instead of investing in BigBear.ai in hopes of scoring a Palantir-like run, I think long-term investors will be much better served by simply investing in Palantir.

Image source: Getty Images.

Palantir is risky but still looks like a better buy than BigBear.ai
BigBear.ai is currently valued at approximately 22 times this year's expected sales. Meanwhile, Palantir trades at a whopping 101 times this year's projected forward revenue.

Sporting a highly growth-dependent price-to-sales multiple and trading at 258 times this year's expected adjusted earnings, Palantir is definitely a high-risk stock that carries an extremely growth-dependent valuation. On the other hand, the company has a stellar margin picture -- and its forefront position in artificial intelligence software still leaves the door open for a massive for long-term expansion.

Today's Change

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Despite a very favorable backdrop for defense AI spending, BigBear.ai's sales have collapsed recently. Revenue declined 20% year over year to land at $33.1 million in the third quarter, and the business posted a gross margin of just 22.4% in the period. For a business focused on software and services, BigBear.ai's gross margin is alarmingly low.

For comparison, Palantir's overall revenue surged 63% higher year over year to reach $1.18 billion. Meanwhile, Palantir's sales to U.S. government customers grew 52% year over year to reach $486 million and the company posted a gross margin north of 82% last quarter amid rapid business expansion.

While defense AI spending trends will create favorable backdrops for multiple companies, BigBear.ai is also competing with Palantir. Thus far, there's not much evidence that the smaller defense AI player has been delivering new tech and service capabilities that key military customers view as essential for next-gen defense initiatives.

BigBear.ai hasn't been successful in delivering revenue growth through the signing of new contracts with government customers lately. The company's acquisition of Ask Sage has given some investors hope that the integration will pave the way for more government contract wins and new momentum in the private sector, but it's a risky bet.

Meanwhile, Palantir has been one of the biggest winners in the artificial intelligence market -- and its wins have stemmed from real performance advantages offered by its technologies. In the intensely competitive defense-AI space, Palantir stock continues to look like a better buy than BigBear.

Australia's Fortescue said on Monday it will buy the remaining 64% of Alta Copper in a deal implying a total equity value of C$139 million ($101 million) for the Toronto-listed copper miner.

NEW YORK, Dec. 14, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Freeport-McMoRan Inc. (NYSE: FCX) between February 15, 2022 and September 24, 2025, both dates inclusive (the “Class Period”), of the important January 12, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased Freeport-McMoRan securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Freeport class action, go to https://rosenlegal.com/submit-form/?case_id=45553 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 12, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) Freeport-McMoRan did not adequately ensure safety at the Grasberg Block Cave mine in Indonesia; (2) the lack of proper safety precautions constituted a heightened risk that could foreseeably lead to the death of Freeport’s workers; (3) this constituted an undisclosed heightened risk of regulatory, litigation, and reputational risk; and (4) as a result, defendants’ statements about Freeport-McMoRan’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Freeport class action, go to https://rosenlegal.com/submit-form/?case_id=45553 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

Contact Information:

        Laurence Rosen, Esq.
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        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
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The robotics business is at a turning point, finally integrating artificial intelligence's full potential into moving machinery.

Just a few years ago the industrial automation industry was having something of a moment... and not its first. As had been the case several times since the 1980s, advancements in computer technology allowed factories to increase their productivity and/or lower their costs. It was a familiar evolution for the business, and one that would remain in place until the next upgrade cycle.

Then something amazing happened. The advent of artificial intelligence (AI) surpassed all expectations of what was considered possible just a few years earlier. Truly autonomous robots are now working in the world's factories and warehouses, as well as serving the logistics/delivery and agriculture markets. They're even doing domestic chores in people's homes. Anywhere that physical work is being done, in fact, robots are increasingly doing that work. That's why an outlook from Roots Analysis suggests the global robotics market is poised to grow from last year's $65 billion to $376 billion in 2035, jibing with predictions from Imarc, Global Market Insights, Precedence Research, and others.

This of course means opportunity for investors.

The chief challenge? The robotics business is as crowded as it is complicated. Navigating it well enough to identify its top stocks is a tall order to be sure. Most investors would be best served by owning an exchange-traded fund that reflects the performance of the entire industry. And one name stands above the rest. That's the First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT 2.07%).

First Trust's Robotics ETF is different
Don't panic if you already own stakes in more popular robotics ETFs like the Global X Robotics & Artificial Intelligence ETF, the iShares Future AI & Tech ETF, or the Robo Global Robotics and Automation Index ETF. You're hardly positioned wrong. All three of these funds hold the artificial intelligence must-haves like Nvidia, along with most of the robotics should-haves like UiPath or Symbotic.

First Trust's Nasdaq Artificial Intelligence and Robotics ETF, however, is different from its next-nearest alternatives in one very important way. That's in how it's constructed. Based on the Nasdaq CTA Artificial Intelligence & Robotics index, this fund isn't imbalanced by virtue of being cap weighted, but is instead well balanced because it's equal weighted.

OK, it's not exactly equal weighted. Companies that predominantly design or create robotics and AI solutions (like UiPath or Symbotic) make up 60% of the fund's portfolio, while companies that only make components used by the robotics and artificial intelligence industry account for 25% of the fund's allocation. The other 15% are companies with exposure to the market, but AI and robotics aren't their core business. Within those three categories though, selected stocks are owned in equal-sized stakes.

End result? It's a rarity for any single stock to make up more than 2% of the fund's entire pool of assets, and when it does happen, the quarterly rebalancing takes care of it.

Image source: Getty Images.

Perhaps more important to investors, however, is the fact that ROBT provides plenty of actual exposure to robotics stocks like UiPath, Symbotic, and Japan's FANUC (Fuji Automatic Numerical Control) without overloading you with artificial intelligence mega-companies like Nvidia and Broadcom; neither name makes up more than 1% of ROBT's value.

If you want more than a little exposure to Broadcom and Nvidia, you can still own them outright, or through any number of other exchange-traded funds that hold technology stocks; ROBT simply offers you a way of investing in the entirety of the robotics business that consists of a bunch of somewhat obscure companies.

It's reasonably cost-effective, too, with an annual expense ratio of 0.65%.

At the turning point
If you're planning on doing some of your own due diligence on the First Trust Nasdaq Artificial Intelligence and Robotics ETF before diving in, be forewarned... this fund has underperformed the S&P 500 (^GSPC 1.07%) as well as the Nasdaq Composite (^IXIC 1.69%) for the past few years. That could be concerning.

NASDAQ: ROBTFirst Trust Exchange-Traded Fund VI - First Trust Nasdaq Artificial Intelligence And Robotics ETF

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Just keep the extraordinary circumstances of the past few years in mind. They've been led by a small handful of AI-related companies that weren't exactly robotics names. Indeed, the actual robotics industry is still working to integrate recent AI developments into its wares and commercialize the resulting solutions.

That is starting to happen in earnest though. For instance, just this year Hong Kong-based Neptune has experienced soaring demand for its AI-powered robots that clean and scrape the sides of oceangoing ships 3 to 5 times faster than humans could do the job.

Even more notably, this is also the year humanoid robots are starting to quietly replace real human workers en masse, at least in environments like warehouses and factories. Although the leading company in this sliver of the business doesn't disclose too many details about its business, Agility Robotics announced last month that its "Digit" bots have now collectively moved more than 100,000 totes. The company has also confirmed that at its current peak capacity it can manufacture as many as 10,000 humanoid work robots per year. That's not a small number.

We're at the turning point where AI-powered robots are actually dependable enough and cost effective enough to merit their widespread deployment. The bullish predictions of the industry's growth aren't just hopeful thinking -- they're a recognition of what awaits now that robotics companies have figured out exactly how to shape and then integrate cutting-edge AI into their tech.

Alphabet's stock has had a landmark year, and here's why it remains a buy.

While the market is on pace for a strong 2025, most of the stocks in the "Magnificent Seven" merely had good, not fantastic, years. But one Magnificent Seven stock clearly took the crown in 2025: Google parent Alphabet (GOOG 1.01%) (GOOGL 1.00%).

GOOG Year to Date Total Returns (Daily) data by YCharts.

As you can see, Alphabet's 64% return trounced the rest of the Magnificent Seven, beating 2025's second-best performer, Nvidia (NVDA 3.30%), by a whopping 33 percentage points and most of the others in the group by more than 50 points.

Here's how Alphabet did it and why the rally may very well continue into 2026.

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Alphabet entered the year as the cheapest Magnificent Seven stock and still isn't expensive
Coming into the year, Alphabet had been a notable laggard, with its valuation reflecting considerable fear, uncertainty, and doubt in the age of generative artificial intelligence (AI). As a result, Alphabet began the year at the lowest valuation of the group. At one point, its price-to-earnings (P/E) ratio even touched the high teens -- below the average valuation of the S&P 500.

Yet, as you can see, even with this year's vast outperformance, Alphabet retains the second-lowest P/E ratio of the group at 30.6 times trailing earnings, barely beating out Meta Platforms.

GOOG PE Ratio data by YCharts. PE Ratio = price-to-earnings ratio.

Alphabet engineered a turnaround, and Buffett saw it coming
The primary concern entering the year was that AI chatbots might eventually disrupt Google Search, which is still Alphabet's largest profit center. It's also true that, early in the year, Google Search showed a concerning deceleration in paid clicks. Yes, there was still growth, but by the first quarter, paid click growth had fallen to just 2%, with concerns that it might eventually go negative.

However, on its second-quarter earnings, Alphabet began to prove that narrative wrong, as Search paid clicks reaccelerated to 4% growth. That might have been when Warren Buffett or his lieutenants decided to buy Alphabet stock for the Berkshire Hathaway (BRK.A +0.85%) (BRK.B +0.74%) portfolio. Whatever the reason, the buy proved prescient, as Search paid click growth accelerated yet again in the third quarter to 7%.

Image source: Getty Images.

AI improvements bolstered Search and Gemini
It wasn't just a matter of luck that Alphabet was able to reaccelerate Search paid clicks. The reacceleration of Search happened just after Google introduced AI Mode in May, giving Search users the option of a chatbot-like experience powered by Alphabet's own homegrown large language models (LLMs). It appears the improvement, combined with 2024's introduction of AI Overviews, caused Search users to reengage.

Of course, all of that AI infusion into Search would have been for naught if Alphabet's AI models weren't competitive. However, Alphabet has clearly upped its AI game over the past year. The vast improvement was confirmed by the November introduction of Gemini 3, Alphabet's latest LLM, which rapidly climbed to the top of several industry benchmarks, beating out even the latest ChatGPT model on many important tasks.

The introduction of Gemini 3 appears to signify at least a near-term changing of the guard in the AI race, as ChatGPT had pretty much retained its first-mover advantage since introducing LLM chatbots to the world in late 2022. Subsequent to Gemini 3's launch, OpenAI CEO Sam Altman issued a "code red" memo to OpenAI's employees.

Alphabet can maintain its new lead in the AI race
Years ago, Alphabet had a virtual monopoly on artificial intelligence research before OpenAI was formed to challenge its industry-leading research lab. In fact, Alphabet's researchers were the first to innovate transformer technology, which is the backbone of modern-day LLMs.

Not only does Alphabet have a longer history of deep AI research than even OpenAI, but it has also designed its own proprietary AI chips for the past decade. Alphabet trained Gemini not on expensive Nvidia chips but on its in-house-designed Tensor Processing Units, or TPUs. That's a proprietary technology of Google and a point of differentiation.

Proprietary AI research and in-house chips have enabled Google to become a vertically integrated AI player with the most extensive collective experience in the field. And although OpenAI clearly caught Alphabet off guard when it unveiled ChatGPT three years ago, it appears that Alphabet has now caught up and surpassed OpenAI, at least for now.

Given Alphabet's significantly greater financial resources, more years of AI research experience, and its own proprietary chips, Google may even continue to augment its new lead.

Why things could get even better for Alphabet in 2026
Not only that, but Alphabet also has several businesses it can infuse with its newfound AI leadership. For instance, many of the most reputable private AI labs conduct their research on Google Cloud, thanks to its proprietary TPU option alongside the standard GPU formats. Google's cloud business is accelerating and could become a meaningful new profit center in the years ahead.

Additionally, Alphabet's self-driving unit, Waymo, appears to be growing by leaps and bounds. This past spring, Waymo reached one million autonomous rides per month, and it surpassed 14 million rides in 2025 as of December -- more than triple the number of rides delivered the previous year. Waymo also just began delivering autonomous rides on freeways, and Alphabet plans to expand Waymo services in 20 cities in 2026.

Autonomous robotaxis could become a significant business in a few years, and Waymo has a substantial first-mover advantage in this space. That could add still another leg to Alphabet's burgeoning empire across Search, AI services, YouTube, Cloud, hardware, subscriptions, and other next-generation technology bets.

In other words, with the big looming fear regarding Search seemingly quelled for now, one could argue that Alphabet should be priced higher than its other Magnificent Seven peers today, rather than the second-cheapest of the bunch.

Nvidia, Alphabet, and TSMC are all tech leaders you can buy right now heading into 2026.

You don't need a lot of money to start investing. With $1,000, you can start dipping your toe into the stock market and buy some great tech stocks.

Let's look at three stocks to buy right now for 2026 and beyond.

Image source: Getty Images.

Nvidia
Nvidia (NVDA 3.27%) remains one of the best ways to play the current artificial intelligence (AI) infrastructure boom. The company's graphics processing units (GPUs) have become the primary chips used for powering AI workloads, given their ultra-fast processing speeds. The company's CUDA software platform has helped create a wide moat, given that most foundational AI code has been written on its platform and optimized for its chips. This has helped the company command a more than 90% market share in the GPU data center space.

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As spending on AI infrastructure continues to ramp up, Nvidia is well-positioned to continue reaping the benefits from higher GPU sales. The company has seen explosive growth, with its revenue soaring 62% last quarter and up more than threefold over the past two years. The company recently received approval from the U.S. government to begin selling certain chips to China, which adds another potential growth driver.

Alphabet
Alphabet (GOOGL 1.03%) (GOOG 1.03%) is laying the foundation to be one of the biggest winners in AI. The company has the most complete AI tech stack of any company, highlighted by its world-class Gemini large language model (LLM) and well-regarded custom AI chips, called Tensor Processing Units (TPUs). Controlling the entire AI tech stack gives Alphabet a structural cost advantage and allows it to capture more AI revenue streams that it can then incorporate through its entire business. This creates a powerful virtuous cycle, as it can then pump this revenue and cost savings into making its products even better.

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Its cloud computing business is currently seeing both robust revenue growth and strong operating leverage. Last quarter, Google Cloud revenue jumped 34%, while the segment's operating income surged 85%. Meanwhile, Google Search revenue has begun to accelerate, powered by new AI features such as AI Overviews, AI Mode, Lens, and Circle to Search. As AI chatbots and search meld more into discovery, Alphabet has a big advantage by being the default search engine on most phones and computers through its ownership of the Chrome browser, Android smartphone operating system, and a search revenue-sharing deal with Apple.

Taiwan Semiconductor Manufacturing
As more and more chips are needed for AI infrastructure, Taiwan Semiconductor Manufacturing (TSM 4.20%) is another company set to prosper. It is the largest semiconductor contract manufacturer in the world, and the company that makes most of the world's advanced chips.

For companies like Nvidia and Alphabet to continue to advance their AI chips, they need node sizes (transistor density) to shrink. The reason is that this leads to more powerful chips that are more energy efficient. TSMC is the only chip manufacturer that has shown the ability to consistently produce chips at small node sizes in mass quantities at high yields (few defects). This has made it an invaluable part of the semiconductor supply chain and an important partner for chip designers.

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TSMC is working with all the top AI chipmakers on their chip roadmaps, as it builds out capacity to meet their needs. It sees AI chip demand growing at a mid-40% compound annual growth rate (CAGR) over the next few years. Its position has also given it strong pricing power, and it is expected to raise prices on its services once again in 2026.

Between growing chip demand and strong pricing power, TSMC is a top stock to own right now.

U.S.-listed cannabis stocks are back in focus as expectations build around a potential shift in federal marijuana policy. 

Markets have reacted positively to reports that President Donald Trump is considering directing regulators to reclassify cannabis from Schedule I to Schedule III under the Controlled Substances Act.

While such a move would not legalize marijuana outright, it would mark the most significant federal reform in decades, easing regulatory pressure, reducing punitive taxes, and potentially attracting institutional capital. 

The prospect has already sparked a sharp rally in cannabis equities, suggesting investors are positioning ahead of possible policy action before the end of 2025.

At the center of this optimism is the potential rollback of Section 280E, which prevents cannabis companies from deducting ordinary and necessary business expenses. 

Reclassification would materially improve after-tax profitability and cash flow, while better access to banking and capital markets could support valuation expansion, particularly for scaled and financially disciplined operators.

Against this backdrop, a select group of U.S.-listed cannabis stocks appears well-positioned if regulatory momentum continues.

Tilray Brands (NASDAQ: TLRY)
Tilray Brands (NASDAQ: TLRY) stands out as a direct beneficiary of renewed optimism around federal reform after spending the past two years strengthening its financial profile.

In its latest quarter, the company reported about $200 million in revenue, with cannabis contributing just under half and beverages and wellness products making up a growing share.

Adjusted EBITDA turned positive at roughly $13 million, and Tilray returned to quarterly net profitability after posting losses a year earlier. The company ended the quarter with more than $400 million in cash and marketable securities and reduced near-term debt, reinforcing its balance sheet while many peers remain capital-constrained.

These gains matter because Tilray’s valuation is highly sensitive to regulatory shifts and investor sentiment. As a liquid Nasdaq-listed stock, it is often a first point of entry for institutional investors seeking cannabis exposure, meaning confirmation of reclassification could accelerate capital inflows.

Meanwhile, Tilray’s international medical cannabis business, led by double-digit growth in Germany, and its more stable beverage segment provide diversification, limit downside risk, and position the company to convert regulatory momentum into sustained earnings growth if U.S. policy changes materialize.

As of press time, TLRY stock was trading at $13.15 uop over 40% at last closing session. 

TLTY one-week stock price chart. Source: Finbold
Canopy Growth (NASDAQ: CG)
Meanwhile, Canopy Growth (NASDAQ: CG) offers a more leveraged play on U.S. cannabis reform, supported by improving fundamentals and a strengthened balance sheet. 

On reports of the latest regulatory developments, the stock rallied more than 50% to close the last session at $1.74.

CGC one-week stock price chart. Source: Finbold
For the second quarter of fiscal 2026, ended September 30, 2025, Canopy reported revenue of approximately $49 million, with performance in its core Canadian business showing clear improvement. 

Adult-use cannabis revenue rose about 30% year over year, while medical cannabis revenue increased roughly 17%, signaling stabilization and renewed growth.

Although the company remains unprofitable on a net basis, adjusted EBITDA losses continued to narrow, reflecting ongoing cost reductions and operational streamlining.

Canopy’s liquidity position has also improved meaningfully. The company reported cash and cash equivalents of approximately $217 million, exceeding total debt by roughly $51 million and easing prior balance-sheet concerns. This stronger liquidity provides sufficient runway as the company awaits regulatory clarity in the U.S.

At the same time, Canopy remains positioned for U.S. market participation through its Canopy USA structure, which is designed to activate if federal restrictions ease. 

Reclassification would improve access to banking, reduce tax burdens, and increase the likelihood of normalized capital market participation across the sector.

Featured image via Pexel

Investors shouldn't blindly follow Berkshire Hathaway into its stock picks.

As of Sept. 30, Berkshire Hathaway owned 37% of the outstanding shares in satellite radio provider Sirius XM (SIRI 1.50%). The Warren Buffett-led conglomerate is selective about the businesses it adds to its portfolio, so when it takes a huge stake like this, investors take notice.

However, Sirius XM hasn't been a great investment. Shares of the value stock have tanked by 65% over the past five years (as of Dec. 10). It even had to engage in a 1-for-10 reverse stock split in September 2024 to pull its share price out of the penny stock zone. This type of disappointing performance doesn't do much to make the investment community confident.

Should you forget about Sirius XM? There's another stock that has made far more millionaires. Let's consider them both.

Image source: Getty Images.

Is Sirius XM a value trap?
Sirius XM is projecting free cash flow (FCF) generation of over $1.2 billion this year. Thanks to reductions in capital expenditures, management believes the business will report FCF of $1.5 billion in 2027. That would be a two-year increase of 39%. This would give the leadership team some resources with which to start paying down the company's debt, which currently sits at $10.1 billion. Share repurchases are also on the table.

The company's rising FCF is certainly a favorable trend, and one that investors should keep tabs on to see if it persists. Investors might also appreciate just how cheap the stock is, as it trades at a forward price-to-earnings (P/E) ratio of just 7.2. Add in its dividend, which at the current share price yields about 4.8%, and it makes sense why some investors may be interested in this setup. There could be some upside.

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But there is also a real question of whether or not Sirius XM is a classic value trap. To be fair, the business collects predictable revenue streams in the form of subscriptions, which totaled $1.6 billion in Q3. And it faces no direct competition, as there are no other satellite radio operators in the U.S.

Yet, Sirius XM looks to be on the wrong side of the technological innovation trends. Faster internet speeds and the near ubiquitous adoption of smartphones have combined to create an environment in which digital music streaming platforms can thrive, giving consumers a compelling value proposition. It's no surprise that Sirius XM's self-pay subscriber count has decreased for several straight quarters, pressuring revenue.

Maybe it's time to forget about this stock.

Costco has been a millionaire maker in the past
Perhaps it would be better to turn your focus to warehouse retail giant Costco Wholesale (COST +0.00%). Over its history, it has been a millionaire-making stock. In the past 30 years, the share price has soared 10,260%. With the company's dividends reinvested, its 30-year total return comes to an astounding 15,660%. So if someone bought $6,400 worth of Costco stock in December 1995, set up automatic dividend reinvestment, and held on, they'd have a stake worth just over $1 million today.

Costco has essentially been immune to the impacts of technological change. E-commerce continues to penetrate the retail sector, as evidenced by the monster success of companies like Amazon and Shopify. However, consumers still love the Costco shopping experience, with its no-frills environment, high-quality goods, and extremely low prices.

The warehouse retailer has been able to consistently grow same-store sales, which is the holy grail in the retail world. Demand for its offerings is robust in virtually any economic scenario, even in pandemic-fueled recessions. This makes Costco somewhat of a safe stock pick.

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The retailer enjoys tremendous customer loyalty, driven by the lucrative membership program that provides most of its profit margin. Management also looks to constantly keep prices low for shoppers. And Costco's massive scale, with fiscal 2025 net sales of $270 billion, lets it negotiate favorable terms with its suppliers.

Unlike Sirius XM, which trades at a dirt cheap valuation at the moment, Costco continues to trade at a premium. Even though the stock is down by 19% from the peak it hit about a year ago, its forward P/E ratio of 44 is expensive. Costco doesn't look like a slam-dunk buying opportunity currently, so investors may want to practice patience and wait for a more attractive valuation.

For different reasons, neither Costco nor Sirius XM look like smart portfolio additions at the moment.

($900 Million Cash and Up to $115 Million Cash Contingent Payment)

Vancouver, British Columbia--(Newsfile Corp. - December 14, 2025) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") has agreed to sell its 100% interest in the Aurizona Mine, RDM Mine and Bahia Complex located in Brazil (the "Brazil Operations") to a subsidiary of the CMOC Group for total consideration of $1.015 billion (the "Transaction"). Under the Transaction, Equinox Gold will receive upfront cash of $900 million due on closing, subject to customary adjustments, and a production-linked contingent cash payment of up to $115 million one year after closing. Closing is expected in the first quarter of 2026, subject to regulatory approvals and other customary conditions, and is not subject to any financing conditions. All financial figures are in US dollars, unless otherwise indicated.

Darren Hall, Chief Executive Officer of Equinox Gold, stated: "The sale of our Brazil Operations is a pivotal step to position Equinox Gold as a North American focused gold producer underpinned by robust cash flow and a tier-one growth profile. The proceeds will transform our balance sheet and immediately strengthen our financial position by fully repaying our $500 million Term Loan and $300 million Sprott Loan, and reducing our revolving credit facility. This will greatly reduce interest expense and enhance per-share cash flow. The Company will have enhanced flexibility to self-fund organic growth and consider capital return initiatives within a disciplined capital allocation framework.

"Monetizing our Brazil Operations simplifies the portfolio and enables the Company to deploy capital toward higher-return, lower-risk, organic-growth opportunities in Canada and the United States. By concentrating on our long-life assets, including Greenstone in Ontario, Valentine in Newfoundland and Labrador, and Castle Mountain in California, we position the Company to deliver stronger margins and sustainable returns.

"With Valentine ramping up, continued performance improvements at Greenstone, and steady contributions from Mesquite and Nicaragua, Equinox Gold is positioned to drive long-term per-share value for our shareholders."

Pro Forma Production and Asset Profile

Following close of the Transaction, Equinox Gold's production platform will consist of the Valentine and Greenstone mines in Canada, the Mesquite mine in California, and the El Limón and Libertad mines in Nicaragua. As Valentine and Greenstone reach nameplate capacity, and assuming stable performance across the portfolio, the Company anticipates annual 2026 production of between 700,000 to 800,000 ounces of gold. Equinox Gold is also positioned for near-term organic growth from the Valentine Expansion, Castle Mountain Phase 2, and a redefined development plan at Los Filos in Mexico. Formal 2026 production and cost guidance will be provided in early 2026.

Strategic Rationale

Balance-sheet strength: Significant immediate debt retirement and materially lower interest expense.

Portfolio focus: Concentration on long-life, lower cost assets in tier-one jurisdictions.

Growth capacity: Ability to self-fund expansions and exploration from cash flow.

Shareholder alignment: Enhanced ability to consider disciplined capital return initiatives.

Following completion of the merger with Calibre Mining, the Company undertook a comprehensive review of the expanded portfolio and received numerous inbound queries. After evaluating several alternatives and engaging with multiple potential purchasers, Equinox Gold's Board of Directors concluded that the Transaction maximizes value for Equinox Gold's shareholders by providing enhanced flexibility to self-fund the Company's North American near-term growth strategy.

The contingent cash consideration of up to $115 million is payable following the one-year anniversary of closing if certain production thresholds are met, as outlined below:

12.5% of revenue for production between 200,000 and 280,000 ounces, or

$115 million if production equals or exceeds 280,000 ounces.

The Transaction will take effect through the sale of the issued and outstanding shares of certain non-Brazilian Equinox Gold wholly-owned subsidiaries that indirectly own the Brazil Operations.

Advisors and Counsels

BMO Capital Markets is acting as financial advisor to Equinox Gold and has provided a fairness opinion in connection with the Transaction. Blake, Cassels & Graydon LLP and Veirano Advogados are acting as legal counsel to Equinox Gold in Canada and Brazil, respectively. Canaccord Genuity Corp. is acting as financial advisor to CMOC Group. McCarthy Tétrault LLP and Mattos Filho are acting as legal counsel to CMOC Group in Canada and Brazil, respectively.

ABOUT EQUINOX GOLD

Equinox Gold (TSX: EQX) (NYSE American: EQX) is a Canadian mining company positioned for growth with a strong foundation of high-quality, long-life gold operations in Canada and across the Americas, and a pipeline of development and expansion projects. Founded and chaired by renowned mining entrepreneur Ross Beaty and guided by a seasoned leadership team with broad expertise, the Company is focused on disciplined execution, operational excellence and long-term value creation. Equinox Gold offers investors meaningful exposure to gold with a diversified portfolio and clear path to growth. Learn more at www.equinoxgold.com or contact [email protected].

Cautionary Notes & Forward-Looking Statements

This news release includes forward-looking information and forward-looking statements within the meaning of applicable securities laws and may include future-oriented financial information or financial outlook information (collectively "Forward-looking Information"). Actual results of operations and the ensuing financial results may vary materially from the amounts set out in any Forward-looking Information Forward-looking Information in this news release includes: the Company's strategic vision and expectations for exploration potential, production capabilities, growth potential, expansion projects and future financial or operating performance, including shareholder returns; the satisfaction of the conditions precedent to the Transaction; the anticipated timing of closing of the Transaction or at all; timing, receipt and anticipated effects of the regulatory approvals with respect to the Transaction; realization of the contingent cash consideration; expectations for Greenstone and Valentine operations, including achieving design capacity, anticipated production and cost guidance; potential future mining opportunities around Valentine; receipt of required approvals and permits and effectiveness of the FAST-41 designation for Castle Mountain Phase 2; and the Company's ability to improve cash flow and reduce debt. Forward-looking Information is typically identified by words such as "believe", "will", "achieve", "grow", "plan", "expect", "estimate", "anticipate", "target", and similar terms, including variations like "may", "could", or "should", or the negative connotation of such terms. While the Company believes these expectations are reasonable, they are not guarantees and undue reliance should not be placed on them. Forward-looking Information is based on the Company's current expectations and assumptions, including: achievement of exploration, production, cost and development goals; completion and ramp up at Valentine; achieving design capacity at Greenstone and Valentine operations; timely receipt of Castle Mountain permits and completion of Castle Mountain Phase 2; stable gold prices and input costs; availability of funding, accuracy of Mineral Reserve and Mineral Resource estimates; successful long-term agreements with Los Filos communities and management of suspended operations; adherence to mine plans and schedules; expected ore grades and recoveries; absence of labour disruptions or unplanned delays; productive relationships with workers, unions and communities; maintenance and timely receipt of permits and regulatory approvals; compliance with environmental and safety regulations; and constructive engagement with Indigenous and community partners. While the Company considers these assumptions reasonable, they may prove incorrect. Forward-looking Information involves numerous risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such Forward-looking Information. Such factors include failure to satisfy or waive the closing conditions to the Transaction; failure to receive the required regulatory approvals to effect the Transaction; changes in laws, regulations and government practices; and other risks and uncertainties described in the section "Risk Factors" in the Company's MD&A dated March 13, 2025 for the year ended December 31, 2024, and in the section titled "Risks Related to the Business" in Equinox Gold's most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar and in the section "Risk Factors" in Calibre Mining's MD&A dated February 19, 2025 for the year ended December 31, 2024 and the section titled "Risk Factors" in Calibre Mining's most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information reflects management's current expectations for future events and is subject to change. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or other factors affecting Forward-looking Information. If the Company updates any Forward-looking Information, no inference should be drawn that the Company will make additional updates with respect to those or other Forward-looking Information. All Forward-looking Information contained in this news release is expressly qualified by this cautionary statement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277994

Source: Equinox Gold Corp.

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Both of these top tech companies have established leadership roles in the AI industry.

Both Microsoft (MSFT 1.04%) and Alphabet (GOOGL 1.03%) (GOOG 1.03%) continue to grow as they solidify their positions in the artificial intelligence (AI) industry. Amid a recent surge, Alphabet's market cap has reached almost $3.9 trillion, while Microsoft's has pulled back slightly to $3.6 trillion.

What's unusual is that the Google parent was substantially smaller than the software giant until recently, when Alphabet pulled ahead. Considering that surge by Alphabet, is it the better investment among multitrillion-dollar companies in the AI realm, or should investors stick with Microsoft?

The case for Microsoft
Microsoft has long been a leading cloud company, but it stood out in the AI race because early on it took what is now a 27% ownership stake in OpenAI. Thus, upon the release of GPT-4, that partnership appeared to put Microsoft stock in a strong position as the frenzy around generative AI began to take hold.

To this end, it has developed its own AI engine, called Copilot, which stands out within Microsoft's ecosystem. Still, Microsoft has likely drawn the most investor attention from its partnerships. Despite its OpenAI stake, both companies are free to partner with other AI companies. More recently, Microsoft made an agreement with Anthropic to scale Claude AI on Azure servers powered with Nvidia chips.

Microsoft can also afford such investments. Over the last 12 months, it generated almost $78 billion in free cash flow, and that does not include the $69 billion in capital expenditures (capex) invested over that time.

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Moreover, with the earlier ties to OpenAI, Microsoft rose significantly in prior years, so year-to-date gains have slowed to about 14%. It also trades at a P/E ratio of 34, though it is not far above the S&P 500 average of 31. Ultimately, given its continued progress in AI, that slightly above-average valuation is unlikely to stop the steady rise of Microsoft stock.

Image source: Getty Images.

Why investors might choose Alphabet
After ChatGPT came on the scene, investors began to question whether Alphabet's Google Search engine was on the way to obsolescence. Its AI-enabled queries bypassed the ads that have long been the source of most of Alphabet's income.

However, Alphabet launched Google Gemini to compete with ChatGPT. At first, it seemed like just another AI engine, but over the last few months, it has emerged as the site of choice for real-time information, video generation, and unstructured prompts thanks to the improvements in Gemini 3.

Additionally, even amid the skepticism, Alphabet's revenue grew, and it continued to generate massive free cash flows. This has funded Gemini's improvements, along with its other AI-related businesses, such as Google Cloud and the autonomous driving platform Waymo.

Furthermore, investors should expect continued improvements as the company plans to spend $91 billion to $93 billion on capex this year alone. Despite that spending, its free cash flow was just under $74 billion over the last 12 months, an indication it can afford these massive outlays.

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Also, despite gaining around 70% so far this year, Alphabet stock trades at a 32 P/E ratio, close to the S&P 500 average. When one also factors in the increasing strength of its AI-related businesses, such conditions could make the Google parent an attractive choice.

Microsoft or Alphabet?
Both stocks have shown they are industry leaders in AI, and thus, it is likely that both stocks will continue moving higher. However, if you're choosing between the two, Alphabet likely holds the edge.

Indeed, investors should commend Microsoft for its early moves in AI and its ability to make itself essential to more than one major AI engine.

Still, both the stock price and valuation seem to already reflect that growth. Conversely, Alphabet investors may still benefit from a delayed reaction to the Google parent's AI.

Alphabet has spent more than Microsoft on capex, and it has overcome perceptions that AI was passing it by. When also considering its slightly lower valuation, Alphabet should remain in a stronger position to drive higher returns over time.

Explore how differences in sector mix, holdings, and fund structure set these two growth ETFs apart for investors seeking diversification.

The Vanguard Mega Cap Growth ETF (MGK 1.51%) and Invesco QQQ Trust, Series 1 (QQQ 1.91%) both target large-cap U.S. growth stocks, but QQQ stands out for its deeper liquidity, broader sector reach, and slightly higher yield, while MGK keeps costs lower.

MGK tracks the CRSP U.S. Mega Cap Growth Index, focusing on the largest growth names. QQQ, by contrast, tracks the NASDAQ-100, covering 101 of the largest non-financial companies on the Nasdaq exchange. This match-up compares performance, cost, risk, and portfolio construction.

Snapshot (cost & size)MetricMGKQQQIssuerVanguardInvescoExpense ratio0.07%0.20%1-yr return (as of Dec. 14, 2025)15.8%15.7%Dividend yield0.37%0.46%Beta (5Y monthly)1.241.19AUM$32.7 billion$403.0 billionBeta measures price volatility relative to the S&P 500. The 1-yr return represents total return over the trailing 12 months.

MGK is more affordable on fees with a lower expense ratio, while QQQ pays a slightly higher dividend yield. MGK may appeal to fee-conscious investors, while QQQ can have an edge for those seeking more income from a growth-focused ETF.

Performance & risk comparisonMetricMGKQQQMax drawdown (5 y)-36.02%-35.12%Growth of $1,000 over 5 years$2,083$2,033What's insideQQQ contains 101 holdings, around 54% of which are allocated to the technology sector. Its second- and third-largest sector allocations include communication services (17% of assets) and consumer cyclical (13%), respectively.

Its top positions are Nvidia, making up roughly 9% of the fund, Apple at 9%, and Microsoft at 8%. With no unique quirks or leverage, QQQ aims for broad representation of the NASDAQ-100.

MGK, in contrast, is more concentrated in technology (58%), with communication services (15%) and consumer cyclical (12%) as secondary allocations.

Its top holdings are Nvidia at 14%, Apple at 12%, and Microsoft at 12%, reflecting a heavier tilt toward the biggest tech leaders. MGK holds 66 stocks, offering a narrower slice of the large-cap growth universe.

For more guidance on ETF investing, check out the full guide at this link.

What this means for investorsQQQ and MKG both aim to provide exposure to the largest growth stocks, with an emphasis on the tech industry. QQQ, however, offers a broader portfolio with greater diversification, while MGK zeros in on the largest of the large-caps.

MGK focuses on mega-cap growth funds. Mega-cap stocks are generally defined as companies with a market capitalization of at least $200 billion, which is significantly larger than the large-cap cutoff of $10 billion.

This narrower focus can be an advantage when mega-caps are thriving, as we've seen the last few years with companies like Nvidia experiencing explosive growth. However, with fewer holdings and a larger portion of its portfolio allocated to just a handful of stocks, MGK is also at greater risk of volatility if those stocks experience a decline.

QQQ is a broader fund, encompassing both mega-cap and slightly smaller large-cap growth stocks. While its top sectors and holdings align with MGK's, it's not as heavily weighted toward those segments of the market. QQQ's top three holdings make up 25.57% of the fund's total assets, compared to MGK's 38.26% allocation to its top three stocks.

That extra diversification can help limit QQQ's risk, as seen with its slightly lower beta and milder max drawdown compared to MGK.

Investors seeking a lower expense ratio and more targeted access to mega-cap stocks may find MGK preferable, while those seeking slightly more diversification within a growth fund may opt for QQQ.

GlossaryETF: Exchange-traded fund; a fund that trades on stock exchanges like a stock, holding a basket of assets.
Expense ratio: The annual fee, as a percentage of assets, that a fund charges to cover operating costs.
Liquidity: How easily an asset or fund can be bought or sold without affecting its price.
Dividend yield: Annual dividends paid by a fund or stock, expressed as a percentage of its current price.
Beta: A measure of an investment’s volatility compared to the overall market, typically the S&P 500.
AUM: Assets under management; the total market value of assets a fund manages for investors.
Max drawdown: The largest percentage drop from a fund’s peak value to its lowest point over a specific period.
Growth of $1,000 over 5 years: How much a $1,000 investment would have grown in the fund over five years, including returns.
Sector allocation: The distribution of a fund’s investments across different industries or sectors.
Consumer cyclicals: Companies whose performance tends to follow the economic cycle, such as retailers and automakers.
Portfolio construction: The process of selecting and weighting assets within a fund to achieve specific investment goals.
NASDAQ-100: An index of the 100 largest non-financial companies listed on the Nasdaq stock exchange.

This fallen blue chip stock still faces formidable long-term challenges.

Constellation Brands (STZ 1.42%), one of the world's largest producers of beers, wines, and spirits, was considered a stable blue chip stock. But over the past three years, Constellation's stock declined more than 40% as the S&P 500 rallied over 70%.

Constellation lost its luster as its growth stalled out, it grappled with rising tariffs, and it racked up steep losses. But can it overcome those challenges over the next three years?

Image source: Getty Images.

Why did Constellation's growth cool off?
Constellation sells over 100 brands of alcoholic beverages. In fiscal 2025 (which ended this February), it generated 84% of its revenue from its beers (including Modelo, Corona, and Pacifico), 14% from its wines (including Kim Crawford, Ruffino 1887, and The Prisoner), and 4% from its spirits (including Casa Noble Tequila, Svedka Vodka, and High West Whiskey). Here's how those three core businesses fared over the past three fiscal years.

Metric

FY 2023

FY 2024

FY 2025

Beer Revenue Growth

11%

9%

5%

Wine Revenue Growth

(5%)

(10%)

(7%)

Spirits Revenue Growth

6%

(7%)

(11%)

Total Revenue Growth

7%

5%

2%

Data source: Constellation Brands.

Constellation's beer business cooled off in fiscal 2024 and fiscal 2025 as it faced several major challenges. Younger consumers in the U.S., where it generates most of its revenue, drank less alcohol than previous generations. At the same time, many of its Hispanic consumers -- who accounted for about half of its beer sales -- reined in their spending as they dealt with immigration issues and other macro headwinds under the Trump Administration.

Rising tariffs on aluminum cans (which accounted for nearly 40% of its beer shipments from Mexico), supply chain constraints in Mexico (due to the Mexican government's cancellation of a planned brewery in 2020), and inflation also forced it to raise its prices. Those price hikes exacerbated its slowdown, even as it launched new types of alcoholic beverages (like hard seltzer) and alcohol-free drinks to reduce its dependence on traditional beers.

Its smaller wine and spirits segments also struggled as consumers not only drank less but shunned cheaper brands. To keep pace with that shift, it sold a lot of its lower-end wine and spirit brands to focus on its higher-end brands. But by right-sizing those two segments, it reduced their revenues and increased the weight of its struggling beer business.

Will Constellation grow again over the next three years?
In the first six months of fiscal 2026, Constellation's revenue fell 10% year over year as its sales of beer, wine, and spirits all declined. For the full year, it expects its beer sales to decline 2%-4%, its wine and spirits sales to plunge 17%-20% (on an organic basis), and for its total revenue to slide 4%-6% (on an organic basis).

Analysts expect its total revenue to drop 11%. However, they expect its revenue to stay nearly flat in fiscal 2027 and finally rise 3% in fiscal 2028 as its right-sized business grows again and faces fewer macro headwinds.

Constellation turned unprofitable on a generally accepted accounting principles (GAAP) basis in fiscal 2022 and fiscal 2023 as its investment in the Canadian cannabis company Canopy Growth (CGC +53.98%) backfired. It turned profitable again in fiscal 2024, but it posted another net loss in fiscal 2025 as it booked big impairment charges from its ongoing divestments.

But as it laps those challenges, analysts expect it to turn profitable again in fiscal 2026 and grow its GAAP earnings per share (EPS) by 18% in fiscal 2027 and 4% in fiscal 2028. On a non-GAAP basis, which tunes out all that noise, they expect its EPS to dip 4% in fiscal 2026, rise 8% in fiscal 2027 as its business stabilizes, but decline 2% in fiscal 2028.

We should take those estimates with a grain of salt, but they imply that Constellation can grow again by diversifying its beer portfolio, right-sizing its wine and spirits segments, and weathering the Trump Administration's tariffs and other macro headwinds.

Constellation's stock trades at just 12 times its forward adjusted earnings estimates and pays a forward dividend yield of 2.9%. That low valuation and attractive yield should limit its downside potential. However, its upside potential could also be limited until it proves that it can right-size its business and overcome its near-term challenges. So for now, I believe Constellation's stock will trade sideways over the next three years until it proves its wobbly business model is sustainable.

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© David Ramos / Getty Images

Mark Zuckerberg declared 2023 the “year of efficiency” after Meta Platforms (NASDAQ:META) shed 21,000 employees and tightened spending. Operating margins expanded from 25% to 42%, and the stock tripled. But Meta guided capital expenditures to $70-72 billion for 2025, up from $30 billion in 2024. That’s an arms race.

Third quarter revenue hit $51.24 billion, up 26% year-over-year. Operating income reached $20.54 billion at a 40% margin. Net income collapsed 83% to $2.71 billion due to a $15.93 billion one-time tax charge. Strip that out and adjusted earnings would be $18.64 billion. Capital spending surged 135% to $19.37 billion in a single quarter.

The Infrastructure Bet
Zuckerberg laid out the logic on the Q3 earnings call:

It’s clear that there are a lot of new opportunities to use new AI advances to accelerate our core business that should have strong ROI over the next few years, so I think we should invest more there […] our AI investments continue to require serious infrastructure, and I expect to continue investing significantly there too.

That’s the CEO explicitly saying “we should invest more,” not “we should maintain efficiency.” Meta is training Llama 4 on a cluster exceeding 100,000 H100 GPUs, larger than anything competitors have disclosed. CFO Susan Li warned of “significant acceleration in infrastructure expense growth” for 2026 as depreciation and operating costs from the expanded fleet hit the income statement.

Can Margins Hold?
Meta’s 40% operating margin exceeds Alphabet (NASDAQ:GOOGL) at 30.5%. The company’s 82% gross margin provides cushion. Meta AI now has 500 million monthly active users, and AI-driven feed improvements drove an 8% increase in Facebook time spent and 6% on Instagram. Over one million advertisers used generative AI tools to create 15 million ads last month, with a 7% lift in conversions.

But if infrastructure spending doubles while revenue growth holds at 26%, something has to give. Operating expenses are projected at $116-118 billion for 2025, up 22-24%. Reality Labs losses continue to widen. The company is adding costs everywhere AI touches.

The market is pricing in a return to efficiency. Meta trades at 22x forward earnings, down from 29x trailing, implying analysts expect margin recovery. The consensus price target of $838 suggests 12% upside. But quarterly earnings growth just printed at negative 83%, even adjusted for the tax charge.

Meta doesn’t need a decade of efficiency. It needs the AI buildout to pay off within three years, or margins will compress. Zuckerberg is betting the infrastructure spend creates a moat competitors can’t match. The alternative is he’s just spending more efficiently than before while still spending a lot more.

By

PYMNTS
 | 
December 14, 2025

 | 

Epic Games CEO Tim Sweeney said Thursday (Dec. 12) that a federal appeals court’s decision in the company’s long-running legal battle with Apple marks “the beginning of true, untaxed competition in payments worldwide on iOS.”

The appeals court rejected Apple’s challenge to a judge’s ruling in April that the company defied an order having to do with a finding that it engaged in anticompetitive conduct.

In the April ruling, the judge said Apple deliberately ignored her 2021 order to allow developers to direct consumers to other payment options outside the App Store.

The appeals court also ruled Thursday that a district court judge must consider allowing Apple to collect a commission on transactions made outside its App Store, though not the 27% commission it used to charge.

The district court banned all commissions, “abusing its discretion,” the appeals court said in its ruling.

In a Thursday evening post on X, Sweeney wrote that the appeals court’s decision confirmed: “The Apple Tax is dead in the USA.”

Advertisement: Scroll to Continue

“Apple can require side-by-side placement of Apple payments and developer payments, as Fortnite does,” Sweeney wrote. “And Apple can collect fees for actual costs of facilitating links and IP associated with links.

“Justifiable costs? Likely $10’s to $100’s per app review, not a percentage of developer revenue,” Sweeney wrote in another Thursday evening post on X.

“This is the beginning of true, untaxed competition in payments worldwide on iOS.”

Sweeney later replied to a post that included a quote from the appeals court’s decision.

“‘The power to tax involves the power to destroy’, quotes the 9th Circuit Court about the Apple Tax and its role as a weapon to block competition,” Sweeney wrote.

Apple did not immediately reply to PYMNTS’ request for comment.

An April 30 ruling in the long legal battle brought by Epic Games required Apple to allow third-party payment options within its App Store.

While Apple defeated most of the original claims in the 2021 case, the court mandated that it loosen its restrictions and allow developers to direct users to third-party payment methods — and a judge said April 30 that Apple had deliberately circumvented that order.

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Talk to Sales

, /PRNewswire/ - December 15, 2025 – SYDNEY, Australia

Highlights

Figure 1: Drill holes completed through 2025 at the Shaakichiuwaanaan Property. (CNW Group/PMET Resources Inc.)

Figure 2: Drill holes completed through 2025 at the CV4 Pegmatite and north of the CV5 Pegmatite (condemnation holes). (CNW Group/PMET Resources Inc.)

Figure 3: Large spodumene crystals in drill hole CV25-942 at ~351 m depth (core length) at the CV4 Pegmatite. Core graded 1.4 m at 2.22% Li2O over sample interval (350.2 m to 351.6 m). (CNW Group/PMET Resources Inc.)

Figure 4: Drill holes completed through 2025 at the CV12 Pegmatite and CV8 Pegmatite. (CNW Group/PMET Resources Inc.)

Figure 5: Large spodumene crystals in drill hole CV25-875 at ~32 m depth (core length) at the CV12 Pegmatite. Core graded 2.9 m at 2.70% Li2O over sample interval (30.1 m to 33.0 m). (CNW Group/PMET Resources Inc.)

Figure 6: Large crystals of pollucite in drill hole CV25-880 at ~33 m depth (core length) at the CV12 Pegmatite. Core graded 1.5 m at 0.59% Cs2O over sample interval (33.0 m to 34.5 m). (CNW Group/PMET Resources Inc.)

Figure 7: Drill holes completed through 2025 at the CV13 Pegmatite and at the CV5 Pegmatite. (CNW Group/PMET Resources Inc.)

Figure 8: Massive pollucite with lepidolite veining in drill hole CV25-885 at ~240 m depth (core length) at the CV5 Pegmatite’s southwestern extension. Core graded 0.5 m at 17.9% Cs2O over sample interval (240.2 m to 240.7 m). (CNW Group/PMET Resources Inc.)

PMET Announces Multiple New Lithium/Caesium Discoveries in 2025 Drilling at the Shaakichiuwaanaan Property (CNW Group/PMET Resources Inc.)

New lithium zone discovery in drill hole at the CV4 Pegmatite.

27.0 m at 1.14% Li2O including 19.2 m at 1.45% Li2O (CV25-1013).
13.0 m at 1.37% Li2O (CV25-1013).
11.5 m at 1.27% Li2O (CV25-950).
Discovery interpreted to be a potential 1.5 km extension of the CV5 Pegmatite to the east.

High-grade lithium discovery in drill hole at the CV12 Pegmatite.

29.0 m at 1.31% Li2O, including 12.5 m at 2.76% Li2O (CV25-875).
29.4 m at 1.28% Li2O, including 11.9 m at 2.86% Li2O (CV25-894).
41.3 m at 0.88% Li2O, including 27.5 m at 1.20% Li2O (CV25-922).

New caesium zone discovery near-surface in drill hole at the CV12 Pegmatite.

3.0 m at 5.82% Cs2O within a wider anomalous zone of 23.0 m at 0.98% Cs2O (CV25-875).
Zone traced over ~200 m strike length at ~1 to 4 m thickness.

Strike lengths of the CV5 and CV13 pegmatites extended to 5.0 km and 3.2 km, respectively, with drill results including:

24.9 m at 1.34% Li2O, including 11.2 m at 2.16% Li2O (CV25-879) – CV5
11.7 m at 1.16% Li2O, including 5.4 m at 1.98% Li2O (CV25-796) – CV13
High-grade caesium intersected at CV5 – 0.5 m at 17.92% Cs2O (CV25-885).

Assays remain pending for multiple infill and step-out holes at the CV13 and CV4 pegmatites, including the high-grade (Li, Cs, Ta) Vega Zone.
The 2025 drill campaign also included 6,490 m (42 holes) of condemnation drilling north of CV5 and 3,961 m (21 holes) of geomechanical drilling at CV13 in support of development.
A total 57,024 m (245 holes) of diamond drilling was completed over the 2025 calendar year with results for 41,943m (173 holes) reported herein – Results remain to be reported for 15,081 m (72 holes).

Darren L. Smith, Executive Vice President Exploration, comments: "The 2025 drill campaign at Shaakichiuwaanaan was expansive in scope and completed amongst a backdrop of two (2) Mineral Resource Estimate updates and a maiden Feasibility Study for lithium on the CV5 Pegmatite. The campaign included drill testing of new targets, infill and step-out holes proximal to defined Li-Cs-Ta Mineral Resources, as well as condemnation and geomechanical holes in support of development. I am happy to report that, through the teams' efforts, the Company achieved its key drilling objectives on schedule and under budget with the Project now further derisked towards development as well as multiple new high-potential lithium and caesium zones discovered."  

"The emergence of caesium-rich mineralization across multiple areas of the Property underscores the robustness and highly evolved nature of the LCT Pegmatite system at Shaakichiuwaanaan. The presence of such high-value mineralization strengthens our confidence in the broader system and its ability to continue generating discoveries at scale that have the potential to enhance long-term shareholder value." added Mr. Smith.

PMET Resources Inc. (the "Company" or "PMET") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce results from its extensive 2025 drill campaign at the Company's wholly-owned Shaakichiuwaanaan Property (the "Property" or "Project"), located in the Eeyou Istchee James Bay region of Quebec.

The Property hosts one of the largest pegmatite Mineral Resources1 (Li, Cs, Ta) and Mineral Reserves2 (Li) in the world, situated approximately 13 km south of the regional and all–weather Trans-Taiga Road and powerline infrastructure corridor, and is accessible year-round by road. The Company recently announced a robust Feasibility Study for the CV5 Pegmatite, which outlined the Project as a potential North American critical mineral powerhouse (see news release dated October 20, 2025).

The 2025 drill campaign at the Property was expansive in nature and included drill testing of multiple Li-Cs-Ta ("LCT") pegmatite prospects (CV4, CV8, CV12), step-out drilling at CV5 and CV13, infill drilling at CV13, as well as condemnation and geomechanical drilling in support of development at CV5 and CV13, respectively. Over the course of the campaign, which was concluded in October, a total of 57,024 m (245 holes) of diamond drilling was completed, of which, results for 41,943 m (173 holes) are reported herein (see Figure 1, and Table 1 through Table 7).

__________________________________

1 The Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium zones, totals 108.0 Mt at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga, Inferred, and is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.70% Li2O (underground CV13). A grade constraint of 0.50% Cs2O was used to model the Rigel and Vega caesium zones. The Effective Date is June 20, 2025 (through drill hole CV24-787). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Mineral Resources are inclusive of Mineral Reserves.

2 Probable Mineral Reserve of 84.3 Mt at 1.26% Li2O at the CV5 Pegmatite with a cut-off grade is 0.40% Li2O (open-pit) and 0.70% Li2O (underground). Underground development and open-pit marginal tonnage containing material above 0.37% Li2O are also included in the statement. The Effective Date is September 11, 2025. See Feasibility Study news release dated October 20, 2025.

CV4 Pegmatite

The CV4 Pegmatite, characterized at surface by multiple LCT pegmatite outcrops, is situated approximately 1.5 km along geological trend to the east of the CV5 Pegmatite. The 2025 campaign marked the maiden drill testing of the prospect with a total of 7,513 m (17 holes) completed, of which, results for 3,259 m (9 holes) are announced herein (see Figure 2, Table 1, and Table 7).  

A drill fence was completed across the interpreted strike of the pegmatite outcrops and then continued south in an effort to intersect a potential extension of the principal pegmatite at CV5. The initial results indicate the outcrops have only limited depth extent; however, the drill fence successfully intersected significant widths of well-mineralized spodumene pegmatite at depth. Drill results include:

27.0 m at 1.14% Li2O including 19.2 m at 1.45% Li2O; and 13.0 m at 1.37% Li2O (CV25-1013).
11.5 m at 1.27% Li2O (CV25-950).
13.6 m at 0.90% Li2O; and 20.2 m at 0.75% Li2O including 7.9 m at 1.41% Li2O (CV25-942).
A preliminary review of the core indicates that the mineralization style in CV4 drill holes is similar to that of the principal pegmatite at CV5, characterized by large spodumene crystals hosted within a quartz-feldspar pegmatite (Figure 3). The spodumene mineralization consists of off-white to pale-green crystals of centimetre to decimetre scale, which are relatively free of inclusions resembling one of the common spodumene mineralization styles at CV5. This suggests potential amenability to dense media separation ("DMS") process methods, which extensive testwork at CV5 has demonstrated to be very effective.

The discovery is significant and, coupled with down-ice boulder discoveries in the area (see news release dated March 25, 2025) and observations in core, is interpreted to represent a potential 1.5 km extension of the CV5 Pegmatite to the east. As such, the discovery expands potential for additional underground resources along strike of the current underground Mineral Reserves at the CV5 Pegmatite.

CV12 Pegmatite

The CV12 Pegmatite, characterized at surface by multiple LCT pegmatite outcrops, is situated approximately 2.4 km along geological trend to the northwest of the CV13 Pegmatite. The 2025 campaign followed up on a single drill hole (2021) at the prospect, with a total 10,102 m (51 holes) completed and all results announced herein (see Figure 4, Table 2, and Table 7).

The drilling was successful, tracing the pegmatite over a strike length of approximately 850 m, with multiple wide and well-mineralized lithium intercepts. Of particular interest are the very high grades in excess of 2.5% Li2O over intervals greater than 10 m obtained in two (2) holes, and which are reminiscent of the high-grade Vega and Nova zones at the CV13 and CV5 pegmatites, respectively. Drill results include:

29.0 m at 1.31% Li2O, including 12.5 m at 2.76% Li2O (CV25-875).
29.4 m at 1.28% Li2O, including 11.9 m at 2.86% Li2O (CV25-894).
41.3 m at 0.88% Li2O, including 27.5 m at 1.20% Li2O (CV25-922).
A preliminary review of the core indicates that the mineralization style in CV12 drill holes is similar to that of the pegmatites at CV13, CV5, and CV4, characterized by large spodumene crystals hosted within a quartz-feldspar pegmatite. The spodumene mineralization consists of off-white to pale-green crystals of centimetre to decimetre scale, which are relatively free of inclusions (Figure 5). This suggests potential amenability to dense media separation ("DMS") process methods, which extensive testwork at CV5 has demonstrated to be very effective. Additionally, grades of tantalum in drill hole at CV12 are very strong (see Table 2).

Additionally, drilling has outlined a new caesium zone discovery at CV12 with intercepts including 3.0 m at 5.82% Cs2O within a wider anomalous zone of 23.0 m at 0.98% Cs2O (CV25-875). Other intercepts include 1.5 m at 3.30% Cs2O (CV25-944), 1.4 m at 1.77% Cs2O (CV25-923), 2.6 m at 1.02% Cs2O (CV25-894), and 4.4 m at 0.90% Cs2O (CV25-902). The caesium mineralization was intercepted at shallow depths (typically <15 to 50 m vertical depth from surface) and has been traced in multiple holes over an approximate 200 m strike length at ~1 to 4 m thickness. Pollucite, the ideal caesium host mineral – due to its high caesium content and ease of recovery – was also visually identified in several drill holes (Figure 6). More drilling is required to constrain the zone; however, its shallow depth, long strike length, and strong grades are very encouraging.

CV13 Pegmatite

The 2025 drilling at the CV13 Pegmatite included infill and step-out holes, and geomechanical drilling in support of development. A total of 23,451 m (106 holes) were completed, of which, results for 9,771 m (59 holes) are announced herein (see Figure 7, Table 3, and Table 7). Assays remain pending for multiple infill and step-out holes at the CV13 Pegmatite, including the high-grade (Li, Cs, Ta) Vega Zone. 

The drilling successfully extended the CV13 Pegmatite northeast approximately 0.7 km towards the CV5 Pegmatite with drill intercepts including 14.6 m at 1.04% Li2O (CV25-802), 11.7 m at 1.16% Li2O (CV25-796), and 10.9 m at 1.00% Li2O including a very high-grade zone 2.1 m at 3.95% Li2O (CV25-806). A caesium intercept of 0.9 m at 1.42% Cs2O (CV25-802) was also returned in this area, highlighting the potential for additional caesium enriched lenses to be delineated at CV13. The strike-length of the CV13 Pegmatite now extends approximately 3.2 km and remains open in several directions.

A roughly 100-150 m spaced drill hole fence was completed a further 250 m along strike to the northeast, testing the top 150-200 m from surface; however, did not intersect any material pegmatite intervals. This suggests the pegmatite body may narrow and/or deflect (potentially to depth below 150-200 m) at some point along the corridor.

Step-out drilling to the northwest of the Vega Zone successfully extended the pegmatite at least 200 m. The pegmatite intervals in these holes are weakly mineralized in lithium and caesium; however, carry high-grade tantalum including 3.8 m at 4,058 Ta2O5 ppm (CV25-791). A preliminary interpretation, supported by drill hole and geophysical data, suggests a potential fault in this area, which may have potentially offset the Vega Zone northerly where it remains to be drill tested. The Vega Zone remains open in several areas with results for multiple infill and step-out holes pending.

In addition to the exploration drilling, a geomechanical drill program at the CV13 Pegmatite was completed to support development and economic studies. In collaboration with independent engineering consultants, a total of 3,961 m (21 holes, HQ) were completed across the area targeting both pegmatite and host rock. Samples were collected for subsequent geomechanical lab testing and downhole optical/ acoustic televiewer surveys completed to support mine design and geological modelling. Assay results for pegmatite intervals in these holes remain to be reported.

CV5 Pegmatite

The 2025 drilling at the CV5 Pegmatite and areas proximal in support of its development included step-out holes to the southwest as well as condemnation holes of proposed waste rock stockpiles and other key infrastructure locations. A total of 13,591 m (60 holes) were completed with all results announced herein (see Figure 7, Table 4, Table 5, and Table 7).

Drilling to test a southwestern extension of CV5 (7,101 m over 18 holes) was successful and traced the pegmatite approximately 0.4 km further along strike in this direction. Results include 24.9 m at 1.34% Li2O, including 11.2 m at 2.16% Li2O (CV25-879), 9.4 m at 1.13% Li2O (CV25-885), and 15.1 m at 0.98% Li2O (CV25-885). The strike-length of the CV5 Pegmatite now extends approximately 5.0 km and remains open in several directions.

Additionally, a high-grade caesium intercept of 1.0 m at 9.1% Cs2O was returned in drill hole CV25-855 over the extension. The interval included the highest-grade individual caesium sample collected to date at CV5 (0.5 m at 17.9% Cs2O) with massive pollucite visually identified (Figure 8). This discovery is open in several directions and highlights the potential for well-mineralized pods of caesium (via the mineral pollucite) at CV5 as a co-product to lithium and tantalum.

The 2025 drill campaign also included condemnation drilling of waste rock Stockpiles 001 and 002 (5,465 m  over 36 holes) as well as at the underground ramp and ventilation shaft (1,025 m  over 6 holes) locations proposed in the recently completed lithium-only Feasibility Study on the CV5 Pegmatite (see news release dated October 20, 2025) (Figure 2). This drilling achieved its objectives of characterizing the local geology as well as condemning key areas, and will inform the pending Environmental and Social Impact Assessment ("ESIA"), and planned bulk sample for the Project.

CV8 Pegmatite

The CV8 Pegmatite, characterized at surface by multiple LCT pegmatite outcrops, is situated approximately 0.5 km south of the CV12 Pegmatite on a sub-parallel trend. A total of 2,523 m (11 holes) were completed, of which, results for 1,312 m (6 holes) are announced herein (see Figure 4, Table 6, and Table 7).

The best results from the holes announced herein at the CV8 Pegmatite are 3.1 m at 1.52% Li2O and 3.5 m at 1.26% Li2O – both from drill hole CV25-940A. These intervals also returned high-grade tantalum at 321 ppm Ta2O5 and 295 ppm Ta2O5, respectively.

The target remains prospective and warrants further drilling given the association with ultramafic rocks proximal (often strongly associated with the widest spodumene pegmatite bodies at the Property), the large number of individual pegmatite intercepts in drill hole (suggests volume potential), and the presence of spodumene in the system (lithium budget is present).

Next Steps

The geology team is currently interpreting and working with the new drill hole data to advance the host rock and pegmatite geological models for the Project. The work is focused on the CV5 and CV13 pegmatites ahead of updates that will feed into updated block models, culminating into a revised economic study scheduled for the second half of 2026. The data will also inform an underground bulk sample of mineralized pegmatite at CV5, which is currently being permitted.

Results remain to be reported for 15,081 m (72 holes), of which the vast majority are from infill and step-holes at the CV13 Pegmatite, including the high-grade (Li-Cs-Ta) Vega Zone. Final assay certificates are anticipated to be received over the holidays and therefore results for the final drill holes of the 2025 campaign will be reported in the new year.

Table 1: Core assay summary for drill holes reported herein at the CV4 Spodumene Pegmatite.

Hole ID

From
(m)

To
(m)

Interval
(m)

Li2O
(%)

Cs2O
(%)

Ta2O5
(ppm)

CV25-928

278.9

281.4

2.5

0.19

0.03

130

CV25-932

No >2 m pegmatite intersections

CV25-935

No >2 m pegmatite intersections

CV25-942

349.6

363.2

13.6

0.90

0.05

76

Incl.

350.2

362.1

11.9

1.01

0.05

76

436.9

457.1

20.2(3)

0.75

0.03

78

Incl.

437.5

445.4

7.9

1.41

0.03

86

CV25-950

375.8

387.3

11.5

1.27

0.04

125

457.6

471.3

13.7

0.27

0.03

84

CV25-961

Hole lost and re-collared

CV25-1002

Hole lost and re-collared

CV25-1002A

Hole lost and re-collared

CV25-1013

177.3

182.7

5.4

0.00

0.01

385

373.2

400.2

27.0

1.14

0.03

122

Incl.

376.9

396.0

19.2

1.45

0.03

113

419.4

423.5

4.1

0.02

0.01

98

463.0

469.4

6.4

0.28

0.03

156

490.2

503.1

13.0

1.37

0.03

97

(1) All intervals are core length and presented for all pegmatite intervals >2 m. (2) Collared in pegmatite. (3) Includes minor intervals of non-pegmatite units (typically <3 m).

Table 2: Core assay summary for drill holes reported herein at the CV12 Spodumene Pegmatite.

Hole ID

From
(m)

To
(m)

Interval
(m)

Li2O
(%)

Cs2O
(%)

Ta2O5
(ppm)

CV25-872

20.0

22.7

2.8

0.39

0.07

118

33.3

38.0

4.8

0.17

0.07

54

CV25-873

7.8

11.7

3.9

0.67

0.22

328

Incl.

8.4

8.9

0.5

0.50

0.85

211

13.7

15.7

2.0

0.54

0.08

144

57.8

60.3

2.5

0.82

0.03

232

CV25-875

7.6

36.6

29.0

1.31

0.81

248

Incl.

12.5

14.0

1.5

0.25

0.89

6

Incl.

22.6

35.1

12.5

2.76

1.55

334

or

22.6

25.6

3.0

2.03

5.82

368

or

31.6

35.1

3.6

3.75

0.21

587

58.2

64.2

6.0

0.01

0.00

3

CV25-876

20.0

25.1

5.1

0.18

0.09

118

36.7

39.7

3.0

0.04

0.05

301

CV25-877

No >2 m pegmatite intersections

CV25-878

28.1

35.5

7.4

0.70

0.21

108

58.2

61.7

3.5

0.52

0.10

172

96.7

98.7

2.0

0.02

0.04

230

CV25-880

30.9

50.2

19.3

0.51

0.31

170

Incl.

31.9

36.2

4.3

1.36

0.64

144

Incl.

44.9

46.5

1.6

0.41

0.97

165

CV25-881

48.0

53.4

5.4

0.07

0.03

118

117.5

120.5

3.0

0.03

0.04

165

CV25-882

43.7

53.0

9.3

0.11

0.05

302

60.4

62.4

2.0

0.06

0.04

165

CV25-883

57.4

60.3

2.9

0.13

0.01

78

CV25-884

No >2 m pegmatite intersections

CV25-886

133.3

135.4

2.1

0.00

0.02

115

CV25-887

No >2 m pegmatite intersections

CV25-888

No >2 m pegmatite intersections

CV25-889

Hole lost and re-collared

CV25-889A

No >2 m pegmatite intersections

CV25-890

Hole lost and re-collared

CV25-890A

No >2 m pegmatite intersections

CV25-892

No >2 m pegmatite intersections

CV25-893

No >2 m pegmatite intersections

CV25-894

43.9

73.2

29.4

1.28

0.31

177

Incl.

46.8

58.7

11.9

2.86

0.38

168

or

57.4

60.0

2.6

1.58

1.02

159

Incl.

64.3

66.5

2.2

0.17

0.71

297

CV25-895

110.7

113.1

2.3

0.01

0.00

248

116.6

118.9

2.3

0.01

0.06

242

CV25-897

56.7

59.5

2.8

0.04

0.01

217

74.1

84.5

10.4

0.06

0.01

94

CV25-898

No >2 m pegmatite intersections

CV25-899

44.2

46.2

2.0

0.02

0.00

15

92.8

97.9

5.1

0.01

0.06

78

CV25-900

No >2 m pegmatite intersections

CV25-901

No >2 m pegmatite intersections

CV25-902

28.2

46.4

18.3

0.57

0.36

228

Incl.

30.0

40.8

10.9

0.91

0.54

273

or

33.6

38.0

4.4

0.85

0.90

156

83.5

104.0

20.4(3)

0.57

0.23

145

Incl.

97.0

104.0

7.0

0.99

0.43

165

or

97.0

98.0

1.0

1.11

1.47

203

or

102.5

104.0

1.5

1.63

0.63

149

CV25-903

54.8

64.1

9.3

0.34

0.16

52

71.2

73.8

2.6

0.20

0.25

155

CV25-904

80.9

87.3

6.4

0.02

0.01

555

114.1

116.1

2.0

0.01

0.00

102

CV25-906

20.7

23.3

2.5

0.11

0.12

319

61.1

66.2

5.1

0.21

0.11

265

CV25-907

24.4

29.5

5.1

0.01

0.01

87

37.6

42.2

4.6

0.05

0.05

70

CV25-908

148.7

152.3

3.6

0.01

0.07

72

CV25-909

No >2 m pegmatite intersections

CV25-910

117.7

123.4

5.7

0.05

0.01

303

127.3

132.6

5.3

0.02

0.01

123

134.6

138.9

4.3

0.03

0.01

84

CV25-912

87.2

94.2

7.0

0.02

0.06

70

102.0

105.2

3.2

0.02

0.04

106

186.4

187.4

1.0

0.02

1.46

53

CV25-916

14.9

21.9

7.0(2)

0.01

0.10

275

134.5

143.8

9.3

0.13

0.04

96

CV25-918

38.0

44.5

6.5

0.35

0.10

157

59.7

64.6

4.9

0.07

0.06

105

CV25-922

6.5

47.8

41.3(3)

0.88

0.23

167

Incl.

14.8

42.3

27.5

1.20

0.29

192

or

22.3

23.8

1.4

2.14

1.24

257

or

35.5

42.3

6.8

1.97

0.38

233

or

37.0

38.6

1.5

2.29

0.81

545

CV25-923

19.8

30.2

10.4

1.33

0.39

293

Incl.

25.2

27.2

2.0

1.20

0.53

100

Incl.

28.8

30.2

1.4

2.81

1.77

186

33.9

49.3

15.5

0.14

0.11

216

78.9

82.6

3.6

0.03

0.03

151

CV25-926

39.7

43.4

3.7

0.08

0.15

96

54.4

59.8

5.5

0.12

0.11

152

CV25-934

222.1

224.1

2.0

0.02

0.02

156

238.3

242.3

4.0

0.10

0.01

211

CV25-938

No >2 m pegmatite intersections

CV25-939

No >2 m pegmatite intersections

CV25-944

8.6

10.1

1.5

0.04

3.30

69

19.0

23.3

4.3

0.47

0.04

174

73.4

75.4

2.0

0.05

0.03

124

CV25-946

31.8

62.5

30.7

0.29

0.06

123

64.8

70.7

5.9

0.12

0.05

160

113.6

119.6

6.0

0.04

0.08

211

CV25-949

31.5

38.5

7.0

0.07

0.06

55

82.5

90.8

8.3

0.01

0.04

71

CV25-954

No >2 m pegmatite intersections

CV25-956

No >2 m pegmatite intersections

CV25-960

No >2 m pegmatite intersections

CV25-963

No >2 m pegmatite intersections

(1) All intervals are core length and presented for all pegmatite intervals >2 m. (2) Collared in pegmatite. (3) Includes minor intervals of non-pegmatite units (typically <3 m).

Table 3: Core assay summary for drill holes reported herein at the CV13 Spodumene Pegmatite.

Hole ID

From
(m)

To
(m)

Interval
(m)

Li2O
(%)

Cs2O
(%)

Ta2O5
(ppm)

CV25-788

374.2

377.9

3.6

0.72

0.19

116

CV25-789

31.12

40.5

9.4

1.11

0.06

220

Incl.

35.34

39.5

4.2

2.07

0.07

115

CV25-790

121.8

132.2

10.3

0.15

0.03

194

CV25-791

173.4

177.2

3.8

0.21

0.01

4058

CV25-792

199.2

211.0

11.8

0.84

0.08

175

CV25-793

138.0

144.4

6.3

0.14

0.03

294

312.44

314.8

2.3

0.77

0.06

125

CV25-794

233.6

237.9

4.2

0.05

0.03

221

CV25-795

No >2 m pegmatite intersections

CV25-796

170.0

181.7

11.7

1.16

0.06

412

Incl.

171.9

177.3

5.4

1.98

0.07

366

CV25-797

No >2 m pegmatite intersections

CV25-798

231.8

234.0

2.2

0.01

0.01

176

CV25-799

No >2 m pegmatite intersections

CV25-800

110.5

120.3

9.8

0.03

0.02

216

CV25-801

No >2 m pegmatite intersections

CV25-802

45.0

47.0

2.0

0.02

0.01

62

194.8

209.4

14.6

1.04

0.17

165

Incl.

201.4

202.3

0.9

1.68

1.42

600

CV25-803

327.2

329.0

1.8

2.28

0.32

159

CV25-804

174.3

185.3

11.0

0.90

0.09

237

CV25-805

No >2 m pegmatite intersections

CV25-806

108.6

111.3

2.7

0.04

0.02

151

275.7

286.6

10.9

1.00

0.09

123

Incl.

278.0

280.0

2.1

3.95

0.21

337

CV25-809

No >2 m pegmatite intersections

CV25-810

No >2 m pegmatite intersections

CV25-813

No >2 m pegmatite intersections

CV25-814

84.2

92.5

8.4

0.22

0.03

158

CV25-817

212.2

214.9

2.7

0.61

0.09

712

CV25-818

No >2 m pegmatite intersections

CV25-819

55.6

58.1

2.5

0.01

0.02

62

198.2

208.9

10.7

0.98

0.09

123

Incl.

199.6

203.7

4.1

2.18

0.11

173

CV25-822

No >2 m pegmatite intersections

CV25-823

No >2 m pegmatite intersections

CV25-825

212.0

215.9

4.0

0.24

0.08

113

CV25-828

208.8

211.7

2.8

0.93

0.09

347

214.2

218.7

4.5

0.17

0.06

133

CV25-830

No >2 m pegmatite intersections

CV25-832

No >2 m pegmatite intersections

CV25-833

227.0

232.0

5.0

0.69

0.09

331

240.6

243.3

2.7

0.26

0.12

132

CV25-836

No >2 m pegmatite intersections

CV25-837

245.1

253.2

8.1

1.00

0.21

100

Incl.

248.4

249.9

1.5

3.68

0.83

116

CV25-841

No >2 m pegmatite intersections

CV25-843

No >2 m pegmatite intersections

CV25-846

329.7

332.7

3.0

0.11

0.02

447

CV25-847

No >2 m pegmatite intersections

CV25-851

No >2 m pegmatite intersections

CV25-854

263.6

268.5

4.9

0.57

0.05

193

CV25-858

No >2 m pegmatite intersections

CV25-859

261.5

270.1

8.6

1.60

0.09

115

CV25-863

No >2 m pegmatite intersections

CV25-864

No >2 m pegmatite intersections

CV25-868

No >2 m pegmatite intersections

CV25-871

No >2 m pegmatite intersections

(1) All intervals are core length and presented for all pegmatite intervals >2 m. (2) Collared in pegmatite. (3) Includes minor intervals of non-pegmatite units (typically <3 m).

Table 4: Core assay summary for drill holes reported herein at the CV5 Spodumene Pegmatite.

Hole ID

From
(m)

To
(m)

Interval
(m)

Li2O
(%)

Cs2O
(%)

Ta2O5
(ppm)

Comments

CV25-866

No >2 m pegmatite intersections

CV25-874

240.8

244.8

4.0

0.01

0.01

34

CV25-879

72.7

77.1

4.5

0.72

0.10

119

259.1

262.1

3.0

0.05

0.03

307

272.3

297.2

24.9

1.34

0.17

210

Incl.

283.8

295.1

11.2

2.16

0.26

173

CV25-885

64.3

68.5

4.2

0.15

0.04

111

222.1

231.6

9.4

1.13

0.08

270

238.4

253.5

15.1

0.98

0.71

225

Incl.

238.4

246.9

8.5

1.64

1.20

265

or

240.2

241.2

1.0

1.22

9.09

588

or

240.2

240.7

0.5

0.99

17.92

1089

407.1

411.2

4.2

0.01

0.05

233

CV25-891

No >2 m pegmatite intersections

CV25-896

No >2 m pegmatite intersections

CV25-905

32.7

40.0

7.3

0.48

0.03

161

303.6

318.3

14.7

0.21

0.03

235

336.2

338.5

2.3

0.19

0.05

247

CV25-911

29.7

33.8

4.1

0.03

0.01

106

253.2

263.5

10.3

0.65

0.11

240

CV25-915

30.0

35.3

5.3

0.48

0.04

130

255.0

257.4

2.4

0.08

0.07

302

361.5

363.6

2.1

0.01

0.05

227

CV25-920

No >2 m pegmatite intersections

CV25-925

343.7

355.0

11.3

0.04

0.01

90

359.8

362.1

2.2

0.09

0.03

102

363.6

390.4

26.8

0.42

0.03

186

Incl.

369.1

373.2

4.1

0.91

0.05

556

Incl.

378.2

384.6

6.4

0.95

0.04

158

CV25-929

240.7

246.7

6.0

0.46

0.04

209

CV25-931

264.5

268.0

3.4

0.41

0.07

117

CV25-936

283.2

287.1

3.8

2.29

0.17

412

317.7

320.5

2.8

0.53

0.07

320

330.7

333.4

2.7

0.23

0.01

139

CV25-943

238.2

251.5

13.3(3)

0.50

0.08

329

260.1

265.4

5.2

0.66

0.02

280

426.3

427.0

0.7

0.33

>1.06

396

Cs overlimit pending

442.8

445.2

2.4

0.05

0.05

175

CV25-952

220.0

223.1

3.1

0.09

0.04

178

CV25-959

No >2 m pegmatite intersections

CV25-965

No >2 m pegmatite intersections

(1) All intervals are core length and presented for all pegmatite intervals >2 m. (2) Collared in pegmatite. (3) Includes minor intervals of non-pegmatite units (typically <3 m).

Table 5: Core assay summary for drill holes reported herein completed for infrastructure development.

Hole ID

From
(m)

To
(m)

Interval
(m)

Li2O
(%)

Cs2O
(%)

Ta2O5
(ppm)

CV25-807

No >2 m pegmatite intersections

CV25-808

No >2 m pegmatite intersections

CV25-811

No >2 m pegmatite intersections

CV25-812

No >2 m pegmatite intersections

CV25-815

No >2 m pegmatite intersections

CV25-816

No >2 m pegmatite intersections

CV25-820

No >2 m pegmatite intersections

CV25-821

No >2 m pegmatite intersections

CV25-824

No >2 m pegmatite intersections

CV25-826

No >2 m pegmatite intersections

CV25-827

No >2 m pegmatite intersections

CV25-829

No >2 m pegmatite intersections

CV25-831

No >2 m pegmatite intersections

CV25-834

No >2 m pegmatite intersections

CV25-835

No >2 m pegmatite intersections

CV25-838

No >2 m pegmatite intersections

CV25-839

No >2 m pegmatite intersections

CV25-840

No >2 m pegmatite intersections

CV25-842

2.6

15.8

13.2

0.00

0.01

30

CV25-844

50.6

52.6

2.0

0.00

0.01

39

CV25-845

No >2 m pegmatite intersections

CV25-848

96.2

144.8

48.6

0.01

0.00

17

CV25-849

74.3

76.7

2.4

0.00

0.00

64

79.8

85.7

5.8

0.00

0.00

89

CV25-850

No >2 m pegmatite intersections

CV25-852

144.2

151.6

7.4

0.00

0.00

36

CV25-853

No >2 m pegmatite intersections

CV25-855

97.3

101.6

4.3

0.01

0.00

20

122.0

124.0

2.0

0.03

0.01

6

125.1

132.8

7.6

0.01

0.00

12

CV25-856

No >2 m pegmatite intersections

CV25-857

No >2 m pegmatite intersections

CV25-860

96.9

100.9

4.0

0.00

0.00

19

CV25-861

No >2 m pegmatite intersections

CV25-862

No >2 m pegmatite intersections

CV25-865

No >2 m pegmatite intersections

CV25-867

No >2 m pegmatite intersections

CV25-869

No >2 m pegmatite intersections

CV25-870

No >2 m pegmatite intersections

CV25-970

No >2 m pegmatite intersections

CV25-974

No >2 m pegmatite intersections

CV25-981

No >2 m pegmatite intersections

CV25-987

No >2 m pegmatite intersections

CV25-990

No >2 m pegmatite intersections

CV25-993

No >2 m pegmatite intersections

(1) All intervals are core length and presented for all pegmatite intervals >2 m. (2) Collared in pegmatite. (3) Includes minor intervals of non-pegmatite units (typically <3 m).

Table 6: Core assay summary for drill holes reported herein at the CV8 Spodumene Pegmatite.

Hole ID

From
(m)

To
(m)

Interval
(m)

Li2O
(%)

Cs2O
(%)

Ta2O5
(ppm)

CV25-940

Hole lost and re-collared

CV25-940A

16.61

19.7

3.1

1.52

0.03

321

41.16

44.6

3.5

1.26

0.05

295

108.07

113.5

5.4

0.02

0.01

210

CV25-947

154.3

160.68

6.4

0.03

0.03

154

230.2

233.17

3.0

0.01

0.01

159

271.2

274.18

3.0

0.01

0.01

390

CV25-951

189.6

192.6

3.0

0.04

0.01

52

CV25-978

82.85

85.7

2.9

0.08

0.03

103

203.26

205.6

2.3

0.01

0.01

121

CV25-991

No >2 m pegmatite intersections

(1) All intervals are core length and presented for all pegmatite intervals >2 m. (2) Collared in pegmatite. (3) Includes minor intervals of non-pegmatite units (typically <3 m).

Table 7: Attributes for drill holes reported herein at the Shaakichiuwaanaan Property.

Hole ID

Substrate

Total Depth
(m)

Azimuth
(°)

Dip
(°)

Easting

Northing

Elevation
(m)

Core
Size

Area

CV25-788

Land

427.9

0

-90

564900.5

5928788.9

403.2

NQ

CV13

CV25-789

Land

247.8

140

-55

565998.5

5928514.4

366.1

NQ

CV13

CV25-790

Land

302.1

158

-45

566242.2

5928702.7

374.4

NQ

CV13

CV25-791

Land

242.0

200

-60

564900.3

5928788.3

403.2

NQ

CV13

CV25-792

Land

230.1

158

-45

566204.2

5928801.5

382.1

NQ

CV13

CV25-793

Land

359.0

0

-90

564848.3

5928645.6

404.1

NQ

CV13

CV25-794

Land

293.0

158

-72

566203.9

5928802.2

382.1

NQ

CV13

CV25-795

Land

196.9

200

-55

564848.0

5928644.8

404.1

NQ

CV13

CV25-796

Land

209.0

158

-45

566297.2

5928828.6

379.4

NQ

CV13

CV25-797

Land

194.0

200

-75

564791.9

5928495.4

410.2

NQ

CV13

CV25-798

Land

272.0

158

-70

566296.8

5928829.3

379.4

NQ

CV13

CV25-799

Land

188.1

0

-90

564764.7

5928666.9

403.2

NQ

CV13

CV25-800

Land

203.0

158

-45

566332.8

5928736.0

370.9

NQ

CV13

CV25-801

Land

190.9

200

-55

564764.4

5928666.2

403.2

NQ

CV13

CV25-802

Land

259.8

158

-70

566388.9

5928866.7

373.9

NQ

CV13

CV25-803

Land

349.9

200

-55

564679.5

5928684.8

409.4

NQ

CV13

CV25-804

Land

244.9

158

-45

566389.0

5928866.2

374.0

NQ

CV13

CV25-805

Land

305.1

20

-60

564680.1

5928685.8

409.4

NQ

CV13

CV25-806

Land

398.0

158

-67

566350.5

5928959.9

381.2

NQ

CV13

CV25-807

Land

147.7

340

-45

572480.6

5932795.2

409.7

NQ

North CV5

CV25-808

Land

152.0

340

-45

572277.4

5932748.6

407.9

NQ

North CV5

CV25-809

Land

442.9

158

-81

566350.4

5928960.1

381.1

NQ

CV13

CV25-810

Land

434.1

200

-56

564378.3

5928979.4

410.1

NQ

CV13

CV25-811

Land

152.0

340

-45

573480.6

5933151.9

422.3

NQ

North CV5

CV25-812

Land

151.9

340

-45

573467.0

5933198.2

430.6

NQ

North CV5

CV25-813

Land

404.1

200

-52

564281.4

5928775.6

411.8

NQ

CV13

CV25-814

Land

257.0

168

-45

566441.8

5928780.5

370.4

NQ

CV13

CV25-815

Land

152.0

340

-45

573803.6

5933256.3

408.9

NQ

North CV5

CV25-816

Land

151.9

340

-45

573614.2

5932954.3

404.2

NQ

North CV5

CV25-817

Land

283.9

158

-45

566480.4

5928904.7

375.6

NQ

CV13

CV25-818

Land

317.1

200

-47

564179.1

5928577.3

413.8

NQ

CV13

CV25-819

Land

287.0

158

-70

566480.7

5928904.0

375.6

NQ

CV13

CV25-820

Land

149.1

340

-45

573402.6

5932897.9

402.5

NQ

North CV5

CV25-821

Land

151.9

340

-45

573734.3

5933451.3

419.6

NQ

North CV5

CV25-822

Land

401.0

158

-45

566879.7

5929390.6

388.6

NQ

CV13

CV25-823

Land

253.8

158

-45

566518.8

5928813.7

375.0

NQ

CV13

CV25-824

Land

152.0

340

-45

573334.9

5933086.9

425.7

NQ

North CV5

CV25-825

Land

323.0

158

-45

566577.0

5928926.4

376.8

NQ

CV13

CV25-826

Land

151.8

340

-45

573719.4

5933543.5

417.4

NQ

North CV5

CV25-827

Land

155.0

340

-45

572866.3

5932915.4

408.1

NQ

North CV5

CV25-828

Land

251.0

158

-70

566576.7

5928927.1

376.7

NQ

CV13

CV25-829

Land

151.9

340

-45

573198.6

5933460.4

444.0

NQ

North CV5

CV25-830

Land

332.0

158

-45

566941.7

5929243.7

396.9

NQ

CV13

CV25-831

Land

152.1

340

-45

572947.4

5933257.8

430.8

NQ

North CV5

CV25-832

Land

197.0

158

-45

566612.2

5928848.6

369.3

NQ

CV13

CV25-833

Land

292.9

158

-45

566669.5

5928978.2

374.4

NQ

CV13

CV25-834

Land

152.1

340

-45

573222.3

5933220.9

444.8

NQ

North CV5

CV25-835

Land

155.1

340

-45

572729.0

5933291.2

423.9

NQ

North CV5

CV25-836

Land

296.0

158

-45

566974.0

5929158.1

380.4

NQ

CV13

CV25-837

Land

284.0

158

-70

566669.3

5928978.9

374.5

NQ

CV13

CV25-838

Land

152.1

340

-45

572655.0

5933491.3

406.7

NQ

North CV5

CV25-839

Land

151.8

340

-45

572327.9

5932933.0

414.9

NQ

North CV5

CV25-840

Land

152.0

340

-45

572183.7

5933318.9

406.0

NQ

North CV5

CV25-841

Land

296.2

158

-45

567010.6

5929064.7

371.2

NQ

CV13

CV25-842

Land

152.0

340

-45

568907.0

5932167.5

380.7

NQ

North CV5

CV25-843

Land

248.0

158

-45

566704.6

5928888.5

370.1

NQ

CV13

CV25-844

Land

152.0

340

-45

569273.8

5932604.1

372.6

NQ

North CV5

CV25-845

Land

151.9

340

-45

572260.3

5933120.7

418.2

NQ

North CV5

CV25-846

Land

380.0

158

-67

566630.7

5929074.5

387.2

NQ

CV13

CV25-847

Land

223.8

158

-45

567141.4

5929278.9

388.2

NQ

CV13

CV25-848

Land

149.0

340

-45

568891.9

5932280.7

378.3

NQ

North CV5

CV25-849

Land

152.0

340

-45

569355.1

5932372.9

392.3

NQ

North CV5

CV25-850

Land

152.0

340

-45

569639.6

5933058.1

373.3

NQ

North CV5

CV25-851

Land

395.1

158

-45

567177.2

5929185.3

378.1

NQ

CV13

CV25-852

Land

151.8

340

-45

568982.9

5931957.6

386.0

NQ

North CV5

CV25-853

Land

152.1

340

-45

569407.2

5932239.0

394.7

NQ

North CV5

CV25-854

Land

323.1

158

-45

566759.8

5929016.5

374.4

NQ

CV13

CV25-855

Land

152.0

340

-45

569705.8

5932868.7

375.8

NQ

North CV5

CV25-856

Land

152.0

200

-45

569110.3

5931947.8

393.4

NQ

North CV5

CV25-857

Land

152.0

340

-45

569422.1

5932016.2

383.4

NQ

North CV5

CV25-858

Land

289.9

158

-45

567061.2

5928937.0

365.8

NQ

CV13

CV25-859

Land

313.9

158

-65

566759.6

5929017.2

374.4

NQ

CV13

CV25-860

Land

152.0

340

-45

569774.9

5932682.5

393.6

NQ

North CV5

CV25-861

Land

152.1

340

-45

571960.6

5932477.1

396.1

NQ

North CV5

CV25-862

Land

151.9

340

-45

571708.1

5933215.0

406.3

NQ

North CV5

CV25-863

Land

268.8

158

-45

567095.0

5928807.1

361.1

NQ

CV13

CV25-864

Land

260.0

158

-45

566804.7

5928921.9

370.7

NQ

CV13

CV25-865

Land

152.2

340

-45

569841.0

5932535.5

395.4

NQ

North CV5

CV25-866

Land

430.9

158

-45

567719.9

5929498.7

385.1

NQ

CV5

CV25-867

Land

152.1

340

-45

571890.7

5932667.0

406.0

NQ

North CV5

CV25-868

Land

296.0

158

-45

566808.1

5929572.8

388.2

NQ

CV13

CV25-869

Land

149.0

340

-45

571754.7

5933045.2

402.1

NQ

North CV5

CV25-870

Land

152.0

340

-45

571957.6

5932931.7

411.9

NQ

North CV5

CV25-871

Land

214.9

158

-45

566843.5

5929483.6

388.3

NQ

CV13

CV25-872

Land

290.1

200

-45

561718.7

5929484.8

432.2

NQ

CV12

CV25-873

Land

326.0

200

-45

561628.2

5929617.0

425.3

NQ

CV12

CV25-874

Land

350.1

158

-45

568196.4

5929863.1

398.1

NQ

CV5

CV25-875

Land

296.5

200

-85

561628.4

5929617.6

425.1

NQ

CV12

CV25-876

Land

229.9

200

-85

561718.9

5929485.4

432.2

NQ

CV12

CV25-877

Land

239.0

200

-45

561655.7

5929718.1

406.9

NQ

CV12

CV25-878

Land

161.0

200

-45

561815.1

5929451.2

437.2

NQ

CV12

CV25-879

Land

392.0

158

-45

568176.8

5929911.1

400.7

NQ

CV5

CV25-880

Land

281.1

200

-45

561714.6

5929601.4

418.1

NQ

CV12

CV25-881

Land

272.0

200

-45

561862.8

5929433.1

429.0

NQ

CV12

CV25-882

Land

248.0

200

-85

561714.8

5929602.0

417.9

NQ

CV12

CV25-883

Land

296.3

200

-85

561863.2

5929433.6

428.9

NQ

CV12

CV25-884

Land

154.0

200

-45

561467.8

5929663.1

411.2

NQ

CV12

CV25-885

Land

476.0

158

-65

568176.6

5929911.7

400.8

NQ

CV5

CV25-886

Land

191.1

200

-45

561956.7

5929404.2

427.4

NQ

CV12

CV25-887

Land

199.2

20

-45

561441.6

5929605.1

421.2

NQ

CV12

CV25-888

Land

212.0

200

-45

561519.0

5929660.3

413.5

NQ

CV12

CV25-889

Land

9.3

200

-45

561991.0

5929513.0

423.2

NQ

CV12

CV25-889A

Land

260.0

200

-45

561991.7

5929513.2

425.3

NQ

CV12

CV25-890

Land

7.4

200

-85

561409.8

5929651.3

409.4

NQ

CV12

CV25-890A

Land

199.9

200

-85

561410.8

5929647.0

415.6

NQ

CV12

CV25-891

Land

296.1

158

-45

568233.2

5929776.0

390.1

NQ

CV5

CV25-892

Land

256.9

200

-85

561992.1

5929514.2

425.4

NQ

CV12

CV25-893

Land

248.0

60

-45

561641.1

5929411.6

432.0

NQ

CV12

CV25-894

Land

238.7

200

-45

561809.3

5929564.2

417.3

NQ

CV12

CV25-895

Land

140.3

20

-45

561780.9

5929349.6

427.0

NQ

CV12

CV25-896

Land

416.9

158

-58

568139.0

5930003.0

400.9

NQ

CV5

CV25-897

Land

121.8

200

-85

561809.5

5929564.9

417.3

NQ

CV12

CV25-898

Land

221.0

200

-45

561586.4

5929700.7

400.3

NQ

CV12

CV25-899

Land

202.9

200

-45

561894.9

5929534.1

422.7

NQ

CV12

CV25-900

Land

71.0

200

-85

561586.6

5929701.5

400.2

NQ

CV12

CV25-901

Land

167.0

200

-50

561849.3

5929671.5

400.6

NQ

CV12

CV25-902

Land

196.9

200

-67

561899.8

5929537.8

420.9

NQ

CV12

CV25-903

Land

139.7

200

-45

561839.7

5929519.1

423.6

NQ

CV12

CV25-904

Land

184.8

200

-87

561899.8

5929537.8

420.9

NQ

CV12

CV25-905

Land

374.0

158

-45

568085.2

5929873.1

399.2

NQ

CV5

CV25-906

Land

146.0

200

-85

561841.3

5929514.5

426.5

NQ

CV12

CV25-907

Land

163.9

200

-45

561932.3

5929477.5

429.5

NQ

CV12

CV25-908

Land

218.0

200

-45

561958.1

5929547.4

424.5

NQ

CV12

CV25-909

Land

133.8

200

-65

561932.6

5929478.0

429.5

NQ

CV12

CV25-910

Land

223.3

200

-65

561958.3

5929547.8

424.4

NQ

CV12

CV25-911

Land

373.9

158

-65

568085.0

5929873.4

399.1

NQ

CV5

CV25-912

Land

236.0

200

-45

562084.2

5929455.0

422.1

NQ

CV12

CV25-915

Land

388.0

158

-64

568148.1

5929847.3

397.8

NQ

CV5

CV25-916

Land

260.0

200

-70

562084.4

5929455.6

422.2

NQ

CV12

CV25-918

Land

104.2

200

-45

561751.6

5929540.7

427.4

NQ

CV12

CV25-920

Land

352.7

158

-45

568102.8

5929826.1

396.6

NQ

CV5

CV25-922

Land

130.8

200

-85

561751.8

5929541.3

427.2

NQ

CV12

CV25-923

Land

146.0

200

-45

561675.7

5929614.3

420.3

NQ

CV12

CV25-925

Land

424.9

158

-65

568057.2

5929806.2

394.1

NQ

CV5

CV25-926

Land

97.9

200

-85

561676.0

5929615.0

420.2

NQ

CV12

CV25-928

Land

488.1

158

-45

574111.0

5932312.3

378.5

NQ

CV4

CV25-929

Land

347.6

158

-50

568057.5

5929805.8

394.1

NQ

CV5

CV25-931

Land

444.6

158

-57

568057.4

5929806.0

394.1

NQ

CV5

CV25-932

Land

415.9

158

-65

574110.6

5932313.1

378.8

NQ

CV4

CV25-934

Land

251.0

200

-50

562125.2

5929558.0

404.8

NQ

CV12

CV25-935

Land

436.9

158

-75

574080.1

5931860.0

380.9

NQ

CV4

CV25-936

Land

387.2

158

-45

567991.1

5929835.5

392.2

NQ

CV5

CV25-938

Land

320.0

200

-70

562125.4

5929558.4

404.8

NQ

CV12

CV25-939

Land

242.0

200

-50

562199.3

5929521.8

406.0

NQ

CV12

CV25-940

Land

44.0

200

-45

561983.6

5928890.9

410.0

NQ

CV8

CV25-940A

Land

160.3

200

-47

561983.9

5928890.9

409.9

NQ

CV8

CV25-942

Land

536.1

158

-45

574080.1

5931860.0

380.9

NQ

CV4

CV25-943

Land

478.6

158

-65

567991.1

5929835.7

392.2

NQ

CV5

CV25-944

Land

196.8

158

-65

562051.7

5929354.7

431.1

NQ

CV12

CV25-946

Land

163.9

200

-45

562174.1

5929435.6

421.7

NQ

CV12

CV25-947

Land

299.0

200

-45

562024.1

5929004.7

429.5

NQ

CV8

CV25-949

Land

161.0

200

-70

562174.3

5929436.0

421.6

NQ

CV12

CV25-950

Land

527.0

200

-51

574080.1

5931860.0

380.9

NQ

CV4

CV25-951

Land

285.8

200

-60

562024.2

5929005.1

429.4

NQ

CV8

CV25-952

Land

425.0

158

-57

567991.0

5929835.8

392.1

NQ

CV5

CV25-954

Land

242.0

200

-45

562143.7

5929330.5

433.7

NQ

CV12

CV25-956

Land

179.0

200

-45

562273.0

5929388.5

429.3

NQ

CV12

CV25-959

Land

380.0

158

-45

567963.3

5929775.9

390.0

NQ

CV5

CV25-960

Land

245.0

200

-85

562273.5

5929389.2

429.1

NQ

CV12

CV25-961

Land

257.0

158

-56

574080.1

5931860.0

380.9

NQ

CV4

CV25-963

Land

176.0

200

-45

562239.2

5929293.4

435.7

NQ

CV12

CV25-965

Land

362.0

158

-60

567963.2

5929776.2

389.8

NQ

CV5

CV25-970

Land

101.0

338

-45

570088.4

5931288.0

381.0

NQ

North CV5

CV25-974

Land

253.9

338

-45

570230.0

5931279.1

378.9

NQ

North CV5

CV25-978

Land

214.8

200

-75

562183.0

5928832.8

404.4

NQ

CV8

CV25-981

Land

139.7

338

-45

570449.6

5931153.1

375.0

NQ

North CV5

CV25-987

Land

140.1

338

-45

570599.8

5931123.3

376.2

NQ

North CV5

CV25-990

Land

203.0

338

-45

571042.3

5931271.1

384.4

NQ

North CV5

CV25-991

Land

308.0

200

-45

561776.0

5928865.2

401.1

NQ

CV8

CV25-993

Land

188.1

338

-45

570955.7

5931625.2

382.9

NQ

North CV5

CV25-1002

Land

74.0

158

-45

574178.2

5931809.1

379.1

NQ

CV4

CV25-1002A

Land

9.0

158

-45

574177.3

5931810.4

380.6

NQ

CV4

CV25-1013

Land

514.8

158

-58

574178.1

5931810.0

379.2

NQ

CV4

(1) Coordinate system NAD83 / UTM zone 18N; (2) All drill holes are diamond drill; (3) Azimuths and dips presented are those 'planned' and may vary off collar/downhole.

Quality Assurance / Quality Control (QAQC)

A Quality Assurance / Quality Control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches at a rate of approximately 5% each. Additionally, analysis of pulp-split sample duplicates was completed to assess analytical precision, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation.

All core samples collected were shipped to SGS Canada's laboratory in Val-d'Or, QC, for sample preparation (code PRP90 special) which includes drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analyzed for multi-element (including Li, Ta, and Cs) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50). Overlimits for Cs were completed at SGS Canada's laboratory in Lakefield, ON, by borate-fusion XRF (code GC_XRF76V).

Qualified/Competent Person

The technical and scientific information in this news release that relates to the Mineral Resource  Estimate and exploration results for the Company's properties is based on, and fairly represents, information compiled by Mr. Darren L. Smith, M.Sc., P.Geo., who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the related technical information in this news release.

Mr. Smith is an Executive and Vice President of Exploration for PMET Resources Inc. and holds common shares, Restricted Share Units (RSUs), and Performance Share Units (PSUs) in the Company.

The information in this news release that relates to the Feasibility Study is based on, and fairly represents, information compiled by Mr. Frédéric Mercier-Langevin, Ing. M.Sc., who is a Qualified Person as defined by NI 43-101, and member in good standing with the Ordre des Ingénieurs du Québec. Mr. Mercier-Langevin has reviewed and approved the related technical information in this news release.

Mr. Mercier-Langevin is the Chief Operating and Development Officer for PMET Resources Inc. and holds common shares, options, Restricted Share Units (RSUs), and Performance Share Units (PSUs) in the Company.

About PMET Resources Inc.

PMET Resources Inc. is a pegmatite critical mineral exploration and development company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan Property located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and proximal to regional hydro-power infrastructure.

In late 2025, the Company announced a positive lithium-only Feasibility Study on the CV5 Pegmatite for the Shaakichiuwaanaan Property (the "Feasibility Study") and declared a maiden Mineral Reserve of 84.3 Mt at 1.26% Li2O (Probable)3. The study outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation ("DMS") only process flowsheet. Further, the results highlight Shaakichiuwaanan as a potential North American critical mineral powerhouse with significant opportunity for tantalum and caesium in addition to lithium.

The Project hosts a Consolidated Mineral Resource4 totalling 108.0 Mt at 1.40% Li2O and 166 ppm Ta2O5 (Indicated), and 33.4 Mt at 1.33% Li2O and 155 ppm Ta2O5 (Inferred), and ranks as the largest5 lithium pegmatite resource in the Americas, and in the top ten globally. Additionally, the Project hosts the world's largest pollucite-hosted caesium pegmatite Mineral Resource at the Rigel and Vega zones with 0.69 Mt at 4.40% Cs2O (Indicated), and 1.70 Mt at 2.40% Cs2O (Inferred).

For further information, please contact us at [email protected] or by calling +1 (604) 279-8709, or visit www.pmet.ca. Please also refer to the Company's continuous disclosure filings, available under its profile at www.sedarplus.ca and www.asx.com.au, for available exploration data.

___________________________________

3 See Feasibility Study news release dated October 20, 2025. Probable Mineral Reserve cut-off grade is 0.40% Li2O (open-pit) and 0.70% Li2O (underground). Underground development and open-pit marginal tonnage containing material above 0.37% Li2O are also included in the statement. Effective Date of September 11, 2025.

4 The Consolidated MRE (CV5 + CV13 pegmatites), which includes the Rigel and Vega caesium zones, totals 108.0 Mt at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga, Inferred, and is reported at a cut-off grade of 0.40% Li2O (open-pit), 0.60% Li2O (underground CV5), and 0.70% Li2O (underground CV13). A grade constraint of 0.50% Cs2O was used to model the Rigel and Vega caesium zones. The Effective Date is June 20, 2025 (through drill hole CV24-787). Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. Mineral Resources are inclusive of Mineral Reserves.

5 Determination based on Mineral Resource data, sourced through July 11, 2025, from corporate disclosure.

This news release has been approved by

"KEN BRINSDEN"                                                         

Kenneth Brinsden, President, CEO, & Managing Director

Olivier Caza-Lapointe
Head, Investor Relations
T: +1 (514) 913-5264
E: [email protected]

Disclaimer for Forward-Looking Information

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws.

All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as "plan", "development", "growth", "continued", "intentions", "expectations", "emerging", "evolving", "strategy", "opportunities", "anticipated", "trends", "potential", "outlook", "ability", "additional", "on track", "prospects", "viability", "estimated", "reaches", "enhancing", "strengthen", "target", "believes", "next steps" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. 

Forward-looking statements include, but are not limited to, statements concerning the interpretation of the results from exploration, the exploration and development potential of various zones, including CV4, CV5, CV12, and CV13, the remaining results from the 2025 drill campaign, future exploration work, including the anticipated results therefrom, and the updated economic study on the Project.

Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include, without limitation, the market for caesium, that proposed exploration work on the Property will continue as expected, the accuracy of reserve and resource estimates, the classification of resources between inferred and the assumptions on which the reserve and resource estimates are based, long-term demand for lithium (spodumene), tantalum (tantalite), and caesium (pollucite)  supply, and that exploration and development results continue to support management's current plans for Property development.

Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Readers should review the detailed risk discussion in the Company's most recent Annual Information Form filed on SEDAR+, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations.

Although the Company believes its expectations are based upon reasonable assumptions and 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 not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate. If any of the risks or uncertainties mentioned above, which are not exhaustive, materialize, actual results may vary materially from those anticipated in the forward-looking statements.

The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.

Competent Person Statement (ASX Listing Rules)

The information in this news release that relates to the Feasibility Study ("FS") for the Shaakichiuwaanaan Project, which was first reported by the Company in a market announcement titled "PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study for its Large-Scale Shaakichiuwaanaan Project" dated October 20, 2025 (Montreal time) is available on the Company's website at www.pmet.ca, on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au. The production target from the Feasibility Study referred to in this news release was reported by the Company in accordance with ASX Listing Rule 5.16 on the date of the original announcement. The Company confirms that, as of the date of this news release, all material assumptions and technical parameters underpinning the production target in the original announcement continue to apply and have not materially changed.

The Mineral Resource and Mineral Reserve Estimates in this release were first reported by the Company in accordance with ASX Listing Rule 5.8 in market announcements titled "World's Largest Pollucite-Hosted Caesium Pegmatite Deposit" dated July 20, 2025 (Montreal time) and "PMET Resources Delivers Positive CV5 Lithium-Only Feasibility Study for its Large-Scale Shaakichiuwaanaan Project" dated October 20, 2025 (Montreal time) and are available on the Company's website at www.pmet.ca, on SEDAR+ at www.sedarplus.ca and on the ASX website at www.asx.com.au. The Company confirms that, as of the date of this news release, it is not aware of any new information or data verified by the competent person that materially affects the information included in the relevant announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant announcement continue to apply and have not materially changed. The Company confirms that, as at the date of this announcement, the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.

Appendix 1 – JORC Code 2012 Table 1 (ASX Listing Rule 5.8.2)

Section 1 – Sampling Techniques and Data

Criteria

JORC Code explanation

Commentary

Sampling techniques

•  Nature and quality of sampling (eg cut channels, random chips, or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

•  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

•  Aspects of the determination of mineralization that are Material to the Public Report.

•  In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (eg submarine nodules) may warrant disclosure of detailed information.

•  Core sampling protocols meet industry standard practices.

•  Core sampling is guided by lithology as determined during geological logging (i.e., by a geologist). All pegmatite intervals are sampled in their entirety (half-core), regardless if spodumene mineralization is noted or not (in order to ensure an unbiased sampling approach) in addition to ~1 to 3 m of sampling into the adjacent host rock (dependent on pegmatite interval length) to "bookend" the sampled pegmatite.

•  The minimum individual sample length is typically 0.5 m and the maximum sample length is typically 2.0 m. Targeted individual pegmatite sample lengths are 1.0 to 1.5 m.

•  All drill core is oriented to maximum foliation prior to logging and sampling and is cut with a core saw into half-core pieces, with one half-core collected for assay, and the other half-core remaining in the box for reference.

•  Core samples collected from drill holes were shipped to SGS Canada's laboratory in Val-d'Or, QC, for sample preparation (code PRP90 special) which included drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns.

•  All drill core sample pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analysed for multi-element (including Li, Ta, and Cs) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50). Overlimits for Cs were completed at SGS Canada's laboratory in Lakefield, ON, by borate-fusion XRF (code GC_XRF76V).

Drilling techniques

•  Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

•  NQ size core diamond drilling was completed for all holes. Core was not oriented.

Drill sample
recovery

•  Method of recording and assessing core and chip sample recoveries and results assessed.

•  Measures taken to maximize sample recovery and ensure representative nature of the samples.

•  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

•  All drill core was geotechnically logged following industry standard practices, and include TCR, RQD, ISRM, and Q-Method (since mid-winter 2023). Core recovery typically exceeds 90%.

Logging

•  Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

•  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

•  The total length and percentage of the relevant intersections logged.

•  Upon receipt at the core shack, all drill core is pieced together, oriented to maximum foliation, metre marked, geotechnically logged (including structure), alteration logged, geologically logged, and sample logged on an individual sample basis. Core box photos are also collected of all core drilled, regardless of perceived mineralization. Specific gravity measurements of pegmatite are also collected at systematic intervals for all pegmatite drill core using the water immersion method, as well as select host rock drill core.

•  The logging is qualitative by nature, and includes estimates of spodumene grain size, inclusions, and model mineral estimates.

•  These logging practices meet or exceed current industry standard practices.

Sub-sampling
techniques and
sample preparation

•  If core, whether cut or sawn and whether quarter, half or all core taken.

•  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

•  For all sample types, the nature, quality and appropriateness of the sample preparation technique.

•  Quality control procedures adopted for all sub-sampling stages to maximize representivity of samples.

•  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

•  Whether sample sizes are appropriate to the grain size of the material being sampled.

•  Drill core sampling followed industry best practices. Drill core was saw-cut with half-core sent for geochemical analysis and half-core remaining in the box for reference. The same side of the core was sampled to maintain representativeness.

•  The minimum individual sample length is typically 0.5 m and the maximum sample length is typically 2.0 m. Targeted individual pegmatite sample lengths are 1.0 to 1.5 m.

•  Sample sizes are considered appropriate for the material being assayed.

•  A Quality Assurance / Quality Control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches at a rate of approximately 5% each. Additionally, analysis of pulp-split sample duplicates was completed to assess analytical precision, and external (secondary) laboratory pulp-split duplicates were prepared at the primary lab for subsequent check analysis and validation.

•  All protocols employed are considered appropriate for the sample type and nature of mineralization and are considered the optimal approach for maintaining representativeness in sampling.

Quality of assay
data and laboratory
tests

•  The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

•  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

•  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

•  Core samples collected from drill holes were shipped to SGS Canada's laboratory in Val-d'Or, QC, for sample preparation (code PRP90 special) which included drying at 105°C, crush to 90% passing 2 mm, riffle split 250 g, and pulverize 85% passing 75 microns.

•  All drill core sample pulps were shipped by air to SGS Canada's laboratory in Burnaby, BC, where the samples were homogenized and subsequently analysed for multi-element (including Li, Ta, and Cs) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_ICP91A50 and GE_IMS91A50). Overlimits for Cs were completed at SGS Canada's laboratory in Lakefield, ON, by borate-fusion XRF (code GC_XRF76V).

•  The Company relies on both its internal QAQC protocols (systematic use of blanks, certified reference materials, and external checks), as well as the laboratory's internal QAQC.

•  All protocols employed are considered appropriate for the sample type and nature of mineralization and are considered the optimal approach for maintaining representativeness in sampling.

Verification of
sampling and
assaying

•  The verification of significant intersections by either independent or alternative company personnel.

•  The use of twinned holes.

•  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

•  Discuss any adjustment to assay data.

•  Intervals are reviewed and compiled by the EVP Exploration and Project Managers prior to disclosure, including a review of the Company's internal QAQC sample analytical data.

•  No twinned holes were completed.

•  Data capture utilizes MX Deposit software whereby core logging data is entered directly into the software for storage, including direct import of laboratory analytical certificates as they are received. The Company employs various on-site and post QAQC protocols to ensure data integrity and accuracy.

•  Adjustments to data include reporting lithium and tantalum in their oxide forms, as it is reported in elemental form in the assay certificates. Formulas used are Li2O = Li x 2.153, Ta2O5 = Ta x 1.221, and Cs2O = Cs x 1.0602

Location of data
points

•  Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

•  Specification of the grid system used.

•  Quality and adequacy of topographic control.

•  Each drill hole collar has been surveyed with a RTK Trimble Zephyr 3, except for a minor number of holes (e.g., holes lost which were re-collard). 

•  The coordinate system used is UTM NAD83 Zone 18.

•  The Company completed a property-wide LiDAR and orthophoto survey in August 2022, which provides high-quality topographic control.

•  The quality and accuracy of the topographic controls are considered adequate for advanced stage exploration and development, including Mineral Resource estimation.

Data spacing and
distribution

•  Data spacing for reporting of Exploration Results.

•  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

•  Whether sample compositing has been applied.

•  At CV5, drill hole collar spacing is dominantly grid based. Several collars are typically completed from the same pad at varied orientations targeting pegmatite pierce points of ~50 (Indicated) to 100 m (Inferred) spacing.

•  At CV13, drill hole spacing is a combination of grid based (at ~100 m spacing) and fan based with multiple holes collared from the same pad. Therefore, collar locations and hole orientations may vary widely, which reflect the varied orientation of the pegmatite body along strike. Pegmatite pierce points of ~50 (Indicated) to 100 m (Inferred) spacing are targeted.

•  At CV12 and CV8, drill hole collar spacing is dominantly grid based. Several collars are typically completed from the same pad at varied orientations targeting pegmatite pierce points of ~50 m to 100 m spacing.

•  At CV4, drill hole spacing is fan based with multiple holes collared from the same pad.

•  Based on the nature of the mineralization and continuity in geological modelling, the drill hole spacing is anticipated to be sufficient to support a MRE.

•  Core sample lengths typically range from 0.5 to 2.0 m and average ~1.0 to 1.5 m. Sampling is continuous within all pegmatite encountered in the drill hole.

•  Core samples are not composited upon collection or for analysis.

Orientation of data
in relation to
geological structure

•  Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

•  If the relationship between the drilling orientation and the orientation of key mineralized structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

•  No sampling bias is anticipated based on structure within the mineralized body.

•  The principal mineralized bodies are relatively undeformed and very competent, although have meaningful structural control.

•  At CV5, the principal mineralized body and adjacent lenses are steeply dipping resulting in oblique angles of intersection with true widths varying based on drill hole angle and orientation of pegmatite at that particular intersection point. i.e., the dip of the mineralized pegmatite body has variations in a vertical sense and along strike, so the true widths are not always apparent until several holes have been drilled (at the appropriate spacing) in any particular drill-fence.

•  At CV13, the principal pegmatite body has a varied strike and shallow northerly dip. The Rigel and Vega zones are hosted entirely within the CV13 Pegmatite as lenses concordant to the local pegmatite orientation.

•  At CV12 and CV8, current interpretation supports a series of shallow, northerly dipping sheets.

•  At CV4, current interpretation supports a series of steeply, northerly dipping sheets.

Sample security

•  The measures taken to ensure sample security.

•  Samples were collected by Company staff or its consultants following specific protocols governing sample collection and handling. Core samples were bagged, placed in large supersacs for added security, palleted, and shipped directly to Val-d'Or, QC, being tracked during shipment along with Chain of Custody. Upon arrival at the laboratory, the samples were cross-referenced with the shipping manifest to confirm all samples were accounted for. At the laboratory, sample bags are evaluated for tampering.

Audits or reviews

•  The results of any audits or reviews of sampling techniques and data.

•  A review of the sample procedures for the Company's drill programs has been reviewed by several Qualified/Competent Persons through multiple NI 43-101 technical reports completed for the Company and deemed adequate and acceptable to industry best practices. The most recent Technical Report includes a review of sampling techniques and data through 2024 (drill hole CV24-787) in a technical report titled "CV5 Pegmatite Lithium-Only Feasibility Study NI 43-101 Technical Report, Shaakichiuwaanaan Project" with an Effective Date of October 20, 2025, and Issue Date of November 14, 2025.

•  Additionally, the Company continually reviews and evaluates its procedures in order to optimize and ensure compliance at all levels of sample data collection and handling.

Section 2 – Reporting of Exploration Results

Criteria

JORC Code explanation

Commentary

Mineral tenement
and land tenure
status

•  Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

•  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

•  The Shaakichiuwaanaan Property (formerly called "Corvette") is comprised of 463 CDC claims located in the James Bay Region of Quebec, with Lithium Innova Inc. (wholly owned subsidiary of PMET Resources Inc.) being the registered title holder for all of the claims. The northern border of the Property's primary claim block is located within approximately 6 km to the south of the Trans-Taiga Road and powerline infrastructure corridor. The CV5 Spodumene Pegmatite is accessible year-round by all-season road is situated approximately 13.5 km south of the regional and all–weather Trans-Taiga Road and powerline infrastructure. The CV13 and CV9 spodumene pegmatites are located approximately 3 km west-southwest and 14 km west of CV5, respectively.

•  The Company holds 100% interest in the Property subject to various royalty obligations depending on original acquisition agreements. DG Resources Management holds a 2% NSR (no buyback) on 76 claims, D.B.A. Canadian Mining House holds a 2% NSR on 50 claims (half buyback for $2M), OR Royalties holds a sliding scale NSR of 1.5-3.5% on precious metals, and 2% on all other products, over 111 claims, and Azimut Exploration holds 2% NSR on 39 claims.

•  The Property does not overlap any atypically sensitive environmental areas or parks, or historical sites to the knowledge of the Company. There are no known hinderances to operating at the Property, apart from the goose harvesting season (typically mid-April to mid-May) where the communities request helicopter flying not be completed, and potentially wildfires depending on the season, scale, and location.

•  Claim expiry dates range from July 2026 to July 2028. 

Exploration done
by other parties

•  Acknowledgment and appraisal of exploration by other parties.

•  No previous exploration targeting LCT pegmatites has been conducted by other parties at the Project.

•  For a summary of previous exploration undertaken by other parties at the Project, please refer to the most recent NI 43-101 Technical Report.

Geology

•  Deposit type, geological setting and style of mineralization.

•  The Property overlies a large portion of the Lac Guyer Greenstone Belt, considered part of the larger La Grande River Greenstone Belt and is dominated by volcanic rocks metamorphosed to amphibolite facies. The claim block is dominantly host to rocks of the Guyer Group (amphibolite, iron formation, intermediate to mafic volcanics, peridotite, pyroxenite, komatiite, as well as felsic volcanics). The amphibolite rocks that trend east-west (generally steeply south dipping) through this region are bordered to the north by the Magin Formation (conglomerate and wacke) and to the south by an assemblage of tonalite, granodiorite, and diorite, in addition to metasediments of the Marbot Group (conglomerate, wacke). Several regional-scale Proterozoic gabbroic dykes also cut through portions of the Property (Lac Spirt Dykes, Senneterre Dykes).

•  The geological setting is prospective for multiple commodities over several different deposit styles including orogenic gold (Au), volcanogenic massive sulphide (Cu, Au, Ag), komatiite-ultramafic (Au, Ag, PGE, Ni, Cu, Co), and LCT pegmatite (Li, Cs, Ta, Ga, Rb).

•  Exploration of the Property has outlined three primary mineral exploration trends crossing dominantly east-west over large portions of the Property – Golden Trend (gold), Maven Trend (copper, gold, silver), and CV Trend (lithium, caesium, tantalum). The CV4, CV5, CV8, CV12, and CV13 pegmatites are situated within the CV Trend.

•  The pegmatites at Shaakichiuwaanaan are categorized as Li-Cs-Ta ("LCT") pegmatites. LCT mineralization at the Property is observed to occur within quartz-feldspar pegmatite. The pegmatite is often very coarse-grained and off-white in appearance, with darker sections commonly composed of mica and smoky quartz, and occasional tourmaline.

•  Core assays and ongoing mineralogical studies, coupled with field mineral identification and assays confirm spodumene as the dominant lithium-bearing mineral on the Property, with no significant petalite, lepidolite, lithium-phosphate minerals, or apatite present. The spodumene crystal size of the pegmatites is typically decimeter scale, and therefore, very large. The pegmatites also carry significant tantalum (tantalite) and caesium (pollucite). Gallium is present in spodumene and feldspar via substitution with Al.

Drill hole
Information

•  A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o  easting and northing of the drill hole collar

o  elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar

o  dip and azimuth of the hole

o  down hole length and interception depth

o  hole length.

•  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

•  Drill hole attribute information is included in a table herein.

•  Pegmatite intersections of <2 m are not typically presented as they are considered insignificant. 

Data aggregation
methods

•  In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

•  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

•  The assumptions used for any reporting of metal equivalent values should be clearly stated.

•  Length weighted averages were used to calculate grade over width.

•  No specific grade cap or cut-off was used during grade width calculations. The lithium, tantalum, and caesium length weighted average grade of the entire pegmatite interval is calculated for all pegmatite intervals over 2 m core length, as well as higher grade zones at the discretion of the geologist. As samples >1% Cs2O are also reported.

•  Pegmatites have inconsistent mineralization by nature, resulting in some intervals having a small number of poorly mineralized samples included in the calculation. Non-pegmatite internal dilution is limited to typically <3 m where relevant and intervals indicated when assays are reported.

•  No metal equivalents have been reported.

Relationship
between
mineralization
widths and
intercept lengths

•  These relationships are particularly important in the reporting of Exploration Results.

•  If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported.

•  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

•  At CV5, current interpretation supports a principal, large pegmatite body of near vertical to steeply dipping orientation, flanked by several subordinate pegmatite lenses.

•  At CV13, current interpretation supports a series of sub-parallel trending sills with a flat-lying to shallow northerly dip. Within the CV13 Pegmatite body are the Rigel and Vega zones, which follow the local trend of the wider pegmatite body.

•  At CV12 and CV8, current interpretation supports a series of shallow, northerly dipping sheets.

•  At CV4, current interpretation supports a series of steeply, northerly dipping sheets.

•  All reported widths are core length.

Diagrams

•  Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

•  Please refer to the figures included herein as well as those posted on the Company's website.

Balanced reporting

•  Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

•  Reporting is balanced. 

•  Please refer to the table(s) included herein.

•  Results for pegmatite intervals <2 m are not reported.

Other substantive
exploration data

•  Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

•  The Company is currently completing site environmental work over the CV5 and CV13 pegmatite area. No endangered flora or fauna have been documented over the Property to date, and several sites have been identified as potentially suitable for mine infrastructure.

•  The Company has completed a bathymetric survey over the shallow glacial lake which overlies a portion of the CV5 Spodumene Pegmatite. The lake depth ranges from <2 m to approximately 18 m, although the majority of the CV5 Spodumene Pegmatite, as delineated to date, is overlain by typically <2 to 10 m of water.

•  The Company has completed significant metallurgical testing comprised of HLS and magnetic testing, which has produced 6+% Li2O spodumene concentrates at >70% recovery on both CV5 and CV13 pegmatite material. A DMS test on CV5 Pegmatite material returned a Subsequent and more expansive DMS pilot programs completed, including with non-pegmatite dilution, produced results in line with prior testwork, confirming a DMS-only flowsheet is applicable. The Company has also produced a marketable lithium hydroxide concentrate from CV5's spodumene concentrate.

•  The Company has produced marketable tantalite concentrates at bench-scale from the CV5 Pegmatite's DMS (spodumene) tailings fractions. The testwork used gravity or gravity + flotation methods to produce tantalite concentrates grading 8.7% Ta2O5 at 45% global recovery (MC001) and 6.6% Ta2O5 at 49% global recovery (MC002).

•  The Company has produced marketable pollucite concentrates at bench-scale from the CV13 Pegmatite's Vega Caesium Zone. The testwork used XRT ore sorting to produce concentrates of 11.5% Cs2O and 20.0% Cs2O at an overall 88% recovery.

•  Various mandates required for advancing the Project have been completed or are ongoing, including but not limited to, environmental baseline, metallurgy, geomechanics, hydrogeology, hydrology, stakeholder engagement, geochemical characterization, as well as transportation and logistical studies. A Feasibility Study for lithium-only on the CV5 Pegmatite was announced October 20, 2025.

Further work

•  The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

•  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

•  The Company intends to continue drilling the pegmatites of the Shaakichiuwaanaan Property, primarily targetting lithium, caesium, and tantalum as the primary commodities of interest.

•  Metallurgical test programs evaluating the recovery of lithium, caesium, and tantalum are ongoing.

SOURCE PMET Resources Inc.