Advantage Lithium (V.AAL)

Eloro Resources (ELO.T) put out a press release outlining its updated 43-101 Compliant Mineral Resource Estimate for its Iska Iska project in Bolivia. For the first time it was able to report “indicated” resources as well as significantly increased “inferred” resources.

ELO shares traded down.

I spoke to CEO Tom Larsen who was, as you might expect, disappointed with the market’s reception of what, objectively, is excellent news. Now part of the share price story is secular, the war in Iran, the price of silver falling; but part of it is the very nature of the 43-101 Mineral Resource process.

“So the actual Estimate is done by a third party,” said Larsen. “The independent  mining consultant firm who have been hired for the inaugural 2023 MRE and the recent upgrade study is Micon International, an Independent Mining Consulting firm. They have to be conservative. Hundred meter by hundred meter drill spacings will always be classified as “inferred”. Fifty by fifty meter spacings are required for indicated.”

What Micon cannot comment on nor can Larsen, is the fact that the mineralization at Iska Iska has been remarkably consistent. Eloro has drilled to date 146 drill holes totalling 119,930 metres, every one of which has hit mineralization. It has developed a robust geological model of the drilled sections of the overall Iska Iska ground and is able to accurately discern well defined tin, lead/zinc and primary silver domains.

“The inferred silver resource in the upper part of the system in the 2023  MRE report reported 24 gram silver within 132 million tonnes,” said Larsen. “With our infill drilling in the last couple years we have moved to 85 million tons of indicated 40 gpt ton silver. The silver grade is up 66%.”

“We will be drilling up to 40,000 meters in the upcoming months,” said Larsen. “Primarily focused on the silver primary domain. We know that as we infill drill the grade goes up. By doing a focused infill drilling program we are confident we can take the indicated silver tons to 140 million at 40 grams per ton.”

40 grams is a tiny bit less than an ounce and a half. Here’s another thing which the 43-101 rules prohibit Eloro from including in the press release on the revised MRE: the value of 140 million tons of ounce and a half silver. Simple math with today’s silver price gives a gross value of  US$ 10.5 billion. Ballpark cost of mining and processing at $20-25/ton leaves a profit of $50/ton or 7 billion US dollars. And that is just for the silver.

As I write, ELO’s market cap is 229 million Canadian or 167 million US. Little wonder that Larsen is disappointed with the market’s reaction to the revised MRE.

“We are going to focus on upgrading the silver primary,” said Larsen. “Iska Iska is the third largest in situ silver deposit in the world with in excess of 360 million ounces. We can increase the grade and the value of that deposit with minimal, but well targeted, drilling.”

At the same time Eloro will also be drilling in the tin domain to the West. “Right now, we have an inferred 31 million tons of tin,” said Larsen. “While our primary target is the silver, we will also drill the newly discovered tin corridor to the west of Santa Barbara to enhance the tin inferred resource as a potential standalone open pit mining operation.  We would like to have drilled enough to include the tin resource as a sidebar in the upcoming Preliminary Economic Assessment.”

Eloro has faced obstacles in its drilling program in the last couple of years. Drill rigs not available and the diesel to run them being in short supply. However, the new Bolivian government has improved the diesel situation and ELO has retained a new drilling contractor. “We’ll have rigs running in early May,” said Larsen. “We plan on having three or four drills running as we progress.”

Polymetallic deposits are complicated and one as large as Iska Iska is difficult to explain to retail investors. Institutional investors, on the other hand, can digest and analyze the gist of the MRE. Here’s what Red Cloud had to say,

“We view this as a positive update that has resulted in a 54% increase in total mineralized tonnage. The higher confidence indicated resource exhibits a 65% higher grade compared to the high-grade portion of the 2023 MRE. As we had anticipated, the high-grade indicated portion (40 g/t Ag and 75.2 g/t AgEq) lies in the middle of the resource pit shell. We believe the high-grade core should dispel concerns about the potential quality of the deposit while its size, geometry and continuity remain key defining attributes that place Iska Iska among the premier Ag dominant development projects globally.”

As investment bankers are wont to do, Red Cloud compared Eloro’s $0.18 US per in situ ounce valuation with ten peers which had an average in situ silver ounce valuation of $1.93 US. Unsurprisingly, Red Cloud is looking for a $5.50 target price.

Along with capital markets people, Eloro is also attracting the attention of large balance sheet companies. “We have four NDAs in place,” said Larsen while declining to actually name the entities involved.

Taking a strategic stake in Eloro or buying some or all of the Iska Iska deposit or joint venturing are all potential outcomes for ELO’s suitors. At the moment there has to be a serious temptation to put in a stink bid at, say, $4.00 (less than $500 million) Canadian to get an asset the silver value of which, net, is on the order of 7 billion dollars. Such a bid would kick off a competition and it is a good bet the final offer would leave Red Cloud’s $5.50 target in the dust.

The next major event for Eloro will be its PEA expected Q4 2026. Chances are pretty good that PEA will include a further revised MRE based on the drilling at Iska Iska starting in the next couple of weeks. In the PEA Eloro will be allowed to attach some actual economics to the geology. Mining and processing costs, recoveries and sensitivity tables reflecting the effect of the price of silver and the other metals. Plus, if the drilling goes well, the tin domain’s value will be reflected as well.

Cartier Resources Inc. (″ Cartier ″ or the ″ Company ″) (TSXV: ECR; FSE: 6CA) is pleased to announce the eleventh batch of results from the 100,000-m drilling program (2 drill rigs), within the underexplored Pontiac sedimentary Group in Hope Sector, on the 100%-owned Cadillac Project, located in Val-d’Or (Abitibi, Quebec).

Strategic Highlights from Hope Sector

Drill Hole Results (Figures 1 to 3)
New Zones

• CA26-591 reported 7.9 g/t Au over 4.0 m included in 2.3 g/t Au over 19.0 m, with visible gold grains.
• CA26-334 graded 7.8 g/t Au over 1.0 m included in 2.3 g/t Au over 4.0 m.
• CA26-335 intersected 3.1 g/t Au over 3.0 m included in 1.1 g/t Au over 11.0 m.

Porphyry #1 Zone

• CA26-334 reported 6.2 g/t Au over 1.0 m included in 2.7 g/t Au over 3.0 m.

Significance for Investors

• Hole CA26-591 introduces a new high-grade gold zone near surface in the unexplored Pontiac sediments. The intersection is located south of the Cadillac Fault and 50 m south of the Porphyry #2 intrusion, which opens an entirely new exploration target.
• This new discovery closely resembles the gold mineralization in the Cadillac sediments, consisting of a stockwork of quartz-carbonate veins and veinlets accompanied by sulfides and visible gold grains. To date, only two holes have tested this discovery, demonstrating the mineralized zone is open in all directions and at depth, and signaling significant exploration potential.
• Drill holes CA26-334 and 335 intersected the Porphyry #1 intrusion, extending its westward dimension to at least 1 km in length, remains open at depth and suggests a sizeable intrusive system in play.
• The two mineralization styles (sediment-hosted gold and porphyry-related gold systems) elevate the Hope Sector as a highly strategic area for the Cadillac project, despite its early-stage exploration status, highlighting its strong potential for new gold discoveries.

Next Steps

• Further expansion drilling is being planned at the Hope Sector to unlock the full potential of these two new styles of mineralization (sediments and porphyries).
• Additional exploration drilling is already planned to test two new high-priority geophysical targets, namely:
  • A 1,500 m strong chargeability anomaly, between the existing porphyry zones to test the expansion potential of the mineralized system or a new porphyry center;
  • A 750 m ovoid magnetic anomaly, consistent with a sizable intrusive body often associated with porphyry mineralization.

” This second set of results underscores the emerging significance of the Hope sector, which remains at an early stage of development with considerable exploration runway ahead. The confirmation of a porphyry intrusion-related gold system (Porphyries #1 and #2) and a sediment-hosted gold mineralization, materially enhances the geological prospectivity of the Cadillac project. These discoveries point to the presence of multiple mineralizing systems, increasing the potential for scale and supporting a more diversified exploration model. With a footprint of approximately 30 km², the Hope Sector represents a meaningful growth opportunity, offering strong upside leverage through continued exploration, potential resource delineation, and long-term value creation. ” – Philippe Cloutier, President and CEO of Cartier.

” The underexplored Pontiac region represents a compelling opportunity for discovery, with strong indications of multiple gold-bearing lithologies, including porphyritic intrusions and sedimentary units. Over the coming months, an expanded drilling program will systematically evaluate the Pontiac land package, targeting new zones of gold mineralization and testing high-priority anomalies. This program is designed to unlock additional resource potential, drive new discoveries, and meaningfully enhance the overall value of the project. ” – Ronan Deroff, Vice President Exploration of Cartier.

Table 1: Drill hole best assay results from Hope Sector

* Occurrences of visible gold (VG) have been noted in the drill core at various intervals. ** Based on the observed intercept angles within the drill core, true thicknesses are estimated to represent approximately 60-90% of the reported core length intervals.

Figure 1: Location of the new drill results (regional plan view)

Figure 2: Plan view, cross and long sections of the Hope Sector

Figure 3: Photos of the drill core from hole CA26-591

Hope Sector

The Hope Sector is a newly identified highly prospective area and untested conceptual exploration opportunity, situated immediately south of the prolific Cadillac Fault, with potential to host a new style of gold mineralization (intrusion-related gold deposits) within the underexplored Pontiac sedimentary Group, supporting significant discovery upside. The known presence of the porphyritic felsic intrusion is a favorable horizon for hydrothermal fluid flow. This sector hosts several new high-priority drill targets identified through geoscientific compilation and modelling.

The Hope Sector, defined by at least two porphyry mineralized systems, are typically and primarily associated with a fine-grained and disseminated pyrite-pyrrhotite mineralization, with a pervasive silica-biotite-sericite-carbonate alteration, all crosscut by late-stage smoky and white quartz vein and veinlet stockworks containing visible gold. Locally, accessory minerals such as tourmaline are observed.

Milestones of 2025-2027 Exploration Program

100,000 m Drilling Program (Q3 2025 to Q2 2027)

The ambitious 600-hole drilling program will both expand known gold zones and test new shallow surface high-potential targets. The objective is to unlock the camp-scale, high-grade gold potential along the 15 km Cadillac Fault Zone. It is important to note that Cartier’s recent consolidation of this large land holding offers the unique opportunity in over 90 years for unrestricted exploration.

Environmental Baseline Studies & Economic Evaluation of Chimo mine tailings (Q3 2025 to Q3 2026)

The baseline studies will be divided into two distinct parts which include 1) environmental baseline desktop study and 2) preliminary environmental geochemical characterization. The initial baseline studies will provide a comprehensive understanding of the current environmental conditions and implement operations that minimize environmental impact while optimizing the economic potential of the project. These studies will be supplemented by an initial assessment of the economic potential of the past-producing Chimo mine tailings to determine whether a quantity of gold can be extracted economically.

Metallurgical Sampling and Testwork Program (Q4 2025 to Q1 2026)

The metallurgical testwork program includes defining of expected gold recovery rates and improving historical results from the Chimo deposit, as well as establishing metallurgical recovery data for the first-time for the East Chimo and West Nordeau satellite deposits, where no previous data exists. This comprehensive program will characterize the mineralized material, gold recovery potential and validate optimal grind size defining the most efficient and cost-effective flowsheet. The data generated will directly support optimized project development and have the potential to significantly reduce both capital and operating costs, while also improving the environmental footprint.

Table 2: Drill hole collar coordinates from Hope Sector

Table 3: Drill hole detailed assay results from Hope Sector

* Occurrences of visible gold (VG) have been noted in the drill core at various intervals. ** Based on the observed intercept angles within the drill core, true thicknesses are estimated to represent approximately 60-90% of the reported core length intervals.

Quality Assurance and Quality Control (QA/QC) Program

The drill core from the Cadillac Project is NQ-size and, upon receipt from the drill rig, is described and sampled by Cartier geologists. Core is sawn in half, with one half labelled, bagged and submitted for analysis and the other half retained and stored at Cartier’s coreshack facilities located in Val-d’Or, Quebec, for future reference and verification. As part of Quality Assurance and Quality Control (QA/QC) program, Cartier inserts blank samples and certified reference materials (standards) at regular intervals into the sample stream prior to shipment to monitor laboratory performance and analytical accuracy.

Drill core samples are sent to MSALABS’s analytical laboratory located in Val-d’Or, Quebec, for preparation and gold analysis. The entire sample is dried and crushed (70% passing a 2-millimeter sieve). The analysis for gold is performed on an approximately 500 g aliquot using Chrysos Photon Assay™ technology, which uses high-energy X-ray excitation with gamma detection to quickly and non-destructively measure gold content.

Alternatively, samples are submitted to Activation Laboratories Ltd. (“Actlabs”), located in either Val-d’Or or Ste-Germaine-Boulé, both in Quebec, for preparation and gold analysis. The entire sample is dried, crushed (90% passing a 2-millimetre sieve) and 250 g is pulverized (90% passing a 0.07-millimetre sieve). The analysis for gold is conducted using a 50 g fire assay fusion with atomic absorption spectroscopy (AAS) finish, with a detection limit up to 10,000 ppb. Samples exceeding this threshold are reanalyzed by fire assay with a gravimetric finish to determine high-grade values accurately.

Both MSALABS and Actlabs are ISO/IEC 17025 accredited for gold assays and implement industry-standard QA/QC protocols. Their internal quality control programs include the use of blanks, duplicates, and certified reference materials at set intervals, with established acceptance criteria to ensure data integrity and analytical precision.

Qualified Person

The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Ronan Déroff, P.Geo., M.Sc., Vice President Exploration, who is a ″ Qualified Person ″ as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (″ NI 43-101 ″).

About Cadillac Project

The Cadillac Project, covering 14,000 hectares along a 15-kilometre stretch of the Cadillac Fault, is one of the largest consolidated land packages in the Val-d’Or mining camp. Cartier’s flagship asset integrates the historic Chimo Mine and East Cadillac projects, creating a dominant position in a world class gold mining district. With excellent road access, year-round infrastructure and nearby milling capacity, the project is ideally positioned for rapid advancement and value creation.

The Cadillac property contains total gold resource of 767,800 ounces in the measured and indicated category (10.0 Mt at 2.4 g/t Au) and 2,416,900 ounces in the inferred category (35.2 Mt at 2.1 g/t Au) across all the sectors. Please see the ″ NI 43-101 Technical Report and Mineral Resource Estimate on the Cadillac Project, Val-d’Or, Abitibi, Quebec, Canada. Pierre-Luc Richard, P.Geo. of PLR Resources Inc., Stephen Coates, P.Eng. of Evomine Consulting Inc. and Florent Baril, P.Eng. of Bumigeme Inc. ″, effective January 27, 2026.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006 and headquartered in Val-d’Or (Quebec) is a gold exploration company focused on building shareholder value through discovery and development in one of Canada’s most prolific mining camps. The Company combines strong technical expertise and a track record of successful exploration to advance its flagship Cadillac Project. Cartier’s strategy is clear: unlock the full potential of one of the largest undeveloped gold landholdings in Quebec.

For further information, contact:

Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE) (ASX: NXG) (“NexGen” or the “Company”) announces results from the 2026 winter drill program at Patterson Corridor East (“PCE”) that recently concluded, highlighting significant vertical growth and strong internal continuity of high-grade mineralization.

Within the mineralized zone of PCE, the high-grade subdomain has now grown to 550 m in vertical extent, a 33% increase, with a strike length of 210 m. This expansion was primarily driven by hole RK-26-280c1 which returned cumulative 4.2m of >10,000 cps including 0.6m of >61,000 cps at 834m below surface (Figures 1-3). The hole successfully intersected mineralization 230m down plunge along a high-grade shoot interpreted to connect with RK-26-271c1 (Figure 4).

Holes RK-26-271c1, RK-26-276, and RK-26-285 returned strong mineralized intercepts between 600 to 700m below surface, where the system remains open for expansion (Figures 1 and 2, Table 1). Results from RK-26-271c1 include cumulative 12.6m of >10,000 cps including 2.3m of >61,000 cps 80m down plunge of RK-25-256 (5.5m at 21.4% U₃O₈) indicating continuity of intense high-grade mineralization (Figure 3). Further, the intersections from RK-26-276 (cumulative 11.2m of >10,000 cps including 0.6m of >61,000 cps) and RK-26-285 (cumulative 9.0m of >10,000 cps including 0.7m of >61,000 cps) add progressive high-grade continuity to the base of this growing subdomain.

Drilling 600m to the southeast of PCE along a separate parallel trend, prospective structure and alteration features are vectoring the Company toward potential repetition of mineralization within the overall PCE system (Figure 5).

Summer drilling of ~29,200m is schedule to commence the week of May 25, 2026. All samples from 2026 drilling are submitted to the independent Saskatchewan Research Council Geoanalytical Laboratory (SRC), with results to follow.

Leigh Curyer, Founder & Chief Executive Officer, commented: “Today’s results from the 2026 winter program confirm both the scale and growth of PCE continues to advance at pace. Increasing the vertical extent of the high-grade subdomain by 33% during the winter program, suggests substantial drilling is required going forward to fully understand the extent of this mineralized zone. In parallel, drilling focused on vectoring into additional zones of mineralization will be incorporated into the summer program based on these winter results.

“With the Rook I Project commencing construction this summer and the significance of PCE materializing rapidly, we look forward to future drilling and evaluation of PCE and its potential position in the long-term profile of NexGen’s uranium portfolio. NexGen is positioned to meet the strong demand for Canadian uranium for many decades into the future, whilst setting a new industry standard in the safe, efficient and reliable delivery of offtake to utility customers around the world.”

A total of 12,758.2m of the planned 42,000m has been completed in 2026, focusing on high-grade growth and expansion of mineralization. Thirteen drill holes totalling 9,131.7m were dedicated to advancing the mineralization at PCE and six drill holes totalling 3,626.5m tested the parallel trend. Since discovery (see news release date March 11, 2024), 115 drillholes totalling 72,464.7m targeted PCE mineralization (Figure 4) with 79 of the 115 drill holes being mineralized, including 54 intersecting high-grade (>10,000 cps) and 21 intersecting off-scale (>61,000 cps).

Figure 1: Interpreted 3D model of PCE shown looking northwest (across strike) and northeast (along strike); previously reported in December 1, 2025 release, now with RK-26-271c1, RK-26-276, RK-26-280c1, and RK-26-285 intersections outlined in purple

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1745/293775_f571136e943028da_002full.jpg

Figure 2: Interpreted model of mineralization at PCE (as of this release); new holes emphasized by larger diameter pierce points and bold labels; view is a long section that looks perpendicular to the primary mineralized plane; total mineralized footprint in orange and the high-grade subdomains in red

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1745/293775_f571136e943028da_003full.jpg

Figure 3: Core photo from RK-25-280c1 displays semi-massive, off-scale (>61,000 cps) from uranium vein at 834m down hole

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1745/293775_f571136e943028da_004full.jpg