Dundee Precious Metals

Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) (FSE: P2QM) (“Eloro“, or the “Company“) is pleased to announce that it has paid all option payments payable to Empresa Minera Villegas SRL (“Minera Villegas“) to complete the option held by its Bolivian subsidiary, Minera Tupiza SRL (“Minera Tupiza“) to acquire a 99% joint venture interest in the Iska Iska silver-tin polymetallic project in Potosí, Bolivia (“Iska Iska“). Eloro made the final payment of US$1,150,000 today and, in accordance with an Addendum to the Option Agreement, Eloro transferred US$1,800,000 into a trust account for payment to Minera Villegas within 12 months after Minera Villegas obtains the mining rights over the Mina Casiterita and Mina Hoyada mining areas. Through a series of strategic regulatory and commercial agreements Minera Tupiza SRL now holds a 99% joint venture interest and has 100% economic participation and full operational control of the Iska Iska project.

The Company, through its Bolivian subsidiary, Minera Tupiza, has formalized an Addendum to the Joint Venture Agreement with Minera Villegas, the Iska Iska titleholder. Pursuant to this Addendum, Minera Tupiza’s participation joint venture interest is set at 99%, with Minera Villegas retaining a 1% joint venture interest. This revised structure ensures that Eloro maintains full operational control and regulatory alignment while complying with the applicable provisions of the Bolivian Mining Law. The Addendum will be filed with the relevant Bolivian mining authorities for approval in the ordinary course and in accordance with applicable regulations.

Tom Larsen, Eloro’s CEO, commented: “Completion of the option payments represents a major corporate and strategic milestone for Eloro. The streamlined ownership and control structure aligns regulatory compliance with operational efficiency, eliminates economic uncertainty, and positions the Company to advance Iska Iska with maximum flexibility and clarity as development activities continue.”

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro, through its Bolivian subsidiary, Minera Tupiza SRL, has a 99% joint venture interest and a 100% economic participation interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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

Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) (“MLP”, “Millennial” or the “Company”) is pleased to announce that it has closed its previously announced “bought deal” private placement offering (the “LIFE Offering”) of 5,750,000 units of the Company (the “LIFE Units”) at a price of $3.05 per LIFE Unit (the “Offering Price”) for gross proceeds of $17,537,500, including the full exercise of the option granted to the syndicate of Underwriters (as defined below) to purchase up to an additional 15% of the LIFE Units sold under the LIFE Offering.

The LIFE Offering was led by Cantor Fitzgerald Canada Corporation (“Cantor”), as lead underwriter and sole bookrunner, on its own behalf and on behalf of SCP Resource Finance LP (together with Cantor, the “Underwriters”).

The Company is also pleased to announce that, concurrent with the closing of the LIFE Offering, the Company closed the previously announced non-brokered private placement offering (the “Non-LIFE Offering) of 245,901 additional units of the Company (the “Non-LIFE Units”) at the Offering Price for additional gross proceeds of $750,000.

Each LIFE Unit and Non-LIFE Unit (collectively, the “Units”) consisted of one common share of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each full warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $4.00 for a period of 36 months from the closing date.

The net proceeds from the sale of the Units will be used by the Company for the costs for a definitive feasibility study for its Banio Potash Project as well as other uses, including for general working capital.

The LIFE Units were issued pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, to purchasers resident in Ontario and British Columbia and in other qualifying jurisdictions outside of Canada on a private placement basis pursuant to relevant prospectus or registration exemptions in accordance with applicable laws.

The LIFE Units issued to subscribers under the LIFE Exemption are not subject to a hold period pursuant to applicable Canadian securities laws. The Non-LIFE Units, together with the Common Shares and Warrants comprising the Non-LIFE Units, are subject to a four-month resale restriction.

There is an offering document related to the Offering of Units that can be accessed under the Company’s issuer profile at www.sedarplus.ca and on the Company’s website at www.millennialpotash.com.

In consideration for their services, the Company paid the Underwriters a cash commission equal to $1,052,250 and issued to the Underwriters non-transferable compensation options entitling the Underwriters to purchase up to 230,000 Common Shares at a price per Common Share equal to the Offering Price until January 29, 2029. The Common Shares underlying the compensation options are subject to a four-month resale restriction.

The LIFE Offering remains subject to the final approval of the TSX Venture Exchange (the “TSXV”).

The Units have not been registered and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Farhad Abasov, Millennial’s Chairman, said: “We are very pleased to complete this “bought deal” LIFE offering with Cantor Fitzgerald and SCP Resource Finance. This financing was supported by leading global asset management firms which demonstrates confidence in Millennial’s progress to date and our development plans going forward. With three major ongoing technical programs: a definitive feasibility study, ESIA and planned Stage 3 drilling, we believe we will significantly derisk the Banio Potash Project in the coming months.”

MILLENNIAL POTASH CORP.

“Farhad Abasov”

Chairman of the Board of Directors

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

This document may contain certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan” or “planned”, “forecast”, “intend”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company’s current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) (“MLP”, “Millennial” or the “Company”) is pleased to announce that, in response to its previously announced LIFE Financing being fully subscribed including the overallotment for a total of $17,357,500, it will conduct a private placement (the “Concurrent Offering”) of up to approximately 245,900 units (the “Concurrent Units” at a price of $3.05 per Unit for proceeds of approximately $750,000.

Each Unit will consist of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each full warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $4.00 at any time until the date which is three years from the date of issuance of the Warrants.

The Company intends to use the proceeds of the Concurrent Offering for future development of its Banio Potash Project and for general working capital.

Farhad Abasov, Millennial’s Chairman, said: “We are very pleased to see Cantor Fitzgerald as lead underwrite the LIFE Financing for Millennial. These financings reflect very strong confidence in our project. Millennial has been developing a potentially low-cost and large-resource potash project that could become a significant supplier of this critical mineral to the United States, Africa and Brazil. These financings strengthen our balance sheet at a crucial juncture of our development as the Company has launched a definitive feasibility study, along with an environmental and social impact study, while advancing work on offtakes, project financing and other strategic matters.”

The Concurrent Units, together with any Common Shares underlying the Warrants in the Concurrent Units, will be subject to a four-month resale restriction.

The Concurrent Offering is being engaged in concurrently with the Company’s previously announced private placement (the “LIFE Financing”) of 5,000,000 units of the Company (the “LIFE Financing Units”) at a price of $3.05 per LIFE Financing Unit for aggregate gross proceeds of $15,250,000. The LIFE Financing provided for an overallotment (the “Underwriters’ Option”) which has been fully exercised for a total of $17,537,500 (including the $15,250,000). Details of the LIFE Financing can be found in the Company’s news release of January 19, 2026 as well as in the Offering Document for the LIFE Financing filed on SEDAR and on the Company’s website at www.millennialpotash.com.

Total proceeds of the Concurrent Offering, the LIFE Financing and the full exercise of the Underwriters’ Option are approximately $18,287,500.

The Concurrent Offering is expected to close on or about January 29, 2026 or such other date as the Company may determine. The Company will pay a commission in connection with the Concurrent Offering, as permitted by applicable securities laws and the rules of the TSX Venture Exchange. The commission will consist of cash commission equal to up to 6% of the gross proceeds raised and commission warrants equal to up to 4% of the aggregate number of Units. Each commission warrant will be exercisable for one Common Share at an exercise price of $3.05 per Common Share for 36 months following the date of issuance.

The closing of the Concurrent Offering is subject to receipt of the approval of the TSX Venture Exchange.

The securities issued pursuant to both offerings have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. This announcement has been prepared for publication in Canada and may not be released to U.S. wire services or distributed in the United States.

MILLENNIAL POTASH CORP.

“Farhad Abasov”

Chairman of the Board of Directors

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

This document may contain certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan” or “planned”, “forecast”, “intend”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company’s current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

Analysts working for investment houses get paid to take deep dives into the publicly available material on the companies they examine. Ron Stewart at Red Cloud has taken a comprehensive look at Tom Larsen’s Eloro Resources (ELO.T) and comes to the conclusion that it is a BUY with a twelve month target price of $5.50, almost double the current $3.25 share price.

To reach that conclusion, Stewart has constructed what amounts to a Preliminary Economic Assessment, complete with a re-analysis of the 2023 Mineral Resource Estimate to incorporate the drilling results since then. Red Cloud built a model:

This is a very reasonable model and the Red Cloud report explains, in detail, the assumptions and analysis which underlies it. Using a $75 spot price for silver and a $20 price for tin, Red Cloud comes up with a Net Present Value of 2.9 billion dollars. What happens when you plug in $94 dollar silver and $25 dollar tin? Using an entirely simplistic ratio formula, my numbers come out to a NPV of 3.6 billion, which is, of course, wrong, but interesting. (I also note that, for some reason, in its $75 scenario, Red Cloud sees silver equivalent Production dropping from 392 M oz AgEq to 324 M…What? If anything, production would be expected to rise as the price rises and the cutoff grade falls.)

It is very unlikely that Eloro will actually develop the mine, or mines, at Iska Iska. Larsen himself has often said that ELO is an exploration company not a mining company. Which means that Iska Iska will be sold on to a large balance sheet entity. Generally, the price of such a sale is a function of the Net Present Value of the mine discounted for the lead time, CAPEX, country risk and whatever wheeling and dealing takes place. 5-10% of NPV is a decent approximation. 10% of 2.9 billion is 290 million dollars which is a little less than ELO’s current market cap of $331 million dollars. But beware the currency conversion, Red Cloud’s model is in USD, ELO trades in CDN. That 290 million USD is 401,360,000 CDN or $3.75 a share. (Using my quick ratio number of 3.9 billion USD NPV, 10% is $390 million USD and 539.7 million Canadian for….$5.07 a share Canadian. Not far off Red Cloud’s target of $5.50.)

Analysts love to do “peer comparisons”, but Mr. Stewart was at a loss:

“Peer Analysis. Due to the unique nature of the Iska Iska deposit, we were unable to identify any legitimate peers with a similar suite of metals. We are aware that the Bolivian San Cristobal Ag-Pb-Zn open pit mine owned and operated privately by Crescat Capital is comparable, but no data is available in the public domain.”

Iska Iska is a bit of a unicorn.

Not to be deterred, Red Cloud looked at silver peers.

Here’s what Red Cloud had to say about this silver peer comparison:

“Despite the fact that Eloro has the largest AgEq resource base, it has the second-lowest market cap and at US$0.22/oz has the lowest EV/oz AgEq.  When we assess the EV/oz of ELO’s high-grade resource, it is still 30% lower than the median value of its peers.”

No kidding. In fact, purely on the silver, ELO is radically undervalued relative to its peers.

Evaluating the tin resource is even more challenging.

“Market Intelligence forecasts demand will continue to expand by 2.5% CAGR over the next 5-years from 430Kt in 2025. China, Indonesia, Myanmar and the DRC account for over 60% of the global supply of tin. Over the past 5-years the tin price has averaged ~uS$14.00/lb and ranged from a low of US$8.80/lb in late 2022 to the current peak of US$24.60/lb.  Prices have been impacted by supply disruptions and demand growth.  We have assumed a price of US$12.50/lb.”

Here is the 2023 Iska Iska estimated tin endowment relative to other tin projects. It is an interesting list.

Here’s the thing, Red Cloud is very likely underestimating the tin values at Iska Iska because it is basing its tin numbers on the 2023 MRE before Eloro began to find tin in easily recoverable form. Here’s what Tom Larsen had to say a year ago:

“This changed at the beginning of 2025. CEO Tom Larsen explained in a Motherlodetv.net interview:

The tin grades were good but Larsen is really excited about the way the tin is emplaced. “Previously the tin we encountered was lower grade sulfide material. We had around 50% recovery on that material,” said Larsen. “The tin we encountered in this breccia (TIB (Tertiary Intrusive Breccia) on Figure) is visible coarse-grained high temperature cassiterite. Very similar to the tin found at other mines in Bolivia’s tin belt. You get much better recoveries, 80% or better. And you can use gravity separation for recovery which is much less expensive.”

(Update 22-01-2026): Tom Larsen read this article and wants to walk back his tin recovery numbers from a year ago, in an email,

“I would say that extensive metallurgical testing on tin recoveries in the last year point to 55 percent recoveries to date..similar to Chorolque 40 kms north of Iska Iska on the tin belt ,a large Comibol backed domestic producer of tin and also similar recoveries to the San Raphael tin mine owned by Minsur at the top of the Bolivian tin belt in South East Peru.”

Very much appreciated, Tom.)

Red Cloud says,

“Based on the 2023 MRE Iska Iska ranks among the world’s largest tin deposits, however recovery estimates are on the order of 50% due to the variety of mineral species and fine-grained nature of some of a portion of the metal.”

It is a forgivable error simply because the tin recovery from cassiterite has not be hugely featured in the Eloro press releases. But 80% is very different from 50% and assuming a $12.50 tin price is far too conservative in a $25.00 tin spot price world.

The Red Cloud coverage is worth reading. I suspect Red Cloud would be happy to forward a copy of the full report if you get directly in touch with rstewart@redcloudsecurities.com. Understanding Iska Iska is a huge job and Stewart has taken a mighty swing. The forthcoming Preliminary Economic Assessment is going to tell a very interesting story.

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

Strategic Highlights from Main Sector

Drill Hole Results (Figures 1 to 4)
5B3/5C3 Zones

• CA25-300 intersected 29.6 g/t Au over 1.7 m including 54.3 g/t Au over 0.9 m (5B3 Zone).
• CA25-303 graded 13.2 g/t Au over 1.0 m (5C3 Zone).
• CA25-301 intersected 2.7 g/t Au over 5.0 m including 8.0 g/t Au over 1.0 m (5C3 Zone).

5B4 Zone

• CA25-295 intersected 4.9 g/t Au over 3.1 m.
• CA25-292A graded 3.1 g/t Au over 4.0 m.
• CA25-296 intersected 2.3 g/t Au over 8.0 m.

Significance for Investors

• Holes CA25-300, 301 and 303 identified two new high-grade gold zones (5B3 & 5C3), demonstrating strong potential for depth expansion and meaningful cost reductions. These new discoveries are strategically located midway between Chimo Deposit (683,300 ounces in measured and indicated resources and 904,000 ounces inferred resources) and East Chimo Deposit (1,400 ounces indicated resources and 464,700 ounces inferred resources), supporting more efficient mine planning and development.
• Holes CA25-292A, 295, and 296 confirmed 5B4 Zone (East Chimo Deposit) extends to surface, opening the door to more flexible operating scenarios and further improving the project economics. This gold zone is now continuous from surface to 1,300 m and still open at depth, signaling significant upside potential for resources growth.

Next Steps

• Additional drilling is required on the new 5B3/5C3 Zones to expand gold mineralization at depth, which hosts the same style of mineralization than Chimo and East Chimo deposits.
• Further exploration drilling is already planned to test several new high-priority regional targets at Main Sector, backed by detailed structural and geological modelling and VRIFY’s artificial intelligence (AI) driven targeting, reinforcing the potential for additional gold discoveries.

” These new high-grade discoveries between the Chimo and East Chimo deposits demonstrates the continuity of mineralization in this area and reinforces our confidence in the project’s growth potential. Confirming near-surface mineralization positions us to advance Cadillac with greater flexibility and improved capital efficiency. ” – Philippe Cloutier, President and CEO of Cartier.

” These results are very encouraging and mark an important step forward. Drilling has now shifted west of the historical shaft, a largely underexplored area known to host multiple gold occurrences. As we continue to advance the drill program, we see strong potential for resource expansion in the western portion of the Main sector, which could add significantly value to the overall project. ” – Ronan Deroff, Vice President Exploration of Cartier.

Table 1: Drill hole best assay results from Main 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 65-85% of the reported core length intervals.

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

Figure 2: Location of the new drill results (regional longitudinal section)

Figure 3: Plan view, cross and long sections of the Main Sector

Figure 4: Photos of the drill core from holes CA25-295 and CA25-300

Main Sector

The Main Sector is a highly prospective area featuring several newly defined high-priority drill targets and gold deposits including Chimo, East Chimo and West Nordeau with measured and indicated resources of 736,600 ounces (9.4 million tonnes at 2.4 g/t Au) and inferred resources of 2,036,800 ounces (29.1 million tonnes at 2.2 g/t Au). In addition, two new high-grade gold zones were discovered during Cartier’s latest drilling campaigns, including the VG9 and VG10 zones.

The three deposits lie along an east-west trending, sheared corridor (Cadillac Fault Zone) and occur at the contact between the hanging wall turbiditic sedimentary rocks (wacke-mudrock), locally conglomerates and iron formations of Cadillac Group and the footwall mafic volcanics (basalt) of Piché Group. This lithological contact is a favorable horizon for hydrothermal fluid flow, likely related to synvolcanic gold deposition.

The Main Sector, defined by at least twenty-six sub-parallel gold-rich zones, are typically and primarily associated with a fine-grained and disseminated arsenopyrite-pyrrhotite mineralization, with a pervasive biotite-chlorite-carbonate alteration, all crosscut by late-stage smoky and white quartz vein and veinlet stockworks containing visible gold. Locally, accessory minerals such as pyrite and 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 (Brownfield Growth) and test new shallow surface high-potential targets (Greenfield Discovery). 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.

Preliminary Economic Assessment (2026)

Internal engineering studies have been initiated to validate a multitude of development scenarios that consider the updated MRE and current market environment. Following the selection of the most optimal scenario, a PEA will be completed which will also build upon the results of the metallurgical testwork program and the environmental baseline studies to unveil the updated development strategy and vision of the project.

Table 2: Drill hole collar coordinates from Main Sector

Table 3: Drill hole detailed assay results from Main 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 65-85% 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 million tonnes at 2.4 g/t Au) and 2,416,900 ounces in the inferred category (35.2 million tonnes at 2.1 g/t Au) across all the sectors. Please see the Cartier’s December 18, 2025 news release titled ″ Cartier Reports Significant Gold Resource Growth At Cadillac With 9,953,000 tonnes at a grade of 2.40 g/t Au for 767,800 Ounces Measured and Indicated, a 7% Increase and 35,185,000 tonnes at a grade of 2.14 g/t Au for 2,416,900 Ounces Inferred, a 48% Increase. ″

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

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

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Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) (“MLP”, “Millennial” or the “Company”) is pleased to announce that it is conducting a “bought deal” private placement offering (the “LIFE Offering”) of 5,000,000 units of the Company (the “Offered Units”) at a price of $3.05 per Offered Unit for aggregate gross proceeds of $15,250,000. Each Offered Unit will consist of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each full warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $4.00 at any time until the date which is three years from the Closing Date (as defined below).

In connection with the LIFE Offering, Cantor Fitzgerald Canada Corporation (“CFCC”) is acting as lead underwriter and sole bookrunner under the terms of a letter agreement (the “CFCC Agreement”) dated January 19, 2026. Under the CFCC Agreement, CFCC will, on its own behalf and on behalf of a syndicate of underwriters (collectively, the “Underwriters”) agree to purchase (or arrange for substitute purchasers to purchase) the Offered Units. The CFCC Agreement is to be replaced by an underwriting agreement prior to or concurrently with the Closing Date.

The CFCC Agreement calls for the Underwriters to receive cash commissions equal to 6% of the gross proceeds of the LIFE Offering and broker’s warrants equal to 4% of the aggregate number of Offered Units sold. Each of these broker’s warrants will entitle the holder, for a period of 36 months, to purchase one Common Share at $3.05 per Common Share. The Company has granted to the Underwriters an option, exercisable in whole or in part at any time up to 48 hours prior to the Closing Date, to arrange for the purchase at the Issue Price of up to an additional 15% of Offered Units sold under the LIFE Offering.

The Company intends to use the proceeds of the LIFE Offering for the costs for a definitive feasibility study for its Banio Potash Project as well as other uses including for general working capital.

The closing date is expected to occur on or about January 29, 2026 (the “Closing Date”), and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance of the TSX Venture Exchange.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the LIFE Offering is being made to purchasers resident in each of the Provinces of Canada other than Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 and Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (together, the “Listed Issuer Financing Exemption”). Securities issued under the LIFE Offering will not be subject to a statutory hold period under applicable Canadian securities laws, in accordance with the Listed Issuer Financing Exemption. The Offered Units may also be offered in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.

There is an offering document (the “Offering Document”) related to this offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at: www.millennialpotash.com. Prospective investors of the Offered Units should read the Offering Document before making an investment decision.

This announcement has been prepared for publication in Canada and may not be released to U.S. wire services or distributed in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons except in compliance with applicable exemptions from, or in transactions otherwise not subject to, such registration requirements.

MILLENNIAL POTASH CORP.

“Farhad Abasov”
Chairman of the Board of Directors

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

This document may contain certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan” or “planned”, “forecast”, “intend”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company’s current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE) (ASX: NXG) (“NexGen” or the “Company”) is pleased to announce the concluding holes of the 2025 PCE program and the commencement of the 2026 Exploration Program.

2025 PCE

Final drill holes of the 2025 PCE program delivered continued expansion of mineralization with high-grade growth and assessment of extents advancing significantly since the Company’s last scintillometer report (see news release dated August 28, 2025). The primary high-grade subdomain grew to 412 m in vertical extent (increase of 77 m) and a strike length of 210 m. An additional high-grade subdomain is developing with hole RK-25-257 intersecting local off-scale (>61,000 cps) at the base of the currently outlined mineralized footprint, indicating significant expansion potential at depth (Figures 1-4, Table 1).

The overall mineralized footprint expanded to 620 m (increase of 20 m) of strike length and 700 m (increase of 100 m) of vertical extent, remaining open in most directions. Step out testing has provided critical information regarding extents of the system and opportunities for continued growth.

Internal continuity within the subdomain was most recently highlighted by RK-25-271 with 5.8 m of cumulative high-grade (>10,000 cps) and 0.8 m of off-scale (>61,000 cps) that increases the mineralized zone in the lower half of this subdomain (Figure 3, Table 1). Hole RK-25-271 is located 65 m down-dip from hole RK-25-256 (see news release dated December 1, 2025) which returned 5.5 m at 21.4% U₃O₈, including 2.5 m at 46.1% U₃O₈ and 0.5 m at 74.8% U₃O₈.

The 2025 drilling program successfully completed 35,366.2 m, the largest reported in the Athabasca Basin in 2025. Since discovery (see news release date March 11, 2024), 102 drillholes totalling 69,042.2 m have been completed (Figure 1). A dual focused approach was taken in 2025 to both grow and define multiple high-grade subdomains as well as expand the overall mineralized footprint. To date, 67 of the 102 drill holes are mineralized, including 45 intersecting high-grade (>10,000 cps) and 17 intersecting off-scale (>61,000 cps).

Figure 1: 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; drillholes with pending assays are underlined, 32% of 2025 drillholes have fully received results (as of this release).

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Figure 2: Comparison of mineralization at PCE over time with the model evolving based on new geological data; dimensions are measured from confirmed mineralized intercepts along strike and vertical extent; 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.

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Figure 3: Core photo from RK-25-271 displays mineralization from 624.7 to 640.6 m down hole with abundant high-grade and several instances of off-scale in competent basement rock; yellow outlines >1,000 cps, red outlines >10,000 cps, >61,000 cps outlined in purple.

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Figure 4: Representative geological cross-section through high-grade subdomain looking northeast with confirmed dip extent of 450 m and width up to 135 m; uranium mineralization shown as red overlay; interpretation of features extending beyond drillholes aided by drilling information outside of cross-section width (25 m).

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2026 Exploration Program Commencement

Advancement of PCE mineralization with 42,000 m of drilling (Figure 5):

Drilling activity will primarily focus on high-grade growth and the continued expansion of the mineralized footprint. At least eight (8), 200 m spaced tests will also investigate for repetition of basement-hosted mineralization within the same hydrothermal system approximately 600 m southeast of the PCE discovery.

Figure 5: Map of PCE with ground gravity in background, target areas are hosted within gravity low denoted by blue colours, interpreted faults are shown as black dashed lines; primary focus in the immediate vicinity of PCE mineralization with additional secondary investigation of local system.

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Regional drilling of 3,500 m at SW3 (Figure 6):

An inaugural, drill program will take place on the SW3 land package with regional greenfield testing of highly prospective target areas. This marks the first drilling on any SW3 mineral claims by NexGen and an exciting step in the direct investigation of geophysical anomalies identified. The SW3 package is one of the three core packages NexGen owns 100% of in the southwest Athabasca Basin and is situated 20 km southeast of the SW2 package which hosts the Rook I Project.

Figure 6: Map of SW3 with inset of overall NexGen land packages; 3,500 m will investigate highest priority target areas, outlined in red, in this greenfield setting.

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Leigh Curyer, Chief Executive Officer, commented: “We are extremely pleased with the 2025 outcomes from the 2025 drill program at PCE that delivered on our dual-purpose objectives of expanding the overall mineralized footprint and expand the high-grade subdomain within it. These results systematically outline mineralization that continues to deliver growth and strong continuity, characteristics synonymous with Arrow deposit 3.5 km west. The 2025 drill program has rapidly advanced this new discovery, while underscoring the tremendous prospectivity of NexGen’s 100% owned dominant land holdings which is driving the expanded activity in 2026. The 2026 program is designed to continue the dual track focus at PCE and in parallel, test for a repetition of PCE within the same system. In addition, drilling for the first time at our SW3 property is a reflection of the south western section of the Athabasca Basin world class prospectivity.

At a pivotal moment for global energy security, nuclear power is being recognized as an indispensable pillar for reliable, clean, cost efficient energy. The NexGen team is laser focused on concluding the final Federal permitting and licensing for the Rook I Project and immediately advancing through construction into production whilst simultaneously advancing the exciting PCE discovery and other high priority targets.”

Jason Craven, Vice President, Exploration, commented: “Last year’s highly transitional and successful program positions NexGen to enter 2026 with an even deeper understanding of this broad and growing high-grade system. A multitude of targets remain to be tested as we continue to systematically advance PCE with a dual priority track of expanding both the high-grade subdomains as well as the overall mineralized system. The comprehensive 2026 program strategically positions all three land packages on an exciting path toward expansion of PCE as well as additional discoveries as NexGen works to sustainably supply the world with uranium in the face of mounting and persistent deficits.”

Table 1: Spectrometer results since August 28, 2025 release