Join Adelaide Capital for a webinar featuring Journey Energy!

Journey is a Canadian exploration and production company focused on conventional, oil-weighted operations in Alberta, Canada. Journey’s strategy is to grow its production base by drilling on its existing core lands, implementing secondary and tertiary flood projects on its existing lands, and by executing on accretive acquisitions. In conjunction with its joint venture partner, the Company has recently begun development of its Duvernay light oil resource play. In addition, Journey is continuing with its plans to grow its power generation business through its projects at Gilby and Mazeppa.

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly-owned, high-purity Rose Lithium-Tantalum project in Québec, the Corporation’s first lithium project to be advanced within a land portfolio of over 1,016 km2. On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the Corporation’s view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government, received the Certificate of Authorization under the Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Québec Minister of Natural Resources and Forests under the Québec Mining Act.

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly-owned, high-purity Rose Lithium-Tantalum project in Québec, the Corporation’s first lithium project to be advanced within a land portfolio of over 1,016 km2. On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the Corporation’s view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government, received the Certificate of Authorization under the Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Québec Minister of Natural Resources and Forests under the Québec Mining Act.

Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals precious metals producer and exploration company focused on the Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 tpd processing facility that operated until mid-2018 and restarted commercial production in January 2025.

The +2,600 ha Tepic Project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.

Sierra Madre´s management team has played key roles in managing the exploration and development of silver and gold mineral reserves and mineral resources. Sierra Madre´s team of professionals has collectively raised over $1 billion for mining companies.

BP Silver is a Canadian exploration company focused on advancing high-grade silver projects in Bolivia. The Company’s flagship asset, the Cosuño Project, is strategically located in the prolific Bolivian silver belt, a region with a rich mining history and significant untapped discovery potential. With a strong technical team and a disciplined exploration strategy, BP Silver is positioned to unlock value for its shareholders through the discovery and development of major silver deposits.

Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF) is a precious metals precious metals producer and exploration company focused on the Guitarra mine in the Temascaltepec mining district, Mexico, and the exploration and development of its Tepic property in Nayarit, Mexico. The Guitarra mine is a permitted underground mine, which includes a 500 tpd processing facility that operated until mid-2018 and restarted commercial production in January 2025.

The +2,600 ha Tepic Project hosts low-sulphidation epithermal gold and silver mineralization with an existing historic resource.

Sierra Madre´s management team has played key roles in managing the exploration and development of silver and gold mineral reserves and mineral resources. Sierra Madre´s team of professionals has collectively raised over $1 billion for mining companies.

Maple Gold Mines is a well-funded Canadian advanced exploration company focused on advancing its 100%-owned, district-scale Douay/Joutel Gold Project located in Québec's prolific Abitibi Greenstone Gold Belt. Douay/Joutel benefits from exceptional infrastructure access and boasts ~481 square kilometers of highly prospective ground including an established gold mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel Mining Complex.

Maple Gold's property package also hosts a significant number of regional exploration targets along a 55-km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the property ripe for new gold and VMS discoveries. The Company is currently focused on carrying out exploration and drill programs to grow mineral resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi.

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly-owned, high-purity Rose Lithium-Tantalum project in Québec, the Corporation’s first lithium project to be advanced within a land portfolio of over 1,016 km2. On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the Corporation’s view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government, received the Certificate of Authorization under the Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Québec Minister of Natural Resources and Forests under the Québec Mining Act.

Microbix creates proprietary biological products for human health, with over 120 skilled employees and revenues of C$ 25.4 million in its latest fiscal year. It makes and exports a wide range of critical ingredients and devices for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs™) and reference materials (QUANTDx™) supporting POCT & clinical lab EQA, enabling assay development and validation, or helping ensure the quality of clinical diagnostic workflows. Its antigens drive the tests of approximately 100 diagnostics makers, while QAPs or QUANTDx are sold to clinical lab accreditation organizations, diagnostics companies, and clinical labs. Microbix QAPs are now available in over 30 countries, supported by a network of international distributors. Microbix is ISO 9001 & 13485 accredited, U.S. FDA registered, Australian TGA registered, Health Canada establishment licensed, and provides IVDR-compliant CE marked products.

Microbix creates proprietary biological products for human health, with over 120 skilled employees and revenues of C$ 25.4 million in its latest fiscal year. It makes and exports a wide range of critical ingredients and devices for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs™) and reference materials (QUANTDx™) supporting POCT & clinical lab EQA, enabling assay development and validation, or helping ensure the quality of clinical diagnostic workflows. Its antigens drive the tests of approximately 100 diagnostics makers, while QAPs or QUANTDx are sold to clinical lab accreditation organizations, diagnostics companies, and clinical labs. Microbix QAPs are now available in over 30 countries, supported by a network of international distributors. Microbix is ISO 9001 & 13485 accredited, U.S. FDA registered, Australian TGA registered, Health Canada establishment licensed, and provides IVDR-compliant CE marked products.

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly-owned, high-purity Rose Lithium-Tantalum project in Québec, the Corporation’s first lithium project to be advanced within a land portfolio of over 1,016 km2. On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the Corporation’s view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government, received the Certificate of Authorization under the Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Québec Minister of Natural Resources and Forests under the Québec Mining Act.

Microbix creates proprietary biological products for human health, with over 120 skilled employees and revenues of C$ 25.4 million in its latest fiscal year. It makes and exports a wide range of critical ingredients and devices for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs™) and reference materials (QUANTDx™) supporting POCT & clinical lab EQA, enabling assay development and validation, or helping ensure the quality of clinical diagnostic workflows. Its antigens drive the tests of approximately 100 diagnostics makers, while QAPs or QUANTDx are sold to clinical lab accreditation organizations, diagnostics companies, and clinical labs. Microbix QAPs are now available in over 30 countries, supported by a network of international distributors. Microbix is ISO 9001 & 13485 accredited, U.S. FDA registered, Australian TGA registered, Health Canada establishment licensed, and provides IVDR-compliant CE marked products.

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly-owned, high-purity Rose Lithium-Tantalum project in Québec, the Corporation’s first lithium project to be advanced within a land portfolio of over 1,016 km2. On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the Corporation’s view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government, received the Certificate of Authorization under the Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Québec Minister of Natural Resources and Forests under the Québec Mining Act.

Mayfair Gold is focused on the advancement of its 100%-owned Fenn-Gib gold project in Ontario, Canada. Fenn-Gib is located 80km east of Timmins. Fenn-Gib hosts a 4.3 million-ounce indicated NI 43-101 open pit constrained mineral resource estimate. Located in the prolific Timmins gold district accessible by way of Highway 101, which runs right through the project, Mayfair is focused on utilizing existing access and infrastructure to advance the Fenn-Gib Gold project to production with discipline and efficacy with a commitment to safety, environmental stewardship and stakeholder engagement.

Join Adelaide Capital for a webinar featuring Microbix!

Microbix creates proprietary biological products for human health, with over 120 skilled employees and revenues of C$ 25.4 million in its latest fiscal year. It makes and exports a wide range of critical ingredients and devices for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs™) and reference materials (QUANTDx™) supporting POCT & clinical lab EQA, enabling assay development and validation, or helping ensure the quality of clinical diagnostic workflows. Its antigens drive the tests of approximately 100 diagnostics makers, while QAPs or QUANTDx are sold to clinical lab accreditation organizations, diagnostics companies, and clinical labs. Microbix QAPs are now available in over 30 countries, supported by a network of international distributors. Microbix is ISO 9001 & 13485 accredited, U.S. FDA registered, Australian TGA registered, Health Canada establishment licensed, and provides IVDR-compliant CE marked products.

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly-owned, high-purity Rose Lithium-Tantalum project in Québec, the Corporation’s first lithium project to be advanced within a land portfolio of over 1,016 km2. On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the Corporation’s view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government, received the Certificate of Authorization under the Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Québec Minister of Natural Resources and Forests under the Québec Mining Act.

Luca Mining is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historical mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.

 The Campo Morado polymetallic VMS mine is an underground operation located in Guerrero State within a 121 square kilometer land package.  It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries, grades, efficiencies, and cashflows.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State.  The project hosts epithermal gold and silver vein-style mineralization.  Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver.  The Company has successfully commissioned its mill and is now in commercial production.

Mayfair Gold is focused on the advancement of its 100%-owned Fenn-Gib gold project in Ontario, Canada. Fenn-Gib is located 80km east of Timmins. Fenn-Gib hosts a 4.3 million-ounce indicated NI 43-101 open pit constrained mineral resource estimate. Located in the prolific Timmins gold district accessible by way of Highway 101, which runs right through the project, Mayfair is focused on utilizing existing access and infrastructure to advance the Fenn-Gib Gold project to production with discipline and efficacy with a commitment to safety, environmental stewardship and stakeholder engagement.

Luca Mining is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historical mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.

 The Campo Morado polymetallic VMS mine is an underground operation located in Guerrero State within a 121 square kilometer land package.  It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries, grades, efficiencies, and cashflows.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State.  The project hosts epithermal gold and silver vein-style mineralization.  Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver.  The Company has successfully commissioned its mill and is now in commercial production.

Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly-owned, high-purity Rose Lithium-Tantalum project in Québec, the Corporation’s first lithium project to be advanced within a land portfolio of over 1,016 km2. On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the Corporation’s view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government, received the Certificate of Authorization under the Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Québec Minister of Natural Resources and Forests under the Québec Mining Act.

Join Adelaide Capital for a webinar featuring Pan Global Resources!

Pan Global Resources is actively exploring for copper-rich mineral deposits along with gold and other metals. Copper has compelling supply-demand fundamentals and outlook for strong long-term prices as a critical metal for global electrification and energy transition. Gold is also attracting record prices. The Company’s flagship Escacena Project is in the prolific Iberian Pyrite Belt mine trend in southern Spain, where a favourable permitting track record, excellent infrastructure, mining and professional expertise, and support for copper as a Strategic Raw Material by the European Commission collectively define a tier-one low-risk jurisdiction for mining investment. The Company’s second project, at Cármenes in northern Spain, is also an area with a long mining history and excellent infrastructure. The Pan Global team comprises proven talent in exploration, discovery, development, and mine operations - all of which are committed to operating safely and with utmost respect for the environment and our partnered communities. The Company is a member, and operates under the principles, of the United Nations Global Compact.

Join Adelaide Capital for a webinar featuring Parex Resources!

Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable, conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

Join Adelaide Capital for a webinar featuring Borealis!

Borealis is a gold mining and exploration company focused on exploration and resumption of production of the Borealis Mine in Nevada and the advancement of its Sandman project also in Nevada. The Borealis Mine is a fully permitted mine site, equipped with active heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the property, comprised of 815 unpatented mining claims of approximately 20 acres each totaling approximately 16,300 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization. The Sandman project, recently acquired through the acquisition of Gold Bull Resources Inc., is an advanced exploration project with a recently completed (2021) NI 43-101 compliant resource and a recent (2023) Preliminary Economic Assessment which indicates compelling economics, particularly in light of the increase in commodity prices since publication of the study. Borealis is led by a strong board and management team, many of whom have founded, managed, and sold highly successful mining and exploration companies

Join Adelaide Capital for a webinar featuring Banyan Gold!

Banyan’s Gold’s AurMac Project is located in Canada’s Yukon Territory. With a 2.3 million ounce Indicated Resource and 5.5 million Inferred Resource (updated July 2025*). Banyan’s exploration strategy is focused on expanding high-grade mineralization, converting inferred to indicated resources, and targeting a 5 million ounce+ gold inventory at >1 g/t — all supported by extensive drilling, strong infrastructure, and year-round access. Key catalysts include the 2026 40,000 m drill program, continued expansion of high-grade gold and silver zones and resource growth potential, the planned Preliminary Economic Assessment in late 2026, and district consolidation and discovery potential across under-explored land positions, generating significant news flow and value creation opportunities.

With roads and power, near-surface ounces, and significant grade and scale upside, AurMac’s growth potential is hard to ignore. Major strategic shareholders include Osisko Development, Alpayana SAC and significant insider ownership.

* Reference: effective June 28, 2025, prepared by Marc Jutras P.Eng, M.A.Sc., 0.30 g/t cut-off grade, US$/CAN$ exchange rate of 0.73 and constrained within an open-pit shell optimized with the Lerchs-Grossman algorithm to constrain the Mineral Resources.43-101 Technical filed on SEDAR+ August 20, 2025.

Pine Cliff Energy (TSX: PNE, OTCQX: PIFYF): 

📌 Shares Outstanding: 358.1M

📌 Market Cap: $229.44M

📌 Net Debt: $58.3MM

📌 Enterprise Value: $287.74M

📌 Current Production: 21,283 boepd

📌 2P NPV 10% 548.1M

📌 Tax Pools: $352M

📌 Insider Ownership: 17% FD, Institutional Ownership Over 10%

📌 Dividend Yield: 2.2% (recently cut by $75M)

Highlights:

✅ PNE has a low decline asset base of <10% with 79% levered to natural gas. Every $0.10 change in AECO equals $3.3M in cash flow.

✅ The Company is well positioned to benefit from rising natural gas demand, driven by LNG exports and power needs from AI data farms. AECO forward prices for 2026 and 2027 gas are in contango at ~$3.00/Mcf, which supports this thesis.

✅ We believe the basis differential to NYMEX will narrow in the coming future, as growing demand will outpace supply in the US, requiring more supply from Canada. In addition to increasing LNG demand in Canada.

✅ PNE has been very astute with their market diversification strategies allowing them to realize a natural gas price of $2.48Mcf (54% of their production hedged at this price for the 2H) vs. a summer price of $1.68/Mcf. They recently locked in 32% of 2026 production at $3.00/Mcf.

✅ PNE recently announced a behind-the-fence Data Centre in Central Alberta. PNE will provide 3.2-4.5MMCf/d with pricing tied to NYMEX.

✅ In addition to gas exposure, the company provides oil exposure in the Sundre and Drumheller area. Plans to spud their first Glauconite well this fall. Capex will be $23M on a base of $30M of cashflow - approximately 28% of cashflow. The company also provides a $0.00125/month dividend.

✅ With multiple catalysts on the horizon, positive tailwinds for natural gas and potential for exponential free cash flow, it is a great time to revisit this name.

Join Adelaide Capital for a webinar featuring Leviathan Metals!

Leviathan Metals is a dynamic Canadian-based mineral exploration company dedicated to unlocking the potential of high-impact copper, uranium, and polymetallic deposits in premier global jurisdictions. Formerly known as Leviathan Gold Ltd., our recent rebranding reflects a sharpened focus on multi-commodity exploration, driven by strategic acquisitions that position us at the forefront of emerging mining districts. With a seasoned team boasting deep expertise in the Balkan and African operating environments, we are committed to responsible exploration, community partnerships, and delivering shareholder value through systematic, modern discovery efforts. At the core of our portfolio are two flagship projects: the highly prospective Central Project in Botswana's world-class Kalahari Copper Belt and the groundbreaking Foča Project in Bosnia and Herzegovina's untapped Central Dinaride metallogenic zone. These assets not only highlight our strategic land positions but also underscore our ability to identify and advance tier-one opportunities in stable, mining-friendly regions.