Gold mining suspended in Peru’s north after 13 miners killed Reuters
Category: Gold
Source: Michael Ballanger 05/05/2025
Michael Ballanger of GGM Advisory Inc. defines “bull trap” and explains his thoughts on the current state of the market.
After 48 years in and around the capital markets, I vividly remember two of three major stock market crashes in my career, plus one just as nasty in the precious metals. The October 1987 Crash was the first one since 1929 and caught everyone off balance. It came out of the blue on a Friday afternoon but ended with a great deal of red on the following “Black Monday,” dropping 23.8% in a single session.
The 2001 Dotcom crash wasn’t really a crash per se, but rather a popped bubble that was pretty much contained to the dotcom stocks. The 2020 Covid Crash was maddening beyond belief because it came out of Asia and was accompanied by the most inept government response imaginable as they shut down the world supply of everything while dumping helicopter loads of freshly-inked cash into any bank account that would take it (and then wondered why there was 9% inflation one year later). Those three involved massive stock losses followed by relatively rapid recoveries, but the one that sticks in my mind is the Great Financial Crisis (nee “Bailout”) of 2007-2009.
Also called “the sub-prime meltdown,” I recall speaking with a novice institutional trader with one of the boutique hedge funds located in downtown Toronto as this fuzzy-cheeked kid was asking me with a quivering voice: “What are you going to do for a living, now, Mike?”
You see, he was leveraged out the ying-yang and was being forced by the prime broker to liquidate a bunch of securities upon which there were virtually no bids. Junior technology issues that were trading at $10.00 a share doing a couple of millions shares a day volume that went to $0.50 and stayed there for most of the final quarter of 2008. The poor child had never gone through anything like this before because, you see, nobody had explained to him after he had written the Canadian Securities Course that stocks could actually go down instead of up.
Terribly upset verging on breaking down, he kept asking me how I was going to survive when I finally decided on a “tough love” approach to whining and said: “Ben, what were you doing in October 1987?” to which he replied “I was four years old, how should I know?”
I said “the first thing you do is put on your Big Boy pants and suck it up!” and then described the Crash of ’87 to him and how I was asking everyone around me 20 years earlier what I should do and who I should call and reminded him that about a year later, the markets recovered pretty much everything that they had lost.
Needless to say, there was a muffled “thanks,” after which I heard a “click” and then nothing for about a month.
If there is one thing I know to be true about the investment business, it is that the longer you are in it, the less impact events have on your behavior. In October ’87, I was jumping around like a scalded cat; in 2008, I was an offended victim; in 2020, I was simply annoyed; and in the recent “Liberation Day Crash,” I was bemused. Trading acumen is like a fine bottle of wine; the longer it sits idle, the better it goes down.
The markets are now in the midst of the dreaded and highly dangerous “B Wave” relief rally. History has taught me with sadistic emphasis that the first rally in a secular bear market is always the most dangerous, and it is so for a number of reasons. For the perma-bull, “buy-the-dip” youngsters programmed by Fed manipulation to always expect an institutional rescue package whenever the CNBC anchors start to whine, it is usually short, sharp, and alluring beyond one’s rational control. They buy into the bounce and keep buying until it enters the exhaustion gap, and then into massive FOMO with the masses clamoring to get “long and longer.“
It is also referred to as a “bull trap” and is defined as follows:
A bull trap is a false signal, referring to a declining trend in a stock, index, or other security that reverses after a convincing rally and breaks a prior support level. The move “traps” traders or investors who acted on the buy signal and generates losses on resulting long positions. A bull trap may also refer to a “whipsaw” pattern.
The spring of 2008 was particularly memorable because stocks took off on a 23.8% advance between March and June with then-Fed chairman Ben Bernanke standing in front of the podium and smiling into the cameras that were beaming his professorial visage across the global airwaves telling all that would listen that “the subprime crisis is contained.“
“Contained, I tell you!” Those words were almost as disingenuous as Dr. Fauci in 2020, standing in the same spot and demanding that we all “Trust the science!”
Here is 2025, the new narrative is that there has been a “Zweig Breadth Thrust” which, while sounding like a phrase from an XXX-rated movie, joins the “China deal” narrative, and the “Everything is fine!” narrative completing a near-perfect triad of bullish commentaries that are deemed responsible for this recent advance.
What I urge all readers to remember is that it is not the tariffs that is causing the furor; it is the simple fact that the U.S. is broke. Now, “broke” is not to be confused with “insolvent” because their trading partners are still accepting the greenback in its perpetual state of debasement but with $36 trillion in IOU’s lodged in its windpipe (ex-entitlements), a few percentage points shaved off the Mexican or Canadian tariffs means little when one considers the dreadful state of the American balance sheet. As always, the major theme always comes back around to one word – D-E-B-T. Too much and too late to handle. . .
Equity markets can rally for a few more days and a few more percentage points as relative strength for the S&P 500 is still in the “neutral” zone with a reading of 59.63. After covering all hedges after Liberation Day sent stocks crashing, I have already started rebuilding the hedge position in the SQQQ:US failing to remember at my own financial peril that the first rally after a secular peak in prices is always the one that fakes you out. As a card-carrying bear on stocks, it was easy to become enchanted by the whining and wailing in the financial media and in the Twitterverse and Blogosphere. So be it. New lows by summer, that’s my call.
Gold (and Silver)
There is a phenomenon that occurs whenever I am on the public record as a near-term bear on gold and a devout cynic on silver. My inbox becomes deluged with “hate mail.
If I read or hear the phrase “You just don’t get it” one more time, I am going to start hitting the “Block Sender” button on my Outlook tab. A few weeks ago, I went on the record in writing:
“The trend line for gold has indeed moved from ‘gradual’ to ‘vertical’ and is now approaching the terminus of the advance. Now, it doesn’t provide me with any clues as to what the exact price will be the top of the advance; it only tells me that in terms of the X-Axis — time — a near-term top is close.” Since I tend to “eat my own cooking,” as they say, I began building a short position in gold via the GLD May $300 puts which I sold on Friday taking a decent profit and then legged out to the GLD June $290 puts.
From the chart posted above, you can see that the low that gold touched in late 2015, around $1,045, marked the start of this grand bull market that until recently was off most portfolio managers’ radar screens. However, since the arrival of 2025, gold has moved from “most hated” to “most loved” in terms of sentiment. The CNBC crowd are now calling gold the “most crowded” of all the trades out there but a four-month bull market cannot possibly be seen as “crowded” when we are coming off four years of Mag Seven dominance that included the creation of several dozen “leveraged NVidia” and “triple-leveraged MicroStrategy” ETF’s that everyone and their freckle-faced nephew just had to own.
Since 2015, there have been four corrections in gold of between 13.3% and 18.9%, with one min-bear decline of 21.9% in 2020-2021. If I take $3,509.90 as the near-term top, a correction of 21.9% takes gold down to $2,741.23 while a 13.3% correction takes it to $3,043.08.
Midpoint between those two corrections is $2,892.15. with June gold closing the week at $3,247.40, it is $262.50 off the April 22 high. The trend line is no longer moving in a vertical blow-off direction; it is correcting the excesses of the prior move. The metamorphosis from “gradual” to “vertical” was the signal resulting in the “terminus” of the move.
The big news event on Thursday was that the PBOC sold one million ounces exactly one week after making the purchase, and while the two price points are unknown, it was a profitable trade and one that would make the bullion bank behemoths over at J.P. Morgan extremely proud, verging on insanely envious. So much for the Chinese “never selling” . . .
For the silver market, all that needs to be watched is the GSR (“Gold-to-silver ratio”), which stands at end-of-week at 101.21, which confirms the corrective phase we are in and keeps me from engaging in any silver shenanigans in either futures or options. I remain a longer-term bull on silver, but I will refrain from entering into any major positions until after gold completes this corrective move, which I would guess will be the end of May. If it fails to grab by then, I will look to mid-August as my possible entry level.
I am in the process of accumulating positions in a couple of junior silver explorer/developer names with one that stands out because of it management team. If the final wave that takes the precious metals bull market to its final terminus kicks in by mid-year, I believe that silver and the junior gold-silver developers will lead the advance.
I want to be positioned before the rally begins because once silver becomes topical and “in favor,” it morphs into the mania phase far faster and more violently than crypto could ever dream to. (Only subscribers get the first kick at the silver chalice, I might add. . .)
Juniors and the Need for Education
One of my many failings as I rumble through the ever-dimming twilight of what has been a wonderfully exciting career is forgetting at great peril to my reputational capital that not everyone understands mineral exploration and development. Geology-101 was a “must” for every wild-eyed speculator in the 80’s and 90’s but that was replaced in the post-GFC period of 2007-2009 with “Cannabis-101” and then “Crypto-101” and finally “AI-101” as new manias replaced mineral exploration as the “Speculation of Choice.“
This morning I had a discussion with the Chairman of Fitzroy Minerals Inc. (FTZ:TSX.V; FTZFF:OTCQB) (Campbell Smyth), whose recent Caballos copper-molybdenum discovery was “world-class” in calibre. It was a 200-meter intercept from surface of 0.88% Cu-Eq mineralization (with a big molybdenum credit) with an enriched 42-meter core that ran 2.31% Cu-Eq grade, a barnburner by any and all measures.
That was the topic of discussion in matters relating to both recovery rates and grade, as this clip, showing an interchange between CEO Merlin Marr-Johnson and COO Gilberto Schubert, reveals.
As I was getting more and more excited about the implications of having only one type of mineralization from surface to the bottom of the hole — as in “a perfectly preserved sulphide ore body” — I suddenly realized that while it is easy for me to filter through the noise and make the connection to how the absence of oxide mineralization will be of great benefit to recovery rates and ultimate mineable grade, not everyone has the background to interpret this.
By example, there is a big drill program ongoing at a second major project (Buen Retiro) where their Phase One program for 2025 is to define the oxide cap tForhat has been previously identified by way of 33,000 meters of previous drilling.
Unlike Caballos, Buen Retiro is expected to yield copper-bearing mineralization exclusively from oxide material where technologies such as heap-leaching and SX-EW (” solvent-extraction-electrowinning”) can process the copper ore very economically, such that a grade of 0.2% Cu would constitute a break-even while 0.5% Cu would be considered “high-grade” and grades above 0.5% Cu deemed “spectacular.“
Now, here is my dilemma. The average speculator these days is a) not well-versed in geological mumbo-jumbo such as “oxides” and “sulphides” and b) unaware of the grade requirement differential between sulphides and oxides.
So, after just getting a world-class drill hole with grades of 2.31% Cu-Eq lighting the world on fire (despite a near 50% correction due to the Tariff Tantrums that arrived two days after the news release), how might they respond if the company reports grades expected to be, say, 0.5%? The 2.31% at Caballos is a far cry from the 0.5% (or better) anticipated at Buen Retiro with my greatest fear being that the discrepancy between the two numbers will be judged as a “disappointment” when in fact 0.5% in oxides would be considered a huge “win” by most geologists experienced in the oxide copper recovery business.
I suggested a press release where management could inform shareholders of this important difference between what is going on at Caballos versus developments at Buen Retiro but with the regulators being quite sticky about “forward-looking statements” these days, it seems that the best that can be hoped for is publications like this helping to educate the masses as to the substantial potential of this two-property juggernaut called Fitzroy Minerals Inc.
A third project — a gold-silver-copper project called Polimet has just completed drilling with assays pending. Recommencement of drilling at Caballos in a few more days should light the speculative lamp once confirmed. A lot going on for all shareholders. . .
Personally, I was at once both mystified and infuriated that FTZ/FTZFF sold off nearly 50% within days of the news release. Caballos drill hole CABDDH-001 was world-class in all aspects. Back in the day when traders and investors loved the mining exploration business, the stock would have (and should have) doubled to $0.75 or greater, but instead traded down to $0.20.
Now that the stock is deservedly on its way back to the $0.30’s again, I guess I should be grateful for the combined ignorance of the investment community as I was able to accumulate a few large chunks of stock in the $0.20-$0.22 range while I was in the U.K. trying my damnedest to navigate the Trump-inspired crash. FTZ/FTZFF is one of those rare jewels that one encounters only from the blessings of the Two Goddesses of the Mining World – Lady Luck and Mother Nature, who decided that Caballos deserved royal anointment.
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Important Disclosures:
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Fitzroy Minerals Inc.
- Michael Ballanger: I, or members of my immediate household or family, own securities of: Fitzroy Minerals Inc. My company has a financial relationship with Fitzroy Minerals Inc. I determined which companies would be included in this article based on my research and understanding of the sector.
- Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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Michael Ballanger Disclosures
This letter makes no guarantee or warranty on the accuracy or completeness of the data provided. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This letter represents my views and replicates trades that I am making but nothing more than that. Always consult your registered advisor to assist you with your investments. I accept no liability for any loss arising from the use of the data contained on this letter. Options and junior mining stocks contain a high level of risk that may result in the loss of part or all invested capital and therefore are suitable for experienced and professional investors and traders only. One should be familiar with the risks involved in junior mining and options trading and we recommend consulting a financial adviser if you feel you do not understand the risks involved.
( Companies Mentioned: FTZ:TSX.V; FTZFF:OTCQB,
)
Source: Streetwise Reports 05/05/2025
Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) pushes big gold gains in British Columbia’s Golden Triangle with high-grade discoveries, strategic investment, and major upside ahead. Read more to explore why investors are watching this gold explorers next moves closely.
Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) has engaged world-renowned JDS Energy & Mining Inc. to evaluate the feasibility, permitting, and development of an underground exploration adit at the Surebet Discovery, located within its fully controlled Golddigger property in British Columbia’s Golden Triangle. According to the company, the adit will provide underground access to the Bonanza Zone, allowing for underground drilling to confirm geological details and potentially enable bulk sampling of this high-grade lode.
Previously reported drill results at Surebet include GD-24-260, which returned 34.52 grams per tonne gold equivalent (g/t AuEq) over 39 meters, including 132.93 g/t AuEq over 10 meters and 166.04 g/t AuEq over 8 meters.
Goliath’s founder and CEO, Roger Rosmus, stated that the adit “would cut through the high-grade gold Bonanza Zone, where we have reported many holes with mineable widths and grades over 1 oz/T AuEq,” adding that it would also reduce total drilling costs and allow for exploration year-round.
The Golddigger property spans 91,518 hectares in the Eskay Rift region and lies within 3 kilometers of the Red Line, a critical geological marker separating Triassic Stuhini and Jurassic Hazelton rocks that hosts several of Canada’s major gold, copper, and silver deposits. The Surebet system has delivered consistent results across more than 92,000 meters of drilling since 2021, with 100% of holes intercepting mineralization across a mineralized area of 1.8 square kilometers. Metallurgical work has demonstrated gold recoveries of 92.2%, with nearly half recoverable as free gold without cyanide. The site is near existing infrastructure, including a permitted mill site, tidewater barge access, and roads leading to regional hubs such as Kitsault and Prince Rupert.
JDS Energy & Mining, founded in 2004, has a track record of delivering mining project solutions from design to operations across Canada, including the Minto, Gahcho Kué, and Silvertip mines. Goliath is also an active supporter of CASERM (Center to Advance the Science of Exploration to Reclamation in Mining), a research collaboration between Colorado School of Mines and Virginia Tech, which has contributed to geological studies at Surebet. Quinton Hennigh (Ph.D., P.Geo.), technical advisor to Goliath, is the qualified person responsible for the technical content in the company’s releases.
Gold Sector Gains Strength Amid Economic Shifts and Record Prices
According to a May 2 report from FX Street, gold prices gained positive traction and moved away from a two-week low as the US dollar weakened and investors awaited the US Nonfarm Payrolls report.
The report stated that “repositioning trade ahead of the release of the U.S. Nonfarm Payrolls (NFP) report acts as a tailwind for the non-yielding yellow metal.” FX Street also noted that although the optimism around possible U.S.-China trade negotiations supported a positive risk tone, this may have held back traders from placing fresh bullish bets on gold.
According to a March 11 report from Red Cloud Securities, analyst Taylor Combaluzier maintained a Buy (Speculative) rating on the company and raised the target price to CA$2.90 per share.
Also on May 2, Barry FitzGerald wrote for Stockhead that record gold prices, with the Australian gold price exceeding AU$5,000 per ounce, created “a once in a lifetime opportunity” for junior gold companies to bring small brownfield deposits into production. FitzGerald emphasized that at such prices, even modest resource bases had become “meaningful stuff” for junior explorers aiming to rapidly advance to production and use cash flow to support further exploration.
In a May 4 article for Ahead of the Herd, the author highlighted concerns that the US economy was entering a stagflationary period, marked by slowing growth and persistent inflation. The article referenced economist Stephen Roach, who warned that “a prolonged period of stagflation” could result from current economic policies and global trade tensions. Frank Holmes was quoted in the same piece, stating that many investors saw gold as “a classic fear trade that retail investors are still sorely underexposed to.” Ahead of the Herd further reported that during past stagflationary periods, such as the 1970s, gold had significantly outperformed equities, underscoring its historical role as a defensive asset during times of economic and geopolitical uncertainty.
Analysts Cite Strong Investment Potential
Red Cloud Securities analyst Taylor Combaluzier noted in an April 24 research report that recent assays from Golddigger “have continued to impress,” with high-grade results in known zones and confirmation of gold mineralization in new targets.
Highlights included intercepts of 4.34 g/t Au eq over 8m and 6.91 g/t Au eq over 5m in the Surebet zone, as well as 7.33 g/t Au eq over 13.1m and 5.91 g/t Au eq over 5m in the Bonanza zone. Red Cloud estimated these two zones alone could host about 4,000,000–6,000,000 ounces grading 6.62 g/t Au eq, with further exploration potential at targets like Jackpot and Treasure Island.
Combaluzier also pointed to McEwen Mining Inc.’s CA$10 million strategic investment, giving it a roughly 5.4% stake, calling it “an important endorsement for the company.”
Jay Taylor described Goliath’s progress as “just amazing” in his April 25 Hotline newsletter, highlighting potential for a large-scale intrusive gold system similar to Snowline Gold Corp.’s (SGD:TSX.V; SNWGF:OTCQB) Valley deposit. In the same interview, Dr. Quinton Hennigh describes the newly discovered reduced intrusive related gold (RIRG) as “we have a new beast in the Golden Triangle”.
Zacks Small-Cap Research analyst Ronald Wortel called Goliath “a highly compelling investment in the gold exploration market,” noting its exposure to gold, silver, and copper resource exploration. Wortel’s valuation suggested 10,000,000 million ounce potential and a possible 190% return from current share price levels.
According to a March 11 report from Red Cloud Securities, analyst Taylor Combaluzier maintained a Buy (Speculative) rating on the company and raised the target price to CA$2.90 per share, reflecting a 65% return to target. The firm estimated a mineral inventory of approximately 4.0 to 6.0 million ounces gold equivalent (AuEq) at 6.62 grams per tonne from the Surebet and Bonanza Zones, using long-term pricing of US$2,400 per ounce gold.
Combaluzier wrote that 2024 drilling “continued to demonstrate continuity of high grades at known zones and confirmed Au mineralization at new targets,” highlighting intercepts like 4.34 g/t AuEq over 8 meters and 7.33 g/t AuEq over 13.1 meters. Red Cloud emphasized that all twelve identified gold-rich layers at Surebet remained open for expansion and that Bonanza showed strong gold mineralization with further upside.
The report also called McEwen Mining’s CA$10 million strategic investment, giving it a 5.4% stake, “an important endorsement for the company.” Combaluzier concluded that the company traded at a discount to peers and suggested further positive exploration results could help close that gap.
Advancing the Roadmap: Goliath’s 2025 Catalysts
According to Goliath’s April 2025 investor presentation, the company is positioned for a low-risk expansion phase in 2025, leveraging its 100% control over the Golddigger property, the strength of its strategic shareholders, and its track record of drilling success. Goliath has drilled 92,000 meters over four seasons, including 35,000 meters in 2024, and reported that 92% of the 2024 drill holes contained visible gold. The company controls 56 kilometers of the Red Line and recently expanded its land package by 28% to 91,518 hectares to cover additional exploration targets such as the Blue Origin Reduced Intrusion-Related Gold System (RIRGS).
The company’s financial position includes a market capitalization of approximately CA$322 million, with CA$68 million raised over the past three years. Major cornerstone shareholders include Crescat Capital, McEwen Mining Inc. (TSX: MUX, NYSE: MUX), Rob McEwen, Eric Sprott, a Global Commodity Group based in Singapore, and Larry Childress. [OWNERSHIP_CHART-9595]
As Goliath prepares for its aggressive 2025 exploration program, it plans to relog approximately 44historic holes of reduced intrusion related (RIRG) dykes that may contain high-grade gold encompassing roughly 1,400 meters of new samples for early assaying. The updated geological model, developed in collaboration with partners including Archer, Cathro & Associates and Colorado School of Mines supports ongoing targeting of high-grade RIRG feeder dykes and the expansion of the Surebet system, positioning the company for potential new discoveries and resource development milestones in the year ahead.
Ownership and Share Structure
According to company data, 19.0% of Goliath Resources is held by Management, Team, and Insiders. Strategic and Institutional investors collectively own 9.9%, with notable holdings including Crescat Capital LLC at 14.4%, McEwen Mining (NYSE: MUX), a Global Commodity Group based in Singapore at 5.2%, Mr. Rob McEwen at 3.9%, Mr. Eric Sprott at 3.0%, and Mr. Larry Childress at 1.0%. The remaining shares are held by other institutional funds and retail investors.
Goliath has 150,546,300 shares issued and outstanding. The 52-week range of Goliath is CA$0.81 to CA$2.87.
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Important Disclosures:
- Goliath Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Snowline Gold Corp.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
For additional disclosures, please click here.
( Companies Mentioned: GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE,
)
Source: Craig Stanley 05/05/2025
AbraSilver Resource Corp. (ABRA:TSX; ABBRF:OTCQX) discussed these and other aspects of Diablillos during a recent site visit for analysts, noted a Raymond James report.
AbraSilver Resource Corp. (ABRA:TSX; ABBRF:OTCQX) recently hosted several analysts at its Diablillos silver-gold project in Argentina, among them Raymond James’ Craig Stanley, who reported the highlights in an April 14 research note.
“We believe Diablillos is one of the best undeveloped silver projects not held by a producer,” Stanley wrote. “In addition to strong economics, the project benefits from recent political changes in Argentina that will provide tax, customs and currency exchange incentives.”
A handful of AbraSilver representatives were on site for the visit, noted Stewart. They were Chief Executive Officer John Miniotis, Chief Geologist David O’Connor, Senior Vice President of Projects and Development Jeremy Weyland, Country Manager Eugenio Ponte, and Directors Sam Leung and Hernan Zaballa.
Stanley summarized the information AbraSilver provided during the event.
Between Two Provinces
To reach Diablillos, 160 kilometers (160 km) southwest of the city of Salta in northwest Argentina, the site visitors flew to an airstrip at Pohang Iron and Steel Co.’s (POSCO’s) Sal de Oro lithium mine and drove 20 minutes to AbraSilver’s camp. After the site visit, visitors drove the 5½ hours back to Salta.
Diablillos is in a disputed zone between the Salta and Catamarca provinces that recently made an agreement regarding Sal de Oro, in the same area. It indicates that the provinces will equally share the project’s royalties and taxes, to be overseen by an interprovincial authority, including officers from both jurisdictions.
AbraSilver formally has requested a similar agreement for Diablillos, expected in H1/25.
“This agreement is a precedent for Diablillos, establishing a mechanism to deal with issues until the border conflict is resolved by the National Congress,” Stanley wrote.
Water and Power
As outlined in the prefeasibility study (PFS), noted the analyst, water is available from the aquifer 17 kilometers (17 km) from the Diablillos site; currently, the company has permission to use it for exploration. Management is seeking additional water resources to support an increased throughput rate.
Also as outlined in the PFS, Diablillos is to be powered by a combination diesel-solar power plant, with natural gas being an alternative to diesel. The diesel component will power the site. The solar component would provide 3 megawatts (3 MW) of power for the camp plus battery storage, or would provide 17 MW of power without batteries.
A potential future project could also provide power to Diablillos, noted Stanley. AbraSilver’s largest shareholder, Central Puerto and another large power producer, YPF Luz, are considering building a US$600 million (US$600M), high-voltage line to supply up to 400 MW of renewable energy to mining companies in northwestern Argentina. The proposed powerline would be 15 km from Diablillos. Construction, according to YPF Luz, is to start in 2028.
Along with additional water rights and grid power, other ways AbraSilver is looking to enhance Diablillos include a revised mine plan encompassing stepout drill results, contract mining, co-disposal of waste rock with tailings and a standalone heap-leach mine. These will be examined in the upcoming feasibility study.
Resource Growth Potential
The current Diablillos resource amounts to 266,000,000 ounces of silver equivalent (266 Moz of Ag eq) at 147 grams per ton (147 g/t), or 151 Moz silver at 83 g/t plus 1.4 Moz gold at 0.8 g/t.
Further drilling, especially in three particular zones, potentially could expand the resource, reported Stanley. These zones are the JAC Extension, south and southwest of the proposed JAC open pit; the Oculto Northeast target; and the Sombra Target, 250 meters (250m) south of the proposed Oculto pit.
Changes in Argentina
Under President Javier Milei, who took office in December 2023, business sentiment in Argentina has significantly increased.
As for recent developments, earlier in March, the International Monetary Fund approved a 48-month, US$20 billion (US$20B), extended fund facility arrangement. The World Bank and Inter-American Development Bank announced three-year support packages of US$12B and US$10B, respectively.
Today, April 14, Milei ordered lifting of the “el cepo” capital and currency controls initiated in 2019 to stabilize the peso at an official rate and prevent capital from exiting the country. These controls restricted access to U.S. dollars and discouraged foreign investment. Argentina is allowing the peso to trade within a range of 1,000–1,400 pesos per dollar, expanding by 1% each month.
The country, in March, had its 10th consecutive month of disinflation. During this month, the annual inflation rate was 55.9%, down from 66.9% in February and down from about 300% in April 2024.
Argentina’s next legislative elections, to fill half or 127 seats in the Chamber of Deputies and one-third or 24 of the seats in the Senate, will take place in October 2025. As for the outcome, AbraSilver predicted that Milei’s group will, at the least, maintain its foothold, and likely expand it. The country’s next presidential election is in 2027.
Benefitting From RIGI
The biggest impact to date to the mining sector under Milei’s Administration has been and continues to be implementation of RIGI, or Régimen de Incentivo para Grandes Inversiones (Large Investment Incentive Regime), effective starting July 8, 2024, Stanley purported. In September, the province of Salta agreed to formally abide by RIGI.
The regime, primarily to encourage foreign investment in Argentina, offers companies tax, customs and currency exchange incentives.
The total RIGI benefit to AbraSilver, through reduced taxes, royalties and export duties, is an estimated US$430M, according to the updated PFS. To be RIGI eligible, the company must apply by July 2026 and spend 40% of the investment amount (US$191M) within two years of approval (July 2028). Management expects the governmental review of its RIGI application will take several months.
Strong Cash Balance
Last month, AbraSilver made its final property payment to EMX Royalty of CA$6.5M ahead of schedule (the due date is July 31, 2025). As a result, the balance was reduced by CA$7M.
As of March 31, the company had about CA$65M in cash, enough to see it through to project financing in 2026, noted Stanley.
Near-Term Catalysts
AbraSilver has many potential stock-boosting events ahead, Stanley reported. Drill results are expected on an ongoing basis from its 90-hole, phase five diamond drill program, underway with two active rigs and a third to start in the coming weeks. Completion of this campaign is expected by December 2025.
An updated resource estimate is due in H2/25. It will encompass results of the phase four drill program, comprised of 106 holes over 21,172m. Approval of the Environmental Impact Assessment is anticipated in Q4/25.
In Q1/26, a feasibility study of Diablillos, at an estimated cost of CA$11M, is due out, likely to be followed by a construction decision in H2/26.
“We model production commencing in Q3/29,” Stanley wrote.
Stock Details
AbraSilver is rated Outperform by Raymond James.
The mining company has 128.7 million outstanding shares. Its market cap is CA$394M. Its 52-week range is CA$1.78–CA$3.65 per share.
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- AbraSilver Resource Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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Disclosures for Raymond James, AbraSilver Resource Corp., April 14, 2025
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Valuation Methodology AbraSilver Resource Corp. Our target price is based on the NPV of the Diablillos Project and net financial assets. General Risk Factors Following are some general risk factors that pertain to the businesses of the subject companies and the projected target prices and recommendations included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product/service pricing could change and adversely impact expected revenues and earnings; (2) issues relating to major competitors or market shares or new product expectations could change investor attitude toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation. Company Specific Risk Factors AbraSilver Resource Corp. Volatility in metal prices, foreign exchange markets and investor interest in mining equities could affect financing, capital spending and exploration decisions that may impact the company’s valuation and subject shares to price volatility. Financing risk: ABRA does not generate cash flow and is dependent on outside sources of financing. In the future, the company may not be able to raise money due to market conditions or may do so at a price that is dilutive to existing shareholders. Technical risk: Mining is risky and unforeseen issues could materially impact tonnes, grades, recoveries, and costs as outlined in the 2024 PFS study. Future commodity prices, costs, and technical studies may not prove resources or reserves economic. Political and regulatory risk: Changes in government and/or policies could lead to revised mining laws and taxes. Legislative elections are scheduled to be held in Argentina in October 2025 in which half of the seats in the Chamber of Deputies and a third of the seats in the Senate will be elected. The next presidential election is scheduled for 2027. Employee/personnel risk: If the market becomes more favourable to mining and the demand for skilled personnel materially increases, the company may not be able to retain key employees and contractors. Liquidity and volatility risk: ABRA’s shares are relatively illiquid compared to large-cap equities and even minor changes in precious metal prices would likely result in price volatility. Climate Change Risk: The physical risks of climate change, such as extreme weather events, could adversely impact operations. As well, concerns around climate change may affect the share price if investors divest interests in industries that are perceived to have environmental impacts.
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( Companies Mentioned: ABRA:TSX; ABBRF:OTCQX,
)
Source: Streetwise Reports 05/05/2025
StrikePoint Gold Inc.’s (SKP:TSX.V; STKXF:OTCQB) Nevada drilling revealed impressive near-surface gold zones with strong grades and heap leach potential. Read more for key assay highlights.
StrikePoint Gold Inc. (SKP:TSX.V; STKXF:OTCQB) has released final assay results from its Spring 2025 drilling campaign at the Hercules Gold Project, located in Nevada’s Walker Lane district. The company completed seven reverse circulation drill holes totaling approximately 1,400 meters, all of which intersected near-surface gold mineralization. Highlights include hole H25005, which cut 117.35 meters grading 0.45 grams per tonne (g/t) gold and 3.55 g/t silver, including 12.19 meters at 2.17 g/t gold and 9.55 g/t silver. Hole H25006 intercepted 10.67 meters of 1.17 g/t gold and 18.13 g/t silver starting at surface, alongside an additional 44.20 meters at 0.35 g/t gold and 4.34 g/t silver.
Company President and CEO Michael G. Allen stated in the news release, “This drill program successfully demonstrated that the Hercules Gold Project has a predictable, large, epithermal footprint hosting abundant near-surface oxide gold. Our geological model for the project has been confirmed, and we believe that the mineralization at Hercules shows the grade and consistency to move forward with the project.”
The Hercules Project, acquired in August 2024 for US$250,000, covers approximately 100 square kilometers and contains an Exploration Target, as defined by NI 43-101 standards, of 40.3 to 65.6 million tonnes grading 0.48 to 0.63 g/t gold. The site has historical data from over 306 drill holes and 121 surface trenches. Notably, cyanide solubility tests on the recent drill samples showed soluble gold ranges between 32% and 89% per hole, underscoring the potential for heap leach extraction methods.
Located roughly an hour from Reno, Nevada, a region that has produced more than 218 million ounces of gold historically, the Hercules site sits among globally recognized mining operations such as Barrick/Newmont’s Nevada Gold Mines, Kinross, SSR Mining, and McEwen Mining.
Shifting Economic Winds Shape the Gold Sector’s Landscape
According to a May 2 report from FX Street, gold prices gained positive momentum and moved away from a two-week low as the U.S. Dollar weakened slightly. This movement came ahead of the U.S. Nonfarm Payrolls (NFP) report, with traders increasingly betting on aggressive Federal Reserve policy easing. FX Street noted that the U.S. Dollar had initially climbed to a three-week high on optimism over possible U.S.-China trade negotiations but later turned cautious after U.S. economic data showed unexpected contraction. Traders anticipated that the Federal Reserve could deliver as many as four quarter-point rate reductions by year-end, following signs of easing inflation reflected in the Personal Consumption Expenditures (PCE) Price Index. FX Street reported, “The U.S. ADP report on private-sector employment suggested that the U.S. labor market is cooling,” adding that the increase in initial jobless claims to 241,000, the highest since February, contributed to the cautious tone. As a result, investors looked to gold as a safe-haven asset amid growing uncertainty in the broader economic outlook.
Stockhead’s Barry FitzGerald wrote, also on May 2, that record gold prices, notably more than AU$5,000 per ounce in Australia, created a rare window of opportunity for junior explorers to bring small brownfield gold projects into production. FitzGerald explained that such market conditions allowed companies to pursue cash flow generation and reinvest in exploration to expand resources. He quoted Javelin Minerals’ executive chairman Brett Mitchell, who emphasized that with established mineralized systems, “it is not a question of finding more gold at the projects, it is how much can be found and at what grade.” FitzGerald highlighted that rising gold prices provided juniors the chance to achieve market capitalizations several times over by capitalizing on existing indicated resources.
Ahead of the Herd reported on May 4 that the U.S. economy faced growing stagflation risks, defined as simultaneous high inflation and slowing economic growth. The report cited economist Stephen Roach, who wrote that the reversal of global trade efficiencies, alongside President Trump’s tariff policies, threatened to drive the U.S. into a prolonged period of stagflation. Historical data showed that stagflationary periods were favorable to gold, with the report noting, “Gold outperforms other asset classes during times of economic stagnation and higher prices.”
According to Ahead of the Herd, during the stagflationary 1970s, gold surged from US$100 per ounce in 1976 to approximately US$650 in 1980, as CPI inflation reached 14%. The report referenced Forbes data showing that gold returned 32.2% during stagflationary periods, outperforming U.S. Treasury bonds and equities.
Expert Assessments Highlight Positive Outlook for StrikePoint Gold
*According to Technical Analyst Clive Maund in an April 21 assessment, StrikePoint Gold Inc. was rated an “Immediate Strong Buy” due to its improving technical condition and its strong positioning within Nevada’s Walker Lane trend. Maund highlighted that “downside for the stock is very limited, whilst upside is relatively unlimited after its long bear market from its early 2021 highs, when it was almost 20 times the current price.”
He pointed to StrikePoint’s progress, noting that the company had advanced its goals with key acquisitions, including 152 claims at the Cuprite property and the Hercules Gold Project, both in Nevada, purchased at favorable prices. Maund emphasized that the company’s recent NI 43-101 technical report outlined an exploration target for Hercules ranging between 819,000 and 1,018,000 ounces of gold within 40.3 million to 65.6 million tonnes of mineralized material at an estimated grade range between 0.48 and 0.63 grams per tonne, marking a major step forward.
According to Technical Analyst Clive Maund in an April 21 assessment, StrikePoint Gold Inc. was rated an “Immediate Strong Buy” due to its improving technical condition and its strong positioning within Nevada’s Walker Lane trend.
Maund’s analysis underscored that StrikePoint’s share structure remained reasonable, with 41.6 million shares outstanding, and noted that significant holdings by investors such as Eric Sprott and Pathfinder Asset Management strengthened its profile. He explained that there had been “a marked buildup in upside volume since mid-February that has driven the Accumulation line quite steeply higher,” indicating that knowledgeable investors had been accumulating shares in anticipation of a potential breakout. Maund set his first target for an advance at CA$0.40, followed by CA$0.90 and then CA$1.20, supported by technical chart patterns and volume trends.
In a post from Jeff Clark of The Gold Advisor on May 1, StrikePoint Gold reported promising assay results from the first four of seven drill holes completed at its Hercules Gold Project in Nevada.
Clark noted that the 100-square-kilometer Walker Lane project hosted multiple previously drilled low-sulphidation epithermal gold targets. He highlighted that results from the 1,400-meter reverse circulation program included 32.0 meters grading 0.54 grams per tonne (g/t) gold and 4.62 g/t silver, with intervals such as 4.6 meters at 1.14 g/t gold and 10.5 g/t silver, and 6.1 meters at 1.5 g/t gold and 11.8 g/t silver.
While Clark acknowledged that these were not high-grade intercepts, he emphasized that the widths suggested potential for open-pit mining scenarios. He stated that StrikePoint remained a pre-discovery story and added, “We’ll keep StrikePoint on Hold until we see what management can do to advance the story at Hercules in the latter half of 2025,” signaling that further progress could shift investor attention.
Upcoming Drivers: Advancing Hercules and Cuprite Exploration
StrikePoint’s investor presentation emphasizes the company’s unique positioning with one of the five largest land packages in Nevada’s Walker Lane, an area near the significant AngloGold Ashanti “Expanded Silicon” discovery. CEO Michael Allen, known for advancing the Sterling Project prior to its sale to Coeur Mining and later to AngloGold Ashanti for US$150 million, leads the company’s strategy. The Hercules Project benefits from over 300 prior drill holes, multiple drill-ready targets, and 45 untested geophysical zones, some containing visible gold. Current permits, including a Plan of Operations and two Notice Level exploration permits, allow StrikePoint flexibility to expand large-scale drilling. [OWNERSHIP_CHART-209]
The conceptual Exploration Target ranges between 819,000 to 1,018,000 ounces of gold at grades between 0.48 and 0.63 g/t, all open for expansion. Additionally, StrikePoint holds the Cuprite Gold Project, which features geological similarities to the Expanded Silicon discovery and has delivered reportable gold-silver mineralization in four of its first five holes. With a cash position of approximately CA$1.95 million as of December 31, 2024, and a market capitalization of roughly CA$5.0 million, StrikePoint is focusing on advancing its Nevada projects alongside its British Columbia assets. Management sees Nevada’s combination of infrastructure access, historical production, and underexplored districts as key to potential shareholder value.
Ownership and Share Structure
According to Refinitiv, Executive Chairman Shawn Khunkhun owns 0.28% of the company, President and CEO Allen owns 1%, Director Ian Richard Harris owns 0.07%, and Director Adrian Wallace Fleming owns 0.02%.
Refinitiv reported that institutional and strategic investors own approximately 13.47% of the company, including 2176423 Ontario Ltd. with 7.17%, and Pathfinder Asset Management Ltd. with 4.81%.
According to Refinitiv, the company has 41.59 million shares outstanding and a market cap of CA$6.24 million. It trades in a 52-week range of CA$0.12 and CA$0.85. Sign up for our FREE newsletter at: www.streetwisereports.com/get-news
Important Disclosures:
- StrikePoint Gold Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of StrikePoint Gold Inc.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer.
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For additional disclosures, please click here.
* Disclosure for the quote from the Clive Maund article published on April 21, 2025
- For the quoted article (published on April 21, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$1,500.
- Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing the article quoted. Maund received his UK Technical Analysts’ Diploma in 1989. The recommendations and opinions expressed in the article accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed
Clivemaund.com Disclosures
The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks cannot be only be construed as a recommendation or solicitation to buy and sell securities.
( Companies Mentioned: SKP:TSX.V; STKXF:OTCQB,
)
Source: Eric Winmill 05/05/2025
AbraSilver Resource Corp. (ABRA:TSX; ABBRF:OTCQX) will include these data in its upcoming mineral resource estimate on its project in Argentina expected mid-year, noted a Scotiabank report.
AbraSilver Resource Corp.’s (ABRA:TSX; ABBRF:OTCQX) final drill results from its phase four program, targeting the JAC Extension, at its Diablillos silver-gold project showed additional multiple high-grade, near-surface silver intercepts beyond the conceptual open pit, reported Scotiabank Analyst Eric Winmill in an April 29 research note.
“We view this news as positive for AbraSilver shares as we see potential for resource expansion based on drill success to date in areas located near planned mining areas and infrastructure,” Winmill wrote.
85% Return Potential
The Canadian explorer was trading at the time of the report at about CA$2.98 per share, “below gold development peers at 0.41x and silver producers trading at 0.82x,” noted Winmill.
In comparison, Scotiabank’s target price on AbraSilver is CA$5.50 per share. This reflects a potential return for investors of 85%.
The company remains rated Outperform.
It has 169 million (169M) outstanding shares and 129M free float traded shares. Its market cap is CA$504 million.
High Grades Near Surface
These last reported results from the phase four, 21,172 meter (21,172m) exploration program were from the JAC Extension and returned high-grade, near surface mineralization, reported Winmill.
Some of the highlight intercepts were:
- 56m of 107.4 grams per ton gold (107.4 g/t Au) from 66m downhole (DDH-25-001)
- 63m of 138.6 g/t Au from 74m downhole, including 26m of 243.7 g/t Au from 100m downhole (DDH-25-005)
- 41.5m of 159.8 g/t Au from 56m downhole, including 7m of 398.5 g/t Au from 86m downhole (DDH-25-012)
The Next Step
AbraSilver plans to incorporate these data into an updated mineral resource estimate, due to be completed in mid-2025.
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Important Disclosures:
- AbraSilver Resource Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
For additional disclosures, please click here.
Disclosures for Scotiabank, AbraSilver Resource Corp., April 29, 2025
Company Disclosures (see legend below)* AbraSilver Resources Corp. G, I, J, N1, N3, U, VS0911 I, Eric Winmill, certify that (1) the views expressed in this report in connection with securities or issuers that I analyze accurately reflect my personal views and (2) no part of my compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed by me in this report. Analysts employed by non-U.S. affiliates are not registered/qualified as research analysts with FINRA in the U.S. unless otherwise noted within this report. These analysts may not be associated persons of Scotia Capital (USA) Inc. and therefore may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. This document has been prepared by Research Analysts employed by The Bank of Nova Scotia and/or its affiliates. The Bank of Nova Scotia, its subsidiaries, branches and affiliates are referred to herein as “Scotiabank.” “Scotiabank” together with “Global Banking and Markets” is the marketing name of the global corporate and investment banking and capital markets business of The Bank of Nova Scotia and its affiliates. Scotiabank, Global Banking and Markets produces research reports under a single marketing identity referred to as “globally branded research” under U.S. rules. This research is produced on a single global research platform with one set of rules which meet the most stringent standards set by regulators in the various jurisdictions in which the research reports are produced. In addition, the Research Analysts who produce the research reports, regardless of location, are subject to one set of policies designed to meet the most stringent rules established by regulators in the various jurisdictions where the research reports are produced. Scotiabank relies on information barriers to control the flow of non-public or proprietary information contained in one or more areas within Scotiabank into other areas, units, groups or affiliates of Scotiabank. In addition, Scotiabank has implemented procedures to prevent research independence being compromised by any interactions they may have with other business areas of The Bank of Nova Scotia. The compensation of the Research Analyst who prepared this document is determined exclusively by Scotiabank Research Management and senior management (not including investment or corporate banking). Research Analyst compensation is not based on investment or corporate banking revenues; however, compensation may relate to the revenues of Scotiabank as a whole, of which investment banking, corporate banking, sales and trading are a part. Scotiabank Research will initiate, update and cease coverage solely at the discretion of Scotiabank Research Management. Scotiabank Research has independent supervisory oversight and does not report to the corporate or investment banking functions of Scotiabank. For Scotiabank, Global Banking and Markets Research Analyst Standards and Disclosure Policies, please visit www.gbm.scotiabank.com/ disclosures. For additional questions, please contact Scotiabank, Global Banking and Markets Research, 4 King St W, 12th Flr, Toronto, Ontario, M5H 1A1. Time of dissemination: April 29, 2025, 10:58 ET. Time of production: April 29, 2025, 10:56 ET. Note: Time of dissemination is defined as the time at which the document was disseminated to clients. Time of production is defined as the time at which the Supervisory Analyst approved the document. *Legend G Scotia Capital Inc., Scotia Capital (USA) Inc., or their affiliates have managed or co-managed a public offering of securities for this issuer in the past 12 months. I Scotia Capital Inc., Scotia Capital (USA) Inc., or their affiliates have received compensation for investment banking services from this issuer in the past 12 months. J Scotia Capital Inc., Scotia Capital (USA) Inc., or their affiliates expects to receive or intends to seek compensation for investment banking services from this issuer in the next 3 months. N1 Scotia Capital Inc., Scotia Capital (USA) Inc., or their affiliates have had an investment banking services client relationship with this issuer during the past 12 months. N3 Scotia Capital Inc., Scotia Capital (USA) Inc., or their affiliates have had a non-securities services client relationship with this issuer during the past 12 months. U Within the last 12 months, Scotia Capital Inc. and/or its affiliates have undertaken an underwriting liability with respect to equity or debt securities of, or have provided advice for a fee with respect to, this issuer. VS0911 Research Analyst Eric Winmill visited Abra Silver’s Diablillos mine, an exploration-stage silver-gold project in Argentina on April 10 and 11, 2025. The issuer paid for a portion of the travel-related expenses incurred by the Research Analyst to visit the site.
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