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News.com.au
a day ago
- Automotive
- News.com.au
ASX Resources Quarterly Wrap: Lithium bounce could boost these junior explorers
Electric vehicle sales surge 30% sparking lithium price boost Major lithium miners climb on expectation of rising demand Anson defines maiden Green River Resource in June quarter Burgeoning global electric vehicle sales – up 30% to date according to Canaccord Genuity – have boosted lithium prices on expectations that demand for the battery metal will advance in lockstep. Price reporting agency Fastmarkets had last Tuesday assessed 6% Li2O – the benchmark for the spodumene concentrate mined by WA producers – at US$760/t, a significant gain from the low of US$610/t on June 23, 2025. This is due to rising futures prices in China and improved buying interest from battery makers, as well as the closure of a number of Chinese operations on environmental grounds. Lithium carbonate prices have also risen in the same period from US$8050/t to US$8550/t. This has proved to be a boon for lithium producers with Mineral Resources (ASX:MIN) rising 37% since July 1, 2025, to $29.80 while Pilbara Minerals (ASX:PLS) has put on 23.2% to $1.67 in the same period. Juniors have also gained from the improved lithium sentiment, and here are some companies that have been progressing operations during the June 2025 quarter… Anson Resources (ASX:ASN) During this period, Anson defined maiden JORC resources of 103,000t of contained lithium carbonate equivalent at its Green River project in Utah. The estimate is based on the drilling on the Bosydaba #1 well and could be increased in the near-term through the re-entry of the historical Mt Fuel-Skyline Geyser 1-25 well in the current quarter. Anson has also added 100 strategic placer claims to increase the Green River landholding by 10%. About 28% of these fall within the Area of Influence and will be included in subsequent JORC Mineral Resource estimates upgrades. Further resource upgrades could come from recent swabbing programs returning consistently higher assay values. Other steps taken by the company include entering into a non-binding memorandum of understanding with POSCO Holdings to collaborate on the construction of a direct lithium extraction demonstration plant, and working with the Utah state government to develop a new, lower state royalty rate scaled from 1% to 5% based upon market conditions compared to the previous flat rate of 5%. Delta Lithium (ASX:DLI) During the June 2025 quarter, Delta spun out its Mt Ida gold asset into new ASX-listed company Ballard Mining (ASX:BM1) to focus on its lithium assets. It also expanded the footprint of its Yinnetharra lithium and tantalum project through two transactions – the acquisition of Minerals 260's (ASX:MI6) Aston project and Zeus Resources' (ASX:ZEU) Mortimer Hills project. These have added 1778km2 to Yinnetharra, taking the total land package up to over 3100km2. Both assets have highly prospective tenure, are under-explored and host compelling targets for immediate exploration. Delta has also updated resources at Yinnetharra to 21.9Mt at 1% Li2O and 39.4Mt at 102ppm tantalum. The company has started systematic geochemical sampling and mapping over priority areas with passive seismic surveying to follow this year along with drill testing at Jamesons and adjacent prospects along the Leake Springs meta-sediment package in the following quarter. First Lithium (ASX:FL1) First Lithium continues to work closely with the Mali government to finalise renewals for its Gouna and Faraba permits. Discussions have also indicated the maiden resource will be finalised with results released in the current quarter. The Mali government had earlier this year announced plans to partially lift the suspension of mining permits that had been in place since September 2022 from March 15, 2025. The company has received a letter from the National Director of Geology and Mines in Mali confirming geophysical survey work can continue on both permits while direct meetings have confirmed the requirements for the licence renewal process. Chariot Corporation (ASX:CC9) Meanwhile, Chariot acquired a 66.7% interest in one of the largest hard rock lithium portfolios in Nigeria for US$1.5m in cash and 42 million shares in the company. The assets cover ~254km2 across the Fonlo, Gbugbu, Iganna, and Saki projects in Oyo and Kwara states. These contain a mix of licence types: exploration licences (ELs) for large-scale exploration and small-scale mining leases (SSMLs) over known mineralisation which provide Chariot with an opportunity to investigate fast-track development options. Notably, the Nigerian tenements have historically produced several thousand tonnes of spodumene concentrate for export to Chinese customers between 2021 and 2024, validating both the quality of mineralisation and existence of buyers. Chariot plans to start systematic exploration across the Nigerian portfolio, with initial field programs underway and first drilling targeted for late 2025. Separately, the company is awaiting results from Phase 2 drilling at its Black Mountain lithium project in Wyoming. It is also monitoring developments at neighbouring projects to its Resurgent project in the McDermitt Caldera on the border of Nevada and southern Oregon.
Leaders
3 days ago
- Business
- Leaders
Saudi Arabia Hits Record 144% in Mining Exploration Licenses in H1
Saudi Arabia has achieved a remarkable milestone by issuing a record number of new mining exploration licenses in the first half of 2025. Official data reveals a staggering 144% year-on-year increase, with a total of 22 licenses granted, marking a significant rise from just nine licenses issued during the same period last year. The surge reflects growing investor interest and the government's commitment to enhancing the mining sector's competitiveness. Aligning with Vision 2030 This increase aligns with the rapid growth of the Kingdom's mining industry, which serves as a central pillar in its Vision 2030 diversification strategy. Saudi Arabia aims to boost the sector's contribution to gross domestic product from $17 billion to $75 billion by 2035. The government supports this effort by accelerating the exploration and development of the Kingdom's estimated mineral wealth, valued at over SR9.4 trillion ($2.5 trillion). Jarrah bin Mohammed Al-Jarrah, the official spokesman for the Ministry of Industry and Mineral Resources, stated that 23 mining companies invested in the new licenses during the first half of this year. Notably, 16 of these companies obtained mining licenses for the first time. The total investment in these licenses exceeds SR134 million, covering an area of 47 square kilometers. The spokesperson also highlighted that the projects associated with these licenses are expected to produce approximately 7.86 million tonnes annually of various mineral ores. These ores include salt, clay, silica sand, low-grade iron ore, feldspar, and gypsum. Currently, the total number of active mining and small-mine exploitation licenses in the Kingdom stands at 239. This total includes 32 Category A licenses for strategic minerals such as gold, copper, phosphate, and bauxite. Additionally, there are 207 Category B licenses for industrial minerals, including silica sand, gypsum, limestone, salt, and clay. Attracting Investments Earlier in July, Vice Minister of Industry and Mineral Resources Khalid Al-Mudaifer informed Asharq Business that the Kingdom's mining reforms have successfully attracted $32 billion in investments. These investments span projects involving iron, phosphate, aluminum, and copper. This amount represents nearly one-third of Saudi Arabia's ambitious target to attract $100 billion in mining investments by 2030. Al-Mudaifer emphasized that mineral exploration spending in the Kingdom has quadrupled since 2018. It now reaches $100 per square kilometer, with an impressive annual growth rate of 32%. This growth significantly surpasses the global average of 6 to 8%. In summary, Saudi Arabia's mining sector is experiencing unprecedented growth, driven by strategic investments and government reforms, driving the Kingdom well on its way to achieving its ambitious goals outlined in Vision 2030. Short link : Post Views: 7
West Australian
5 days ago
- Business
- West Australian
WA lithium miners recover $6 billion of value as prices spike on Chinese regulatory probe
WA's beaten-down lithium stocks have recovered more than $6 billion in value as the battery metal's price spike raises hopes that a lingering global glut weighing on the sector could finally be diminishing. Mineral Resources and PLS shares have regained more than 50 per cent over the past four weeks, and Liontown Resources and IGO nearly 40 per cent, since speculation of production cutbacks in China lifted lithium prices off last month's lows. Futures covering the lithium-rich spodumene produced by the quartet have bounced as much as 29 per cent to $US790 ($1200) a tonne, still well short of the $US1100/t it was fetching 13 months ago but a considerable improvement on its bottom of $US605/t in the first week of June. Battery-grade lithium carbonate has added more than 10 per cent. 'Lithium prices have rallied strongly from June lows, with the market showing signs of supply response amid regulatory tightening, plus strong demand' for Chinese electric vehicles, Morgan Stanley analysts said. The price surge has blindsided analysts, demonstrated by Goldman Sachs' sell recommendation on Liontown on July 16 when the stock closed at 83¢. The owner of the new Kathleen Valley lithium mine has since hit a high of $1.03, closing on Friday 2¢ off at 94¢. Likewise, Mineral Resources was trading at $30.90 when Morgans advised clients on Tuesday to reduce their holdings. The shares finished at $32.29 on Friday to be up 60 per cent over the past month. The spodumene price jump is attributed to a regulatory crackdown on non-compliant miners in China that began with local authorities in the western province of Quinghai ordering mid-tier lithium producer Zangge Mining to immediately suspend production on suspicion it was breaching its mining licence. The probe has since extended to other miners that may have been exploiting lithium as a byproduct without the proper approvals. The focus has now reportedly switched to Yichun where miners of lepidolite, a crystal known for high lithium content, have been ordered to re-submit mining documents, raising the prospect of production cutbacks. UBS said 'most of the lepidolite mines are registered under ceramic clay instead of lithium', meaning most would need to reapply for permits to avoid closure. 'The lithium market should re-balance if lepidolite mine closures happen, supporting lithium and spodumene back towards an upward trajectory,' UBS said. Citi said investors were showing more interest in lithium in recent months, but noted the rally in lithium futures is likely 'sentiment-driven' on expectations of supply cuts in China or elsewhere. It cited investor questions on a recent Asian tour around 'the likelihood of supply curtailments from WA'. Citi said the latter was 'unlikely'. PLS shares closed one per cent better at $1.92 on Friday to be up 54 per cent over the past four weeks. IGO, which fell 2¢ to $5.34, has added 35 per cent over the same period.
News.com.au
6 days ago
- Business
- News.com.au
Monsters of Rock: Whatcha gonna do when LITHIUMANIA runs wild on you
Lithiumania rises as spod prices hit three month high Rare earths stocks see valuations lift on NdPr price moves ASX 300 mining and metals index surges ~5% this week The reality TV stars of the early 2000s are beginning to go the way of the dodo, after Hulk Hogan joined Ozzy Osbourne on the celebrity obituary list overnight. Like most of the superstars of that era, the Hulkster has a spotty history. His electrifying personality put American pro wrestling on the global map, but he alienated peers and spent years effectively banished from public life for a racist slur. Yet, for better or worse, the slogans, theme songs and Rocky III will live on forever. None more so than Hulkamania, the enduring phrase that can be applied to pretty much any trend (if Heinrich Heine didn't get there first with Lizstomania which, of course, he did). So we're taking a tiny bit of ill-gotten inspiration from the big, morally dubious man, or Sofia Coppola's husband's four-piece Phoenix, for today's descent into LITHIUMANIA. Spodumene prices have made a radical comeback on a wave of mine closures in China where local authorities appear to be carrying out the CCP's will to trim competition that has driven heavy corporate losses outside integrated battery and car majors CATL and BYD. We're now at US$810/t, levels not seen since April, after spod followed a massive +8% rise in futures in the Chinese market yesterday. Incredible! At the close of trading today, the average #lithium carbonate futures price increased by 8.29% (the largest interday percentage change since 02/29/24), surpassing the average spot LC price by CNY 6,671 (the largest contango since 03/06/25). A boom in market sentiment! â€' Juan Carlos Zuleta (@jczuleta) July 24, 2025 Profit-taking has sucked some heat out of the local names, with Pilbara Minerals (ASX:PLS), Mineral Resources (ASX:MIN), IGO (ASX:IGO) and Liontown Resources (ASX:LTR) all down. But over the past month the gains have been promising. Liontown Resources (ASX:LTR) is up 37%, with IGO (ASX:IGO) +34%. Pilbara Minerals (ASX:PLS) has gained close to 50%, while Mineral Resources (ASX:MIN), also supported by a rising iron ore price, is close to 60% higher, bouncing off lows caused by weak lithium prices, balance sheet concerns and governance issues circling MD and founder Chris Ellison. Lithium carbonate prices also leapt up, according to PRA Fastmarkets, with the key battery chemical rising US$250/t to US$8800/t. We'll see if this holds up, but enthusiasm for the beaten down battery metals space is certainly returning. Rare earthers Now for rare earthers, another segment of the market where sentiment has been driving gains. NdPr prices have surged since the announcement of a deal between the Department of Defense and US miner and refiner MP Materials. The arbitrage between the US$110/kg price the US Government will offer the owner of the Mountain Pass mine and the Chinese benchmark (~US$60/kg before the news a fortnight ago) has begun to close. Yesterday saw a 6.4% move in Chinese markets to US$73.6/kg, US$65.12/kg with value added tax excluded. Analysts are more bullish now on the large rare earths stocks. Canaccord upgraded Iluka Resources (ASX:ILU) from hold to buy and lifted its price target from $4.40 to $5.85 a share this week, noting not only that mineral sands production of 150,000t for the June quarter was well ahead of consensus (130,000t), but also that the MP Materials deal had provided a price signal that de-risked its Eneabba rare earth refinery. "We have revised our modelling for JunQ actuals and revise our LT mineral sands pricing in line with consensus. Additionally, we have de-risked our Eneabba project NPV on an improved REE pricing outlook, the net impact seeing our SOTP-based target price increase to A$5.85/sh (from A$4.40/sh)," Canaccord's Reg Spencer and William Jones said. Iluka has spent ~$570m on construction so far at the $1.8bn Eneabba project, which is backed with a big fat government loan. Reporting its June quarter on Thursday, market leader Lynas (ASX:LYC) reported its first quarter producing more than 2000t of NdPr oxide, delivering 2080t (total 3212t), with first production also in the quarter of heavies terbium and dysprosium oxide. Sales receipts climbed from $124.6m to $152.7m and sales revenue rose 38% to $170.2m. At $60.2/kg, Lynas enjoyed its highest average selling price since the middle of 2022, though cash and short term deposits dropped from $268.9m to $166.4. Speaking to analysts yesterday, Lynas MD Amanda Lacaze was bullish on the MP Materials deal's potential to grow the rare earths market outside China. "I think that it has sent a clear message about the determination of the US government to rebuild this sector outside China. And that certainly has a couple of different benefits," she said. "One is it gives end users confidence to formulate material. I know that over many years, there have been end users who've said, well, gee, we need to invest in alternate technologies because of the supply chain risks associated with rare earths only coming from China. So I think we see a more vibrant and a more buoyant market, generally speaking. And I think that, that will underpin increasing -- increases in the price. "Can (NdPr) go above $110? Yes. And I think if you read the detail of the deal, that there would be an expectation from the US government that that is likely to happen because they've negotiated ... a share of any upside over the $110 as part of their agreement." Lacaze also attributed a recent run-up in prices to growing demand inside China, noting the Asian Metal price had gone up 12-13 bucks a keg in the past month. Canaccord moved from buy to hold to Lynas on valuation, but lifted its price target from $8.80 to $9.65 on improving market conditions. Lynas shares have lifted 18% in the past month to $10.70, while Iluka's have run a mad 57% to $5.46. There were a whole heap of gold stocks on the reporting roster this week as well. But ... we may just leave it for Gold Digger this afternoon to get stuck into them. The ASX 300 Metals and Mining index rose 4.96% over the past week. Which ASX 300 Resources stocks have impressed and depressed? Making gains Coronado Global Resources (ASX:CRN) (coal) +45.5% Patriot Battery Metals (ASX:PMT) (lithium) +38% Pantoro (ASX:PNR) (gold) +25.2% Pilbara Minerals (ASX:PLS) (lithium) +21.1% Eating losses Bellevue Gold (ASX:BGL) (gold) -4.4% Regis Resources (ASX:RRL) (gold) -4.2% Capricorn Metals (ASX:CMM) (gold) -3.3% Westgold Resources (ASX:WGX) (gold) -2.7% Coronado shares have lifted over the past week after The Australian reported Indian steelmaker JSW was close to nabbing a stake in its Curragh coal mine in Queensland, with cost control also improving in the debt-laden coal miner's recent quarterly. Shares mysteriously lifted over 17% on Friday. Patriot ran higher on both lithium's price run and the announcement of the world's largest pollucite hosted caesium resource at its Shaakichiuwaanaan project in Quebec. The project already contains North America's biggest hard rock lithium deposit. Pantoro produced 25,417oz, hitting the upper half of quarterly guidance for its Norseman gold mine. The project is finally producing real cash, with PNR building an additional $43.3m in cash and gold in the quarter on all in sustaining costs of $1991/oz, with EBITDA of $80.4m powering full year EBITDA to $196.4m. Guidance of 100-110,000oz at $1950-2250/oz has been set for FY26, with $55m of exploration – 250,000m of drilling including over salt lakes unexplored since Western Mining owned the ground in the 1990s – and $67m of growth capital on the cards. Iron ore prices have pulled the broader index higher, falling from recent highs of US$105/t to US$103.20/t in Singapore on Friday.
National Post
6 days ago
- Business
- National Post
Mineros Announces Initial Mineral Resource Estimate for the Guillermina Deposit at its Hemco Property, Nicaragua
Article content (all dollar amounts are expressed in U.S. dollars) Article content Article content The Guillermina Deposit (' Guillermina ') initial Mineral Resource estimate comprises: Indicated Mineral Resources: 1,286 thousand tonnes (kt) averaging 0.71 g/t Au, 23.3 g/t Ag, 6.60% Zn, and 3.13 g/t gold equivalent 1 (AuEq), containing 30 thousand ounces (koz) Au, 962 koz Ag, 187 million pounds (Mlb) Zn, and 129 koz of AuEq. Inferred Mineral Resources: 1,286 kt averaging 1.32 g/t Au, 30.2 g/t Ag, 5.73% Zn, and 3.66 g/t AuEq, containing 55 koz Au, 1,250 koz Ag, 162 Mlb Zn, and 152 koz AuEq. Guillermina is open, both laterally and to depth, with excellent potential for the delineation of additional zones of mineralization as exploration continues. Guillermina presents a promising opportunity that could significantly contribute to the future development of the Porvenir Project. Article content MEDELLIN, Colombia — Mineros S.A. (TSX:MSA, MINEROS:CB) (' Mineros ' or the ' Company') is pleased to report an initial Mineral Resource estimate on Guillermina, a polymetallic vein system associated with hydrothermal breccias located three kilometers north of the Porvenir Project, forming part of its Hemco Property in Nicaragua (Figure 1). Article content 'We are pleased to have reached this milestone at Guillermina, one of several key targets in our portfolio of organic growth projects,' stated David Londoño, President and CEO of Mineros. 'We are advancing Guillermina and other early- to advanced-stage targets across our highly prospective Hemco Property landholdings. This deposit represents an exciting opportunity that could play an important role in the Porvenir Project's future development. As we move forward, we will continue to explore Guillermina with the aim of expanding and upgrading this initial Mineral Resource,' Mr. Londoño added. Article content Guillermina is located on the Hemco Property in the Mining Triangle district centered around the towns of Bonanza, Rosita and Siuna in northeastern Nicaragua and is situated approximately four kilometres west of the Pioneer Mine. It consists of a 1.8 km vein system oriented at an azimuth of 245° with notable anomalies in gold, silver, and zinc. The mineralization system includes an assemblage of hydrothermal breccias, stockwork, and veinlets up to 20 m in thickness, with a crustiform to colloform-banded quartz chalcedony-adularia matrix. The breccia matrix contains galena, sphalerite, and hematite occurring in patches and bands throughout. Article content Guillermina Deposit Mineral Resource Statement (effective March 31, 2025). Article content Classification Cut-Off Tonnes NSR Grade Contained Metal Indicated $82.50/t 1,286 142 0.71 23.3 6.60 3.13 30 962 187 129 Inferred 1,286 155 1.32 30.2 5.73 3.66 55 1,250 162 152 Mineral Resource reporting notes: Mineral Resources are classified according to the Canadian Institute of Mining Metallurgy and Petroleum's 'CIM Definition Standards for Mineral Resources and Mineral Reserves' adopted on May 10, 2014 (the ' CIM Standards '). The Mineral Resources have been reported within underground reporting shapes generated with Deswik Stope Optimizer using a net smelter return (' NSR ') cut-off value of $82.50/t and a minimum mining width of 1.0 m. Material within 30 m of the topographic surface has been excluded from the Guillermina Mineral Resources to allow for artisanal mining. Mineral Resources are estimated using a long-term gold price of $1,700/oz Au, a silver price of $20/oz Ag, and a zinc price of $1.36/lb Zn. Metallurgical recoveries are applied on a block-by-block basis with an average of 85.5% for gold, 30.7% for silver, and 91.0% for zinc. The NSR $/t value for each block was calculated using the following NSR factors: – $53.12 g/t Au x gold recovery – $0.41 g/t Ag x silver recovery – $1,755.54 % Zn x zinc recovery The formula used to calculate the AuEq grade is Au g/t + (Ag g/t * silver AuEq factor) + (Zn% * zinc AuEq factor), where: silver AuEq factor = (0.41 * silver recovery) / (53.12 * gold recovery) zinc AuEq factor = (1,755.54 * zinc recovery) / (53.12 * gold recovery) Average bulk density is 2.71 t/m 3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resource estimate assumes underground mining and extends from surface to a depth of 400m. Numbers may not add or multiply due to rounding. Article content Building on drilling results from the Neptuno Company in the 1970s, Hemco carried out a drilling campaign at Guillermina in 2011 and 2012, aiming to identify new gold deposits. The campaign consisted of 1,070 m across seven drill holes, revealing significant zinc anomalies as well as low-grade gold and silver anomalies. Article content Recognizing the potential for polymetallic mineral production at the Porvenir Project, the Company initiated a reconnaissance diamond drilling campaign in 2022, completing 887 m across seven drill holes. This initial campaign confirmed the depth and continuity of the deposit. The drilling delineated a central extension of a mineralized structure hosting galena, sphalerite, and chalcopyrite, with thicknesses ranging from two metres to 15 m. Article content Following positive results from the previous campaign, drilling efforts in 2023 focused on confirming the extensions of the mineralization, with 11 holes drilled for a total of 1,898 m. By 2024, the campaign advanced to infill drilling to improve the definition of mineralization, with 6,498 m drilled across 40 holes. The core of the mineralized vein was drilled at approximately 50 m spacing. Article content The initial Mineral Resource estimate on Guillermina includes the results of 9,798 m in 61 diamond drill holes completed between 2011 and August 2024 (Figure 2). Grades were constrained with three-dimensional (3D) wireframes of the principal mineralized vein and interpolated by the inverse distance cubed (ID 3) method into a block model with parent blocks of 2 m by 2 m by 2 m and sub-blocks of 1 m by 1 m by 1 m. The classification of solids was based on drill hole spacing, with distances less than 50 m classified as Indicated Mineral Resources and distances less than 100 m classified as Inferred Mineral Resources. Article content An NSR value was assigned to blocks to validate the geological interpretation and for resource reporting. NSR represents the estimated dollar value per tonne of mineralized material after accounting for smelter terms, including revenues, treatment and refining charges, penalties, smelter losses, transportation, and sales charges. The NSR calculation is based on metallurgical testing at the Porvenir Project, using comparable smelter terms and data collected by the Company. These assumptions depend on the processing scenario and may vary with further metallurgical testwork. Key assumptions, including preliminary metallurgical recoveries, are detailed in Table 2. Article content Standard smelting and refining charges were applied to the various concentrates. It was assumed that the concentrates would be marketed internationally. NSR factors are summarized in Table 3. Article content Table 3. Article content Mineral Resource NSR Factors Article content The NSR value is assigned to blocks using the following equation: Article content NSR TOTAL = Grade Au (g/t) Article content * Rec Au (%) * 53.12 Article content (US$/g) Article content + Article content Grade Ag (g/t) Article content * Rec Ag (%)0.41 Article content (US$/g) Article content + Article content Grade Zn Article content (%) * Rec Zn (%) 1,755.54 Article content (US$/t) Article content A bench and fill mining method was evaluated for Guillermina, applying the parameters that were used for the Porvenir Project (Table 4). An NSR cut-off value was established by estimating the total unit operating cost, which included mining, processing, power, and general and administrative expenses, resulting in total operating cost of approximately $82.50 per tonne of mineralized material. Article content Table 4. Article content Notes: Article content All costs include G&A. Numbers may not add due to rounding. Article content For the purposes of demonstrating reasonable prospects for eventual economic extraction, Mineral Resources are constrained within underground reporting shapes generated in Deswik Stope Optimizer (DSO) using a minimum mining width of one metre and an NSR cut-off value of $82.50/t (Figure 3). Article content There are no known legal, political, environmental, or other risks that could materially affect the potential development of Mineral Resources at Guillermina. Article content Mineros has implemented a quality assurance/quality control (QA/QC) program aligned with industry best practices, in which certified reference materials (standards), duplicates, and blanks are routinely inserted into the sample stream to assess precision, accuracy, contamination and bias. All standards, duplicates and blanks are validated and any batches that fail QA/QC are reanalyzed. Article content Diamond drill core samples are selected by geologists on site; sample intervals are typically one metre in length, ranging from a minimum of 0.2 metres to a maximum of two metres. HTW-diameter diamond drill core to be sampled is cut in half lengthwise, with one half of the core stored on-site in wooden core boxes and the other half packed by Mineros geologists in plastic bags with tamper-proof seals, with a chain of custody procedure for delivery to the ALS Peru S.A. ('ALS Global Peru') at its Managua, Nicaragua laboratory for sample preparation. Article content Until March 2023, Mineros used Bureau Veritas in Canada as its primary laboratory, and ALS Global Peru, in Lima, Peru thereafter. Article content Initially, the samples were sent for sample preparation with a chain of custody procedures for delivery to Bureau Veritas. Sample preparation was carried out following the PREP70-250 package (crushing of the entire sample to ≥70% passing 2-mm mesh, pulverization of 250 g ≥ 85% 75 µm. Samples were shipped to Bureau Veritas laboratory in Vancouver, Canada for geochemical analysis. Bureau Veritas is independent of Mineros. Article content Bureau Veritas is accredited to ISO/IEC 17025:2017 by the Standards Council of Canada (' SCC '). Samples, standards, duplicates and blanks are analyzed for gold using a standard fire assay method (30 g aliquot) and atomic absorption finish (AAS). Those over 10 ppm are reanalyzed by 30 g fire assay with gravimetric finish. All samples are analyzed for a 45-element suite, run with an aqua regia digestion and an ICP-ES/MS finish. Article content As of April 2023, the samples were sent for sample preparation with a chain of custody procedure for delivery to ALS Global Peru, at its Managua, Nicaragua laboratory for sample preparation, and subsequently to ALS Global Peru in Lima, Peru for geochemical analysis. Sample preparation is carried out following the PREP31 package (crushing of the entire sample to ≥70% passing 2-mm mesh, pulverization of 250 g ≥85% 75 µm). ALS Global Peru is accredited to ISO/IEC 17025:2017 by the SCC with validation date until 2029-03-01 and is independent of Mineros. Article content Samples, standards, duplicates, and blanks are analyzed for gold using a standard fire assay method (30 g aliquot) and AAS. Assays over 10 ppm are reanalyzed by 30 g fire assay with gravimetric finish. All samples are analyzed for a 51-element suite, using aqua regia digestion and an ICP-ES/MS finish. Article content All coarse rejects and pulps from both labs were returned and stored by the Company in a secure warehouse at the Hemco Property facility. Five percent of pulps are sent to secondary laboratory and analyzed using methods analogous to those at the primary laboratory. Article content NEXT STEPS Article content The 2025 drilling campaign at Guillermina commenced in July 2025 and is in progress with 2,000 meters planned. This program is designed to collect representative samples for metallurgical testing, consistent with the parameters established for the Porvenir Project, and will also serve as infill drilling to upgrade Inferred Mineral Resources to Indicated Mineral Resources. In parallel, Mineros has commenced evaluating potential mining methods and is actively exploring synergies with the Porvenir Project to support the potential expansion of the overall Mineral Resource inventory. Article content ABOUT MINEROS S.A. Article content Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with mines in Colombia and Nicaragua and a pipeline of development and exploration projects throughout the region. Article content The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all its operations. Article content Mineros' common shares are listed on the Toronto Stock Exchange under the symbol 'MSA', and on the Colombia Stock Exchange under the symbol 'MINEROS'. Article content Election of Directors – Electoral Quotient System Article content The Company has been granted an exemption from the individual voting and majority voting requirements applicable to listed issuers under Toronto Stock Exchange policies, on grounds that compliance with such requirements would constitute a breach of Colombian laws and regulations which require the directors to be elected on the basis of a slate of nominees proposed for election pursuant to an electoral quotient system. For further information, please see the Company's most recent annual information form, available on the Company's website at and from SEDAR+ at Article content QUALIFIED PERSON Article content Luis Fernando Ferreira de Oliveira, MAusIMM CP (Geo), Mineral Resources and Reserves Manager for Mineros S.A., who is qualified person within the meaning of NI 43-101 supervised the preparation of the information that forms the basis for this news release. Mr. Ferreira has verified the scientific and technical information in this release, including sampling, analytical and test data underlying the initial Mineral Resource estimate on Guillermina, and the opinions expressed herein. Article content In accordance with applicable Canadian securities regulatory requirements, all Mineral Resource estimates disclosed in this news release have been prepared in accordance with NI 43-101 and are classified in accordance with the CIM Standards. Article content Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Pursuant to the CIM Standards, Mineral Resources have a higher degree of uncertainty than Mineral Reserves as to their existence as well as their economic and legal feasibility. Inferred Mineral Resources, when compared with Measured or Indicated Mineral Resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Pursuant to NI 43-101, Inferred Mineral Resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a Mineral Resource exists, will ever be converted into a Mineral Reserve, or is or will ever be economically or legally mineable or recovered. Article content FORWARD-LOOKING STATEMENTS Article content This news release contains 'forward looking information' within the meaning of applicable Canadian securities laws. Forward looking information includes statements that use forward looking terminology such as 'may', 'could', 'would', 'will', 'should', 'intend', 'target', 'plan', 'expect', 'budget', 'estimate', 'forecast', 'schedule', 'anticipate', 'believe', 'continue', 'potential', 'view' or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward looking information includes, without limitation, statements with respect to the estimate of Mineral Resources, the results of metallurgical studies being conducted; exploration and testing plans; future expansion and upgrading of Mineral Resources; the economic viability of the Porvenir Project and Guillermina; and future development to the Porvenir Project. Article content Forward looking information is based upon estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. Article content For further information of these and other risk factors, please see the 'Risk Factors' section of the Company's annual information form dated March 25, 2024, available on SEDAR+ at Article content The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained herein. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Article content Article content Article content Article content Article content Contacts
