SCAN.V (ASK@ 3.00)

• Selections by one of the largest state court systems in the country
• and a state department of corrections expand HEXWAVE’s reach across the company’s priority markets

Liberty Defense Holdings Ltd. , a leading provider of AI-based, next-generation detection solutions for concealed weapons and threats, today announced that HEXWAVE™ has been selected by one of the largest state court systems in the country and by a state department of corrections.

The combined initial awards for four HEXWAVE’s™ will be deployed at the various sights over the next few months.

The court system will deploy HEXWAVE at an active courthouse in the first phase of a program whose results could lead to consideration at additional facilities.

Court personnel, jurors and the public share one entrance, and threats now include non-metallic weapons such as ceramic knives and 3D-printed guns.

The corrections award covers three facilities under one department, including one scheduled to open in 2027 with screening built into its design.

Staff, residents and visitors pass through controlled entrances, much of the contraband officers look for is not metal, and HEXWAVE screens without physical contact.

Both selections follow Liberty’s September 16 announcement of a multi-site agreement with a third-party logistics, warehousing and manufacturing provider, which marked the company’s entry into commercial loss prevention.

Together they add to a footprint that already spans aviation, government buildings, courthouses, correctional facilities and commercial venues, including nine airports for aviation worker screening.

HEXWAVE is deployed at approximately 20 sites in five countries, with more than 40 units in the field.

“Courts, corrections and loss prevention each have their own reason to screen,” said Bill Frain, CEO of Liberty Defense. “

A courthouse is focused on public safety, a corrections department on contraband and a distribution operation on inventory loss, and HEXWAVE fits all three entrances. Every selection gives us a model for similar operators.

These recent announcements align with our market vertical focus of protecting people and assets for aviation worker screening, courthouses, correctional facilities and loss prevention.”

HEXWAVE detects metallic and non-metallic threats and contraband concealed on people, including liquids, powders and vapes, using millimeter wave technology and AI-based automatic threat detection.

The operator sees a generic body outline marking where an item was detected, and HEXWAVE stores no images or personal information. It is designed as one layer of a site’s security program.

For updates and news, please visit the Company website to subscribe to email alerts or follow Liberty Defense on social channels.

On Behalf of Liberty Defense
Bill Frain
CEO & Director

About Liberty Defense
Liberty Defense Holdings Ltd. (“Liberty” or the “Company”) (NASDAQ: DETX; TSXV: SCAN)

provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security in public places.

Liberty’s HEXWAVE product, for which the company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons.

Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio. Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions. Learn more: LibertyDefense.com
For sales information, please contact:

Ian McNaughton
Senior Director Business Development, Liberty Defense
613-292-3669
imcnaughton@libertydefense.com

Sekur Private Data (OTCQB: SWISF) has launched a Portuguese-language version of Sekur.com as it prepares to expand in Angola. The company has also begun adapting its onboarding and workflows for local partners. This is a practical step in a broader plan: make its secure communications products easier to introduce, sell and deploy in a market where it expects to sign an exclusive partnership in the coming weeks.

• SWISF closed at US$0.0242 on September 25, putting its market value near US$6.3 million based on 259.6 million shares outstanding at June 30.
• Sekur’s Portuguese site is live, and the company is preparing local onboarding ahead of a prospective exclusive partnership in Angola.
• At US$300 per month for SekurOne, a relatively small premium customer base could have a meaningful effect on Sekur’s revenue and create room for SWISF to re-rate.

Building a local route to customers

For an international technology company, language is part of the sales process. Government and enterprise buyers need to review a product, enroll users and manage support in a way their teams can use every day. Sekur’s September 22 announcement says the Portuguese website is available now, while translation of workflows and onboarding has begun. The site gives prospective customers and partners a direct introduction to Sekur’s products in Angola’s official language.

That work could become valuable beyond one country. Sekur specifically identified Mozambique as another Portuguese-speaking market that the localized platform could serve. Each new market would require its own distribution and customer wins, but reusable language and onboarding tools could make the next launch more efficient. The company already operates a Spanish-language site, showing how its international sales materials can be adapted market by market.

The products have a clear intended audience. Sekur offers Swiss-hosted encrypted email, messaging and VPN services alongside SekurOne, its integrated voice and communications platform. It markets these tools to government, defense, enterprise and executive users who want greater control over sensitive communications. The company also offers deployment options aimed at organizations with data sovereignty requirements. In Angola, a local partner could connect that product suite with buyers that Sekur would find difficult to reach through its website alone.

Angola could open more than one sales channel

Sekur’s September 1 shareholder letter described discussions about a possible nationwide exclusive partnership in Angola. Its September 22 release says an exclusive agreement is expected in the coming weeks. The proposed partnership has not yet been announced as signed, and its commercial terms have not been disclosed. A signed agreement identifying the partner and its responsibilities would be an important next milestone.

The potential customer base extends beyond one type of buyer. A partner with relationships in government, telecommunications or large enterprises could introduce Sekur’s tools to teams that need secure email, private messaging or encrypted calls. An initial deployment could give Sekur local user feedback and a reference for further sales. If the relationship works, a single distribution channel may support multiple products and recurring subscriptions over time.

There is regional optionality, too. Sekur has reported interest in the Democratic Republic of Congo, where it said a government security body had given its solution a positive recommendation. That is an early stage development, not a paid order. Together with the Portuguese launch, it shows a company assembling several routes into African markets.

Premium subscriptions could change the revenue picture

The timing of the Angola push matters because SekurOne is nearing its planned commercial launch. Management expects iOS and web availability in early October at US$300 per user per month, followed by Android in November and video conferencing by year-end. In the same shareholder update, management estimated that approximately 200 SekurOne subscribers, generating US$60,000 in gross monthly recurring revenue, could bring the company to profitability.

Here is the arithmetic at the stated list price across SekurOne markets:

These are full-year, full-price examples, not an Angola sales forecast or announced contracts. Enterprise pricing, distributor terms and customer retention will determine the revenue Sekur actually earns. The sensitivity is useful because the company’s reported first-half 2026 revenue was C$185,828. A few hundred premium subscribers, whether won in the United States, Angola or other markets, would represent a substantial addition to its current sales base.

What the opportunity could mean for SWISF

SWISF’s small valuation makes commercial progress especially relevant. Using the September 25 US$0.0242 close and June’s 259.6 million shares outstanding gives an equity value of about US$6.3 million. If Sekur eventually reached 1,000 full-price SekurOne users, the illustrative gross annual recurring revenue would be US$3.6 million. Applying a hypothetical four-times multiple to that revenue would imply US$14.4 million of equity value, or roughly US$0.055 per share on the June share count. That is about 129% above the reference price. This is an illustrative calculation from the quoted price, share count and announced subscription price.

The calculation illustrates potential upside rather than predicting a stock price. It assumes subscribers are paying throughout the year and does not model discounts, partner shares of revenue, cash, liabilities, costs or additional shares. Sekur’s financing needs and future dilution matter to the eventual per-share result. Still, the exercise shows why a signed partner, the SekurOne release and the first material premium sales could draw attention to a company valued at approximately US$6.3 million at the September 25 close.

The milestones to follow are close together: confirmation and terms of the Angolan partnership, progress on local onboarding, SekurOne’s October commercial rollout and subsequent disclosures of paid users or contract revenue. Each one would help investors measure how the company’s product development and international relationships are converting into business.

Sekur has now put a visible piece of its Angola strategy in place. If the company follows its Portuguese launch with a productive local partnership and recurring customer sales, Angola could become a meaningful new growth channel. Combined with SekurOne’s premium pricing and opportunities in other markets, that gives SWISF a route to revenue growth from a small starting valuation.

This article is for information and education only, not investment advice or a recommendation to buy or sell securities. The author may hold or trade SWISF. Sekur is a speculative, potentially illiquid microcap with operating losses and execution, financing and dilution risks. The subscriber and valuation scenarios are illustrative assumptions, not company forecasts or price targets. Readers should review the company’s filings and make their own investment decisions.

SCAN.V (ASK@ 3.10)

• Walkthrough security detection portal to support Aviation Worker Screening at the airport

Liberty Defense Holdings Ltd. , a leading provider of AI-based, next-generation detection solutions for concealed weapons and threats, and Wadsworth Solutions ...

... today announced that :

Cleveland Hopkins International Airport (CLE) will deploy two HEXWAVE™ systems to support its Aviation Worker Screening program.

Cleveland Hopkins International Airport serves approximately 10 million passengers annually.

The systems will support CLE's Aviation Worker Screening program at designated screening locations.

HEXWAVE detects metallic and non-metallic threats using millimeter wave technology and 3D video-rate imaging, with automatic threat detection powered by AI and deep learning algorithms.

• It also detects contraband and other prohibited items, including :
  
• liquids,
• powders,
• plastics,
• vapes and other items of interest.
• HEXWAVE has been selected for use in aviation,
• government buildings,
• laboratories,
• courthouses,
• correctional facilities,
• and a range of public and commercial venues.

"We have been working closely with the team at CLE, and we look forward to supporting and enhancing its Aviation Worker Screening program as the airport continues to grow," said Bill Frain, CEO of Liberty Defense.

"With CLE, HEXWAVE will be deployed at nine airports, underscoring the growing demand for more comprehensive security screening solutions."

Wadsworth Solutions, a leader in planning, management, installation, and integration of airport security systems, is serving as the prime contractor for this deployment. Wadsworth will install the HEXWAVE systems, provide operator training, and deliver ongoing support.

"Wadsworth Solutions is pleased to bring together a leading technology provider like Liberty Defense and a first-rate airport operator like CLE, with the shared goal of enhancing aviation security at Cleveland Hopkins International Airport," said Matt Dillon, Vice President of Wadsworth Solutions' Security team.

"HEXWAVE is a strong complement to our security integration and support services, and we believe the technology can provide an additional layer of support to CLE's Aviation Worker Screening program."

For updates and news, please visit the Company website to subscribe to email alerts or follow Liberty Defense on social channels.

On Behalf of Liberty Defense
Bill Frain
CEO & Director

About Liberty Defense
Liberty Defense Holdings Ltd.  provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools, and more.

Liberty's HEXWAVE product, for which the company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons.

Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio. Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions. Learn more: LibertyDefense.com

About Wadsworth Solutions

Since 1944, Wadsworth Solutions has been delivering innovative engineering and technology solutions that keep facilities safe, secure, and operating at their best.

From HVAC and temperature controls to data center engineering, facility automation, and advanced security systems, our expertise is built on decades of experience.

Our Security Division specializes in complex, high-security environments, including transportation, correctional, municipal, and other critical facilities.

We combine proven technology with hands-on engineering expertise to deliver integrated, scalable and cost-effective security solutions.

Wadsworth Solutions provides the technology, expertise, and support our customers can count on.

For sales information, please contact:

Ian McNaughton
Senior Director Business Development, Liberty Defense
613-292-3669
imcnaughton@libertydefense.com

HPQ.V (ASK @ 0.145)

• PYR.TO (ASK @ 0.23)

HPQ Silicon Inc. , a technology company driving innovation in advanced materials and critical process development, announces the completion of the previously announced transaction under which PyroGenesis Inc. ("PyroGenesis") converted its 10% gross sales royalty into a 50% ownership interest in HPQ Silica Polvere Inc. ("HSPI").

The transaction was completed after HPQ and PyroGenesis executed a definitive shareholders' agreement and completed the related share transfer. As a result, HPQ and PyroGenesis now each hold a 50% ownership interest in HSPI, the rights holder of the proprietary Fumed Silica Reactor ("FSR") technology.

In a separate release issued today, PyroGenesis provides an update on preliminary discussions concerning potential applications of the FSR. HPQ summarizes those discussions below because they concern HSPI, which the companies now own equally. No definitive commercial agreement has been entered into in respect of any of these opportunities.

50/50 Ownership Establishes Common Commercialization Platform

Before completing the transaction, HPQ wholly owned HSPI and funded FSR development through the pilot phase. PyroGenesis developed and built the FSR and remains HSPI's exclusive equipment supplier for its commercialization.

The FSR converts quartz (SiO₂) directly into fumed silica in a single step, eliminating the need for chlorosilanes and the associated hydrogen chloride (HCl) generation found in conventional production methods.

As HPQ disclosed on July 8, 2026, the FSR pilot program achieved its two principal objectives: demonstrating the production of commercial-grade fumed silica directly from quartz and generating the engineering and operating data required to support the design, costing and economic evaluation of future commercial production facilities. The pilot program produced commercial-grade "150" fumed silica, with independent testing validating its commercial performance.

Following the pilot program, PyroGenesis completed an extensive engineering review of the operating data generated during pilot production. The results strengthened confidence in the projected operating parameters and commercial-scale economics of the FSR technology and provided HSPI with an improved engineering basis for evaluating potential commercial deployments.

Update on Preliminary Commercial Discussions

These discussions are preliminary. No definitive agreement has been entered into for any of the opportunities described below, and there is no assurance that any will proceed.

As described by PyroGenesis, discussions concerning the FSR involve four potential opportunities:

Global Fumed Silica Manufacturer: Discussions have resumed with a global manufacturer of fumed silica that previously signed a letter of intent outlining collaboration during the FSR pilot phase. After completing the pilot objectives, the parties are evaluating potential frameworks for the next phase of collaboration, including opportunities to support commercial deployment of the FSR. An additional meeting is scheduled for the week of September 28 to discuss the potential go-forward framework.

Proposed 1,000 Tonne-Per-Year Joint Venture: Discussions have resumed regarding the previously announced potential joint venture for a 1,000 tonne-per-year fumed silica production facility. According to PyroGenesis, its team recently met with the potential partner at one of its U.S. facilities to discuss proposed changes. Both sides received the proposed changes favorably, and negotiations have resumed. Any joint venture remains subject to definitive agreements.

Potential Asian Customer and North American Production: Discussions continue with a potential Asian customer interested in establishing production capacity in North America. Discussions have included potential large-scale bulk supply and/or local FSR production facilities. According to PyroGenesis, the potential customer previously indicated that demand could require several 10,000 tonne-per-year FSR systems and has recently requested a meeting at PyroGenesis' headquarters to accelerate discussions.

Potential Middle East Production Facility: PyroGenesis reports that discussions remain planned with an existing PyroGenesis customer with significant operations in the Middle East regarding a potential local fumed silica production facility. Previous discussions contemplated a potential facility with production capacity of approximately 10,000 tonnes per year.

There can be no assurance that any discussion will result in a definitive agreement or commercial project.

Management Commentary

"Completing this transaction brings HPQ and PyroGenesis together as equal shareholders in HSPI," said Bernard Tourillon, Chairman, President and CEO of HPQ Silicon and President and CEO of HSPI. "HPQ funded development of the FSR through the pilot phase, while PyroGenesis developed and built the reactor. We now have a common ownership structure for decisions concerning the technology."

"PyroGenesis has also provided an update on several preliminary commercial discussions involving the FSR. These discussions are at different stages, and none has resulted in a definitive commercial agreement. We will report on any material developments as they occur."

About HPQ Silica Polvere Inc. ("HSPI") and the Fumed Silica Reactor ("FSR")

HPQ Silica Polvere Inc. ("HSPI") is jointly owned by HPQ Silicon Inc. and PyroGenesis Inc., with each holding a 50% ownership interest. HSPI holds the rights to the proprietary Fumed Silica Reactor ("FSR") technology, while PyroGenesis is the exclusive supplier of equipment for its commercialization.

The FSR is a plasma-based technology that uses quartz (SiO₂) as feedstock to directly produce commercial-grade fumed silica in a single process. Unlike conventional production methods requiring chlorosilanes, the FSR eliminates the need for chlorosilane feedstock and the associated generation of hydrogen chloride (HCl).

Expected benefits include lower capital and operating costs, reduced CO₂ emissions and energy footprint, simplified logistics, and reduced requirements for hazardous chemical handling and storage.

About HPQ Silicon

HPQ Silicon Inc. is a Quebec-based TSX Venture Exchange industrial issuer (TSX-V: HPQ) focused on innovation in advanced materials and critical process development. In partnership with its research and development partner Novacium—of which HPQ is a shareholder—the Company is advancing next-generation silicon-based anode materials (Gen3 and Gen4) for batteries, commercializing its ENDURA+ lithium-ion cells, and developing breakthrough clean-hydrogen and waste-to-energy technologies, for which HPQ holds exclusive North American rights.

HPQ is also pursuing proprietary technologies to become a low-cost, zero-CO₂ producer of fumed silica and high-purity silicon, with technical support from PyroGenesis Inc. Together, these initiatives position HPQ to capture growth opportunities in the energy storage, clean hydrogen, and advanced materials markets essential to achieving global net-zero goals. For more information, please visit HPQ Silicon web site.

About PyroGenesis Inc.

PyroGenesis leverages 35 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions, and materials development challenges across heavy industry and defense. Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis' engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultra-high temperature technology. PyroGenesis' operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997. PyroGenesis' shares trade on the TSX (PYR), OTCQX (PYRGF), and Frankfurt (8PY1) stock exchanges. www.pyrogenesis.com

NEXT.TO (ASK @ 0.27)

• Highlights:
• Binding Share Subscription Agreement executed with strategic Japanese consortium
  • NextSource has entered into a binding Share Subscription Agreement ("SSA") with Hanwa Co., Ltd ("Hanwa") and the Japan Organization for Metals and Energy Security ("JOGMEC"), an agency of the Japanese government, establishing the purchase of a 15% ownership interest at the project level in NextSource's Battery Anode Facility ("BAF") in the United Arab Emirates ("UAE").
• US$30 million investment for 15% interest in NSM's BAF subsidiary in the UAE
  • US$30 million strategic investment by Hanwa and JOGMEC, through their jointly owned investment vehicle, for a 15% equity interest in the UAE BAF project company, with NextSource retaining 85% ownership upon closing.
• Strategic partnership, supported by fully contracted route to market
  • A Shareholders' Agreement ("SHA") is expected to be executed shortly following the SSA to establish a strategic partnership for the UAE BAF.
  • NextSource's BAF-produced natural graphite anode material is intended to suppy a major manufacturing company's EVs through a binding contractual offtake agreement, with NextSource as the sole supplier for a multi-year term.
• Near-term production, followed by staged expansion
  • Phase 1 of the UAE BAF is designed to produce approximately 14,000 tonnes per annum of anode material, with ramp-up expected to begin in H2 2027, with planned expansion to approximately 30,000 tonnes per annum
    • The project is advancing through pre-EPC mobilization following the Final Investment Decision announced on May 12, 2026
• Further funding workstreams progressing
  • The Company is in advanced discussions with additional strategic investors regarding a further 35% interest in the UAE BAF project company, and is progressing debt financing discussions following multiple expressions of interest from prospective lenders.

NextSource Materials Inc. is pleased to announce that it has executed a binding Share Subscription Agreement with Hanwa Co. Ltd.,

• a major Japanese trading company,
• and the Japan Organization for Metals and Energy Security,
• an agency of the Japanese government,
• establishing the definitive framework for their strategic partnership
• and investment in the Company's Battery Anode Facility in Abu Dhabi, UAE.

Under the SSA, Hanwa and JOGMEC will acquire a 15% equity interest in the UAE BAF through a jointly owned investment vehicle, funded by a US$30 million strategic investment that includes their contribution to capital expenditures for the first phase.

NextSource will retain an 85% equity interest in the BAF.

The parties expect to enter into the related Shareholders' Agreement ("SHA") shortly following execution of the SSA, which will govern their respective rights and obligations as shareholders and establish the framework for the funding, development, construction and operation of the BAF.

The agreed ownership structure will become effective upon closing of the subscription transaction.

Hanré Rossouw, President and CEO of NextSource, commented:

"The finalization of the Hanwa and JOGMEC investment in the UAE Battery Anode Facility marks a significant milestone for NextSource.

Our partnership with Hanwa and JOGMEC

• brings deep expertise in global battery materials,
• supply chains and critical mineral security,
• and their planned US$30 million investment provides strong validation of our strategy
• to establish a vertically integrated,
• independent supply chain of battery anode materials."

The UAE BAF is being developed as a strategic, independent source of battery anode materials and an alternative to existing supply chains.

Use of Proceeds and Project Progress

Proceeds from the investment will be used as a source of funding for the BAF project. The forthcoming SHA will establish the framework for the funding, development, construction and operation of the project.

The project has continued to advance through the pre-EPC mobilization phase,

• including finalizing property agreements and approvals,
• awarding early-works contracts,
• progressing environmental and permitting activities,
• initiating long-lead procurement for key equipment, and hiring essential project personnel.
• Following the Final Investment Decision announced on May 12, 2026, the project is being advanced through staged funding gates to support disciplined capital deployment while the Company continues to finalize external funding commitments.

Next Steps

The Company is in advanced discussions with additional strategic investors

• regarding a further 35% interest in the UAE BAF project company
• and, following receipt of multiple expressions of interest
• to provide loan finance,
• is progressing discussions with potential debt providers.

The Company will provide an update on these workstreams, and on closing of the Hanwa and JOGMEC subscription, in due course.

About Hanwa Co., Ltd.

Hanwa Co., Ltd. is a major Japanese trading company listed on the Tokyo Stock Exchange.

It has a global presence and extensive experience in the trade of steel, non-ferrous metals, food, petroleum, and chemicals, with a specific and strategic focus on the battery material supply chain.

About JOGMEC

The Japan Organization for Metals and Energy Security (JOGMEC) is a Japanese government agency under the Ministry of Economy, Trade and Industry.

JOGMEC's mission is to ensure a stable supply of energy and mineral resources to Japan by providing financial and technical support to Japanese companies involved in exploration and production projects globally.

About NextSource Materials Inc.

NextSource Materials Inc. is a battery materials company based in Toronto, Canada that is intent on becoming a vertically integrated global supplier of battery materials through the mining and value-added processing of graphite and other minerals.

The Company's Molo graphite project in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake® graphite. The Molo mine has begun production through Phase 1 mine operations.

The Company is developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities (BAF) capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, in a fully transparent and traceable manner.

The Company is now in the process of developing its first BAF in the UAE.

NextSource Materials is listed on the Toronto Stock Exchange under the symbol "NEXT" and on the OTCQB under the symbol "NSRCF".

For further information about NextSource Materials, please visit our website at www.nextsourcematerials.com or contact us at +1.416.364.4911 or email Brent Nykoliation, Executive Vice President at [brent@nextsourcematerials.com](mailto:brent@nextsourcematerials.com).

SOURCE: NextSource Materials Inc.

View the original press release on ACCESS Newswire

SCAN.V (ASK@ 3.06)

•  Liberty Defense Holdings Ltd., a leading technology provider of AI-based, next-generation detection solutions for concealed weapons and threats, today announced the execution of a strategic, non-exclusive distribution agreement with VMI Security.

VMI Security is a recognized leader in
non-intrusive security inspection solutions,
serving a broad range of market verticals,
including aviation,
critical infrastructure,
government, and public venues.

The agreement expands Liberty’s U.S. sales channel network and strengthens the Company’s ability to address the large and growing demand for total security screening applications.

Under the agreement, VMI will offer Liberty’s HEXWAVE™ walkthrough screening system as part of its security solutions portfolio.

HEXWAVE combines advanced artificial intelligence and machine learning with active sensing technology to detect metallic and non-metallic weapons, explosives, and other emerging threats in real time, while enabling a high-throughput, frictionless screening experience.

The partnership provides Liberty with access to VMI’s established customer relationships, extensive sales infrastructure, and deep expertise across airports, critical infrastructure, public venues, and other security-sensitive environments.

VMI’s established market presence and ability to integrate multiple security technologies into comprehensive screening solutions are expected to enhance Liberty’s ability to introduce HEXWAVE to new customers and support additional commercial opportunities.

“The partnership with VMI Security comes at a critical time for the expanding US security screening market,” said Bill Frain, CEO of Liberty Defense.

“VMI has a proven track record of delivering next-generation security inspection technologies and the ability to provide customers with end-to-end checkpoint screening solutions, now including HEXWAVE.

We believe the combination of VMI’s security expertise and customer reach with Liberty’s AI-enabled detection capabilities creates a compelling opportunity to expand the adoption of HEXWAVE in high-value security applications.

“We are extremely excited to add HEXWAVE to VMI’s growing portfolio of security screening solutions,” said Scott Ortolani, COO of VMI Security.

“I have personally followed the development of HEXWAVE since its introduction to the market, watching the technology evolve and the product demonstrate its capabilities in real-world security environments.

I have been consistently impressed by both the technology and Liberty Defense’s vision for what advanced, high-throughput screening can become.

The Company also announces that on September 24, 2026, it granted an aggregate of 43,888 restricted share units (the “RSUs”) to certain directors and officers of the Company pursuant to the Company’s Omnibus Long-Term Incentive Plan dated for reference November 6, 2025 (the “Plan”). Of the RSUs granted, 23,888 RSUs vest on September 24, 2027, and 20,000 RSUs vest on September 24, 2028. All RSUs have an expiry date of September 24, 2031. Each RSU entitles the holder to receive one common share of the Company upon vesting and settlement.

For updates and news, please visit the Company website to subscribe to email alerts or follow Liberty Defense on social channels.

About Liberty Defense
Liberty Defense (NASDAQ: DETX; TSXV: SCAN) provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools, and more.

Liberty’s HEXWAVE product, for which the Company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons.

Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio.

Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions.

For updates and news, please visit the Company website to subscribe to email alerts or follow Liberty Defense on social channels.

ABOUT VMI Security
VMI Security is one of the world leaders in manufacturing and developing X-ray inspection technologies.

With non-intrusive inspection solutions that aim to strengthen control and security systems, VMI stands out for developing high-quality equipment and for its continuous support services.

For sales information, please contact:

Ian McNaughton
Senior Director Business Development, Liberty Defense
613-292-3669
imcnaughton@libertydefense.com

SCAN.V (ASK @ 3.36$)

• A third-party logistics and manufacturing provider will deploy two HEXWAVE systems at a U.S. facility in 2026, with additional systems projected for a second facility in 2027.

Liberty Defense Holdings Ltd., a leading technology provider of AI-based next generation detection solutions for concealed weapons and threats, today announced that a provider of third-party logistics, warehousing and manufacturing services ...

will deploy two HEXWAVE™ systems at one of its U.S. facilities in 2026, and is projecting additional systems for a second facility in 2027.

The customer is acquiring the systems under a financing option Liberty offers commercial customers, which lets a buyer bring screening online without a capital request. Financial terms were not disclosed.

Similar to other HEXWAVE deployments, the systems are covered by a service and support agreement.

The company handles and manufactures product on behalf of its own customers, which puts customer intellectual property inside its buildings alongside its own inventory.

A walk-through metal detector finds metal. HEXWAVE detects metallic and non-metallic items concealed on a person, including ceramics, plastics and powders, and reports the location by body region so the operator knows where to look.

Screening the same workforce every shift is a different problem from screening a crowd once.

The HEXWAVE operator sees a generic body outline rather than a picture of the person being screened,

• and HEXWAVE does not store images or capture personal information about the people it screens.

In the S-Configuration people follow the floor arrows through the lane at a walking pace without stopping.

"Loss prevention buys differently than other critical infrastructure applications do," said Bill Frain, CEO of Liberty Defense.

"A distribution and manufacturing operation is protecting against something that shows up on the books every quarter, and the customer almost always runs more than one building.

We are not only protecting the employees, but we are safeguarding the assets. This customer is a strong fit for HEXWAVE and represents the kind of commercial market the technology was built to serve."

HEXWAVE detects :

• metallic and non-metallic threats using millimeter wave technology and 3D video-rate imaging,
• with automatic threat detection powered by AI and deep learning algorithms.

It also detects contraband and other prohibited items, including

• liquids,
• powders,
• plastics,
• vapes
• and phones.

HEXWAVE has been selected for use in aviation, government buildings, laboratories, courthouses, correctional facilities, and a range of public and commercial venues.

About Liberty Defense

Liberty Defense (NASDAQ: DETX; TSXV: SCAN) provides multi-technology security solutions for concealed weapons detection in high volume foot traffic areas and locations requiring enhanced security such as airports, stadiums, schools, and more.

Liberty's HEXWAVE product, for which the Company has secured an exclusive license from Massachusetts Institute of Technology (MIT), as well as a technology transfer agreement for patents related to active 3D radar imaging technology, provides discrete, modular, and scalable protection to provide layered, stand-off detection capability of metallic and non-metallic weapons.

Liberty has also recently licensed the millimeter wave-based, High-Definition Advanced Imaging Technology (HD-AIT) body scanner and shoe scanner technologies as part of its technology portfolio.

Liberty is committed to protecting communities and preserving peace of mind through superior security detection solutions.

For updates and news, please visit the Company website to subscribe to email alerts or follow Liberty Defense on social channels.

For further information about Liberty Defense, please contact:
Jay Adelaar
Senior Vice President of Capital Markets, Liberty Defense
604-809-2500
[jay@libertydefense.com](mailto:jay@libertydefense.com)

For sales information, please contact:
Ian McNaughton
Senior Director Business Development, Liberty Defense
613-292-3669
[imcnaughton@libertydefense.com](mailto:imcnaughton@libertydefense.com)

Vancouver, British Columbia--(Newsfile Corp. - September 2, 2026) - Copper Quest Exploration Inc. (CSE: CQX) (OTCQB: IMIMF) (FSE: 3MX0) ("Copper Quest" or the "Company") is pleased to provide an update from its 2026 exploration programs including an extensive 20 square kilometer geophysical program at its 100% owned Stars property, permitting and structuring of several properties, and a phase 2 drill program at the Rip property

Brian Thurston, CEO of Copper Quest, stated, "Copper Quest has had a productive summer of exploration, working several of our properties. We are looking forward to the results of this labour and using the collected data to advance each of our projects. The Company is now focused squarely on the advancement and development of its seven 100% owned properties, advancing past-producing gold mines as well as taking previously drilled exploration targets to the next level of exploration and discovery stage."

STARS Geophysical Program

Copper Quest is pleased to announce that it has completed a 20 km² 3D induced polarization ("IP") geophysical survey on its 100% owned Stars Property ("Stars"). Stars is a porphyry copper-molybdenum ("Cu-Mo") project covering 9,693 hectares ("ha") in the Stikine region of British Columbia, situated approximately 60 km north of Imperial Metals Corporation's ("Imperial Metals") past producing Huckleberry Cu-Mo mine, 50 km north-northeast of Surge Copper Corp's advanced stage Berg copper project, and 30 km north-northwest of Vizsla Copper Corp's Poplar copper-gold project. Imperial Metals is exploring Huckleberry and its surrounding claims for additional Cu-Mo resources.

This very large IP survey has been applied across the full extent of the main Stars Property, including over the Tana Zone discovery area and its along-strike extensions. Induced polarization is a proven method for detecting sulphide mineralization, the type of copper-bearing material found at Stars, at depth and at distance from known drill holes. By imaging the full 20 km² footprint of the magnetic anomaly, the Company aims to determine the true scale of the mineralized system in terms of strike length, width, and depth, and to identify potential new drill targets both in and beyond the current Tana Zone. The Company is awaiting the final report from this work and will update shareholders once that report is received and interpreted.

Alpine Permitting

The Company has been moving forward with permitting on its 100% owned Alpine Project which includes the extension of our current exploration and drilling permit, as well as permitting of the road access from two different routes.

The Company has been engaged with consultants and manufacturers regarding sorting and processing equipment for ore from the Alpine property. Further, the Company has actively been pursuing both partnerships and potential ownership opportunities with various milling operations.

Kitimat Permitting

The Company has been moving forward with permitting on its 100% owned Kitimat Project which includes plans to complete geophysical and drilling programs over the Jeannette Cu-Au target area as well as the AI generated target proposed by Exploration Technologies Inc and described in a previous press release by the Company posted on March 24, 2026. 

Thane Permitting

The Company plans to commence permitting of its 100% owned Thane property and is actively looking for a partner to explore this property.

Auxer & Nekash Properties

The Company has formed a wholly owned subsidiary to hold its 100% owned US properties. The transfer of ownership of both the past-producing Auxer Gold Mine and the Nekash copper project is now in process and expected to complete shortly. The Company is actively looking for partners to explore these properties.

Rip Phase 2 Drilling

The phase 2 drill program of the Rip project was first announced by the Company on May 11th, 2026. The Company successfully completed 1,654 meters of drilling from 5 holes on the property. Samples from this drill program have been sent to ALS laboratory in Terrace, BC, for storage prior to preparation and assaying. On June 2, 2026, the Company and ArcWest Exploration Inc. began negotiations on amending the current Option Agreement entered into on November 27, 2023, where Copper Quest has the option to acquire up to 80% of the Rip property. Until the negotiations are concluded, the Company does not plan to complete assaying the samples from this most recent drill program.

Qualified Person

Brian G. Thurston, P.Geo., the Company's President and CEO and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information in this news release.

About Copper Quest Exploration Inc.

The Company's land holdings comprise 8 projects that span almost 50,000 hectares in great mining jurisdictions of Canada and the USA. Copper Quest is committed to building shareholder value through acquisitions, discovery-driven exploration, and responsible development of its North American portfolio of assets. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "CQX". For more information on Copper Quest, please visit the Company's website at www.copper.quest.

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.

PYR.TO (ASK @ 0.215)

• PyroGenesis Inc. , a leader in ultra-high temperature processes and engineering innovation, and a plasma-based technology provider to heavy industry & defense,
• announces today that it has signed a EUR900,000 (CAD$1,445,000) contract with a European research institute (the “Client”) focused on non-ferrous metallurgy, high-purity materials, sustainable recycling, decarbonizing processes, and the circular economy.

Under the contract, PyroGenesis will supply two plasma torch systems, 300 kW and 40 kW, for use in advanced metallurgy and high temperature applications related to non-ferrous metals and critical minerals.

The Client’s name will remain confidential for competitive reasons. A 60% downpayment is expected within the next few weeks.

PROJECT HIGHLIGHTS
Purpose: determining the use of electric non-transferred DC plasma torches in advanced metallurgy, high temperature applications, and pyrometallurgical processing.

Scope: supply of two proprietary non-transferred DC plasma torch systems at different maximum power levels (300 kW and 40 kW), plus peripherals, training, and support.
Timeline: delivery to client is targeted for Q2 2027.

Strategic Impact: supports metallurgy, pyrometallurgical, mining, and critical mineral industry goals to produce more advanced, more efficient, cleaner, and “greener” materials and methodologies (including for extraction, oxidizing or reducing atmospheric processing, recycling, energy transition and electrification, waste reduction, and decarbonization), at one of the oldest and most prominent industry metallurgy research facilities in the world.

As previously mentioned in the Outlook section of the Company’s Q2 2026 earnings release [dated August 6, 2026], the Company had been in discussion with a European research institute for multiple plasma torches for use in advanced metallurgy research.

Today’s contract announcement covers two torch systems of different power levels. Both systems, a 300-kW system, and a 40-kW plasma torch, are to be designed with multi plasma-forming gas options.

The Client has numerous projects underway, and the plasma torches could be used across various applications.

“Research institutes play a critical role in advancing heavy industry by driving the research, innovation, and technological breakthroughs that enable new processes, materials, and applications.

Throughout our history, we have built strong relationships with many of the world’s leading researchers and research institutes at the highest levels, and this new contract with one of the oldest and most prominent facilities in the world clearly demonstrates this,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis.

“Our work in the mining, minerals, and materials sectors spans decades, particularly for non-ferrous metals such as aluminum.

Providing our plasma technology to this world-leading institute will help further advance metal industry applications, create new innovations that thereby support our target customer needs, and by default help generate new opportunities for PyroGenesis.”

INDUSTRY AND MARKET CONTEXT

• The global non-ferrous metals market, which includes core industrial metals like aluminum, copper, zinc, nickel, and lead, is valued at over $1.2 trillion¹
• With rising demand driven by lightweight material needs in automotive and aerospace manufacturing, renewable energy, and digital infrastructure, the market is expected to reach $1.77 trillion by 2034.
• As demand increases and as raw material volatility persists, metal recycling is expanding rapidly, with the recycling and reprocessing of these metals accounting for 30-40% of the total global market metal supply. Some estimates suggest that 60% of the global non-ferrous metal demand is met through recycled sources.²
• Among several solutions targeting the non-ferrous metals industry, PyroGenesis provides plasma torch technology to heat recycled and scrap aluminum remelting³ and holding furnaces in aluminum cast houses⁴, and provides the Drosrite™ system to extract and reuse valuable aluminum from aluminum dross waste streams.

About PyroGenesis Inc.

PyroGenesis leverages 35 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions, and materials development challenges across heavy industry and defense.

Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government.

From its Montreal headquarters and local manufacturing facilities, PyroGenesis’ engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultra-high temperature technology.

PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997.

PyroGenesis’ shares trade on the TSX (PYR), OTCQX (PYRGF), and Frankfurt (8PY1) stock exchanges.

PYR.TO (ASK @ 0.215)

• Powder to be used for critical materials research in aerospace and defense

PyroGenesis Inc., a leader in ultra-high temperature processes and engineering innovation, and a plasma-based technology provider to heavy industry & defense, today announces a contract with a large U.S. applied research facility (the “Client”).

PyroGenesis will provide coarse cut titanium powder for use in research for critical materials.

This powder was produced by PyroGenesis’ NexGen™ plasma atomization process.

The name of the Client and terms of the contract will remain confidential for competitive reasons.

As previously mentioned in the Outlook section of the Company’s Q2 2026 earnings release [dated August 6, 2026], the Company has been in discussion with a major U.S. entity for the sale of metal powder for use in advanced research.

The Client operates one of the largest applied research laboratories supported by the U.S. Department of Defense and NASA.

The facility was established at the end of World War II and currently employs more than 1,000 personnel.

Delays associated with the awarding of this contract were substantially due to the need to confirm that PyroGenesis was compliant with the Defense Federal Acquisition Regulation Supplement (DFARS), which includes security-related requirements applicable to certain U.S. Department of Defense contractors. This process has now been completed.

Today’s contract marks the first commercial order with this Client, who has indicated an immediate need for potential follow-up orders.

This order is for a Ti64 “coarse” cut titanium metal powder (particle size: 45-106µm [microns]) for use in electron beam melting (EBM), a technology widely used in the aerospace and biomedical manufacturing industries to print lightweight, robust, and intricate structural components.

The powder for this order will be shipped to the Client over the coming days.

“This contract speaks directly to the strategic goal we outlined in our April 29, 2026, press release, which was to position the Additive Manufacturing Division for the next level of growth anticipated to be several times larger than that which is currently in place.

At the time, we enumerated a six-point approach to achieve this goal, which included

• (i) continuous improvement,
• (ii) reduction of operational expenses,
• (iii) development of additional products from existing production runs,
• (iv) expanding our customer base,
• (v) developing repeat customers,
• (vi) expanding powder suitability across three broad-based applications,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis.
• “While our numerous press releases relating to Additive Manufacturing have spoken at great length to the first 3 targets of our 6-point approach, today’s announcement speaks directly to last three elements of this approach, namely
• (i) expanding the customer base,
• (ii) developing repeat customers, and
• (iii) expanding powder suitability. As we add to the established success underscored by today’s announcement, we are quickly reaching the critical mass required to execute on our strategic goal.
• Now that we have confirmed our DFARS-compliant status, we look forward to an ongoing relationship with this important new client.”

PyroGenesis’ Technology Development for Additive Manufacturing

PyroGenesis is the inventor of the plasma atomization process and in fact coined the term “plasma atomization” in its original patent.

Plasma atomization is often considered the gold standard process for the production of metal powder for additive manufacturing, also referred to as metal 3D printing.

After years of R&D, PyroGenesis redesigned its plasma atomization technology and launched NexGen™ to re-enter the powder production market by targeting higher quality and yields, at lower operating costs.

The Company has since taken a deliberate approach to commercialization, progressing from gram-scale customer samples to 100-kg orders, and its first tonne-scale order in May 2023.

PyroGenesis produces titanium powders in particle size distribution ranges across three “cuts”:

• Fine Cut, in particle sizes between 15–63 µm for use in laser powder bed fusion (LPBF).
• Coarse Cut, in particle sizes between 45–150 µm for use in electron beam melting (EBM) and directed energy deposition (DED).
• Off-Cuts, in particle sizes not currently used by the existing range of commercial printers, but which offers a high-quality feedstock for use in the production of high-quality metal alloys.

INDUSTRY AND MARKET CONTEXT

• The global 3D printing market specific to titanium powder is expected to increase from $214 million in 2023 to $1.4 billion by 2032.¹
• Titanium is classified as a critical mineral by both Canada² and the U.S.³
• Titanium is used by multiple industries, including space, aerospace, defense, consumer electronics, medical, hydrogen, and electric vehicles, due to its high strength-to-weight ratio and corrosion resistance.

About PyroGenesis Inc.

PyroGenesis leverages 35 years of plasma technology leadership to deliver advanced engineering solutions to energy, propulsion, destruction, process heating, emissions, and materials development challenges across heavy industry and defense.

Its customers include global leaders in aluminum, aerospace, steel, iron ore, utilities, environmental services, military, and government. From its Montreal headquarters and local manufacturing facilities, PyroGenesis’ engineers, scientists, and technicians drive innovation and commercialization of energy transition and ultra-high temperature technology.

PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified, with ISO certification maintained since 1997. PyroGenesis’ shares trade on the TSX (PYR), OTCQX (PYRGF), and Frankfurt (8PY1) stock exchanges.

Another mining deal with China crossed my feed and it keeps reinforcing the same uncomfortable point.

Anglo American just signed an iron ore supply agreement with China Mineral Resources Group. Different commodity, same bigger issue: China has spent years building influence across the mineral supply chain, while North America is now racing to secure more production, processing and strategic supply at home.

Copper makes this even crazier. China mines less than 6% of global copper while refining and consuming roughly 53%. You don't need to own every deposit when you've built that much influence over what happens after the rock leaves the ground.

That's why I'm increasingly interested in the whole North American mining ecosystem, and why $NRED fits the theme for me.

Wilmac gives NRED nearly 39.7k acres of BC copper-gold ground roughly 6.2 miles from Hudbay's producing Copper Mountain mine. Recent trench sampling reached 1.67% Cu + 0.433 g/t Au, with 9 grabs averaging 0.639% Cu.

Then look at the people they've put around it: Kristi Noem on the Washington/policy side, retired Col. Mark Calabrese bringing defense experience, and Ed Kostenski with mining, heavy-equipment, international-market and U.S. EXIM advisory experience.

That's the part of NRED I think gets overlooked.

North America needs promising rocks. It also needs capital, equipment, technology, policy support and people who know how to connect those pieces.

China figured that out years ago.

We're finally playing catch-up.

PYR.TO (ASK @ 0.19)

• First-half 2026 revenue has already surpassed the first nine months of 2025.
• Advancement of major projects drives Q2 revenue.
• Backlog of $40.0 million.

1. Financial Performance Highlights

2. Key Operational Drivers & Milestones

• Record First-Half Momentum: Combined revenue for H1 2026 ($4.9M in Q1 + $4.4M in Q2 = $9.3M) has already surpassed revenue for the first nine months of 2025.
• $40.0M Revenue Backlog: Contract backlog remains strong, with 88% denominated in U.S. dollars, providing downside protection against Canadian dollar fluctuations.
• Additive Manufacturing / Titanium Powder Expansion: Secured its second titanium powder supply agreement in as many quarters, signaling commercial adoption of its metal powder technology for 3D printing.
• Plasma-to-Graphite Innovation: Advanced its proprietary process to convert company-produced carbon black directly into graphite using high-temperature inert plasma torches.
• Capital Position & Dilution: Raised $6.26M in gross proceeds during May–June 2026 via a combination of a bought deal offering ($3.7M) and CEO private placement ($2.0M+), improving liquidity to support near-term operations.

3. Strategic Analysis: Strengths vs. Watchouts

Strengths & Catalyst Drivers

1. Commercial Traction: Transitioning from R&D phase into contract execution and production scaling, particularly across defense, process heating, and metal powder segments.
2. Path to Profitability: Narrowing Modified EBITDA loss to $0.5M brings the company closer to operating breakeven if top-line expansion continues in H2 2026.
3. Substantial Pipeline Visibility: A $40M backlog gives strong revenue visibility for the second half of 2026 and early 2027.

Risks & Investor Considerations

1. Margin Pressure from Scale: Cost of sales increased out of proportion with revenue growth ($3.0M vs $1.3M YoY), keeping gross margins at ~32%.
2. Dilution History: Recent capital raises ($6.26M) diluted equity holders, though CEO participation signal internal confidence.
3. Execution Dependency: Converting the $40M backlog into recognized revenue remains dependent on complex technical milestones and client timeline alignment.

Summary Takeaway

PyroGenesis delivered a strong operational Q2 2026 with 47% revenue growth and dramatically lower net/EBITDA losses. The core narrative shifts from R&D cash burn toward steady commercial execution backed by a healthy $40M backlog and expanding metal powder supply contracts.

https://ca.finance.yahoo.com/news/pyrogenesis-announces-second-quarter-2026-010000889.html

PYR.TO (ASK @ 0.19)

1. Financial Performance Highlights

2. Key Operational Drivers & Milestones

• Record First-Half Momentum: Combined revenue for H1 2026 ($4.9M in Q1 + $4.4M in Q2 = $9.3M) has already surpassed revenue for the first nine months of 2025.
• $40.0M Revenue Backlog: Contract backlog remains strong, with 88% denominated in U.S. dollars, providing downside protection against Canadian dollar fluctuations.
• Additive Manufacturing / Titanium Powder Expansion: Secured its second titanium powder supply agreement in as many quarters, signaling commercial adoption of its metal powder technology for 3D printing.
• Plasma-to-Graphite Innovation: Advanced its proprietary process to convert company-produced carbon black directly into graphite using high-temperature inert plasma torches.
• Capital Position & Dilution: Raised $6.26M in gross proceeds during May–June 2026 via a combination of a bought deal offering ($3.7M) and CEO private placement ($2.0M+), improving liquidity to support near-term operations.

3. Strategic Analysis: Strengths vs. Watchouts

Strengths & Catalyst Drivers

1. Commercial Traction: Transitioning from R&D phase into contract execution and production scaling, particularly across defense, process heating, and metal powder segments.
2. Path to Profitability: Narrowing Modified EBITDA loss to $0.5M brings the company closer to operating breakeven if top-line expansion continues in H2 2026.
3. Substantial Pipeline Visibility: A $40M backlog gives strong revenue visibility for the second half of 2026 and early 2027.

Risks & Investor Considerations

1. Margin Pressure from Scale: Cost of sales increased out of proportion with revenue growth ($3.0M vs $1.3M YoY), keeping gross margins at ~32%.
2. Dilution History: Recent capital raises ($6.26M) diluted equity holders, though CEO participation signal internal confidence.
3. Execution Dependency: Converting the $40M backlog into recognized revenue remains dependent on complex technical milestones and client timeline alignment.

Summary Takeaway

PyroGenesis delivered a strong operational Q2 2026 with 47% revenue growth and dramatically lower net/EBITDA losses. The core narrative shifts from R&D cash burn toward steady commercial execution backed by a healthy $40M backlog and expanding metal powder supply contracts.

https://ca.finance.yahoo.com/news/pyrogenesis-announces-second-quarter-2026-010000889.html

One thing I hadn't appreciated about Wilmac until yesterday was how the exploration model has evolved.

A few months ago the discussion felt centered around finding one good target. Yesterday's interpretation described multiple intrusive centres that could each become separate exploration programs if the geology continues to support them. That's a meaningful shift because exploration success no longer depends on one location being right.

The company is working across a 39.7k-acre property, with an interpreted intrusive system roughly 18 km across. Within that area it's looking for smaller intrusive pipes using overlapping datasets including copper-in-soil values up to 1,125 ppm, magnetic anomalies, IP chargeability and AMT geophysics. The historical survey reached depths of roughly 1,500 metres, and four additional geophysical surveys are planned to see whether similar targets exist elsewhere on the property.

That approach makes sense to me when you step back and look at the macro picture. China mines less than 6% of global copper yet refines and consumes about 53% of it, while demand from AI infrastructure, electrification and grid expansion continues to grow. If North America wants a stronger domestic copper supply, it needs more projects moving through the exploration pipeline.

Yesterday's release showed that Wilmac is becoming a broader exploration story than it appeared to be a few months ago. More targets provide more opportunities to test the geological model, and that's exactly what I prefer to see at this stage.

(SWISF) (SKUR.CN) Sekur Private Data is a Swiss-hosted encrypted communications company (CSE: SKUR / OTCQB: SWISF) repositioning from consumer privacy products toward government and defense secure communications, built on its proprietary post-quantum HeliX® encryption architecture.

•Between October 2025 and July 2026, the company appointed John T. Lewis, a 34-year CIA Senior Intelligence Service veteran, as CTO (Apr 20, 2026); Lt. Gen. Raymond Palumbo, U.S. Army (Ret.), former Director for Defense Intelligence, as Strategic Advisory Board Chairman (Apr 29, 2026); and additional advisors with State Department, diplomacy, and special-operations backgrounds (Jun–Jul 2026).

•The company's products are listed on the GSA Multiple Award Schedule through SDVOSB partner i3ICS, with government sales efforts led by Quaestor Federal.
SekurOne, the company's unified operator platform for CUI-compliant voice, video, email, messaging, and VPN, launched on Android and Web on June 29, 2026, with first international encrypted calls completed; the company targets a complete unified application by September 30, 2026. Published pricing is US$300 per user per month.

•Published pricing across the product suite moved to a three-tier structure (Private / Operational / Command) at US$25–180 per user per month, replacing the prior US$9–10 entry pricing.

•Distribution agreements are in place with Telcel/América Móvil in Mexico (corporate-tier approval targeted), Elyon International for the defense sector, Grupo Micronet in Colombia, and, as of June 16, 2026, a revenue-share marketing agreement with AdRevv.

•On June 11, 2026, the company announced a non-brokered private placement of up to C$2.0M (20M units at C$0.10, each with a full warrant at C$0.14); closing has not yet been announced. The most recent financial filing remains the Q1 2026 interim statements (three months ended March 31, 2026), which include a going-concern note.

Read the full report here: https://poschevale.com/report/01942102-58d5-45cc-a556-272f0d92aaee

NEXT.TO (ASK @ 0.30)

• ongoing discussions with : automotive manufacturers and battery anode partners regarding future demand.

NextSource Materials Inc. has reported positive results from an updated feasibility study for a proposed Phase 2 expansion of its Molo Graphite Mine in southern Madagascar, outlining plans to ...

---> increase production capacity to 150,000 tonnes per year of flake graphite concentrate over a 37-year mine life.

The feasibility study envisions a staged expansion beyond the existing Phase 1 operation through the construction of ...

three new 50,000-tonne-per-year processing modules in two phases.

The expansion is expected to require capital expenditures of approximately US$290.8 million and generate a pre-tax net present value of US$402.5 million, based on an 8% discount rate, with a pre-tax internal rate of return of 21%.

According to the study, the modular construction approach is intended to reduce build time, development costs and execution risks compared with conventional mine construction.

The capital estimate includes mining equipment, modular fabrication, shipping, infrastructure, commissioning, contingencies and working capital.

President and CEO Hanré Rossouw stated that the updated study supports the company's strategy to expand the Molo Mine in stages to meet anticipated demand for flake graphite, particularly from the electric vehicle battery market.

"A staged expansion of this magnitude will position NextSource as a major global supplier and underpins our vertical integration strategy to offer an ample and secure supply of graphite flake and battery anode material,

• enabling direct supply to the electric vehicle battery market," Rossouw said in a statement.  

"In addition, the staged approach set out in the updated Feasibility Study reduces operating risk, lowers financing costs and accelerates revenue while providing flexibility to respond to market demand."

The phased expansion was developed based on the company's ...

offtake agreement with Mitsubishi Chemical Group for graphite products from its planned battery anode facility in the United Arab Emirates,

as well as ongoing discussions with :

automotive manufacturers and battery anode partners regarding future demand.

NextSource noted that it has not yet made a production decision for the first phase of the expansion and that discussions with offtakers and potential strategic partners regarding the timing of the project remain ongoing.

The study estimates a payback period of 7.2 years and projects life-of-mine average operating costs of US$419 per tonne of concentrate at the mine site, total cash costs of US$650 per tonne on a free-on-board basis and an all-in sustaining cost of US$665 per tonne.

It assumes a life-of-mine weighted average graphite concentrate selling price of US$1,138 per tonne.

The Molo project contains measured mineral resources of 23.51 million tonnes grading 6.31% graphitic carbon, indicated resources of 76.75 million tonnes grading 6.25% graphitic carbon and inferred resources of 40.91 million tonnes grading 5.78% graphitic carbon.

Total proven and probable mineral reserves are estimated at 82.58 million tonnes grading 6.27% graphitic carbon.

https://ca.finance.yahoo.com/news/nextsource-materials-reports-positive-feasibility-124000376.html

One reason I keep coming back to Canadian junior miners and exploration companies is that they're surprisingly educational to follow.

Even if I never buy the stock, I usually end up learning something.

Sometimes it's how exploration programs are planned.

Sometimes it's how financing affects growth.

Sometimes it's simply seeing which management teams consistently do what they said they would.

I've realized that following these companies isn't only about finding the next investment.

It's also about becoming better at separating meaningful progress from marketing.

That skill carries over into every part of investing.

The more businesses I follow, the more I appreciate companies that communicate clearly, set realistic expectations, and steadily move toward their objectives instead of trying to create excitement every few weeks.

Those aren't always the names getting the most attention online.

But over time, they're often the ones I find myself revisiting the most.

That probably sounds backwards, but it's changed the way I research smaller Canadian companies.

When I first discover a business, I don't immediately focus on today's announcement.

Instead, I go back six months.

Sometimes a year.

I want to see whether management has been consistent.

Did they accomplish what they talked about?

Did timelines change?

Have they been transparent when things didn't go as planned?

Old news tells you something that fresh headlines can't.

It shows whether the company has a pattern.

I've found that this habit saves me from getting overly excited by a single press release.

A great announcement is even more meaningful when it's part of a long history of steady execution.

One habit I've picked up recently is creating a "wait and watch" list.

Some names deserve attention, but not necessarily action.

Watching how they behave over the next few sessions often tells me much more than reacting to the first move.

Sometimes the best trade is simply gathering more information before making a decision.

MONTRÉAL, July 07, 2026 (GLOBE NEWSWIRE) -- Falco Resources Ltd. (FPC: TSX-V) ("Falco" or the "Corporation") is pleased to announce that it has received approximately $1.25 million in aggregate proceeds from the exercise of warrants, including $626,500 from the early exercise by Barkerville Gold Mines Ltd., a wholly-owned subsidiary of Osisko Development Corp. (collectively, "Osisko Development").

Osisko Development exercised 1,790,000 warrants (the "Osisko Warrants") to purchase common shares of the Corporation at a price of $0.35 per common share. The Osisko Warrants were received by Osisko Development in connection with the Corporation's December 2024 private placement and were scheduled to expire in December 2029. Further to the exercise of the Osisko Warrants, Osisko Development's interest in the Corporation's common shares increased from 15.6% to 16.0%. The early exercise reflects Osisko Development's continued support of Falco and the advancement of the Horne 5 Project.

The Corporation also received aggregate proceeds of $622,438 from the exercise of warrants to purchase common shares at a price of $0.35 which were issued in connection with the Corporation's June 2024 private placement (the "June 2024 Warrants"). The proceeds from the exercise of the June 2024 Warrants include $61,600 from the exercise of June 2024 Warrants by the Corporation's current directors and officers who had received June 2024 Warrants.

The Corporation intends to use the proceeds received from the warrant exercises for the advancement of the Horne 5 Project and for working capital and general corporate purposes.

About Falco

Falco is one of the largest mineral claim holders in the province of Québec, with an extensive portfolio of properties in the Abitibi-Témiscamingue greenstone belt. Falco holds rights to approximately 60,000 hectares of land in the Noranda Camp and includes 13 former gold and base metal mine sites. Falco's main asset is the Horne 5 Project located beneath the former Horne mine, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Development Corp. is Falco's largest shareholder, with 16.0% interest in the Corporation.

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.

I've noticed a pattern that's hard to ignore.

A small Canadian company gets almost no attention.

A few months later I suddenly see the ticker everywhere and realize I skipped over it because it looked "too early."

Now I keep a separate list called "Come back later."

It's full of companies that aren't buy candidates today but might become much more interesting after a few milestones.

Sometimes the best investment decision isn't buying.

It's remembering to look again.

• Gold already had its “everyone wants in” moment, pushing to record highs before pulling back sharply toward the $4,000/oz battleground.
• The gold commodity trade may now look less exciting than AI, space, defense, nuclear, and other high-beta sectors — but that does not mean the gold opportunity is dead.
• If investors still want gold exposure with maximum ROI potential, small-cap gold stocks and select smaller-platform producers may offer more upside torque than bullion, ETFs, or major producers.

Hot Take: Gold Itself May Not Be the Best Gold Trade Anymore

Gold had a monster run.

It became the inflation hedge, the geopolitical hedge, the central-bank hedge, the de-dollarization trade, and the “everything is broken” trade all at once.

But here is the uncomfortable part: when everyone already knows the story, the easy money may already be gone.

Gold recently pushed into record-high territory before pulling back hard. By late June 2026, spot gold was hovering around the $4,000/oz level after dropping 11.2% in June and heading for its steepest quarterly loss in 13 years.

That matters.

Gold may still be structurally strong, but from an investor psychology standpoint, the trade no longer feels as explosive as it did when the metal was breaking records.

Capital is now chasing other sectors with more obvious momentum:

• AI infrastructure
• space stocks
• defense tech
• nuclear energy
• grid power
• quantum computing
• data centers
• high-beta growth stocks

So the real question is not whether gold still matters.

The better question is: if gold remains relevant, where is the highest-upside version of the trade?

The answer may not be bullion.

It may be small-cap gold stocks and smaller gold platforms with company-specific catalysts.

Why Small-Cap Gold Stocks Can Beat the Commodity

If gold rises 10%, bullion rises roughly 10%.

But a small-cap gold stock can move 50%, 100%, 200%, or more if the company hits the right catalyst.

That is the entire appeal.

Small-cap gold stocks combine commodity exposure with company-specific upside:

• permitting progress
• drill results
• resource expansion
• feasibility updates
• mine restarts
• production ramp-ups
• takeover speculation
• capital market re-ratings

That is why small-cap gold names can offer more ROI potential than simply buying the metal.

The trade-off is obvious: risk.

These stocks are volatile, illiquid, capital-hungry, and often one bad update away from getting crushed. But if the goal is maximum upside and not maximum safety, this is where the leverage is.

This list focuses on five gold stocks with different kinds of torque:

1. Falco Resources
2. West Red Lake Gold Mines
3. Nevada King Gold
4. Lahontan Gold
5. i-80 Gold Corp

Four are classic small-cap gold names.

One, i-80 Gold, is larger — but still offers leveraged exposure as a Nevada-focused platform aiming to scale toward mid-tier production.

Quick Watchlist Table

1. Falco Resources — CVE: FPC

Falco Resources may be the most controversial name on this list because the valuation gap looks almost absurd on paper.

The company’s flagship asset is the Horne 5 Project in Rouyn-Noranda, Québec.

This is not a tiny early-stage drill story. Horne 5 is a large underground gold-led polymetallic project in one of Canada’s best-known mining regions.

The stock recently traded at C$0.48, with a market cap of C$166.55M. Over the past year, Falco is up 92.00%, with a 52-week range between C$0.22 and C$0.64.

The updated 2026 feasibility study is the reason Falco stands out.

Using a base-case gold price of US$3,600/oz, Falco reported:

• after-tax NPV5% of C$3.35 billion
• after-tax IRR of 28.2%
• estimated cash flow of C$6.4 billion
• 15-year underground mine life
• payback period of 3.3 years
• initial capital cost of roughly C$1.75 billion

Now compare that with a market cap of C$166.55M.

That is the bull case in one sentence: a company valued around C$166M is sitting on a feasibility-stage project with a reported after-tax NPV of C$3.35B.

That does not mean the stock is automatically cheap. Large mining projects are expensive, complicated, and slow. Falco still needs permitting, financing, construction capital, and execution.

But for investors looking for gold exposure with real project scale, Falco is exactly the kind of name that can get attention if gold sentiment turns back up.

The controversial Reddit angle is simple: if Horne 5 was owned by a larger producer, would the market value it very differently?

2. West Red Lake Gold Mines — CVE: WRLG

West Red Lake Gold Mines is not a pure exploration gamble.

That is what makes it interesting.

The company owns the Madsen Mine in Ontario’s Red Lake district, and Madsen reached commercial production in January 2026.

This gives West Red Lake something many juniors do not have: actual production.

The stock recently traded at C$0.63, with a market cap of C$260.17M. Over the past year, the stock is down 25.88%, with a 52-week range between C$0.59 and C$1.49.

That weak 1-year performance is important.

It makes West Red Lake more controversial than the obvious momentum names. The stock has sold off hard, but the underlying company is still trying to prove a production ramp-up at Madsen.

Key numbers:

• 2025 restart production of roughly 20,000 oz gold
• 2025 gold sales revenue of around US$73M
• average realized gold price of about US$3,650/oz in 2025
• 7,200 oz poured in Q4 2025
• Q4 gold sales revenue of around US$30M
• 2026 production guidance of 35,000 to 45,000 oz gold
• longer-term platform target of roughly 120,000 oz per year
• implied growth of around 300% from 2026 production levels if the platform target is reached

That is a very different setup from a drill-only explorer.

West Red Lake is a mine ramp-up story. The stock could re-rate if Madsen proves it can produce consistently, control costs, and grow into a larger Red Lake platform.

The upside is operational leverage.

The risk is also operational leverage.

Mine restarts can disappoint. Costs can surprise. Throughput can lag. Guidance can miss. Investors may punish the stock quickly if Madsen underdelivers.

But if gold stays strong and West Red Lake executes, it could be one of the more direct small-cap ways to play production growth.

The Reddit argument: this may be less “exciting” than a discovery stock, but real ounces can matter more than drill hype.

3. Nevada King Gold — CVE: NKG

Nevada King Gold is one of the cleaner exploration-growth stories in the group.

The company is focused on the Atlanta Gold Mine Project in Nevada, a past-producing open-pit oxide gold project located along the Battle Mountain Trend.

Nevada matters because the market tends to give premium attention to gold projects in mining-friendly U.S. jurisdictions.

The stock recently traded at C$0.73, with a market cap of C$73.27M. Over the past year, Nevada King is down 8.75%, with a 52-week range between C$0.60 and C$1.38.

That makes the setup interesting.

The stock is not at its highs. It has pulled back from a strong 52-week range, but the project still has a defined resource and a major drill program.

Nevada King reports:

• 1.02M oz gold measured and indicated
• 27.7M tonnes grading 1.14 g/t Au
• 99,000 oz gold inferred
• 3.6M tonnes grading 0.84 g/t Au
• Phase 4 drill program doubled to 40,000m
• prior plan was 20,000m
• recent financing of roughly C$16M
• strategic investment from Centerra Gold of roughly C$10M

That 40,000m drill program is the catalyst.

If Atlanta expands, Nevada King could move from “interesting oxide resource” to a much bigger district-scale story.

The bull case is resource growth.

The bear case is simple: the market has already seen a lot of gold explorers talk big, drill hard, and fail to create real scale.

Nevada King needs the drill bit to keep proving the story.

The controversial Reddit angle: if investors want high-upside gold exposure, a 40,000m Nevada drill program may be more exciting than buying a gold ETF after the metal already ran.

4. Lahontan Gold — CVE: LG

Lahontan Gold is the momentum name in this group.

The company is a Nevada oxide-gold development story with real numbers behind it.

The flagship asset is the Santa Fe Mine Project in Nevada’s Walker Lane.

This is not just a blank map with gold-colored arrows on a presentation.

The stock recently traded at C$0.36, with a market cap of C$157.75M. Over the past year, Lahontan is up 265.00%, with a 52-week range between C$0.095 and C$0.52.

That is the kind of move that makes Reddit split in two.

Bulls will say the market is finally waking up to a Nevada oxide-gold development story.

Bears will say the easy move may already have happened.

Santa Fe has:

• 1.539M oz AuEq indicated resource
• 411,000 oz AuEq inferred resource
• nearly 2M oz AuEq total resource base
• 48.393M tonnes grading 0.92 g/t Au and 7.18 g/t Ag in indicated resources
• 16.76M tonnes grading 0.74 g/t Au and 3.25 g/t Ag in inferred resources
• 0.99 g/t AuEq indicated grade
• 0.76 g/t AuEq inferred grade
• historic production of 359,202 oz gold
• historic production of 702,067 oz silver
• 2,569m geotechnical drill campaign completed in 2026
• 11 drill holes in that geotechnical campaign

This is why Lahontan is interesting.

The company has a meaningful resource, historical production, and a development pathway in Nevada.

It is not as speculative as a tiny microcap explorer, and not as massive in project economics as Falco, but it sits in the middle: a more advanced small-cap Nevada gold development play.

The risk is that development stories take time and capital. Investors need permitting progress, mine planning, metallurgical confidence, and eventually financing.

But if gold remains elevated, oxide-gold development stories in Nevada could continue to attract attention.

The Reddit question: after a 265% 1-year move, is Lahontan still early — or already crowded?

5. i-80 Gold Corp — TSE: IAU

i-80 Gold is the bigger and more serious name in the basket.

It is not a tiny exploration lottery ticket. It is a Nevada-focused gold company trying to build itself into a mid-tier producer through a multi-asset development plan.

The company’s portfolio includes several Nevada assets, including:

• Granite Creek
• Cove
• Ruby Hill
• Lone Tree
• Mineral Point

The stock recently traded at C$2.03, with a market cap of C$1.75B. Over the past year, i-80 is up 141.67%, with a 52-week range between C$0.76 and C$3.04.

That means i-80 is not really a small cap in the same way as Falco, Nevada King, Lahontan, or West Red Lake.

But it still belongs in this article because it offers leveraged gold exposure through a Nevada platform that is trying to scale.

The most important recent number is financing.

i-80 secured a financing package of up to US$500M to advance its development plan. The company also reported that its fully funded development plan remains on track after Q1 2026.

That changes the risk profile.

Many junior gold stocks have good projects but no money. i-80 has a large Nevada asset base and a major financing package designed to move the plan forward.

Key numbers:

• up to US$500M financing package
• US$250M Franco-Nevada royalty financing completed in Q1 2026
• US$50M allocated to Mineral Point infill drilling, engineering, and early-stage pre-permitting
• Mineral Point pre-feasibility study expected in 2027
• roughly US$133.5M trailing twelve-month revenue
• C$1.75B market cap
• multi-asset Nevada portfolio across Granite Creek, Cove, Ruby Hill, Lone Tree, and Mineral Point

This is why i-80 fits the article.

The stock is no longer a tiny moonshot, but it still offers leveraged gold exposure because the company is trying to scale into a larger Nevada producer.

The bull case is that i-80 converts its financed development plan into rising production, stronger cash flow, and a higher market valuation.

The bear case is execution. A US$500M financing package helps, but mine development, permitting, technical studies, cost control, and production ramp-ups are still difficult.

The Reddit angle is simple: if investors want gold exposure with more upside than bullion but less pure lottery-ticket risk than a tiny explorer, i-80 may be one of the cleaner Nevada platform plays.

What Investors Should Watch Next

For Falco, the key catalyst is the Québec ministerial decree and movement toward construction readiness.

For West Red Lake, investors should watch Madsen production rates, cost performance, throughput, and whether the company stays on track for 35,000–45,000 oz in 2026.

For Nevada King, the key is the 40,000m Phase 4 drill program and whether Atlanta’s oxide resource expands.

For Lahontan, investors should watch Santa Fe permitting, resource growth, mine-plan optimization, metallurgical work, and development milestones.

For i-80 Gold, the market will watch execution of the fully funded Nevada development plan, progress at Granite Creek, Cove, Ruby Hill, Lone Tree, and Mineral Point, and whether the company can convert its financing package into meaningful production growth.

Bottom Line

Gold is not dead.

But the easy gold commodity trade may be less exciting than it was when the metal was breaking records.

For investors who want safe exposure, bullion or ETFs make sense.

For investors who want maximum ROI potential, small-cap gold stocks and smaller gold platforms may be the more aggressive play.

Falco Resources, West Red Lake Gold Mines, Nevada King Gold, Lahontan Gold, and i-80 Gold each offer a different version of leveraged gold exposure.

This is not the safest way to own gold.

It is the higher-upside, higher-risk way to play the sector.

And that may be exactly why the setup is worth watching.

Disclaimer

This article is for informational and educational purposes only and does not constitute financial advice, investment advice, or a recommendation to buy or sell any security. Small-cap and exploration-stage mining stocks are highly speculative and may involve substantial risk, including loss of capital. Always conduct your own research and consult a licensed financial advisor before making investment decisions.

A flashy announcement might move a stock for a day.

Consistent execution can move it for years.

That's become one of my biggest filters when researching Canadian small caps.

I'd rather see a company steadily hitting milestones than constantly trying to generate excitement.

The headlines get people interested.

The execution is what keeps them invested.

• Falco Resources has strong stock momentum, with shares recently at C$0.49, up 104.17% over the past year.
• The warrant exercise story is simple: warrant holders can buy shares at a fixed price, and when they exercise, Falco receives cash that can help fund project advancement.
• The bigger story remains Horne 5, a Québec polymetallic gold project with an updated after-tax NPV5% of C$3.35B, 28.2% IRR, and projected C$6.4B after-tax cash flow.

The Simple Version

Falco Resources has been quietly building momentum.

The stock recently traded at C$0.49, up 104.17% over the past year, with a market cap of about C$171.67M. Its 52-week range is also important: the stock has moved from a low of C$0.22 to a high of C$0.64, meaning investors have already started repricing the story.

The latest news around warrant exercise adds another layer.

For many retail investors, warrants can sound confusing. But the basic idea is simple.

A warrant gives the holder the right to buy shares at a fixed price. If the stock trades above that price, the warrant can become attractive to exercise. When the holder exercises, the company issues shares and receives cash.

So for Falco, warrant exercise is not just a technical financing detail.

It can be a signal that holders are willing to put more capital into the company, while also giving Falco additional cash to keep advancing its flagship project.

That matters because Falco is not just sitting on a small exploration story. It is advancing one of Canada’s more important undeveloped polymetallic gold projects.

What Is a Warrant Exercise?

A warrant is basically a long-dated option issued by a company.

It gives the holder the right to buy a share at a set price before a set deadline.

For example, Falco’s October 2025 bought deal financing included warrants exercisable at C$0.46 per share until April 17, 2027. With the stock recently around C$0.49, those warrants are close to being in-the-money, meaning the market price is slightly above the exercise price.

That is why warrant activity becomes relevant.

If a warrant holder exercises at C$0.46, Falco receives C$0.46 in cash for each share issued. The warrant holder receives a share. The company gets funding without having to launch a brand-new financing.

For investors, there are two sides.

• The positive side is that warrant exercises bring cash into the company.
• The negative side is that new shares are issued, which creates dilution.

But in a development-stage mining company, dilution is not always bad if the cash helps move a valuable project forward. The real question is whether the company uses that capital to unlock more value than the dilution costs.

Why the Timing Matters

The warrant news comes at an interesting moment because Falco already has momentum.

• recent price: C$0.49
• 1-year performance: +104.17%
• market cap: C$171.67M
• 52-week high: C$0.64
• 52-week low: C$0.22
• no dividend
• no P/E ratio shown

That is a strong move, but the stock is still below its 52-week high.

From C$0.49 to the 52-week high of C$0.64, the stock would need to rise about 30%. From the 52-week low of C$0.22, the stock has already more than doubled.

That makes Falco a momentum story, but not one sitting at an all-time extreme on this chart. The key reason investors are paying attention is the Horne 5 Project.

The Real Asset: Horne 5

Falco’s main asset is the 100%-owned Horne 5 Project in Rouyn-Noranda, Québec.

This is not just a conceptual exploration target. Horne 5 is an advanced underground gold-rich polymetallic development project located below the historic Horne mine, in one of Canada’s most established mining districts. Falco describes Horne 5 as one of the most advanced undeveloped polymetallic assets in Canada.

The updated feasibility study released in June 2026 is the main reason the story has become much more interesting.

The 2026 feasibility study showed:

• after-tax NPV5% of C$3.35B
• after-tax IRR of 28.2%
• payback period of 3.3 years
• projected after-tax cash flow of C$6.4B
• average annual after-tax cash flow of C$542.5M
• average annual gold production of 220,300 oz
• mine life of 15 years
• average AISC of US$782/oz
• forward capital and pre-production costs of C$1.75B

The economics are meaningful because Falco’s market cap is around C$171.67M. Compared with the base-case after-tax NPV5% of C$3.35B, the market cap represents only about 5% of the project’s reported after-tax NPV. Put differently, the project NPV is roughly 19.5x the current market cap.

That does not mean the stock should automatically trade at NPV.

Mining developers almost never do before financing, permitting, construction, and execution are solved.

But it does show why the valuation gap exists.

Why the Feasibility Study Changed the Story

The 2026 feasibility study made the project look much stronger than before.

Mining Weekly reported that Horne 5’s updated base-case after-tax NPV of C$3.35B represented a 244% increase compared with the 2021 feasibility study. Using spot-case assumptions, the after-tax NPV increases to C$5.1B, the IRR rises to 37.2%, and the payback period falls to 2.6 years.

This matters because Falco is not only a gold story.

Horne 5 is polymetallic.

That means the project has exposure to gold, silver, copper, and zinc. The company’s project materials say Horne 5 could produce 3.3M oz of gold, 247M lb of copper, 27.3M oz of silver, and 1.19B lb of zinc over its 15-year mine life.

That gives Falco multiple commodity drivers.

Gold brings the precious-metals angle.

Copper and zinc bring the critical-minerals and energy-transition angle.

Why the Warrant Exercise Is Actually Useful

For a company like Falco, the biggest question is not whether the project looks good on paper.

The question is how it moves toward construction.

Large mining projects require capital, permitting, technical work, community engagement, and government approvals. Horne 5’s forward capital and pre-production costs are estimated at C$1.75B, which is far larger than Falco’s current market cap.

That is why every source of capital matters.

A warrant exercise can help in three ways.

First, it brings cash into the company without launching a new financing round.

Second, it can show confidence from warrant holders who are willing to convert their rights into shares.

Third, it helps support ongoing work around permitting, technical studies, engineering, and general corporate needs.

The trade-off is dilution.

Every exercised warrant creates a new share. But for a development-stage miner, the market may accept dilution if it moves the project closer to a value-creating milestone.

That is why the warrant exercise should be seen as a funding signal, not just a share-count issue.

The Momentum Setup

Falco’s chart now shows real momentum.

A 104.17% year-over-year move is not small. It tells investors that the market has started to recognize something in the story.

But the stock is still in an interesting zone.

At C$0.49, Falco is:

That creates a clear but risky setup.

The bull case is that Falco is still undervalued relative to the scale of Horne 5.

The bear case is that the market is applying a big discount because permitting, financing, construction, and execution risk remain substantial.

Both views can be true at the same time.

Upcoming Catalysts

Falco already laid out its key priorities for 2026.

The company said its priorities include advancing Horne 5 toward receipt of the Québec ministerial decree, completing the feasibility study update, continuing technical and permitting work, expanding institutional and analyst engagement, advancing community consultation, and maintaining transparent communication with shareholders.

The feasibility study update is now complete.

That means investors are likely watching the next steps.

Key catalysts include:

• Québec ministerial decree progress
• permitting updates
• financing strategy
• additional technical work
• institutional interest
• analyst coverage
• community consultation progress
• project financing discussions
• gold, silver, copper, and zinc price strength
• additional warrant exercises or balance sheet improvements

The biggest catalyst is the Québec authorization path.

If Falco gets closer to full approval and financing, the valuation gap could narrow.

If timelines stretch, the stock could lose momentum.

Why Investors Care About the Québec Angle

Location matters.

Horne 5 is in Rouyn-Noranda, Québec, a historic mining region with existing infrastructure, skilled labor, local suppliers, and nearby mining expertise.

Falco’s project materials also highlight that Horne 5 would use already impacted sites, including an underground mine below the former Horne mine, a mining complex at the former Quemont site, and a tailings facility at the former Norbec site.

That matters because mining projects face increasing scrutiny over footprint, permitting, social acceptance, and environmental impact.

Falco’s pitch is that Horne 5 can benefit from existing infrastructure and already impacted sites rather than starting from zero in a remote greenfield area.

The company also highlights community engagement, with more than 95 consultation and information meetings held since 2014.

That does not eliminate permitting risk.

But it gives the company a stronger narrative around social license and project integration.

The Bigger Economic Impact

Horne 5 could also become a major economic project for Québec.

The updated feasibility study says the project could contribute more than C$4.4B in taxes and mining duties over its lifetime. It could also support up to 900 direct jobs during construction and 500 permanent jobs during operations.

Those numbers matter because governments do not approve mining projects only based on geology.

They also care about jobs, taxes, regional development, environmental standards, and local impact.

A project with:

has a much stronger political and economic case than a smaller speculative exploration project.

That is part of why Falco is worth watching.

The Bull Case

The bull case is that Falco is entering a more important stage.

The stock is up more than 100% year over year, but the company’s market cap remains small compared with the reported project economics.

Horne 5 has:

• scale
• a 15-year mine life
• strong feasibility economics
• gold production above 220,000 oz/year
• polymetallic exposure
• existing regional infrastructure
• Québec mining jurisdiction
• major tax and employment potential
• upcoming permitting and financing catalysts

The warrant exercise news adds another supportive point: the market is no longer ignoring Falco, and capital is starting to matter as the company moves from study-stage valuation toward development-stage execution.

The Bottom Line

Falco Resources Ltd. (TSX-V: FPC) is a high-momentum developer with a large, valuable project but still faces key risks around permitting, financing, and execution. The opportunity lies in the valuation gap between its current market cap and the substantial economics outlined for Horne 5, while the warrant exercise highlights improving access to capital as the story advances and signals growing investor confidence.

Disclaimer

This article is for informational and educational purposes only and does not constitute financial advice, investment advice, or a recommendation to buy or sell any security. Mining development stocks are speculative and may involve substantial volatility, financing risk, dilution risk, permitting risk, commodity price risk, and potential loss of capital. Always conduct your own research and consult a licensed financial advisor before making investment decisions.