Nord Precious Metals Outlines Path to Production Following Gowganda Acquisition

The most recent news release (January 13, 2026) outlines the strategic path toward production following the acquisition of the Gowganda Silver Camp mining leases. Key highlights include: - Strategic Positioning: The company is positioning its Temiskaming Testing Labs (TTL) facility as a district processing hub for both newly mined material and legacy tailings. - Permitting: Advancing the "Recovery Permit" application with the Ontario Ministry of Energy and Mines, aimed at processing historical tailings and waste rock without the traditional time-consuming closure plan requirements. - Metallurgical Validation: Management highlights the successful production of a 1,000-ounce silver bar from previous tests, arguing that the metallurgy for the district's material is proven. - Resource Consolidation: The acquisition of four mining leases from Battery Mineral Resources (BMR) increases Nord’s lease area by 40% (to 789.7 hectares) and adds a historical silver tailings resource estimated at nearly 3 million ounces.

The impact of this news is Routine - Positive as it reinforces the strategic shift from pure exploration to a waste-to-market/hub-and-spoke production model. - Synergistic Consolidation: By acquiring the BMR leases, Nord secures a critical mass of feedstock (2.96 Moz Ag indicated historical) necessary for continuous operation of the TTL facility. - Regulatory Arbitrage: The focus on the Ontario "Recovery Permit" (Section 152.1 of the Mining Act) is a strategic attempt to bypass long-lead permitting cycles. However, the success of this depends entirely on Ministry approval, which is pending. - Feedstock De-risking: Moving toward tailings processing reduces the immediate capital expenditure and geological risk associated with deep underground mining at Castle East, though the company continues to advance the latter. - Financial Burden: While the strategy is sound, the acquisition adds $3.75 million in deferred cash/share payments due between 2027 and 2029, creating a medium-term liability that the company must generate cash flow to cover.

Nord Precious Metals (formerly Canada Silver Cobalt Works) operates in the historic Cobalt-Gowganda Camp in Ontario. Its flagship project is the Castle Property (63 sq. km), which includes the Castle Mine and the high-grade Castle East discovery. - Castle East: Features an inferred resource of 7.56 Moz Ag at an exceptional grade of 8,582 g/t Ag. - TTL Facility: A 20,000 sq. ft. laboratory and processing facility in Cobalt, ON, intended to serve as the region's central hub. - Re-2Ox Process: A proprietary hydrometallurgical process designed to produce battery-grade cobalt sulphate and other critical metals from arsenic-rich concentrates.