Structural Silver Deficit Drives Capital Rotation to Rapid-Production Assets

Executive Summary

• Americore Resources is evaluating monetization of historic surface stockpiles at its Trinity Silver Project (~765,000 oz total) and plans drilling, trenching, and metallurgical testing to guide processing decisions.
• Mako Mining reported an updated mineral resource estimate for the Moss Mine (≈679k AuEq oz) and expects production to start later this quarter with no further capital required.
• Almonty Industries delivered its first truckload of ore to the ROM pad at Sangdong Tungsten Mine, marking a key step toward commercial production.

Key Details

• Americore Resources (TSXV: AMCO / OTCQB: AMCOF)
• Evaluating two processing pathways for historic surface stockpiles: off‑site toll processing vs. on‑site pilot plant.
• Stockpiles contain ~400,000 oz silver oxide and ~365,000 oz silver sulphide.
• Planned work: reverse‑circulation drilling, backhoe trenching, metallurgical testing; results will inform economic evaluation and PEA timing.
• Current land position ≈22,700 acres (direct staking + option with Primus Resources); includes historic 2012 resource area now estimated at 36 M oz Ag‑eq.

• Completed a drone magnetometer survey covering 312 km of line work to support upcoming drill targeting; intends 5–10 core holes, followed by step‑out drilling toward a new mineral resource estimate targeted for Q2 2026.

• Mako Mining Corp. (TSXV: MKO / OTCQX: MAKOF)

• Updated Mineral Resource Estimate for Moss Mine, AZ:
  • Measured & Indicated: 679,000 AuEq oz
  • Inferred: 125,000 AuEq oz
  • Total: 57.07 M t at 0.35 g/t Au and 3.7 g/t Ag → 646,000 oz Au + 6.8 M oz Ag (0.17 g/t AuEq cutoff).
• Acquisition cost: US$2 M (<US$3 per AuEq oz).
• No additional net capital required; production slated to commence later this quarter.

• Plans for Mineral Reserve Estimate and updated project economics in Q2 2026.

• Almonty Industries (NASDAQ: ALM / TSX: AII)

• First truckload of ore successfully delivered to ROM pad at Sangdong Tungsten Mine, South Korea – transition from early‑stage development to active mining.
• Ore now moving through primary/secondary crushing, grinding, and flotation for tungsten concentrate production.

• Project moving toward stabilization phase en route to full commercial operation; aligns with strategic diversification of global tungsten supply away from China.

• Doubleview Gold (TSXV: DBG / OTCQB: DBLVF)

• Confirmed metallurgical recoveries at Hat Polymetallic Deposit: Cu 85%, Au 89%, Ag 68%, Co 78%, Sc 75%.
• Completed two‑year testing program that achieved first‑of‑its‑kind high‑grade scandium oxide recovery from copper porphyry tailings.

• Updating Mineral Resource Estimate and PEA incorporating new metallurgical data; seeking advanced testing partners for prefeasibility/feasibility studies.

• Elemental Royalty (NASDAQ: ELE / TSXV: ELE)

• Executed option agreement with BHP covering three exploration licences in Serbia’s Bor Mining District.
• BHP may earn 100 % interest by paying $200k upfront, $200k annually thereafter, and completing $5 M cumulative exploration spend over five years.
• Elemental retains a 2 % NSR royalty; BHP can repurchase up to 0.5 % of the royalty in 0.25 % increments for $5 M each before specified anniversaries.

Notable Quotes

• “Evaluating the monetization of historic stockpiles is a highly strategic move… it provides potential near‑term value, delivers critical metallurgical insights, and helps accelerate Trinity toward a PEA.” – Jeff Poloni, CEO, Americore Resources
• “Moss was acquired … No further net capital infusions will be required to bring Moss into steady state production…” – Akiba Leisman, CEO, Mako Mining Corp.
• “This first ore placement represents a strategic inflection point… diversifying away from the China‑dominated market.” – Lewis Black, President & CEO, Almonty Industries
• “Finalizing these metallurgical recoveries marks a pivotal step forward for the Hat Project.” – Farshad Shirvani, President & CEO, Doubleview Gold