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These Programs Support the Advancement of Tonopah West Towards the Permitting of an Exploration Decline to Enable Test Mining and the Extraction of a Bulk Sample

HIGHLIGHTS:

  • The Phase 2 hydrology program will consist of placing 5 additional piezometers, a dewatering well and a groundwater monitoring well;
  • Geotechnical evaluation is progressing on 22 drillholes along the proposed decline alignment; and
  • A seismic program consisting of 18 kilometres in seven lines is planned over the Tonopah West deposit and to the northwest to identify extensions and structural controls.

Blackrock Silver Corp. (TSXV: BRC,OTC:BKRRF) (OTCQX: BKRRF) (FSE: AHZ0) (‘Blackrock’ or the ‘Company’) is pleased to announce certain advancement programs (the ‘Programs’) at the Company’s 100% owned Tonopah West (‘Tonopah West’) project located in Nye and Esmeralda Counties, Nevada, USA. The Programs will consist of a Phase 2 hydrology program, geotechnical evaluation of the proposed decline alignment and a seismic survey intended to understand the structural controls and advance Tonopah West toward completing an exploration decline that will allow for test mining and the extraction of a bulk sample for metallurgical processing.

Andrew Pollard, the Company’s President and Chief Executive Officer, stated: ‘Tonopah West is moving forward on multiple fronts as we work to grow, optimize and de-risk the project toward underground development. The integration of hydrologic, geotechnical and seismic data from these Programs represents key de-risking initiatives, helping us refine engineering models, optimize decline design and establish a strong technical foundation for permitting our initial test mine and bulk sample area. These Programs are running in parallel as we await pending assay results and the delivery of an updated preliminary economic assessment on Tonopah West, currently slated for Q1 2026.’

Hydrology Programs

Montgomery and Associates was contracted to complete the hydrology programs on Tonopah West. In the Phase-1 hydrology program, the Company set four piezometers along the proposed alignment of the decline that have been collecting data that reports where water is present (see May 15, 2025 news release). Based on the information collected from the Phase-1 hydrology program, a Phase-2 hydrology program at Tonopah West has been approved. The Phase-2 program will be entirely within DPB South area of Tonopah West where the Company is planning its exploration decline, test mining and bulk sampling programs. The Phase-2 hydrology program will set five additional piezometers, a dewatering well and a groundwater monitoring well. Data from this infrastructure will help with engineering design of the decline, water pumping requirements and site disposal strategies.

Geotechnical Evaluations

Call & Nicholas, Inc. have been retained to complete geotechnical evaluations on Tonopah West. Detailed geotechnical evaluation on the Phase-1 piezometer holes has been completed. This evaluation is critical for the engineering and design of the proposed exploration decline. An additional 17 drillholes are being geotechnically logged and 36 samples have been collected for geotechnical unconfined compression strength testing. Approximately 59,000 metres (193,570 feet) of core drilling from the project has been evaluated for recovery and Rock Quality Designation (RQD). Additional geotechnical study is being planned.

Seismic Survey

The Company has contracted Bird Seismic Services, Inc. to complete 18 kilometres of 2D seismic data. The seismic data will be collected on seven lines cris-crossing the Tonopah West project area (See Figure 1.). Several lines have been located on the northwestern portion of Tonopah West to identify the extension of the Fraction caldera margin under cover. The goal of the seismic survey program is to better understand the structural controls of the deposit and identify extensions of silver and gold for drill targeting.

Figure 1: Location map showing proposed seismic lines

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/676/271537_218a3ad764832945_001full.jpg

Qualified Persons

Blackrock’s exploration activities at Tonopah West are conducted and supervised by Mr. William Howald, Executive Chairman of Blackrock. Mr. William Howald, AIPG Certified Professional Geologist #11041, is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. He has reviewed and approved the contents of this news release.

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements and Information

This news release contains ‘forward-looking statements’ and ‘forward-looking information’ (collectively, ‘forward-looking statements‘) within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the Company’s strategic plans; the contents and completion of the Company’s Programs at Tonopah West and the anticipated objectives and results therefrom; the permitting of an exploration decline to enable test mining and the extraction of a bulk sample at Tonopah West; the timing of completion of an updated preliminary economic assessment on Tonopah West; the Company’s de-risking initiatives at Tonopah West; estimates of mineral resource quantities and qualities; estimates of mineralization from drilling; geological information projected from sampling results; and the potential quantities and grades of the target zones.

These forward-looking statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results; timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company’s operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company’s ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the caption ‘Risks Factors’ in the Company’s most recent Annual Information Form.

Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For Further Information, Contact:

Andrew Pollard
President and Chief Executive Officer
(604) 817-6044
info@blackrocksilver.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271537

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Investor Insight

Apollo Silver is advancing two high-impact silver projects in premier North American jurisdictions—California and Chihuahua—offering investors a unique combination of scale, optionality, and leverage to silver and critical mineral demand.

Overview

Apollo Silver (TSXV:APGO,OTCQB:APGOF,FSE: 6ZF0) is a silver-focused company advancing a dual-asset strategy centered on two high-impact projects in North America: the Calico silver project in California, USA and the Cinco de Mayo project in Chihuahua, Mexico. Both are located in mining-friendly jurisdictions with strong infrastructure and significant historical work.

At Calico, Apollo Silver is advancing the Waterloo deposit toward development through geological modeling, barite resource definition, and engineering studies. Calico boasts 125 Moz of silver (measured and indicated) and 58 Moz of silver (inferred), and recent test work has produced a 94.6 percent barite concentrate, supporting the asset’s potential as a US critical minerals supplier.

In Mexico, Cinco de Mayo offers rare optionality with a historical inferred resource of 154 Moz silver equivalent (385 g/t), and a potentially game-changing discovery at the Pegaso Zone. The project is under an option agreement between Apollo Silver and Pan American (previously MAG Silver), wherein Apollo Silver will complete a 20,000-meter drill program to convert the option to an acquisition of the Cinco de Mayo. Apollo Silver’s strategy is underpinned by disciplined capital allocation, high-impact exploration, and a proven ability to acquire and unlock value from high-quality assets—following a model similar to Prime Mining. With no debt, strong institutional backing, and an experienced team, Apollo Silver is well-positioned to deliver scalable, discovery-driven growth in a rising silver and critical minerals market.

Company Highlights

  • Tier-1 US Silver Asset – Calico Project: Hosts 125 Moz silver (Measured and Indicated) and 58 Moz silver (inferred), making it the largest undeveloped primary silver deposit in the US.
  • Barite & Zinc Critical Minerals Exposure: Calico includes an Indicated resource estimate of 2.7 Mt of barite and 354M lbs of zinc and an Inferred resource estimate of 0.65Mt of barite and 258M lbs of zinc.
  • High-grade Discovery Potential – Cinco de Mayo: An option to acquire a district-scale carbonate replacement deposit with a historical inferred resource of 154 Moz silver equivalent at 385 g/t, offering further upside from the Pegaso Zone discovery target.
  • Strategic Shareholder Registry: Backed by Jupiter Asset Management, Eric Sprott, Terra Capital, Commodity Capital and Ninepoint.
  • Experienced Leadership Team: Proven M&A, discovery and capital markets expertise with over $5 billion in past transactions and most applicable to Apollo Silver, the success at Prime Mining.

Key Projects

Calico Project

The Calico silver project comprises three adjacent properties—Waterloo, Langtry and Mule—located in mining-friendly San Bernardino County, 15 km from Barstow, California. Resources at Calico sit primarily on private land with vested mining rights, simplifying the path to permitting. Infrastructure is excellent: paved roads, power lines within 5 km, and proximity to the expanding Barstow rail terminal.

Using a 47 g/t silver equivalent cut-off grade, the Waterloo Deposit includes 125 M oz of silver in in 55Mt at an average grade of 71 g/t silver in the Measured and Indicated categories, and 0.51 Moz silver in 0.6 Mt at an average of 26 g/t silver in the Inferred category. The Langtry Deposit now contains 57 Moz silver in 24 Mt at an average grade of 73 g/t in the Inferred category, using a 43 g/t silver cut-off grade. The deposits are approximately 2 km apart, shallow, laterally extensive, and exhibit excellent geologic continuity. The mining concept would be a potential open-pit operation, with a minimal environmental footprint and where Waterloo would have a low strip ratio of 0.8:1.

Apollo Silver recently added critical mineral resources for both barite & zinc at the Calico project. Barite has shown recoveries above 94.6 percent in earlier test work. Waterloo includes an Indicated resource estimate of 2.7 Mt of barite and 354M lbs of zinc at an average grade of 7.4 percent barite and 0.45 percent zinc at a cut-off grade of 47 g/t silver equivalent. It also contains Inferred resource estimate of 0.65Mt of barite and 258M lbs of zinc, at an average grade of 3.9 percent barite and 0.71 percent zinc at a cut-off grade of 47 g/t silver equivalent.

The company has recently acquired 2,215 hectares of highly prospective claims contiguous to its Waterloo property at the Calico silver project referred to as the Mule claims comprising 418 lode mining claims. The Mule claims expand the Calico Project land package by over 285 percent, from 1,194 ha to 3,409 ha of contiguous claims.

Having recently announced its mineral resource estimate, ongoing 2025-26 programs are contemplated to include exploration for additional gold mineralization, with a subsequent targeted drill program contingent on positive early results, and metallurgical and geotechnical work program on Waterloo.

Cinco de Mayo Project

Cinco de Mayo is a district-scale carbonate replacement deposit (CRD) system located in Chihuahua, Mexico along the same NW-SE structural trend that hosts some of the country’s largest silver and base metal deposits. The project was historically MAG Silver’s flagship asset, hosting a 2012 historical mineral resource estimate prepared by RPA. At an NSR cut-off of US$100/t, the Inferred resources were estimated to total 12.45 Mt at 132 g/t silver, 0.24 g/t gold, 2.86 percent lead, and 6.47 percent zinc. The total contained metals in the resource were 52.7 Moz of silver, 785 Mlbs of lead, 1,777 Mlbs of zinc, and 96,000 ounces of gold. Notably, a significant mineralized intercept—including 61 meters of massive sulphides—was drilled by MAG Silver in the Pegaso Zone beneath the known resource but never followed up due to social access issues.

The site also includes the Pozo Seco deposit, which hosts an additional historical resource consisting of 29.1 Mt grading 0.147 percent molybdenum and 0.25 g/t gold, containing 94.0 Mlbs of molybdenum and 230,000 oz of gold, in the Indicated resource category. An Inferred Mineral Resources were estimated at 23.4 Mt grading 0.103 percent molybdenum and 0.17 g/t gold, containing 53.2 Mlbs of molybdenum and 129,000 oz of gold. Cut-off grade used in the 2010 technical report was 0.022 percent molybdenum.

Apollo Silver has secured an option to acquire the Cinco de Mayo property from Pan American (previously Mag Silver) and is re-engaging with the local community to secure surface access. A new, development-friendly ejido administration, elected in December 2024, has created an opportunity to negotiate a mutually beneficial agreement for access rights. Once secured, Apollo plans to launch a 20,000-meter drill campaign, with priority targets at Pegaso and expansion zones at Jose Manto.

Under the option agreement with Pan American, Apollo must secure surface access, complete the 20,000 meters of drilling, and issue 19.99 percent of its common shares to finalize the acquisition. The company is also evaluating metallurgical studies and engineering reviews to support a future resource update.

Management Team

Andrew Bowering – Chairman of the Board

A venture capitalist with over 30 years of operational experience, Andrew Bowering has raised over $500 million in value and capital for companies within the natural resources industry. He is the founder of Millennial Lithium and American Lithium, and he is a director and executive advisor to Prime Mining.

Ross McElroy – President and CEO

Ross McElroy is a professional geologist with over 38 years of experience in the mining industry, spanning operational and corporate roles with major, mid-tier, and junior companies worldwide. He played a pivotal role in the discoveries of several world-class uranium and gold deposits, many of which have advanced through development into mining operations. Most recently he was the CEO of Fission Uranium Corp, where he oversaw the sale of Fission for more than $1.14B to Paladin Energy.

Chris Cairns – Chief Financial Officer

Chris Cairns is a CPA, CA and brings more than 13 years of experience working in the finance and mining industries. He obtained his designation while at PwC, working with numerous Canadian and US-listed mining and exploration companies operating in North America, South America and Mongolia, before leaving to serve in roles as controller and CFO of two publicly listed mining exploration companies listed in Canada and the United States.

Rona Sellers – VP Commercial and Compliance and Corporate Secretary

Rona Sellers is an experienced governance professional with more than 13 years of experience in corporate and securities law. Previously, she was VP compliance and corporate secretary at Maple Gold Mines, and previous to that she held corporate secretarial roles at publicly traded companies listed in Canada and the United States.

Isabelle Lépine – Director, Mineral Resources

With over 25 years experience leading resource focused technical programs and teams, Isabelle Lépine brings extensive knowledge in mineral resource management to Apollo. Her significant experience ranges across the advanced stages of the resource development cycle through to mining. Most recently, she was director of mineral resources at Stornoway Diamonds.

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Investor Insight

Spartan Metals offers a compelling investment opportunity in the US critical minerals sector through its high-grade, 100-percent-owned Eagle tungsten-silver-rubidium project in Nevada. With strong grades, multi-metal exposure, and alignment with US defense and supply chain initiatives, Spartan provides investors with exceptional leverage to the growing demand for domestically sourced strategic critical minerals.

Overview

Spartan Metals (TSXV:W) is a US-focused critical minerals explorer advancing its high-grade tungsten and rubidium asset in Nevada. Through its flagship Eagle project, the company is unlocking American critical mineral resources essential to defense, technology and energy independence. Spartan’s projects are strategically positioned to contribute directly to the United States’ onshoring objectives under the Defense Production Act and related supply-chain initiatives.

Eagle project site in Nevada

The Eagle tungsten-silver-rubidium project in eastern Nevada anchors a district-scale opportunity covering 4,936 acres across three historic mine areas – Tungstonia, Rees and Antelope. With historic production of 8,379 units of tungsten trioxide (WO₃) at grades between 0.6 to 0.9 percent, the project hosts one of the highest-grade past-producing tungsten systems in the United States, enriched by rubidium and other US defense-critical metals such as antimony, bismuth, indium and arsenic. Spartan is now executing an exploration program to validate and expand this potential through modern geochemistry, geophysics and tailings drilling.

Led by a team with deep Nevada exploration experience and direct US Department of Defense (DOD) engagement, Spartan is pursuing a partnership-driven approach to project advancement. It combines early-stage exploration and reprocessing opportunities and joint ventures to accelerate development. With a strong insider ownership base (42 percent) and exposure to multiple critical metals, Spartan Metals is an emerging US leader in strategic mineral discovery and domestic supply security.

Company Highlights

  • Flagship Eagle Project: One of the highest-grade, past-producing tungsten mines in the US.
  • Multi-metal Exposure: Targets tungsten, rubidium, antimony, bismuth, and silver – all listed as US critical minerals.
  • Tier-1 Mining Jurisdiction: Located in eastern Nevada, a world-class mining state with established infrastructure and regulatory clarity.
  • Strong Management and Technical Team: Led by a CEO and VP of exploration with proven discovery track
  • Alignment with US Critical Minerals Strategy: Positioned to benefit from Department of Defense and US government initiatives supporting domestic critical mineral supply chains.
  • Attractive Capital Structure: Tight share strucuture with management and board holding ~42 percent of shares outstanding, ensuring strong alignment with investors.

Key Asset: Eagle Project

Spartan’s 100-percent-owned Eagle project in White Pine County, Nevada, is a nationally significant critical mineral asset which includes the past-producing Tungstonia, Rees and Antelope mines. The Eagle project historically produced over 8,000 units of WO₃ between 1915 and 1956, and now presents a rare opportunity to redefine one of the highest-grade tungsten and rubidium systems in the United States.

With multiple mineralized zones, district-scale potential and strong alignment with US strategic metal initiatives, the Eagle project is the cornerstone of Spartan’s growth strategy.

Project Highlights

  • District-scale Footprint with High-grade Legacy Production: 4,936 acres (20 sq km) across 244 BLM claims in eastern Nevada; Past-producing Tungstonia and Rees mines averaged 0.6 to 0.9 percent WO₃, with channel samples up to 5.32 percent WO₃
  • Rubidium Discovery: Rock chip assays up to 2,264 parts per million (ppm) rubidium, positioning Eagle as a potentially significant US rubidium source
  • Polymetallic Opportunity: System hosting tungsten-rubidium-silver with antimony, bismuth and arsenic, all metals critical for US defense sector
  • Three Deposit Types: Features porphyry, skarn and carbonate replacement deposit (CRD) styles, a rare combination that indicates a large, long-lived hydrothermal system capable of hosting multiple mineralization centers, supporting district-scale exploration potential
  • Active 2025 Exploration Program: Fieldwork commenced in October 2025, executing Phase 1 of its NI 43-101-recommended program and part of Phase 2. Activities include drilling of historic Tungstonia tailings, detailed soil and rock sampling, geologic mapping and CSAMT/MT geophysics to define high-priority tungsten-rubidium drill targets and support future resource modeling.
  • Tailings Reprocessing Opportunity: ~9,000 tonnes of tailings averaging 0.14 percent WO₃ and 460 ppm rubidium offer near-term reclamation value-add
  • Tier-1 Mining Jurisdiction: Excellent access to infrastructure near Ely, Nevada
  • Strategic Positioning: Fully aligned with US DOD and Department of Energy initiatives to secure domestic tungsten and rubidium supply chains

Management Team

Brett R. Marsh – President, CEO and Director

Brett Marsh is a professional geologist with more than 25 years of experience in mineral exploration and project development across North America and internationally. Marsh previously led major exploration initiatives for both junior and mid-tier mining companies and has extensive experience in tungsten and critical mineral systems. He oversees Spartan’s technical and strategic direction and is the company’s “qualified person under NI 43-101..

Rebecca Ball – Vice-president, Exploration

Rebecca Ball brings over a decade of exploration and operational experience across base, precious and critical minerals. She specializes in greenfield targeting and geological modeling, most recently leading the McDermitt Lithium stratigraphy initiative that expanded its resource significantly. Her expertise is instrumental in defining the next phase of resource development at the Eagle project.

Michael Harp – Director

Currently VP Exploration at Ridgeline Minerals, Michael Harp has over 15 years of exploration experience in Nevada, including the discovery of over 5 million ounces of gold in the Carlin Trend’s Railroad-Pinion district. His extensive field and project management experience supports Spartan’s Nevada-focused exploration programs.

Terese Gieselman – Chief Financial Officer and Corporate Secretary

Terese Gieselman is a seasoned financial executive with over 30 years of experience in public company management and corporate finance in the mining sector. She brings expertise in governance, financial reporting, and capital markets strategy that will support Spartan’s growth.

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Spartan Metals (TSXV:W) is a US-focused explorer advancing its high-grade tungsten and rubidium Eagle Project in Nevada. The company is unlocking critical minerals essential to US defense, technology, and energy independence, supporting onshoring goals under the Defense Production Act.

The Eagle tungsten-silver-rubidium project in eastern Nevada spans 4,936 acres across three historic mine areas — Tungstonia, Rees, and Antelope. With historic production of 8,379 units of WO₃ grading 0.6–0.9 percent, Eagle ranks among the highest-grade past-producing tungsten systems in the US, enriched with rubidium and other defense-critical metals including antimony, bismuth, indium, and arsenic. Spartan is advancing an exploration program to validate and expand this potential using modern geochemistry, geophysics, and tailings drilling.

With multiple mineralized zones, district-scale potential and strong alignment with US strategic metal initiatives, the Eagle project is the cornerstone of Spartan’s growth strategy.

Company Highlights

  • Flagship Eagle Project: One of the highest-grade, past-producing tungsten mines in the US.
  • Multi-metal Exposure: Targets tungsten, rubidium, antimony, bismuth, and silver – all listed as US critical minerals.
  • Tier-1 Mining Jurisdiction: Located in eastern Nevada, a world-class mining state with established infrastructure and regulatory clarity.
  • Strong Management and Technical Team: Led by a CEO and VP of exploration with proven discovery track
  • Alignment with US Critical Minerals Strategy: Positioned to benefit from Department of Defense and US government initiatives supporting domestic critical mineral supply chains.
  • Attractive Capital Structure: Tight share strucuture with management and board holding ~42 percent of shares outstanding, ensuring strong alignment with investors.

This Spartan Metals profile is part of a paid investor education campaign.*

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Silver’s performance in 2025 is drawing attention to silver-mining companies as investors look to gain exposure to the metal’s success.

During Q3 2025, the silver price closed in on all-time highs, reaching a quarterly high of US$46.92 per ounce on September 29. Since that time, silver has soared even higher, breaking the US$50 mark and setting a new all-time high silver price of US$52.64 on October 13.

The price has seen firm support from fundamentals, as silver continues to experience structural supply deficits, while industrial silver demand remains near record levels. Investment demand is also rising as investors return to the market, seeking a more affordable safe-haven alternative to gold.

How has silver’s price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year.

Data was gathered using TradingView’s stock screener on October 13, 2025, and all companies listed had market caps over C$10 million at that time.

1. Santacruz Silver (TSXV:SCZ)

Year-to-date gain: 765.45 percent
Market cap: C$866.79 million
Share price: C$2.38

Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include a 45 percent stake in the Bolivar and Porco mines, which it shares with the Bolivian government, and a 100 percent ownership of the Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.

In its Q2 2025 results, Santacruz reported silver production of 1.42 million ounces from the mines, as well as silver equivalent production of 3.55 million ounces, which includes its zinc, lead and copper production.

In addition to its producing assets, Santacruz also owns the greenfield Soracaya project, an 8,325 hectare land package located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.

In October 2021, Santacruz acquired Glencore’s (LSE:GLEN,OTC Pink:GLCNF) 45 percent stake in the Bolivar and Porco mines and a 100 percent interest in the Soracaya project. Under the terms of the deal, Santacruz made an initial payment of US$20 million and was obligated to make an additional US$90 million over a four-year period from the closing of the transaction. Glencore also retained a 1.5 percent net smelter return.

The pair amended the deal in October 2024, giving Santacruz the option to either pay off the US$80 million base purchase price through annual US$10 million installments or to accelerate the repayment by paying US$40 million by November 2025. The deal also includes additional terms such as monthly payments to Glencore contingent on zinc pricing benchmarks.

Santacruz chose the accelerated option through a structured payment plan, allowing it to satisfy the base purchase price of the properties while saving US$40 million compared to the annual installment option. On September 4, the company announced that it had made its fourth and fifth payments, completing all payments to Glencore.

The most recent news for the Soracaya project was announced on October 7, when Santacruz stated that it was initiating development activities and would be applying for a full production permit.

Shares in Santacruz reached a year-to-date high of C$2.79 on September 29.

2. Andean Precious Metals (TSX:APM)

Year-to-date gain: 563.48 percent
Market cap: C$1.14 billion
Share price: C$7.63

Andean Precious Metals is a precious metals company with a pair of operating assets in the Americas.

Its primary silver-producing operation is the San Bartolomé facility in the Potosi Department of Bolivia. The onsite processing facility has an annual ore capacity of 1.8 million metric tons. The company has transitioned from conventional mining and is processing feed from both its low-cost fines deposit facility and third-party ore purchases.

Its other producing asset is the Golden Queen mine in Kern County, California, US. It hosts a 12,000 metric tons per day cyanide heap leach and a Merrill-Crowe processing facility. A mineral reserve statement showed a measured and indicated silver resource of 11.24 million ounces from 41.81 million metric tons at an average grade of 8.37 g/t silver. The company acquired Golden Queen from Auvergne Umbrella in November 2023 for total consideration of US$15 million.

On June 2, Andean announced it entered into an exclusive, long-term agreement with the Bolivian state-owned mining company Corporacion Minera de Bolivia to acquire up to 7 million metric tons of oxide ore from mining concessions in Bolivia.

The ore is located within a 250 kilometer radius of the processing facility at its San Bartolomé operation, where it will process the ore. Under the terms of the 10 year agreement, Andean will immediately receive an initial 250,000 metric tons of ore, with the remaining to be delivered in tranches of 50,000 metric tons.

On July 17, Andean released its Q2 operating results. During the first half of the year, it produced 2.04 million ounces of silver across its operations, toward the upper end of its guidance of 1.84 million to 2.16 million ounces. It also noted that it anticipates further ramp-up at both its mines in the second half of the year.

In its Q2 financial results released on August 12, the company reported an increase in net income for the first half of the year to US$32.02 million, compared to US$9.31 million during the first half of 2024.

Shares in Andean Precious Metals reached a year-to-date high of C$8.83 on October 1.

3. Avino Silver & Gold Mines (TSX:ASM)

Year-to-date gain: 455.12 percent
Market cap: C$1.06 billion
Share price: C$7.05

Avino Silver & Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.

The Avino mine is capable of processing 2,500 metric tons of ore per day, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.

In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.

In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development at La Preciosa. It is now developing a 350 meter mine access and haulage decline. The company said the first phase at the site is expected to cost less than C$5 million, which will be funded from cash reserves.

In Avino’s Q2 financial report released on August 13, the company noted that work was progressing at the site according to plan, with blasting and construction of the San Fernando main access decline underway. It added that a new jumbo drill was working on the ramp towards intercepting the Gloria and Abundancia veins.

On the production and finance side, the company reported improved cost-per-ounce metrics, with cash costs per silver equivalent payable ounce decreasing 7 percent to US$15.11 and all-in-sustaining costs decreasing 8 percent to US$20.93. It also reported a 50 percent year-over-year increase in revenue during the quarter to US$40.64 million, from US$27.18 million during the same period in 2024.

Avino indicated silver production of 549,300 ounces in the first half of 2025, an increase of 1 percent over H1 2024, and 283,619 silver ounces in Q2 alone, a decrease of 3 percent over Q2 2024.

Avino shares reached a year-to-date high of C$7.60 on October 3.

4. Capitan Silver (TSXV:CAPT)

Year-to-date gain: 404.76 percent
Market cap: C$181.29 million
Share price: C$1.59

Capitan Silver is an explorer focused on advancing silver and gold projects in Durango, Mexico. The company’s flagship asset is the 100 percent owned Cruz de Plata project in the heart of Mexico’s historic Peñoles Mining District. The region is known for hosting significant silver mineralization and historic mining.

The Cruz de Plata project encompasses two historic silver mines — Jesús Maria and San Rafael — and the El Capitan oxide gold deposit.

According to a 2020 technical report, the Jesús Maria deposit hosts an inferred resource of 15.16 million ounces of contained silver and 26,000 ounces of gold from 7.57 million metric tons of ore with average grades of 62.3 g/t silver and 0.12 g/t gold.

El Capitan hosts an inferred resource of 1.83 million ounces of silver and 305,000 ounces of gold from 20.72 million metric tons of ore grading 2.8 g/t and 0.46 g/t respectively.

Capitan Silver has made a series of strategic acquisitions during the second and third quarters.

On June 11, the company completed the purchase of a 2 percent net smelter royalty in place at Cruz de Plata from Exploraciones del Altiplano and eliminated the royalty. Total costs incurred by Capitan were US$1 million.

Then, on August 22, the company executed a definitive agreement to acquire a strategic land package surrounding its Cruz de Plata property from Fresnillo (LSE:FRES,OTC Pink:FNLPF) for total cash consideration of US$4 million. The transaction was initially announced in June.

The new parcel consists of seven mineral concessions covering 2,171.4 hectares. It increases Capitan’s total holdings in the area by 85 percent and the surface expression of the silver-gold trend by 1.2 kilometers to the east.

Capitan’s most recent news from Cruz de Plata came on October 1, when the company reported it identified six priority targets and is advancing them a drill-ready stage. It also increased the total length of known veins containing silver mineralization from 7 kilometers to 20 kilometers.

As for the exploration program at the site, the company expanded its Phase 1 drill program by 50 percent to 15,000 meters, and is expecting a property-wide geophysical survey to be completed during the first quarter of 2026.

Shares in Capitan reached a year-to-date high of C$1.85 on September 22.

5. Americas Gold and Silver (TSX:USA)

Year-to-date gain: 312.14 percent
Market cap: C$1.59 billion
Share price: C$5.77

Americas Gold and Silver is a US and Mexico-focused precious metals producer. The company is one of the US’ largest primary silver miners.

Its primary operations consist of the Galena Complex in Idaho, US, and the Cosala Operations in Sinaloa, Mexico.

The Galena complex operates in the Silver Valley, a historic mining district that is home to Bunker Hill, Sunshine and Lucky Friday mines.

Americas Gold and Silver is currently working on a two phase plan to increase efficiency at the mine’s No. 3 shaft. On September 16, the company announced it completed the first phase, upgrading the hoisting capacity from 40 tons to 80 tons per hour of material movement.

It also said that Phase 2 upgrades are scheduled to begin before the end of 2025, including upgrades to the hoist pads, the installation of a hoist control console and the deployment of an antenna system in the shaft that will support upgrades to automation.

The Cosala operations in Sinaloa comprise 67 mining concessions spanning 19,385 hectares and include the Los Braceros processing facility, the San Rafael mine, and the EC120 development project.

The company is currently transitioning its operations away from San Rafael to the EC120 orebody, aiming to bring EC120 into production by the end of 2025. While San Rafael contains higher levels of zinc and lead, EC120 hosts higher grades of silver and copper.

In its second quarter results released on August 11, Americas Gold and Silver reported a 36 percent year-over-year increase in consolidated silver production during the quarter to 689,000 ounces, with zinc and lead by-products bringing its production to 839,000 silver equivalent ounces.

Despite the increase in production, the company noted a 19 percent decrease in revenue at US$27 million versus US$33.2 million during Q2 2024. It attributed the revenue decline to lower production and byproduct revenue from zinc and lead sales as it transitioned away from San Rafael.

Shares in Americas reached a year-to-date high of C$6.02 on October 8.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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The cleantech sector experienced a dynamic third quarter, with predictions of volatility coming to fruition.

While global investment in renewable energy is strong, notable pullbacks in US spending and regulatory challenges under the Trump administration have clouded the near-term cleantech outlook. Electric vehicle (EV) sales showed mixed trends, with a rush observed ahead of the phase-out of American federal tax incentives at the end of September.

The quarter was also marked by several major mergers, funding rounds and technological developments.

Regulatory currents and investment flows shape cleantech market

The third quarter began with important cleantech policy signals and shifts in industry strategy.

Although global capital flows into renewables reached a record US$386 billion in H1 2025, according to data analyzed by BloombergNEF, a steep 36 percent year-on-year drop in US renewable project spending reflects investor uncertainty in response to changing policy conditions and the expiration of tax incentives.

Regulatory headwinds took center stage as the US Environmental Protection Agency under Lee Zeldin sought to overturn the agency’s scientific findings on greenhouse gases, stirring debate on climate regulatory directions.

Meanwhile, the Trump administration’s Department of the Interior moved to halt the planned US$6 billion Maryland offshore wind project, and paused work on Orsted’s (CPH: ORSTED,OTC Pink:DNNGY) Rhode Island offshore wind farm, triggering market pushback and state-level efforts to resume construction.

A judge later allowed the continuation of construction on the Rhode Island wind farm amid legal challenges.

While offshore wind faced setbacks from regulatory halts and legal challenges, the US solar sector demonstrated resilience, experiencing a notable 25 percent increase in corporate M&A activity in H1.

That increase was highlighted by Brookfield Renewable Partners’ (NYSE:BEP) US$2.8 billion acquisition of Duke Energy’s (NYSE:DUK) solar assets, as well as FlexGen’s purchase of Powin.

During Climate Week NYC, power giant Constellation Energy (NASDAQ:CEG) CEO Joseph Dominguez noted the potential for consolidation in the renewables sector. Despite federal tax credit phase-outs, wind and solar are supported by over 30 state-level programs, creating evolving investment opportunities for well-capitalized companies.

Adding to this insight, former US Vice President Al Gore emphasized the need to reconsider nuclear power as artificial intelligence (AI) electricity demand grows. While skeptical about the high costs of small modular reactors, Gore sees fusion power as promising, but probably farther off than some optimists predict.

He acknowledged that green hydrogen sentiment is overly optimistic, noting that its “bubble has burst” due to slow cost declines, although it retains promise for heavy industry uses like low-emissions steel production.

Aside from that, Gore referred to direct air capture as “overhyped” and not a “safe bet,” while calling deep geothermal “properly hyped,” but with uncertain commercial timelines.

At the same time, US Secretary of Energy Chris Wright indicated that an overhaul of permitting processes would expedite energy infrastructure projects facing intense opposition; however, the government shutdown, now heading into its third week, has created significant uncertainty and will likely lead to further delays.

Despite perceived setbacks, Q3 brought private sector investment in scalable clean infrastructure. Investors increasingly backed cleantech initiatives focused on transformative growth and digital infrastructure aligned with the evolving energy transition. Notable financing rounds went toward low-carbon data centers and battery storage. Investments like climate fintech firm Eventual’s US$7.5 million in seed funding also hint at growing investor interest.

These cleantech sector developments highlight a complex landscape where regulatory challenges in the US coexist with ongoing innovation and investment momentum, setting the stage for a critical period of adjustment and opportunity in the renewable energy sector, both above and below the American border.

In an interview with the Globe and Mail, Jigar Shah, former director of the Loans Program Office in the US Department of Energy, said Canadian cleantech firms have an opportunity to fill the void left in the industry by the US, but that decisive action is required to prevent companies from seeking out other jurisdictions.

Twists and turns in the EV race

The third quarter marked a pivotal period for the EV market.

Cox Automotive forecast in September that EV sales would hit a record of 409,000 units in Q3, in line with previous estimates that predicted a surge as buyers rushed in before the end of the US federal EV tax credit.

Automakers Ford Motor (NASDAQ:F), General Motors (NYSE:GM) and Hyundai Motor (KRX:005380,OTC Pink:HYMTF), all of which have extended EV discounts to after the expiration of the tax credit, reported record EV sales in Q3, with Ford’s EV sales rising over 30 percent, and GM’s EV sales more than doubling thanks to a diverse product lineup under the Chevrolet and Cadillac brands. Hyundai showed a 13 percent year-on-year increase, driven by EV sales.

In September, Ford announced a multibillion-dollar investment in American EV manufacturing facilities to pioneer a novel, efficient assembly process, aiming for a 2027 launch of a competitively priced midsize electric pickup.

Tesla’s (NASDAQ:TSLA) third quarter deliveries also hit a record, with estimates showing about 149,500 units, slightly higher compared to the 143,535 units reported in the second quarter. However, Cox Automotive’s numbers show that the company’s US market share has been steadily decreasing, slipping to 38 percent in August.

CEO Elon Musk said that the company will devote more of its resources to developing AI-driven autonomy going forward. Its robotaxi program officially launched this quarter, with initial testing beginning on July 1. The company reportedly experienced three crashes on its first day, underscoring ongoing technical hurdles. The National Highway Traffic Safety Administration has since launched another investigation into Tesla vehicles’ full self-driving technology, its second this year, after regulators received more than 50 reports of traffic violations and crashes.

Tesla also revealed its long-awaited more affordable EV models at the start of the fourth quarter. They were met with with cautious optimism by market participants. Investors will be carefully watching how these new models fare against intense price competition from domestic and foreign EV manufacturers.

Meanwhile, Tesla’s position in China continues to face pressure, with domestic manufacturer BYD Company (OTC Pink:BYDDF) surging ahead with a substantial lead. BYD delivered 582,500 pure EVs in the third quarter, nearly doubling Tesla’s China sales, which rebounded thanks to sales of the new Model Y L.

Advances in autonomous vehicle partnerships also progressed during the the third quarter, with Lyft (NASDAQ:LYFT) and Waymo collaborating on robotaxi services announced for launch next year in Nashville.

Waymo has moved to expand its user base by launching a new enterprise product, Waymo for Business, offering subsidized employee or event rides in its robotaxis in San Francisco, Los Angeles and Phoenix.

Facing rising competition, Uber Technologies (NYSE:UBER) said it plans to integrate autonomous vehicles alongside human drivers, partnering with Nuro and Lucid Group (NASDAQ:LCID) in a three part deal, with Uber purchasing 20,000 Lucid electric robotaxis over six years alongside licensing fees for Nuro’s self-driving technology.

Under the terms of the agreement, Uber will acquire minority stakes in both companies. The first robotaxis are expected to launch in a major US city next year.

Cleantech forecast for 2025

Q4 will be pivotal as the cleantech sector adjusts to the withdrawal of key federal incentives in the US, such as the rooftop solar tax credit, set to expire on December 31, and grapples with regulatory uncertainties.

Offshore wind projects face legal and administrative hurdles that may reshape regional renewable energy development.

Meanwhile, emerging areas of the cleantech market — such as advanced nuclear and climate fintech — offer promising growth paths, but require coordinated policy and investment frameworks. Reflecting this challenge, 11 states are collaborating to accelerate the development of advanced nuclear energy within their borders, seeking to create a strong and credible demand signal by coordinating commitments and dividing financial risks.

In autonomous vehicle innovation, Amazon’s (NASDAQ:AMZN) self-driving car subsidiary Zoox is seeking broader regulatory approval to operate up to 2,500 cars without traditional human controls.

If approved, Zoox would be able to conduct a first-of-its-kind paid commercial robotaxi service.

The US Department of Transportation plans to propose rules in spring 2026 to modernize vehicle safety standards for automated driving systems, including relaxing requirements tied to manual controls.

Forward-looking industry voices suggest cautious optimism, emphasizing the critical role of innovation, policy clarity and market adaptation in sustaining cleantech momentum into 2026.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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Here’s a quick recap of the crypto landscape for Friday (October 17) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$106,495, a 1.7 percent decrease in 24 hours. Its lowest valuation of the day was US$104,747, and its highest was US$107,411.

Bitcoin price performance, October 17, 2025.

Chart via TradingView.

The Bitcoin price remains under pressure. While sizable short liquidations of both Bitcoin and Ether have provided pockets of buying relief, overall market confidence is tempered. Volatility persists, leaving the market poised for further directional cues from key upcoming earnings and economic data releases.

Ether (ETH) was priced at US$3,830.31, a 1.2 percent decrease in 24 hours. Its lowest valuation of the day was US$3,726.31, and its highest was US$3,845.65.

Altcoin price update

  • Solana (SOL) was priced at US$181.98, a decrease of 2.1 percent over the last 24 hours. Its lowest valuation of the day was US$177.43, and its highest was US$184.74.
  • XRP was trading for US$2.30, a decrease of 1.4 percent over the last 24 hours. Its lowest valuation of the day was US$2.25 and its highest was US$2.31.

Crypto derivatives and market indicators

Bitcoin derivatives metrics indicate a complex market environment with mixed signals.

While short-term buying pressure has occurred, underlying market sentiment remains bearish or neutral, with cautious trading behavior and no strong bullish conviction at this time.

Bitcoin liquidations have totaled approximately US$22.09 million in the last four hours, with short positions making up the majority, signaling a short squeeze or bullish pressure. Ether liquidations show a similar pattern, totaling US$20.86 million, the majority of which were short positions.

Futures open interest for Bitcoin has decreased by 1.56 percent to around US$70 billion, showing strong bearish sentiment. Ether futures open interest was unchanged at around US$44 billion, reflecting market neutrality.

The perpetual funding rate for Bitcoin was -0.009, and for Ether it was -0.015, indicating bearish market sentiment.

Bitcoin’s relative strength index stands at 34.05, indicating that the cryptocurrency is in a bearish/bullish/neutral momentum, phase but not yet deeply oversold.

Fear and Greed Index snapshot

CMC’s Crypto Fear & Greed Index has fallen far into fear territory, dipping to 28 on Friday from an earlier score of 32.

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap.

Today’s crypto news to know

Japanese banks launch yen-backed stablecoin

A group of Japan’s largest banks, including MUFG Bank, Sumitomo Mitsui Banking and Mizuho Bank, are reportedly collaborating to launch a yen-backed stablecoin using MUFG’s Progmat platform.

The initiative aims to create an interoperable payment token for over 300,000 corporate clients. MUFG will be the first user for internal settlements. The stablecoin is expected to roll out by year end, potentially establishing Japan’s first unified bank-backed stablecoin network and accelerating crypto adoption in the region’s financial infrastructure.

Uniswap expands to Solana blockchain

Uniswap has expanded its web app to support the Solana blockchain, enabling users to trade Solana-based tokens, the platform announced in a blog post on Wednesday (October 15). This move broadens Uniswap’s reach beyond Ether, lowering transaction costs and speed for DeFi traders using Solana’s high-performance network.

Ripple adds US$1 billion to XRP treasury

Ripple will reportedly add a US$1 billion purchase of its native XRP cryptocurrency to its digital asset treasury.

Sources for Bloomberg said the treasury funds, which will be raised through a special purpose acquisition company, will be used to support Ripple’s ecosystem development, liquidity provision and strategic partnerships, reinforcing Ripple’s commitment to growing XRP’s adoption in global payments.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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finlay minerals ltd. (TSXV: FYL,OTC:FYMNF) (OTCQB: FYMNF) (‘Finlay’ or the ‘Company’) is pleased to announce that it has closed its non-brokered private placement (the ‘Private Placement’), previously announced on October 6, 2025, consisting of the issuance of: (i) 10,633,999 flow-through units of the Company (each, a ‘FT Unit’) at a price of $0.15 per FT Unit, and (ii) 883,000 non-flow-through units of the Company (each, a ‘NFT Unit’) at a price of $0.13 per NFT Unit, for aggregate gross proceeds to the Company of $1,709,890.

Each FT Unit is comprised of one common share of the Company issued on a flow-through basis under the Income Tax Act (Canada) (a ‘FT Share‘) and one-half of one non-flow-through common share purchase warrant (each whole warrant, a ‘Warrant‘). Each Warrant is exercisable by the holder thereof to acquire one non-flow-through common share of the Company (a ‘NFT Share‘) at an exercise price of $0.25 per NFT Share until October 17, 2027.

Each NFT Unit is comprised of one NFT Share and one Warrant with identical terms to the Warrants underlying the FT Units.

The Company intends to use the gross proceeds of the Private Placement for exploration of the Company’s SAY, JJB and Silver Hope properties, and for general working capital purposes, as more particularly described in the offering document for the Private Placement. The Company will use the gross proceeds from the issuance of FT Shares to incur ‘Canadian exploration expenses’ and qualify as ‘flow-through critical mineral mining expenditures’, as such terms are defined in the Income Tax Act (Canada).

The Private Placement was conducted pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions and in reliance on the Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The securities issued to purchasers in the Private Placement are not subject to a hold period under applicable Canadian securities laws. The Private Placement is subject to final approval of the TSX Venture Exchange.

The Company paid aggregate cash finder’s fees of $96,550.78 and issued 648,358 non-transferable finder warrants (each a ‘Finder Warrant‘) to arm’s length finders of the Company, as compensation for identifying purchasers in the Private Placement. Each Finder Warrant entitles the holder thereof to purchase one NFT Share at an exercise price of $0.25 per NFT Share until October 17, 2027. The Finder Warrants and the NFT Shares issued on exercise thereof are subject to a hold period expiring on February 18, 2026 in accordance with applicable securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.

About finlay minerals ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits through the advancement of its ATTY, PIL, JJB, SAY and Silver Hope Properties; these properties host copper-gold porphyry and gold-silver epithermal targets within different porphyry districts of northern and central BC. All of the properties are located in areas of recent copper-gold porphyry discoveries.

Finlay trades under the symbol ‘FYL’ on the TSXV and under the symbol ‘FYMNF’ on the OTCQB. For further information and details, please visit the Company’s website at www.finlayminerals.com 

On behalf of the Board of Directors,

Robert F. Brown,
Executive Chairman of the Board

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release includes certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘forward-looking statements’) within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as ‘expect’, ‘plan’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘schedule’, ‘forecast’, ‘budget’, ‘estimate’, ‘intend’ or ‘believe’ and similar expressions or their negative connotations, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’, ‘should’ or ‘might’ occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the final approval for the Private Placement from the TSXV and the planned use of proceeds for the Private Placement. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the ability to obtain regulatory approval for the Private Placement, the state of equity markets in Canada and other jurisdictions, market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay’s proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements, and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law. 

SOURCE finlay minerals ltd.

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