Category: Canada

(MENAFN– Newsfile Corp)
Rouyn-Noranda, Quebec–(Newsfile Corp. – July 9, 2025) – Radisson Mining Resources Inc. (TSXV: RDS) (OTCQB: RMRDF) (” Radisson ” or the ” Company “) is pleased to announce a positive Preliminary Economic Assessment (the ” PEA “) for the O’Brien Gold Project (” O’Brien ” or the ” Project “) located in the Abitibi region of Québec. Highlights are as follows (all figures are in Canadian dollars and troy ounces unless noted):

Basis of Study:

Assumes off-site toll milling based on the results of a recent milling assessment and metallurgical study that demonstrated the potential compatibility of the nearby Doyon gold mill, part of IAMGOLD Corporation’s (” IAMGOLD “) Westwood Mine Complex¹. Off-site milling reduces capital costs, development risk, and project footprint.

Utilizes existing Mineral Resource Estimate (” MRE “), re-blocked with an updated cut-off yielding more ounces in more tonnes with good continuity at a lower average grade.

Presents a base case “snap-shot” study that excludes recent drilling successes outside the existing MRE and below historic mine workings, with a 50-60,000 metre (m) fully funded drill program ongoing.

Value:

After-tax Net Present Value at a 5% discount rate (“NPV5%”) of $532 million (“M”) , Internal Rate of Return (“IRR”) of 48% , and payback of 2.0 years at US$2,550/oz gold (“Au”).

After-tax NPV5% of $871M , IRR of 74% , and payback of 1.1 years at US$3,300/oz Au.

Cost:

Initial Capital Cost (“Capex”) of $175M and Life-of-Mine Sustaining Capital of $173M

Cash Cost² of US$861/oz and All-In Sustaining Cost¹ (“AISC”) of US$1,059/oz including conceptual 30% toll milling margin on processing and G&A costs.

Extremely capital efficient with after-tax NPV5% to Initial Capital Cost ratio of 3.0 at US$2,550/oz Au and 5.0 at a spot gold price of US$3,300/oz Au.

Production Profile:

11-Year Mine Life with 740 koz mined and 647 koz recovered at 87% average recovery with a gravity-flotation-regrind-leach flowsheet.

70 koz/annum average steady-state gold production (Years 2-8) at an average annual after-tax Free Cash Flow (“FCF”) of $97M .

Underground mining with long-hole stoping and minimal surface facilities.

Radisson will host a technical webinar on the O’Brien PEA on Wednesday July 9, 2025 at 11am ET (8am PT). Participants may register here . A recording will be available following the webinar.

Matt Manson, President & CEO, commented: “We are pleased to be reporting today the first modern mining study for the O’Brien Gold Project. This PEA builds upon the milling assessment completed earlier this year that demonstrated the potential viability of processing O’Brien mined material at a neighbouring mill. The result is a low cost and high value project should a beneficial milling arrangement be secured. By taking advantage of existing infrastructure in the region, the study surfaces considerable value for O’Brien while minimizing its environmental impact. The extremely high NPV5% to cost ratio demonstrates the efficient allocation of capital that this approach offers.

“Rather than high-grading the deposit, as was the case with the historic O’Brien Mine, the PEA is developed from the existing MRE with a lower cut-off, yielding more ounces, more tonnes and better mining continuity at lower average grades. From that starting point, we are presenting a fully underground mine plan, right sized at 1,200 tonnes per day (“tpd”) and optimized at a cautious US$2,000/oz gold price assumption, delivering 740,000 ounces of gold to the mill at high margins over an 11-year life. The O’Brien Gold Project’s legacy of high grades and visible gold continues to be an attribute of the current mine design and the ongoing exploration.”

Pierre Beaudoin, Chairman of the Board of Directors, commented: “The PEA announced today is a significant step forward for Radisson. The study outlines a credible mine plan and development strategy for O’Brien, offering shareholders significant value even on the existing mineral resources. This is also just a snap-shot of a project that is continuing to grow. The ongoing drill program is demonstrating impressive new gold mineralization outside the scope of this initial mine design. On the basis upon which the PEA is developed, we believe a significantly larger mineral inventory exists to our exploration horizon of 2,000 m depth. Recent drill results are supporting this thesis.”

Matt Manson continued: “We see in O’Brien a broad system of mineralization with significant scale potential. Our current focus at Radisson is to maximize this potential through the recently expanded drill program and our strong treasury. Today’s PEA, however, establishes a project development path that is practical and highly rewarding. We intend to further pursue this path with environmental baseline studies, additional engineering and mine plan optimization, community consultation, and dialog with potential processing partners.”

VIDEO: President & CEO Matt Manson comments on today’s news

O’Brien Gold Project Preliminary Economic Assessment

The PEA was completed by Ausenco Engineering Canada ULC (“Ausenco”) as lead consultant with specific responsibility for metallurgy, processing design, infrastructure and financial modelling. InnovExplo (a member of Norda Stelo Inc.; “Norda Stelo”) completed the mine design and mine scheduling, BBA Inc. were responsible for water management, surface facilities, and a review of the Project’s environmental assessment procedure and permitting requirements, and SLR Consulting (Canada) Ltd. (“SLR”) were responsible for the MRE.

The PEA is a companion study to a recently completed milling assessment for the Project in which a metallurgical program was conducted with representative samples of mineralized core from O’Brien. The samples were tested based on a series of flow sheet options which would conceptually be compatible with the nearby Doyon gold mill, part of IAMGOLD’s Westwood Mine Complex, with minimal adjustment to the existing Doyon mill configuration. The milling assessment was conducted under a Memorandum of Understanding (” MOU “) with IAMGOLD (Radisson news release dated September 9, 2024). The MOU is non-binding and non-exclusive and contains no specific terms around potential commercial arrangements between the parties. The PEA has been completed independently by Radisson and establishes criteria for the development of O’Brien based on processing and tailings management at an existing off-site facility under a toll milling arrangement.

Cautionary statement : Readers are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

Table 1 : Summary of Key Results and Assumptions in the PEA

Production Data note 1	Values	Units
	Life-of-Mine	11	Years
	Total Resource Mined	4,575	kt
	Total Waste Mined	3,314	kt
	Average Head Grade	5.0	g/t Au
	Contained Gold	740	koz
	Recovered Gold	647	koz
	Average Gold Recovery	87%
Years 2-8: Steady State Run-Ratenote2	Average Production Mining Rate	1,160	tpd
Average Annual Gold Production	70	koz
Average Head Grade	4.9	g/t Au
Annual Average After-Tax Free Cash Flow	$97	C$M
Capital Costs note 1	Values	Units
	Initial Capital	$175	C$M
	Sustaining Capital (Excluding Closure)	$173	C$M
	Capital Intensity (Initial Capital/oz milled)	$172	US$/oz
Life-of-Mine Operating Costs notes 1 ,3	Values	Units
	Miningnote 3	$76	C$/t milled
	Processing	$38	C$/t milled
	G&A	$31	C$/t milled
	30% Processing Toll note 4	$19	C$/t milled
	Total Operating Cost	$163	C$/t milled
	Refining & Transport	$6	US$/oz
	Royalties	$10	C$M
	Total Cash Cost	$861	US$/oz
	All-In Sustaining Costnote 5	$1,059	US$/oz
Financial Analysis note 1	Values	Units
	Gold Price for Financial Analysis	$2,550	US$/oz
	US$:C$ Exchange	$0.73
	Pre-Tax NPV5%	$782	C$M
	Pre-Tax IRR	65%
	Pre-Tax Payback	1.4	years
	After-Tax NPV5%	$532	C$M
	After-Tax IRR	48%
	After-Tax Payback	2.0	years
	Mine Revenue	$2,258	C$M
	EBITDA	$1,496	C$M
	EBITDA Margin	66%
	Pre-Tax Unlevered Free Cash Flow	$1,146	C$M
	After-Tax Unlevered Free Cash Flow	$803	C$M

Notes:

Denotes a “specified financial measure” within the meaning of NI 52-112. See note on “Non-IFRS Financial Measures”.

Represents full calendar years

LOM operating costs includes cash operating costs during the initial capital period. Mining operating costs exclude waste development costs and mobile equipment costs which are captured as sustaining capital items

Processing toll milling charges are conceptual and have been estimated by Ausenco based on recent industry precedent

AISC includes Royalties, Total Cash Costs and Sustaining Capital, including closure costs. Excludes corporate G&A.

Mineral Resources

The MRE for the Project was originally disclosed in March 2023 (Radisson news release dated March 2, 2023 ) based on 325,509 m of drilling completed to the end of 2022 and authored by SLR. Indicated Mineral Resources were estimated at 0.50 million ounces (1.52 million tonnes at 10.26 g/t Au) with additional Inferred Mineral Resources of 0.45 million ounces (1.60 million tonnes at 8.66 g/t Au). The 2023 study utilized a 4.5 g/t Au cut-off at US$1,600/oz Au with certain assumptions for minimum mining width, mining costs, C$:US$ exchange and metallurgical recovery. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

For the purposes of the PEA, the 2023 block model was re-blocked by SLR in the Z-direction to 5 m to allow for more flexible underground mine design, and an updated cut-off and set of economic criteria were applied consistent with Deswick Stope Optimizer (“DSO”) parameters used for the optimization of the underground mine schedule and the Project’s recent milling assessment. The MRE now utilizes a cut-off of 2.2 g/t Au at US$2,000/oz Au. No other changes were made. This has the effect of increasing tonnage and ounces and decreasing average grade compared to the previous estimate (Table 2).

Table 2 : Mineral Resource Estimate Using a 2.2 g/t Au Cut-Off and US$2,000/oz Gold Price
(Numbers in Italics Represent Changes from the MRE based on a 4.5 g/t Au Cut-Off and US$1,600/oz Gold Price.)

Category	Tonnes (kt)	Grade (g/t Au)	Oz (koz Au)
Indicated	2,204	+45%	8.2	-20%	582	+16%
Inferred	6,671	+317%	4.4	-50%	932	+109%

Notes:

Prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards (2014) and Best Practice Guidelines of Mineral Resources and Reserves (2019).

Mineral Resources are reported above a cut-off grade of 2.2 g/t Au based on a C$172.5/t operating cost.

Mineral Resources are estimated using a long-term gold price of US$2,000/oz Au, a US$:C$ exchange rate of 1:1.33, and a metallurgical recovery of 90%.

Wireframes were modelled at a minimum width of 1.2 m.

Bulk density varies by deposit and lithology and ranges from 2.00 t/m3 to 2.82 t/m3.

Full length composites were capped 40 g/t Au.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Numbers may not add due to rounding.

Between the end of 2022 and the present, Radisson completed approximately 50,000 m of additional drilling at the Project. Drilling that was completed within the volume of the MRE is assessed to have no material impact on the overall contained mineral resource, such that the MRE is appropriate in SLR’s opinion for mine planning. Drilling that was completed outside the volume of the MRE, including below the level of the historic mine workings at O’Brien, has indicated the presence of significant additional gold mineralization that is not incorporated in the current conceptual mine plan. Radisson expects to complete a further 50,000-60,000 m of drilling in 2025 and 2026, at which time the Company expects to complete an updated MRE.

Mining

The PEA describes an 11-year mine life based on the mining of 4.57 Mt of mineralized material and 3.31 Mt of waste rock (Table 3). Mining will be fully underground with long-hole stoping and a cemented rock backfill. Stope design is benefitted by good spatial continuity of reported resource blocks at the lower cut-off grade. Minimum and average stope widths are 2.2 m and 2.7 m respectively, including 0.7 m of planned dilution. The mine will be accessed by way of twin 4.5 m by 4.5 m ramps from surface to a depth of 950 m with 86 kilometres (km) of development. Mining equipment includes 20 tonne trucks with rock haulage assisted by vertical conveyors delivering mined material from the 300 m level to a surface run-of-mine pad. The underground mine design does not incorporate any infrastructure from the historic O’Brien Mine. A shaft at the historic Kewagama Mine site east of O’Brien will be reused for ventilation. Mined material will be trucked by road for processing.

Table 3 : Mined Material

Material	Tonnes (kt)	Oz (koz Au)	Head Grade (g/t Au)
Production Stopes	3,146	588	5.8
Marginal Stopes	169	16	2.9
Development	469	91	6.0
Low-Grade Development	790	45	1.8
Total Mineralized Mined Material	4,575	740	5.0
Waste	3,314	n/a	n/a

Figure 1: Annual Average Production Schedule

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The underground mine was designed and production scheduled on the basis of a DSO optimization at US$2,000 Au and production cut-off grades of 3.05 g/t Au and 3.11 g/t Au depending on the royalty to be considered. “Mined Material” is categorized as Production Stope Material, Marginal Stope Material, Development Material, Low-Grade Development Material and Waste. In Years 2-8 during which the Project maintains steady-state operation, production from stopes averages 1,160 tpd. However, the PEA contemplates up to 2,000 tpd of mill capacity. Consequently, all mineralized mined material is scheduled for processing (Figure 1), resulting in an average head grade of 5.0 g/t Au, delivering an average of 1,410 tonnes of mined material daily to the mill, and eliminating the requirement for a low-grade stockpile.

Mineral Resources not included in the mine plan are those considered too isolated or too marginal at a US$2,000/oz DSO optimization. The mine design also excludes Mineral Resources located in the former Thompson Cadillac mine area or in areas considered too close to the historic workings. The quantity of mineralized mined material in the mine design is highly sensitive to the gold price assumption, with the DSO optimization delivering significantly more mined material in both existing production stopes and development areas, as well new stopes and development areas, at higher gold prices.

Infrastructure and Site Facilities

The Project is located adjacent to the Trans-Canada Highway 117 and has existing road access to the historic O’Brien mine site. The PEA contemplates twin underground mine portals located 2 km to the east of the historic site, with new haul roads, a waste rock pad, a run-of-mine pad, laydown areas, the surface installation of a vertical conveyor, trenches and sumps for water management, and a waste-water treatment plant. The PEA does not contemplate a mill, tailings deposition, accommodation camp, or major maintenance facilities. Small vehicle maintenance and site offices/mine dry will be provided from existing facilities or temporary modules. A new substation will derive power from the adjacent 112 kV high voltage transmission line operated by Hydro-Québec.

Processing ^{(See footnote 1)}

The PEA contemplates processing and tailings deposition at an off-site facility. To assess the viability of this scenario, Radisson conducted a metallurgical study and milling assessment under the auspices of an MOU with IAMGOLD to assess the design criteria for processing O’Brien mined material at the nearby Doyon gold mill, the processing facility for IAMGOLD’s Westwood Mine Complex. The Doyon mill is located 21 km west of O’Brien and directly accessible along Trans-Canada Highway 117.

The metallurgical results of this milling assessment were previously reported (see Radisson news release dated February 3, 2025) and are incorporated into the PEA. Gold recoveries of between 86% and 96% were obtained based on a series of flow sheet options, all of which are compatible with the Doyon mill with minimal or modest additional capital. The metallurgical program was undertaken at the Lakefield, Ontario facilities of SGS Canada Inc. under the supervision of Ausenco.

The Doyon mill currently operates at approximately 3,000 tpd with a conventional cyanidation process. Mined material is processed with a primary crusher and a two-stage semi-autogenous SAG mill/Ball mill grinding at 75 μm (P80). Leaching is by way of two stage Carbon-in-Leach and Carbon-in-Pulp circuits. The PEA contemplates a Gravity-Flotation-Regrind-Leach flow sheet and assumes Radisson deploying $21M of capital to upgrade the gravity and flotation circuits at Doyon that have been used previously but are currently inactive.

The Doyon mill currently processes approximately 1,000 tpd from the underground Westwood mine and approximately 2,000 tpd from the nearby Grand Duc open pit. Processing of Grand Duc material is estimated to be completed in early 2027, as outlined in the Westwood Mine Complex technical report dated September 30, 2024. Hence, the PEA envisions up to 2,000 tpd of mill capacity available for O’Brien at Doyon, allowing for the direct shipment of both production material and lower grade development material at an average of 1,400 tpd. The PEA does not anticipate the stockpiling of low-grade mined material at the O’Brien site, resulting in a significant cost saving.

Life-of-mine average gold recovery with the Gravity-Flotation-Regrind-Leach flowsheet is estimated at 87%. This is based on 90% recovery for the O’Brien metallurgical sample at an average grade of 6.3 g/t Au and the application of a grade-recovery model to the average head-grade expected in the PEA of 5.0 g/t Au after the processing of low-grade development materials.

O’Brien gold mineralization is associated with pyrite and arsenopyrite. The metallurgical program determined average arsenic values of 0.4% to 0.5% in whole rock, relevant if material is being sent to tailings deposition on-site, and 4.6% in flotation concentrate, relevant if a concentrate is being sold to an off-take agent. These values are consistent with precedent projects in Québec’s Abitibi and offtake threshold limits for concentrates of high-grade gold projects. The PEA contemplates tailings deposition after leach without a segregated tailings impoundment. If one is required, additional capital expenses would be incurred.

The PEA contains estimates of operating and capital costs for trucking, processing, tailings management and G&A developed by Ausenco from first principles based on the metallurgical results and precedent projects. These costs correspond well to recently reported operating results from the Doyon facility. The PEA’s financial results reflect an additional 30% charge on processing and G&A costs, corresponding to approximately $19/t, to reflect the impact of a potential toll milling charge. The MOU between Radisson and IAMGOLD contains no specific terms around potential commercial arrangements between the Parties, including the use of the Doyon mill or the terms of potential toll-milling. There is no certainty that any arrangement between the Parties will result from their dealings pursuant to the MOU, which is non-binding and non-exclusive.

Capital and Operating Costs ^{(See footnote 1)}

Initial Capital costs (Table 4) are estimated at $175M and reflect costs incurred during a 21-month period of early works, mill modification and principal mine construction to the end of the first quarter of Year 2 and the attainment of commercial production. The Initial Capital cost estimate excludes both pre-production mine operating costs and revenue, which are reflected in the Life-of-mine operating cost and revenue estimates, and excludes development costs incurred prior to the commencement of early works. Contingencies on individual capital line items in the underground mine design are at 15%, developed within the material, productivity and cost estimates. Contingencies on non-underground mine items, and on mill modifications and surface facilities, are at 25%.

Life-of-mine Sustaining Capital costs are estimated at $173M and reflect capital costs incurred after the first quarter of Year 2, including underground mine development costs in waste rock and underground mine infrastructure, but excluding mine closure and salvage. Mobile mining equipment is scheduled to be purchased in installments, and is represented as Initial Capital, to the extent that a payment or deposit occurs within the project construction period, and as Sustaining Capital to the extent it occurs during the operating phase.

Table 4: LOM Capital Costs

Item note 1,2	Cost (C$M)
Mining Capex	$93
Mobile Equipment	$25.7
Mine Development	$47.4
Buildings	$0.4
Mine Services	$19.7
Process Plant	$21
Flotation	$4.5
Regrind	$14.1
Reagents	$2.0
Onsite Infrastructure	$16
Offsite Infrastructure	$8
Indirects	$14
Owners Costs	$4
Cash Contingency	$20
Total Initial Capital	$175
Sustaining Capital	$173
Closure	$5
Salvage	$(3)
Total	$ 350

Notes:

Denotes a “specified financial measure” within the meaning of NI 52-112. See note on “Non-IFRS Financial Measures”.

Columns may not sum exactly due to rounding.

Mining, haulage and water management operating costs (Table 5) are estimated at $75.66/t milled (LOM). These are developed by Norda Stelo from first principles based on recent precedent projects with similar mining methodologies and location. Total life-of-mine mining costs, including mining related Initial Capital, Sustaining Capital and Operating costs are $581M, or $127/t milled. Processing and G&A cost estimates are developed by Ausenco from first principles based on the results of the milling assessment conducted at the Doyon mill and based on recent precedent projects. Toll Milling Charges are conceptual and have been estimated by Ausenco based on recent industry precedent.

Total Cash Costs are US$861/oz with AISC of US$1,059/oz (LOM). AISC3 during the steady-state operations of Years 2-8 is estimated at US$1,106/oz.

Table 5 : Life-of-Mine Operating Costs and AISC

Item note1,2	Value	Units
Mining, Haulage and Water Management	$346	C$M
$75.66	C$/t milled
Processing & Tailings Treatment	$173	C$M
	$37.71	C$/t milled
Process Toll note3	$87	C$M
	$18.94	C$/t milled
G&A	$142	C$M
	$31.06	C$/t milled
Total	$747	C$M
	$163.38	C$/t milled
Off-Site Costs, Refining and Transport	$6	C$M
Royalties	$10	C$M
Total Cash Costs	$861	US$/oz Au
Sustaining, Closure, Salvage Capital	$197	US$/oz Au
Total AISC note4	$1,059	US$/oz Au

Notes:

Denotes a “specified financial measure” within the meaning of NI 52-112. See note on “Non-IFRS Financial Measures”.

Columns may not sum exactly due to rounding.

Conceptual and estimated based on recent industry precedent.

AISC includes Royalties, Total Cash Costs and Sustaining Capital, including closure costs and corporate G&A.

Financial Analysis

At a long-term consensus gold price of US$2,550 and an exchange rate of 0.73 (US$/C$) the Project generates an after-tax NPV5% of $532M and IRR of 48% (unlevered; Table 6). Payback on initial capital is 2.0 years. The Project’s valuation is discounted to Year -0.5 when early works would be scheduled to commence.

Table 6: Valuation Sensitivities to the Gold Price (after-tax, unlevered)

Gold Price (US$/oz) Price Case		$1,800 Downside	$2,200	$2,550 Base Case	$3,000 Upside	$3,300 Spot	$4,000
After Tax NPV (C$M)	0%	$340	$587	$803	$1,081	$1,266	$1,698
3%	$244	$448	$626	$856	$1,009	$1,366
5%	$193	$374	$532	$736	$871	$1,188
8%	$134	$286	$419	$591	$705	$971
10%	$102	$239	$358	$512	$614	$853
IRR		21%	35%	48%	64%	74%	100%
NPV 5% /Capex		1.1	2.1	3.0	4.2	5.0	6.8
Payback note 2	Years	4.3	2.7	2.0	1.4	1.1	0.7
Total After Tax FCF note1, 3	C$M	$340	$587	$803	$1,081	$1,266	$1,698
Average Annual FCF note1, 4	C$M	$48	$74	$97	$127	$147	$194

Notes:

Denotes a “specified financial measure” within the meaning of NI 52-112. See note on “Non-IFRS Financial Measures”.

Payback is defined as achieving cumulative positive free cashflow after all cash costs and capital costs, including sustaining.

Calculated LOM, unlevered.

Calculated for Years 2-8 of steady state production, unlevered.

LOM EBITDA is estimated at $1.5 billion (“B”), with an effective EBITDA margin of 66%. LOM after-tax FCF is estimated at $0.8B on an unlevered basis. Annual average after-tax FCF during the steady-state operations of Years 2-8 is estimated at $97M. The Project is forecast to generate federal and provincial income taxes and mining duties of $343M.

At spot gold of US$3,300/oz gold, the Project generates an after-tax NPV5% of $871M, IRR of 74%, and payback on initial capital of 1.1 years. The Project is cash positive after-tax at gold prices above US$1,260/oz.

The Project is most sensitive to revenue attributes such as gold price, head grade and exchange rate, followed by operating cost and capital cost (unlevered; Table 7). Valuation sensitivities on conceptual toll-milling charges expressed as margins on processing and G&A costs of between 0% and 60%. At 0% toll, the Project has an after-tax NPV5% of $578M and IRR of 52% (unlevered; Table 8).

A 2% Net Smelter Royalty (“NSR”) is applied on gold production on certain claims on the easternmost portion of the property in the favour of Globex Mining Enterprises Inc., covering approximately 22% of the scheduled gold production.

Table 7: Valuation Sensitivities to Certain Operating Parameters (after-tax, unlevered)

Factor		-20%	-10%	0%	10%	20%
Operating Cost	IRR	55%	51%	48%	44%	40%
NPV5%	$611	$572	$532	$493	$454
Initial Capital Cost	IRR	57%	52%	48%	44%	41%
NPV5%	$557	$545	$532	$520	$508
		0.65	0.70	0.73	0.80	0.85
$C:$US F/X	IRR	59%	52%	48%	40%	35%
NPV5%	$674	$582	$532	$432	$370

Table 8 : Project Sensitivity to Potential Toll-Milling Charges (after-tax, unlevered)

Toll Margin	0%	30%	60%
IRR	52%	48%	44%
NPV5%	$578M	$532M	$487M

Cautionary statement : Readers are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

Permitting and Environmental Assessment

The Project is located within the Abitibi-Témiscamingue region of Québec in the township of Cadillac, part of the municipality of Rouyn-Noranda. First Nations (“FN”) within the Project’s expected area of expected economic and social influence are the Pikogan FN (Abitibiwinni) and Long Point FN (Anishinabeg). BBA Inc. were retained to provide a roadmap for social and environmental assessment and mine permitting based on the project scope presented in the PEA. A 3.5-year process of environmental assessment, technical studies, community consultation and permitting is anticipated prior to the commencement of mine construction. The Project is subject to the Québec Environmental Quality Act (“EQA”) and, following changes to the EQA proposed in the November 2024 Act to Amend the Mining Act and Other Provisions, is expected to be subject to a Québec Environmental Impact Assessment and Review. The Project is not expected to be subject to a Federal Impact Assessment procedure but will be subject to the Metal and Diamond Mining Effluent Regulations (Fisheries Act).

NI 43-101 Technical Report

Radisson will file a Technical Report prepared in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for the O’Brien Gold Project Preliminary Economic Assessment on SEDAR+ on or before August 21, 2025.

Qualified Persons

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. Richard Nieminen, P.Geo, (QC), a geological consultant for Radisson and a Qualified Person for purposes of NI 43-101. Mr. Nieminen is independent of Radisson and the O’Brien Gold Project.

Renée Barrette of Ausenco Engineering Canada ULC, is the Qualified Person responsible for the preparation of the Project’s milling assessment, PEA metallurgy, and for PEA financial model which is based on capital costs, operating costs, and the mining cost provided by other parties.

Mr. Luke Evans, M.Sc., P.Eng., ing, of SLR Consulting (Canada) Ltd., is the Qualified Person responsible for the preparation of the MRE at O’Brien.

Mr. Marc R. Beauvais, P.Eng. of InnovExplo, a member of Norda Stelo, is the Qualified Person responsible for the mine design and mine scheduling.

Mr. Hugo Latulippe of BBA is the Qualified Person responsible for the permitting, environmental, social, water management and closure cost estimate.

Each of Mr. Nieminen, Ms. Barrette, Mr. Evans, Mr. Beauvais and Mr. Latulippe have reviewed and approved the technical information contained in the PEA and in this press release in their area of expertise and are considered to be “independent” of Radisson and the O’Brien Gold Project for purposes of NI 43-101.

Non-IFRS Financial Measures

The Company has included various references in this document that constitute “specified financial measures” within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators, such as, for example, Free Cash Flow, EBITDA, Total Cash Cost and All-In Sustaining Cost. None of these specified measures is a standardized financial measure under International Financial Reporting Standards (“IFRS”) and these measures might not be comparable to similar financial measures disclosed by other issuers. Each of these measures are intended to provide additional information to the reader and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Certain non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.

Total Cash Cost and Total Cash Cost per Ounce

Total Cash Cost is reflective of the cost of production. Total Cash Cost reported in the PEA include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Cost per Ounce is calculated as Total Cash Cost divided by payable gold ounces.

All-in Sustaining Cost (AISC) and AISC per Ounce

AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEA includes total cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Ounce is calculated as AISC divided by payable gold ounces.

Free Cash Flow (FCF)

FCF deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

EBITDA excludes from net earnings income tax expense, finance costs, finance income and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose.

About Radisson Mining

Radisson is a gold exploration company focused on its 100% owned O’Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. A July 2025 Preliminary Economic Assessment described a low cost and high value project with an 11-year mine life and significant upside potential based on the use of existing regional infrastructure. Indicated Mineral Resources are estimated at 0.58 million ounces (2.20 million tonnes at 8.2 g/t Au), with additional Inferred Mineral Resources estimated at 0.93 million ounces (6.67 million tonnes at 4.4 g/t Au). Please see the NI 43-101 “Technical Report on the O’Brien Project, Northwestern Québec, Canada” effective March 2, 2023 and other filings made with Canadian securities regulatory authorities available at for further details and assumptions relating to the O’Brien Gold Project.

For more information on Radisson, visit our website at or contact:

Matt Manson
President and CEO
416.618.5885
…

Kristina Pillon
Manager, Investor Relations
604.908.1695
…

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to the ability to execute the Company’s plans relating to the O’Brien Gold Project as set out in the PEA; the Company’s ability to complete its planned exploration and development programs; the absence of adverse conditions at the O’Brien Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the O’Brien Gold Project profitable; the Company’s ability to continue raising necessary capital to finance its operations; the ability to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies, local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future;, planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, and the ability to incorporate new drilling in an updated technical report and resource modelling; the Company’s ability to grow the O’Brien Gold Project; the ability to negotiate and execute an arrangement with IAMGOLD related to the Doyon Mill on satisfactory terms or at all; and the ability to convert inferred mineral resources to indicated mineral resources.

Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others; the risk that the O’Brien Gold Project will never reach the production stage (including due to a lack of financing); the Company’s capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company’s activities; price volatility and availability of commodities; instability in the global financial system; the effects of high inflation, such as higher commodity prices; the risk of any future litigation against the Company; changes in project parameters and/or economic assessments as plans continue to be refined; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks relating to the drill results at O’Brien; the significance of drill results; and the ability of drill results to accurately predict mineralization. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.

Please refer to the “Risks and Uncertainties Related to Exploration” and the “Risks Related to Financing and Development” sections of the Company’s Management’s Discussion and Analysis dated April 29, 2025 for the years ended December 31, 2024, and the Company’s Management’s Discussion and Analysis dated May 28, 2025 for the three-months ended March 31, 2025, all of which are available electronically on SEDAR+ at . All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

¹ IAMGOLD has not independently confirmed the processing assumptions, metallurgical results and/or cost assumptions associated with the required mill upgrades in the scenarios outlined in the PEA.
² Denotes a “specified financial measure” within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators (“NI 52-112”). See note on “Non-IFRS Financial Measures”.

To view the source version of this press release, please visit

SOURCE: Radisson Mining Resources

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Author of the article:

Published Jul 09, 2025  •  2 minute read

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Calgary, Alberta–(Newsfile Corp. – July 9, 2025) – Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) (“Arrow” or the “Company“), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, announces the resignation, effective immediately, of Anthony Zaidi from the Board of Directors of Arrow, to pursue other opportunities.

Anthony had been a Director of Arrow since December, 2020 and has been essential to the growth and success that the Company has experienced since that time. Arrow wishes Mr. Zaidi the best in his future endeavors.

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Marshall Abbott, CEO of Arrow Exploration Corp., commented:
“Mr. Zaidi has been a valued member of the Arrow team, and we wish him every success in his future pursuits. We would like to thank Anthony for all his professionalism and the strong relationships that he built with Arrow employees. Anthony has made great efforts to transform Arrow from a start-up organization into an established international explorer, developer and producer and we will always be grateful for his contributions.”

For further Information, contact:
Arrow Exploration

Marshall Abbott, CEO	+1 403 651 5995
Joe McFarlane, CFO	+1 403 818 1033
Canaccord Genuity (Nominated Advisor and Joint Broker)
Henry Fitzgerald-O’Connor James Asensio George Grainger	+44 (0)20 7523 8000
Auctus Advisors (Joint Broker)
Jonathan Wright	+44 (0)7711 627449
Rupert Holdsworth Hunt
Camarco (Financial PR)
Owen Roberts	+44 (0)20 3781 8331
Rebecca Waterworth

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About Arrow Exploration Corp.

Arrow Exploration Corp. (operating in Colombia via a branch of its 100% owned subsidiary Carrao Energy S.A.) is a publicly traded company with a portfolio of premier Colombian oil assets that are underexploited, under-explored and offer high potential growth. The Company’s business plan is to expand oil production from some of Colombia’s most active basins, including the Llanos, Middle Magdalena Valley (MMV) and Putumayo Basin. The asset base is predominantly operated with high working interests, and the Brent-linked light oil pricing exposure combines with low royalties to yield attractive potential operating margins. Arrow’s 50% interest in the Tapir Block is contingent on the assignment by Ecopetrol SA of such interest to Arrow. Arrow’s seasoned team is led by a hands-on executive team supported by an experienced board. Arrow is listed on the AIM market of the London Stock Exchange and on TSX Venture Exchange under the symbol “AXL”.

NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258155

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Albanian prosecutors have issued 14 precautionary measures and arrested nine individuals linked to Bankers Petroleum Albania as part of an investigation into tax evasion and money laundering, the General Prosecution Office said in a statement. 

Bankers Petroleum Albania is a subsidiary of China’s Geo-Jade Petroleum, and the largest oil producer in Albania. It manages the Patos-Marinza oil field, which is the country’s largest and ranks among the biggest onshore oil fields in Europe. 

The probe, launched in December following a referral from the Tax Investigation Directorate, alleges that the company reported financial losses for 20 years while generating significant revenue from oil production and sales, allowing it to evade taxes and claim fraudulent VAT reimbursements.

“The investigations substantiated that from 2004 to the end of 2024, the company has consistently reported financial losses, resulting in no revenue being accrued by the Albanian state from its activities over the past 20 years,” the prosecutor’s office said. 

“This is despite the extraction and trading of substantial quantities of fuel in the oil-rich regions of Patos-Marinëz-Fier.”

According to the statement, the company reported exports and domestic sales worth more than ALL532bn (€3.5bn) over the period. Prosectors said Bankers reported tax expenses exceeding revenue generated, declaring losses in each fiscal year amounting to a total of ALL117bn. 

“Preliminary findings from the investigation establish that the financial damage inflicted on the state budget, particularly through fraudulent VAT claims, amounts to several million euros,” the statement said. 

Among those detained are the company’s current administrator, identified by prosectors as H.X — Hongping Xiao according to local media — and its former administrator, L.Ç. (Leonidha Çobo), along with several others in leadership positions. Authorities have also declared five individuals, mostly foreign nationals, wanted in connection with the case.

The charges under investigation include “creation of fraudulent schemes regarding value added tax”, “concealment of income”, “laundering the proceeds of criminal offence or criminal activity” and “abuse of office”, prosecutors said.

“It is suspected that, throughout its operations, ‘Bankers Petroleum Albania Ltd’ has artificially inflated its expenses with the intent of reporting losses in its annual financial statements,” the prosecution said. 

“As a result, the company has evaded payment of corporate taxes while benefiting from VAT reimbursements through fraudulent schemes, with the assistance of individuals and other contracting entities engaged in various activities,” it added. 

Prosecutors, working with the local police and tax authorities, conducted searches at company offices and private residences, seizing documents and materials linked to the alleged crimes.

Authorities said investigations remain ongoing into alleged fraudulent VAT schemes and money laundering activities involving individuals and contractors in Albania and abroad.

“Fier Prosecution reaffirms its commitment to effectively pursuing criminal prosecution and holding accountable those responsible for these tax and fiscal offences,” the office said.

Bankers responded on July 4 with a statement saying its leadership team “has integrated honesty into every aspect of BPAL operations”. 

“In response to recent regulatory investigations, BPAL and our parent company, BPL, are committed to fully cooperating with Albanian authorities,” said the statement posted on Facebook. 

“We are in the process of appointing a senior representative to ensure full cooperation and operational transparency. We respect and support all legal measures to maintain regulatory standards and integrity in Albania. So far, our operations remain stable, our core team is complete and our daily activities continue without major interruptions.” 

In 2004, Canada-based Bankers secured an agreement granting it the right to operate the Patos-Marinza oilfield in Albania. Four years later, the company expanded its presence in the country by acquiring the Kuçova oilfield, Albania’s second-largest onshore oilfield.

The company was acquired by affiliates of China’s Geo-Jade Petroleum Corporation in 2016 in a deal valued at around CAD575mn. Following the deal, Bankers’ shares were delisted from the Toronto Stock Exchange and the AIM market of the London Stock Exchange.

Bankers says it has invested $4.5bn in the Albanian economy since 2004, and been responsible for 83% of crude oil production.

[PRESS RELEASE] – STAMFORD, Conn., July 8, 2025 – Curaleaf Holdings Inc., a leading international provider of consumer cannabis products, announced that it has acquired the equity stake in Curaleaf International Holdings Limited previously held by a single strategic institutional investor. The transaction brings the company’s stake in its European holding company to 100%.

The transaction represents the completion of a put/call option that was agreed with the strategic investor at the time of its participation in Curaleaf’s original investment into Europe in 2021. Following the pricing mechanism incorporated in the put/call option, the investor elected to receive the purchase entirely in Curaleaf subordinate voting shares. The acquisition strengthens the company’s control over its European operations, enabling enhanced strategic alignment across international markets. The request from the strategic investor to settle the transaction for company shares underscores the investor’s long-term support and confidence in Curaleaf’s future.

The issuance of the subordinate voting shares in connection with the transaction was conditionally approved by the Toronto Stock Exchange on June 25, 2025, subject to fulfilling customary listing conditions. The transaction was completed on July 2, 2025.

Boris Jordan, executive chairman of Curaleaf Holdings, said:

“This consolidation of ownership of our European holding company enables us to streamline decision-making, strengthen alignment across regions, and accelerate our strategic initiatives in Europe with greater autonomy. This development marks another important milestone in Curaleaf’s continued commitment to international expansion and long-term value creation for shareholders. We thank our partners for their long-standing support and belief in Curaleaf’s future.”

(MENAFN– PR Newswire)
“We are making steady progress in laying the groundwork to bring i-80’s industry-leading pipeline of high-grade projects into production over the coming years,” stated Paul Chawrun, Chief Operating Officer of i-80 Gold. “Drilling is underway across several key properties as we prepare for upcoming feasibility studies, in addition to optimization work for the Lone Tree refurbishment study. At the same time, permitting efforts continue to gain momentum across our new projects, which we believe will help to de-risk our development pipeline.”

Granite Creek Underground

Granite Creek Underground, i-80’s first gold operation, continues to progress ramp-up activities toward steady state production. The implementation of a predictive hydrogeological model completed in the first quarter has enabled a more proactive dewatering of underground workings. The model has guided the management of mine contact water and the installation of permanent underground dewatering infrastructure planned through the remainder of the year, including additional surface wells and the installation of an expanded water treatment plant.

Infill drilling of the South Pacific Zone has commenced from both surface and underground following the completion of the underground exploration drift in the second quarter (see Figure 2 in Appendix). The infill campaign is expected to drill more than 40 holes for approximately 14,000 meters of core. In addition, a feasibility study is now underway, targeting completion in the first quarter of 2026, one quarter later than originally intended due to a delayed start to drilling. This feasibility study will incorporate an updated mineral resource estimate reflecting results from the current drill program.

Lone Tree Autoclave Processing Facility

Optimization of Lone Tree feasibility work is currently underway in collaboration with Hatch Ltd., an industry leader in autoclave technology, building on the internal feasibility study completed in 2023. The updated feasibility study for the facility’s refurbishment will incorporate value engineering initiatives and updated cost estimates to support an improved execution strategy. Completion of the revised feasibility study is targeted for the fourth quarter of 2025. Concurrently, i-80 is recruiting the owner’s team to oversee the engineering and execution of Lone Tree’s refurbishment, along with risk mitigation planning and opportunities to accelerate the development timeline.

Lone Tree’s existing processing facility is permitted, with the only additional permits and renewals required in the normal course being for the processing and environmental controls included in the refurbishment plan. Lone Tree is one of three autoclave facilities in Nevada, and a strategic asset in unlocking value from i-80’s three underground deposits by providing an owner-operated processing facility for the Company’s high-grade underground refractory material.

Archimedes Underground – Ruby Hill Property

At Archimedes, i-80’s second planned underground mine, the final stages of permitting are nearing completion, with approval for advancement expected in the third quarter of 2025. This phase of permitting covers mining activities above the 5100-foot elevation, a threshold consistent with previously approved permits for open pit mining at Ruby Hill. Permitting below the 5100-foot elevation is expected to begin immediately upon receipt of the first phase of permits. This sequential approach to permitting expedites mining while simultaneously pursuing remaining permits for the lower section. Surface infrastructure for the external portal has been completed, and the initial development of the underground exploration drift is anticipated to commence shortly.

Initial infill drilling of the upper zone is scheduled to begin from underground in the fourth quarter of 2025 followed by underground infill drilling of the lower zone planned in the first quarter of 2026 (see Figure 3 in Appendix). The upper zone will be the first to be mined as it is located above the 5100-foot elevation. Collectively, these infill programs are anticipated to include more than 175 holes for approximately 60,000 meters of core. Results from the infill drilling will be included in a feasibility study targeting completion in the first half of 2027. Archimedes is expected to begin contributing to production in late-2026 to early-2027.

Cove Underground

At Cove, the Company’s third planned underground mine, infill drilling has been completed, and feasibility-level work is underway with feasibility study completion targeted for the first quarter of 2026, one quarter later than originally targeted in the development plan to accommodate additional metallurgical test work.

National Environmental Policy Act (NEPA) permitting activities are also underway with the Bureau of Land Management (BLM) in anticipation of an Environmental Impact Statement (EIS). i-80 is actively advancing major permit applications with the goal of aligning regulatory approvals with planned development timelines. The Company has recently expanded its permitting team and continues to work collaboratively with regulators and local stakeholders. Cove is expected to begin contributing to company-wide production in mid-2029.

Granite Creek Open Pit

Following the release of the Granite Creek Open Pit PEA, technical work is underway to advance the project toward either a pre-feasibility or a feasibility-level study. Simultaneously, trade off analyses are being conducted to optimize the economics of the project. Permitting work is in the initial stages and advancing as expected. Granite Creek Open Pit has the potential to contribute to company-wide production by the end of the decade.

Mineral Point Open Pit – Ruby Hill Property

Mineral Point, an oxide heap leach project, is an earlier stage project within i-80’s portfolio of assets. Mineral Point has the potential to become the Company’s largest producing asset and is expected to provide the biggest step change in company-wide production starting the second half of 2031. Core drilling was initiated in June to support ongoing hydrological, geological and geotechnical assessments. The results are expected to support the mine design and metallurgical studies as part of advancing the project toward the next stage of technical evaluation. Following the release of a PEA in the first quarter of 2025, strategic evaluations are underway to determine optimal timing of a pre-feasibility or feasibility-level study.

Qualified Persons

All scientific and technical information contained in this press release has been reviewed, verified and compiled under the supervision of Paul Chawrun, P.Eng., member of the Professional Engineers of Ontario (PEO) and the Company’s Chief Operating Officer, and Tyler Hill, CPG., Vice President Geology for the Company, each of whom is a “Qualified Person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and S-K 1300 and Subpart 1300 of Regulation S-K under the U.S. Securities Act of 1933, as amended.

About i-80 Gold Corp.

i-80 Gold Corp. is a Nevada-focused mining company committed to building a mid-tier gold producer through a new development plan to advance its high-quality asset portfolio. The Company is the fourth largest gold mineral resource holder in the state with a pipeline of high-grade exploration projects advancing towards feasibility and one operating project ramping-up toward steady state, all strategically located in Nevada’s most prolific gold-producing trends. Leveraging its fully permitted central processing facility following an anticipated refurbishment, i-80 Gold is executing a hub-and-spoke regional mining and processing strategy to maximize efficiency and growth. i-80 Gold’s shares are listed on the Toronto Stock Exchange (TSX: IAU) and the NYSE American (NYSE American: IAUX). For more information, visit .

Cautionary Statement Regarding Forward-Looking Information

Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including but not limited to statements pertaining to the Company’s future plans and operations; the perceived merit of projects or deposits; the impact, timing, and execution of the Company’s new development plan; the anticipated timing of permitting, production, project development or completion dates for feasibility studies and technical studies; execution and timing of all asset advancements in the new development plan; that ramp-up activities at Granite Creek will lead to steady state production; the Granite Creek dewatering campaign; the potential to utilize Lone Tree autoclave infrastructure to process mineralized material pending the outcome of the 2025 refurbishment class 3 engineering study; that Mineral Point will become the Company’s largest producing asset and is expected to provide the biggest step change in company-wide production; the successful permitting of each project; the ability to further de-risk the development pipeline; the timing, completion and results of the Company’s drill programs; the inclusion of drill results in future feasibility studies; that any of the projects will reach commercial production; and the Company’s ability to achieve mid-tier production status. Furthermore, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results and speak only as of the date of this release or as of the dates specified in such statements, and are expressly qualified in their entirety by this cautionary statement. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.

Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: delays to the Company’s new development plan, the receipt of regulatory approvals and permits, material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labor unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, please see “Risks Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks pertaining to the Company, which is available on EDGAR at and SEDAR+ at . Readers are encouraged to carefully review these risk factors as well as the Company’s other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators.

APPENDIX

Figure 1: i-80 Gold’s new development plan for its Nevada-based asset pipeline.

Notes for Chart Above:
Anticipated timelines illustrated above are subject to permitting, technical studies, balance sheet recapitalization, and Board approval, as well as the completion of the autoclave refurbishment class 3 engineering study (where a series of trade-off scenarios will be considered comparing full autoclave refurbishment to alternate toll milling and ore purchase agreement options that could potentially be available), and the successful funding, development, and commissioning of the Company’s Lone Tree autoclave.

Figure 2: Mineral deposits within the Granite Creek Underground Project.

Figure 3: Mineral deposits within the Archimedes Underground Project.

SOURCE i-80 Gold Corp

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As Canada looks to land a new economic and security partnership with the United States within two weeks, there’s bad news for this country: The American economy just keeps humming along. Confused? We’ll dig into how the U.S.’s economic resilience is messing with our hand at the negotiating table, after today’s news:

First up

In the news

Politics: Cabinet ministers are being asked to find “ambitious” internal savings ahead of the 2025 budget

Trade: U.S. President Trump threatens higher tariffs on more than a dozen countries, but extends negotiating deadline

Court: Bridging Finance receiver PwC files $1.4-billion lawsuit against ex-auditor Ernst & Young

M&A: Royal Gold launches friendly $5-billion takeovers of Sandstorm Gold, Horizon Copper

On our radar

• At home, the Ivey Purchasing Managers Index will be released for the month of June, broadly forecasted to rise again.
• In the U.S., consumer credit data will be released as fears of recession set in. In May, Americans slowed down credit card usage.

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Open this photo in gallery:

In focus

Searching for signs

Good morning, this is Jason Kirby, an economics reporter at The Globe.

In last Friday’s Business Brief dispatch, my colleague, Tim Kiladze, told you about his recent road trip through the roaring economic boom of the U.S. southeast – in particular, North Carolina, South Carolina and Georgia.

Powered by lower costs, strong job growth and solid “vibes,” the region’s good fortunes have provide a buffer against disruption that Trump’s immigration and trade war policies are inflicting in other parts of the U.S.

It’s one of the ways the American economy has defied the low expectations that accompanied Trump’s first few months in office.

What’s going right (for Trump, at least)

• Jobs: As Trump launched his trade war with Canada and Mexico, and then the rest of the world, economists warned uncertainty would force American companies to retrench. Instead, businesses have kept on hiring. In the first half of the year, the U.S. added 1.2 per cent more jobs than during the same period in 2024.
• Inflation: Stop me if you’ve heard this one (by me, for one) – Trump’s tariffs are a tax on American consumers and will cost middle-class households US$1,200 more this year in higher prices. Except, so far, U.S. inflation has remained muted. Yes, tacos have a lot to do with that. Trump has repeatedly back peddled on the most outlandish tariffs and punted deadlines, like he did again Monday when he ratcheted up his trade threats but extended the pause on his “Liberation day” tariffs to Aug. 1. It still means consumers have yet to really feel much tariff bite at the check out counter.
• Investment: Trump has boasted about the influx of mega-investment deals flowing into his country. Whether those claims translate into actual factories or fizzle out like they often did during his first term, business investment has powered on by one important metric. The number of new business applications is on track to hit an all-time high, a sign American entrepreneurialism is alive and well.

What’s going wrong (for Canada’s bargaining position)

This is all really not very good news for Canada, which is an odd way to think about things. Traditionally, when the giant U.S. economy does well, the momentum pulls its junior partner to the north along.

However, these aren’t normal times. And it’s not just because Canada is being hit disproportionately hard hit by U.S. tariffs.

From the outset of the trade war, Canada’s response was one-part counter tariffs, one-part support programs for impacted workers and one-part waiting for Trump to shoot off Uncle Sam’s foot.

In short, Canada was counting on Trump’s tariffs to deliver some measure of pain to American consumers by this point.

Angry consumers and corporate leaders, the thinking went, would complain to their local and state leaders (especially the Republican ones) who would then pressure Washington to come to its senses.

But if the U.S. economy keeps chugging along, that urgency goes away, as does a chunk of our soft-power leverage in talks with the Trump administration

Damage delayed

America’s economic resilience in the face of Trump’s policy chaos is a slightly-comforting reminder of the limit of any president’s ability to deep-six the economy.

Presidents (and yes, prime ministers) excel at presenting themselves as helmsmen of their economies, quick to claim credit when times are good. Likewise, critics will readily lay blame for quarterly shortfalls in economic and job growth numbers.

But none of this is to downplay the damage Trump’s policies are certain to inflict over the longer term. His threats to the independence of the U.S. Federal Reserve and the explosive deficits inherent in the Big Beautiful Bill will wreak havoc on America’s fiscal stability and reliance as a destination for investment.

And his push to close the U.S. off from the world’s immigrants doesn’t just cause headaches for businesses trying to find labour. Some 44 per cent of U.S. unicorns (billion-dollar startups) are launched by foreign-born entrepreneurs.

But in the short term, don’t be surprised if the U.S. economy maintains its teflon-like strength.

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Charted

WFH, CEOs and DOB

As some companies push for their employees to return to the office, there’s an important distinction between those businesses who want to see their cubicles full again and those content with the Zoom life: The age of the chief executive officer.

Remote work is much more prevalent in workplaces with younger CEOs, according to a new report from economic research organization WFH Research, based on an online survey of 200,000 American workers.

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Bookmarked

On our opinionated reading list

Kelly: AI officiating at Wimbledon gives us a grim look into our future

Turley-Ewart: Mark Carney, Canada’s ‘finance daddy,’ is having problems delivering

Carlson: Facing such fancy Chinese EVs, do Western carmakers even have a future?

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Morning update

Global markets edged mostly higher in cautious trading as investors assessed latest twist in U.S. President Donald Trump’s tariff rollout. Wall Street futures were mixed while TSX futures were in positive territory.

Overseas, the pan-European STOXX 600 was down 0.08 per cent in morning trading. Britain’s FTSE 100 rose 0.18 per cent, Germany’s DAX gained 0.11 per cent and France’s CAC 40 slid 0.13 per cent.

In Asia, Japan’s Nikkei closed 0.26 per cent higher, while Hong Kong’s Hang Seng advanced 1.09 per cent.

The Canadian dollar traded at 73.22 U.S. cents.

As official talks kick off in Jamaica on the need for rules to protect the ocean floor for generations to come, the world’s first commercial deep-sea mining operation in international waters may be about to get underway. 

The US National Oceanic and Atmospheric Administration (NOAA) is yet to formally announce whether it will begin the process of reviewing a controversial application to begin extracting seabed metals. 

But if, as expected, the agency stamps the application as “ready to review,” it will then have six-months to decide whether Canadian start-up, The Metals Company (TMC), can begin mining the deep seas. 

TMC submitted its application after US President Donald Trump signed an April executive order to fast-track private claims to scour the ocean floor for precious minerals. Even though no global rules for such activity yet exist.

Under a UN law, international waters are considered by 1693 countries and the European Union, to be the “common heritage of humanity.” Unlike the US, they are all members of the International Seabed Authority (ISA), which was established to protect ocean floor ecosystems. It does not allow deep-sea mining, though it has issued some exploration permits. 

As the seabed is known to hold rich deposits of minerals like copper, cobalt, and nickel, considered important for EV batteries and a green energy transition, it is very attractive for mining enterprises like TMC.

The company and the Washington adminitration have framed any mining activity off the back of Trump’s April executive order as a matter of national security, and a way to compete with China, which dominates the rare earth elements market. 

But scientists, legal experts, and industry analysts are warning that the risks to the climate, to international law, and to the ocean itself, may outweigh the rewards.

The same story, deeper waters?

This isn’t the first time Gerrard Barron, CEO of The Metals Company has made a bold bet to mine the ocean. A decade ago, he was an early investor in a Canadian company called Nautilus Minerals, that pledged to extract metals including copper and gold from the seabed off the Pacific Island state of Papua New Guinea. 

A little over a decade after going public on the Toronto Stock Exchange in 2007 and raising hundreds of millions from investors, Nautilus went bankrupt without ever commerically mining the sea. Barron bailed early and reportedly left with approximately $30 million. But Papau New Guinea, which has limited resources to invest in infrastructure, education, or health, was left with rusting equipment and over $120 million (€101 million) in public losses — in keeping with exchange rates of the time.

TMC began its current journey as DeepGreen, founded in 2011 by Nautilus Minerals’ former CEO David Heydon. Gerrard Barron later took over, became CEO and ahead of its public listing in 2021, rebranded the enterprise as The Metals Company.

This time, the idea is to mine the high seas, otherwise known as international waters. To do so, TMC acquired subsidiaries in the three small Pacific nations of Nauru, Tonga and Kiribati. Acting as state sponsors, they applied for ISA exploration contracts in the Clarion‑Clipperton Zone — an international seabed rich in polymetallic nodules. Though deep-sea mining there had not been sanctioned, the ISA was considering easing the rules. 

A company under pressure

By late 2023, TMC faced a double-bind. The ISA had not established rules for commercial mining, and a growing list of European governments — including Germany,  Spain and Sweden as well as several Pacific Island states, had declared national moratoria pauses on the practice. TMC’s stock value tumbled in respsonse and the Nasdaq threatened delisting. 

So, the Metals Company changed tactics, according to information compiled by Greenpeace Germany investigation unit and the US-based anti-corruption nonprofit Anti-Corruption Data Collective.

Data seen and analyzed by DW shows that TMC shifted its lobbying strategy from ocean-policy committees, where environmental resistance was strongest, towards US defense and national security officials. Urging that seabed minerals were not just a green-tech resource, but a national-security weapon against China.

In an earlier interview with DW, Barron said “Trump being elected was very good news for us.” Indeed, just weeks after the US president signed his executive order on deep sea mining, share prices shot up. 

How vital are these metals?

TMC also still says its mining plans are essential for the clean energy transition. Among other metals, the nodules it is hoping to retrieve from the seabed contain cobalt and nickel, which once dominated EV batteries. And copper which powers nearly every electric system. But demand forecasts are evolving.

“Battery chemistry has changed dramatically. LFP batteries, which use no cobalt or nickel, now make up over 56% of the global EV battery market,” said Tony Dutzik, a senior analyst at the US-based environmental-policy think tank Frontier Group. “That undercuts the urgency.”

According to the International Energy Agency (IEA), demand for cobalt and nickel is now only expected to double in net zero scenarios by 2040, a more modest outlook than earlier expectations of steeper growth. Meanwhile, the IEA estimates that more than half of cobalt demand and 12% of nickel could be met through recycling.

“According to the ISA’s own estimates, copper from deep-sea mining would meet only about 1% of global demand by 2035,” Dutzik added. “If we focused more seriously on recycling and smarter product design… we could significantly reduce the need for new mining—whether on land or at sea.”

TMC did not respond to a request for additional comment on changes to its narrative around why deep sea mining is critical.

National security or political spin?

Alex Gilbert, an energy-and-resource analyst at the Payne Institute, says the “real linchpin is processing,” adding that is “where China is explicitly using control right now.” Because most processing is done in China, he says mining access alone would not loosen Beijing’s grip. 

Even so, Gilbert says if “proven viable” deep-sea nodules “can be a potential part of the solution, not the solution.” Of the roughly 50 minerals Washington deems critical, polymetallic nodules cover three, nickel, cobalt, and manganese. “If DSM can help with those four, that’s a real benefit,” he said, providing the United States, or close allies, builds the first dedicated nodule refineries on land.

Will deep sea mining damage the ocean floor?

TMC insists its impact on the seabed will be minimal and says test operations show promise for ecosystem recovery over time. But deep-sea biologists like Beth Orcutt remain unconvinced.

“In sites where small-scale mining tests were done in the 1980s, microbial life still hadn’t recovered 26 years later,” said Orcutt, senior scientist at the Bigelow Laboratory  for Ocean Sciences in Maine. “These are not dead zones. They’re living systems.”

Orcutt’s research shows that microbial communities support essential ecosystem functions, including carbon cycling, nutrient retention, and possibly even oxygen production. 

“We don’t yet understand what we’re destroying,” she said. “And once it’s gone, we can’t bring it back.”

The production of this investigation was supported by a grant from the Investigative Journalism for Europe (IJ4EU) fund.

Edited by: Tamsin Walker