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Nuvau Provides Comprehensive Exploration Update at Matagami

Investing 13 Mins Read

Drilling Confirms Gold Discovery and Significant Progress at Caber Complex

Nuvau Minerals Inc. (TSXV: NMC) is sharing positive results and significant progress at its Matagami Project in today’s comprehensive exploration update.

‘Multiple new discoveries, including the recent discovery of gold mineralization, demonstrate the potential of this large-scale property that was historically recognized solely for its base metal potential. The confirmation of a gold-bearing orogenic system adjacent to existing mine infrastructure significantly expands the opportunity for value creation. Nuvau is geared to continue the exploration on this large land package in the Abitibi,’ said Peter van Alphen, CEO of Nuvau Minerals Inc.

Highlights include the continued validation of the orogenic gold system that was discovered adjacent to the fully permitted Bracemac mine, and positive results from drilling additional zones on the Property, such as high-grade base metal mineralization at Caber and Renaissance:

  • Discovery of Bracemac orogenic gold system
    • First drill hole (BRCG-25-01) intersected 8.87 g/t Au over 1.05 m, including 16.02 g/t Au over 0.55
    • Visible gold observed in three of four orientation holes completed to date, confirming the presence and continuity of the gold-bearing shear zone
  • Caber Complex — 14 holes totaling 10,426 m completed to upgrade resources prior to an updated Mineral Resource Estimate (MRE)
    • GCB-24-113: 5.49% Cu, 5.95% Zn, 0.15 g/t Au, and 35.66 g/t Ag — 2.8 m
    • GCB-24-114: 4.43% Cu, 2.07% Zn, 0.12 g/t Au, and 9.05 g/t Ag — 2.75 m
    • GCB-24-116: 1.85% Cu, 3.10% Zn, 0.05 g/t Au, and 9.81 g/t Ag — 27.2 m
  • Renaissance Zone — 27 holes drilled, with 16 holes containing massive to semi-massive sulphides; initial MRE underway following highlight results including 1.03% Cu, 9.16% Zn, 0.03 g/t Au, and 6.54 g/t Ag over 4.7 m
  • McLeod Extension — MRE in progress following 7 new intersections from 5,526 m of additional drilling to follow-up the 2023 discovery of 15.9 m grading 2.81% Cu, 14.80% Zn, and 0.39 g/t Au. New step-out results include:
    • 0.52% Cu, 10.96% Zn, 0.42 g/t Au, and 11.71 g/t Ag over 4.20 m
    • 2.45% Cu, 0.24% Zn, 0.11 g/t Au, and 11.39 g/t Ag over 7.75 m

Drilling is underway to follow-up the recent discovery of gold mineralization with 25 m of the existing mine access ramp at the Bracemac Mine. Visible gold has now been observed in three of four holes drilled in this new target, confirming a continuous shear zone intersected in all holes drilled to date. The system is hosted within a tonalite intrusive rock unit in the footwall of the Bracemac Mine, a rock unit where almost no historic holes have been drilled.

Gold exploration program
Operated by Glencore until June 2022, the Bracemac-McLeod mine was one of 12 past-producing base metal mines on Nuvau’s 1,300 km² land package. Historic mining focused entirely on copper and zinc mineralization. Key infrastructure remains in place, and the mine remains permitted for operation. Little to no gold exploration was undertaken by the previous operators due to the previous focus on base metals.

Visible gold mineralization was observed in the first hole drilled to test the first of three priority gold exploration targets that Nuvau identified on this large-scale property. The current drill campaign is aimed at defining the parameters of this newly-identified gold-bearing structure. To-date, four drill holes spaced 25 to 40 metres apart have established the strike and dip of the host shear zone that is injected with quartz veins containing minor pyrite. A fifth hole is underway to test 100 metres below the initial drill holes.

Visible gold has now been observed in three holes with all holes having intersected a sheared intrusive (tonalite) containing folded quartz-calcite-chlorite veins, mineralized with 1-3% pyrite. The first hole intersected 8.87 g/t Au over 1.05 m with numerous grains of visible gold identified. Assay results from additional holes remain pending.

Figure 1: 3D view showing general location of the gold-bearing structure

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11236/264895_5883ee3814ecf89c_001full.jpg

Figure 2: Inclined long-section

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11236/264895_5883ee3814ecf89c_002full.jpg

Caber Complex
Fourteen drill holes were completed totaling 10,426 m. This drilling was designed for the conversion of resources and to collect samples for metallurgical studies in preparation for a feasibility study of the Caber Complex deposits. A revised MRE is in progress and an updated PEA is planned with the aim of optimizing the Caber Complex mine plan and incorporating the potential restart of the Bracemac-McLeod Mine and mill complex into a detailed economic analysis.

Table 1: Assay results for the Caber Complex drill program

Hole ID from to length Cu% Zn% Au(g/t) Ag(g/t)
GCB-24-112 Reassays ongoing
GCB-24-113 547.00 557.70 10.70 1.53 1.64 0.09 16.14
And 600.35 603.15 2.80 5.49 5.95 0.15 35.66
And 677.55 703.85 26.30 0.23 0.31 0.03 1.18
GCB-24-114 591.85 594.40 2.55 0.11 12.55 0.07 12.33
And 655.60 657.70 2.10 1.36 4.14 0.09 25.95
And 733.45 756.00 22.55 0.65 0.76 0.03 1.50
Incl 748.55 751.30 2.75 4.43 2.07 0.12 9.05
And 756.90 763.60 6.70 0.54 0.02 0.02 0.33
GCB-24-115 Reassays ongoing
GCB-24-116 509.80 537.00 27.20 1.85 3.10 0.05 9.81
And 559.30 565.50 6.20 0.51 0.21 0.01 0.95
GCB-24-117 460.50 495.00 34.50 0.89 0.99 0.10 6.69
And 495.00 498.55 3.55 0.37 0.01 0.04 6.37
GCB-24-118 415.20 417.00 1.80 0.06 0.56 0.00 1.08
And 493.80 496.80 3.00 0.01 0.44 0.00 1.00
And 565.60 583.55 17.95 0.85 2.44 0.09 14.82
And 590.35 595.10 4.75 1.24 0.56 0.13 10.27
And 603.60 626.70 23.10 1.34 0.02 0.03 2.19
Incl 610.10 615.90 5.80 2.94 0.04 0.03 4.21
GCB-24-119 505.85 507.50 1.65 3.73 6.82 0.22 28.48
And 513.30 513.70 0.40 0.61 2.16 0.14 23.00
And 519.50 519.80 0.30 1.81 0.46 0.24 14.00
And 579.85 583.45 3.60 3.66 3.43 0.21 18.36
And 605.85 617.95 12.10 1.32 2.97 0.10 14.74
And 676.05 681.40 5.35 0.01 0.03 0.00 0.79
And 690.15 744.50 54.35 0.25 0.41 0.02 0.84
Incl 710.50 715.35 4.85 0.35 4.10 0.02 1.24
Incl 717.00 720.85 3.85 1.17 0.06 0.04 3.14
GCB-24-120 675.50 695.65 20.15 0.84 1.46 0.07 6.50
And 796.05 829.50 33.45 0.58 0.10 0.03 2.61
Incl 811.75 820.00 8.25 1.39 0.24 0.04 5.64
Incl 811.75 814.75 3.00 2.74 0.20 0.03 7.85
GCB-25-121 Reassays ongoing
GCB-25-122 Reassays ongoing
GCB-25-123 410.60 416.40 5.80 0.67 0.55 0.03 4.18
And 545.20 545.55 0.35 0.74 4.56 0.12 18.00
And 568.50 569.05 0.55 1.52 4.14 0.38 26.00
And 626.15 627.65 1.50 0.87 2.56 0.08 9.20
And 678.35 720.40 42.05 0.56 0.58 0.04 5.09
Incl 678.35 683.20 4.85 3.04 3.45 0.25 30.73
Incl 706.45 720.40 13.95 0.59 0.44 0.03 3.29
And 735.10 738.40 3.30 0.66 0.01 0.01 1.21
GCB-25-124 636.00 640.65 4.65 0.45 2.42 0.10 3.43
And 663.35 684.30 20.95 0.69 0.01 0.02 0.38
GCB-25-125 Reassays ongoing

 

Renaissance Zone
The Renaissance Zone was discovered by Nuvau in 2023, targeting a geophysical anomaly located in the ‘West Camp’ of the Matagami Property, immediately north of the Caber Complex deposits.

A total of 27 holes were drilled to test the Renaissance Zone, with 16 intersecting massive and semi-massive sulphide zones. An initial MRE for Renaissance is in progress. Results from the most recent drilling at Renaissance are provided in Table 2, below.

Table 2: Assays results for the Renaissance drilling program

Hole ID from to length Cu% Zn% Au(g/t) Ag(g/t)
REN-24-15 329.85 337.65 7.80 0.69 7.41 0.20 22.66
REN-24-16 280.80 281.80 1.00 0.12 1.35 0.01 5.00
REN-24-17 258.70 279.30 20.60 0.36 2.79 0.04 7.49
Incl 258.70 263.15 4.45 0.45 2.95 0.13 23.22
And 274.60 279.30 4.70 1.03 9.16 0.03 6.54
REN-24-18A No significant mineralization
REN-24-18 384.00 384.70 0.70 0.32 0.08 0.03 6.00
REN-24-19 Reassays ongoing
REN-24-20 463.65 478.35 14.70 0.72 1.66 0.05 6.47
Incl 463.65 472.75 9.10 0.77 1.86 0.03 5.48
And 476.10 478.35 2.25 1.47 3.13 0.20 18.60
REN-24-21 Reassays ongoing
REN-25-22 380.90 381.55 0.65 0.12 2.22 0.03 6.00
And 398.20 398.50 0.30 0.70 0.23 0.05 11.00
And 412.35 412.75 0.40 0.61 3.70 0.04 19.00
REN-25-23 294.00 295.00 1.00 0.01 0.85 0.00 0.00
And 303.00 303.60 0.60 0.01 0.81 0.00 0.00
REN-25-24 No significant mineralization
REN-25-25 No significant mineralization
REN-25-25EXT No significant mineralization

 

Figure 3: Renaissance Zone long-section

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11236/264895_5883ee3814ecf89c_003full.jpg

McLeod extension
Intersected in 2023, the McLeod Mine extension demonstrated the potential for additional resources adjacent to existing mine workings, at the permitted past-producing Bracemac-McLeod Mine.

The extension discovery hole (MCL-13-31W1) returned 15.9 m grading 2.81% Cu, 14.80% Zn, and 0.39 g/t Au.

Seven new intersections from 5,526 m of additional drill holes completed will be incorporated into a MRE that is in progress. This zone will, along with the Caber Complex, be incorporated into future studies assessing the potential restart of the Bracemac-McLeod Mine and associated economic analysis. New results from the McLeod drill program are provided in Table 3 below.

Table 3: Assay results for the McLeod extension drilling program

Hole ID from to length Cu% Zn% Au(g/t) Ag(g/t)
MCL-13-31W6 1498.6 1502.8 4.2 0.23 2.39 0.14 11.90
Incl 1499 1500.05 1.05 0.65 3.92 0.13 20.24
MCL-13-31W7 1400.6 1402.25 1.65 0.19 4.32 0.06 3.55
And 1426.85 1432.55 5.7 0.09 1.19 0.31 3.30
MCL-13-31W8 1248.6 1251.3 2.7 0.18 2.84 0.45 6.59
MCL-18-90W2 1605 1607.2 2.2 0.09 0.02 0.11 1.64
MCL-18-90W3 1625.7 1627.4 1.7 0.09 0.54 0.18 3.24
MCL-18-91W1 1500.2 1502.35 2.15 1.44 0.07 0.31 10.65
And 1510 1519.5 9.5 0.88 0.05 0.09 7.74
And 1531.5 1534.5 3 0.72 0.06 0.08 4.67
MCL-18-91W2 1586.8 1611.75 24.95 1.04 2.36 0.14 7.03
Incl 1586.8 1591 4.2 0.52 10.96 0.42 11.71
Incl 1604 1611.75 7.75 2.45 0.24 0.11 11.39

 

About Nuvau Minerals Inc.
Nuvau Minerals is a Canadian mineral exploration company advancing the Matagami mining camp, covering more than 1,300 km² of highly prospective ground in the Abitibi region of mine-friendly Québec. Nuvau’s principal asset is the Matagami Property, which is host to significant existing processing infrastructure and multiple mineral deposits, but has never been subjected to a comprehensive gold-focused exploration program. The Company is leveraging innovative exploration methods, including AI-supported generative targeting and hydro-geochemistry, to identify and develop new gold and base metal deposits.

Qualified Person and Quality Assurance
Gilles Roy P. Geo. (Qc), Director of Exploration of Nuvau and a ‘qualified person’ as is defined by National Instrument 43-101, has verified the scientific and technical data disclosed in this news release, and has otherwise reviewed and approved the scientific and technical information in this news release.

Drill core samples are sawn by staff technicians to create half core splits. One split is retained in the drill core box for archival purposes with a sample tag affixed at each sample interval and the other split is placed in a labelled plastic bag along with a corresponding sample number tag and placed in the shipment queue.

Quality control samples including blind certified reference material (‘CRM’), blank material, and core duplicates are inserted at a frequency of 1 in every 20 samples and sample batches of up to 60 samples were then shipped directly by Nuvau personnel to the ALS Canada Ltd. preparation laboratory in Rouyn-Noranda, Québec.

All submitted core samples are crushed in full to 95 % passing less than 2 mm (ALS code CRU-32). A 1000-gram sample was then riffled split from the crushed material and pulverized to 90 % passing 75 μm (SPL-22 and PUL-32a). Pulps are shipped from the preparation laboratory to ALS Canada Ltd.’s analytical lab in North Vancouver, British Columbia, for assay.

Lead, silver, copper and zinc analyses were determined by ore grade four acid digestion with an inductively coupled plasma atomic emission spectroscopy (‘ICP-AES’) or atomic absorption spectroscopy (‘AAS’) finish (ALS codes Pb-OG62, Ag-OG62, Cu-OG62 and ZnOG62), whereas gold was determined by 50 g fire assay analysis with an AAS finish (code Au-AA23).

A second method, PhotonAssay analysis (code Au-PA01), was used on a single sample from hole BRCG-25-01 where visible gold was observed. The remaining reject material was pulverized to 95% passing 106um (PUL-32a) and recombined with the remaining master pulp material and split into three jars (~500g each) and shipped from the preparation laboratory to ALS Canada Ltd.’s analytical lab in Thunder Bay Ontario, for photon assayed. The reported value is the combined weighted assay result representing the entire length of the sample. For comparison gold determined by 50 g fire assay analysis return 15.75 g/t Au, compared to 16.02 g/t Au by PhotonAssay.

ALS Canada Ltd. is an accredited, independent commercial analytical firm registered to ISO/IEC 17025:2017 and ISO 9001:2015.

For further information please contact:
Nuvau Minerals Inc.
Peter van Alphen
President and CEO
Telephone: 416-525-6063
Email: pvanalphen@nuvauminerals.com

Cautionary Statements

This news release contains forward-looking statements and forward-looking information (collectively, ‘forward-looking statements’) within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as ‘may’, ‘should’, ‘anticipate’, ‘will’, ‘estimates’, ‘believes’, ‘intends’ ‘expects’ and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning drill results relating to the Matagami Property, the results of the PEA, the potential of the Matagami Property, the timing and commencement of any production, the restart of the Bracemac-McLeod Mine, the completion of the earn-in of the Matagami Property and the timing and completion of any technical studies, feasibility studies or economic analyses. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company and the Matagami Property. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, neither the Company nor Nuvau undertakes any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/264895

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

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Venus Williams’ US Open doubles run ends with loss to No. 1 seeds

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NEW YORK — Venus Williams’ US Open is over after she and her doubles partner, Leylah Fernandez, were routed 6-1, 6-2 in their quarterfinal match by the No. 1 seeds, Taylor Townsend and Katerina Siniakova.

Williams and Fernandez had never played doubles together and entered the tournament as a wild-card entry. They surprised many by winning three matches, including a third-round tilt against the No. 12 seeds, Ekaterina Alexandrova and Shuai Zhang. After that match, Williams implored her younger sister, and former doubles partner, Serena, to show up at Flushing Meadows for additional support.

But this destruction took all of 56 minutes, as Townsend and Siniakova exerted their experience together, powering to the semifinals with 19 winners and an 88% win rate on their first serves.

US OPEN: No. 4 Jessica Pegula powers through Barbora Krejcikova to reach semifinals

INJURY UPDATE: Marketa Vondrousova withdraws from quarterfinal vs. Aryna Sabalenka

Townsend and Siniakova, who won Wimbledon in 2024 and the Australian Open in January, move on to the semifinals to take on No. 4 seed Veronika Kudermetova and Elise Mertens, who won their quarterfinal matchup over Mirra Andreeva and Diana Shnaider, the No. 5 seed, in straight sets.

The 45-year-old Williams, a seven-time Grand Slam singles champion, returned to the court earlier this summer after taking a 16-month break. She had not mentioned retirement and has continued to play competitive tennis, in both singles and doubles, since returning from her hiatus.

‘I don’t know. I was so focused on this tournament here. I really felt like we had a chance to really continue to play into the tournament,’ Williams said when asked about her post US Open plans. ‘So I haven’t given that any thought. I do have commitments, you know, places I said I’d be, people expecting me to be there, like, the next few weeks. So I have to go and show up.

‘But I’m very serious about my commitments. I would never want to cancel now, so I’ll try to keep those. If there is opportunity for me to play, then hopefully I can get back somewhere this year. I just don’t know. I really don’t.’

This post appeared first on USA TODAY

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Belichick’s humiliating debut shows UNC isn’t ready for SEC spotlight

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  • The Bill Belichick experiment will be hailed a success so long as North Carolina gets to call its shot in the next round of conference realignment.
  • North Carolina’s brand might be ready for prime time, but its team isn’t on the level of the SEC or the Big Ten.
  • Can Bill Belichick maintain a Deion Sanders-like effect for North Carolina? He electrified UNC football for one night, but will that last?

The luminaries assembled the way luminaries do. Jordan. Roy. The Muse. They gathered in luxury boxes.

They hovered above a sell-out crowd of 50,500 to create a scene worthy to be dubbed college football in the South. Maybe, one day, even worthy to be called college football in the SEC.

Because, that’s what this is about. You didn’t really think North Carolina hired Bill Belichick to deliver national championships, did you? Even university administrators aren’t that stupid.

The Beli Ball experiment and investment will be hailed a success so long as he ensures North Carolina gets to call its shot in the next round of conference realignment.

Which, is probably only a handful of years away. Best prepare now.

And, let’s be real, Belichick probably won’t be coaching North Carolina by then. By 2030, perhaps he’ll be enjoying retirement, unemployment and marital bliss, celebrating his wife’s 29th birthday, and waxing nostalgic about how he rode the coattails of a quarterback named Brady and convinced everyone he’s a coaching savant.

So long as Belichick sufficiently elevated UNC to a place to where the school can name its destination into a “Super Two” conference, where the cash flows, he’ll have achieved a feat. 

UNC’s brand and media market — everyone and your mother is moving to Charlotte — make the Tar Heels appealing to either the Big Ten or the SEC. The football program needs work. Never has that been more apparent than in Belichick’s college football coaching debut.

Belichick, wearing a snug hoodie, watched stoically as TCU humiliated his Tar Heels, 48-14. Belichick’s first impression spoiled before halftime. Behind him, fans filed out in the third quarter, probably with basketball on the brain.

As for UNC football, it looked as reputable as the school’s Afro-American Studies department. 

Never mind UNC’s cheating past, though. A history of academic fraud wouldn’t make it a pariah for the SEC. If anything, its decades-long harborage of phony classes shows the SEC and Big Ten that UNC cares enough about winning to execute an academic sham and then mount a successful defense to justify it to the NCAA.

Tennessee and Michigan could take inspiration from such chicanery.

The SEC and Big Ten won’t be inspired by the football product we saw on Labor Day, though. This team showed it’s not ready for prime time. 

In the short term, Belichick’s hiring galvanized a sleepy program. North Carolina already sold out its home games for the season. How much will those tickets be selling for on resale sites in November?

Because, if the opener is an accurate indication, Belichick’s team stinks.

If only it didn’t, because everything else about North Carolina makes it a slam dunk for either the SEC or the Big Ten the next time the realignment carousel swings into gear. 

North Carolina is one of those AAU schools the Big Ten likes. It would give the Big Ten an entry point into the South, which remains untapped terrain for a conference that spans from Los Angeles to Seattle to New Jersey and many outposts in between — except for lands that say y’all. 

The SEC’s past expansions operated much differently from the Big Ten’s quest to acquire brands from coast to coast. The SEC prefers to move into contiguous states to methodically expand the league’s footprint without betraying its carefully crafted Southern identity or its football fabric. 

The SEC Network is headquartered in Charlotte, and yet North Carolina remains the Southern-most state without an SEC school. For now, anyway.

ACC schools, like North Carolina, will become more accessible once their conference exit fees reduce in 2030.

It’s unrealistic to expect Belichick to turn basketball-forward UNC into Georgia or Ohio State. But, could he do for North Carolina what Deion Sanders did for Colorado?

Sanders supercharged the Buffaloes’ program and brand and helped ensure Colorado did not get left behind in the last round of realignment. The Buffaloes found a home within the Big 12. He made Colorado a television ratings dynamo. Games in Boulder became a party pad for celebrities.

Belichick is no Prime. The latter is a magnetic personality and a cultural icon who brought to Colorado a proven college football coaching record, albeit in the FCS ranks. Sanders benefited from installing his talented son as his quarterback. He also brought along a dual-position superstar, Travis Hunter, who revered Sanders. Hunter would go on to win the Heisman Trophy.

Oh, and Sanders beat TCU in his Colorado debut, too.

Unlike Prime, Belichick is a past-his-prime coach whose winning percentage in games not quarterbacked by Brady leaves a lot to be desired. He installed a son who’s an assistant coach. Steve Belichick is no Shedeur Sanders. None of the scores of transfers North Carolina nabbed this offseason compares to Travis Hunter. Belichick possesses not one-tenth of Coach Prime’s magnetism, nor his experience as a college coach and recruiter.

No matter what Sanders achieves the rest of his Colorado tenure, he’ll have been worth it. Just check out the school’s swelling enrollment, its Power Four status, and its TV ratings that defy gravity. 

For one night, Belichick electrified the place — up to the point TCU began the rout, anyway. How long can that last? Improving the team to the point of competence would help.

By 2030, Belichick might be retired to Maine, living as Mr. Hudson. Greatness may have eluded him at North Carolina. It’ll have been worth it for the Tar Heels, though, if they can say that a coach formerly known as an NFL legend helped them take their place at the vanguard of the next realignment rat race.

Blake Toppmeyer is the USA TODAY Network’s senior national college football columnist. Email him at BToppmeyer@gannett.com and follow him on X @btoppmeyer.

This post appeared first on USA TODAY

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Ohio State is new No. 1 in US LBM Coaches Poll after rankings shakeup

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After an opening week of marquee matchups and a few surprises, the first in-season US LBM Coaches Poll looks a bit different from the preseason version.

As one might expect, Ohio State takes over the top spot after vanquishing previous No. 1 Texas. The Buckeyes received 59 of 67 first-place votes, while the Longhorns were shuffled down to No. 6. Penn State moves up a spot to No. 2, claiming six No. 1 votes. No. 3 Georgia and No. 4 LSU picked up a first-place vote each, and Oregon moves up to give the Big Ten three entries in the top five.

Miami (Fla.) gains three positions to check in at No. 7 after taking down Notre Dame, which drops four spots to No. 9. Clemson slips just two positions to No. 8 after the loss to LSU, and Arizona State moves up a spot to No. 10.

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Florida State makes a splashy debut in the poll at No. 19 after toppling Alabama. As for the Crimson Tide, they slide all the way down from No. 8 to No. 20, their lowest position since being ranked No. 19 ranking on Nov. 28, 2010. Oklahoma also joins the poll at No. 24 on the eve of a date with No. 13 Michigan. Kansas State and Boise State fall out.

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Colorado coach Deion Sanders to play freshman QB Lewis against Delaware

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  • Freshman quarterback Julian ‘Juju’ Lewis will see playing time after not appearing in the season-opening loss.
  • Starting quarterback Kaidon Salter completed 17 of 28 passes for 159 yards and one touchdown against Georgia Tech.
  • Sanders had always planned to play Lewis this season but did not specify if the freshman would start.

Colorado football coach Deion Sanders said Tuesday, Sept. 2, that he will introduce a new element to his offense after his team got beat in a season-opening loss against Georgia Tech.

Instead of playing just one quarterback, the Buffaloes seem likely to play two, this time with freshman Julian “Juju” Lewis. Sanders said Lewis would play this Saturday against Delaware (1-0) after he didn’t see the field last week in the 27-20 defeat to the Yellow Jackets.

“He’s playing this week for sure,” Sanders said at his weekly news conference in Boulder. “I know when I’m going to see him. You just don’t know when you’re going to see him.”

Liberty transfer quarterback Kaidon Salter started the season opener and completed 17 of 28 passes for 159 yards and one touchdown. He missed on some key throws and also threw the ball at times when he should have run, as Sanders said after the loss. Salter added 13 carries for 43 yards and a touchdown for Colorado (0-1).

Why is Julian Lewis playing for Colorado this week?

The fact that Lewis is playing this week isn’t an indictment on Salter. Sanders said he had planned to play Lewis at times this season. He said he just didn’t think it was appropriate timing last week.

“Now he’s going to play, so I don’t even care about the flow with nothing,” Sanders said. “He’s playing.”

Sanders declined to say if Lewis might start against Delaware in a 3:30 p.m. ET game Saturday on Fox.

He also didn’t seem overly concerned about Salter being able to learn from his mistakes on Saturday. Sanders said he didn’t need to talk to him about using his legs more often to make gains.

“You don’t think he knows that?” Sanders said. “I’m pretty sure the internet has told him, you know, if I didn’t tell him. I don’t have to babysit. These are some grown men getting handsomely paid. I’m pretty sure they understand what the objective is to win and to exercise their skillset to its best possible usage. He knows what his gifts are. He’s just got to use them.”

Lewis is only 17 years old after graduating high school early in Carrollton, Georgia. He originally committed to play at Southern California before switching to Colorado.

Delaware up next for Colorado

Before the loss to Georgia Tech, Sanders never had lost a season opener as a college head coach. The big question now is how his team responds to it. A loss would be nearly catastrophic against the Blue Hens, a team playing its first season as a member of the Football Bowl Subdivision (FBS). A decisive win could restart the conversation about playing for the Big 12 Conference championship heading into its conference opener Sept. 12 at Houston.

Colorado kicker Alejandro Mata called the season-opening loss a “wake-up call.”

“We know that one game doesn’t define us and that if we want to make the playoff, we’ve got to win out,” Mata said Tuesday. “It’s part of the plan. It’s Plan A. And it hasn’t changed.”

Colorado receiver Omarion Miller has a hamstring injury and might not play. Running back Dallan Hayden also might not play because of injury. But Sanders said both positions have enough depth to be successful.

He also took issue with the first question of the news conference, which was about improving the offense under offensive coordinator Pat Shurmur. Sanders noted his defense gave up 320 rushing yards vs. Georgia Tech.

“It’s funny that you start out with Coach Shurmur, and we gave up over 300 yards. darn near 400 yards rushing,” Sanders said. “It’s ironic to me. It seems like you guys just pick and choose who you want to target. That’s cool. We didn’t lose the game because of Coach Shurmur, (or defensive coordinator Robert) Livingston or one specific thing. I gotta do a better job.”

Follow reporter Brent Schrotenboer @Schrotenboer. Email: bschrotenb@usatoday.com

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Sport

Mercury upend Fever for fifth straight win as WNBA playoffs loom

Sport 5 Mins Read

PHOENIX — The Phoenix Mercury are heating up at the right moment as the WNBA regular season winds down.

The Mercury (26-14) defeated the Indiana Fever (21-20) 85-79 at PHX Arena on Tuesday, Sept. 2 to record their fifth consecutive victory, marking Phoenix’s second longest winning streak of the season. It was a team effort for the Mercury, who move to 13-0 on the season when five or more players score 10 or more points.

Mercury forward Alyssa Thomas finished with a team-high 23 points, nine rebounds and nine assists in the win, finishing only one rebound and one assist short of her eighth triple-double of the season. Dewanna Bonner had 19 points off the bench, while Satou Sabally added 13 points.

Fever guard Kelsey Mitchell had 25 points, four assists and four steals in the losing effort. Lexie Hull added 15 points and five rebounds, while Aliyah Boston recorded 11 points and eight rebounds.

The Minnesota Lynx (No. 1 overall seed), Las Vegas Aces, Atlanta Dream and Mercury have all claimed playoff spots. The Fever are among five teams vying for the final four playoff berths with three games remaining in the season.

USA TODAY Sports had full coverage of the game between the Mercury and the Fever. Scroll below for highlights:

WNBA PLAYOFF PICTURE: Who clinched a postseason berth? Who’s in, Who’s out?

End of Q3: Mercury 67, Fever 57

The Fever came out the gate on a 6-0 run to cut the Mercury’s lead to single digits, but Phoenix was able to extend its lead again as the Mercury take a 10-point lead into the fourth quarter.

Alyssa Thomas has a team-high 17 points for the Mercury and is two rebounds and two assists away from her eight triple-double of the season. Dewanna Bonner added 13 points off the bench. The Mercury are collectively shooting 50% from the field and 35.3% from three.

Mercury guard Kahleah Copper appeared to go down with a right foot injury with 4:38 remaining in the third quarter. She attempted to play on but couldn’t put pressure on her foot. Copper limped over to the Mercury’s bench after a timeout was called and didn’t return in the quarter. Copper exited with nine points and three rebounds. (She returned in the fourth quarter.)

Kelsey Mitchell leads the Fever with 22 points, three assists and three steals. Lexie Hull added 12 points and four rebounds, while Aliyah Boston recorded 10 points, seven rebounds and five assists. The Fever’s bench, however, has only contributed four points.

Halftime: Mercury 54, Fever 39

Mercury guard Monique Akoa Makani pounded her chest as the crowd at PHX Arena went wild after she knocked down a 3-point shot to extend Phoenix’s lead to 15 points. The Mercury closed the second quarter on a 10-0 run and outscored the Fever 29-16.

Mercury forward Alyssa Thomas is already on triple-double watch. Thomas has recorded 14 points, six rebounds and seven assists through the first half. She has a record-setting seven triple-doubles on the season. The Mercury also got a huge lift off the bench from Dewanna Bonner. Bonner, who started the season with the Fever before joining the Mercury in July, is up to 11 points. The Mercury have the third-highest scoring bench in the league, averaging 24.8 points per game. 

The Fever have conceded 12 points on six turnovers so far. Mitchell was held scoreless in the second quarter after dropping 15 first-quarter points. Aliyah Boston struggled to find her shot and started the game off 0-for-4 before finding net for the first time with 6:30 remaining in the second quarter. She’s up to eight points and four assists. Lexie Hull added 10 points.

Phoenix Suns star Devin Booker in the building

The star-studded crowd at PHX Arena includes several Phoenix Suns players. Devin Booker, Jalen Green and Dillon Brooks were seated courtside for Tuesday’s matchup.

End of Q1: Mercury 25, Fever 23

Fever guard Kelsey Mitchell knocked down a 25-foot 3-pointer with 26.6 seconds remaining in the first quarter to give the Fever a one-point lead. Mercury guard Sami Whitcomb answered right back with a three of her own to put Phoenix back up, 25-23.

Mitchell came out red-hot in the first quarter and scored 15 of the Fever’s 23 points, shooting 5-of-6 from the field and 3-of-4 from the 3-point line. Despite Mitchell’s first-quarter performance, the Fever find themselves down by two points heading into the second quarter.

Kahleah Copper has a team-high nine points for the Mercury, while Alyssa Thomas, the Western Conference Player of the Week, has eight points, four assists and three rebounds.

What time is Indiana Fever vs. Phoenix Mercury?

The Phoenix Mercury host the Indiana Fever at 10 p.m. ET (7 p.m. PT) on Tuesday, Sept. 2, at the PHX Arena in Phoenix. The game will be broadcast nationally on NBA TV.

Phoenix Mercury starting lineup

Indiana Fever starting lineup

Fever injury report: Is Caitlin Clark playing?

Clark was ruled out of the Fever’s road matchup against the Mercury on Tuesday, marking her 19th consecutive absence with a right groin injury suffered on July 15. There’s no timetable for her return to the lineup.

Fever forward Chloe Bibby (left knee) will also be sidelined on Tuesday, in addition to guards Aari McDonald (broken right foot), Sydney Colson (left ACL tear) and Sophie Cunningham (right MCL tear), who all suffered season-ending injuries in August.

How to watch Indiana Fever vs. Phoenix Mercury: TV, stream

  • Time: 10 p.m. ET (7 p.m. PT)
  • Location:  PHX Arena (Phoenix)
  • TV channel: NBA TV
  • Streaming: Fubo (free trial to new subscribers)

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Our team of savvy editors independently handpicks all recommendations. If you purchase through our links, the USA Today Network may earn a commission. Prices were accurate at the time of publication but may change.

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Investing

Altech Batteries LtdCERENERGY Battery 46.7M Euro German Grant Approval

Investing 3 Mins Read

Perth, Australia (ABN Newswire) – Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) (OTCMKTS:ALTHF) is pleased to announce that it has received official written confirmation for the grant qualification of the CERENERGY(R) sodium-chloride solid-state battery project in Saxony, Germany to the value of 30% of the total capital expenditure excluding working capital, financing cost and interest during construction amounting to EUR46,725,802.

Highlights

– Altech Batteries GmbH’s CERENERGY(R) battery project has been approved by Germany’s Ministry of Economic Affairs and Energy as eligible for Grant receipt under the ‘STARK'(1) economic development program

– Altech Batteries GmbH’s CERENERGY(R) battery project passed the second stage of Government approval for a 30% CAPEX grant in the amount of 46.7 million Euro

– The grant approval is not yet final and conditional and subject to overall financial close and the availability of funds to be approved by the German parliament as part of the 2026 Government Budget

(1) STARK – Starkung der Transformationsdynamik und Aufbruch in den Revieren und an den Kohlekraftwerkstandorten

The STARK program supports projects that support the transformation process towards an ecologically, economically, and socially sustainable economic structure in the coal regions and is initiated by the German Federal Government and supported by the EU

Altech has been actively applying for various grants offered by the State of Saxony, Federal Government of Germany, and the European Union. The State of Saxony and Brandenburg, along with the European Union, offer substantial support for renewable energy projects, including grants under the STARK program aimed at converting lignite coal to renewable energy sources. These grants are part of broader efforts to transition regions dependent on fossil fuels toward sustainable energy solutions. Altech’s site, located in these areas, stands to benefit from various funding programs designed to support clean energy projects, including EU grants for energy transformation and innovation.

Having now received written confirmation of the STARK program for the CERENERGY(R) project, it is a great sign of support and a recognition of this innovative battery technology jointly undertaken by Altech and the Fraunhofer Gesellschaft.

About Altech Batteries Ltd:

Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS (‘Fraunhofer’) to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech’s land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.

Source:
Altech Batteries Ltd

Contact:
Corporate
Iggy Tan
Managing Director
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com

Martin Stein
Chief Financial Officer
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com

News Provided by ABN Newswire via QuoteMedia

This post appeared first on investingnews.com

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Investing

Heliostar Presents Second Quarter 2025 Financial Results

Investing 19 Mins Read

Q2 2025 Quarter Highlights

  • Q2 2025 production of 7,396 Gold Equivalent Ounces (GEOs)
  • Q2 2025 sales of 8,556 GEOs
  • Consolidated cash costs of $1,413 per GEO sold and consolidated all-in sustaining costs (‘AISC’) of $1,541 for Q2 2025
  • The Company is on track to achieve its annual sales guidance of 31,000 to 41,000 GEOs, annual cash cost of $1,800-1,900 per GEO sold and AISC of $1,950-2,100 per GEO sold for 2025
  • Mine operating earnings of $14.3M in Q2 2025
  • Closing the quarter with $29.7M in cash, $51.7 million in working capital and no debt

Heliostar Metals Ltd. (TSXV: HSTR,OTC:HSTXF) (OTCQX: HSTXF) (FSE: RGG1) (‘Heliostar’ or the ‘Company’) today reported unaudited financial results for the three months ended June 30, 2025 (‘Q2 2025’), which corresponds to the first quarter of Heliostar’s fiscal reporting year 2025. Results are presented in US dollars, unless stated.

Heliostar CEO, Charles Funk, commented, ‘Q2 2025 was another strong quarter for Heliostar with the mines continuing to perform as expected, funding our production and resource growth programs, and further strengthening our financial position. Our consolidated margin continues to expand in a strong gold price environment, with the Company reporting an operating margin of 51%. Looking forward, the Company is restarting mining at San Agustin in late 2025 and expects to expand its production profile in Q4 2025 and into 2026. We continue to deliver on our commitment to grow the Company to a mid-tier gold producer.

‘The strong balance sheet and operating cash flow allow Heliostar to accelerate our growth plans. At La Colorada, we are drilling additional historical stockpiles with the objective of extending production through 2026 ahead of the planned pit expansion at Veta Madre. At San Agustin, the Company has satisfied all permitting requirements to develop the Corner area, and preparations are ongoing to restart mine operations before the end of the year. This restart is fully funded from cash on the Company’s balance sheet. Further, the Company has committed to an expanded $9.5 million program at Ana Paula in 2025, including a minimum 15,000 metre drilling with the objective of delivering mineral reserves to support a 10-year life of mine in the upcoming feasibility study.

‘In the quarter, the Company has been working on a number of technical reports to unlock additional value from our assets. The slightly delayed, updated La Colorada technical report will be completed in the coming weeks. A pre-feasibility study is planned for Cerro Del Gallo this year, and the feasibility study for Ana Paula is continuing to progress.’

Second Quarter 2025 Quarterly Conference Call

Heliostar will host a quarterly conference call on Thursday, September 4, 2025, at 11:00 AM, Eastern Time/8:00 AM Pacific Time. The call will provide a corporate update following the release of our financial and operating results for the second quarter of 2025.

Please use the link here to register for the call or visit the Company website at www.heliostarmetals.com.

Q2 2025 Operational and Financial Highlights

Total gold production of 7,396 gold equivalent ounces (‘GEO’) (7,262 gold ounces) in Q2 2025. Gold production was realized from mining the Junkyard Stockpile at the La Colorada mine, as well as re-leaching the previously stacked ore at the La Colorada and the San Agustin mines. Consolidated production also benefited from a nominal contribution from residual production from the rinsing of residual leach pads at the El Castillo mine. Production year-to-date (‘YTD’) 2025 is consistent with the 2025 guidance issued by the Company on February 4, 2025, which remains unchanged.

Total Cash Cost of $1,413 per GEO produced in Q2 2025. The combined YTD cash cost (see ‘Non-IFRS Measures’) is $1,257 per GEO.

Total AISC of $1,541 per GEO sold in Q2 2025. The consolidated YTD AISC (see ‘Non-IFRS Measures’) is $1,602 per GEO.

Both Total Cash Costs and AISC are ahead of the 2025 guidance range; however, the Company anticipates costs will increase in the latter half of the year as residual leaching at San Agustin declines ahead of stacking new ore from the Corner area, and particularly due to one-off capital costs incurred to restart primary mining from the Corner area.

Mine Operating Earnings of $14.3 million in Q2 2025. The Company continued to report strong results in Q2 2025, with continued improvements in operating performance, as well as benefiting from selling into a rising gold market. Mine operating earnings YTD 2025 are $26.1 million.

Net income attributable to shareholders of $1.9 million, or $0.01 per share, for Q2 2025. Net income of $1.9 million ($0.01 per share) for Q2 2025 compared to a net loss attributable to shareholders of $2.3 million ($0.01 loss per share) for Q2 2024.

Strengthened financial position and liquidity. On June 30, 2025, the Company had cash of $29.7 million and working capital (defined as current assets less current liabilities) of $51.7 million, with an increase in working capital of $10.1 million over the prior quarter. As of June 30, 2025, the Company had no debt.

Achieved stable production at La Colorada mine. The mining of new ore restarted at the Junkyard Stockpile in January 2025. Production from the Junkyard Stockpile has increased steadily during Q2 2025, with operating costs as expected, grade in line with the reserve model and ore tonnes reconciling slightly higher than expected. Production YTD 2025 was 7,850 GEOs (7,572 gold ounces). Ore feed from the Junkyard Stockpile is planned to continue into 2026, with other historical stockpiles identified to provide additional material to be crushed and stacked on the leach pad thereafter. Further, subject to receiving certain regulatory approvals, the Company intends to expand the Veta Madre pit to exploit 43k ounces of gold reserves.

Restart of mining at San Agustin. The Company was able to complete the regulatory requirements to enable the approval to restart mining at San Agustin from the Corner area. Preparation work to commence mining is underway, and the Company anticipates production from the Corner starting in Q4 2025 and continuing into 2027. Recoverable reserves at the Corner are estimated at 44.5k ounces of gold.

Continuing to advance the development of the flagship Ana Paula Project. In July 2025, the Company commenced an expanded $9.5 million exploration and development program, including a minimum 15,000 metre drill program at Ana Paula Project. The program has the objective of upgrading existing inferred mineral resources to demonstrate more than a 10-year mine life in the upcoming feasibility study. Technical and regulatory programs are being advanced in parallel and will continue through 2026 to complete a bankable feasibility study.

Preparation of updated technical reports. The Company is concluding an updated technical report for La Colorada and is planning to complete a prefeasibility study (‘PFS’) for the Cerro del Gallo Project in 2025 and continues to advance the Ana Paula Project feasibility study.

Operational and Financial Results

Results are reported for the three months ended June 30, 2025 (‘Q2 2025’), which corresponds to the first quarter of Heliostar’s fiscal reporting year 2026.

A summary of the Company’s consolidated operational and financial results for the reporting period is presented below:

Key Performance Metrics Q2 2025 Q2 2024
Operational
Gold produced 7,262 0
Gold equivalent ounces (‘GEOs’) produced 7,419 0
Gold sold 8,375 0
Gold equivalent ounces (‘GEOs’) sold 8,556 0
Cash cost1 1,413 0
All-in sustaining costs1 (‘AISC’) 1,541 0
Financial (in ‘000s)
Revenues 27,926 0
Mine operating earnings 14,256 0
Exploration expenses 1,916 1,502
Net income (loss) 1,892 (2,293)
Cash 29,703 2,379
Total assets 122,943 22,574
Working Capital 51,687 (1,121)

 

  1. Non-IFRS measure. Refer to the ‘Non-IFRS Measures’ section of this news release.

Operational Review

Consolidated Production and Costs

Q2 2025 was the Company’s third reporting period with metals production. The Company had no production in Q2 2024.

Gold production of 7,396 GEOs (7,262 gold ounces) for Q2 2025 was reported from the La Colorada mine and the San Agustin mine, with a nominal amount reported from the El Castillo mine, which has commenced reclamation. The combined YTD 2025 production of 16,477 GEOs of gold (16,039 gold ounces) is consistent with the 2025 guidance issued by the Company.

The combined cash costs for the producing operations were $1,413 per GEO sold, and the consolidated AISC was $1,541 per GEO sold. The combined cash costs and AISC are currently ahead of the 2025 guidance issued by the Company, and full-year results are expected to be within the guidance range.

La Colorada Mine

Operating results for Q2 2025 were as follows:

La Colorada Q2 2025 YTD 2025
Gold produced oz 3,464 7,572
Gold equivalent ounces (‘GEOs’) produced GEO 3,538 7,850
Gold sold oz 3,631 6,743
Gold equivalent ounces (‘GEOs’) sold GEO 3,747 6,997
Cash cost1 $/GEO sold 1,296 1,101
All-in sustaining costs1 (‘AISC’) $/GEO sold 1,425 1,232

 

In January 2025, mining of new ore restarted at the Junkyard Stockpile by the Company, alongside re-leach activities started by the previous operator.

During the reporting period, the La Colorada mine produced 3,538 GEOs (3,464 gold ounces). Total revenues of $12.0 million were reported from sales of 3,747 GEOs. A series of actions were implemented at La Colorada to improve re-leaching performance, with gold production from re-leaching exceeding plans. Production from the Junkyard Stockpile has increased steadily during Q2 2025 and continues to meet all expected parameters.

For the reporting period, cash costs were $1,296 per GEO ($1,101 per GEO YTD 2025), and AISC was $1,425 per GEO ($1,232 per GEO YTD 2025), currently an improvement on 2025 guidance.

The Company plans to continue mining of the Junkyard Stockpile through 2025 and into 2026, with other historical stockpiles identified to provide additional, continued feed to the crushers thereafter. Further, subject to receiving certain regulatory approvals, the Company intends to expand the Veta Madre pit to exploit 43k ounces of gold reserve, which will be timed sequentially with the ore feeds from the historical stockpiles.

San Agustin Mine

Operating results for Q2 2025 were as follows:

San Agustin Q2 2025 YTD 2025
Gold produced oz 3,564 7,975
Gold equivalent ounces (‘GEOs’) produced GEO 3,622 8,129
Gold sold oz 4,595 8,752
Gold equivalent ounces (‘GEOs’) sold GEO 4,660 8,930
Cash cost1 $/GEO sold $ 1,529 1,407
All-in sustaining costs1 (‘AISC’) $/GEO sold $ 1,597 1,485

 

In September 2024, the previous owners of San Agustin placed the mine under care and maintenance, with metals production continuing from the re-leaching of residual leach pads.

During the reporting period, the San Agustin mine produced 3,622 GEOs (3,564 gold ounces). Total revenues of $14.9 million were reported from sales of 4,660 GEOs. A series of actions were implemented at San Agustin to improve re-leaching performance, with gold production from re-leaching exceeding 2025 guidance.

For the reporting period, cash costs were $1,529 per GEO ($1,407 per GEO YTD 2025), and the consolidated AISC was $1,597 per GEO ($1,485 per GEO YTD 2025), which is currently an improvement on 2025 guidance.

The Company has completed regulatory requirements to enable the restart of mining at San Agustin from the Corner area (see News Release dated July 22, 2025). Work to commence mining is underway, including administrative programs and small ancillary capital projects, and the Company anticipates production from the Corner starting in Q4 2025 and continuing into 2027. Recoverable reserves at the Corner are estimated at 44.5k ounces of gold.

El Castillo Mine

Operating results for Q2 2025 were as follows:

El Castillo Q2 2025 YTD 2025
Gold produced oz 234 491
Gold equivalent ounces (‘GEOs’) produced GEO 236 499
Gold sold oz 149 646
Gold equivalent ounces (‘GEOs’) sold GEO 150 652
Cash cost1 $/GEO sold 782 866
All-in sustaining costs1 (‘AISC’) $/GEO sold 2,679 1,729

 

In late 2022, the previous owners of El Castillo placed the mine under care and maintenance, and the mine is now considered in reclamation. Some nominal metal production has been possible from the rinsing of residual heap leach pad during reclamation activities.

During the reporting period, the El Castillo mine produced 236 GEOs (234 gold ounces). Total revenues of $0.5 million were reported from sales of 150 GEOs.

Reclamation expenditures at the El Castillo mine for the three months ended June 30, 2025, were $nil; however, $1.1 million was incurred in indirect reclamation expenditures for maintenance of land, permits and general expenses required to maintain the site in good standing. Further reclamation work will continue to be performed in 2025.

Ana Paula Project

Development and Exploration expenditures at the flagship Ana Paula Project were $0.8 million in Q2 2025 ($1.2 million in Q2 2024).

During Q2 2025, the Company initiated a $9.5 million exploration and development budget, including a minimum 15,000 metre drilling program at Ana Paula with the objective of delivering mineral reserves to support a 10-year life of mine. On August 27, 2025, the Company announced initial results from the first resource conversion holes, including 30.2 metres at 6.29 grams per tonne gold.

During Q2 2025, the Company completed trade-off studies and determined a preferred process flowsheet for the project. Technical and regulatory programs are being advanced and will continue through 2026 to complete a bankable feasibility study.

Cerro del Gallo Project

The process of advancing the additional development and engineering required at the Cerro del Gallo Project is ongoing.

During Q2 2025, the Company began a strategic review of the Project and initiated technical programs with the objective of identifying and evaluating the next development steps.

During Q2 2025, the Company commissioned the preparation of a prefeasibility study for the Cerro del Gallo Project. The study is planned to be completed in 2025. All major environmental and other permits will need to be obtained before an investment decision can be considered by the Company.

Funding Overview

In the three months ended June 30, 2025, 5,254,548 warrants and 422,082 stock options were exercised for total proceeds of $1.3 million and 906,249 RSUs were converted.

As of June 30, 2025, the Company had no debt.

Non-IFRS Measures. This news release refers to certain financial measures, such as all-in-sustaining costs, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and, accordingly, may not be comparable to such measures as reported by other companies. These measures have been derived from the Company’s financial statements because the Company believes that they are of assistance in understanding the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company’s MD&A for Q4 2024, available on SEDAR+.

Cash costs. The Company uses cash costs per ounce of metals sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with IFRS is the cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations. The Company also believes it is a relevant metric used to understand its operating profitability and ability to generate cash flow. Cash costs are measures developed by metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company’s reporting of these non-IFRS financial measures are similar to those reported by other mining companies. They are widely reported in the metals mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS financial measures. Cash costs include production costs, refinery and transportation costs and extraordinary mining duty. Cash costs exclude non-cash depreciation and depletion and site share-based compensation.

AISC. All-in Sustaining Costs (‘AISC’) more fully defines the total costs associated with producing precious metals. The AISC is calculated based on guidelines published by the World Gold Council (‘WGC’), which were first issued in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance Note in 2018. Other companies may calculate this measure differently because of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus growth capital. Note that with respect to AISC metrics within the technical reports, because such economics are disclosed at the project level, corporate general and administrative expenses were not included in the AISC calculations.

Statement of Qualified Persons

Gregg Bush, P.Eng., Mike Gingles, and Stewart Harris, P. Geo., Qualified Persons, as such term is defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information that forms the basis for this news release and have approved the disclosure herein. Mr. Bush is employed as Chief Operating Officer of the Company, Mr. Gingles is employed as Vice President of Corporate Development, and Mr. Harris is employed as Exploration Manager.

About Heliostar Metals Ltd.

Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on increasing production and developing new resources at the La Colorada and San Agustin mines in Mexico, and on developing the 100% owned Ana Paula Project in Guerrero, Mexico.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: charles.funk@heliostarmetals.com
Phone: +1 844-753-0045		 Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com
Phone: +1 844-753-0045

 

Neither 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.

Cautionary Statement Regarding Forward-Looking Information
This news release includes certain ‘Forward-Looking Statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and ‘forward-looking information’ under applicable Canadian securities laws. When used in this news release, the words ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘target’, ‘plan’, ‘forecast’, ‘may’, ‘would’, ‘could’, ‘schedule’ and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the Company’s goal of becoming a mid-tier producer, the mine performance, production plans and the free cashflow generation from our operating mines, all profits generated from operations to be reinvested directly into our Companies growth and this reinvestment will focus on expanding production and growing resources across our portfolio.

Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

These statements reflect the Company’s respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company’s mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding exploration and mining activities; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities; the Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption ‘Risk Factors’ in the Company’s public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/264693

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Locksley Resources LimitedStrengthens Leadership to Accelerate Growth Strategy

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Perth, Australia (ABN Newswire) – Locksley Resources Ltd (ASX:LKY) (OTCMKTS:LKYRF) is pleased to announce the appointment of Mr Pat Burke as Non-Executive Chairman. Mr Burke brings proven experience and success in advancing rare earth element (REE) projects and has significant corporate governance expertise, ASX listed leadership experience and a strong track record in the resources sector.

In his role as Executive Chairman of Meteoric Resources NL (ASX:MEI), MC ~$370m, he oversaw the transformative acquisition and advancement of the Caldeira ionic clay REE project in Brazil, one of the world’s largest high grade ionic clay rare earth deposits. Mr Burke was actively involved in all aspects of the project’s initial progression, including negotiations with government agencies, local partners and funders.

He is a qualified lawyer, with over 20 years legal and corporate advisory experience. Mr Burke’s legal expertise is in corporate, commercial and securities law. His corporate advisory experience includes identification of acquisition targets, deal structuring and financing and project development.

He has held Board roles across numerous ASX companies, as well as AIM and NASDAQ-listed companies, including Mandrake Resources and Vulcan Energy Resources.

Locksley is entering a significant growth phase as it advances its Mine to Market Strategy. In conjunction with Mr Burke’s appointment, Mr Nathan Lude will transition from Chairman to the newly created role of Head of Strategy, Capital Markets & Commercialisation. This reflects the Company’s focus on advancing its U.S. minerals projects, processing pathways and downstream critical minerals and technology initiatives. In this role Mr Lude will dedicate his time to:

Downstream Technology & Commercialisation

– Coordinating Locksley’s collaboration with Rice University to fast-track antimony extraction, processing and energy storage innovation

– Securing commercial licensing opportunities, pilot site identification, and deployments

– Driving the establishment and contributions of Locksley’s U.S. subsidiary and Advisory Board

Strategic Partnerships & Government Engagement

– Building strategic partnerships and alliances with U.S. defense, energy, and targeted technology sectors

– Coordinating engagement through GreenMet, including submissions to U.S. federal and state government programs and funding opportunities such as the DOE, DoD, and EXIM Bank

Capital Markets & Investor Growth

– Overseeing marketing, investor relations, and public relations

– Coordinating with ASX funds and investors, while expanding the U.S. investor base via OTCQB

– Assessing growth pathways to OTCQX, NASDAQ, SPAC structures, and Frankfurt listing

Mr Lude commented:

‘Locksley has rapidly advanced its growth strategy in recent months, advancing both upstream project development and new downstream opportunities. This change allows me to focus on our Mine to Market initiatives in the U.S., where our projects and partnerships can meaningfully strengthen America’s critical minerals supply chain. With Pat leading the Board, drawing on his experience and success in identifying and advancing the Meteoric REE opportunity and his deep industry knowledge on critical minerals, I can dedicate my time to building the business foundations for Locksley’s next phase of investor growth.’

Mr Burke commented:

‘Locksley’s integrated approach from resource development through to downstream processing and advanced applications is well aligned with the current U.S. focus on secure, strategic critical minerals supply chains. I look forward to working with the Board and management to advance the Company’s portfolio and deliver value for shareholders.’

About Locksley Resources Limited:

Locksley Resources Limited (ASX:LKY) (OTCMKTS:LKYRF) is an ASX-listed explorer focused on critical minerals in the United States of America. The Company is actively advancing exploration across the Mojave Project in California, targeting rare earth elements (REEs) and antimony. Locksley Resources aims to generate shareholder value through strategic exploration, discovery and development of critical minerals for U.S.

Mojave Project

Located in the Mojave Desert, California, the Mojave Project comprises over 240 claims across two contiguous prospect areas, namely, the North Block-Northeast Block and the El Campo Prospect. The North Block directly abuts claims held by MP Materials, while El Campo lies along strike of the Mountain Pass Mine and is enveloped by MP Materials’ claims, highlighting the strong geological continuity and exploration potential of the project area.

In addition to rare earths, the Mojave Project hosts the historic ‘Desert Antimony Mine’, which last operated in 1937. Despite the United States currently having no domestic antimony production, demand for the metal remains high due to its essential role in defense systems, semiconductors, and metal alloys. With surface samples grading up to 46% Sb as well as silver up to 1,022 g/t Ag, the Desert Mine prospect represents one of the highest-grade known antimony occurrences in the U.S.

Locksley’s North American position is further strengthened by rising geopolitical urgency to diversify supply chains away from China, the global leader in both REE & antimony production. With its maiden drilling program planned, the Mojave Project is uniquely positioned to align with U.S. strategic objectives around critical mineral independence and economic security.

Source:
Locksley Resources Limited

Contact:
Nathan Lude
Chairman
Locksley Resources Limited
T: +61 8 9481 0389

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