BPH Energy (BPH:AU) has announced BPH September Quarter Appendix 4C Cashflow
Download the PDF here.
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Global commodities prices are on track to fall to their lowest level in six years by 2026, as weaker demand, a widening oil surplus and policy uncertainty continue to weigh on markets, according to the World Bank.
In 2025, the oil glut is projected to expand 65 percent above its last peak in 2020 as electric and hybrid vehicles reduce fuel consumption and oil demand flattens in China, as per the organization’s latest Commodity Markets Outlook.
The World Bank sees global energy prices falling sharply as a result.
Brent crude is forecast to slide from an average of US$68 per barrel in 2025 to US$60 in 2026, marking the lowest level in five years. Overall, energy prices are seen dropping by 12 percent this year and an additional 10 percent next year.
Despite the declines, commodities prices remain elevated compared to pre-pandemic levels. The World Bank estimates 2025 prices will still average 23 percent higher than in 2019, and 2026 levels about 14 percent above pre-COVID benchmarks, reflecting structural shifts such as climate impact, supply chain realignment and new industrial demand.
Food markets are also showing signs of easing. Global food prices are forecast to fall in 2025 and 2026, aided by improved harvests and lower shipping costs. However, fertilizer costs are expected to surge this year before easing in 2026, driven by high input prices and trade restrictions that could strain farm profitability and threaten crop yields.
Precious metals, by contrast, are defying the broader trend.
Gold and silver prices have reached record highs in 2025, primarily buoyed by central bank purchases, investor demand for safe-haven assets and ongoing macroeconomic uncertainty.
The gold price is expected to rise 42 percent this year and another 5 percent in 2026, nearly doubling its 2015 to 2019 average. Meanwhile, silver is projected to increase 34 percent this year and 8 percent next year.
While the downturn in energy prices, as well as lower prices for commodities like wheat and rice, is providing some relief to inflation-hit economies, the World Bank warns the decline may be temporary.
“Commodity markets are helping to stabilize the global economy,” said Indermit Gill, the World Bank Group’s chief economist and senior vice president for development economics, in a Wednesday (October 29) release. “Falling energy prices have contributed to the decline in global consumer-price inflation. But this respite will not last. Governments should use it to get their fiscal house in order, make economies business-ready, and accelerate trade and investment.”
The report also notes that the commodities outlook remains vulnerable to shifting global conditions. Prolonged trade disputes, sluggish economic growth or an unexpected surge in OPEC+ oil supply could drag prices further down. Conversely, heightened geopolitical tensions, new sanctions or severe climate disruptions could drive them back up.
Beyond short-term price dynamics, the report’s ‘special focus’ section for this year examines whether renewed global interest in managing supply and demand through commodities pacts could stabilize markets.
Drawing on a century of experience with international commodities agreements (ICAs), the World Bank found that most efforts like this ultimately failed. In the 20th century, producer and consumer nations attempted to stabilize prices through mechanisms involving inventory controls, trade quotas and price-setting schemes for commodities.
While some early efforts achieved temporary price stability, most collapsed due to weak coordination and changing demand patterns. Even the Organization of the Petroleum Exporting Countries (OPEC) — the longest-lasting such arrangement — has faced increasing challenges from new energy sources and shifting consumer behavior.
“OPEC’s longevity stands out among other ICAs,” the report states, noting that its survival has depended on its ability to adjust production quotas, expand alliances through OPEC+ and engage with consumer nations through dialogue.
Still, the World Bank cautions that OPEC faces growing headwinds from the global transition toward cleaner energy, which could usher in a period of stagnant or declining oil demand.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Steve Barton, host of In It To Win It, weighs in on the pullback in gold and silver prices, sharing where the floors could be for both precious metals.
In his view, the correction is healthy and will lead to higher levels in the future.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Nickel prices were volatile in the first half of 2025, but fell flat in Q3 amid ongoing oversupply concerns.
The market has also faced considerable uncertainty as the US adjusts its trade and spending policies, with headwinds coming from the end of the electric vehicle (EV) tax credit and a grinding tariff dispute with China.
These potential weak spots in market demand have come alongside an oversupplied market, and despite a 35 percent reduction in Indonesia’s output quota, supply and demand remain out of balance.
What happened to the nickel price in Q3?
As mentioned, nickel prices were volatile in H1, hitting a year-to-date high of US$16,720 per metric ton (MT) on March 12 before collapsing to a year-to-date low of US$14,150 on April 8.
By the start of the third quarter, prices had stabilized, reaching US$15,190 on July 1. Amid price fluctuations, nickel rose to a quarterly high of US$15,575 on July 23, then fell to a quarterly low of US$14,950 on July 31.
For the rest of the period, nickel prices were largely rangebound between US$15,000 and US$15,500, falling outside that range only once, when they dipped to US$14,950 on August 21.
Nickel price, April 1 to July 24, 2025.
Chart via London Metal Exchange.
Structural oversupply hindering nickel market
“The issue facing the nickel market is not weak demand; consumption is rising at a solid rate. The issue is rapid production growth, driven mostly by Indonesia. This has resulted in a structurally oversupplied market, which in turn is pressuring the London Metal Exchange (LME) nickel price,” he said.
Behind the stagnant price movements, the LME’s own data shows rising nickel stockpiles.
Across all warehouses, the LME hosted 164,028 MT of nickel at the start of the year; by the end of the first half, the amount had risen to 203,886 MT. The most recent data shows that the upward trend continued through the third quarter, with LME nickel stockpiles reaching 231,504 MT on September 30.
While demand is growing, it’s not enough to counter the flood of nickel entering the market. Furthermore, demand for nickel has been hindered by the end of the EV tax credit in the US on September 30, which has raised the cost of new vehicles for buyers and could impact the future uptake of new EVs in the US.
As S&P Global reported on October 15, this situation caused consumers to buy EVs before the deadline, resulting in a short-term spike in demand. However, the news outlet notes that US market stagnation may be offset by rising demand in domestic Chinese markets, which appeared to return to normal levels at the end of Q3.
While that may be good news for EVs, nickel won’t necessarily benefit as producers are shifting toward lithium-iron phosphate batteries. S&P Global notes that the change has caused nickel-manganese-cobalt batteries to lose 2 percentage points of market share year-on-year, accounting for 22 percent of the EV battery market.
However, the biggest issue weighing on nickel prices is supply, which Indonesia currently dominates. During Q3, the country experienced civil unrest stemming from a cost-of-living crisis. Even though the protests had no direct impact on nickel output, Masson suggested they could be an additional tailwind for Indonesia’s mining industry.
The country slashed nickel ore output earlier in the year to 200 million MT from 215 million MT in 2024. The move served to stabilize prices around the US$15,000 mark, but so far has done little else to improve the market.
As an additional measure to exert greater control over output levels and support prices, Indonesia reduced the duration of approved output quotas to one year. The policy change, which came into effect on October 3, requires producers who had been granted longer-term licenses to apply for 2026 quotas between October 1 and November 15, 2025.
In April, Indonesia implemented a new royalty scheme that adjusted royalty rates for nickel ore from a fixed 10 percent to 14 to 19 percent, the nickel matte rate from 2 percent to 3.5 to 5.5 percent, and the nickel pig iron rate from 5 percent to 5 to 7 percent. Nickel miners have pushed back on the changes, suggesting they would put greater financial strain on mining businesses, which are already struggling with high costs and low cash flows.
Nickel price forecast for 2025
The price of the base metal should see some tailwinds as seasonal output declines amid the rainy season in the Philippines, reducing the amount of nickel entering the market.
However, this is a temporary cut, with the season running from early October to the first quarter of 2026.
From Masson’s perspective, he doesn’t see a meaningful change in price before the end of the year, noting that more needs to be done on the supply side to move the needle.
“For the nickel price to improve, there needs to be greater supply discipline to rebalance the market. It is hard to see how this can occur without Indonesia. One way supply discipline could occur is via the country’s mine quotas, which the government now sets annually. Rising royalty payments could also squeeze older, higher-cost producers in the country,” he said. He predicts prices will remain rangebound around the US$15,000 level unless supply growth slows.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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Dr. Mark Thornton, senior fellow at the Mises Institute, discusses the factors that have taken the gold price to all-time highs. In his view, the key driver is government actions like overspending, borrowing and money printing, none of which are likely to abate soon.
He also shares his bullish outlook for silver.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Here’s a quick recap of the crypto landscape for Monday (October 27) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ether price update
Bitcoin (BTC) was priced at US$115,014, a 0.9 percent increase in 24 hours. Its lowest valuation of the day was US$113,083, and its highest was US$116,032.
Bitcoin price performance, October 27, 2025.
Chart via TradingView.
Bitcoin (BTC) climbed to two week highs on Monday, breaking above US$115,600 as investors priced in expectations of an interest rate cut from the US Federal Reserve later this week.
The cryptocurrency has now risen for five consecutive sessions, with Sunday’s (October 26) 2.6 percent gain pushing Bitcoin past the 50 day exponential moving average at US$114,176. Technical analysts see the move as a potential prelude to a fresh rally, contingent on continued market support and Fed signals.
Trader Ted Pillows noted on X that Bitcoin has “fully reclaimed the US$114,000 support zone” and emphasized that the next key hurdle is US$118,000. He added that, if momentum holds, “a new ATH could happen in 1–2 weeks.”
Market watchers are now closely monitoring the Fed meeting for confirmation of rate cut expectations, which could provide further bullish fuel for Bitcoin and broader crypto markets.
Ether (ETH) was priced at US$4,167.45, a 1.5 percent increase in 24 hours. Its lowest valuation of the day was US$4,053.35, and its highest was US$4,246.23.
Altcoin price update
- Solana (SOL) was priced at US$200.39, trading flat over the last 24 hours. Its lowest valuation of the day was US$197.24, and its highest was US$205.03.
- XRP was trading for US$2.62, a decrease of 0.7 percent over the last 24 hours. Its lowest valuation of the day was US$2.60, while its highest was US$2.67.
ETF data and derivatives trends
Bitcoin derivatives metrics indicate ongoing caution and positioning for downside risk.
Liquidations for Bitcoin contracts have totaled approximately US$6.42 million in the last four hours, the majority of which were long positions, reflecting short-term selling pressure.
Ether liquidations showed a similar pattern, with long positions dominating US$15.55 million in liquidations, though long and short liquidations were more evenly split.
Futures open interest for Bitcoin fell 0.5 percent to US$75.51 billion, and Ether futures declined 0.57 percent to US$49.89 billion, suggesting modest rotation or renewed altcoin activity.
The perpetual funding rate for Bitcoin was 0.008 and 0.009 for Ether, indicating a mild long bias among remaining positions. Bitcoin’s relative strength index stood at 54.84, reflecting neutral to moderately bullish momentum and room for price growth before overextended conditions.
Today’s crypto news to know
Binance eyes US return after Trump pardon for CZ
Binance is weighing a US market re-entry following President Donald Trump’s pardon of founder Changpeng Zhao, exploring options to consolidate its American affiliate or allow direct access for US investors, Bloomberg said.
The pardon clears Zhao’s 2023 conviction for failing to maintain anti-money laundering controls, restoring his ability to lead financial ventures. Hours after the announcement, Zhao expressed ambitions to make the US “the capital of crypto” and expand Web3 globally. Binance’s BNB token jumped 8 percent in response. Zhao currently oversees a blockchain ecosystem with around US$8.7 billion in assets, ranking third behind Ether and Solana.
Japan’s first regulated yen stablecoin launches
JPYC launched Japan’s first regulated yen-pegged stablecoin on Monday.
The stablecoin aligns with Japan’s Payment Services Act, requiring full reserve backing in yen deposits and government bonds. JPYC aims to issue 10 trillion yen (US$67 billion) over three years, challenging the US-dominated stablecoin market where USDC holds roughly US$40 billion.
The framework prioritizes consumer protection and financial stability, lessons drawn from the 2022 TerraUSD collapse.
JPYC offers zero-fee issuance, redemption and transfers, earning income via interest on reserves in deposits and government bonds. Each transfer is capped at 1 million yen under the regulatory structure.
American Bitcoin boosts strategic reserve to 3,865 BTC
American Bitcoin (ABTC) expanded its strategic reserve to 3,865 BTC, acquiring 1,414 BTC through both open market purchases and in-house mining, according to a company release.
The accumulation lifts the company’s Satoshis per share metric to 418, a 52 percent increase since September 1.
Integrated mining enables ABTC to secure BTC at lower costs than external acquisitions, giving it a structural advantage over competitors.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Copper Quest Exploration Inc. (CSE: CQX; OTCQB: IMIMF; FRA: 3MX) (‘ Copper Quest ‘ or the ‘ Company ‘) is pleased to announce that it has entered into a definitive agreement to acquire a 100% interest in the Kitimat Copper-Gold Project (the ‘Project’), located approximately 10 kilometers northwest of the deep-water port community of Kitimat, British Columbia.
PROJECT OVERVIEW
The Kitimat Copper-Gold Project covers approximately 2,954 hectares within the Skeena Mining Division of northwestern British Columbia. The Project is year-round road-accessible via a network of logging and mineral exploration roads extending north from Kitimat. The property benefits from exceptional infrastructure, being within 10 km of tidewater, 1.5 km of rail, and 6 km of high-voltage hydroelectric transmission lines.
Geologically, the Project is situated within the Stikine Terrane, a prolific belt that hosts numerous porphyry copper-gold systems and is underlain by Late Triassic volcanic rocks intruded by Jurassic diorite and granodiorite bodies of the Coast Plutonic Complex. The Project’s principal target areas is the Jeannette Cu-Au Zone displaying alteration and mineralization interpreted to represent low-level intermediate to low-sulfidation epithermal expressions of a larger Cu-Au porphyry system.
HISTORICAL EXPLORATION & HIGHLIGHTS
Exploration on the Kitimat property dates back to the late 1960s, with multiple operators conducting geochemical, geophysical, and drilling campaigns. The most significant historical work was conducted by Decade Resources Ltd. (2010), which completed 16 diamond drill holes totaling 4,437.5 meters in the Jeannette Cu-Au Zone. Notable results include:
- Hole J-7: 117.07 m grading 1.03 g/t Au, 0.54% Cu, from 1.52 m to 118.60 m.
- Hole J-1: 103.65 m grading 1.00 g/t Au, 0.55% Cu, from 9.15 m to 112.80 m.
- Hole J-2: 107.01 m grading 0.80 g/t Au, 0.45% Cu, from 6.10 m to 113.11 m.
- Hole J-8: 112.20 m grading 0.41 g/t Au, 0.33% Cu, from 11.89 m to 124.09 m.
The mineralized intervals encountered in the 2010 drilling demonstrate continuous near-surface copper-gold mineralization extending over significant widths, remain open at depth within the Jeannette Zone, and occur within a broader hydrothermal system that is interpreted to extend laterally beyond the area tested.
ACQUISITION DETAILS
Under the terms of the agreement Copper Quest has until January 5, 2026 to complete a due diligence review of the Project. Upon successful review, the Company will issue 2,000,000 common shares to the vendor, Bernie Kreft, on January 6, 2026, as full consideration for the acquisition. The Project is subject to a 2.5% net smelter return (NSR) royalty, of which 40% may be repurchased by the Company for CAD $1,000,000. Copper Quest will also retain a right of first refusal on any transaction involving the sale of the remaining royalty interest. Copper Quest has until
Mr. Kreft is a well-known Canadian prospector, entrepreneur, and former star of the Discovery Channel’s Yukon Gold television series. He has a long track record of successful mineral discoveries and project generation across British Columbia and Yukon.
A finder’s fee is payable in connection with the acquisition.
MANAGEMENT COMMENTS
Brian Thurston , CEO of CopperQuest, commented:
‘The addition of the Kitimat Copper-Gold Project demonstrates Copper Quest’s continued effort to add shareholder value through the acquisition of critical mineral projects. This project is ideally located with exceptional infrastructure, in a proven geological belt known for hosting major copper-gold systems. The strong historical drill results from the Jeannette zone speak to the potential of a larger near-surface mineralized system. We look forward to advancing this asset as part of our growing copper-gold portfolio.’
NEXT STEPS
- The Company plans to leverage artificial intelligence (AI) analysis to integrate all historical and modern exploration data to establish a comprehensive geological and geophysical model for the Kitimat Porphyry Project and improve targeting precision.
- Additional geological mapping, sampling, and geophysical surveys may be completed to refine priority drill targets as required. Field work could include ground magnetics, induced polarization (IP), and passive seismic to better define subsurface structure and mineralization trends.
- A follow-up drill program would test key targets within the interpreted geology and surrounding high-grade corridors.
QUALIFIED PERSON
Brian G. Thurston, P.Geo., the Company’s President and CEO and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information in this news release.
ABOUT COPPER
Despite surging demand, global copper supply remains constrained. Ore grades are declining at major mines, permitting timelines for new projects have lengthened, and geopolitical tensions are reshaping supply chains toward stable, transparent jurisdictions. Governments in Canada, the U.S., and allied nations have increasingly identified copper as a strategic and critical metal necessary for economic and national security. Within this context, Copper Quest’s acquisition of the Kitimat Copper-Gold Project in British Columbia positions the Company to advance a discovery-stage asset in one of the world’s safest and most infrastructure-rich mining jurisdictions — precisely when new, scalable copper sources are most needed.
ABOUT Copper Quest Exploration Inc.
Copper Quest (CSE: CQX; OTCQB: IMIMF; FRA: 3MX) is focused on building shareholder value through the acquisition, exploration and development of its North American Critical Mineral portfolio of assets. The Company’s land package currently comprises five projects that span over 40,000+ hectares in great mining jurisdictions.
Copper Quest has a 100% interest in the Stars Property, a porphyry copper-molybdenum discovery, covering 9,693 hectares in central British Columbia’s Bulkley Porphyry Belt. Contiguous to the Stars Property, Copper Quest has a 100% interest in the 5,389-hectare Stellar Property. CQX also has an earn-in option up to 80% and joint-venture agreement on the 4,700-hectare porphyry copper-molybdenum Rip Project, also in the Bulkley Porphyry Belt.
Copper Quest has a 100% interest in the Nekash Copper-Gold Project, a porphyry exploration opportunity located in Lemhi County, Idaho, along the prolific Idaho-Montana porphyry copper belt that hosts world-class systems such as Butte and CUMO. The project is fully road-accessible via maintained U.S. highways and forest service roads and currently consists of 70 unpatented federal lode claims covering 585 hectares.
Copper Quest has a 100% interest in the Thane Project located in the Quesnel Terrane of Northern BC which spans over 20,658 ha with 10 high-priority targets identified demonstrating significant copper and precious metal mineralization potential.
Copper Quest’s leadership and advisory teams are senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Copper Quest is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which it operates. The Company’s common shares are principally listed on the Canadian Stock Exchange under the symbol ‘CQX’. For more information on Copper Quest, please visit the Company’s website at www.copper.quest .
On behalf of the Board of Copper Quest Exploration Inc.
Brian Thurston, P.Geo.
Chief Executive Officer and Director
Tel: 778-949-1829
For further information contact:
Investor Relations
info@copper.quest
Forward Looking Information
This news release contains certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘ forward-looking statements ‘) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included herein, including without limitation, future operations and activities of Copper Quest, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘potential’, ‘possible’, and similar expressions, or statements that events, conditions, or results ‘will’, ‘may’, ‘could’, or ‘should’ occur or be achieved. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
News Provided by GlobeNewswire via QuoteMedia
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Apex Resources (TSXV:APX,OTC:SLMLF) is a mineral exploration company with a diversified North American portfolio, combining near-term tungsten-gold opportunities in British Columbia with district-scale lithium potential in Nevada.
The company’s flagship Lithium Creek project in Churchill County, Nevada, represents a new lithium-brine discovery opportunity. Geophysical and gravity surveys have outlined extensive low-resistivity zones and complex basin structures—hallmarks of major brine systems—defining multiple drill targets. Just 70 km east of Reno and 30 minutes from Tesla’s Gigafactory, Lithium Creek is strategically positioned within the U.S. battery manufacturing corridor.
Drilling at the Jersey-Emerald project
The Jersey-Emerald project, Apex’s flagship Canadian asset, is a past-producing mine complex hosting tungsten, zinc, lead, gold, and molybdenum. Located 10 km southeast of Salmo, BC, it includes the former Emerald and Jersey mines—once among Canada’s largest producers. Apex is applying modern exploration and geophysics to expand critical mineral zones and identify new targets across the 17,500-hectare property.
Company Highlights
- Critical-minerals focus: Apex’s portfolio is anchored by lithium, tungsten and zinc, all designated as critical by Canada and the US.
- Precious-Metals (Gold&Silver) are important by-products at Jersey-Emerald
- Diversified exploration pipeline: Active drill program at Jersey-Emerald (tungsten-gold-zinc) while preparing to drill Lithium Creek in Nevada.
- Large-scale opportunity: Apex controls contiguous and nearby claim blocks around Salmo, BC, including Jersey-Emerald and Ore Hill, forming a multi-deposit critical- and precious-metal exploration district spanning more than 17,500 hectares with several historic mines, hosting Tungsten, Zinc, Lead, Silver, Gallium, Germanium, Indium, Bismuth, Tellurium and Molybdenum.
- Strong early results in USA: Lithium Creek brine samples up to 393 mg/L lithium, with geophysics outlining multiple deep-basin anomalies.
- Historic infrastructure advantage in Canada: More than $100 million in existing underground workings at Jersey-Emerald; year-round road, rail and power access to both BC projects.
- Tier-1 jurisdictions: Stable, mining-friendly locations in British Columbia and Nevada with clear permitting frameworks.
- Experienced leadership: Proven technical and capital-markets expertise led by CEO Ron Lang and a board made up of seasoned exploration and mining professionals.
This Apex Resources profile is part of a paid investor education campaign.*
Click here to connect with Apex Resources (TSXV:APX,OTC:SLMLF) to receive an Investor Presentation
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Patrick Tuohy, global head of sales and marketing Goldstrom, shares his outlook for gold, saying its position as a store of value has been reestablished.
In his view, the yellow metal has found a new price floor at US$3,000 per ounce.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Apollo Silver Corp. (‘ Apollo Silver ‘ or the ‘ Company ‘) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce the Company has closed the final tranche of its previously announced upsized non-brokered private placement (the ‘Upsized Offering’), raising gross proceeds of $1,641,503 through the issuance of 455,973 units (the ‘Units’) of the Company at a price of $3.60 per Unit. The Company previously closed the first tranche of the Upsized Offering, as announced in its October 22, 2025 press release, for gross proceeds of $25,134,145. In aggregate, the Upsized Offering raised total proceeds of $26,775,648 through the issuance of 7,437,680 Units.
Each Unit issued pursuant to the Upsized Offering consists of one common share (a ‘Share’) in the capital of the Company and one common Share purchase warrant (a ‘Warrant’). Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $5.50 for 24 months from the closing date of the Offering. The Warrants will be subject to an acceleration provision, such that if at any time after the date that is four months and one day after the closing, the Company’s Shares trade on the TSX Venture Exchange (the ‘TSXV’) at a closing price of $7.50 or greater per Share for a period of ten (10) consecutive trading days, the Company may accelerate the expiry of the Warrants by giving notice to the holders thereof and, in such case, the Warrant will expire on the thirtieth (30th) day after the date of such notice (the ‘Acceleration Provision’).
The Company would like to thank existing and new shareholders including Eric Sprott, Primevest Capital, Sprott Asset Management, Commodity Capital, Jupiter Asset Management and others for their continued support through participation in this financing.
‘We are very pleased with the strong interest in our private placement and deeply appreciate the confidence shown by the institutional, retail, and strategic investors who have backed management’s vision to advance our Tier 1 assets,’ said Ross McElroy, President & CEO of Apollo Silver. ‘The funds raised from this financing position the Company well to advance our Calico Silver Project in San Bernardino County, California, and to support ongoing efforts toward securing surface access and advance the Cinco de Mayo Project in Chihuahua, Mexico.’
In connection with subscriptions received in the Upsized Offering, the Company will pay aggregate finder’s fees totaling $901,395.18, payable in cash and/or Units to BMO Capital Markets, Canaccord Genuity, Red Cloud Securities Inc., Research Capital Corporation and SCP Resource Finance.
The securities issued under the Upsized Offering are subject to a four-month hold period from the date of closing. The Company intends to use the net proceeds from the Upsized Offering to continue advancing the Calico Silver Project in San Bernardino, California; support community relations initiatives at the Cinco de Mayo Silver Project in Chihuahua, Mexico; cover ongoing property maintenance costs at both projects; and for general corporate purposes. The Upsized Offering remains subject to the final approval of the TSXV.
The Offering included participation by certain insiders of the Company for an aggregate of 405,557 units totaling gross proceeds of $1,460,005.20. Such participation constitutes a ‘related party transaction’ under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘MI 61-101’). The issuance of securities to insiders is exempt from the valuation requirement pursuant to section 5.5(b) of MI 61-101, as the Company’s shares are not listed on a specified market, and from the minority shareholder approval requirement pursuant to section 5.7(a) of MI 61-101, as the fair market value of the securities issued to related parties does not exceed twenty five percent of the Company’s market capitalization.
The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Apollo Silver Corp.
Apollo is advancing one of the largest undeveloped primary silver projects in the US. The Calico Silver Project hosts a large, bulk minable silver deposit with significant barite and zinc credits – recognized as critical minerals essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo is well positioned to advance the assets and deliver value through exploration and development.
Please visit www.apollosilver.com for further information.
ON BEHALF OF THE BOARD OF DIRECTORS
Ross McElroy
President and CEO
For further information, please contact:
Email: info@apollosilver.com
Telephone: +1 (604) 428-6128
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding ‘Forward-Looking’ Information
This news release includes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the intended use of proceeds from the Upsized Offering; receipt of final approval from the TSXV; the advancement and potential of the Company’s Calico Project and Cinco de Mayo Project; the Company’s plans and expectations relating to exploration, permitting, and future development activities at Calico and Cinco de Mayo; efforts to obtain and maintain surface access and community support at Cinco de Mayo; and the anticipated benefits to the Company and its shareholders. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, ‘potential’, ‘target’, ‘budget’ and ‘intend’ and statements that an event or result ‘may’, ‘will’, ‘should’, ‘could’ or ‘might’ occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws .
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