Breaking
True Market Story
Author

admin

Browsing
6 Mins Read

Mining’s New Reality: Strategic Nationalism, Gold Records and a Fractured Cost Curve

The era of “smooth globalization” is over, and mining is entering a more fragmented, politically charged phase defined by strategic nationalism, according to speakers at S&P Global’s latest webinar.

Jason Holden, who opened the “State of the Market: Mining Q4 2025” session with a macro overview, said the industry is operating in a world increasingly shaped by supply chain security and state intervention.

“For decades we operated under a model of frictionless trade,” said Holden, a senior mining analyst at the firm. “That era is over. We’ve entered a world of strategic re-nationalization.”

While the base economic outlook remains resilient, with moderate growth and easing headline inflation, Holden warned that “sticky core inflation remains stubbornly high.”

For mining companies, that has two major implications: higher capital costs and less room for the easy-money valuation surges seen in past cycles. Central banks, led by the US Federal Reserve, are no longer aggressively tightening, but are also not on a clear-cut path to interest rate cuts.

“We’re no longer on a predictable path of easing,” Holden explained to listeners. “The market is now focused on if and when cuts might resume.” At the same time, geopolitical disputes are increasingly spilling into trade policy. The conversation around critical minerals, he noted, has shifted decisively.

“It’s no longer just about economics,’ said Holden. “It’s explicitly framed as national security.”

That shift is driving greater government intervention, subsidies, capital screening and “friend-shoring,” where materials are sourced from politically aligned nations.

Gold’s insurance premium

Nowhere has geopolitical risk been more visible than in gold.

The metal surged to fresh highs in early 2026 after setting 40 new records in 2024 and 53 more in 2025, a pace not seen since 1979. The price briefly pushed beyond US$5,500 per ounce at the start of the year.

“The message from this price action is unmistakable,” Holden said. “In an uncertain world, the market is paying a premium for insurance, and gold is the ultimate safe asset.”

While short-term flashpoints helped fuel the rally, the structural driver has been central bank buying. Since sanctions in 2022 prompted reserve managers to rethink US dollar exposure, official sector purchases have accelerated.

“The sustained buying from central banks is the real engine behind the rally,” Holden said.

S&P’s base case sees gold averaging US$4,247 per ounce in 2026, with upside potential toward US$6,000 by 2027 in a more bullish scenario.

Copper tightness, nickel politics

Luiz Amaral from S&P’s exploration team said copper ended 2025 on strong footing, with London Metal Exchange (LME) prices reaching US$12,500 per metric ton in December.

Supply-side tightness, a weaker US dollar and copper’s growing role in electrification supported prices. The US decision to formally list copper as a critical mineral reinforced its strategic importance.

S&P has lifted its 2026 copper price forecast to US$11,400 per metric ton, projecting a 543,000 metric ton concentrate deficit next year. However, the refined market is expected to move into surplus later in the decade as new smelter capacity ramps up. Longer term, the concentrate picture darkens again.

“Our base case shows a 3 million metric ton shortfall by 2036,” Amaral said.

Nickel’s recent rally, by contrast, has been driven more by policy than fundamentals. The price broke above US$18,000 per metric ton in January after Indonesia reduced its 2026 production quota.

“The market is responding emotionally to policy updates,” Amaral said, noting that despite the rally, the broader market remains in surplus and LME inventories are building.

Lithium rebounds amid persistent surplus

Lithium prices have also staged a sharp rebound, rising 57 percent in China between mid-December and mid-January on renewed demand optimism and supply concerns. Yet S&P expects the market to remain oversupplied for most of the decade, with deficits not emerging until the early 2030s.

New supply from Australia, Latin America and China continues to outpace demand growth, even as electric vehicles account for roughly 75 percent of lithium consumption through 2035.

Diverging margins

At the mine level, gold producers are enjoying some of the strongest margins in years, with prices rising faster than all-in sustaining costs. Silver has outperformed even more dramatically, climbing 154 percent in 2025 versus gold’s 71 percent gain, compressing the gold-silver ratio to below 70.

Battery metals face a tougher backdrop.

“Lithium and nickel continue to face margin pressure as prices lag elevated costs amid oversupply,” said Monica Ramirez from S&P’s mine economics and emissions team.

Across 12 metals analyzed, S&P sees a structurally higher cost environment emerging due to inflation, energy expenses and maturing ore bodies. Precious metals retain the strongest buffers, while copper remains positive but increasingly sensitive at the upper end of the cost curve.

Exploration at a crossroads

Despite record prices in some commodities, exploration spending tells a more cautious story.

Global exploration budgets totaled US$12.4 billion in 2025, down 1 percent year-on-year. Adjusted for inflation, spending has slipped back to levels last seen nearly two decades ago.

“Gold continues to dominate,” Amaral said, accounting for roughly half of global exploration budgets. Lithium, once a standout, saw budgets fall nearly 50 percent amid weaker prices.

More concerning is the structural shift away from grassroots exploration.

In the mid-1990s, two-thirds of spending targeted generative programs. Today, that share has fallen to a record low as companies prioritize near-mine and late-stage work.

“We are underinvesting at the very front end of the supply chain,” Amaral warned. Without renewed grassroots spending, the long-term discovery pipeline could suffer.

M&A: Quality over quantity

Mining M&A remained active into late 2025, though deal value normalized after earlier mega-mergers. Transaction value fell 45 percent quarter-on-quarter to US$16.1 billion, but deal count rose to its highest level in more than five years.

Gold led activity, with buyers focusing on large-scale, long-life assets in low-risk jurisdictions.

“Gold M&A today is no longer about simple volume growth,” Ramirez emphasized to viewers. “It’s about asset quality, jurisdictional safety and durable cashflow.”

As the webinar made clear, mining is navigating a landscape defined by geopolitical risk, tighter capital and structural cost pressures. For companies able to secure high-quality assets and control costs, opportunities remain, but the margin for error is narrowing.

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

This post appeared first on investingnews.com

Keep Reading
By
3 Mins Read

Red Mountain Mining Continues to Advance the United States Critical Minerals Portfolio

Red Mountain Mining Limited (ASX: RMX, US CODE: RMXFF, or “Company”), a Critical Minerals exploration and development company with an established portfolio in Tier-1 Mining Districts in the United States and Australia, is pleased to announce an update on the Company’s portfolio of high-quality Antimony projects in the United States.

Over the past six months, Red Mountain has moved decisively to acquire assets in Tier-1 regions in highly prospective antimony mineral districts in Montana, Utah and Idaho, USA, placing the Company in a strong strategic position as the US Government moves aggressively to secure domestic supply of Antimony which is classified as a Critical Metal by the United States and Australian Governments.

HIGHLIGHTS:

  • Red Mountain continues to deliver repeated successful project and development programs across its high-quality Critical Minerals portfolio, systematically advancing its United States and Australian projects toward development and directly supporting the US Government’s drive to secure domestic supply of critical metals

Thompson Falls Antimony Project, High-grade Antimony next to UAMY Antimony Smelter

  • Thompson Falls Antimony Project is 4.2km from the operations of United States Antimony Corporation (NYSE: UAMY; Market Cap $A1.5 billion), with the country’s only operating Antimony smelter
    • Initial sampling from Red Mountain’s Thompson Falls Project returned high-grade values of up 36.5% Sb and 0.65g/t Au
    • Additional assay results are now expected to be received by the end of February
  • Comprehensive surface mapping and sampling program to fast-track the definition of the Thompsons Falls Antimony Project resource potential, planned to launch next month
  • Red Mountain has recently strengthened its US technical team with dedicated drill-permitting expertise, driving the permitting process forward across all of the Company’s US Projects

Utah Antimony Project, Antimony Mining District

  • Utah Antimony Project adjoins American Tungsten and Antimony Ltd’s (ASX: AT4; Market cap A$200 million) Antimony Canyon Project (ACP), one of the largest and highest-grade Antimony projects in the USA, which has reported assays of up to 33% Sb and has a defined conceptual Exploration Target of 12.8 to 15.6 Mt @ 0.75% to 1.5% Sb, containing between 96,000 to 234,000 tons of Antimony metal
    • Recent visible stibnite mineralisation observed between AT4’s claims and RMX’s project provides evidence the ACP system may extend into the Utah Antimony Project*
    • Mapping analysis previously undertaken by RMX suggests that both the same type of host rocks and extensions of the large epithermal Antimony mineralising system targeted by AT4 at Antimony Canyon are present within the Utah Antimony Project**

Exceptionally Strong Antimony results from Thompson Falls and further assays pending

Red Mountain acquired the Thompson Falls Antimony Project on 5 February1, next to the only operating antimony smelter in the USA, US Antimony Corporation’s (NYSE: UAMY; Market Cap ~AU$1.5 billion) Thompson Falls Smelter and UAMY’s Stibnite Hill Mine in Montana (Figure 1).

First-pass exploration of Red Mountain’s Thompson Falls Antimony Project, by the Company’s US field team, successfully located three historical underground mines and pit within the project area. Initial sampling of material from Eastern Star returned multiple samples with high antimony and gold results, with peak results of 36.5% Sb and 0.65g/t Au1 (Figure 1; Figure 2).

Samples collected from Eastern Star closely resemble the quartz-stibnite veins mined at UAMY’s Stibnite Hill deposit, ~7km east of Red Mountain’s Thompson Falls Project area, although these veins are not recorded as producing gold. Red Mountain’s field team also collected additional rock samples from the project area, with assay results expected this month.

Click here for the full ASX Release

This post appeared first on investingnews.com

Keep Reading
By
3 Mins Read

Why Olympians are given stuffed animals at medal ceremonies, explained

The medal ceremonies at the 2026 Winter Games have looked different from past Olympic ceremonies. Not only do athletes get their medals, but they earn a commemorative stuffed animal as well.

The animal in question? Tina the Stoat, one of the official mascots of the Milano Cortina Games.

This is one of those ideas that sounds great on paper, but when athletes who have dedicated their entire lives to being the best in the world at their sport finish just short of achieving that goal, many of them may not seem that thrilled to earn a stuffed stoat, as was evidenced when the Canadian men’s ice hockey team was handed their animals after losing the gold medal match in overtime to the United States.

But what is going on with these plushies? What is a stoat? And what is ‘The Flo’ that allegedly tags along?

Who is Tina the Stoat? What is ‘The Flo’?

Tina is one of the 2026 Olympics mascots, alongside sibling Milo.

The pair are joined by a group of six ‘impish’ creatures referred to as ‘The Flo.’ ‘The Flo’ are known for ‘never [leaving] their friends [Tina and Milo],’ per NBCOlympics.com. That group of six is then split up into two sets of triplets — one representing the Olympics and the other, the Paralympics.

As has become tradition in recent Olympics, each medalist is given a gift alongside their medal. In this instance, it is two plushies. Olympians are given a plush of Tina the Stoat as well as one of their corresponding Flo, while Paralympians are given a Milo the Stoat plush as well as one of their own corresponding Flo.

What is a stoat?

A stoat is a small mammal, part of the weasel family, but most closely related to otters and ferrets. One of the most interesting aspects of a stoat is how they change color. During the winter, they’ll turn white to blend in with their surroundings, taking after Tina. In the summer, they are brown, more closely resembling Milo.

Stoats are native to Eurasia and northern parts of North America. They were also introduced to New Zealand in the 19th century to control rabbit populations, but ended up having a negative effect on native bird populations.

Males of the population measure roughly between 7.4 and 12.8 inches long, while females usually come in slightly smaller, between 6.7 and 10.6 inches.

This post appeared first on USA TODAY

Keep Reading
By
3 Mins Read

Former NFL player speaks out against teams’ mental health support

This article discusses suicide and suicidal ideation. If you or someone you know is struggling or in crisis, help is available. Call or text 988 or chat at 988lifeline.org.

Minnesota Vikings wide receiver Rondale Moore died yesterday at 25 years old. The NFL world continues to react to his death as the investigation continues in Floyd County, Indiana.

Current and former NFL players have paid tribute to the former Purdue Boilermakers and Arizona Cardinals wideout. Maxx Crosby, Hollywood Brown, J.J. Watt and Raheem Mostert were among the many to post to social media in Moore’s honor.

One former player shared his insight criticizing the league for its handling of mental health issues in players.

‘Imma keep it a stack.. I don’t care, I’m retired I’ll say what I want,’ former defensive lineman Breiden Fehoko wrote on X. ‘These NFL teams come out here and post these mental health awareness posts talking about they care about players ‘don’t be afraid to reach out’ etc. All they care about is what you bring to the table when it’s game day. Most players don’t wanna get help inside the building of an NFL organization because they know you’ll get looked at differently. You go to a staff member tell em you struggling watch how different they start treating and looking at you. I seen it first hand.’

Fehoko went undrafted in 2020 out of LSU but played for five years in the NFL. He spent the 2020 through 2022 seasons with the Los Angeles Chargers before a two-year stint with the Pittsburgh Steelers.

‘I’ll start believing they care about player health when the Owner, GM, & head coach treat everyone on that roster the same from the franchise QB to the janitor,’ he wrote. ‘Until then don’t tell me they care cause they posted some hotline number when (expletive) like this happens.’

Fehoko finished his statement by encouraging players to reach out to him if they’re struggling.

‘I’m here for any of my brothers that just wanna talk and shoot the (expletive). I love y’all. I care about y’all. I’m here for y’all.’

Fehoko similarly spoke out after the death of Dallas Cowboys defensive lineman Marshawn Kneeland.

Kneeland, 24, died by suicide in Frisco, Texas last November.

‘Sometimes as a man especially in the football world we’re afraid of being judged or looked at weak,’ Fehoko wrote in response on X. ‘Make it mandatory to have a sit down with guys cause most of em won’t take the initiative.’

Moore’s cause of death remains under investigation at time of publishing.

This post appeared first on USA TODAY

Keep Reading
By
1 Min Read

Boxer collapses during fight on Shields vs. Crews-Dezurn card

Joseph George and Atif Oberlton were slotted as the co-main event on the Claressa Shields vs. Franchon Crews-Dezurn card. Oberlton won the opening round of the fight, but things would take on a different tone before the second round.

George collapsed off his stool between the first and second rounds and was down on the mat. He was in his corner drinking water before falling out of his stool.

George was quickly attended to by doctors at the ringside and the fight was waved off. Oberlton looked very surprised and confused about what happened.

It appeared that George and Oberlton may have accidentally bumped heads late in the first round.

George was still in need of assistance as he made his way out of the ring. He was sat down on a stretcher to be wheeled out. Oberlton was declared the winner by TKO.

‘I know I was being defensively responsible, if he fell in and a head butt happened, I just know I avoided the shot,’ Oberlton told DAZN’s Chris Mannix after the fight. ‘I’m glad he got on his feet and he’s OK.’

This post appeared first on USA TODAY

Keep Reading
By
14 Mins Read

Olympics closing ceremony: Highlights as Winter Olympics close

MILAN — The 2026 Winter Olympics are wrapping up today with the closing ceremony at Verona Olympic Arena.

Hockey captain and gold medalist Hilary Knight and ice dance silver medalist Evan Bates are the flag bearers for Team USA.

The United States will leave the Milano Cortina Games with 33 medals (12 gold, 12 silver, 9 bronze), second in the standings behind Norway (41).

USA TODAY Sports is bringing you live updates from the closing ceremony. Follow along.

LA28 preview: Kate Hudson has us ‘California Dreamin’

After the close to these Winter Olympics, NBC shifted to summer dreams with a commercial for the 2028 Los Angeles Summer Olympics. And with it, we all got Kate Hudson singing The Mamas & the Papas’ famous ‘California Dreamin.”

Arrivederci, Milano Cortina Games

The opera characters return one last time. Rigoletto knows his work is done, and he can returnto rest in the depths of the arena, where the costumes and scenery from hundreds of shows are crammed. With a wave, he disappears into the ‘magic box’ where he rests, awaiting a new and extraordinary adventure.

And that will put a bow on the closing ceremony.

French Alps, you’re up

Kirsty Coventry, President of the International Olympic Committee, officially closes the book on these Milano Cortina Games. And the French Alps are officially on the clock.

And the closing ceremony party kicks up a notch with Major Lazer, led by Diplo, performs. Along with MØ, Nyla and Alfa.

Final medal count Olympics 2026

The final medal tally from the 2026 Winter Olympics:

  • 1. Norway: 41 Total (18 Gold, 12 Silver, 11 Bronze)
  • 2. United States: 33 Total (12 Gold, 12 Silver, 9 Bronze)
  • 3. Italy: 30 Total (10 Gold, 6 Silver, 14 Bronze)
  • 4. Germany: 26 Total (8 Gold, 10 Silver, 8 Bronze)
  • 5. Japan: 24 Total (5 Gold, 7 Silver, 12 Bronze)
  • 6. France: 23 Total (8 Gold, 9 Silver, 6 Bronze)
  • 6. Switzerland: 23 Total (6 Gold, 9 Silver, 8 Bronze)
  • 7. Canada: 21 Total (5 Gold, 7 Silver, 9 Bronze)
  • 8. Netherlands: 20 Total (10 Gold, 7 Silver, 3 Bronze)
  • 10. Austria: 18 Total (5 Gold, 8 Silver, 5 Bronze)
  • 10. Sweden: 18 Total (8 Gold, 6 Silver, 4 Bronze)
  • 12. China: 15 Total (5 Gold, 4 Silver, 6 Bronze)
  • 13. South Korea: 10 Total (3 Gold, 4 Silver, 3 Bronze)
  • 14. Australia: 6 Total (3 Gold, 2 Silver, 1 Bronze)
  • 14. Finland: 6 Total (0 Gold, 1 Silver, 5 Bronze)
  • 16. Czech Republic: 5 Total (2 Gold, 2 Silver, 1 Bronze)
  • 16. Great Britain: 5 Total (3 Gold, 1 Silver, 1 Bronze)
  • 18. Slovenia: 4 Total (2 Gold, 1 Silver, 1 Bronze)
  • 18. Poland: 4 Total (0 Gold, 3 Silver, 1 Bronze)
  • 20. Spain: 3 Total (1 Gold, 0 Silver, 2 Bronze)
  • 20. New Zealand: 3 Total (0 Gold, 2 Silver, 1 Bronze)
  • 22. Latvia: 2 Total (0 Gold, 1 Silver, 1 Bronze)
  • 22. Bulgaria: 2 Total (0 Gold, 0 Silver, 2 Bronze)
  • 24. Brazil: 1 Total (1 Gold, 0 Silver, 0 Bronze)
  • 24. Kazakhstan: 1 Total (1 Gold, 0 Silver, 0 Bronze)
  • 24. Denmark: 1 Total (0 Gold, 1 Silver, 0 Bronze)
  • 24. Estonia: 1 Total (0 Gold, 1 Silver, 0 Bronze)
  • 24. Georgia: 1 Total (0 Gold, 1 Silver, 0 Bronze)
  • 24. Individual Neutral Athletes: 1 Total (0 Gold, 1 Silver, 0 Bronze)
  • 24. Belgium: 1 Total (0 Gold, 0 Silver, 1 Bronze)

Olympic flag handover ceremony

The mayors of Milano and Cortina d’Ampezzo present the Olympic Flag to the President of theInternational Olympic Committee, who then hands off to the hosts of the next WinterGames, French Alps.

The French flag is raised by the Italian Air Force’s Guard of Honour.

Where are the 2030 Winter Olympics?

The next Winter Games will be held in the French Alps, involving the Provence-Alpes-Côte d’Azur and Auvergne-Rhône-Alpes regions. The four main clusters that will be used will be Nice, Savoie, Haute-Savoie and Briançon. The 2030 Winter Olympics are scheduled for Feb. 1-17, 2026.

What is ‘Il Mondo’?

The song playing during the ‘Water Cycle’ portion of the closing ceremony is ‘Il Mondo.’ The song was released in 1965 and performed by Jimmy Fontana and arranged by Ennio Morricone.

The song has become a part of popular culture, appearing in the soundtracks of many films. It isone of the most well-known Italian songs internationally, ranking third on the list of the 250 best Italian songs.

Final Olympic medals awarded

The tradition of awarding the final Olympic event during the closing ceremony was first introduced at the 2004 Athens Games, following the victory of Italian athlete Stefano Baldini in the men’s marathon.

At the Milano Cortina Games, it is the women’s and men’s 50 km classic mass start cross-country skiing. Sweden’s Ebba Andersson won the women’s race, while record-breaking Norwegian Johannes Hoesflot Klaebo won the men’s race.

Verona Arena

The closing ceremony for the 2026 Milano Cortina Winter Games are being held at the iconic Verona Olympic Arena, which is located in Verona, Italy — roughly two hours away from Milan and roughly three hours from Cortina d’Ampezzo, the two host cities of the 2026 Winter Olympics.

The Verona Olympic Arena is the third-largest Roman amphitheater in Italy, and was built in 30 AD to host gladiator battles. — John Leuzzi

Olympics rings

The Olympic Rings are five interlocking rings – blue, black, red, yellow and green – createdby Pierre de Coubertin in 1913. They are symbolic of the unity of the five inhabited continents and the coming together of athletes from all over the world. They were presented at the 1914 Olympic Congress in Paris and first displayed at the 1920 Antwerp Games.

Contrary to popular belief, it is the five rings themselves that represent the five continents, not the colors of these rings. In fact, the six colors represented on the Olympic Flag – which includes the white background – werechosen because at least one of these colors can be seen on the flag of every nation.

Closing ceremony broadcasters

NBC’s broadcasters for the closing ceremony are Terry Gannon, Tara Lipinski and Johnny Weird, along with reporters Andrea Joyce and Lewis Johnson.

Alysa Liu on her future

The NBC crew caught up with Team USA star Alysa Liu, who won two gold medals at these Games, and asked her about her future in figure skating.

‘I have no plans to leave yet,’ she said. ‘I can’t imagine not skating next year.’

Liu had previously called competing at the 2022 Beijing Games ‘a job,’ but said the Milano Cortina Games were ‘definitely not a job.’

‘I just feel so lucky that I get to do this, and I love being an athlete. It’s the coolest thing in the world,’ she said.

Who is Johannes Hoesflot Klaebo?

Why does Greece go first at Olympics?

It’s tradition! Greece is the birthplace of the Olympic Games and holds this honor at every Olympics.

‘It was at Amsterdam 1928 that the tradition of the Greek delegation marching first was introduced – owing to the status of the founding country of the ancient Olympic Games,’ the official Olympics website reads.

Olympic flame arrives

The Flame, the very one that lit the cauldrons in Milano and Cortina after a 12,000 km journey, has arrived inVerona. Indeed, into the Verona. It’s time for the Olympic athletes to enter the arena.

Who is playing the Italian anthem?

Paolo Fresu, one of the world’s most influential trumpeters, begins the Italian anthem as the flag is hooked to the flag pole and raised. Fresu has recorded more than 500 albums since the 1980s.

The Choir of the Fondazione Arena di Verona sings from the Teatro Filarmonico, the second venue for thisceremony.

Celebrating Italy

The Italian flag arrives and the anthem of Italy is played.

Inside the Teatro Filarmonico

The Teatro Filarmonico di Verona is one of Italy’s leading opera houses, and features performances by the Choirand Orchestra of the Fondazione Arena di Verona, which has presented opera, ballet and symphonic music for more than 50 years.

The theater is owned by the Accademia Filarmonica, founded in 1543, the oldest active musical institution in Europe. The theater opened on Jan. 6, 1732 with Antonio Vivaldi’s La Fida Ninfa. It was rebuilt and reopened after a fire in 1754, it also hosted Wolfgang Amadeus Mozart. Destroyed by bombing in 1945, it was rebuilt to faithfully reflect its original layout.

Closing ceremony opens at the opera

The closing ceremony begins with a behind the scenes look at the world of the opera, with characters spilling out to the arena to welcome the athletes. Iconic characters such as Rigoletto, Figaro, Aida and Madama Butterfly perform.

What time is Olympics closing ceremony?

The closing ceremony for the 2026 Winter Olympics begins at 2:30 p.m. ET.

Where to watch Olympics closing ceremony?

NBC is broadcasting the closing ceremony, and Peacock is live streaming it.

USA flag bearers for closing ceremony

Hilary Knight and Evan Bates have been chosen as Team USA’s flag bearers for the 2026 Winter Olympics closing ceremony on Sunday.

Knight is the captain of the gold-medal-winning U.S. women’s hockey team, and her third-period goal against Canada ended up sending the game into overtime, where Megan Keller’s goal four minutes into the extra period gave the U.S. a 2-1 victory and their third gold medal in the event.

‘I’m so, so honored to be part of this team. You guys are all so wonderful. And I think I can speak for Evan and myself when I say we are all so proud of everything you guys have accomplished and the people that you are and the people that you’ve become to be here today,’ Knight said.

Bates also won a gold medal in the figure skating team event and another silver medal in ice dance with his partner and wife, Madison Chock.

Closing ceremony flag bearers

  • Greece: Maria Eeni Tsiovolou (Alpine skiing)
  • Albania: Volunteer
  • Andorra: Volunteer
  • Saudi Arabia: Volunteer
  • Argentina: Veronica Maria Ravenna (luge), Franco Dal Farra (cross-country skiing)
  • Armenia: Volunteer
  • Australia: Danielle Scott (freestyle skiing), Cooper Woods (freestyle skiing)
  • Austria: Janine Flock (skeleton), Alessandro Haemmerle (snowboard)
  • Azerbaijan: Volunteer
  • Belgium: TBD
  • Benin: Nathan Tchibozo (Alpine skiing)
  • Bolivia: Timo Juhani Gronlund (cross-country skiing)
  • Bosnia & Herzegovina: Volunteer
  • Brazil: Edson Luques Bindilatti (bobsled)
  • Bulgaria: TBD
  • Canada: TBD
  • Czechia: Martina Sablikova (speed skating), Metodej Jilek (speed skating)
  • Chile: Stephanie Joffroy (freestyle skiing)
  • China: Su Yiming (freestyle skiing)
  • Cyprus: Yianno Kouyoumdjian (Alpine skiing)
  • Colombia: Volunteer
  • Korea: Choi Minjeong (short-track speed skating), Hwang Daeheon (short-track speed skating)
  • Croatia: Tena Hadzic (cross-country skiing), Marko Skender (cross-country skiing)
  • Denmark: Anne Buenemann de Besche (biathlon), Viktor Hald Thorup (speed skating)
  • Ecuador: Volunteer
  • UA Emirates: Piera Hudson (Alpine skiing), Alexander Astridge (Alpine skiing)
  • Eritrea: Shannon Abeda (Apline skiing)
  • Estonia: Niina Petrokina (figure skating), Marten Liiv (speed skating)
  • Philippines: Tallulah Proulx (Alpine skiing), Francis Ceccarelli (Alpine skiing)
  • Finland: Iida Karhunen (figure skating)
  • Georgia: Nino Tsiklauri (Alpine skiing), Luka Berulava (figure skating)
  • Germany: Tobias Wendl (luge), Tobias Arlt (luge)
  • Jamaica: Volunteer
  • Japan: Kaori Sakamoto (figure skating), Wataru Morishige (speed skating)
  • Great Britain: TBD
  • Guinea-Bissau: Winston Tang (Alpine skiing)
  • Haiti: Richardson Viano (Alpine skiing)
  • Hong Kong: Volunteer
  • India: Stanzin Lundup (cross-country skiing)
  • Iran: Sadaf Savehshemshaki (Alpine skiing)
  • Ireland: TBD
  • Iceland: Dagur Benediktsson (cross-country skiing)
  • Israel: TBD
  • Kazakhstan: Mikhail Shaidorov (figure skating)
  • Kenya: Issa Gachingiri Laborde Die Pere (Alpine skiing)
  • Kosovo: Drin Kokaj (Alpine skiing)
  • Kyrgyzstan: Volunteer
  • Latvia: Patricija Eiduka (cross-country skiing), Roberts Kruzbergs (short-track speed skating)
  • Lebanon: Samer Tawk (cross-country skiing)
  • Liechtenstein: Volunteer
  • Lithuania: Meda Variakojyte (figure skating), Modestas Vaiciulis (cross-country skiing)
  • Luxembourg: Matthieu Osch (Alpine skiing)
  • North Macedonia: Volunteer
  • Madagascar: Mialitiana Clerc (Alpine skiing), Mathieu Gravier (Alpine skiing)
  • Malaysia: Aruwin Salehhuddin (Alpine skiing)
  • Malta: Volunteer
  • Morocco: Volunteer
  • Mexico: Sarah Schleper (Alpine skiing), Donovan Carrillo (figure skating)
  • Republic of Moldova: Iulian Luchin (cross-country skiing)
  • Monaco: Volunteer
  • Mongolia: Ariuntungalag Enkhbayar (cross-country skiing), Achbadrakh Batmunkh (cross-country skiing)
  • Montenegro: Volunteer
  • Nigeria: Samuel Uduigowme Ikpefan (cross-country skiing)
  • Norway: Aurora Grinden Lovas (speed skating), Johannes Hoesflot Klaebo (cross-country skiing)
  • New Zealand: TBD
  • Netherlands: TBD
  • Pakistan: Muhammad Karim (Alpine skiing)
  • Poland: Gabriela Topolska (short-track speed skating), Vladimir Semirunniy (speed skating)
  • Puerto Rico: Volunteer
  • Portugal: Jose Cabeca (cross-country skiing)
  • Romania: Julia Sauter (figure skating)
  • San Marino: Rafael Minin (Alpine skiing)
  • Serbia: Volunteer
  • Singapore: Faiz Basha Munwar Basha (Alpine skiing)
  • Slovakia: Rebeka Cully (ski mountaineering) Jakub Siarnik (ski mountaineering)
  • Slovenia: Lila Grace Lapanja (Alpine skiing)
  • Spain: Ana Alonso Rodriguez (ski mountaineering), Oriol Cardona Coll (ski mountaineering)
  • South Africa: Thomas Weir (Alpine skiing)
  • Sweden: Volunteer
  • Switzerland: TBD
  • Chinese Taipei: Sophia Tsu Velicer (cross-country skiing)
  • Thailand: Karen Chanloung (cross-country skiing), Mark Chanloung (cross-country skiing)
  • Trinidad and Tobago: De Aundre John (bobsled)
  • Turkey: Volunteer
  • Ukraine: Anhelina Brykina (freestyle skiing), Dmytro Kotovskyi (freestyle skiing)
  • Hungary: Maria Pavlova (figure skating), Alexei Sviatchenko (figure skating)
  • Uruguary: Volunteer
  • Uzbekistan: Volunteer
  • Venezuela: Volunteer
  • United States: Hilary Knight (ice hockey), Evan Bates (figure skating)
  • France: TBD
  • Italy: Lisa Vittozzi (biathlon), Davide Ghiotto (speed skating)

Are the Olympics over?

Technically, no. The closing ceremony will mark the official end to the Milano Cortina Games. However, there are no more events on the schedule. Competition ended with Team USA’s 2-1 overtime win against Canada in the men’s ice hockey gold medal game.

Why are so many countries skipping the closing ceremony?

There’s going to be even fewer athletes at the closing ceremony than usual.

Twenty-eight of the 92 countries at 2026 Milano Cortina Games won’t have an athlete flagbearer because none of their athletes will be at the ceremony. Another 35 will have only one flagbearer because they won’t any athletes of the other gender present.

The United States will have both flagbearers, hockey captain Hilary Knight and ice dancer Evan Bates.

While not having enough athletes to be flagbearers is a bit out of the ordinary, it’s also not necessarily a surprise. The closing ceremony always has a smaller athlete contingent because so many leave when their events are over. That’s especially true at the Winter Games, because many World Cup circuits resume a few days after the Olympics end and several sports have world championships within the next month.

The women’s Alpine speed skiers, for example, have a race on Friday, Feb. 27. The speed skating world championships begin March 5.

But the widespread footprint of these Games also makes it difficult for athletes in the mountain clusters to get to Verona, site of the closing ceremony.

It’s a four-hour plus trip from Livigno to Verona, and three hours from Cortina. Both sites had events earlier Sunday – the women’s freeski halfpipe final was in Livigno while the women’s curling gold medal game and four-man bobsled were in Cortina – making it near-impossible for those athletes to make it to closing in time.

For countries that don’t have a male or female athlete available to be a flagbearer, a volunteer will carry the flag. For those that only have either a male or female athlete, there will only be one flagbearer. — Nancy Armour

Olympic closing ceremony time

The closing ceremony for the 2026 Winter Olympics begins at 2:30 p.m. ET.

Who won men’s ice hockey gold medal game?

Who is Johnny Gaudreau?

Johnny Gaudreau was a former NHL star who was on track to play for the United States during these 2026 Winter Olympics. Unfortunately Gaudreau and his brother, Matthew, died in a cycling accident in New Jersey on Aug. 29, 2024, after the pair were struck by a drunk driver.

The U.S. men’s hockey team paid homage to him throughout the tournament, hanging his jersey in their locker room. Gaudreau’s family members were also in attendance for Sunday’s gold medal game, and when Jack Hughes scored the golden goal in overtime, the Americans wasted no time parading Gaudreau’s jersey around the ice, honoring him as part of the championship team. — Jon Hoefling

Jack Hughes teeth

Team USA men’s ice hockey hero Jack Hughes slapped the game-winning goal in the gold medal game against Canada, but his ear-to-ear smile was missing something in the postgame celebration.

‘My first thought was, I looked down on the ice and saw my teeth,’ Hughes said, giving media members a big toothless grin on Sunday. ‘Like, here we go again…  I know the last time that happened, wasn’t really fun.’ — Cydney Henderson, Steve Gardner

This post appeared first on USA TODAY

Keep Reading
By
7 Mins Read

Claressa Shields vs Franchon Crews-Dezurn results: Fight highlights

Claressa Shields successfully defended her championships with a victory over Franchon Crews-Dezurn in Detroit on Sunday, Feb. 22.

Shields won by unanimous decision in a fight that attracted 18,000 to Little Caesar’s Arena.

Crews-Dezurn put together a strong start in the opening round of the fight, but it was Shields who managed to pull away with the fight in the rounds that followed. Both fighters were aggressive early on, but Shields found her stride later in the fight by landing multiple combinations against an exhausted Crews-Dezurn. Crews-Dezurn tried to fight back in the later rounds but there wasn’t much more she could do to get back into the fight.

It’s Shields’ second victory over Crews-Dezurn. The first came back in the champions’ debut in 2016.

Shields is now 18-0 in her professional career. Crews-Dezurn falls to 10-3.

USA TODAY Sports had you covered with updates, analysis and highlights from the Claressa Shields vs. Franchon Crews-Dezurn card here:

Claressa Shields vs. Franchon Crews-Dezurn highlights

Claressa Shields def. Franchon Crews-Dezurn: Round-by-round analysis

Round 10: Both fighters go the distance and this will come down to the judges’ scores. It should be Shields who wins the fight with ease.

Round 9: Crews-Dezurn and Shields are slowing down a bit but it’s still Shields who has the advantage.

Round 8: Shields continues to show her dominance. The round was closer than some of the more recent rounds. The challenger showed some life, landing a pair of power punches in the round against Shields.

Round 7: Shields picks up where she left off from the previous round with more combinations. Crews-Dezurn might be running out of gas here.

Round 6: Shields continues to be aggressive and lands several combinations throughout the round. Shields is in full control.

Round 5: Crews-Dezurn was trying to work the body of Shields, but Shields caught her with a shot to the jaw.

Round 4: Shields is trying to pull away with the lead here in the fourth. Shields is clearly delivering punishment to the face of Crews-Dezurn.

Round 3: Both fighters are being aggressive and not pulling punches early in the fight. Their conditioning will be tested. This fight is fairly even so far.

Round 2: Shields has been able to display her speed early in the field. Crews-Dezurn continues to work Shields back against the corner or the ropes. Crews-Dezurn finished out the round with a jab and overhand shot.

Round 1: Crews-Dezurn took the first round of the fight after spending time backing Shields into the corner. Crews-Dezurn managed to delievered mutlipe shots.

Claressa Shields vs Franchon Crews-Dezurn: Time, PPV, streaming for fight

Claressa Shields will face Franchon Crews-Dezurn on Sunday, Feb. 22, at the Little Caesar’s Arena in Detroit, Michigan.

  • Date: Sunday, Feb. 22
  • Time: 8 p.m. ET
  • Claressa Shields vs Franchon Crews-Dezurn main event ringwalks: 11 p.m. ET (estimate)
  • Stream: DAZN

Watch Claressa Shields vs Franchon Crews-Dezurn fight with DAZN

Atif Oberlton def. Joseph George

Joseph George and Atif Oberlton were slotted as the co-main event on the Claressa Shields vs Franchon Crews-Dezurn card.

Oberlton won the opening round of the fight, but things would take on a different tone before the second round.

George collapsed off his stool between the first and second rounds and was down on the mat. He was in his corner drinking water before falling out of his stool.

George was quickly attended to by doctors at the ringside and the fight was waved off. Oberlton looked very surprised and confused about what happened.

It appeared that George and Oberlton may have accidentally bumped heads late in the first round.

George was still in need of assistance as he made his way out of the ring. He was sat down on a stretcher to be wheeled out. Oberlton was declared the winner by TKO.

‘I know I was being defensively responsible, if he fell in and a head butt happened, I just know I avoided the shot,’ Oberlton told DAZN’s Chris Mannix after the fight. ‘I’m glad he got on his feet and he’s OK.’

Che Kenneally def. Danielle Perkins

Kenneally managed to take the first round using a flurry of punches and counter-punches. Perkins bounced back in the second round and has taken control of the fight.

Perkins delivers a strong right hook in the final seconds of the sixth round to knock down the champion. Kenneally tried to make it back up, but the referee stopped the fight. Perkins wins the WBA women’s light heavyweight title.

Pryce Taylor def. James Evans

Taylor was in control of the fight early through the first two rounds. The first round featured a slow pace and not much activity. While the fighters did exchange body shots, both are still getting a feel for one another early.

Evans would show some fight in the third round, but Taylor would knock him down in the fourth round. The referee also ended up on the floor in the round. Taylor would pop Evans again in the fifth round. Evans took several shots from Taylor before taking a knee. The referee calls an end to the heavyweight fight.

Claressa Shields vs Franchon Crews-Dezurn: Full fight card

Fight card via DAZN.

  • Claressa Shields vs. Franchon Crews-Dezurn; For Shields’ IBF, WBA, WBC and WBO women’s heavyweight titles
  • Atif Oberlton vs. Joseph George; Light heavyweight
  • Che Kenneally vs. Danielle Perkins; For Kenneally’s WBA women’s light heavyweight title
  • Pryce Taylor vs. James Evans; Heavyweight

Claressa Shields vs Franchon Crews-Dezurn odds

All odds are for moneyline bets as of Saturday, via BetMGM

  • Claressa Shields (-3000) vs. Franchon Crews-Dezurn (+1000)

Claressa Shields vs Franchon Crews-Dezurn full fight card odds

All odds are for moneyline bets as of Saturday, via BetMGM

  • Claressa Shields (-3000) vs. Franchon Crews-Dezurn (+1000); For Shields’ women’s heavyweight titles
  • Atif Oberlton (-1400) vs. Joseph George (+600); Light heavyweight
  • Che Kenneally (-225) vs. Danielle Perkins (+160); For Kenneally’s WBA women’s light heavyweight title
  • Pryce Taylor (-1600) vs. James Evans (+700); Heavyweight 

Claressa Shields vs Franchon Crews-Dezurn predictions

Josh Peter, USA TODAY: ‘A decade ago, in her professional debut, Claressa Shields defeated Franchon Crews-Dezurn by unanimous decision. Since then, Shields has won 16 fights in a row, world titles in four weight classes and the right to… fight Crews-Dezurn again? The pairing is a headscratcher. While Shields, 30, looks to be in her prime, Crews-Dezurn, 38, looks to be headed for retirement. Crews-Dezurn owns the WBA and WBC women’s super middleweight titles. But she looked vulnerable in her last fight — a disputed majority-decision victory over Citlalli Ortiz, who had only five previous pro fights. Unless Crews-Dezurn knows something we don’t, the only thing in question is whether the fight will end by decision or stoppage. Prediction: Shields by KO, 10th round.’

Claressa Shields’s career record

Claressa Shields comes into Sunday’s fight with a perfect 17-0-0 record, having recently beaten Lani Daniels in a unanimous decision on July 26, 2025.

Franchon Crews-Dezurn’s career record

Franchon Crews-Dezurn comes into his fight with Shields holding a 10-2-0 record. Her most recent win took place back in June, 2025 in a majority decision over Citlalli Ortiz. She previously faced Shields in her debut bout back in 2016, a unanimous decision loss.

Claressa Shields vs Franchon Crews-Dezurn main card, ring walk start times

  • Main card start time: 8 p.m. ET
  • Main event ring walks: 11 p.m. ET (approximate)

Claressa Shields vs Franchon Crews-Dezurn live stream, price

Claressa Shields vs Franchon Crews-Dezurn will stream exclusively on DAZN. The boxing match can be viewed on DAZN subscription ($19.99 a month, monthly installments or $29.99 monthly flex plan).

This post appeared first on USA TODAY

Keep Reading
By
14 Mins Read

Cygnus targets resource growth with start of new drilling and geophysics programs

Chibougamau Copper-Gold Project, Canada

HIGHLIGHTS:

  • Cygnus sets up value drivers for 2026 with exploration and resource growth a high priority
  • At Cedar Bay, Downhole Electromagnetics (‘DHEM’) is in progress to identify follow-up targets from recent intersections1 such as:
    • 28.9m at 2.5g/t AuEq (1.0g/t Au, 1.0% Cu & 12.0g/t Ag) (CDR-25-16)
    • 10.6m at 4.1g/t AuEq (3.6g/t Au, 0.3% Cu & 2.8g/t Ag) (CDR-25-11W1)
  • This is the first time DHEM is being used at Cedar Bay in over 20 years
  • Drilling has started at Golden Eye to test extensions below the current resource, which stands at 0.5Mt at 5.6g/t AuEq for 91koz AuEq (Indicated) and 1.2Mt at 4.6g/t AuEq for 182koz AuEq (Inferred)2
  • At Joe Mann, a detailed Induced Polarisation (‘IP’) survey is underway to identify walk-up drill targets analogous to IAMGOLD’s Nelligan Complex deposits which contain 4.3Moz Au (M&I) and 7.5Moz Au (Inferred)3 located just 10km west of Joe Mann
  • Permits are being submitted for the Gwillim prospect for drilling in the coming quarter; This will co-funded by 50% JV partner Alamos Gold, which has a market capitalisation of ~C$25B. Initial targets will follow up historic intersections4 of:
    • 7.6m @ 38.1g/t Au from 314.9m (87-KOD-18);
    • 15.2m @ 9.4g/t Au from 155.1m (87-KOD-1); and
    • 16.4m @ 8.3g/t Au from 168.3m (87-KOD-10).
  • Cygnus believes there is significant potential to continue growing the Chibougamau resource, which stands at 6.4Mt at 3% CuEq for 193kt CuEq (M&I) and 8.5Mt at 3.5% CuEq for 295kt CuEq (Inferred)2

Cygnus Executive Chairman David Southam said: ‘There is overwhelming evidence which points to the potential for substantial resource growth at Chibougamau. The resources remain open in many places and we have a pipeline of compelling targets to test.

‘We have devised an extensive program of drilling and geophysics to unlock this upside. This will include brownfields drilling as well as testing new targets. After growing the resource by 29 per cent last year, we are confident that our exploration strategy will deliver more strong results and create more value for shareholders.

‘We are now drilling at Golden Eye and Cedar Bay, which provide substantial resource upside.

‘Joe Mann and Gwillim have excellent discovery potential and have been materially overlooked for the last 20 years. With this potential and the current gold price we are excited to commence exploration on these targets’.

Cygnus Metals Limited (ASX: CY5; TSXV: CYG,OTC:CYGGF; OTCQB: CYGGF) (‘Cygnus’ or the ‘Company’) is pleased to announce the start of extensive exploration programs aimed at growing the resources at its Chibougamau Copper-Gold Project in Quebec.

Resource growth and discovery remain a key pillar of Cygnus’ growth strategy as the Company continues to unlock the Chibougamau district. A key focus is brownfields exploration, including extensions to deposits such as Cedar Bay and Golden Eye.

At Cedar Bay, Downhole Electromagnetics (‘DHEM’) is in progress to define follow up drill targets from recent exploration drilling1 which returned:

  • 28.9m at 2.5g/t AuEq (1.0g/t Au, 1.0% Cu & 12.0g/t Ag) (CDR-25-16)
  • 10.6m at 4.1g/t AuEq (3.6g/t Au, 0.3% Cu & 2.8g/t Ag) (CDR-25-11W1)

Recent drilling successfully demonstrated extensions to the current resource at Cedar Bay of 0.3Mt at 8.1g/t AuEq for 67koz (M&I) and 0.8Mt at 7.8g/t AuEq for 205koz (Inferred).2 DHEM aims to define resource extensions as well as identifying high grade shoots which are typically associated with semi massive sulphides. This will be the first time DHEM is being used at Cedar Bay in over 20 years, presenting a huge opportunity for Cygnus.

At Golden Eye, drilling has commenced with three rigs to grow the Indicated Resource and extend the resource below the currently defined depth of just 450m. Golden Eye was a new resource defined by Cygnus last year of 0.5Mt at 5.6g/t AuEq for 91koz (Indicated) and of 1.2Mt at 4.6g/t AuEq for 182koz (Inferred)2 and remains open at depth with one of the deepest intersections5 from last year of:

  • 2.9m @ 10.2g/t AuEq (8.3g/t Au, 1.4% Cu & 3.3g/t Ag) from 463.8m (LDR-25-08)

The Company also has a strong focus on defining new resources and making discoveries. Two key areas identified as high priority are gold targets Joe Mann and Gwillim.

At Joe Mann, the Company has commenced a detailed Induced Polarisation (‘IP’) survey along major structures to identify walk-up drill targets for Q2 this year. Cygnus is targeting analogous mineralisation to IAMGOLD’s Nelligan Complex, which is located just 10km west of the project and contains 4.3Moz Au (M&I) and 7.5Moz Au (Inferred).3

This survey will help to generate further drill targets in addition to some of the high-grade historic intersections which also require follow up.4 These include:

  • 0.7m @ 480.2g/t Au from 92.3m (H-118);
  • 3.8m @ 20.8g/t Au from 287.2m (H-214); and
  • 8.4m @ 6.3g/t Au from 175.6m (H-374).

At Gwillim, permits are underway for drilling to commence in the coming quarter. Drilling at Gwillim will be co-funded by 50% JV partner Alamos Gold, which has a market capitalisation of ~C$25B. Gwillim is just 12km from the Chibougamau processing facility and has high potential for defining new resources. Initial drilling will focus on following up high-grade historic intersections4 such as:

  • 7.6m @ 38.1g/t Au from 314.9m (87-KOD-18);
  • 15.2m @ 9.4g/t Au from 155.1m (87-KOD-1); and
  • 16.4m @ 8.3g/t Au from 168.3m (87-KOD-10).

The Chibougamau area has well-established infrastructure, giving the Project a significant headstart as a copper-gold development opportunity. This infrastructure includes a 900,000tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site. Significantly, the Chibougamau processing facility is the only processing facility within a 250km radius.

Figure 1: Exploration progressing across mutiple fronts with a focus on both resource extensions and discovery

Figure 2: Joe Mann IP survey covering key structures from IAMGOLD’s major deposits Nelligan and Phillibert3

This announcement has been authorised for release by the Board of Directors of Cygnus.

David Southam
Executive Chair
T: +61 8 6118 1627
E: info@cygnusmetals.com 		Nicholas Kwong
President & CEO
T: +1 647 921 0501
E: info@cygnusmetals.com 		Media:
Paul Armstrong
Read Corporate
T: +61 8 9388 1474


About Cygnus Metals

Cygnus Metals Limited (ASX: CY5, TSXV: CYG,OTC:CYGGF, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.

Forward Looking Statements

This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond Cygnus’ control. Cygnus makes no representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly, to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in this release or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.

End Notes

  1. Refer to Cygnus’ ASX announcements dated 30 October 2025 and 8 December 2025.
  2. Refer to Cygnus’ ASX announcement dated 17 September 2025 and subsequent technical report dated 31 October 2025 titled ‘NI 43-101 Technical Report Chibougamau Hub and Spoke Complex, Québec, Canada’ prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (‘NI 43-101’) and the Joint Ore Reserves Committee (JORC) Code (2012 Edition).
  3. Refer to IAMGOLD’s news release dated 17 February 2026.
  4. Refer to Cygnus’ ASX announcement dated 20 January 2026.
  5. Refer to Cygnus’ ASX announcement dated 8 May 2025.

Qualified Persons and Compliance Statements

The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a ‘qualified person’ as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The information in this release that relates to the Mineral Resource Estimate for the Chibougamau Project reported in accordance with the JORC Code (2012 Edition) and NI 43-101 was released by Cygnus in an announcement titled ‘Major Resource Update’ released to the ASX on 17 September 2025 and subsequent technical report dated 31 October 2025 titled ‘NI 43-101 Technical Report Chibougamau Hub and Spoke Complex, Québec, Canada’ prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (‘NI 43-101’) and the JORC Code (2012 Edition). Details of the Mineral Resource Estimate are included in Appendix A.

The information in this announcement that relates to previously reported Exploration Results at the Company’s projects has been previously released by Cygnus in ASX Announcements as noted in the End Notes.

Individual grades for the metals included in the metal equivalents calculations for the Mineral Resource Estimate, as well as the price assumptions, metallurgical recoveries and metal equivalent calculations themselves, are in Appendix A of this release. Individual grades for the metals included in the metal equivalents calculation for the exploration results are in the original market announcements. Metal equivalents for exploration results have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz and silver price of US$25/oz, with copper equivalents calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Metallurgical recovery factors have been applied to the copper equivalents calculations for the exploration results, with copper metallurgical recovery assumed at 95% and gold metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility, and the metallurgical results contained in Cygnus’ announcement dated 28 January 2025. It is the Company’s view that all elements in the copper and gold equivalent calculations have a reasonable potential to be recovered and sold.

Cygnus is not aware of any new information or data that materially affects the information in these announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

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

APPENDIX A – Mineral Resource Estimate for the Chibougamau Project as at 17 September 2025

Cu
Project		 Classification COG
CuEq		 Tonnage Average Grade Contained Metal
Cu Au Ag CuEq AuEq Cu Au Ag CuEq AuEq
% Mt % g/t g/t % g/t kt koz koz kt koz
Corner Bay Indicated 1.2 4.9 2.5 0.3 8.4 2.8 4.1 124 43 1,316 137 638
Inferred 5.4 2.7 0.2 8.9 3.0 4.3 146 41 1,543 159 744
Devlin Measured 1.5 0.1 2.7 0.3 0.5 2.9 4.7 4 1 2 4 19
Indicated 0.6 2.0 0.2 0.2 2.1 3.4 13 4 5 13 69
M&I 0.8 2.1 0.2 0.3 2.3 3.6 16 5 7 17 88
Inferred 0.3 2.0 0.2 0.3 2.1 3.4 7 2 3 7 36
Joe Mann Inferred 2.0 0.7 0.2 6.0 – 4.6 6.3 2 143 – 34 151
Cedar Bay Indicated 1.8 0.3 1.6 6.0 9.9 6.4 8.1 4 50 82 16 67
Inferred 0.8 2.0 5.1 11.8 6.1 7.8 17 134 309 50 205
Golden Eye Indicated 0.5 1.0 4.3 9.9 4.4 5.6 5 69 161 22 91
Inferred 1.2 0.9 3.4 7.9 3.6 4.6 11 134 313 45 182
Project Classification Tonnage Average Grade Contained Metal
Cu Au Ag CuEq AuEq Cu Au Ag CuEq AuEq
Mt % g/t g/t % g/t kt koz koz kt koz
Hub and Spoke Measured 0.1 2.7 0.3 0.5 2.9 4.7 4 1 2 4 19
Indicated 6.3 2.3 0.8 7.8 3.0 4.3 146 166 1,563 189 865
M&I 6.4 2.3 0.8 7.6 3.0 4.3 149 167 1,565 193 884
Inferred 8.5 2.1 1.7 7.9 3.5 4.8 182 454 2,168 295 1,318


Notes:

  1. Cygnus’ Mineral Resource Estimate for the Chibougamau Copper-Gold project, incorporating the Corner Bay, Devlin, Joe Mann, Cedar Bay, and Golden Eye deposits, is reported in accordance with the JORC Code and the Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM’) (2014) definitions in NI 43-101.
  2. Mineral Resources are estimated using a long-term copper price of US$9,370/t, gold price of US$2,400/oz, and silver price of US$30/oz, and a US$/C$ exchange rate of 1:1.35.
  3. Mineral Resources are estimated at a CuEq cut-off grade of 1.2% for Corner Bay and 1.5% CuEq for Devlin. A cut-off grade of 1.8 g/t AuEq was used for Cedar Bay and Golden Eye; and 2.0 g/t AuEq for Joe Mann.
  4. Corner Bay bulk density varies from 2.85 tonnes per cubic metre (t/m3) to 3.02t/m3 for the estimation domains and 2.0 t/m3 for the overburden. At Devlin, bulk density varies from 2.85 t/m3 to 2.90 t/m3. Cedar Bay, Golden Eye, and Joe Mann use a bulk density of 2.90 t/m³ for the estimation domains.
  5. Assumed metallurgical recoveries are as follows: Corner Bay copper is 93%, gold is 78%, and silver is 80%; Devlin copper is 96%, gold is 73%, and silver is 80%; Joe Mann copper is 95%, gold is 84%, and silver is 80%; and Cedar Bay and Golden Eye copper is 91%, gold is 87%, and silver is 80%. 
  6. Assumptions for CuEq and AuEq calculations (set out below) are as follows: Individual metal grades are set out in the table. Commodity prices used: copper price of US$9,370/t, gold price of US$2,400/oz and silver price of US$30/oz. Assumed metallurgical recovery factors: set out above. It is the Company’s view that all elements in the metal equivalent calculations have a reasonable potential to be recovered and sold.
  7. CuEq Calculations are as follows: (A) Corner Bay = grade Cu (%) + 0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t) ; (B) Devlin = grade Cu (%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t); (C) Joe Mann = grade Cu (%) + 0.72774* grade Au (g/t); and (D) Golden Eye and Cedar Bay = grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t).
  8. AuEq Calculations are as follows: (A) Corner Bay = grade Au (g/t) + 1.45097* grade Cu(%)+0.01282* grade Ag (g/t); (B) Devlin = grade Au (g/t) + 1.59957* grade Cu(%)+0.01379* grade Ag (g/t); (C) Joe Mann = grade Au (g/t) + 1.37411* grade Cu (%); and (D) Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
  9. Wireframes were built using an approximate minimum thickness of 2 m at Corner Bay, 1.8 m at Devlin, 1.2 m at Joe Mann, and 1.5 m at Cedar Bay and Golden Eye.
  10. Mineral Resources are constrained by underground reporting shapes.
  11. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  12. Totals may vary due to rounding.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/9f3d9271-0c1d-4946-b6b7-907187bb4f3a

https://www.globenewswire.com/NewsRoom/AttachmentNg/bf51280f-9701-4436-8255-c21949f90dfe

News Provided by GlobeNewswire via QuoteMedia

This post appeared first on investingnews.com

Keep Reading
By