Silver Dollar Resources (CSE:SLV,OTCQX:SLVDF,FSE:4YW) (CSE:SLV,OTCQX:SLVDF,FSE:4YW) is a precious metals exploration company targeting high-grade silver and gold opportunities in Mexico. Its cornerstone asset is the La Joya silver–gold–copper project, situated in the southern Durango–Zacatecas silver belt, one of the most productive silver districts globally.

La Joya has seen substantial historical exploration, with more than 51,600 metres drilled in 182 holes defining several mineralized zones, including the Main Mineralized Trend, Santo Niño, and Coloradito. The company is now revisiting the project with an underground-oriented exploration approach, combining structural interpretation, underground sampling, and a detailed review of historic drill core to pinpoint higher-grade mineralization at depth.

Beyond La Joya, Silver Dollar owns the Nora silver–gold project in Durango, home to the historic Candy mine and an epithermal vein system that has delivered high-grade surface sampling results. The company also holds an equity stake in Bunker Hill Mining following the divestment of the Ranger-Page project, offering leveraged exposure to the anticipated production restart in Idaho’s Silver Valley in early 2026.

Company Highlights

• 100 percent owned La Joya project, an advanced-stage silver-gold-copper system in Mexico’s Durango-Zacatecas silver belt
• La Joya was originally proposed as an open pit in 2013 based on US$24 silver, US$1,200 gold and US$3 copper
• Strategic shift toward evaluating La Joya’s high-grade underground potential supported by new 3D geological modeling, underground sampling, and drill target development
• Completed sale of the Ranger-Page project to Bunker Hill Mining, providing equity exposure to a near-term US silver producer
• Fully funded to carry out planned exploration programs through 2026
• Largest shareholder is mining investor Eric Sprott, with approximately 17.5 percent ownership
• Multiple exploration catalysts planned, including drilling at La Joya in early 2026

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Investor Insight

With a tight capital structure, experienced management and strategic gold, silver and copper project locations near major past-producing mines, Questcorp is well-positioned to deliver discovery-driven growth to investors.

Overview

Questcorp Mining (CSE:QQQ,OTC:QQCMF,FSE:D910) is a Canadian junior exploration company focused on unlocking value in two high-potential mineral districts: the Sonoran Gold Belt in Mexico and Vancouver Island in British Columbia.

The company aims to build shareholder value through disciplined exploration of assets with near-surface mineralization and proven geologic continuity. The company operates in mining-friendly jurisdictions, close to infrastructure and within major metal-producing belts. Its flagship La Union gold project offers high-grade gold-silver-lead-zinc potential in Mexico, while the North Island copper project provides exposure to porphyry copper and skarn systems in a district that hosts multi-billion-pound copper resources.

With gold prices near all-time highs and a copper supply crunch emerging, Questcorp is targeting discoveries that can drive exponential value from a tightly held share structure.

Company Highlights

• Flagship Asset – La Union Gold Project (Mexico): A high-grade carbonate replacement gold system in the Sonoran Gold Belt, boasting historical production, strong geologic signatures and drill-ready targets with >80 g/t gold surface samples.
• Copper Exposure in Tier-1 Jurisdiction: The North Island copper project lies just north of BHP’s historic Island Copper Mine. It shows promising porphyry and skarn-style mineralization and is adjacent to Northisle’s multi-million-ounce copper-gold deposits.
• Tight Capital Structure and Strategic Investors: ~93 million shares outstanding with over 80 percent held by long-term, high-net-worth, US and International investors with 3-5 year investment window.
• Execution-focused Management: Led by Founding President & CEO Saf Dhillon, a veteran builder of public companies, and geologist Tim Henneberry, with over 45 years of global exploration success.
• Immediate Catalysts: Near-term exploration at both assets with active permitting, drill programs and news flow expected throughout 2025.

Key Projects

La Union Gold Project – Sonora, Mexico (Flagship Asset)

The La Union gold project is a 2,604-hectare, road-accessible high-grade carbonate replacement deposit (CRD) located at the edge of the Sonoran Gold Belt, one of the richest gold-producing regions in Mexico. The property is located near major mines, including La Herradura (6.7 Moz, measured and indicated) and San Francisco (1.4 Moz, measured and indicated), and boasts historical production from underground operations by Peñoles and others, reportedly yielding ~50,000 ounces of gold in the 1950s at grades of 7 to 20 grams per ton (g/t) gold.

La Union gold project location

Work done to date includes consolidation of seven historical properties into a single district-scale project by Riverside Resources, which invested more than US$2.5 million in geological mapping, sampling and target definition. Sampling has returned high-grade grab samples including 83.2 g/t gold, 4,816 g/t silver, 30 percent zinc, and 19.8 percent lead. Channel sampling and geological work identified eight mineralized zones, three of which – Plomito, La Famosa and La Union – are drill-ready and fully permitted.

Geology and history of La Union

Questcorp executed a definitive agreement with Riverside in May 2025 to earn up to 100 percent interest in the project. The planned Phase I program includes drilling 10 diamond drill holes averaging 300 meters in depth across the three priority targets, alongside geophysical (gravity and EM) surveys to refine targets. Questcorp will also continue surface exploration at the remaining five targets to identify additional drill candidates. The project’s polymetallic nature and porphyry potential at depth suggest significant resource upside. Riverside remains as the operator during the earn-in, bringing proven success in similar deposits such as Alamos Gold’s Mulatos.

North Island Copper Project (NICP) – Vancouver Island, BC

The North Island copper property is an exploration-stage project located on the northern tip of Vancouver Island, approximately 7.5 km northwest of BHP’s historic Island Copper Mine. The Island Copper operation historically produced 1.2 billion kg copper, 35,268 kg gold, 360,800 kg silver, and significant molybdenum and rhenium from 367 million tonnes of ore, underscoring the district’s endowment.

NICP hosts eight documented copper-silver skarn occurrences and displays porphyry-style mineralization associated with the Island Intrusive suite. The property is geologically anchored by two main target areas: skarns associated with Quatsino limestones in the east and a porphyry copper target to the west, known as the Marisa Zone. Historical drilling by previous operators at Marisa intersected broad zones of copper mineralization, including:

• DDH92-01: 0.078 percent copper over 56.39 m, including 0.171 percent copper over 16.17 m
• DDH92-03: 0.041 percent copper over 70.71 m, with increasing grade at depth

Despite promising results, these zones were never followed up. Questcorp intends to revisit and expand on this historic work. The next steps include completing a 3D induced polarization (IP) survey to model chargeability and resistivity anomalies, followed by a focused drill campaign targeting extensions of the Marisa porphyry.

The project benefits from excellent access via the Vancouver Island Highway and logging roads, plus nearby hydro infrastructure, offering low-cost exploration potential. With a favorable neighborhood, including Northisle Copper & Gold Inc. (TSXV:NCX) with a ~$800 million market cap, NICP represents a high-upside copper exploration story in a Tier-1 jurisdiction.

Founding Directors and Management Team

Saf Dhillon – President, CEO and Director

Saf Dhillon has been involved in the development of public companies for over 20 years, holding various positions including investor relations, business development and senior management, as well as board directorships, building an extensive worldwide list of contacts. He was a key member of the Idaho-based US Geothermal’s management team, which grew the company from an approximately US$2 million startup to a successful independent renewable energy power producer with three new power plants operating in the Pacific Northwest. Saf is President & CEO of iMetal Resources Inc. (TSXV:IMR), President & CEO of Bayridge Resources Corp. (CSE:BYRG). He is also a founding director of Torrent Gold (CSE:TGLD), a board member of Lake Winn Resources (TSXV:LWR), and provides assistance to several other private and public companies.

R. Tim Henneberry – Director

R. Tim Henneberry is a professional geoscientist with over 43 years of experience in domestic and international exploration and production for base and precious metals and industrial minerals. He founded Mammoth Geological in 1991, providing geological consulting services to numerous private and publicly traded companies. Henneberry has been involved in senior management of several TSX Venture and CSE-listed companies over the last 30+ years, serving as director, senior officer or advisor, including the founding of several.

Scott Davis – Director

Scott Davis is a partner of Cross Davis & Company LLP, Chartered Professional Accountants, providing accounting and management services for publicly listed companies. His experience includes CFO positions of several companies listed on the TSX Venture Exchange, and his past experience consists of senior management positions, including four years at Appleby as an assistant financial controller. Prior to that, he spent two years at Davidson & Company LLP, Chartered Professional Accountants, as an auditor, and five years with Pacific Opportunity Capital as an accounting manager.

Nickel price in Q4

There wasn’t much change at the start of the quarter; the price was essentially trading in the US$15,000 to US$15,500 range, the same as it had since recovering from the post-liberation day tariff announcement rout in the base metals market in April that sent the price spiraling to a year-to-date low of US$14,150.

Nickel price, December 19, 2024, to December 18, 2025.

Chart via TradingEconomics.

However, cracks began to form at the end of October as it became clearer that the oversupply situation was likely to persist, pushing prices back below the US$15,000 mark by mid-November.

Prices for nickel rebounded in late November, but failed to break the US$15,000 again and slid toward a yearly low, reaching US$14,235 on December 15.

Oversupply continues to weigh on nickel

At the end of the year’s third quarter, the expectation was that nickel prices would carry momentum as the monsoon season arrived in the Philippines; however, despite seasonal declines in output, the market ‘s supply glut persisted, and prices continued to trend lower at the end of the period.

As of September 30, London Metal Exchange (LME) warehouses held 231,504 MT of nickel, and by November 28, stockpiles had grown to 254,364 MT, nearly 100,000 MT higher than the start of 2025.

According to a mid-December Shanghai Metals Market article, refined production decreased by 25,800 MT in November. Still, it was outpaced by inventory accumulation, as downstream demand remained soft.

On the demand side, stockpile buildups coincided with the traditional off-season for stainless steel producers, which accounts for 60 percent of total nickel demand, and weak end-use consumption led some producers to initiate output cuts. Additionally, Shanghai Metals Market notes that stainless demand was further impacted by the superior economics of recycled materials. The outlet also states that although production costs in Indonesia are lower than elsewhere, the price of nickel is rapidly approaching producers’ break-even point.

In February, the Indonesian government changed its quota system, increasing nickel ore output to 298.5 million wet metric tons from 271 million wet metric tons in 2024. The move from the top nickel producer was designed to alleviate supply pressures, with increased production limited to major production areas.

This was followed in October by a change to the length of time production quotas were valid, shortening it to one year from three years, and forcing miners to reapply for previously approved quotas for 2026 and 2027.

Changes were made to the application system after companies failed to meet environmental obligations, and companies will now have to submit proof they have the financial means to remediate land after operations are complete.

Adding to the metal’s woes at the end of the year is demand from the electric vehicle (EV) sector slipping as more battery producers pivot away from nickel in their chemistries, as cheaper lithium-iron-phosphate batteries improve efficiency.

For her part, Manthey, explained that everything has aligned for a bear market.

“LME stockpiles are at a four-year high, with Chinese and Indonesian cathode dominating,” she said, adding that growth in battery metals was slower than expected, and that demand for stainless steel was sluggish on the back of global weakness in manufacturing.

How did nickel perform for the rest of the year?

The rest of the year wasn’t much different for nickel.

The oversupply situation carried over from 2024, with Indonesian producers making up roughly 60 percent of the market. Likewise, curtailments continued among western producers as prices were unable to cover costs.

In April, the Indonesian government made a significant change to its royalty rates, hiking them to between 14 and 19 percent, depending on the nickel price. That’s up from the country’s previously imposed 10 percent flat rate, with a 2 percent royalty on nickel mattes destined for battery production.

As the second quarter began, base metal prices sank amid rising expectations of a global recession following US President Donald Trump’s “Liberation Day” tariff announcement on April 2.

Markets rebounded after their initial tariff plans were walked back, following a bond market squeeze that pushed 10 year treasury yields up by more than half a percentage point.

Nickel faced further pressures in July as the One Big Beautiful Bill was signed into law in the US, ending the federal EV tax credit, as well as other tax credits for expanding charging infrastructure. The change came into effect on September 30 and eliminated a US$7,500 rebate on the purchase of new EVs. Before the end of the tax credit, data showed that American EV sales reached a record 1.2 million through the first nine months of 2025, with the share for EVs climbing to 12 percent in Q3 as consumers made purchases ahead of the program’s end.

Q4 data shows EV sales have declined significantly since the tax credit expired, and interest in EVs has fallen by 20 percent. The fall caused Ford Motor (NASDAQ:F) to pull back on its EV plans and take a US$19.5 billion writedown.

Investor takeaway

Nickel prices continued on a downtrend in 2025, and expectations aren’t much different for the year ahead.

Until the metal see ssustained upward momentum, it’s unlikely that curtailed western operations will be restarted.

For experienced investors, this may offer an opportunity to enter a market closer to the bottom than the top. However, until there is a significant correction in supply and demand fundamentals, the nickel market won’t have much of a tailwind, leading to a riskier market, that may have a lengthy period before returns are realized, if at all.