Six month gold and silver price performance.

Source: Trading Economics (gold) and (silver).

Unless you are a professional, or even amateur, trader, it is best to look at gold and silver investment with a perspective of years or decades, rather than just days, weeks or even months. Since the start of the COVID-19 panic in March 2020, gold and silver have exploded 123 percent and 192 percent.

10 year gold and silver price performance.

Source: Trading Economics (gold) and (silver).

In the shorter term, the gold price is driven by what economist John Maynard Keynes called “animal spirits.” In the longer term, it is driven by “monetary spirits.” And not just as protection, but also for performance. The Presidential Gold Guide highlights both in chapters four and five.

Source: Fisher Liberty Gold.

Gold unsurprisingly protects

Economist and investor Mark Skousen has wisely noted that: “Since we left the gold standard in 1971, both gold and silver have become superior inflation hedges.” Gold has more than countered the results of inflation, as measured by CPI, and the drivers of inflation, as measured by M3.

And the numbers back that up. The Gold Protects chart below compares the gold price, CPI and M3 in terms of cumulative growth of each from 1971 to 2025. That is throughout the whole era of gold as an investment, which officially started in 1974 once private ownership was restored.

During this era, gold grew by 541 percent, CPI by 214 percent and M3 by 384 percent. Annual average growth for gold was 10 percent, CPI at 4 percent and M3 at 7 percent. Maximums were 92 percent, 14 percent and 29 percent, respectively. CPI only failed to grow twice, ie. 0 percent in 2009 and 2015. M3 decreased twice, by -4 percent in 2023 and -6 percent in 2024.

Sources: FRED (CPI) (M3); World Bank (gold).

Gold surprisingly performs

The highly respected In Gold We Trust (IGWT) report states: “When dealing with the specific level of gold allocation, it is advisable to differentiate between safe-haven gold and performance gold. The Big Long strategy emphasizes the potential of performance gold in the coming years.”

IGWT thus recommends an investment portfolio ‘rule of thumb’ that includes 15 percent in “safe-haven gold” and 10 percent in “performance gold.” The Gold Performs chart below compares gold price, S&P 500 and nominal GDP in terms of cumulative growth of each from 1971 to 2025.

Gold grew by 541 percent, the S&P 500 by 484 percent and GDP by 339 percent. Annual average growth for gold was 10 percent, with the S&P 500 at 9 percent and GDP at 6 percent. Maximums were 92 percent, 45 percent and 14 percent, respectively. Gold did have a higher standard deviation of 27 percent, compared to 17 percent for the S&P 500 and 3 percent for GDP.

Sources: FRED (GDP); Shiller Data (S&P); World Bank (gold).

Animal and monetary spirits

Gold protects as a hedge or safe haven, not just from inflation, but from the flip side of that same coin of the boom-bust cycle. Both are driven, in the longer term, not by “animal spirits,” but by “monetary spirits.”

Inflation is when money inflation has a widespread impact as price inflation. A bubble is when money increases have a more concentrated impact such as in certain asset values. The bubble eventually bursts when “monetary spirits” are finally reined in by monetary realities.

I say “monetary spirits” because of the role of fiat money, as indicated by, say, M3. When money supply outstrips money demand in a localized way, then that is a bubble, and when in a general way, that is inflation.

The former shows up in certain asset, wholesale and/or producer prices, whilst the latter shows up in CPI. Asset prices include the S&P 500. But nominal GDP is also ‘ginned up’ as it is ultimately a price times quantity measure as well. Price is expressed in money terms.

Conclusion

Gold can have ups and downs, as standard deviation indicates, due to the “animal spirits” of fear and uncertainty, that tend to be daily, weekly or monthly. Yet gold both protects and performs due to the “monetary spirits” of inflation and boom-bust, which tend to be decennially.

In particular, gold performs when the S&P 500 does not, like in the aftermaths of the 2001/2002 dot-com collapse, the 2008/2009 global financial crisis and 2020/2021 COVID-19 lockdowns.

Therefore, when it comes to gold, “follow the money” of central bank “money printing” and fractional reserve bank “fountain pen money,” for both superior inflation protection and boom-bust performance.

And besides, Skousen rightly ‘begged the question’ as follows: “Gold and Silver have always had value, never gone to zero. Can you say the same for stocks and bonds?”

About Darren Brady Nelson

Darren Brady Nelson is chief economist with Fisher Liberty Gold and policy advisor to The Heartland Institute. He previously was economic advisor to Australian Senator Malcolm Roberts. He authored the Ten Principles of Regulation and Reform, and the CPI-X approach to budget cuts.

Bullet briefing — CATL closes mine, Mitsubishi invests in copper

CATL temporarily closes lithium mine

Contemporary Amperex Technology (HKEX:3750,SZSE:300750), better known as CATL, said on Sunday (August 10) that it will halt production at a lithium mine in China for at least three months.

Sources familiar with the matter told Bloomberg that CATL, which is the world’s largest electric vehicle battery maker, failed to extend a key mining permit. The company is reportedly in talks about a renewal, but is prepared for a months-long shutdown.

Share prices of lithium miners rose on the news, buoyed by expectations that the CATL mine closure will help reduce oversupply. Excess output has caused Chinese lithium prices to drop 80 percent since the end of 2022, and investors are keen to see a turnaround for the beleaguered battery metal.

Hudbay, Mitsubishi team up on copper

Mitsubishi (TSE:8058) is set to acquire a 30 percent stake in Hudbay Minerals’ (TSX:HBM,NYSE:HBM) Arizona-based Copper World subsidiary for US$600 million.

Hudbay called Mitsubishi its ‘strategic partner of choice,’ while Mitsubishi said the investment will help advance its copper growth plans. A feasibility study is in the works for Copper World, and a definitive feasibility study is expected in mid-2026.

Hudbay shareholders reacted positively to the news, which comes on the back of a strong focus on copper supply after last month’s announcement of a 50 percent tariff on US imports of semi-finished copper products and intensive copper derivative products. The company projects that Copper World will result in a direct $1.5 billion investment into the US critical minerals supply chain.

Markets and commodities react

In Canada, equity markets were mixed this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was in record territory, closing Wednesday (August 13) at an all-time high of 27,993.43, but it had slipped by Friday to close the week up 0.41 percent at 27,905.49.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) was flat, posting a slight loss of 0.12 percent to 790.77. The CSE Composite Index (CSE:CSECOMP) had another strong week, gaining 3.58 percent to 156.87.

US equity markets rebounded this week and finished near all-time highs.

The S&P 500 (INDEXSP:INX) set a new record on Thursday (August 14), closing at 6,468.53, but slipped to register a 1.49 percent gain on the week to 6,449.79. The Nasdaq 100 (INDEXNASDAQ:NDX) also set a new record of 23,849.04 on Wednesday, but fell in the last two days of trading, recording a weekly gain of 1.08 percent to 23,712.07.

Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) was above 45,000 points for the first time since December 2024, but failed to achieve a new record. It posted a 2.01 percent gain to finish the week at 44,946.13.

The gold price slumped this week following clarification from the White House that imports of 1 kilogram and 100 ounce gold bars from Switzerland will not face tariffs. Gold had fallen 1.81 percent by 4:00 p.m. EDT on Friday to reach US$3,338.36 per ounce. Silver also retraced this week, losing 0.7 percent to hit US$37.97 per ounce.

Copper saw little change this week, posting a 0.44 percent gain to US$4.54 per pound. The S&P GSCI (INDEXSP:SPGSCI) commodities index posted a slight decline of 0.8 percent by close on Friday, finishing at 545.59.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stock data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Focus Graphite (TSXV:FMS)

Weekly gain: 94.44 percent
Market cap: C$25.18 million
Share price: C$0.35

Focus Graphite is working to advance its Lac Knife and Lac Tétépisca projects in Québec, Canada.

Lac Knife covers 3,248 hectares in Eastern Québec. An April 2023 updated feasibility study outlines an after-tax net present value of C$284.8 million with an internal rate of return of 22.57 percent and a payback period of 3.38 years. Lac Knife is expected to produce 50,000 metric tons (MT) of graphite concentrate annually over a mine life of 27 years.

For its part, Lac Tétépisca spans 6,629 hectares in Central Québec. An April 2022 technical report shows an indicated resource of 59.3 million MT grading 10.61 percent graphitic carbon for 6.3 million MT of in-situ natural flake graphite. The inferred category stands at 14.8 million MT grading 11.06 percent graphitic carbon for 1.6 million MT.

On Wednesday (August 13), Focus resumed work on the environmental and social impact assessment for Lac Knife. In total, it has to complete 16 technical reports as required by the province to advance to the construction phase. Focus previously halted work due to funding delays, but now expects the reports to be complete in early 2026.

The firm is also moving forward with geochemical analysis of over 1,000 samples collected from 2022 exploration drilling at Lac Tétépisca. It will use the results to finalize a resource estimate, which it expects to deliver this fall.

This week’s news comes after Focus said on August 8 that it had closed a non-brokered private placement for C$891,000. Funds will be used to maintain existing operations and for general capital.

2. Libra Energy Materials (CSE:LIBR)

Weekly gain: 56.67 percent
Market cap: C$13 million
Share price: C$0.235

Libra Energy Materials is a lithium-focused exploration company that is currently working to advance its Flanders North, Flanders South and Soules Bay-Caron (SBC) projects in Ontario, Canada.

The properties are part of a November 2024 earn-in agreement with KoBold Metals. Libra can earn a 75 percent stake by incurring C$33 million in exploration expenditures across the properties over the next six years.

Flanders North and South cover 40,000 hectares, and initial surveys in 2023 revealed hundreds of pegmatites, with surface exposures of up to 200 meters in width and grab samples of up to 2.86 percent lithium oxide.

SBC covers an area of 15,000 hectares and is located near Pickle Lake, Ontario. Exploration work carried out at the property in June 2024 earned the company the Bernie Schnieders Discovery of the Year Award. The discovery included several spodumene-bearing pegmatites with widths of up to 30 meters, and spodumene grades of 15 to 25 percent across SBC. During the program, the company collected 184 grab samples with up to 6.64 percent lithium oxide.

Shares of Libra gained this week, but the company did not release any news.

3. Q-Gold Resources (TSXV:QGR)

Weekly gain: 50 percent
Market cap: C$10.48 million
Share price: C$0.18

Q-Gold Resources is a gold explorer focused on the acquisition of the Quartz Mountain project in Oregon, US. On April 3, it entered into a definitive agreement with Alamos Gold (TSX:AGI,NYSE:AGI) to acquire the property.

The measured and indicated gold resource for Quartz Mountain, which spans 2,000 hectares, comes in at 339,000 ounces at an average grade of 0.87 grams per MT (g/t) from 12.16 million MT of ore; its inferred resource stands at of 1.15 million ounces with an average grade of 0.91 g/t from 39.21 million MT ore.

Q-Gold’s latest news came on August 8. It said company representatives intend to visit the project site for the first time. They expect to conduct sampling of select diamond drill cores and verify the current status of all claims at the project.

4. Gienstar Minerals (CSE:GIEN)

Weekly gain: 49.12 percent
Market cap: C$17.58 million
Share price: C$0.85

Glenstar Minerals is an exploration company working to advance projects in Nevada, US.

Its Green Monster property consists of 35 lode claims and covers 700 acres southwest of Las Vegas. The property hosts nickel, copper, cobalt and zinc mineralization, and has mine workings dating back to the late 1800s.

The most recent update from the property came this past Wednesday, when Glenstar announced that it will switch the focus of its Phase 2 drill program to extension drilling following the discovery of a new polymetallic zone. The drilling will be centered on a high-grade zinc occurrence with grades above 30 percent and assay results of up to 177 parts per million (ppm) silver, 523 ppm nickel, 91.9 ppm cobalt and copper of 0.36 percent.

The company also owns the Wildhorse property in Southern Nevada. The early stage project has had limited exploration, but assays from a sampling program were released on July 23. In that announcement, Glenstar said four grab samples from the Coca Cola zone returned copper grades of 1.6 percent, 5.3 percent, 2.3 percent and 5.1 percent, with an average of 21.6 ppm silver, 156 ppm bismuth and 72.5 ppm tungsten.

Four samples were also collected from the Highland zone, which returned average grades of 0.16 percent copper, 1.23 percent zinc, 1.98 percent lead and 43 ppm silver.

5. Sterling Metals (TSXV:SAG)

Weekly gain: 47.69 percent
Market cap: C$13.3 million
Share price: C$0.48

Sterling Metals is an exploration company working to advance a trio of projects in Canada. Over the past year, its primary focus has been on exploration at its brownfield Soo copper project in Ontario. The 25,000 hectare property has hosted two past-producing copper mines and has the potential for larger intrusion-related copper mineralization.

On January 15, Sterling announced results from a 3D induced-polarization and resistivity survey that covered an area of 5 kilometers by 3 kilometers and revealed multiple high-priority drill-ready targets.

The company intends to use the survey results, along with historical exploration, to inform a drill program at the site.

The company’s other two projects are Adeline, a 297 square kilometer district-scale property with sediment-hosted copper and silver mineralization along 44 kilometers of strike, and Sail Pond, a silver, copper, lead and zinc project that hosts a 16 kilometer long linear soil anomaly and has seen 16,000 meters of drilling.

Both properties are located in Newfoundland and Labrador.

The most recent news from the company came on August 7, when Sterling reported that it had commenced Phase 2 drilling at Soo. The 3,000 to 5,000 meter program is designed to test areas defined through the Phase 1 program, as well as historic drill data and geophysical interpretations.

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Barrick nearly doubles profit margins

Barrick Mining (TSX:ABX,NYSE:B) formerly Barrick Gold, reported a 97 percent year-on-year jump in net income to US$1.25 billion for the quarter, compared to US$634 million a year earlier.

Earnings per share rose to US$0.47 while operating cash flow in the first half reached US$2.5 billion, up 32 percent from 2024. Free cash flow more than doubled to US$770 million, supported by higher commodity prices.

Gold production climbed 5 percent from the first quarter, while copper output surged 34 percent, led by strong performance at Zambia’s Lumwana mine. Nevada Gold Mines boosted output by 11 percent, while Pueblo Viejo in the Dominican Republic posted a 28 percent increase as expansion work in the site advanced.

“From the ramp-up at Goldrush to the progress at Pueblo Viejo, Lumwana and Reko Diq, not to mention the transformational potential of Fourmile, we’re demonstrating the strength and depth of our portfolio,” president and chief executive Mark Bristow said in the recent Q2 report.

The company also recently agreed to sell its Alturas Project in Chile to a Boroo subsidiary for US$50 million upfront plus a royalty, with proceeds earmarked for funding future ventures

Kinross outpaces gold price gains

Kinross Gold Corporation (TSX:K,NYSE:KGC) posted record attributable free cash flow of US$646.6 million in the second quarter, alongside operating cash flow of US$992.4 million. Adjusted net earnings jumped to US$541 million from US$174.7 million a year earlier.

Further, the company achieved a 21 percent margin increase from the first quarter, outpacing the 15 percent rise in gold prices over the same period.

“Our portfolio of mines continued to perform well during the quarter contributing to a strong first half of the year and positioning us well to achieve our full-year guidance,” CEO J. Paul Rollinson said.

Kinross said that it expects to produce 2 million gold-equivalent ounces in 2025 at an average production cost of US$1,120 per ounce.

Paracatu in Brazil was the company’s top-producing asset, while Tasiast in Mauritania began mining the Fennec satellite deposit. US-based Bald Mountain also reported higher output at lower costs.

The company also advanced key projects, including its Great Bear exploration program in Ontario, engineering work at Round Mountain Phase X in Nevada, and drilling at the Curlew Basin project in Washington.

Agnico Eagle delivers, shares gain

Agnico Eagle’s (TSX:AEM,NYSE:AEM) operational consistency and cost control helped drive a six-day share price rally, culminating in a 10.06 percent gain over the past week.

In the second quarter, the company produced 866,029 ounces of gold, maintaining full-year guidance of 3.3 to 3.5 million ounces. Adjusted earnings per share came in at US$1.94, prompting analysts to raise 2025 profit forecasts by US$0.70 to US$6.94.

Analysts cited the company’s steady performance despite rising unit costs, noting its appeal as a defensive play in the sector. Bank of America raised its price target to US$173 due to rising optimism about the firm’s growth prospects.

Newmont rides sector momentum

Newmont (TSX:NGT,NYSE:NEM) posted higher sales and net income for the quarter while authorizing a new share repurchase program and declaring a quarterly dividend.

The miner also renewed a key lease in Ghana. Shares rose 36 percent over the last quarter, outpacing the US Metals and Mining industry’s 24.1 percent return.

The performance came despite a drop in the company’s gold production. Rather, Newmont underscored the role of shareholder returns and strategic asset moves in supporting investor sentiment. Over the past three years, Newmont has delivered a total shareholder return of 63.75 percent.

Gold outlook: Gold shines during volatility

The sector’s strong quarter unfolded against a favorable macro backdrop.

Gold, which has gained about 30 percent year-to-date, has been buoyed by safe-haven flows. The metal’s latest rally began after spot prices dipped to US$3,311.80 in early August, then climbed back above US$3,418 by the first week of August..

The Federal Reserve cut rates by a full percentage point in late 2024 but has held steady this year, citing the need for more data on how tariffs affect inflation. Lower rates generally enhance gold’s appeal by reducing the opportunity cost of holding non-yielding assets..

GMV Minerals Inc. (the ‘Company’ or ‘GMV’) (TSXV:GMV)(OTCQB:GMVMF) is pleased to announce positive results from the updated Preliminary Economic Assessment (‘PEA’) study of the Mexican Hat Gold Project (the ‘Mexican Hat Project’), located in Cochise County, southeastern Arizona.

A National Instrument 43-101 –Standards of Disclosure for Mineral Projects (‘NI 43-101’) compliant technical report (the ‘Report’) entitled ‘Updated NI 43-101 Technical Report Preliminary Economic Assessment, Mexican Hat Project’ with an effective date of August 8, 2025 will be filed on SEDAR+ at www.sedarplus.ca under the Company’s profile within 45 days of this news release. All amounts are stated in second quarter 2025 US dollars (US$).

The Mexican Hat hosts a shallow oxide gold resource with excellent metallurgy and high recoveries, supported by a low strip ratio and minimal pre-stripping. Infrastructure is in place and the Mexican Hat Project demonstrates a robust NPV and IRR. With fast leach kinetics and low reagent consumption, the Company believes the Mexican Hat Project offers exceptional potential economics.

Highlights:

• Based on price sensitivity analysis at approximately the current price of US$3,350 per ounce of gold, the project returns a pre-tax IRR of 106.8% (after-tax 82.5%) and a pre-tax NPV at a 5% discount rate of US$767 million (after-tax US$538.1 million) with a payback period of 1.10 years (1.3 years after-tax).

• Base Case mine life of 10 years with total production of 597,841 ounces, averaging approximately 60,000 ounces per year.

• Crushed mineralized material will be conveyor stacked at a rate of approximately 10,000 tonnes/day on a conventional heap leach pad.

• Capex: US$89,997,000 (including US$15.4 million contingency).

• Opex: US$788 million LOM with Low LOM Strip Ratio of 2.05

• Estimated cash cost of production is US$1,354 per ounce with an all-in-sustaining cost of $1,545 per ounce inclusive of sustaining capital and additional overhead support.

• Engineering design analysis indicates the potential to increase pit size and contained ounces with increased gold prices.

FINANCIAL INDICATORS

The following table summarizes the financial indicators for the Mexican Hat Project for both before and after taxes.

GOLD PRICE SENSITIVITY TABLE (US$ MILLIONS)

The following table summarizes the pre-tax and post-tax economic results to gold price sensitivity.

Pre-Tax and Post-Tax Sensitivity to Gold Price

INITIAL CAPITAL EXPENDITURES (US$ MILLIONS)

Initial capital expenditures are estimated at US$89,997,000 million as detailed below:

OPERATING COSTS

The mine operating costs were calculated to average $3.49 per tonne mined as summarized below.

The life-of-mine operating costs were calculated to average US$20.44/tonne resource processed as summarized below.

MINERAL RESOURCES

An updated Mineral Resource Estimate prepared by DRW Geological Consultants Ltd., with an effective date of August 8, 2025, was used in the PEA. Details of the Mineral Resource Estimate can be found in the Report to be filed on SEDAR+ within 45 days of this release.

• The Mineral Resource Estimate has been constrained to a preliminary optimized pit shell, using the following parameters: SG = 2.57 gm/cc based on testwork, mining costs = $3.00/tonne, mining recovery = 98%, mining dilution = 2%, process cost = $5.00 per tonne, G&A = $1.05 per tonne, gold price = $2,500 per troy ounce, throughput at 10,000 tpd., discount rate = 5%. A cost of $0.03 was added per bench to the mining cost below the existing level surface.
• A top cut of 32 gpt gold is applied to all zones except Zone 6 which has a top cut of 50 gpt gold.
• Mineral Resources have been calculated using the Inverse Distance Squared method.
• Mineral Resources constrained to optimized pit shells are not Mineral Reserves and do not have demonstrated economic viability.
• Conforms to NI 43-101, Companion Policy 43-101CP, and the CIM Definition Standards for Mineral Resources and Mineral Reserves. Inferred Resources have been estimated from geological evidence and limited sampling and must be treated with a lower level of confidence than Measured and Indicated Resources.
• All numbers are rounded. Overall numbers may not be exact due to rounding.
• There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.

MINE PLAN

The mine plan is conceived as a conventional open pit tuck and shovel/loader operation. There are two independent pits which are developed with five-phase or pushback designs. Pit shells were designed using 6.0-meter benches with a catch bench installed every 18 meters. A bench face angle of 66° was used, resulting in an inner-ramp angle of 45° when catch benches were included. An 88% overall gold recovery has been used in this study, which was based on bottle roll and column leach test results. Base case haulage ramps are 26 meters wide and have a design gradient of 10%. Processing rates are based on a daily crushing rate of approximately 10,000 tonnes per day utilizing two stage crushing

The mine and crushing will be operated by contractors with oversight by GMV mine management. The mine plan produces a nominal tonnage to the crushing and heap leach of 3,500 Ktonnes per year (10,000 tpd) from a total material movement of 93.8 Ktonnes for the life of mine (26,106 tpd LOM average).

The PEA is preliminary in nature; it includes inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. There is no Mineral Reserve at the Mexican Hat Project at this time. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Over the course of the mine life, 38.6 Mtonnes of Mineralized Resource is planned for processing out of a total material movement of 117.8 Mtonnes.

INFRASTRUCTURE & PROCESS PLANT

The Mexican Hat Project is located in the southeastern part of the State of Arizona, approximately 72 miles east-southeast of Tucson, and can be accessed from the Old Ghost Town Road., a gravel road extending south of the Town of Pearce or north from Gleeson Road.

Groundwater will be used as the source of water for mining operations. No permitting restrictions or quantity issues are anticipated.

A 69 kV powerline to site will be supplied by Sulphur Springs Valley Electric Cooperative from their power plant located 30 km north of the project site.

The crushing plant will be operated by a contractor to produce a crushed product for heap leaching with a 25 mm top size. Pregnant solution from the heap leach will be processed in a conventional adsorption desorption recovery (ADR) plant. The process plant will produce doré gold bars.

TECHNICAL REPORT AND QUALIFIED PERSONS

The Report entitled Updated Preliminary Economic Assessment, Mexican Hat Project’, with an effective date of August 8, 2025 and which was prepared by the following Qualified Persons (as defined under NI 43-101), all of whom are independent of the Company, will be filed by the Company within 45 days of this release on www.sedarplus.com:

• Mr. Brian Olson, Q.P., Samuel Engineering, Inc. (Metallurgical Test Work and Recovery, Process Plant and Process Operating Costs)
• Mr. Steven Pozder, P.E., Samuel Engineering, Inc. (Project Economics and Infrastructure)
• Dr. Dave Webb, Ph.D., P.Eng., P.Geo., DRW Geological Consultants Ltd. (Mineral Resource Estimate, Property Description and Location, Accessibility, Climate, Local Resource, Infrastructure and Physiography, History, Geological Setting and Mineralization, Deposit Types, Exploration, Drilling, Sample Preparation, Analysis and Security, Data Verification).
• Mr. Thomas L. Dyer, P.E., RESPEC LLC. (Mine Design, Production Schedule, Capital and Operating Costs)
• Mr. Francisco J. Barrios, P.E., BBA Consultants International LP (Pad Design and Loading)
• Ms. Dawn Garcia, CPG, PG, Stantec Consulting Services Inc. (Environmental)

All Qualified Persons have contributed to their corresponding sections in Interpretation, and Recommendations. The Qualified Persons have reviewed and approved the scientific, technical, and economic information obtained in this news release.

For a description of the data verification process and limitations, underlying assumptions and the results of surveys and quality assurance program regarding exploration information, please refer to the Company’s existing NI 43-101 Technical Report filed on SEDAR+ entitled ‘Preliminary Economic Assessment, Mexican Hat Project’ with an effective date of October 20, 2020.

Ian Klassen, President & CEO remarked that ‘The robust PEA confirms our contention that the project’s strong economic potential de-risks the development pathway, providing a solid foundation for advancement. The results validate the open-pit, heap-leach concept, demonstrate excellent metallurgy and recoveries, and outline a simple mining and processing strategy. With high margins, rapid payback, and straightforward engineering, the PEA positions the project well for the future, where detailed design, capital optimization, and permitting can advance with confidence.’

2025-2026 Forward Looking Plan

The Mexican Hat Project PEA economics justify continued investment in project development. The forward-looking plan for Mexican Hat includes work required to advance the project through Feasibility Study and into the permitting process.

These tasks include:

• Approx. 7000 meters of in-fill drilling to increase confidence in the current geological understanding and mineral resource estimation to sufficient level to support mineral reserve development
• Metallurgical column, hardness, and grinding tests to further optimize and improve heap leach gold recovery, and to provide information for feasibility design work
• Performing a trade-off study for self-mining and crushing versus contract mining and crushing
• Geotechnical drilling and analysis to optimize pit slope design parameters
• Conduct base-line water sampling, and update of hydrologic, cultural, and environmental studies for permitting

About GMV Minerals Inc.

GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat Project, located in Cochise County, Arizona, USA. The project was initially explored by Placer Dome (USA) in the late 1980’s to early 1990’s. GMV is focused on developing the asset and realizing the full mineral potential of the property through near term gold production.

PEA Information and Cautionary Note Regarding Inferred Mineral Resources

The mine plan evaluated in the PEA is preliminary in nature and includes Inferred Mineral Resources, as defined by NI 43-101 that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be converted to Mineral Reserves. Additional drilling and technical studies will need to be completed in order to fully assess its viability. There is no certainty that a production decision will be made to develop the Mexican Hat Project or that the economic results described in the PEA will be realized. Mine design and mining schedules, metallurgical flow sheets and process plant designs will require additional detailed work and economic analysis and internal studies to ensure satisfactory operational conditions and decisions regarding future targeted production.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this report, such as ‘measured,’ ‘indicated,’ ‘inferred,’ and ‘resources,’ that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain ‘forward-looking information’ under applicable Canadian securities legislation. Forward-looking information include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as ‘believes’, ‘anticipates’, ‘expects’, ‘estimates’, ‘may’, ‘could’, ‘would’, ‘will’, or ‘plan’. Forward-looking information contained in this news release include, but are not limited to, statements or information with respect to: the results of the PEA, including the IRR and NPV, life of mine and production, capital and operating expenditures, cost estimates; permitting restrictions, and the mine plan, including infrastructure requirements and future plans; the filing of the PEA, including timing thereof, mineral resources; and future gold prices. Since forward-looking information are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company’s filings with Canadian securities regulators. Assumptions upon which forward-looking information contained in this news release is based, without limitation, include: results of future exploration; gold prices; accuracy of the results of the PEA, including key assumptions and methods used to determine mineral resources and the results of the PEA; the ability to obtain required permits and approvals; the ability to execute future plans; exchange rates; ability to obtain funding; and changes in regulatory or community environment; Risks, and uncertainties include: results of further exploration; risks related to mineral tenure, permits and approvals; risks related to the execution of future plans; changes in gold price and exchange rates; risks related to obtaining financing; foreign country risks; regulatory risks and liabilities; and those risks and uncertainties as further described in the Company’s filings with Canadian securities regulators which can be found on SEDAR+ at www.sedarplus.ca under the Company’s profile. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. is the Q.P. responsible for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.

ON BEHALF OF THE BOARD OF DIRECTORS

Ian Klassen, President
For further information please contact:
GMV Minerals Inc.
Ian Klassen
Tel: (604) 899-0106
Email: info@gmvminerals.com

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

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