Storage steps into the spotlight

Global lithium demand reached 1.6 million metric tons in 2025, up more than 30 percent year-over-year and in line with Albemarle’s prior projections. Demand growth outpaced supply, tightening inventories and lifting prices into year-end.

For 2026, Albemarle now expects global lithium demand to rise to between 1.8 million and 2.2 million metric tons — growth of 15 to 40 percent — driven by both EV adoption and accelerating deployments of stationary energy storage systems (ESS).

While global EV sales climbed 21 percent in 2025, energy storage was the standout. ESS demand surged more than 80 percent year-over-year, with strong growth across China, North America and Europe.

China, which accounted for roughly 40 percent of ESS shipments, saw demand rise 60 percent. North American shipments jumped 90 percent, reflecting grid stability needs and rising electricity consumption linked to data centers and artificial intelligence. European shipments more than doubled as countries expanded renewables and sought greater energy security.

Demand outside the three major regions grew 120 percent and represented more than 20 percent of global ESS shipments, with Southeast Asia, the Middle East and Australia emerging as key growth markets.

The shift is already visible in Albemarle’s financials. In 2025, energy storage volumes reached 235,000 metric tons of lithium carbonate equivalent, up 14 percent year-over-year and above the high end of the company’s guidance range.

Fourth quarter energy storage net sales rose 23 percent from a year earlier, while segment EBITDA climbed 25 percent, supported by higher lithium pricing and cost improvements.

CFO Neal Sheorey said Albemarle’s updated 2026 scenarios reflect both pricing and operational gains.

Cost discipline, portfolio reset

After weathering a sharp downturn in lithium prices over the past two years, Albemarle has focused on strengthening its balance sheet and lowering its cost base.

In 2025, the company delivered approximately US$450 million in run-rate cost and productivity improvements and is targeting an additional US$100 million to US$150 million in 2026.

Albemarle also announced it will idle operations at its Kemerton lithium hydroxide plant in Western Australia, citing a structural cost gap between Western and Chinese conversion assets.

“There is a gap there between China and the West,” Masters said, pointing to higher labor, power and waste management costs in Australia. Idling the plant is expected to improve adjusted EBITDA beginning in the second quarter, with no impact on sales volumes.

At the same time, Albemarle is streamlining non-core assets.

The company closed the sale of its stake in the Eurocat joint venture in January and expects to complete the sale of a majority stake in its refining catalysts business in the first quarter. Together, the transactions are expected to generate approximately US$660 million in pre-tax proceeds.

“We are committed to maintaining our investment-grade credit profile,” Masters said, adding that deleveraging and disciplined capital allocation remain priorities.

Growth with limited new capital

Despite pulling back on large-scale capital spending, Albemarle expects to deliver a five-year compound annual growth rate of roughly 15 percent in energy storage sales volumes, building on a 25 percent CAGR over the past four years.

Incremental expansions at the Greenbushes mine in Australia, yield improvements at the Salar de Atacama in Chile and higher utilization at the Wodgina joint venture are expected to support growth with minimal additional capital.

Looking ahead, Masters said the company is better positioned to navigate lithium’s still-maturing cycle.

“We’ve been through two cycles since the advent of EVs,” he said, describing the market as early in its development from a commodity perspective.

With stationary storage now emerging as a second structural demand pillar alongside EVs, Albemarle’s revised outlook suggests the lithium market’s next phase will be shaped as much by grid resilience and energy security as by transportation electrification — broadening the base of demand for years to come.

Lithium prices rebound sharply in early 2026

Lithium prices have surged since the start of 2026, underscoring the market’s renewed volatility.

According to Fastmarkets, spot battery-grade lithium carbonate on the seaborne market climbed from about US$11 per kilogram in early December to more than US$16 per kilogram by early January, a jump of nearly 50 percent in a matter of weeks.

The rally has been driven by tightening supply, including delays to the reopening of CATL’s (SZSE:300750,HKEX:3750) Jianxiawo lepidolite mine and maintenance at other production facilities, alongside aggressive restocking tied to long-term contract negotiations.

Speculative buying has amplified the move, with bullish sentiment and geopolitical risk adding to momentum. At the same time, thin spot liquidity reflects a cautious market, as buyers and sellers hesitate to commit amid rapid price swings.

Spodumene prices have followed suit, rising above US$2,000 per metric ton in January, levels not seen since October 2023. The rebound has improved margins for Australian producers, many of whom curtailed output when prices fell below US$900 per metric ton. Sustained pricing at current levels could prompt a wave of mine restarts, potentially easing supply tightness later this year.

Still, Fastmarkets cautioned that prices may be running ahead of fundamentals.

“Lithium prices appear to have moved ahead of the fundamentals, propelled by speculative buying, bullish sentiment and a backdrop of heightened geopolitical risk,” wrote Paul Lusty. “The key takeaway is to brace for more volatility.”

Gold price

After hitting a record high of close to US$5,600 per ounce, gold closed January by embarking on one of the biggest price slides it’s seen in decades, dropping as low as US$4,400 for a significant loss of more than 21 percent.

Although the spot price for gold was once again back above the key psychological US$5,000 mark in early morning trading on February 4, the next day it had pulled back again, falling as low as US$4,685 near the end of the day.

Demonstrating volatility, gold closed out last week with a swing to the upside, hitting an intraday high of US$4,966.

By Monday (February 9), gold was once again trading above US$5,000 and managed to stay above the key support level into Wednesday (February 11) with an intraday high of US$5,114 as of 1:20 p.m. PST.

Gold price chart, February 4, 2026 to February 11, 2026.

The primary drivers for gold this past week are:

• Gold at record levels was bound to lead to profit taking for those who bought in at much lower prices. Dip buying is also helping to support a rebound in prices as buyers step in on pullbacks, demonstrating confidence in the long-term upward trend for the metal.

• US monetary policy uncertainty continues to influence the price as market watchers try to anticipate which direction Kevin Warsh, President Donald Trump’s US Federal Reserve chair nominee, will take this year. Thought of as a monetary policy hawk, Warsh isn’t expected to make policy decisions based on the vibe coming out of the White House.

• Late last week, the US dollar strengthened to a two week high against a basket of currencies. This led to a drop in demand for gold as holding the yellow metal, typically priced in US dollars, became a more expensive prospect among foreign buyers.

In other gold news, the People’s Bank of China reportedly added 1.24 metric tons of gold to its holdings in January, marking a 15th consecutive month of gold purchases for the central bank.

As for the gold-mining sector, the biggest news is Barrick Mining’s (TSX:ABX,NYSE:B) plan to spin off its North American gold assets, including its joint venture interests in Nevada Gold Mines and Pueblo Viejo, as well as its wholly owned Fourmile discovery in Nevada. An initial public offering is targeted for completion by late 2026.

Silver price

The silver price has tracked gold on these macro trends.

The white metal posted an all-time high of more than US$121 per ounce on January 29, but on February 5 it followed gold on its downward slide, nearly falling below US$65. By the end of the next trading day, the price of silver had recovered to US$77.80. Since Monday, prices for the white metal have managed to gain ground, rising from US$80 level to an intraday high of US$86.19 as of 1:20 p.m. PST on Wednesday.

Silver price chart, February 4, 2026 to February 11, 2026.

In addition to the macro factors influencing gold this past week, volatility in the silver market has also come from the ups and downs in the artificial intelligence (AI) sector. Silver, the most electrically and thermally conductive metal on the planet, is considered a key material for AI tech, particularly in data centers and high-performance computing.

AI stocks experienced a slide late last week after investors decided the high CAPEX costs associated with the emerging technology might not be worth it in the long run.

In other silver news, Chinese billionaire trader Bian Ximing has taken a bearish turn on silver, and is building the Shanghai Futures Exchange’s largest-known net short position in silver.

Platinum price

Platinum hit a high of US$2,816 per ounce on January 29. After tracking its precious metal sisters down as low as US$1,826.90 on February 5, the metal was back above US$2,100 the next day. For the first part of this week, platinum has traded above US$2,090, reaching an intraday high of US$2,202 on Wednesday as of 1:20 p.m. PST.

Platinum price chart, February 4, 2026 to February 11, 2026.

Platinum is one of the top-performing metals over the past year, reaching 12 year highs in recent weeks. Demand is being driven by the metal’s essential role in the emerging hydrogen economy. Its also still seeing robust demand from the auto sector despite the emergence of electric vehicles and uneasy consumer confidence in the economy.

On the supply side, global platinum reserves remain critically low, especially as the world’s biggest producer, South Africa, continues to be plagued by power shortages and operational disruptions.

This week, Reuters reported that despite major producers such as Valterra Platinum (LSE:VALT,JSE:VAL,OTCPL:AGPPF) and Impala Platinum Holdings (OTCQX:IMPUF,JSE:IMP) experiencing surging profits, the companies will be prioritizing shareholder payouts over investing in new projects.

Palladium price

Palladium has been the black sheep of the precious metals family for the past few years, remaining well below its March 2022 all-time record of US$3,440.76 per ounce.

On February 5 it came along for the slide, falling as low as US$1,585. After a rebounding above the US$1,700 level on February 6, the precious metal has managed to maintain its prices above that mark for much of this week.

Palladium price chart, February 4, 2026 to February 11, 2026.

The palladium price is being held down by a slump in demand for electric vehicles and a looming oversupply situation. Analysts at Heraeus Precious Metals predict that the palladium market may move into a surplus in 2026 as secondary supply from recycling increases by 10 percent.

Four key hurdles for tokenized equities

1. Finding a real use case for tokenization

Speakers hosting a recent Sentora webinar were blunt: First-generation tokenization mostly disappointed. Credit and real estate deals were often illiquid, concentrated in a single issuer and never truly embedded in DeFi as collateral. They claim that the real use case is tokenized equities posted into on‑chain money markets to borrow stablecoins and to generate yield on stocks that have appreciated massively, but pay no dividend, such as any of the Mag 7 stocks.

They argued that if a retail investor who put US$10,000 into NVIDIA (NASDAQ:NVDA) and is now sitting on US$100,000 can click to borrow US$20,000 to US$30,000 at 5 percent without selling, that is a qualitatively new product versus today’s roughly 10 percent margin loans from brokers constrained by Basel capital rules.

At scale, they suggested that even a 1 percent penetration of the roughly US$25 trillion in US retail equity holdings would exceed the entire current DeFi market and could lift base DeFi yields by a few hundred basis points.

2. How tokenized equities actually work as collateral

Turning that vision into something robust requires solving liquidation, oracle and market structure problems that don’t exist for purely crypto collateral. Sentora’s view is that it is a mistake to try to rebuild Nasdaq on‑chain with thin automated market makers and retail liquidity providers.

Instead, liquidations should use existing equity liquidity. When a loan backed by tokenized NVIDIA, for example, breaches its thresholds, a liquidator posts stablecoins, borrows the underlying stock from a securities lender, sells it on the Nasdaq and then unwinds the token wrapper once settlement catches up.

Because this process spans multiple days, early implementations will need conservative loan‑to‑value ratios, wider spreads and a tolerance for basis risk between on‑chain prices and off‑chain fills. Issuers like Ondo that can wrap and unwrap within hours help, as do traditional data providers such as Bloomberg and Reuters, which already stream millisecond‑level equities prices and can serve as the backbone for hybrid on/off‑chain oracles.

The complexity is high, but their Bitcoin and Ether carry trade strategies, where smart contracts constantly lever and delever to avoid liquidation, are the blueprint they want to port over to equities.

3. Moving real-world equity ownership on‑chain

Even if the mechanics work, Sentora believes that almost none of the trillions parked in brokerage accounts can currently be used. Today’s tokenized shares are typically newly issued products that investors buy specifically to use on‑chain; they will never unlock the scale they are targeting.

The real unlock is letting investors transfer existing fully paid shares from brokers such as Morgan Stanley (NYSE:MS) or Schwab (NYSE: SCHW) into platforms from Kraken or Robinhood Markets (NASDAQ:HOOD) and convert them into tokens as a tax‑free event, preserving beneficial ownership and avoiding capital gains.

The obstacle is issuer‑by‑issuer approval. Each company has to authorize a portion of its outstanding shares to exist on a distributed ledger. The speakers argued that the pitch to issuers is stronger than many tokenization providers have realized — shares locked as DeFi collateral reduce free float supply and may be price‑supportive, and adding borrow‑against‑your‑stock and synthetic dividend functionality can make a non‑dividend growth stock more attractive.

4. Regulation, stablecoins and the banking system

On the equity side, Sentora’s researchers argued that if users stay within the existing rule, where each share is held in the owner’s name and all rights travel with the token, there is “really no regulatory hurdle.’

In their view, trouble starts with wrappers that mimic economic exposure, but strip votes and dividends.

That distinction matters because US regulators have begun to specifically examine tokenized US equities and DeFi trading venues, with an eye to when these instruments begin to look like swaps or unregistered securities.

On the funding side, everything depends on stablecoins. Neobanks and fintech companies such as PayPal (NASDAQ:PYPL), Revolut, Coinbase Global (NASDAQ:COIN), Kraken, Robinhood and others are racing to offer abstracted DeFi yield to mainstream users through tokenized deposits and on‑chain money markets.

At the same time, the GENIUS Act has pulled stablecoins into a bank‑like regulatory regime, tightening who can issue them and how reserves must be held, while large US banks lobby to slow or shape that evolution to protect deposit franchises. This tension is likely to define the pace at which tokenized equity collateral can scale.

Additional market caveats for 2026

Regime shift and rate risk

The rise of this sector occurred during a period of high cash yields, allowing tokenized treasuries and money market real-world assets (RWAs) to offer high percentage returns with low duration risk. As policy rates fall, tokenized T‑bill products become less compelling, which increases the pressure on tokenized equities to deliver truly differentiated upside in the form of leverage, tax efficiency or synthetic dividends rather than just being a new wrapper on low yields.

Platform and liquidity fragmentation

While DeFi is often thought of as a single venue, liquidity is scattered across Ethereum L2s, BNB Chain, Solana, app‑specific rollups and specialized RWA platforms. Early tokenized equity collateral markets are already experimenting on non‑Ethereum ecosystems, raising the risk that depth, pricing and oracle infrastructure fragment before a critical mass of standards and interoperability is in place.

Commodities and other RWA competition

Tokenized commodities such as gold, as well as short‑duration bond funds and private credit pools, are emerging as rival “default collateral” choices for institutions that want on‑chain yield without single‑name equity risk. Tokenized equities will be competing not only with Bitcoin and Ether, but with a growing number of seemingly safer RWA products with potentially clearer regulatory capital treatment for banks and insurers.

Centralization and concentration risk

Finally, the vision leans on a small number of critical intermediaries: custodians, tokenization agents, oracle providers and centralized exchanges that bridge DeFi and public equity markets.

In 2026, tokenization infrastructure is still concentrated in a handful of large players, and a restriction or policy shift at any of them could ripple through multiple protocols that treat tokenized equities as pristine collateral. Building credible resolution and risk‑sharing frameworks around those chokepoints is an unsolved but essential problem if tokenized equities are going to become the next major disruption rather than the next over‑promised narrative.

Latest tokenized equities developments

On Wednesday (February 11), Sentora introduced Stey, a new yield vault that allows investors to earn extra money from digital shares by placing them in a secure automated system that earns interest.

Stey is designed to work with Ondo’s tokenized offerings, like its tokenized treasuries and over 200 tokenized stocks. Partnering with Ondo, Sentora ensures digital shares in Stey vaults comply with regulations and are backed by physical securities in custody. Additionally, Sentora’s partnership with Chainlink ensures that those shares are priced accurately with real-time data, and Euler runs the lending strategies that generate the extra interest.

Sentora plans to expand beyond just these three, intending to add more types of digital assets from different partners and use different lending platforms to find the best interest rates for users.

Investor Insight

Tartisan Nickel offers investors exposure to a high-grade, advanced-stage nickel sulfide project with existing infrastructure and clear near-term catalysts, alongside a past-producing silver asset providing significant upside and growth potential.

Overview

Tartisan Nickel (CSE:TN,OTCQX:TTSRF,FSE:8TA) is a Canadian exploration and development company focused on advancing high-quality critical mineral assets in Ontario. The company’s primary asset, the Kenbridge nickel project in Northwestern Ontario, is an advanced-stage nickel sulfide deposit hosting nickel, copper and cobalt. Management’s strategy for Kenbridge is straightforward and execution-focused: increase the size and confidence of the Kenbridge resource through drilling, extend mine life, and continue de-risking the project.

The Kenbridge project has undergone extensive historical work, including more than 100,000 meters of drilling.

At the same time, Tartisan controls the Sill Lake silver project, a past-producing silver-lead property near Sault Ste. Marie, Ontario. With strong commodity fundamentals across nickel, copper and silver, management views Tartisan as a company with “more than one leg under the table,” offering investors exposure to multiple value drivers within a single platform.

Company Highlights

• Clear focus on drilling-driven value creation, with active programs designed to upgrade inferred resources, expand the deposit at depth, and extend mine life into the mid-teens
• Low-capex development profile relative to many peer nickel projects, supported by a historic shaft, road access, and established infrastructure
• Sill Lake Silver Project provides additional, underappreciated value, offering exposure to silver through a brownfields, past-producing asset with a defined historic resource
• Experienced leadership team with deep capital markets and mine development experience, focused on disciplined capital allocation and unlocking value from opportunity-acquired assets

Key Projects

Kenbridge Nickel-Copper-Cobalt Project

The Kenbridge project is Tartisan’s flagship asset and the company’s primary focus. It is a high-grade, Class 1 nickel sulfide deposit located in a mining-friendly jurisdiction with established infrastructure and access. Kenbridge benefits from extensive historical work, including more than 100,000 metres of drilling and a three-compartment shaft extending to a depth of approximately 622 metres, placing the project closer to development than many earlier-stage peers.

A preliminary economic assessment (PEA) completed in 2022 outlined a potentially economic underground mining operation, supported by relatively modest initial capital requirements compared to large, low-grade nickel projects.

Current drilling is aimed at upgrading inferred resources to measured and indicated categories, and expanding the deposit both along strike and at depth, where historical data indicate improving grades.

The company’s near-term objective is to meaningfully extend the mine life beyond the nine years outlined in the PEA, with the longer-term goal of positioning Kenbridge as a strategic asset in a tightening nickel market. With existing road access, proximity to power, and ongoing engagement with Treaty #3 First Nations, Kenbridge is viewed as an advanced project with clear pathways to further value creation.

Tartisan Nickel has been engaging with Treaty # 3 First Nations since May 2007.

Sill Lake Silver-Lead Project

The Sill Lake project is a 100-percent-owned, past-producing silver-lead asset located approximately 30 kilometres north of Sault Ste. Marie, Ontario. The property hosts an NI 43-101-compliant historic mineral resource and benefits from existing underground development, including ramp access and historic workings.

Tartisan considers Sill Lake a brownfields opportunity with relatively low capital intensity, particularly in the context of stronger silver prices. Planned work includes validation of historic data, evaluation of multiple mineralized trends, and the potential for future drilling and bulk sampling. Importantly, management believes Sill Lake’s value is largely unrecognized by the market, providing investors with additional upside that is not currently built into Tartisan’s valuation.

Management Team

Mark Appleby – President, CEO and Director

Mark Appleby has more than 38 years of experience in investment banking, corporate finance and capital markets. He has led numerous public resource companies through exploration, development and financing cycles, and brings a strong focus on disciplined capital allocation and asset-driven value creation.

Yves Clément – Director

Yves Clément is a professional geologist with more than 35 years of experience in mineral exploration and development across Canada, South America and West Africa, contributing deep technical oversight at the board level.

Carl J. McGill – Director

Carl McGill has over 30 years of experience in capital markets and financial management, with a background spanning banking, corporate finance and public company leadership.

Dean MacEachern – Geological Advisor

Dean MacEachern has more than 35 years of global exploration experience and has worked on the Kenbridge project under previous ownership, providing valuable continuity and geological insight as a Qualified Person under NI 43-101.

Greg Edwards – Project Manager

Greg Edwards brings over 25 years of Canadian exploration and project development experience and plays a key role in advancing Kenbridge while supporting community and First Nations engagement.

TomaGold (TSXV:LOT;OTC:TOGOF) is a Canadian exploration company targeting precious and base metals, with a strong focus on gold and copper projects in Québec and Ontario. Its flagship assets are in Québec’s Chibougamau Mining Camp, where it owns the Obalski and Chicot projects and holds options to earn up to 100 percent interests in several additional properties, including Berrigan Mine, David, Radar and Dufault. The company also holds a 24.5 percent joint venture stake in the Baird gold project near Ontario’s Red Lake camp, along with early-stage lithium and rare earth element (REE) exposure in Québec’s James Bay region.

In January 2026, TomaGold reported deep drilling results from the Berrigan Mine, highlighted by a broad interval of semi-massive to massive sulphide mineralization in hole TOM-25-015. The company also noted that the “Berrigan Deep” zone remains open at depth, underscoring further exploration potential.

In February 2026, TomaGold released results from a borehole electromagnetic (BHEM) survey, stating that modeled conductive plates correlate with mineralization intersected in multiple holes. The survey also identified a priority plate, BER-14C, as a target for follow-up drilling and additional geophysical work.

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Tartisan Nickel (CSE:TN,OTCQX:TTSRF,FSE: 8TA) is a Canadian exploration and development company focused on advancing high-quality critical mineral assets in Ontario. Its flagship asset, the Kenbridge nickel project in Northwestern Ontario, is an advanced-stage nickel sulphide deposit containing nickel, copper and cobalt.

Management’s strategy for Kenbridge is clear and execution-driven: expand and upgrade the resource through drilling, extend potential mine life, and continue systematically de-risking the project.

At the same time, Tartisan holds the Sill Lake silver project, a past-producing silver-lead property near Sault Ste. Marie, Ontario. Supported by strong fundamentals for nickel, copper and silver, management positions Tartisan as a multi-asset story—providing investors with exposure to several value drivers within a single platform.

Company Highlights

• Clear focus on drilling-driven value creation, with active programs designed to upgrade inferred resources, expand the deposit at depth, and extend mine life into the mid-teens
• Low-capex development profile relative to many peer nickel projects, supported by a historic shaft, road access, and established infrastructure
• Sill Lake Silver Project provides additional, underappreciated value, offering exposure to silver through a brownfields, past-producing asset with a defined historic resource
• Experienced leadership team with deep capital markets and mine development experience, focused on disciplined capital allocation and unlocking value from opportunity-acquired assets

This Tartisan Nickel profile is part of a paid investor education campaign.*

Click here to connect with Tartisan Nickel (CSE:TN,OTCQX:TTSRF,FSE: 8TA) to receive an Investor Presentation

Investor Insight

TomaGold is advancing a portfolio centered on Québec’s Chibougamau Mining Camp, combining owned assets with near-term, catalyst-driven exploration at its optioned Berrigan Mine project. Recent deep drilling and downhole geophysics at Berrigan have identified sulphide mineralization and EM conductors that the company is using to prioritize follow-up targets, while it continues to advance the owned Obalski project and a broader pipeline of Chibougamau-area options.

Overview

TomaGold (TSXV:LOT,OTC:TOGOF) is a Canadian exploration company focused on precious and base metal opportunities, with a primary emphasis on gold and copper in Québec and Ontario. The company’s core assets are located in Québec’s Chibougamau Mining Camp, where it owns the Obalski and Chicot projects and holds options to earn up to 100 percent interests in multiple additional properties, including the Berrigan Mine, David, Radar and Dufault projects. TomaGold also holds a 24.5 percent joint venture interest in the Baird gold project near Ontario’s Red Lake camp, and maintains early-stage lithium and rare earth element (REE) exposure in Québec’s James Bay region.

In January 2026, TomaGold reported deep drilling results from Berrigan Mine, including a broad interval of semi-massive to massive sulphide mineralization in hole TOM-25-015 and described the “Berrigan Deep” zone as open at depth. In February 2026, the company reported results from a borehole electromagnetic (BHEM) survey, stating that modeled conductive plates correlate with mineralization intersected in multiple holes and identifying a priority plate (BER-14C) for follow-up drilling and additional geophysical work.

Company Highlights

• Portfolio anchored in Québec’s Chibougamau Mining Camp, combining owned assets (including Obalski and Chicot) with multiple optioned projects that provide pipeline depth.
• Near-term exploration catalysts focused on Berrigan, supported by recent deep drilling and BHEM interpretation used to prioritize conductors for follow-up.
• Berrigan Mine: January 2026 drilling highlighted a broad sulphide interval in hole TOM-25-015 and introduced the “Berrigan Deep” zone; February 2026 BHEM interpretation identified a priority conductor (BER-14C) described as open at depth and to the northeast.
• Obalski is a 100 percent owned project with extensive historical work and multiple zones, providing a second core asset within the company’s Chibougamau footprint.
• Management describes a disciplined, data-driven reinterpretation of existing datasets, targeted drilling and geophysics to generate technical newsflow and refine targets over time, with the objective of advancing projects toward updated NI 43-101-compliant technical disclosure.

Key Projects

Berrigan Mine Project (Option to Acquire 100 percent)

The Berrigan Mine project comprises 16 claims totaling 483 hectares and is located approximately 4 km NNW of Chibougamau in the Chibougamau Mining Camp. TomaGold holds an option to acquire a 100 percent interest in the property from Chibougamau Independent Mines. The project has a significant historical database and has been the focus of the company’s recent exploration drilling and geophysics. Any historical resource estimates referenced for the project are historical in nature, are not current NI 43-101 compliant, and should not be relied upon.

In January 2026, TomaGold reported drilling results including hole TOM-25-015, which intersected 98.5 metres of semi-massive to massive sulphide mineralization and was presented as a new “Berrigan Deep” zone that remains open at depth. The company also reported additional intervals from drilling designed to test extensions of mineralization at depth. In February 2026, TomaGold reported interpretation from a borehole electromagnetic (BHEM) survey, stating that conductive plates modeled from downhole data correlate with mineralization intersected in holes TOM-25-009 through TOM-25-015. The company highlighted a priority target plate (BER-14C), described as approximately 160 x 300 metres and open at depth and to the northeast, and outlined follow-up steps including additional drilling and EM work.

TomaGold has stated it reverted to reporting elemental assays rather than metal-equivalent grades due to uncertainty around metallurgical recovery assumptions at the current stage of evaluation.

Obalski Project (100 percent owned)

The Obalski project is 100 percent owned and consists of 75 claims totaling 2,724 hectares located roughly 2 km south of Chibougamau. The project hosts multiple mineralized zones and has seen extensive historical exploration and drilling. TomaGold highlights Obalski as a core owned asset within its Chibougamau platform, supported by a large database and multiple target zones that remain open along strike and at depth.

David Project (Option to Earn 100 percent)

The David project consists of 49 claims totaling approximately 20.09 sq km and is located within the Chibougamau camp. The project hosts multiple mineral occurrences and is positioned by the company as part of its broader Chibougamau consolidation strategy.

Radar Project (Option to Earn 100 percent)

The Radar project consists of 14 claims totaling approximately 7.75 sq km and is located north of Chibougamau. The company highlights multiple showings and historical work that support ongoing target development within the district.

Dufault Project (Option to Earn 100 percent)

The Dufault project consists of 14 claims totaling approximately 5.22 sq km and is located north of Chibougamau. The company highlights the project as prospective within the camp and references historical drilling that supports continued evaluation.

Other Assets and Optional Exposure

TomaGold’s portfolio also includes the Chicot project (owned) and additional Chibougamau-area properties (optioned) that provide pipeline optionality. Outside of Chibougamau, the company holds a 24.5 percent joint venture interest in the Baird gold project near Ontario’s Red Lake camp, and early-stage lithium and REE exposure in Québec’s James Bay region through the Star Lake (REE) and Brisk Extension (lithium/REE) projects.

Management Team

David Grondin — President and CEO

David Grondin is a seasoned mining financial entrepreneur and developer with over 25 years of experience in acquiring, financing, and advancing mining assets across the Americas and Europe.

Martin Nicoletti — CFO

Martin Nicoletti is the founder of SKTM Financial and a certified accountant with more than 32 years of corporate experience.

Jean Lafleur — VP Exploration

Jean Lent is a highly skilled professional geologist with 45 years of global experience in mineral exploration, resource evaluation, and project assessment and development.

Michel E. Labrousse — Senior Advisor

For the past twenty years, Michel Labrousse has developed various businesses in investment banking and financial markets in Europe and Asia.

Board of Directors

The board includes David Brousse, Jean-Sébastien Jacquetin and Caitlin Jeffs.

Sirios Resources (TSXV:SOI,OTCQB:SIREF) is a Québec-based gold exploration and development company focused on high-potential projects in the Eeyou Istchee James Bay region. Its flagship Cheechoo gold project ranks among the largest in the province by resource size and benefits from favourable geology, near-surface mineralization, and existing infrastructure, including road access, power lines, and proximity to the Éléonore mine. Sirios is advancing Cheechoo through systematic drilling, resource expansion, and technical studies, aiming to progress the project toward a Preliminary Economic Assessment (PEA).

In December 2025, Sirios completed a transformational combination with OVI Mining, creating a district-scale gold platform anchored by Cheechoo and complemented by the Corvet Est and PLEX projects. The transaction integrates Sirios into the Osisko development ecosystem, strengthening the leadership team with proven mine-building and capital markets expertise while maintaining the company’s deep geological knowledge of the James Bay region.

With over 30 years of continuous exploration in James Bay and strong partnerships with local and Indigenous communities, Sirios is well-positioned to create value through disciplined project advancement and exploration-driven growth. The company’s combination of experience, strategic assets, and community engagement underpins its long-term growth strategy.

Company Highlights

• Flagship Cheechoo gold project hosts approximately 3 million ounces of gold, including 1.3 million ounces indicated and 1.7 million ounces inferred, including additional underground resources
• Located in Eeyou Istchee James Bay, Québec, a Tier-1 mining jurisdiction with strong government and community support
• Low strip ratio (2.9:1) and high gold recoveries (92 percent) support attractive open-pit development potential at Cheechoo
• Strategic combination with OVI Mining brings Osisko-backed leadership, capital markets strength and additional district-scale exploration assets
• Well-funded with recent treasury additions, supporting advancement of Cheechoo toward a preliminary economic assessment (PEA) and ongoing exploration across the portfolio

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