Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$116,339, a 1.1 percent decline in 24 hours. Its lowest valuation of the day was US$114,985, while its highest was US$116,751.

Bitcoin price performance, August 18, 2025.

Chart via TradingView.

Markets pulled back considerably on Sunday (August 17) night ahead of a pivotal meeting between US President Donald Trump, Ukrainian President Volodymyr Zelenskyy and other European leaders.

Later this week, US Federal Reserve Chair Jerome Powell will deliver a speech after the Jackson Hole Economic Policy Symposium. His remarks are highly anticipated by investors who are looking for clarity on the Fed’s next move.

Ethereum (ETH) was priced at US$4,359.32, down by 2.3 percent over the past 24 hours. Its lowest valuation of the day was $4,282.60, and its highest valuation was US$4,381.21.

Altcoin price update

• Solana (SOL) was priced at US$183.41, down by 4.4 percent over 24 hours. Its lowest valuation of the day was US$181.21, while its highest level was US$184.80.

• XRP was trading for US$3.08, down 0.6 percent in the past 24 hours, and its highest valuation of the day. Its lowest was US$2.98.

• Sui (SUI) was trading at US$3.62, down by 4.6 percent over the past 24 hours. Its lowest valuation of the day was US$3.55, while its highest was US$3.64.

• Cardano (ADA) was trading at US$0.92, down 3.7 percent over 24 hours. Its lowest valuation of the day was US$0.9026, while its highest was US$0.9283.

Today’s crypto news to know

South Korea to introduce stablecoin regulations

South Korea’s Financial Services Commission (FSC) is set to introduce a regulatory framework for a won-backed stablecoin in October, according to a report from South Korean news outlet MoneyToday.

The initiative, part of the nation’s Virtual Asset User Protection Act, aims to establish clear rules for crypto service providers and is expected to outline requirements for stablecoin issuance, collateral management and internal control systems. The FSC has been developing this framework since 2023 through its virtual asset committee.

Democratic Party of Korea Representative Park Min-kyu confirmed that the government bill is expected to be submitted to the National Assembly around October. This regulatory move follows a June collaboration among major South Korean banks to develop a won-pegged stablecoin, intended to safeguard the currency against increasing dollar dominance. At the time, the token was projected to launch in late 2025 or early 2026.

Japan prepares to issue stablecoin in Q3

Japan is also set to approve its first stablecoin, with its Financial Services Agency preparing to greenlight the issuance of a Japanese yen-denominated digital currency as early as this fall.

According to a Sunday report from Japanese news outlet the Nihon Keizai Shimbun, Tokyo-based fintech firm JPYC will spearhead the initiative, aiming to maintain a fixed value of one JPY per Japanese yen, backed by liquid assets like bank deposits and Japanese government bonds.

Tokens will be issued to digital wallets via bank transfer after purchase applications from individuals or corporations. The company plans to register as a money transfer business within the month.

Gemini, Winklevoss twins file for Nasdaq listing

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has formally filed to go public with plans for a Nasdaq listing under the ticker GEMI. Founded in 2014, the company says it has processed US$285 billion in lifetime trading volume, with custodies of over US$18 billion in digital assets as of June 30.

Its registration statement does not specify how many shares will be offered or at what price range.

In the filing, the Winklevoss twins said crypto is entering “a new Golden Age,” emphasizing their vision of financial markets moving increasingly on-chain. They describe Gemini as a “super app” for digital assets, offering trading, custody and broader crypto financial services under one platform.

If successful, Gemini would join Coinbase Global (NASDAQ:COIN) as one of the few US exchanges to list publicly, offering investors direct equity exposure to crypto market infrastructure.

Amdax unveils Bitcoin treasury firm, plans Euronext Amsterdam listing

Amsterdam-based Amdax announced plans to list a new Bitcoin treasury firm, Amsterdam Bitcoin Treasury Strategy (AMBTS), on the Euronext Amsterdam exchange.

The company said the goal is to create a vehicle that holds Bitcoin long term on behalf of institutional and private investors, reflecting growing corporate adoption of digital reserves.

CEO Lucas Wensing noted that more than 10 percent of Bitcoin’s supply is already held by corporations, governments and institutions, suggesting a structural shift in how the asset is used.

Bitcoin’s rally of 32 percent in 2025, alongside pro-crypto regulatory momentum following Trump’s election, has reinforced the case for such vehicles. AMBTS plans to raise capital in a private round before listing, with a long-term target of accumulating at least 1 percent of total Bitcoin supply.

The move could make Euronext Amsterdam a more prominent hub for European digital asset investment products, challenging London and Frankfurt.

Pan American delivers record net earnings

Pan American Silver (TSX:PAAS,NYSE:PAAS) posted record net earnings of US$189.6 million, or US$0.52 per share, for the second quarter, supported by record mine operating earnings of US$273.3 million. Revenue came in at US$811.9 million, while silver output reached 5.1 million ounces and gold production was 178,700 ounces.

The firm’s acquisition of MAG Silver (TSX:MAG,NYSEAMERICAN:MAG), which was approved by shareholders in July, is expected to close in the second half of the year. Pan American said MAG’s Juanicipio asset should lift its silver production by roughly 35 percent on an annualized basis and meaningfully lower all-in sustaining costs.

The company also confirmed that it remains engaged in consultations with the local Xinka parliament at the Escobal mine in Guatemala under ILO Convention 169 amid pushback regarding the project’s planned restart.

First Majestic reports record revenue

First Majestic Silver (TSX:AG,NYSE:AG) recorded its strongest quarter to date, with silver equivalent production rising 48 percent year-on-year to 7.9 million ounces, including 3.7 million ounces of silver.

The company also posted record quarterly revenue of US$264.2 million, nearly double the US$136.2 million recorded a year earlier. Average realized silver prices rose to US$34.62 per silver equivalent ounce, while payable sales volumes climbed 42 percent. First Majestic ended the quarter with 424,272 ounces of silver in inventory, valued at US$15.3 million (but not recognized in quarterly revenue). The board also declared a dividend of US$0.0048 per share.

Production gains were driven by stronger performance at the San Dimas mine in Mexico, where output rose 9 percent, and contributions from the Los Gatos joint venture, also in Mexico, which added 1.5 million attributable ounces of silver.

Endeavour Silver expands via Kolpa acquisition

Endeavour Silver (TSX:EDR,NYSE:EXK) reported Q2 silver production of 1.48 million ounces and gold output of 7,755 ounces, for total silver equivalent production of 2.5 million ounces, up 13 percent year-on-year.

The silver-focused company’s overall revenue rose 46 percent to US$85.3 million for the period, supported by higher realized prices of US$32.95 per ounce of silver and US$3,320 per ounce of gold.

Furthermore, the company completed its acquisition of Minera Kolpa on May 1, funded in part by a US$50 million equity financing. Endeavour also said that it has advanced commissioning at its Mexico-based Terronera project, which is nearing commercial production. Milling rates reached up to 2,000 metric tons per day by late July, with silver recoveries averaging 71 percent and gold recoveries at 67 percent.

Hecla Mining hits records across the board

Hecla Mining (NYSE:HL) reported record quarterly revenue of US$304 million, a 16 percent increase from the prior quarter. Net income came in at US$57.6 million, or US$0.09 per share, while adjusted EBITDA reached US$132.5 million. The company said free cashflow also reached record levels.

The US- and Canada-focused firm’s silver costs remained low, with cash cost per ounce after by-product credits at negative US$5.46 and all-in sustaining costs at US$5.19.

On the production side, milestones were set at key operations: the Lucky Friday mine (Idaho) established a new milling record of 114,475 metric tons, while Greens Creek (Alaska) delivered positive gold output owing to higher grades.

Silvercorp Metals maintains consistency

Silvercorp Metals (TSX:SVM,NYSEAMERICAN:SVM) produced 1.8 million ounces of silver in its fiscal first quarter of 2026, along with 2,050 ounces of gold, 15.7 million pounds of lead and 5.2 million pounds of zinc.

Output came from its Ying Mining District in China’s Henan Province. The firm also posted revenue of US$81.3 million, with income from mine operations standing at US$35.8 million. Silvercorp said that the margins are slightly lower compared to the prior year as higher processing volumes increased costs and royalties in China.

The company said even though higher royalties and processing expenses have offset some benefits of stronger realized prices, it remains profitable and cashflow positive.

Fresnillo reports lower silver output

Fresnillo (LSE:FRES,OTC Pink:FNLPF), one of Mexico’s largest gold and silver producers, reported revenues of US$1.94 billion for the first half of 2025, up 30 percent from the same period in 2024.

The company reported that attributable silver production was 24.9 million ounces in the first half, down 11.7 percent from the year prior due to the closure of San Julián DOB and lower grades at Ciénega and Juanicipio. By contrast, attributable gold production rose 15.9 percent to 313,800 ounces, supported by higher ore grades at Herradura.

Fresnillo also confirmed that parent company Industrias Peñoles agreed to buy back the longstanding Silverstream contract for US$40 million. Since 2007, Peñoles has paid Fresnillo US$882 million for approximately 52 million ounces of silver delivered from the Sabinas mine under the arrangement.

MAG Silver navigates takeover, advances exploration

MAG Silver entered Q2 under the spotlight as its pending acquisition by Pan American Silver moved forward.

The transaction, approved by MAG shareholders in July, offers shareholders the option of receiving either cash or Pan American shares, with closing expected in the second half of 2025, subject to regulatory approvals in Mexico.

Operationally, exploration remained active across the company’s portfolio.

At Juanicipio in Mexico, MAG drilled nearly 9,500 meters underground, with results pending, while surface work added over 6,000 meters targeting the Cañada Honda and Magdalena structures.

In the US, geophysical surveys advanced at the Deer Trail project in Utah, and drilling commenced at Ontario’s Larder project, where over 5,200 meters were completed at the Italian zone.

Avino delivers revenue growth, index inclusion

Avino Silver & Gold Mines (TSX:ASM,NYSEAMERICAN:ASM) posted strong second quarter financials, with revenues rising 47 percent year-on-year to US$21.8 million.

Net income more than doubled to US$2.9 million, while mine operating income surged 118 percent to US$10.2 million, supported by economies of scale and record mill throughput.

Production from the company’s portfolio of Mexican projects reached 645,602 silver equivalent ounces, a 5 percent increase despite lower feed grades, as throughput gains offset grade variability.

Beyond operations, Avino secured inclusions in both the S&P/TSX Global Mining Index (INDEXTSI:TXGM) and the Solactive Global Silver Miners Index during the quarter.

Coeur achieves record quarter on silver and gold strength

Coeur Mining (NYSE:CDE) reported record Q2 results with revenues of US$481 million and net income from continuing operations of US$71 million, marking its fifth consecutive profitable quarter. Adjusted EBITDA rose 64 percent from the prior quarter to US$244 million, while free cashflow soared eightfold to US$146 million.

The company produced 4.7 million ounces of silver and 108,487 ounces of gold, up 79 and 38 percent year-on-year, respectively, with strong contributions from all five operations. Meanwhile, crushed ore rates and production volumes climbed sharply from the company’s expanded Rochester mine in Nevada. Coeur reaffirmed its full-year guidance of 380,000 to 440,000 ounces of gold and 16.7 million to 20.3 million ounces of silver.

Silver price outlook

Silver’s breakout above US$35 has injected new momentum into the precious metals complex, and has put silver back into focus after more than a decade of underperformance relative to gold.

Traders are already eyeing the psychologically important US$40 level and ultimately the 2011 peak near US$50, with market strategists noting that previous moves through the mid-US$30s have often triggered rapid runs higher.

The renewed excitement comes as the gold price sits at a historically high level, providing a strong comparative benchmark that has many investors looking to silver as a value trade.

Behind the price action, silver’s fundamentals remain compelling. Industrial demand tied to green energy applications, paired with persistent multi-year supply deficits, continues to erode aboveground stocks.

Whether or not silver makes a sustained run in the near term, the alignment of macroeconomic factors and strong tailwinds proves that silver’s resurgence in 2025 is being built on more than just speculation.

Graphite prices hit multi-year lows

Caught in the cross hairs of tariff troubles between US and China, graphite prices fell to their lowest levels since 2018, according to Fastmarkets.

In January, The US Department of Commerce officially launched anti-dumping (AD) and countervailing duty (CVD) investigations into imports of active anode material from China, following petitions filed by the American Active Anode Material Producers (AAMP) in mid-December 2024.

These probes stem from concerns that Chinese producers are unfairly undercutting domestic manufacturers through subsidized or dumped pricing.

“The new antidumping and countervailing duty investigation on active anode imports from China demonstrates that the anode production is the most challenging part of the battery supply chain for the US to compete with China,” wrote Fastmarkets Georgi Georgiev in a February report.

He added: “The existing 25 percent tariff has had limited impact on anode imports from China, demonstrating that currently Chinese anode makers remain the cornerstone of global anode supply chains.”

In May, the Department of Commerce issued an affirmative preliminary finding in its countervailing duty probe, identifying subsidy rates as high as 721 percent for some producers, while others faced rates near 6.55 percent.

In the related anti-dumping investigation, a July 17 preliminary determination confirmed dumping, and a provisional 93.5 percent duty was imposed.

If both Commerce and the US International Trade Commission deliver final affirmative decisions, steep duties could be imposed as soon as fall 2025 and remain in place for at least five years.

Supply and demand woes intensify

Despite natural graphite mined supply growing year over year from 2020’s 966,000 metric tons to 1,600,000 metric tons in 2024, concerns abound about future supply.

“Rare earth elements appear to be sufficiently supplied in 2035 based on the project pipeline. However, supply concentration for rare earths and graphite remains a key vulnerability,” a recent IEA report read.

The energy oversight agency expects graphite demand to double between now and 2040, driven by an uptick in eclectic vehicle demand.

To ensure ample supply is available, the IEA recommends broad growth outside of China up and down the supply chain.

“Diversification is the watchword for energy security, but the critical minerals world has moved in the opposite direction in recent years, particularly in refining and processing. Between 2020 and 2024, growth in refined material production was heavily concentrated among the leading suppliers,” it read.

Refining capacity for critical minerals has become increasingly concentrated, with graphite among the most affected. By 2024, the top three refining nations controlled an average of 86 percent of global output for key energy minerals, up from about 82 percent in 2020.

In graphite’s case, China dominates the sector, accounting for nearly all recent supply growth, a trend mirrored by Indonesia in nickel and China again in cobalt and rare earths.Despite China’s stronghold of the market, the IEA sees that weakening over the next decade.

“There is some diversification emerging in the mining of lithium, graphite and rare earth elements. The share of mined lithium supply from the top three producers is set to fall below 70 percent by 2035, down from over 75 percent in 2024,” the IEA states. “ Graphite and rare earth elements also see some improvement as new mining suppliers emerge over the next decade – Madagascar and Mozambique for graphite and Australia for rare earths.”

While mine supply diversification is a positive first step, growth in refinement and processing capacity is unlikely to see the same ex-China growth trends.

The IEA expects refining capacity for critical minerals to remain heavily concentrated well into the next decade, with graphite among the most tightly controlled.

Although some diversification is emerging for lithium and select minerals, China’s dominance shows little sign of waning. By 2035, the country is projected to supply roughly 80 percent of the world’s battery-grade graphite, alongside similar market shares in rare earths, and more than 60 percent of refined lithium and cobalt.

Tariff battle shakes anode supply chain

To counter China’s control the US is moving aggressively to curb reliance on Chinese graphite anodes, which account for more than 95 percent of global anode output.

Since June 2024, tariffs on Chinese synthetic graphite anodes have risen from zero to 160 percent — including the existing 25 percent Section 301 tariff and additional levies. North American producers have petitioned for duties as high as 920 percent.

Chinese producers initially absorbed much of the cost of early tariffs, but analysts expect they will pass more of the recent increases on to buyers.

US automakers and battery makers are bracing for higher costs, with trade data showing that all US graphite anode imports for the EV sector came from China in 2024.

China has responded with its own 84 percent import tariff on US petroleum coke and needle coke. While China has reduced reliance on US supply, it still sources about 30 percent of each from American producers, meaning higher costs for Chinese synthetic graphite and downstream anode products.

“US electric vehicle and battery producers have battled in recent years to keep US imports of graphite anodes from China tariff-free, but their efforts have proved futile over the past nine months and the trade status of graphite anodes has shifted dramatically,” Amy Bennett, principal consultant of metals and mining at Fastmarkets wrote in a May market report.

Fragility of supply

Global demand for battery-grade graphite is projected to surge by 600 percent over the next decade as the energy transition and electric vehicle (EV) adoption accelerate.

Yet, at today’s depressed prices, developing new supply outside China remains economically unviable — a challenge that’s fueling a looming supply crunch.

The US, which mines no natural graphite, was entirely dependent on imports to meet domestic demand in 2024, according to the US Geological Survey, leaving it and other non-China markets in a vulnerable position.

History offers a cautionary precedent: in 2010, rare earth prices spiked tenfold after China restricted exports.

Should a similar disruption hit lithium, nickel or graphite, prices could surge five to ten times, pushing average global battery pack costs up by 20 to 50 percent, the IEA warns.

Such a jump would erode EV affordability, slow adoption and threaten the pace of the clean energy transition.

Investor Insight

Prismo Metals presents a compelling investment opportunity with its strategic focus on high-grade precious and base metal exploration in Mexico and Arizona, leveraging advanced technology and maximizing shareholder value through targeted asset development.

Overview

Mexico’s Sinaloa state hosts several prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s (TSX:USA) Cosalá operations and Kootenay Silver’s (TSXV:KTN) Copalito silver-gold project. Between 2012 and 2019, gold production at the El Gallo mine alone totaled 295,000 ounces (oz) and silver production peaked at 142,000 oz. At the Panuco project, Vizsla Silver (TSXV:VZLA) has an indicated resource of 9.5 million tons at grades of 289 g/t silver, 2.41 g/t gold, 0.27 percent lead and 0.84 percent zinc for 155.8 Moz silver equivalent.

Prismo Metals (CSE:PRIZ,OTCQB:PMOMF, FSE:7KU) has made a strategic move to join the list of successful explorers in this region. The company’s leadership team has decades of experience in the Mexican precious metals industry. Director, president, CEO and co-founder Dr. Craig Gibson has been an exploration consultant since 1998 and a director of Beyond Minerals (CSE:BY) Garibaldi Resources (TSXV:GGI).

Prismo Metals has three current exploration projects: Palos Verdes, Los Pavitos and Hot Breccia. The Palos Verdes property covers 22.77 hectares within the historic Panuco-Copala silver-gold district in Sinaloa, well-known for its numerous veins with historical production. While much of the district has been consolidated by Vizsla Resources, the Palos Verdes project is located near the district’s under-explored northeastern limit.

On January 9, 2023, Vizsla Resources acquired aright of first refusal to purchase the Palos Verdes project through a strategic investment agreement with Prismo Metals. Vizsla’s strategic investment consists of a cash payment of $500,000 and the issuance of one million common shares of Vizsla to Prismo. Pursuant to the strategic investment, the two companies formed a technical committee for district-scale exploration of the Panuco silver-gold district consisting of Drs. Gibson and Megaw along with Dr. Jesus Velador, vice president of exploration for Vizsla.

Prismo Metals’ Palos Verdes property includes 700 meters of strike length along the Palos Verdes vein, which has been explored for 250 meters with findings yielding as much as 6.7 grams per ton (g/t) gold and 544 g/t silver from surface and underground sampling. A second vein system may be reflected in a northwest striking alteration zone, offering an additional high-grade exploration target on the property.

In May 2019, the company and ProDeMin entered an option agreement in which Prismo may acquire a 75-percent interest in the Palos Verdes property, and later entered into an agreement to acquire the remaining 25 percent of the property from the original owner. The company conducted a 2,100-meter drill program at Palos Verdes in 2022, designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver on their adjacent land package.

Prismo conducted a 15 hole, 2,923-meter drilling program at Palos Verdes in 2023, with the best result being 11,520 silver equivalent (102 g/t gold and 3,100 g/t silver) over 0.5 meters downhole. An alteration study and rock chip sampling program were also conducted and provide evidence that additional mineralization may occur in previously unexplored areas.

The Los Pavitos project is located in the Alamos region of southern Sonora, a well-mineralized area that hosts several active exploration and mining projects. The project consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel, and show the presence of high-grade gold assays in at least two target areas.

In 2022 Prismo Metals signed a formal access agreement with Francisco Villa Ejido, the surface owner of the Los Pavitos Project to allow for exploration work and drilling, and completed a mapping, sampling and trenching program in 2023. Thus work paved the way for a first ever drill program at the project in 2023, consisting of 2,370 meters in 25 holes with excellent results.

Prismo acquired the right to earn a 75 percent interest in the Hot Breccia property in early 2023. Hot Breccia lies in the heart of the world-class Arizona copper belt and has historical drilling indicating the potential for a large copper mineralized system.

An airborne Z‐tipper axis electromagnetic (ZTEM) geophysical survey was completed at Hot Breccia. Prismo received assay results for the first batch of samples taken at the project indicating the presence of not only copper mineralization but also gold mineralization associated with gossanous veins and shear zones.

In 2025, Prismo Metals has signed option agreements to acquire100 percent of the historic Silver King and Ripsey mines in Arizona’s prolific Copper Belt, near its flagship Hot Breccia project. Silver King, discovered in 1875, produced nearly 6 million ounces of silver at grades up to 61 oz/t, with later sampling returning up to 644 oz/t silver and 15 g/t gold, indicating high-grade potential and possible antimony mineralization. The Ripsey mine, located 20 kilometers west of Hot Breccia, is an historic gold-silver-copper producer with sampling up to 15.85 g/t gold and 276 g/t silver, yet remains untested by modern exploration.

Company Highlights

• Prismo Metals is an exploration company targeting high-grade silver and gold projects in Mexico, one of the world’s top producers of precious metals, and a large-scale copper project in Arizona, the leading producer of the metal in the US.
• The company’s Palos Verdes property is located in the historic Panuco-Copala silver-gold district in Sinaloa, Mexico and is partly surrounded by ground controlled by Vizsla Silver Corp..
• The Palos Verdes property includes 700 meters of strike length along the Palos Verdes vein, which has yielded 6.7 grams per ton (g/t) gold and 544 g/t silver at the surface.
• The company’s Los Pavitos project is located in the well-mineralized Alamos region of southern Sonora. The project consists of one concession covering 5,289 hectares.
• The Hot Breccia project consists of 1,400 hectares located in the world class Arizona Copper Belt.
• Prismo’s management and advisory team offers decades of experience in the Mexican precious metals industry, including all aspects of exploration and resource development.
• Prismo acquired 100 percent of the Palos Verdes claim and has drilled 6000 meters on the property. The drill results revealed high-grade silver and gold showing multiple discrete quartz vein stages lacing between breccia fragments and showing distinctly differing mineralogy.
• Vizsla Silver Inc. completed a Strategic Investment and owns about 9.9 percent of the company.
• The company also filed on SEDAR an NI 43-101 Technical Report for its Los Pavitos Gold-Silver Project in southern Sonora, Mexico.

Key Projects

Hot Breccia

The Hot Breccia project is Prismo’s latest acquisition located in the heart of the great Arizona Copper Belt, USA and is located 40 km south of the Resolution deposit and 35 km north of the San Manuel / Kalamazoo deposit and is just a few kilometers from the Hayden Smelter. The Hot Breccia property has the same productive geologic units that host high-grade copper skarn mineralization at the adjacent, past-producing Christmas Mine owned by Freeport. Prismo has the option to earn a 75-percent interest in the Hot Breccia project from Infinitum Copper (TSXV:INFI).

The company completed an airborne Z‐tipper axis electromagnetic (ZTEM) geophysical survey at Hot Breccia in 2023 and received assay results for a first batch of samples taken at the project. The results indicate the presence of not only copper mineralization, but also gold mineralization associated with gossanous veins and shear zones. The ZTEM survey identified a priority drill target in a conductive anomaly at depth.

Following the success of the 2023 ZTEM survey, Prismo received permit approval from the Bureau of Land Management for 10 drill pads to allow for drilling to test the prospective stratigraphy below the cover volcanic rock over a wide area. Assay results for samples taken in February 2024 include 5.69 percent copper, 0.24 g/t gold and 32.8 g/t silver.

Earlier in 2024, Prismo Metals engaged Exploration Technologies (ExploreTech) from San Diego, California to apply xFlare, their artificial intelligence (AI)-optimized drill planning solution, to its Hot Breccia project where a number of features suggest well mineralized Arizona-style copper porphyry lies at depth. Prismo is currently planning an initial 5,000 meter drill program at Hot Breccia.

Palos Verdes

The company’s Palos Verdes property is located in Southern Sinaloa, roughly 65 kilometers northeast of Mazatlán. The Palos Verdes concession covers 22.77 hectares and is situated within the historic Panuco-Copala mining district, the largest silver producer in Sinaloa.

History

Mapping and sampling were conducted over the property by ProDeMin. The Palos Verdes vein crops out for about 750 meters along strike and yielded as much as 4.15 g/t gold and 732.7 g/t silver. Before the turn of the century, a 70-meter tunnel was driven along the Palos Verdes vein near the bottom of the Palos Verdes arroyo; a sample of the vein in this adit yielded 6.7 g/t gold and 544 g/t silver. In 2018, ProDeMin completed a diamond drilling program on the property. Notable drill results included 3.75 g/t gold and 1,098 g/t silver for 2.3 meters and 8.42 g/t gold and 2,336 g/t silver for 0.8 meters.

Drilling

The company has undertaken several drill campaigns at the project, and a total of about 6,052 meters have been drilled in 33 holes to date, including five holes drilled by ProDeMin in 2018. Results indicate the presence of a near-surface high-grade ore shoot in the Palos Verdes vein similar to mineralization in the resources defined by Vizsla Silver in the southwestern portion of the district.

The company, in conjunction with its strategic partner Vizsla Silver (TSXV:VZLA), has planned an expanded drill program with new holes to be drilled from Vizsla Silver’s concessions adjacent to the Palos Verdes concession, targeting the proposed extension of the Palos Verdes ore shoot at depth and a possible extension along strike to the northwest. Prismo Metals is planning on initiating this drill program in August, 2024.

Los Pavitos

The company’s Los Pavitos project is located in the Alamos region of Southern Sonora, a well-mineralized area that hosts multiple active exploration and mining projects. Los Pavitos consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel. The property’s numerous mines and prospect pits indicate historical interest.

Prismo conducted a reconnaissance surface mapping and sampling at the project in 2022 and early 2023. This program consisted of about 1,500 samples and identified 5 main gold and silver mineralized target areas within several kilometer-scale structural zones. A follow up trenching program consisted of 698 meters in 25 trenches with almost 350 samples taken. A first ever drill program at the project was conducted in 2023, with 2,370 meters completed in 25 holes.

High-grade gold assays were encountered at the Santa Cruz target, with 10.2 g/t gold over 6.6 meters in drill hole LP-SC-23-02. A second gold zone was intersected at Las Auras, with 3.58 g/t gold over 1.15 meters within 3.65 meters carrying 2.33 g/t gold and 87.6 g/t silver.

Management Team

Gordon Aldcorn – President

Gordon Aldcorn brings over 20 years of experience in capital markets and junior public company development. Over the past five years, he has focused on the corporate management of copper and gold exploration projects, with a strong track record of advancing early-stage assets. Committed to responsible mineral exploration and long-term stakeholder engagement, Aldcorn now leads Prismo Metals through a pivotal growth phase, advancing its high-potential projects in Mexico and Arizona, including the flagship Hot Breccia copper project and the Palos Verdes silver project.

Alain Lambert – CEO and Director

Alain Lambert, who co-founded Prismo in 2018, is a lawyer by training and has over 35 years of experience in financing and advising small and medium-sized companies operating in various industries including technology, manufacturing, and the natural resources sector. He has been involved in private and public financings totaling more than $1 billion. He has an extensive network of investors, investment bankers, analysts, and investor relations professionals. Lambert acts as an advisor to public and private companies regarding financings, mergers and acquisitions plans, debt structuring as well as going-public transactions. Throughout his career, Lambert has served as a director and member of the audit committee and governance committee of small and medium-sized private and public companies. He holds a Bachelor of Laws degree (LL.B.) from the University of Montréal and a diploma of collegial studies, specializing in administration from the College Jean-de-Brébeuf in Montréal, Québec.

Craig Gibson – Chief Exploration Officer and Director

Dr. Craig Gibson has extensive experience in the minerals industry. He received his BS (1984) in earth sciences from the University of Arizona and MS (1987) and PhD (1992) in economic geology and geochemistry from the Mackay School of Mines, University of Nevada, Reno. He co-founded Prospeccion y Desarrollo Minero del Norte, S.A. de CV (ProDeMin) based in Guadalajara, Mexico, in 2009. ProDeMin is a consulting firm providing a broad spectrum of exploration-related services to the mining industry and has been involved in several major precious metal discoveries in Mexico. Gibson is also a director of Garibaldi Resources, a Vancouver-based junior exploration company; a certified professional geologist of the American Association of Professional Geologists; and a qualified person under NI 43-101.

Carmelo Marelli – CFO and Secretary

Carmelo Marrelli is the principal of the Marrelli Group, comprising Marrelli Support Services Inc., DSA Corporate Services Inc., DSA Filing Services Limited, Marrelli Press Release Services Limited, Marrelli Escrow Services Inc. and Marrelli Trust Company Limited. The Marrelli Group has delivered accounting, corporate secretarial and regulatory compliance services to listed companies on various exchanges for over twenty years. Marrelli is a chartered professional accountant (CPA, CA, CGA), and a member of the Institute of Chartered Secretaries and Administrators, a professional body that certifies corporate secretaries. He received a bachelor of commerce degree from the University of Toronto. Marrelli acts as the chief financial officer to several issuers on the TSX, TSX Venture Exchange and CSE, as well as non-listed companies, and as a director of select issuers.

Martin Dupuis – Director

Martin Dupuis has over 25 years of experience covering all stages of a project’s life, from exploration through feasibility and engineering studies, construction, mine expansion and operations. Dupuis serves as Vizsla Silver’s chief operating officer. He was instrumental in the oversight and delivery of the company’s maiden resource estimate. Before joining Vizsla Silver, Dupuis was director of geology for Pan American Silver, technical services manager for Aurico Gold, and chief geologist at several other operations.

Jorge Rafael Gallardo-Romero – Director

Jorge Rafael Gallardo-Romero has been a consultant geologist of Cascabel since March 1992. He also acts as Mexico exploration manager of Gainey Capital (since January 2015) and of Minera Goldzone SA de CV (since March 2011). Gallardo-Romero graduated from the University of Sonora with a degree in Geology in 1984.

Maria Guadalupe Yeomans Otero – Director

Maria Yeomans Otero is a geologist who graduated from Universidad de Sonora, Mexico, in 1986, with master’s studies in business administration at the same university. She has been a part of the team at Cascabel since 1992 and is now the office manager. She speaks English fluently and has extensive experience in the administration, legal and commercial relations related to mining.

Louis Doyle – Director

Louis Doyle has over 30 years of experience focused primarily on capital markets and public companies. Since 2016, he has also provided consulting services to private companies seeking listing on Canadian exchanges. Since January 2016, Doyle has been the executive director of Québec Bourse. Between October 1999 and December 2015, he was the vice-president, Montréal of the TSX Venture Exchange. As such, he was responsible for business development and listing activities in the provinces of Québec and Atlantic Canada. During his tenure, he acted as chairman of the TSX Venture listing committee and was a member of the policy committee. Doyle also led the nationwide TSX Venture mentorship program and further acted regularly as a speaker and advisor at conferences and workshops. He also holds directorship roles with two other publicly traded companies. Doyle was granted 150,000 incentive stock options exercisable at $0.165 per share before June 26, 2027. Also, three other directors were each granted 50,000 incentive stock options, exercisable at $0.165 per share before June 26, 2027.

Peter Megaw – Advisor

Dr. Peter Megaw is best known as co-founder of MAG Silver and Minaurum Gold. He and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District and Excellon Resources’ Platosa mine. He received his doctorate from the University of Arizona and has more than 35 years of experience exploring silver and gold in Mexico. Megaw is a certified professional geologist by the American Institute of Professional Geologists and an Arizona Registered Professional Geologist. He is the author of numerous scientific publications on ore deposits and is a frequent speaker at academic and international exploration conferences. He was awarded the 2017 Thayer Lindsley Award for the 2003 discovery of the Juanicipio silver deposit in the Fresnillo District, ultimately leading to a further 600 million ounces being identified in the immediate area. Megaw also received the Society of Mining Engineers 2012 Robert M. Dreyer Award for excellence in applied economic geology.