Goliath Resources intersects 11.00 g/t Au over 4.85 meters, drilling maintains 100% hit rate, 94% of holes contain visible gold, assays pending Surebet Discovery, Golddigger Property, Golden Triangle, B.C. “Strong assays are already coming in from 2025 drill holes. Many more to come!” – Quinton Hennigh, PhD, Geological and Technical Advisor, Crescat Capital Note: These are the gold-only results at this time. Assays for silver and other metals are still pending to arrive at the full Au-equivalent values.

Rackla Metals provides project update on drilling and other developments at the Grad Property, NWT “The assays from samples of granite that display disseminated bismuth minerals are remarkably high-grade Au. This suggests the bismuth is hiding gold in plain sight.” -Quinton Hennigh, PhD, Geological and Technical Advisor, Crescat Capital Figure: Examples of BiTe zone mineralization. A: Strongly altered quartz-diorite with disseminated bismuthinite containing 22.3 g/t Au. B: Strongly altered quartz-diorite with mm wide fracture hosting grey bismuth sulphides and quartz-tourmaline vein containing 45.5 g/t Au.

Snowline recently reached a key milestone with the release of our Preliminary Economic Assessment (PEA) for the Valley deposit. The PEA outlines high gold production, low operating costs, a long mine life, and robust economics - reinforcing Valley’s potential as a globally significant asset. 🔗 Explore the key highlights here:

In the July 25, 2025 Market Call, Crescat Capital shares updates on our top-performing hedge funds, the firm’s activist metals strategy, and macroeconomic trends supporting a continued commodities bull cycle. Kevin Smith and Tavi Costa discuss gold, silver, and copper dynamics amid rising money supply and fiscal stimulus, while Quinton Hennigh provides an in-depth exploration update from Yukon, highlighting promising high-grade discoveries. @crescatkevin @TaviCosta Catch up with our Live Market Call series on our YouTube channel

Important chart. Gold stocks vs. S&P 500 sectors We are likely only seeing the beginning of this outperformance, in my view.

Tavi Costa: New Highs for Silver are the Next Step in this Market @tavicosta @crescat_capital #Metals #Gold #Silver #Copper #Platinum #Palladium #Zinc #Nickel #Mining #Commodities #Inflation #Energy #Infrastructure #Materials #Onshoring #USDollar #EmergingMarkets #MiningIndustry #Exploration #ResourceStocks

"The firm’s strong outperformance has been largely driven by our activist metals theme, which is currently the largest exposure across all funds. Our megacap tech short theme has also contributed to significant gains year-to-date in our macro and long/short funds thanks to successful positioning and trading early in February and April. At Crescat, our investment philosophy combines value-investing principles with macroeconomic themes, aiming to deliver high risk-adjusted returns over the long term. Our activist metals strategy evolved from the firm’s global fiat debasement theme with the launch of the Crescat Precious Metals Fund in August 2020, where we partnered with industry veteran exploration geologist Quinton Hennigh, PhD, as our advisor. The fund will complete its five-year track record at the end of this month. We believe it is on track to be one of the top-performing industry-focused funds — public and private — over that period in the mining-and-metals and resource fund categories." July Research Letter is live, “Discovery: The Foundation of Value Creation" @crescatkevin @TaviCosta

“The fund’s strong outperformance has been largely driven by our activist metals theme, which is currently the largest exposure across all funds. Our megacap tech short theme has also contributed to significant gains year-to-date in our macro and long/short funds thanks to successful positioning and trading early in February and April. At Crescat, our investment philosophy combines value-investing principles with macroeconomic themes, aiming to deliver high risk-adjusted returns over the long term. Our activist metals strategy evolved from the firm’s global fiat debasement theme with the launch of the Crescat Precious Metals Fund in August 2020, where we partnered with industry veteran exploration geologist Quinton Hennigh, PhD, as our advisor. The fund will complete its five-year track record at the end of this month. We believe it is on track to be one of the top-performing industry-focused funds — public and private — over that period in the mining-and-metals and resource fund categories.” July Research Letter is live, “Discovery: The Foundation of Value Creation” @crescatkevin @TaviCosta

Live at 2pm ET! Crescat closes out July with a LIVE MARKET CALL featuring @crescatkevin @TaviCosta and Dr. Quinton Hennigh Catch us live or watch the recap on YouTube – subscribe for episode reminders

“The fund’s strong outperformance has been largely driven by our activist metals theme, which is currently the largest exposure across all funds. Our megacap tech short theme has also contributed to significant gains year-to-date in our macro and long/short funds thanks to successful positioning and trading early in February and April. At Crescat, our investment philosophy combines value-investing principles with macroeconomic themes, aiming to deliver high risk-adjusted returns over the long term. Our activist metals strategy evolved from the firm’s global fiat debasement theme with the launch of the Crescat Precious Metals Fund in August 2020, where we partnered with industry veteran exploration geologist Quinton Hennigh, PhD, as our advisor. The fund will complete its five-year track record at the end of this month. We believe it is on track to be one of the top-performing industry-focused funds — public and private — over that period in the mining-and-metals and resource fund categories.” July Research Letter is live, “Discovery: The Foundation of Value Creation” @crescakevin @TaviCosta