Mining Exploration and Royalties Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

MATERIALS › MATERIALS › MINING EXPLORATION AND ROYALTIES

Strategic Buyers Move on Assets While the Sector's Shares Give Ground

This update covers the movers, company news and agreed transactions across Mining Exploration and Royalties for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Mining Exploration and Royalties Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   MATERIALS › MATERIALS › MINING EXPLORATION AND ROYALTIES

   Cover slide introducing the bi-weekly Mining Exploration and Royalties update for September 14–28, 2026.

   This update walks through what changed, who moved and why, what transacted, and what it means for Mining Exploration and Royalties across September 14–28, 2026. We built it to give you a fast, evidence-based read before we get into the detail.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE MATERIALS › MATERIALS › MINING EXPLORATION AND ROYALTIES Strategic Buyers Move on Assets While the Sector's Shares Give Ground This update covers the movers, company news and agreed transactions across Mining Exploration and Royalties for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Mining Exploration and Royalties Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Capital Went into Ground and Feedstock While the Listed Names Drifted Lower

   Summarizes the two-week period: broad share-price declines alongside two agreed transactions and strategic capital deployment.

   Seven of the nine covered names fell over the period, with a sector median move of -3.8% against the S&P 500's +1.6%. Two agreements were signed below the whole-company level, including AEM's asset purchase agreement and AREC's binding letter of intent at a $275 pre-money valuation. Strategic capital did the funding work: AEM committed $14.8 for a 14.9% stake in an Idaho explorer, and Lithium Argentina closed a $180M strategic investment. So what: capital is flowing into ground and feedstock even as listed equities give ground, and that split is where the next moves will show up first.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Capital Went into Ground and Feedstock While the Listed Names Drifted Lower The two-week period in one page · 9 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Mining Exploration and Royalties Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 7 of 9 Covered Names Fell; The Median Move Was -3.8% The S&P 500 returned +1.6% over the same two-week period. The decline was broad across the covered set rather than the work of a single name, with two names finishing higher. 2 Two Transactions Were Agreed, Both Below the Whole-Company Level Agnico Eagle Mines Limited (AEM) entered a definitive asset purchase agreement to sell a property, and American Resources Corporation (AREC) signed a binding letter of intent at approximately $13.2 million, struck on a $275 million pre-money valuation of the acquiring unit. The precedent record does not carry either yet. 3 Strategic and Partner Capital Did the Funding Work Agnico Eagle agreed to invest $14.8 million for 14.9% of an Idaho explorer alongside an earn-in, with a second investor moving to 30% at $1.50 per share. Lithium Argentina AG (LAR) closed a $180M strategic investment from its downstream partner. 4 The Period Fits the Standing Split Between Battery Materials and Gold Producers NeuraCap's read: the window extends rather than challenges that view. Battery-materials names were financed and consolidated by strategics, while the gold side moved at the property level. The standing valuation lens carries a sector median of 9.5x EV / Revenue. +2.9% Best mover — U.S. Gold Corp. (USAU) worst: MSB -9.7% · 2 up / 7 down of 9 covered -3.8% Sector median two-week return vs S&P 500 +1.6% 2 Transactions agreed in the two-week period from company announcements; not yet in the precedent record

3. 03
   PUBLIC MARKET MOVERS

   Two Names Had a Record Behind the Move, Two Did Not

   Reviews the two-week share price movers and flags which moves had a recorded filing or news driver behind them and which did not.

   Some of the moves in this window carry a recorded driver behind them; two of the largest do not, and we say so directly rather than guess. The period's materiality bar sits at 5.7% sector-relative, against a sector median move of -3.8% and a S&P 500 return of +1.6%. So what: where the record is silent, we treat the move as unexplained rather than assign a cause we can't support.

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   PUBLIC MARKET MOVERS Two Names Had a Record Behind the Move, Two Did Not Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.8% · S&P 500 +1.6% · materiality bar ±5.7% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Mining Exploration and Royalties Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -3.8% Lithium Argentina AG (LAR) -7.1% The only in-window item was the September 15 closing of the $180M strategic investment from its downstream partner; the largest single-day move came later, on Sep 23 at -4.8%. A funding close settles the balance sheet; it does not by itself move net asset value. COMPANY-SPECIFIC American Resources Corporation (AREC) -6.9% Shares moved following the binding letter of intent announced September 21 to acquire a battery supply-chain business for approximately $13.2 million, struck on a $275 million pre-money valuation of the acquiring unit, in all-stock form. A Premium-tier name paying in shares buys capability and feedstock without touching cash. COMPANY-SPECIFIC Mesabi Trust (MSB) -9.7% No notable in-window news was identified that clearly explains the move. At -9.7%, the two-week move was wider than the -3.8% median across covered names. Trust vehicles are read on distribution coverage and remaining reserve life, not headlines. UNEXPLAINED U.S. Gold Corp. (USAU) +2.9% No notable in-window news was identified that clearly explains the move. At +2.9%, it finished ahead of the -3.8% median across covered names. Explorers can hold a bid with no filings when the market is paying for optionality. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Producers Bought Ground and Stakes; Royalty Holders Worked the Investor Calendar

   Covers the period's highest-impact events, where producers acquired ground and stakes while royalty holders worked the investor calendar.

   Producers were the active side of the ledger this period, buying ground and taking equity stakes, while royalty holders focused on investor-facing activity. Each event on this page links back to its underlying filing or article, and every 'why it matters' line is our read of that record. So what: the event mix shows where capital is being put to work today, ahead of any headline transaction.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Producers Bought Ground and Stakes; Royalty Holders Worked the Investor Calendar The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Mining Exploration and Royalties Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 22 · NEWS · Accesswire American Resources takes its materials business to New York for Climate Week meetings The unit is engaging international partners and public and private stakeholders on domestic and allied critical-mineral supply chains. That is where government-linked and strategic capital is most active right now. Critical-minerals designation keeps opening capital pools that stay closed to legacy bulks. Sep 21 · NEWS · Accesswire American Resources' materials unit signs a binding LOI to acquire a battery supply-chain business The all-stock structure values the target at approximately $13.2 million against a $275 million pre-money valuation of the acquirer's unit, and adds management, feedstock origination and battery lifecycle capability. Platform builders in critical materials are buying capability and feedstock, not tonnes. Sep 18 · NEWS · Newsfile Corp Agnico Eagle takes a 14.9% strategic stake in an Idaho explorer and signs an earn-in agreement The producer agreed to invest $14.8 million for 14.9%, with a second investor putting in $10.2 million to reach 30% at $1.50 per share, and funds directed to exploration. Earn-ins and minority stakes stay the cheapest route to reserve-replacement optionality. Sep 17 · NEWS · PRNewsWire Agnico Eagle agrees to sell a non-core property under a definitive asset purchase agreement A senior producer is pruning the portfolio and putting an asset with a buyer that will rank it higher. Much of this market clears at the property level rather than the enterprise level, and this is that. Asset-level sales keep setting the reference points ahead of whole-company deals. Sep 15 · NEWS · PRNewsWire Alliance Coal names the 2026 recipients of its long-running student scholars programme Community standing is a gating condition on operating and expanding in most jurisdictions. A sustained local programme supports the consultation and social pathway that a coal partnership depends on. The community pathway travels with the asset and shows up in deal diligence. Sep 15 · NEWS · GlobeNewsWire Lithium Argentina closes a $180M strategic investment from its downstream partner A downstream strategic funded a lithium developer directly. That is how developers without cash flow finance themselves when public equity appetite for the commodity is thin. Strategic partner validation is carrying the financing load in battery materials.

5. 05
   M&A & STRATEGIC ACTIVITY

   Two Agreements Signed: One Property Sale, One All-Stock Platform Deal

   Details the two agreements signed in the window: AEM's property asset purchase agreement and AREC's all-stock platform letter of intent.

   Two agreements were signed by company announcement in this window: AEM's definitive asset purchase agreement for a property, and AREC's binding letter of intent at approximately $13.2 struck on a $275 pre-money valuation of the acquiring unit. Neither transaction yet appears in our recorded precedent set for the sector. So what: both deals reset the reference points at the property and stake level rather than the whole-company level.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Two Agreements Signed: One Property Sale, One All-Stock Platform Deal September 14–28, 2026 · 2 agreed by company announcement · precedent transactions: 40 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Mining Exploration and Royalties Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 17 · Agnico Eagle Mines Limited (AEM) Agnico Eagle Mines Limited (AEM) agrees to sell a property under a definitive asset purchase agreement NeuraCap's read: a Discount-tier senior concentrating capital on its core life-of-mine plan and letting a smaller buyer rank the asset higher. The precedent record does not carry the transaction yet. Sep 21 · American Resources Corporation (AREC) American Resources Corporation (AREC) signs a binding LOI for an all-stock acquisition of a battery supply-chain Approximately $13.2 million against a $275 million pre-money valuation of the acquiring unit, in shares. The structure keeps cash in the business and reads as appetite for feedstock and processing capability. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisors

   Translates the period's evidence into implications for operators, buyers and advisors, framed as observations rather than recommendations.

   For owners and operators, cost position and reserve replacement matter more than announcements, given that two covered names traded higher while the broader set gave ground with no filing behind either of the largest moves. For acquirers, the new reference points sit at the property and stake level, anchored by AEM's asset purchase agreement and AREC's $275 pre-money letter of intent. For advisors, the capital story favors following the money into battery materials and exploration, including Lithium Argentina's $180M strategic close and AEM's 14.9% stake at $1.50 per share. So what: this period rewards reading capital flows and agreements over headline share-price moves alone.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Mining Exploration and Royalties Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2026E) median 9.5x 11 companies in the study 3 valuation tiers Standing thesis: Mining Exploration and Royalties Splits Into Two Markets: Battery Materials and Gold Producers FOR OWNERS & OPERATORS Cost Position and Reserve Replacement Carry More than Announcements Two covered names traded higher and the set as a whole gave ground, with no filing behind either of the largest moves. FOR ACQUIRERS The New Reference Points Sit at the Property and Stake Level Two agreements were signed in the window: a definitive asset purchase agreement for a property, and an all-stock letter of intent at approximately $13.2 million on a $275 million pre-money valuation. FOR ADVISORS Lead with Who Is Funding the Ground, Not with the Share Prices The period's evidence is strategic and downstream capital moving into battery materials and exploration while listed equities softened: a $180M strategic close, a 14.9% stake with an earn-in at $1.50 per share, and an all-stock platform LOI.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update, including how figures are sourced and verified.

   Every figure in this update links back to the record it was drawn from, whether an SEC filing, a company press release, or an established news outlet. We hold to a fixed reliability order across sources and do not draw on video or social platforms. So what: you can trace any number on this page back to its origin before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Mining Exploration and Royalties Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 4 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T095557Z_338_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: accessnewswire.com · newsfilecorp.com · prnewswire.com · globenewswire.com · businesswire.com

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