Buchans Resources Limited (“Buchans” or the “Company”), a Canadian mineral exploration and development company, reports its financial results and results of operations for the year ended December 31, 2025.
This news release should be read in conjunction with the Company’s audited annual financial statements and the associated management’s discussion and analysis (MD&A) for the year ended December 31, 2025 which are available on the Company’s website at www.BuchansResources.com or under the Company’s profile at www.sedarplus.ca.
COMPANY OVERVIEW
Buchans holds nickel, copper, cobalt and gold exploration properties in Labrador, and plans to advance exploration on these long-overlooked but promising critical mineral and gold assets over the next two years. Buchans’ South Voisey’s Bay Ni-Cu-Co Project has high-priority, drill-ready targets in a confirmed Voisey’s Bay deposit-style environment. Buchans’ Tasiuyak Gold Project covers gold mineralization hosted within an orogenic belt of similar age (approximately 1.8 billion years) to the former Homestake gold mine in South Dakota and other productive gold-bearing orogenic belts worldwide.
At December 31, 2025, the Company held 35,501,054 common shares of Canterra Minerals Corporation (“Canterra”) (TSXV:CTM) (OTCQB: CTMCF) (FSE:DXZB) with a total estimated value of $7,810,232, determined based on the quoted market price of Canterra shares at that date of $0.22 per share. The Company continues to hold 31,966,054 common shares of Canterra with a total estimated value of $6,393,211, on March 12, 2026, determined based on the quoted market price of Canterra shares at that date of $0.20 per share.
At December 31, 2025, the Company held 11,620,003 common shares of Royalties Inc with a total estimated value of $1,045,800, determined based on the quoted market price at that date of $0.065 per share). The Company continues to hold 11,320,000 shares of Royalties Inc. with a total estimated value of $962,200, on March 12, 2026, determined based on the quoted market price of Royalties Inc. shares at that date of $0.085 per share.
In addition to exploration properties in Labrador and equity interests in publicly traded companies, Buchans holds mineral exploration interests in Ireland through its shareholding in Minco Exploration PLC (“Minco”). At December 31, 2025, the Company held 11,227,879 ordinary shares of Minco, representing approximately a 10.8% interest. In early 2026, Minco completed a €1.66 million financing with Irish Minerals Fund and a strategic investor to advance its Rapla Project. Buchans subscribed for 345,622 ordinary shares at €0.0868 per share on the same terms as other participants. At March 12, 2026, the Company held 11,573,501 ordinary shares of Minco, representing approximately a 9.4% interest.
CANTERRA MINERALS CORPORATION
At December 31, 2025 Buchans held 35,501,054 common shares of Canterra.
In December 2023, Buchans sold certain mineral exploration properties located in central Newfoundland to Canterra for 24,910,000 Canterra common shares and 128,554,216 exchangeable warrants of Canterra, with a total value of $11.5 million. On June 28, 2024, all 128,554,216 exchangeable warrants of Canterra were exchanged into 128,554,216 common shares of Canterra and Buchans distributed to Buchans shareholders 113,242,279 Canterra shares at a ratio of 1.75 Canterra Shares for each common share of Buchans.
During 2025, Canterra reported continued positive results from its ongoing drilling program at Buchans, including encouraging results from property-wide deep-seeking 3DIP surveys and follow-up drilling of the Two Level/Lundberg deposit area. Highlights included high-grade massive sulphide intersections at the Two Level prospect, including 7.73% copper equivalent (“CuEq”) over 4.45 metres and extensions of Lundberg stockwork mineralization down dip of the existing resource, returning 0.91% CuEq over 86.0 metres (hole H-25-3542; Canterra News Release dated February 25, 2026).
In February 2026, Canterra announced drilling had resumed at the Buchans Project as part of a multi-phase ~5,000 metre drilling program to test additional priority geophysical anomalies detected by its 2025 3DIP geophysical surveys and extend mineralization in and around the Project’s Lundberg resource. Canterra also indicated intentions to conduct ~5,000 metres of drilling to explore in and around several of its satellite critical mineral VMS deposits located south of Buchans known as the VLSG projects (Canterra News Release dated February 18, 2026).
Planned drilling and other exploration programs announced for 2026 are expected to be funded through the financings completed by Canterra in Q4 of 2025; including a $2.0 million private placement to fund gold exploration in Newfoundland (Canterra News Release dated October 28, 2025) and a $5.7 million flow-through private placement to fund critical mineral and gold exploration in Newfoundland (Canterra News Release dated December 23, 2025).
On January 20, 2026, Canterra announced results from a fall 2025, 18-hole (1,243 m) drilling program at its Wilding Gold Project in central Newfoundland. Results included an intersection of 10.89 g/t Au over 31.5 m (core length, drilled at a shallow angle to the known vein) confirming the mineralized vein system at the Elm prospect as well as drilling additional multi-gram per tonne gold intercepts in and around several known prospects (Canterra News Release dated January 20, 2026).
On February 18, 2026, Canterra announced having commenced a basal till and top of bedrock sampling drill program over the Wilding gold prospects and surrounding area and intends to use results of this work to determine drilling targets for a ~5,000 metre drilling program to be undertaken later in 2026 (Canterra New Release dated February 18, 2026). Canterra’s Wilding Gold Project is located adjacent and along strike of Equinox Gold Corp.’s Valentine Mine and covers a 55 kilometre extension of the same structural corridor that hosts the Valentine mine.
EXPLORING FOR GOLD IN LABRADOR – Tasiuyak Gold Property
Buchans holds a 100% interest in its 92-claim (23 km2) Tasiuyak gold property in Labrador located 10 km south of Vale’s Voisey’s Bay nickel-copper-cobalt mine. The property covers the VBE-2 gold prospect discovered by previous explorers during the Voisey’s Bay exploration rush in the mid-1990s. The prospect consists of a 90 m long bedrock exposure of sulphide-rich iron formation that returned historical chip sample assays of up to 18.9 g/t Au over 1 m, as well as historical drilled intercepts over a 275 m strike that returned assays of 5.5 g/t Au over 2.1 m, 4.2 g/t Au over 3.0 m, and 4.1 g/t over 2.1 m.
Exploration was last undertaken on this project by Buchans in 2018 and returned sawn bedrock channel sample assays from the VBE-2 prospect averaging 8.51 g/t Au & 0.93 g/t Ag over 4.8 m, including 31.91 g/t Au over 0.85 m. Prospecting undertaken along strike of the prospect traced the host horizon over a 3-kilometre strike where additional channel samples returned assays of up to 0.69 g/t Au over 0.50 m, two kilometres to the south.
Buchans believes that the Tasiuyak property geology, particularly with respect to the style and age of mineralization, may be analogous to that of the renowned former Homestake gold mine in South Dakota and other important gold mining areas around the globe.
EXPLORING FOR NICKEL-COPPER-COBALT IN LABRADOR
Buchans holds a 100% interest in two properties in Labrador considered prospective for Voisey’s Bay-style nickel-copper-cobalt deposits, including 69 claims (17.25 km2) covering prospective troctolitic gabbro of the Pants Lake Intrusive suite at South Voisey’s Bay, and 5 claims (1.25 km2) covering mineralized troctolite at Voisey’s Bay itself.
South Voisey’s Bay
The South Voisey’s Bay property is comprised of 69 claims (17.25 km2) located 80 km south of Vale’s (NYSE:VALE) Voisey’s Bay mine that cover mineralized troctolitic gabbro comparable in age and composition and related to the same magmatic complex that hosts the Voisey’s Bay deposits.
Previous explorers identified several prospects within Buchans’ property, including historical drilled intercepts (core length) of 1.1 m of 11.9% Ni, 9.6% Cu, and 0.43% Co, 0.65 m of 1.93% Ni, 1.07% Cu and 0.26% Co, and 15.7 m averaging 1.13% Ni, 0.78% Cu and 0.20% Co drilled in the late 1990s.
Voisey’s Bay (Luk)
Buchans holds five claims (1.25 km2) strategically located 8 km southwest of Vale’s Voisey’s Bay nickel-copper-cobalt mine in northern Labrador. Known as the Luk Property, this property covers the extension of the same troctolitic intrusion that hosts the Voisey’s Bay mine on Vale’s adjacent mine property.
Buchans’ property is surrounded by Vale’s mine property, where Vale recently completed a US$2.94 billion mine expansion to develop two additional underground mines adjacent to the original Voisey’s Bay Ovoid open pit mine. Buchans is encouraged by recent announcements by Vale, including positive drilling results from its Reid Brook Extension zone in 2022 that returned mineralized intercept assaying 2.79% Ni and 1.31% Cu over 92.6 m core length (Vale Investors Presentation, Sept 7, 2022). In 2023, Vale announced increasing exploration activities at Voisey’s Bay including plans to complete in excess of 300,000 metres of drilling over the next 5 years.
Qualified Person
Paul Moore M.Sc., P.Geo. (NL), Vice President Exploration of Buchans Resources Limited and a Qualified Person as defined by National Instrument 43-101, has approved the scientific and technical disclosure contained in this Management’s Discussion and Analysis.
MINCO EXPLORATION PLC
At December 31, 2025, the Company held 11,227,879 shares of Minco Exploration PLC, representing a 10.8% interest as an investment in associate and not held for distribution.
Minco is a mineral exploration company which holds interests in Prospecting Licences in Ireland which are considered highly prospective for the discovery of zinc-lead mineralisation. Minco has interests in four projects located within the Irish Midlands Orefield that are operated by Minco’s wholly owned subsidiaries, either alone or in joint venture with Boliden Tara Mines DAC (“Boliden”).
Minco’s primary focus is its 100% owned Rapla Project in County Laois, strategically located just 5 km northeast of the former Galmoy Mine (10.9Mt @ 12.4% Zn, 1.6% Pb) that is being redeveloped by Shanoon, and 15 km northeast of the former Lisheen Mine (22 Mt @ 11.5% Zn, 1.9% Pb). Positioned within the prolific Lisheen–Galmoy mineralising system along the Rathdowney Trend, Minco’s Rapla Project, where drilling started in August 2025, offers strong potential in one of Ireland’s most productive zinc-lead districts.
During 2025, Minco reported significant drilling results from its Rapla Project. Drilling intersected high-grade Irish-type zinc-lead mineralization, including 16.5 metres grading 10.99% Zn, 3.12% Pb, 1.39% Cu and 294 g/t Ag in drillhole 3312-82, which included a high-grade interval of 4.5 metres grading 19.45% Zn, 8.18% Pb, 5.05% Cu and 1,028 g/t Ag. The mineralized intercept occurs at the base of the Waulsortian limestone and is interpreted to be associated with a fault structure considered to be a key control on mineralization within the district.
Minco Completes €1.66 Million Financing with Irish Minerals Fund and Strategic Investor
In February 2026, Minco completed a further €1.66 million non-brokered financing, comprising €1.375 million of new equity financing from Irish Minerals Fund LP and the Strategic Investor, together with the completion of €155,000 under the Strategic Investor’s previously announced investment option, and a €130,000 corporate working capital financing. The proceeds are expected to be used to advance and expedite exploration at Minco’s Rapla Project and for general working capital purposes.
The Irish Minerals Fund LP is an Irish limited partnership sponsored by Lionhead Resources and anchored with a €30 million commitment from the Ireland Strategic Investment Fund to make minority investments in value-creating, ESG-responsible, high-quality metals and mining projects in Ireland. The Ireland Strategic Investment Fund, managed and controlled by the National Treasury Management Agency, is Ireland’s sovereign development fund with a unique mandate to invest on a commercial basis to support economic activity and employment in Ireland.
As part of the financing, Buchans subscribed €30,000 for 345,622 Ordinary Shares at €0.0868 per share on the same terms as other participants. The funds from the placement to Buchans will be used to settle an outstanding liability to Buchans in the same amount. As at the date of this News Release, the Company held 11,573,501 shares of Minco Exploration PLC, representing a 9.4% interest.
Expedited Exploration Plan Underway
Following the closing of the Placement in July 2025, two drill rigs were mobilized to the Rapla Project in mid-August to begin an aggressive programme of drill testing. The first phase of drilling contemplated a total of 4,200 metres of drilling in 10 holes. Four holes (2,400 metres) were off-set 80 metres from historical drill hole 3312-71, which intersected 14.59% Zn+Pb over 7.4 metres and had not been followed up drilling within a 600-metre radius. An additional six holes (1,800 metres) were planned to be drilled in a north-south traverse targeting an unexplored and shallow horizon over a 2.5 km2 area along-strike from the former Galmoy Mine.
Following the completion of the subsequent financings in December 2025 and February 2026, Minco indicated that it intends to mobilise additional drilling rigs, for a total of four rigs, to expedite its exploration programme at the Rapla Project.
RESULTS OF OPERATIONS
Buchans recorded no revenue in the years ended December 31, 2025 or December 31, 2024.
For the year ended December 31, 2025, the Company recorded a gain of $4,541,519. The gain included a gain in fair value adjustment of marketable securities of $4,837,127, share of loss of associate of $42,761, a reserve for bad debts of $160,000 and a loss on disposal of $42,800.
For the year ended December 31, 2024, the Company recorded a loss of $4,768,080. The loss included a reduction in marketable securities in the amount of $4,444,563, consisting of a fair value adjustment of marketable securities of $2,079,690 and a loss on the distribution of marketable securities to shareholders in the amount of $2,264,872.
For the three months ended December 31, 2025, the Company recorded a gain of $2,628,213. The gain included a gain in fair value of marketable securities of $2,762,574. For the three months ended December 31, 2024, the Company recorded income of $2,029,674. The income included a gain in fair value of marketable securities of $2,194,553 and a loss on disposal of marketable securities of $100,000.
During the year ended December 31, 2025, Buchans invested $84,330 (2024 – $75,550) on exploration expenditures on its mineral properties.
LIQUIDITY AND CAPITAL RESOURCES
At December 31, 2025, Buchans held $26,686 (December 31, 2024- $260,590) in cash and $8,864,532 in marketable securities, and had a working capital surplus of $8,796,354, compared to a working capital surplus of $4,396,592 at December 31, 2024.