Brent Oil Declines: What This Means for OPEC

WTI CRUDE

74.97

$/bbl

▼ -1.82 (-2.37%)

BRENT CRUDE

78.96

$/bbl

▼ -0.59 (-0.74%)

GASOLINE

2.87

$/gal

▼ -0.04 (-1.22%)

HEATING OIL

3.07

$/gal

▼ -0.13 (-3.95%)

OIL SERVICES ETF

383.49

$/sh

▼ -13.63 (-3.43%)

LNG

228.74

$/sh

▼ -2.67 (-1.15%)

URANIUM ETF

47.30

$/sh

▲ +0.20 (+0.42%)

LITHIUM ETF

81.93

$/sh

▼ -1.14 (-1.37%)

Oil and Energy Market Context - Macro Drivers

Key macro instruments that drive oil price movements - dollar, yields, risk appetite

DXY

US Dollar Index

100.80 pts

▲ 0.71 (+0.71%)

headwind for oil

Oil priced in USD — rising dollar pressures oil

WTI

WTI Crude Oil

75.21 $/bbl

▼ 1.58 (-2.06%)

negative for oil

US benchmark crude price

BRENT

Brent Crude

79.16 $/bbl

▼ 0.39 (-0.49%)

negative for oil

Global benchmark crude price

NAT GAS

Natural Gas

3.21 $/MMBtu

▲ 0.07 (+2.16%)

positive for oil

Henry Hub natural gas price

XLE

Energy Sector ETF

53.77 $/sh

▼ 0.89 (-1.64%)

negative for oil

Energy sector equity benchmark

SPX

S&P 500

7,497.20 pts

▲ 77.10 (+1.04%)

positive for oil

Broad risk appetite indicator

▲ Rising DXY or yields typically pressure oil prices | ▲ Falling yields or geopolitical risk support energy markets | Live data - fetched at send time

Market Commentary

US Equity Indexes Jump as Crude Oil Heads for Pre-War Levels Ahead of Iran Reopening Hormuz Chokepoint

The surge in U.S. equity indexes alongside crude oil prices approaching pre-war levels signals a pivotal moment for the energy markets, particularly as geopolitical tensions surrounding the Strait of Hormuz remain a critical concern. The potential reopening of this vital chokepoint by Iran could dramatically alter the supply dynamics in an already tight market, especially if it leads to increased Iranian oil exports. With global demand rebounding post-pandemic, the prospect of additional Iranian crude entering the market could alleviate some of the upward pressure on prices, yet it also raises the specter of renewed sanctions and military tensions that could disrupt supply chains. As oil prices flirt with levels not seen since before the conflict escalated, investors are likely weighing the implications of both increased supply and the geopolitical risks that accompany it. The delicate balance between supply and demand is further complicated by OPEC's production decisions, which have historically aimed to stabilize prices but may now be challenged by a potential influx of Iranian oil. Additionally, the interplay between U.S. shale production and OPEC+ strategies will be crucial in determining whether the current price rally can be sustained. If Iran successfully re-establishes its presence in the market, it could lead to a recalibration of the pricing landscape, impacting everything from refining margins to LNG export strategies. Overall, while the immediate market reaction is bullish, the underlying complexities of geopolitics and supply chain vulnerabilities suggest that volatility will remain a hallmark of the oil market in the coming months. Investors should remain vigilant, as the potential for sudden shifts in sentiment or policy could quickly alter the trajectory of both oil prices and broader energy market dynamics.

High Tanker Rates Disrupt Persian Gulf Oil Shipments to Asia

The disruption of oil shipments from the Persian Gulf to Asia due to soaring tanker rates is poised to exert upward pressure on global oil prices, particularly as demand from major importers like China and India remains robust. With state-owned refiners struggling to secure supertankers at acceptable rates, the cost of transporting crude is becoming a significant factor in the overall pricing structure. The reported freight prices being three times higher than usual not only complicate procurement strategies for these refiners but also signal potential supply constraints in the near term, which could lead to a tightening of the market. Furthermore, the lack of guarantees for safe passage through the Strait of Hormuz adds a layer of geopolitical risk that could deter shipping activity, exacerbating the situation. As these refiners look to alternative sourcing strategies or delay purchases, we may see a ripple effect throughout the supply chain, impacting not just crude prices but also refined products. This scenario could lead to increased competition among Asian buyers for limited supplies, further inflating prices. Additionally, if high tanker rates persist, we might witness a shift in trade patterns, with refiners exploring more distant sources of crude, potentially altering long-standing supply relationships. The combination of elevated shipping costs and geopolitical uncertainties creates a precarious environment for oil markets, where any disruption could lead to significant price volatility. Investors should closely monitor these developments, as they will likely influence both short-term trading strategies and long-term investment decisions in the energy sector.

A More Stable Iran Could Lead to Increased Oil Production and Exports, Potentially Flooding the Market

The recent signing of a U.S.-Iran peace deal has significant implications for oil markets, primarily by reducing geopolitical tensions in a region that has long been a flashpoint for energy supply disruptions. A more stable Iran could lead to increased oil production and exports, potentially flooding the market with additional crude at a time when prices are already under pressure from global economic uncertainties. This development may dampen the bullish sentiment that has characterized oil prices in recent months, as traders reassess the risk premium associated with Middle Eastern supply chains. Furthermore, a peace deal could facilitate the return of Iranian oil to international markets, which would exacerbate the already delicate balance of supply and demand, particularly if OPEC+ maintains its current production cuts. The prospect of increased Iranian oil could also challenge the pricing power of other producers, especially those in the Gulf, who have benefited from tighter supply conditions. Additionally, this geopolitical shift could influence broader macroeconomic conditions, as lower oil prices might ease inflationary pressures globally, impacting central bank policies and economic growth forecasts. Investors should remain vigilant, as the interplay between geopolitical developments and oil supply dynamics will be crucial in shaping market sentiment moving forward. The immediate reaction in the stock market, particularly the Nasdaq's climb, underscores the interconnectedness of energy markets with broader economic indicators, suggesting that any stabilization in oil prices could bolster investor confidence across sectors. As the situation evolves, energy investors must closely monitor how these developments will influence both short-term trading strategies and long-term investment decisions in the oil sector.

Stocks Rise on U.S.-Iran Pact

The recent U.S.-Iran pact to wind down hostilities is poised to have significant ramifications for oil markets, primarily by alleviating geopolitical tensions that have long plagued the region. As the prospect of reduced conflict emerges, market participants are likely to recalibrate their risk assessments, which could lead to a stabilization or even a decline in oil prices in the short term. The Middle East remains a critical artery for global oil supply, and any easing of tensions can enhance the perception of security among investors and traders, potentially leading to increased production and exports from Iran. Should Iran's oil output rise as a result of this agreement, it could further contribute to a more balanced supply-demand dynamic, especially as global oil inventories remain under scrutiny. Additionally, with the U.S. seeking to re-engage diplomatically, the potential for sanctions relief could open the floodgates for Iranian crude to re-enter the market, intensifying competition with other producers. This scenario could pressure prices downward, particularly if OPEC+ members do not adjust their production strategies accordingly. Furthermore, the broader macroeconomic implications of a stable Middle East could bolster global economic growth, leading to increased oil consumption in emerging markets. However, investors must remain vigilant, as the situation is fluid and any missteps in the diplomatic process could quickly reverse these optimistic projections. Overall, while the immediate reaction may favor a bearish outlook for oil prices, the long-term effects will depend heavily on the durability of this pact and the subsequent actions taken by both Iran and the U.S. in the energy landscape.

Fertilizer Prices Mostly Withstood the Iran War Shock

The resilience of fertilizer prices in the wake of the Iran conflict underscores a significant dynamic within the broader energy market, particularly regarding oil prices and agricultural demand. Urea, a key component in fertilizer production, is closely tied to natural gas prices, which are influenced by geopolitical tensions and supply disruptions. The stabilization of urea prices suggests that the market has effectively absorbed the initial shock of the conflict, indicating a robust supply chain that can withstand geopolitical volatility. This resilience may also reflect a broader confidence in agricultural output, which is crucial for global food security and, by extension, energy demand as agricultural activities ramp up. As oil prices are often correlated with agricultural performance—given the energy-intensive nature of modern farming—this stabilization could mitigate fears of a spike in oil prices driven by increased demand for energy in agricultural sectors. Furthermore, the peace accord between the U.S. and Iran could lead to a more stable energy supply in the region, potentially easing tensions in oil markets and allowing for a more predictable pricing environment. Investors should closely monitor how these dynamics unfold, particularly in relation to OPEC's production decisions and the potential for increased output from Iran, which could flood the market with additional supply. The interplay between fertilizer prices and oil could also influence refining margins, as the energy sector adjusts to shifts in agricultural demand and production costs. Overall, the current stability in fertilizer prices is a positive indicator for energy markets, suggesting that while geopolitical risks remain, the underlying fundamentals may provide a buffer against volatility in oil prices.

Brent Trades at Prewar Prices, Gas Falls Below $4 After Iran Deal is Signed

Brent crude trading at prewar prices signals a significant shift in market dynamics, primarily driven by the renewed optimism surrounding the U.S.-Iran peace deal, which is poised to facilitate a more stable flow of oil through the strategically critical Strait of Hormuz. This development is likely to alleviate supply chain fears that have plagued the market since the onset of heightened geopolitical tensions in the region. As the prospect of increased Iranian oil exports becomes more tangible, the potential for an oversupplied market looms, which could further suppress prices in the short to medium term. The drop in gas prices below $4 reflects not only the immediate impact of this geopolitical thaw but also the broader implications for energy consumers and producers alike, as lower fuel costs could stimulate demand in an already fragile economic environment. Additionally, this newfound stability may prompt OPEC to reassess its production strategies, particularly if Iranian barrels flood the market and threaten the cartel's price control mechanisms. The interplay between Iranian oil re-entering the market and OPEC's willingness to adjust output will be critical in shaping the trajectory of oil prices moving forward. Investors should also consider the potential for increased competition in the global oil market, as Iran seeks to regain its foothold and expand its share amidst a recovering global demand landscape. Furthermore, the geopolitical landscape remains fluid, and any missteps in the diplomatic arena could quickly reverse these gains, leading to renewed volatility. Overall, while the immediate outlook appears favorable for consumers, the underlying complexities of OPEC dynamics and geopolitical relations will continue to play a pivotal role in determining the sustainability of these price levels.

Jerome Powell Supports Fed's New Stablecoin Policies, But Chair Kevin Warsh Abstains

Jerome Powell's endorsement of the Federal Reserve's new stablecoin policies signals a significant shift in the regulatory landscape that could have far-reaching implications for oil markets and broader energy prices. The establishment of stringent customer screening for stablecoin transactions under the GENIUS Act could enhance the legitimacy and stability of digital currencies, potentially increasing their adoption in energy trading and transactions. As oil markets increasingly explore blockchain technology for efficiency and transparency, a more robust regulatory framework could attract institutional investors who have been hesitant due to the lack of clarity. This regulatory clarity may lead to greater liquidity in energy markets, as stablecoins could facilitate faster and more secure transactions, thus impacting pricing dynamics. Moreover, the abstention of Chair Kevin Warsh indicates a divide within the Fed that could lead to future policy shifts, creating uncertainty that oil traders must navigate. If stablecoins gain traction, they could alter the traditional financing mechanisms in oil trading, making it easier for smaller players to enter the market and potentially increasing competition. This could lead to a more volatile pricing environment as new players disrupt established norms. Additionally, the interplay between stablecoins and traditional fiat currencies could influence currency valuations, further affecting oil prices, especially in dollar-denominated markets. Overall, the Fed's move towards regulating stablecoins could catalyze a transformation in how oil transactions are conducted, with implications for supply chain efficiency, pricing mechanisms, and market accessibility.

Oil Falls as Iran Deal Gets Tankers Moving Through Hormuz

The recent agreement between the US and Iran to ease tensions and reopen the Strait of Hormuz has sent oil prices into a downward spiral, reflecting the market's immediate reaction to reduced geopolitical risk in this critical shipping lane. With the Strait of Hormuz facilitating approximately 20% of the world's oil supply, any indication of stability in this region tends to alleviate fears of supply disruptions, leading to a swift recalibration of futures prices. The influx of tankers now moving through the strait signals not only a potential increase in oil supply but also a restoration of confidence among traders and investors who had been bracing for further escalations in conflict. As a result, we are witnessing a decline in both oil futures and retail gasoline prices, which could provide a temporary relief to consumers and businesses alike. However, while this deal may offer short-term stability, the underlying tensions between the US and Iran remain unresolved, suggesting that volatility could resurface if diplomatic relations falter again. Furthermore, this development could influence OPEC's production strategies, as member states may reassess their output levels in light of a potentially more stable supply environment. In the broader macroeconomic context, lower oil prices could stimulate demand, particularly in regions where economic recovery is still underway post-pandemic. Yet, the market must remain vigilant; any resurgence of hostilities or unexpected geopolitical developments could quickly reverse these gains. Ultimately, while the current deal may provide a temporary reprieve, the complexities of Middle Eastern geopolitics and global energy dynamics ensure that oil markets will remain susceptible to rapid shifts in sentiment and pricing.

IEA Sees Oil Market Excess in 2027: Should You Play Short Energy ETFs?

The projection of an oil market excess by 2027 signals a significant shift in the dynamics of supply and demand that investors must carefully consider. A potential oversupply scenario, driven by a rebound in production outpacing demand recovery, could lead to downward pressure on oil prices, particularly if global economic growth fails to keep pace with the anticipated increase in supply. This outlook raises critical questions about the sustainability of current pricing levels, especially as OPEC's ability to manage production cuts may be tested against rising non-OPEC output, particularly from U.S. shale producers. If the IEA's forecast materializes, it could catalyze a wave of selling in energy markets, prompting investors to reassess their positions in energy ETFs. The prospect of a glut could also exacerbate volatility, as market participants react to shifting fundamentals and geopolitical tensions that could further influence supply chains. Furthermore, a surplus could diminish the pricing power of major oil producers, leading to a potential reevaluation of capital expenditures and investment strategies across the sector. As the market anticipates this imbalance, short energy ETFs may indeed present an attractive opportunity for savvy investors looking to capitalize on a bearish outlook. However, the timing of such a strategy will be crucial, as geopolitical developments and unexpected demand shocks could disrupt the anticipated trajectory. Ultimately, the IEA's forecast serves as a critical reminder of the inherent uncertainties in the oil market, making it imperative for investors to stay agile and informed amidst evolving conditions.

Why the Moment for a Deal Could Not Be Better for Iran

The potential for a deal with Iran comes at a critical juncture for global oil markets, as it could significantly alter the supply dynamics that have been tightly constrained in recent months. With Iranian storage nearing capacity, the urgency for Tehran to resume exports is palpable, and any agreement could lead to a swift influx of Iranian crude into an already volatile market. This would likely exert downward pressure on oil prices, particularly if the deal coincides with a seasonal demand lull or if OPEC+ decides to maintain its current production cuts. The reintroduction of Iranian oil could also complicate the geopolitical landscape, as it may embolden Tehran's regional ambitions and provoke responses from rival nations, particularly Saudi Arabia, which has been keen to manage its own market share. Furthermore, a surge in Iranian exports could exacerbate existing tensions within OPEC+, potentially leading to fractures in the alliance as member states react to shifting market conditions. For energy investors, this scenario underscores the importance of monitoring not just the volume of oil that could return to the market, but also the broader implications for geopolitical stability and pricing strategies. The interplay between Iranian crude and the global supply chain could redefine trading patterns, especially in Europe and Asia, where demand for cheaper alternatives remains robust. As such, the prospect of a deal with Iran is not merely a question of supply; it is a pivotal moment that could reshape the entire energy landscape, influencing everything from refining margins to the strategic positioning of major oil companies. In summary, the timing of this potential agreement could not only provide Iran with much-needed economic relief but also send ripples through the global oil market, warranting close attention from all stakeholders involved.

SHAMARAN PETROLEUM | TSX-V: SNM | OMX: SNM

• Oil producer in the Kurdistan region of Iraq.

• 50% working interest in the Atrush Block and 18% in the adjacent Sarsang Block.

• Robust cash flow, growth-focused, and part of the Lundin Group of companies.

See ShaMaran's production story →

Interesting Company News Today

Trio Petroleum Corp Provides Update on Acquisition Strategy and Ongoing Operations

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Bengal Energy Announces Fiscal 2026 Fourth Quarter Results

(TSX: BNG) Bengal Energy Ltd. announced its financial and operating results for the year end and fourth quarter of fiscal 2026 ended March 31, 2026. Bengal's independently evaluated working interest share Proved Plus Probable ("2P") Reserves for the fiscal year ended March 31, 2026 are 1,799 thousand barrels of oil ("Mbbls") compared to 1,817 Mbbls at March 31, 2025, and 1P Reserves are 839 Mbbls compared to 845 Mbbls at March 31, 2025. The net present value (NPV0F 10, before tax) of Bengal's 2P Reserves, net of future development costs, at March 31, 2026 is $42.2 million, or $0.09 per share compared to $42.6 million or $0.09 per share at March 31, 2025. Crude oil sales revenue was $1.6 million in the fourth quarter of fiscal 2026, 66% higher than $1.0 million in Q4 fiscal 2025, with realized oil prices at US$96.73 per barrel during Q4 F2026, 20% higher than US$79.95/bbl during Q4 fiscal 2025. Production was 112 barrels of oil per day ("bopd") in Q4 fiscal 2026, 11% lower than 126 bopd in Q4 fiscal 2025, and funds from operations were $468 thousand during the fourth quarter of fiscal 2026 compared to funds used in operations of $502 thousand in Q4 fiscal 2025. Bengal reported a net loss of $1.7 million in the fourth quarter of fiscal 2026 compared to net loss of $3.0 million in the fourth quarter of fiscal 2025.

QIMC Reports Elevated Clean Hydrogen in First 100 Metres of DDH-26-04 at Bennett Hill, Nova Scotia, Including Four Analyzer-Saturating Readings Within a 9-Metre Interval

(CSE: QIMC) (OTCQB: QIMCF) Québec Innovative Materials Corp. reported preliminary mud-gas geochemical results from the upper portion of diamond drill hole DDH-26-04, the first hole at its Bennett Hill project in the Advocate Area of Nova Scotia. DDH-26-04 returned elevated hydrogen (H₂) readings within the first 100 metres, including a 9-metre zone with four readings at or above 4.03% H₂, which is the upper measurement limit (saturation point) of the field analyzer used. Methane (CH₄) and carbon dioxide (CO₂) were both below or near detection limits across the hydrogen-rich interval. Bennett Hill is located approximately 15 kilometres from the Company's Eatonville Road drill area (West-Advocate), where holes DDH-26-01, DDH-26-02 and DDH-26-03 were drilled. Hydrogen readings below 100 metres are being acquired with a higher-range instrument and are pending; results will be reported once available and validated. The company interprets the shallow hydrogen response as consistent with a potential active migration pathway and supports its working model of a potential district-scale hydrogen system across the Advocate Area. QIMC is advancing its district-scale hydrogen exploration model across Québec, Ontario, Nova Scotia, and Minnesota through its proprietary R2G2™ framework.

Altura Energy Reports Return to Helium Production and Commencement of the Multi-Well Workover Program

(TSXV: ALTU) (OTCQB: ALTUF) Altura Energy Corp. announced that it has returned the two wells worked over to date, PSOC 23-15 and PSOC 22-8, to production following work completed during the Company's 2025 field program. The Company has completed cased hole log analysis on three previously drilled wells, identifying additional potential within the Shinarump formation and increasing the number of prospective workover candidates from six to seven wells. A workover rig arrived on site on June 11 th and has commenced workovers on the remaining five prospective wells in Saddle Horse Draw. All seven wells in the Saddle Horse Draw area are tied into the on-site helium processing facility by the eight-mile pipeline recently completed by the Company. Any helium produced from these wells will be sold through a long-term offtake agreement. The company projects that existing infrastructure and recent operational milestones position the Company to commence near-term helium production. Altura is focused on developing a reliable domestic source of helium in Arizona's prolific Holbrook Basin.

Balder Next FID

(LON:KIST) Kistos Holdings plc and Vår Energi (OSE:VAR) have taken a final investment decision (FID) on the Balder Next project in Norway, which will deliver seven new production wells from the Jotun FPSO. The project will increase gross production by an additional 11 mmboe from the previously communicated figure of 75 mmboe, bringing the total to 86 mmboe in proved plus probable reserves. The project has an attractive breakeven cost of approximately USD 30 per boe and an internal rate of return of more than 35 percent. Vår Energi is operator (90%) of the Balder field, with Kistos Energy Norway AS as partner (10%). The first phase development of seven new wells is expected to start up in the fourth quarter of 2027. The development supports the planned consolidation of infrastructure, including decommissioning of the Balder FPU from 2028, reducing operating costs and emissions. The Balder area is a core contributor to Vår Energi's production target of delivering above 400 thousand barrels of oil equivalent per day long term.

Sage Potash Secures All Permits for Its Drilling Program at Sage Plain Potash Project in Utah

(TSXV: SAGE) (OTCQB: SGPTF) Sage Potash Corp. announced it has now received all required approvals and permits from both the local County and the State of Utah to proceed with drilling operations at its Sage Plain project in San Juan County in Utah. Final approvals were granted following a customary site inspection conducted on May 28, 2026, by representatives of the Utah Division of Oil, Gas and Mining, accompanied by personnel from Sage Potash and its contractors, along with posting of drilling related bonds. The Company will be drilling a 1.275 km (3/4 mile) step out hole to the NNE from the maiden hole from which the Company's current resource is calculated. Historical drillhole data has identified significant potash mineralization within the Cycle 18 Upper and Lower beds at depths of approximately 2,100 metres (6,890 feet). The Company expects to release an updated resource estimate in Q3 2026, incorporating results from the current drilling campaign and historical drilling data. The current drilling program is specifically designed to target these potash-bearing horizons and expand and upgrade the resource confidence levels. The Company and its contractors intend to mobilize for this drill program in short order.

FingerMotion, Inc. and BlueFlare Energy Solutions in Advanced Discussions on First Site Under Western Canada Behind-the-Meter AI Compute Collaboration

(NASDAQ:FNGR) FingerMotion, Inc. announced that it and BlueFlare Energy Solutions Inc. are in advanced discussions and are working toward commercial terms covering the first of the two initial project sites identified under the parties' previously announced Memorandum of Understanding (the "MOU"). The initial site is an approximately 600 kilowatt ("kW") behind-the-meter facility in Alberta that today uses on-site natural gas - gas that would otherwise be flared - to power bitcoin mining operations. Under the proposed commercial terms, BlueFlare would redevelop the site into an AI inference facility, installing new on-site power generation, battery energy storage and high-performance computing ("HPC") capacity, while retaining and repurposing the existing bitcoin mining load. Power allocation across the two workloads would be managed by BlueFlare's proprietary BALA™ (BlueFlare Adaptive Load Architecture™) platform. The site is being designed for accelerated time-to-energization and will connect to AI inference workloads over a wireless link enabled by BlueFlare's proprietary bandwidth-optimization technology. The site is the first of two initial project sites identified under the MOU, which establishes BlueFlare as the Company's primary developer across Alberta, British Columbia and Saskatchewan for the origination, design, engineering, construction and ongoing support of HPC inference sites integrated with co-located bitcoin mining on a behind-the-meter basis. The parties' current discussions regarding the first site remain preliminary and non-binding, and any Commercial Term Sheet, and the principal commercial terms it would contain, remain subject to continued negotiation and the negotiation and execution of one or more definitive agreements.

ARGENTINA LITHIUM & ENERGY | TSX-V: LIT | OTCQB: LILIF

• US$100M deal signed.

• 227M lb LCE resource at Rincon West.

• Backed by Stellantis.

• Drilling the heart of the Lithium Triangle.

See the Argentina Lithium story

QuantumScape Announces Agreement With Honda on Solid-State Battery Technology

(NASDAQ: QS) QuantumScape Corporation announced a joint research agreement with Honda R&D Co., Ltd., a subsidiary of Honda Motor Co., Ltd., aimed at advancing the QS battery platform through the combined contributions and expertise of both parties. The joint program includes a multi-year plan focused on solid-state battery development and associated manufacturing processes. The agreement follows Honda’s successful completion of a technology evaluation agreement with QS, which included an in-depth, hands-on technical study of QS’s solid-state technology platform as well as competitive benchmarking across a range of standard technical tests. Atsushi Ogawa, Chief Operating Officer, Research Center of Excellence, Honda R&D Co., Ltd., stated that 'QS technology demonstrated compelling and unique advantages during our evaluation.' Dr. Siva Sivaram, CEO and President of QS, said, 'This agreement reflects the growing confidence in QS solid-state lithium-metal batteries to enable safer, higher-density energy storage.' The company’s next-generation solid-state lithium-metal battery technology is designed to enable greater energy density, faster charging and enhanced safety., Ltd., the anticipated benefits and contributions of the parties under that agreement, and the commercialization and scaling of its solid-state lithium-metal battery technology.

SAGA Metals Highlights Radar Project's VTM Enriched Magnetic Concentrate up to 0.9% V2O5 Relative to Panzhihua, China Benchmark of 0.3% V2O5

(TSXV: SAGA) SAGA Metals Corp. announced preliminary Davis Tube Analysis (DTA) results from its 100%-owned Radar Titanium-Vanadium-Iron Project near Cartwright, Labrador, showing magnetic concentrates averaging approximately 0.80% V₂O₅, with a substantial subset grading approximately 0.81-0.90% V₂O₅ at magnetic mass yields typically in the 18-38% range. The Hawkeye zone DTA test work produced over 86% of TiO₂ reporting to the non-magnetic fraction, indicating a potential ilmenite-rich stream or downstream titanium product pathway. The Radar Property comprises 690 mineral claims across 9 mineral licenses, totalling approximately 24,175 hectares in southeastern Labrador, and entirely encloses the Dykes River Intrusive Complex (~160 km² at the surface). The QMAGT-imaged central oxide-layering corridor has been validated over 29 km², encompassing the Trapper Zone, Hawkeye Zone, and the new Falcon Zone. For the higher-quality subset of Hawkeye Davis Tube tests, the corresponding V₂O₅ recoveries for the magnetic concentrate typically range from 73% to 81%. The company projects that, if the vanadium-enriched magnetic concentrate response is replicated across representative Hawkeye and Trapper samples, Radar may offer two separate evaluation pathways: a magnetic Fe-V concentrate focused on iron and vanadium recovery, and a Ti-rich non-magnetic stream focused on ilmenite upgrading. SAGA's next phase of metallurgical work will focus on converting the encouraging vanadium deportment and titanium-rich ilmenite signal into repeatable recovery and product-quality data.

NordX Metals Welcomes Approval of Swedish Legislation Removing Municipal Veto on Uranium Mining

(CSE: NRDX) (OTCQB: ULTHF) NordX Metals Corp. announced that the Swedish Parliament has removed the municipal veto over the extraction and processing of uranium, a step toward a more simple and predictable permitting framework for uranium exploration and development in Sweden. On January 1, 2026, the Swedish Parliament lifted the country's 2018 ban on uranium mining and reclassified uranium as a concession mineral under the Swedish Minerals Act. On June 15, 2026, Parliament approved changes that remove the municipal veto over uranium extraction and processing, with the change expected to take effect on July 15, 2026, subject to final confirmation of the legislation. NordX Metals holds its uranium exploration interests in Sweden through its wholly-owned subsidiary Swedish Minerals AB, comprising a portfolio of 100%-owned uranium and rare-earth-element exploration permits, including the Duobblon, Norr Döttern, Märrviken and Flistjärn projects. The company also has lithium, uranium and rare earth element interests in Sweden, Finland and the United States. The Swedish Government has stated that the changes are intended to streamline permitting and provide greater certainty for projects important to Sweden's energy security and critical minerals supply chain. The company projects that these developments will further enhance the strategic importance of its Swedish portfolio as Sweden and the European Union seek secure, domestic sources of uranium and critical raw materials.

EnCore Energy Receives Bureau of Land Management Authorization to Begin Construction at Dewey Burdock Uranium Project

(NASDAQ: EU) (TSXV: EU) enCore Energy Corp. announced that the Bureau of Land Management ("BLM") has issued a final decision and approved the Dewey Burdock Uranium Project, authorizing the Company to commence infrastructure construction for the Dewey Burdock Uranium In-Situ Recovery (ISR) Project in Southwest South Dakota. The BLM authorizes enCore's wholly owned subsidiary Powertech Inc. to construct initial ancillary infrastructure on approximately 240 acres of BLM-managed public land within the larger 10,580-acre Dewey Burdock Project. The authorized work includes construction of portions of the primary and secondary access roads, light-use roads, four groundwater monitoring wells, and overhead power lines. The Dewey Burdock Project, wholly owned by enCore, is an advanced-stage uranium project located in Custer and Fall River counties in South Dakota, and was approved for inclusion in the Fast-41 Program by the U.S. Federal Permitting Improvement Steering Council on August 28, 2025. The Dewey Burdock Project received its Source and Byproduct Materials License from the NRC in 2014, which is now under timely renewal. Mineral resource estimates as of October 8, 2024, include Measured resources of 14,285,988 lbs. U3O8, Indicated resources of 2,836,159 lbs. U3O8, and Inferred resources of 712,624 lbs. U3O8. The company projects to advance the Dewey Burdock Project into development and operation utilizing the ISR uranium extraction process.

Manhattan Uranium Discovery Corp. Advances U.S. Presence With OTCQB Uplisting Under Symbol "MAUUF"

(TSXV: MANU) (OTC: MAUUF) Manhattan Uranium Discovery Corp. announced that effective at the market open on Monday, June 22, its common shares will commence trading on the OTCQB Venture Market in the United States under the symbol "MAUUF". The Company's common shares will continue to trade on the TSX Venture Exchange under the symbol "MANU" and on the Frankfurt Stock Exchange under the symbol "J5B0". Manhattan has entered into an online marketing agreement dated June 18, 2026 with i2i Marketing Group, LLC, under which i2i will provide corporate marketing and investor awareness services for a fee of US$250,000, with a term of six months following TSXV acceptance. The company also entered into an investor relations advisory services agreement dated June 18, 2026 with Vectis Capital Inc., for a fee of US$150,000 and a term of three months following TSXV acceptance. Manhattan now holds a portfolio of 15 past-producing uranium mines across 25 underexplored properties covering 25,099 acres in the United States, complemented by high-grade exploration potential in Canada's Athabasca Basin. The company projects the anticipated advancement of its mineral properties and project portfolios, including proposed drilling and other operational programs and plans referenced herein.

Tantalex Lithium Provides Update on Glencore Financing Arrangements and Announces Proposed Strategic Partial Divestiture of Sandstone Worldwide Ltd.

(CSE: TTX, OTC: TTLXF) Tantalex Lithium Resources Corp. announced updates to its convertible facilities agreement with Glencore AG, including two amendment and restatement agreements dated November 7, 2025 and February 19, 2026, and a term sheet for a potential strategic partial divestiture of its wholly owned subsidiary Sandstone Worldwide Ltd. Glencore agreed to provide additional financing in the sum of U.S.$2,000,000 to Tantalex, representing the undrawn portion under the initial Convertible Facilities Agreement. The company entered into royalty agreements with Glencore, TTX Metals, and Sandstone on February 19, 2026, providing for a gross revenue royalty at a rate of one percent (1.00%) on gross revenue generated from the sale of tin, lithium and tantalum from specified mineral reserves. Two additional royalty agreements were signed on February 18, 2026 with SLC Asia Pte Ltd. and Infra-X Minerals, LLC Arizona Ltd., each providing for a gross revenue royalty at a rate of half of one percent (0.50%) on gross revenue from lithium sales. The term sheet for the partial divestiture of Sandstone contemplates aggregate consideration of U.S.$4,000,000 from LFEC, comprised of U.S.$3,000,000 in LFEC common shares and U.S.$1,000,000 in cash payable in two tranches. Interim funding of US$865,000 was arranged for Sandstone via unsecured convertible promissory notes, with a stated maturity date of December 3, 2027 and a conversion feature at 135% of principal. The company projects that the transaction will provide critical financial flexibility and allow it to continue advancing its core lithium strategy while addressing near-term financial constraints.

Greenvale Energy Consolidates Uranium Focus With Strategic Pine Creek Acquisition

(ASX: GRV) Greenvale Energy has executed a binding term sheet with Patronus Resources (ASX: PTN) to acquire uranium exploration and development rights over a 2,466 square kilometre portfolio in the Pine Creek Orogen, Northern Territory. The transaction involves Greenvale issuing 144.7 million shares to Patronus at an issue price of $0.038, totalling a $5.5 million consideration, and results in Patronus becoming a 19.6% shareholder. Greenvale secures priority access to explore the Thunderball targets until December 2027 and will benefit from Board representation by Patronus. The company’s liquidity was rebuilt to $1.78 million as of December 2025 following a late-2025 capital placement and an oversubscribed Share Purchase Plan (SPP). Greenvale maintains additional asset upside in Queensland, including the Oasis Uranium Project and geothermal exploration in the Millungera Basin. The company projects systematic exploration planning at Pine Creek and ongoing certification work on the Alpha Torbanite bitumen project. Key near-term milestones include finalising due diligence, executing the formal Uranium Rights Agreement, and securing shareholder approvals for the Patronus share issuance.

OREGEN ENERGY | CSE: ORNG | OTCQB: ORGEF

• Early mover in Namibia's Orange Basin beside Shell, TotalEnergies and Galp discoveries.

• Flagship Block 2712A covers 5,484 km² in a basin estimated at 20 billion barrels oil in place.

• Seismic interpretation advancing on one of the world's hottest offshore frontiers.

Explore Oregen's Namibia project

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