Advertisement – This article is distributed on behalf of Aurania Resources Ltd. and Canada Nickel Company Inc., with which SRC swiss resource capital AG has paid IR consulting agreements. · Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: August 7, 2026, 10:20 a.m. Zurich/Berlin ·

Japan is pushing ahead with the extraction of rare-earth sludge from the seabed within its exclusive economic zone surrounding the remote Pacific island of Minami-Torishima. Between January 12 and February 14, 2026, the Japanese Marine Science and Technology Agency (JAMSTEC) tested a closed-loop extraction system using the deep-sea drilling vessel “Chikyu” at a water depth of approximately 6,000 meters. A more extensive mining trial, lasting about one month, is scheduled for February 2027. Based on the data collected during this trial, the technical and economic feasibility of domestic rare earth production will also be assessed by March 2028.

The sediments contain rare earth elements, including yttrium. While these elements are not universally rare from a geological perspective, they are considered critical to the supply chain due to concentrated mining and processing capacities, as well as their importance for electronics, high-performance magnets, and other key technologies. Japan’s trial is therefore primarily a signal regarding technology and industrial policy: The country wants to examine whether an additional, domestic source of raw materials can be technically managed and economically exploited.

Who decides on deep-sea mining?

The Japanese test site is located within Japan’s exclusive economic zone. It is therefore not subject to direct regulation by the International Seabed Authority (ISA). The Jamaica-based organization is responsible for mineral activities in the international seabed area beyond national jurisdiction. Although exploration contracts have been awarded there, commercial exploitation has not yet been approved. Member states are still negotiating a binding set of rules, including environmental standards and monitoring mechanisms.

The debate centers on potential damage to poorly understood deep-sea ecosystems, sediment plumes, noise, habitat disruption, and the question of how long-term impacts can be monitored. Germany therefore continues to support a precautionary moratorium until the risks have been sufficiently investigated and strict rules have been established. At the same time, German authorities and research institutions are participating in the scientific exploration of the seabed. Research and the political call for restraint in commercial extraction are thus not mutually exclusive.

Economically as well, the transition from pilot operations to continuous production remains challenging. Extraction technology, energy consumption, material transport, processing, and environmental monitoring must function reliably at great depths. Until these questions are convincingly answered, terrestrial deposits, recycling, and more efficient use of raw materials will remain the cornerstones of the supply of nickel, cobalt, copper, and other critical metals.

In this context, Canada Nickel Company Inc. – https://www.commodity-tv.com/ondemand/companies/profil/canada-nickel-company-inc/ – is developing several nickel sulfide projects in the Timmins Nickel District in Ontario. For its flagship Crawford project, the company received a positive Decision Statement from Canada’s Minister of Environment, Climate Change, and Nature on July 31, 2026. This marked the conclusion of the federal environmental and impact assessment with a positive decision. Canada Nickel described Crawford as the first mining project to receive such a decision under the Canadian Impact Assessment Act, as amended by the 2019.

The decision is a major regulatory milestone, but does not yet guarantee construction or production. According to the company, detailed planning, project financing, and additional provincial and federal permits are still pending. Canada Nickel aims to secure a construction decision in 2027. Whether and when Crawford will actually be built and brought into production therefore continues to depend on financing, permits, construction execution, metal prices, and other technical and economic factors.

At the same time, the company is expanding its resource base in the region. With the first mineral resource estimate for Nesbitt, Canada Nickel announced in July 2026 the ninth property with a published resource estimate in the Timmins area. Across these nine projects, the company’s reported measured and indicated mineral resources totaled approximately 4.36 billion metric tons averaging 0.24 percent nickel; in addition, there were approximately 5.70 billion metric tons of inferred mineral resources averaging 0.23 percent nickel. Mineral resources are not to be equated with mineral reserves. Inferred resources also have a lower degree of geological certainty and should not be interpreted as a proven economic basis.

Aurania Resources Ltd. – https://www.commodity-tv.com/ondemand/companies/profil/aurania-resources-ltd/ – is focusing a growing portion of its activities on precious metals and critical raw materials in Europe. At the Balangero project in northern Italy, the company is working with partners to investigate the potential recovery of nickel, cobalt, and other metals from historic mine tailings. In February 2026, Aurania released laboratory results for 28 samples collected. According to the company, these samples contained 1,560 to 2,015 ppm of nickel, 81.5 to 108 ppm of cobalt, and 16.2 to 146 ppm of copper. These were sample analyses and not drill results. The work is in an early evaluation stage; no mineral resource or economic viability can yet be derived from the data collected to date.

In France, a wholly owned subsidiary of Aurania was granted the three exploration permits—Epona, Taranis, and Bélénos—in December 2025 for gold and polymetallic minerals in Brittany and the adjacent Pays de la Loire region. In Iceland, Aurania holds an interest in the Thormodsdalur gold-silver project—also known as Thor—through an option agreement. By incurring exploration expenditures totaling $5 million over four years, the company can initially acquire a 70 percent stake. These projects are also in the exploration phase and are subject to the geological, financial, and permitting risks typical of early-stage projects.

Conclusion: The Deep Sea Remains an Option—Onshore Projects Remain Crucial

Japan’s program demonstrates that the technical development of mineral resources in extreme water depths is advancing. However, this does not yet imply that deep-sea mining will be economically viable on an industrial scale. Regulatory, environmental, and economic hurdles remain high. For the supply of critical metals, therefore, onshore projects, recycling, and material efficiency are likely to remain crucial for the foreseeable future.

With the federal government’s positive decision regarding Crawford, Canada Nickel has made significant progress toward the potential implementation of the project, but it must still overcome further hurdles related to permitting, financing, and construction. Aurania Resources is pursuing several early-stage exploration and reprocessing initiatives in Europe, whose technical and economic potential must first be confirmed through further work. Both companies thus offer different approaches to the issue of critical raw materials—one through an advanced nickel project, the other through a diversified portfolio of early-stage European projects.

Current company information and press releases from Canada Nickel Company (- https://www.resource-capital.ch/de/unternehmen/canada-nickel-company-inc/ -) and Aurania Resources (- https://www.resource-capital.ch/de/unternehmen/aurania-resources-ltd/ -).

You can also find further information in our new Battery Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2026-03/.

Best regards

Yours,

Marc Ollinger
CEO, Swiss Resource Capital AG

Technical Basis and Qualified Persons: The technical data regarding Canada Nickel’s mineral resources is based on the company’s press release dated July 23, 2026. Stephen J. Balch, P.Geo. (Ontario), Vice President of Exploration at Canada Nickel and a Qualified Person as defined by NI 43-101, has verified the data published therein and reviewed and approved the technical information. Dr. Scott Jobin-Bevans, P.Geo., of Caracle Creek International Consulting Inc., served as the independent Qualified Person responsible for the mineral resource estimates for Nesbitt and Deloro. The geological data for the Balangero Project are based on Aurania’s press release dated February 26, 2026; whose geological content was reviewed and approved by Jean-Paul Pallier, MSc, EurGeol, Vice President of Exploration at Aurania and a Qualified Person as defined by NI 43-101. The aforementioned QP approvals refer exclusively to the respective primary sources and not to this German-language article.

Sources and Data as of

• JAMSTEC, “Results of the rare-earth mud mining system connection test in the Minamitorishima EEZ,” July 24, 2026: Open source
• International Seabed Authority, “Q&A on the ISA and ocean governance,” data as of August 5, 2026: Open source
• Federal Government, “Government Press Conference on the Precautionary Moratorium on Deep-Sea Mining,” June 6, 2025: Open source
• Canada Nickel Company Inc., “Canada Nickel Secures Federal Approval for Crawford Nickel Project,” July 31, 2026: Open source
• Canada Nickel Company Inc., “Canada Nickel Announces Initial Mineral Resource at Nesbitt and Delivers 46% Increase in Indicated Resource at Deloro,” July 23, 2026: Open source
• Aurania Resources Ltd., “Strengthening Europe’s Supply Chain: Aurania Updates on the Balangero Nickel-Cobalt Project,” February 26, 2026: Open source
• Aurania Resources Ltd., “Aurania Secures New Exploration Licenses in Brittany, France,” December 10, 2025: Open source
• Aurania Resources Ltd., “Aurania Closes Option Agreement with St-Georges to Jointly Advance the Thor Epithermal Gold Project in Iceland,” May 8, 2026: Open source

Intro-Picture: Canada Nickel Company

Important Information, Conflicts of Interest, and Disclaimers

Nature of the Article and Conflict of Interest: This article is a paid advertising and marketing communication (advertorial) and not an independent financial analysis. SRC Swiss Resource Capital AG receives compensation from Aurania Resources Ltd. and Canada Nickel Company Inc. for investor relations consulting and communications services. This gives rise to a material conflict of interest that may influence the selection of the companies discussed as well as the presentation.

Transparency Notice Regarding Conflicts of Interest pursuant to Article 20 of Regulation (EU) No. 596/2014 (MAR) in conjunction with Delegated Regulation (EU) 2016/958 and Section 85 of the German Securities Trading Act (WpHG): The author’s own positions in the shares of the issuers discussed: none. Net position of SRC Swiss Resource Capital AG in the shares of each of the two issuers discussed: less than 0.5 percent of the issued share capital in each case. Holding of at least 5 percent by a discussed issuer in SRC Swiss Resource Capital AG: no. Compensated relationship: IR consulting and communications contracts with both issuers. There are no plans to update this article; statutory obligations to correct or update the information remain unaffected. The circumstances and publicly available information as of the editorial deadline on August 5, 2026, at 10:00 a.m. Zurich/Berlin are decisive.

Methodology, data as of, and scope: This article is based on the official publications and company announcements listed in the bibliography. Figures, where provided, were taken from the primary sources and have been rounded in some cases. Facts, company information, forward-looking statements, and editorial assessments have been linguistically separated from one another. The discussion of deep-sea mining distinguishes between areas within national jurisdiction and the international seabed area regulated by the International Seabed Authority ( ). The mineral resources mentioned in this article are not mineral reserves and, on their own, do not prove economic viability.

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