SERVICE DISRUPTION

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Research Disclosures

Jaguar Mining Inc.
December 09, 2025
TSX: JAG
1,2,3
US GoldMining Inc.
November 18, 2025
Nasdaq: USGO
1, 2
Bunker Hill Mining Corp.
October 22, 2025
TSXV: BNKR
1, 2, 3
Energy Fuels Inc.
October 21, 2025
TSE: EFR
1, 2, 3
Stillwater Critical Minerals Corp.
September 29, 2025
TSXV:PGE
1, 2, 3


1. The analyst has visited the head/principal office of the issuer or has viewed its material operations.
2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit.
3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer.
4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration.
5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly.
6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities.
7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer.
8. Red Cloud Securities Inc. is a market maker in the equity of the issuer.
9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer.

Bruce Tatters, CFA

Chief Executive Officer

Mr. Tatters joined Red Cloud in 2018, bringing more than 24 years of senior capital markets leadership. Mr. Tatters was the co-founder at both Triumph Asset Management as Chief Investment Officer and Westwind Partners as Managing Director, Institutional Equities. Prior to that, Mr. Tatters was Global Co-Head of Institutional Equity Sales at National Bank Financial (successor to First Marathon Securities). At First Marathon Securities, he spent six years as an Institutional Equity Salesperson and two years in equity research. Mr. Tatters began his career in equity research at Burns Fry Ltd. Mr. Tatters holds a CFA designation and a bachelor’s degree in Economics from the University of Western Ontario. 

Michael Mackasey

Chairman

Mr. Mackasey has over 40 years’ experience in the capital markets, having held senior positions at both Canadian and international investment banks, most recently as Vice Chairman at Macquarie Capital Markets Canada. Mike has provided advice to and has managed financings for a great number of corporations, both large and small. Mike has a long history in financing emerging resource companies and is very cognizant of both the challenges and opportunities that they face.

In addition to his role in the capital markets, Mike acted as Chair of the Board of the Canada Development Investment Corporation (CDEV) a federal Crown Corporation charged with managing the commercial assets of the Government of Canada

Mike has a B.Comm from McGill University and an MBA from the Ivey School of Business. He also holds a Diploma from the Institute of Corporate Directors (ICD.D).

Bob Sellars

Senior Vice President and Chief Financial Officer

Robert (Bob) Sellars joined Red Cloud in June 2021, bringing more than 40 years of experience in capital markets and financial services to the table, including his significant roles on investment industry committees within IIROC . For 21 years Mr. Sellars served as Chief Financial Officer & Executive Vice President for Dundee Corp. and Dundee Securities and is known for his tenure as First Marathon’s CFO for over a decade; among other C-Suite roles in the sector during his career. Mr. Sellars is a Chartered Professional Accountant (CPA), Chartered Accountant (CA), Chartered Financial Analyst (CFA) and received an MBA from the University of Windsor.