1. Exit Case: Capitan Silver Corp. 

Overview:

Capitan Silver Corp. (TSXV: CAPT) engages in the exploration and development of mineral properties in Mexico. It holds interest in the Cruz de Plata gold-silver project covering an area of 22.9 square kilometers in Durango, Mexico; and the Jesus Maria silver deposit in Mexico. The company was formerly known as Capitan Mining Inc. and changed its name to Capitan Silver Corp. in March 2023. Capitan Silver Corp. was incorporated in 2019 and is headquartered in Vancouver, Canada.

CAPT has been a part of the ‘Growth Portfolio’ since 25^th September, 2025, however, considering the recent fall in the share price of the stock, an ‘Exit’ is recommended from the stock at the last closing price of CAD 2.35, as on 4^th December, 2025.  

1.1 Support and Resistance Summary as provided in our last published report dated 25^th September 2025.

1.2 Capitan Silver Corp.

2. New Entry Case: Aclara Resources Inc. 

Overview:  

Aclara Resources Inc. (TSX: ARA) is a development-stage rare earth mineral resources company with approximately 451585 hectares of mining concessions located in the Maule Nuble Biobio and Araucan a regions of Chile. It is focused on the development and on the future construction and operation of the Penco Module which aims to produce a rare earth concentrate through a processing plant that will be fed by clays from nearby deposits.

Technical Analysis:

On the daily chart, ARA has shown a steady recovery since mid-November 2025, rebounding from the CAD 2.00 zone and climbing back toward CAD 2.78 as bullish momentum gradually rebuilds. While the stock experienced a significant correction following its October peak above CAD 4.00, the recent price structure indicates stabilisation and the early formation of higher lows, a constructive sign of renewed buying interest.  The RSI is currently around 54.98, reflecting improving momentum without approaching overbought conditions, suggesting there is still room for further upside if buying pressure persists. Key support lies at CAD 2.41, while the next major resistance level to watch is CAD 3.32.

Considering the above mentioned factors, technical analysis, support & resistance levels, an ‘Entry’ is recommended in the ‘Growth Portfolio’ at the closing market price of CAD 2.77, as on 4^th December 2025. 

2.1 Support and Resistance Summary (as on 4^th December 2025)

2.2 Aclara Resources Inc.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency as of 4^th December 2025). The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings.

Disclaimer

This information should not be relied upon as personal financial advice by Kalkine on (i) the stocks or (ii) the use or suitability of the model portfolios. Only an investor knows about their circumstances to make an investment decision.

Model Portfolio has been prepared for illustrative purpose only and does not take into account the objectives, financial situation or needs of any particular investor. Accordingly, investors should, before acting on the information, consider its appropriateness, having regard to their objectives, financial situation and needs. Past performance is not necessarily indicative of future performance results. Actual investment returns will vary, and the Growth of investments can go up or down.