HIGHLIGHTS
- Largest drilling campaign in the Company's history. Approximately 65,000 metres of diamond drilling across three programs at Thierry, Opemiska and Cooke, with up to six drill rigs active by January 2027.
- Thierry (Ontario): ~25,000 metres, two rigs, underway since July. The first systematic drilling at Ontario's largest primary copper resource in over 40 years is defining the K1 deposit under XXIX's new bulk-tonnage interpretation to support an updated mineral resource estimate. Two additional drill permits have been received to test targets on both sides of K1, including the corridor between K1 and K2. Drilling is expected to continue to March 2027.
- Opemiska (Québec): ~20,000 metres, two rigs, mobilizing in the first week of November. Designed to convert resources to the Measured and Indicated categories for inclusion in the Pre-Feasibility Study ("PFS"), to infill the pit periphery, and to drill the Bouchard and McNichols eastern veins identified by an internal higher-copper-price pit study.
- Cooke (Québec): ~20,000 metres, first rig mid-November, second rig in early January. Internal studies indicate open-pit potential at the past-producing Cooke mine, three kilometres east of Opemiska. The program is designed to deliver a maiden mineral resource estimate and to evaluate Cooke's integration into the Opemiska PFS.
- A clear path of catalysts: continuous assay results from three programs through the first half of 2027; an updated Thierry K1 resource; an updated Opemiska resource and a maiden Cooke resource feeding the Opemiska PFS, which the Company expects to file in 2027
Toronto, Ontario--(Newsfile Corp. - October 28, 2026) - XXIX Metal Corp. (TSXV: XXIX) (OTCQB: QCCUF) (FSE: 5LW0) ("XXIX" or the "Company") is pleased to report that it has launched the largest drilling campaign in its history: approximately 65,000 metres across three concurrent programs at its 100%-owned Thierry Copper Project in Ontario ("Thierry") and its Opemiska Copper-Gold Project and adjacent Cooke property in Québec ("Opemiska" and "Cooke"). Two rigs have been drilling at Thierry since July; four additional rigs will mobilize to Opemiska and Cooke between the first week of November and early January, bringing the Company to six active rigs. Each program has a defined deliverable: an updated resource at Thierry, a resource upgrade at Opemiska for the PFS, and a maiden resource at Cooke.
"This is the most active period in XXIX's history, and it is deliberate," said Guy Le Bel, Chief Executive Officer of XXIX. "Every metre in these programs is tied to a deliverable. At Thierry we are drilling K1 systematically for the first time in four decades and we now have the permits to test what lies on either side of it. At Opemiska we are converting resources into the categories a pre-feasibility study requires, and we are drilling the eastern veins that a higher copper price has brought into the picture. At Cooke we are testing whether a past-producing mine three kilometres from our planned pit can become a second open-pit source for the same mill. With copper where it is, the infrastructure already in place, and six rigs turning by January, the next twelve months should tell shareholders a great deal about how large these assets can become."
Thierry: Defining K1 and Opening the Corridor to K2 (~25,000 metres, underway)
Two drill rigs have been operating at Thierry since July 2026 following receipt of the Company's exploration permit (see news release of June 29, 2026). The program has been expanded to approximately 25,000 metres and is expected to continue to March 2027, with a pause over the holiday period. To date, over 6200metres and 9 holes have been completed, with drills having restarted in October following the hunting season pause. Assay results are pending.
The program is designed to define the K1 deposit under XXIX's new geological interpretation and to support a new, more accurate mineral resource estimate. Over the past two years the Company rebuilt Thierry's 210,000-metre historical drilling database into a validated modern model and reinterpreted K1 from a series of sub-parallel tabular veins to a single, near-surface, disseminated bulk-tonnage copper-PGE system open along strike and at depth. The current drilling is the first systematic test of that interpretation.
Two new permits, new targets: The Company has received two additional drilling permits authorizing holes on both sides of K1, in particular within the area between K1 and K2. XXIX's first systematic induced polarization survey identified a 75-125-metre-wide anomaly extending more than 2.5 kilometres between the two deposits; the new permits allow this largely untested corridor to be drilled for the first time.
The current program also gives XXIX's geological team its first opportunity to log K1 mineralization in fresh core. These observations are already informing a more robust geological and staging model and sharper definition of exploration targets, which the Company expects to carry directly into the resource update and the next phase of drilling.
Thierry is 100%-owned and royalty-free, with all-season road access, grid power within approximately 8 kilometres, an airport within approximately 5 kilometres and nearby rail. The 2021 estimates for K1 (53.6 million tonnes at 0.38% copper) and K2 (23.7 million tonnes at 1.64% copper) were prepared at US$3.75 per pound copper; the Company treats the K1 estimate as historical and incomplete and is advancing toward an updated estimate (see the Cautionary Note below).
Opemiska: Converting Resources for the Pre-Feasibility Study (~20,000 metres, mobilizing November)
Two drill rigs are scheduled to mobilize to Opemiska during the first week of November 2026 for a program of approximately 20,000 metres.
The program is designed to convert as much of the current resource as possible to the Measured and Indicated categories for inclusion in the Opemiska PFS, which the Company expects to file in late 2027 The June 2025 pit-constrained resource totals 141.2 million tonnes containing 1.5 billion pounds of copper and 1.05 million ounces of gold, of which 62.7 million tonnes are Indicated; the October 2025 PEA mine plan drew on approximately 50% of that resource. Upgrading category is the most direct route to a larger reserve-eligible base for the PFS.
To optimize the program, the Company completed an internal study of the effect of a higher copper price on the Opemiska pit design (the PEA was prepared at US$4.35 per pound). Hole placement has been planned to establish sufficient drill density within and around the periphery of the deposit, where an expanded pit shell would require it. Additional holes will target the eastern veins, particularly the Bouchard and McNichols zones, which show meaningful potential in a higher copper-price environment and have not been a focus of recent drilling.
The October 2025 PEA outlined a 12,500 tonne-per-day open-pit operation over 17 years with an after-tax NPV8% of C$505 million and an IRR of 27.2% at US$4.35 per pound copper and US$3,000 per ounce gold. Opemiska is located within the Town of Chapais with road, rail and Hydro-Québec grid power in place and the Horne smelter within concentrate-trucking distance.
Cooke: Testing a Second Open Pit Three Kilometres from Opemiska (~20,000 metres, mobilizing mid-November)
As a follow up to our successful Fall '25 /Winter '26 initial drill program, a first drill rig is scheduled to mobilize to Cooke in mid-November 2026, with a second rig to follow in early January 2027, for a program of approximately 20,000 metres.
Internal studies completed by the Company indicate the potential for open-pit development at Cooke, a past-producing mine approximately three kilometres east of the Opemiska deposit that sits outside the current Opemiska resource. The program is designed to establish a maiden mineral resource estimate for Cooke and to evaluate its integration into the Opemiska PFS as a potential second source of mill feed.
A second open-pit source within trucking distance of the planned Opemiska plant would add optionality to the PFS mine plan without additional processing infrastructure. Cooke has not previously been evaluated in XXIX's economic studies; this program is its first systematic test.
Program Summary
| Project | Metres | Rigs and timing | Objective | Deliverable |
| Thierry (Ontario) | ~25,000 m | 2 rigs; underway since July 2026, to March 2027 | Define the K1 deposit under the new bulk-tonnage interpretation; test targets on both sides of K1 and the K1-K2 corridor | Updated K1 mineral resource estimate; refined exploration targets |
| Opemiska (Québec) | ~20,000 m | 2 rigs; mobilizing first week of November 2026 | Convert resources to Measured and Indicated for the PFS; infill the pit periphery; drill the eastern veins (Bouchard, McNichols) | Updated Opemiska mineral resource estimate for the PFS |
| Cooke (Québec) | ~20,000 m | 1 rig mid-November 2026; 2nd rig early January 2027 | Evaluate open-pit potential identified by internal studies | Maiden Cooke mineral resource estimate; PFS integration assessment |
Catalysts: The Next 3 to 12 Months
- November 2026 - January 2027: mobilization of four additional rigs to Opemiska and Cooke; six rigs active across the portfolio by January.
- Q4 2026 - H1 2027: continuous release of assay results from Thierry, Opemiska and Cooke as batches are received and compiled.
- March 2027: completion of the ~25,000-metre Thierry program; initiation of the updated K1 mineral resource estimate incorporating the 2026-2027 drilling and the new geological model.
- H1 2027: completion of the Opemiska and Cooke programs in April; follow-up targeting on the K1-K2 corridor at Thierry.
- 2027: updated Thierry K1 resource; updated Opemiska resource with upgraded categories; maiden Cooke resource; decision on Cooke's integration into the PFS mine plan.
- H2 2027: Opemiska Pre-Feasibility Study.
Qualified Person
The technical information contained in this news release has been reviewed and approved by Denis McNichols, P.Geo and géo., Vice President Exploration for XXIX Metal Corp., a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About XXIX Metal Corp.
XXIX is advancing its Opemiska and Thierry Copper projects, two significant Canadian copper assets. The Opemiska Project, one of Canada's highest-grade open-pittable copper deposits, spans 21,333 hectares in Québec's Chapais-Chibougamau region, with strong infrastructure and nearby access to the Horne Smelter. An October 2025 Preliminary Economic Assessment outlined a 12,500 tpd open-pit operation over a 17-year mine life, generating an after-tax NPV8% of $505M, IRR of 27.2%, and a 2.3-year payback period ($4.35/lb copper price, $3,000/oz gold price, $30/oz silver price). The Thierry Project hosts the K1 (near-surface) and the past-producing K2 (underground & surface) zones (see XXIX news release dated October 1, 2024 for details regarding resources). Thierry has significant infrastructure in place including an all-season road, an airport within 8 km, a provincial power grid within 8 km, and nearby rail. With these two high-potential projects, the Company has solidified its position as a key player in the Canadian copper sector and has established itself as one of Eastern Canada's largest copper developers.
For Further Information
Guy Le Bel, Chief Executive Officer
Phone: 514.654.8550
glebel@oregroup.ca | www.xxix.ca
Cautionary Note Regarding Historical Estimates and Exploration Potential
The mineral resource estimates for the K1 and K2 zones at Thierry referenced in this news release were prepared in 2021 and have not been updated to current standards in connection with this news release. The Company considers the earlier K1 estimate to be historical and incomplete and is advancing toward an updated mineral resource estimate; a qualified person has not done sufficient work to classify these estimates as current mineral resources, and XXIX is not treating them as current. The Company's bulk-tonnage interpretation of the K1 zone is conceptual in nature. Statements regarding the potential to expand or grow resources at Thierry, Opemiska or Cooke, possible mineralized continuity between K1 and K2, the open-pit potential of Cooke, the potential of the Bouchard and McNichols zones, and the effect of higher metal prices describe exploration potential only; there has been insufficient exploration to define a current mineral resource in these areas, and it is uncertain whether further exploration will result in any deposit being delineated as a mineral resource. The Opemiska PEA is preliminary in nature, includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Past production figures and other historical results have not been independently verified and are not necessarily indicative of future results.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws, including statements regarding the size, scope, timing, objectives and expected duration of the Company's drill programs at Thierry, Opemiska and Cooke; the timing of rig mobilization; the number of rigs expected to be active; the Company's intention to complete updated mineral resource estimates at Thierry and Opemiska and a maiden mineral resource estimate at Cooke, and the expected timing thereof; the potential to convert or expand mineral resources; the potential for open-pit development at Cooke and its potential integration into the Opemiska Pre-Feasibility Study; the expected timing of the Opemiska Pre-Feasibility Study; the Company's geological interpretation of the K1 zone and the potential of the corridor between K1 and K2; the anticipated impact of metal prices on pit design and project economics; the expected timing of assay results and other catalysts; and the Company's funding position. Wherever possible, words such as "may", "will", "expect", "plan", "intend", "anticipate", "believe", "estimate", "potential", "scheduled", "designed", or the negative of these terms have been used to identify forward-looking statements. These statements reflect management's current beliefs and are based on assumptions management considers reasonable as of the date hereof.
Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from those discussed or implied, including, among other things: risks related to the availability of drill rigs, contractors and personnel; weather and seasonal conditions; risks related to the timely receipt, maintenance and conditions of permits and other governmental and regulatory approvals; risks related to community and Indigenous consultation and relations; uncertainties inherent in drill results, the interpretation of geological data and the estimation of mineral resources; the risk that drilling does not result in the conversion or expansion of mineral resources or in a mineral resource at Cooke; risks that historical data, historical estimates and past production are not indicative of future results; the timing and outcome of technical studies, including the Pre-Feasibility Study; commodity price volatility, including copper, gold, nickel and precious metal prices; availability of financing on acceptable terms; and risks associated with executing the Company's plans and intentions. Readers are cautioned not to place undue reliance on forward-looking statements. Although the forward-looking statements are based on assumptions management believes to be reasonable, the Company cannot assure readers that actual results will be consistent with these statements. The forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them except as required by law. Additional risk factors are described in the Company's disclosure documents available on SEDAR+ at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321404
