Kintavar's Downhole Geophysics Strengthen Evidence for a VMS System at Roger Project, Drill Targets Confirmed

The November 12, 2025 news release announces that Kintavar has received encouraging results from a downhole geophysical survey at its flagship Roger Project in Quebec. The survey, using Borehole Electromagnetics (BHEM), detected multiple "moderate to strong off-hole conductors." These conductors are located where the company's new Volcanogenic Massive Sulphide (VMS) geological model predicted they would be. As a result, the company has confirmed drill targets for a planned 5,500-metre drill program scheduled for early 2026. The CEO, Peter Cashin, expressed increased confidence in the project's potential to host a base metal sulphide deposit, drawing comparisons to Agnico Eagle's LaRonde mine.

This news is materially positive and represents a significant de-risking event for the company's new strategy. Since acquiring the Roger project and installing a new management team in September 2025, the company has pivoted its exploration thesis from a porphyry model to a VMS model. This news provides the first piece of physical evidence validating that new thesis.

• Progression and Execution: The company has followed a clear and logical exploration path.

  • September 16: Announced the new VMS model and the plan to conduct geophysics.
  • October 7: Announced the start of the geophysical survey.
  • November 12: Announced the survey was successful in identifying conductors consistent with the VMS model. This demonstrates competent execution by the new management team. It builds credibility and shows they are delivering on their stated plans.

• Impact on Future Exploration: Identifying strong conductors significantly increases the probability of success for the upcoming drill program. While conductors are not a guarantee of economic mineralization (they can be caused by non-economic sources like graphite), they are a crucial targeting tool for VMS deposits. This news makes the planned 5,500-metre drill program a much more compelling and less speculative catalyst.

• Valuation Impact: For a junior explorer, moving from a geological concept to defined, geophysically-supported drill targets is a key value-creation milestone. It elevates the project from a pure geological idea to a tangible target. This should be viewed favorably by the market, as it validates both the asset acquisition and the new management's technical approach. The comparison to the prolific LaRonde mine, while promotional, sets a high bar for potential and is likely to attract investor attention.

This news is not a game-changer yet—that would require discovery drill holes confirming massive sulphide mineralization. However, it is a critical and successful step in that direction, confirming that the company is "looking in the right place."

Kintavar Exploration Inc., which is in the process of rebranding to Auriginal Metals Corp., is a Canadian mineral exploration company. Following a major corporate overhaul in 2025, its focus is now squarely on the Roger Polymetallic Sulphide Project in the Chibougamau district of Quebec.

The company's new strategy is to re-explore the Roger project, which has a historical resource estimate (from 2018, not considered current), under a new geological interpretation. The previous operators viewed it as a porphyry-style system. The new management team, backed by the Ore Group, is reinterpreting it as a Volcanogenic Massive Sulphide (VMS) system, similar in style to the major LaRonde deposit in the Abitibi region. The project is royalty-free.