Vulcan Minerals Inc. - Colchester Copper-Gold Update in Central Newfoundland

On November 13, 2025, Vulcan Minerals provided an update on its Colchester Copper-Gold project in Newfoundland. The company released the final assay results from a five-hole, 718-metre diamond drilling program completed at the McNeily zone.

Key highlights from the drilling include: - Hole CL-24-19 intersected 5.2 metres of 1.01% copper (Cu) within a broader interval of 13.7 metres of 0.48% Cu. - Hole CL-24-17 intersected two zones: 3.35 metres of 0.77% Cu and 0.24 g/t gold (Au), and 4.55 metres of 0.85% Cu and 0.50 g/t Au. - Hole CL-24-18 intersected 5.3 metres of 0.52% Cu and 0.91 g/t Au.

The company states this reconnaissance program successfully extended the mineralized zone by 150 metres to the southwest, bringing the total known strike length to approximately 450 metres, which remains open. The drilling was designed to test Induced Polarization (IP) anomalies. President Patrick Laracy noted that the results warrant further systematic drilling to delineate the deposit and that the company will continue to solicit partners for the project.

The drill results are positive and meet the basic objective of an exploration program: they confirm mineralization and extend the known deposit. The grades are encouraging for an early-stage project, with intercepts around 1% copper over mineable widths. The extension of the strike length to 450 metres is a clear, incremental de-risking event for the Colchester project.

However, the context of the historical news tempers the excitement. The drill program was first announced as commencing on December 5, 2024, and its completion was announced on February 19, 2025. This means there was a nine-month delay between the completion of drilling and the release of these assay results. Such a long delay is a red flag and could suggest issues with labs or that the results were not as strong as initially hoped. The market has been anticipating these results for three quarters.

Furthermore, while the stock has performed well recently, much of that strength can be attributed to the September 30, 2025, news regarding the highly positive Updated Feasibility Study (UFS) for the Great Atlantic Salt Project, owned by Atlas Salt Inc., in which Vulcan holds an approximate 30% equity stake and a 3% Net Production Royalty. The Atlas Salt holding represents the vast majority of Vulcan's asset value (~$36M of $44M in total assets as of June 30, 2025).

The Colchester results add tangible value to Vulcan's self-owned exploration pipeline, but they are not game-changing. They are a routine, positive step in advancing a secondary asset. The primary value driver for Vulcan's stock remains the success and eventual financing of Atlas Salt's project. The market has already partially priced in good news, with the stock running from $0.13 to a high of $0.22 since late August. This news reinforces the recent rally but may not be enough on its own to push the stock significantly higher without a concrete plan for a larger, funded follow-up program.

Vulcan Minerals Inc. is a Newfoundland-based mineral exploration company. It operates a hybrid model, advancing its own portfolio of exploration projects while also holding significant investments in other public companies that were spun out or generated from its properties.

While the company is actively exploring its Colchester Copper-Gold project, its most significant asset is its holding in Atlas Salt Inc. (TSXV: SALT). Vulcan owns approximately 30% of Atlas Salt's shares and holds a 3% Net Production Royalty on Atlas's flagship Great Atlantic Salt Project. This project recently received a robust Updated Feasibility Study, showcasing strong economics (post-tax NPV8 of C$920 million).