Nobel Resources Issued Diamond Drill Permits for Cuprita Project, Antofagasta Region, Chile

On October 21, 2025, Nobel Resources announced it has received all necessary permits to commence the first-ever diamond drill program at its flagship Cuprita copper project in Chile. The company expects to begin the first phase of drilling as early as November 2025, starting with eight drill platforms. CEO Larry Guy stated the company is excited to be the first to drill the project, citing the "classic signature of a buried porphyry."

This is a material and positive development for Nobel Resources. The receipt of drill permits is a critical de-risking milestone that transitions the Cuprita project from a conceptual geological target, based on surface sampling and geophysics, to a tangible target ready for drill testing. This was the expected and necessary next step following the encouraging surface work results announced in June and July 2025.

However, the positive operational progress is severely undermined by the company's precarious financial position. A review of the historical news and financial filings reveals a critical situation: - November 2024 Financing: The company raised $1.267 million at $0.05 per unit to fund property evaluation and for working capital. - Q1 2025 Financials (as of March 31, 2025): By the end of the first quarter, cash had dwindled to a mere $16,381. Total liabilities stood at $905,886, resulting in a working capital deficiency of over $700,000. The company's burn rate, as evidenced by the $348,429 in net cash used in operating activities for the quarter, is unsustainable.

The company is functionally out of cash and cannot fund the permitted drill program with its current balance sheet. Therefore, this news, while positive on its own, primarily serves as a catalyst for an imminent and necessary financing. Given the current stock price of $0.04 is below the last financing price of $0.05, any new equity raise will likely be highly dilutive to existing shareholders.

The news moves the story forward, but the market will be looking for confirmation of funding before it can fully price in the potential of the drill program. The impact is positive because it enables drilling, but the risk of dilution is now front and center.

Nobel Resources Corp. is a Canadian-based junior mineral exploration company. In early 2025, the company pivoted its strategy by acquiring options on a portfolio of four copper projects in Chile.

The company's flagship asset is the Cuprita Project, located in the highly prolific Paleocene porphyry copper belt of Chile. The project exhibits geological, geochemical, and geophysical characteristics of a buried porphyry copper system but has never been drill-tested. The company's strategy is to be the first to drill this prospective target. The other projects (Janett, Pampa Austral, Anais) are earlier stage.