GreenLight Metals Intersects Massive to Semi-Massive Sulfides in Step-Out Holes at the Bend Copper-Gold Project

GreenLight Metals Inc. (GRL) has released an update on its Phase 2 drilling program at the Bend Cu-Au VMS project in Taylor County, Wisconsin. The company’s headline claim regarding "massive to semi-massive sulfides in step-out holes" is based solely on visual core logging, with no assays reported for the two holes cited in that summary.

Visual logging for hole B26-015 identified 24.52 meters from 428.55–453.07 meters comprising massive to semi-massive sulfides plus a 0.77 m tuff interbed. This interval is located approximately 50 m east of the B26-008/B26-010 section, with a true thickness estimated at approximately 80% of the drilled interval. Assays for B26-015 are pending.

Hole B26-016, located approximately 55 m down-dip of B26-015, showed visual evidence of 31.62 meters from 468.12–499.74 meters comprising massive to semi-massive sulfides plus a 0.89 m quartz vein. Its true thickness is estimated at approximately 70%. Assays for B26-016 are also pending.

The only new assay data reported is for B26-012, which returned 55.90 m @ 0.88 g/t Au from 446.50 m. This includes 14.87 m @ 2.65 g/t Au from 485.88 m and, within that, 6.91 m @ 4.38 g/t Au from 493.84 m. Co-metals included 0.04% Cu, 0.74 g/t Ag, and 32.40 g/t Te. The true thickness is estimated at 65–70% of the drilled thickness. No cutoff grade was stated, and no CuEq was quoted.

Hole B26-013 encountered a 2.74 m massive-sulfide interval from 386.65–389.39 m, which is interpreted as "nearing" the up-dip extent of the copper zone; assays for this hole are pending. Hole B26-014, an up-dip test of the copper zone, returned no significant assays.

As of September 19, 2026, the program had drilled approximately 6,150 m across 11 primary holes plus one wedge. The target is approximately 6,800 m of the 7,000 m permit, with B26-017 currently in progress at approximately 715 m. Completion is targeted for October 2026.

Regarding permitting, the Bend project is a FAST-41 Transparency Project led by the BLM. Two of six review processes are complete, with overall completion estimated for Q1 2027. The ESA Section 7 consultation concluded on August 26, 2026, and a Special Use Permit application to the USFS was filed on September 8, 2026. GreenLight Metals explicitly attributed delayed assays to lab turnaround times.

GreenLight Metals Inc. (GRL) is currently in the pre-resource explorer stage with no revenue. The company reported a first-half 2026 net loss of C$3,796,271, with cash reserves of C$6,396,555 at June 30, 2026, down from C$10,548,890 at December 31, 2025. Operating cash outflow for the period was C$3,986,001. Equity stands at C$6.86 million, with a book value of C$0.07 per share. The company disclosed a going-concern flag. With a market capitalization of approximately C$27 million and 99.7 million shares outstanding, every dollar of value is derived from optionality on the rock.

The recent release confirms that the footwall gold zone continues approximately 70 meters down-dip, based on a modest gold-only assay. It also adds visual, ungraded evidence that the copper horizon persists approximately 50 meters east and 55 meters further down-dip. Additionally, the release maps the up-dip edge of the copper zone with a barren hole and a 2.74-meter pinch-out hit.

The market is not pricing repetition of these findings. The stock reached C$0.53 in February and March 2026, round-tripped to C$0.23 by late June 2026, and is currently trading at C$0.27. This price is below the C$0.35 price of the November 2025 bought deal and near the 52-week low. The discovery and step-out anchor holes, specifically B25-004 at 3.74% CuEq and more recently B26-009W at 1.28% CuEq, are therefore not embedded in the current valuation.

The new assay is approximately 20% lower in grade than the immediately preceding gold-zone hole, B26-009W, which returned 52.18 meters at 1.12 g/t Au with essentially no copper. The copper-zone claims, which carry the CuEq grades, remain unassayed.

The release does not grow the story's scale, grade, or odds in a way that requires market repricing. Conversely, it does not constitute a downgrade of previously reported assays. The stock is more dependent on financing, with C$6.4 million of cash at June 30 against approximately C$2 million per quarter of spend, into a tape below the last raise price.

GreenLight Metals Inc. (GRL) holds a portfolio of mineral assets primarily concentrated in Wisconsin, with a significant joint venture in Nevada. The company’s flagship project is the Bend property, a copper-gold-silver-telluride volcanogenic massive sulfide deposit located in the Penokean Volcanic Belt in Taylor County. GreenLight holds the property through Green Light Wisconsin LLC, which controls a leased 40-acre Soo Line mineral parcel and a pending prospecting permit covering approximately 519 acres of adjacent federal mineral estate managed by the BLM and USFS. Historic estimates from 1992, which are not NI 43-101 compliant, indicated approximately 4.0 million tonnes grading 1.74% copper, 2.44 g/t gold, and 11.56 g/t silver. The project has seen cumulative drilling of approximately 30,000 meters across 69 primary holes, with GreenLight’s 2025–2026 work accounting for approximately 8,190 meters in 17 holes. The project is part of the FAST-41 Transparency Project, with estimated permitting completion targeted for Q1 2027.

Other Wisconsin assets include the Reef property, which is currently undergoing historic data validation and digitization for high-grade gold targets, and the Lobo and Lobo East properties, where baseline environmental and permitting work is underway for massive-sulfide targets. In Nevada’s Walker Lane, GreenLight holds the Kalium Canyon epithermal gold project, comprising 135 claims totaling approximately 2,758 acres. This asset is under a staged earn-in joint venture with Barrick Gold Exploration. Barrick funds Stage 1 with US$7.5 million in work and US$1.0 million in cash over six years for a 60% interest, with optional Stage 2 requiring US$12.0 million for a 70% interest and Stage 3 funded by a pre-feasibility study for an 80% interest. The arrangement is non-dilutive to GreenLight until Barrick vests or stops. GreenLight recognized US$384,369 of other income from this arrangement in the first half of 2026, while maintaining its capital focus on Wisconsin.

Financially, GreenLight reported no revenue for the first half of 2026. The company posted a net loss of C$3,796,271, compared to C$1,810,315 in the same period of 2025. Exploration and evaluation expenses rose to C$2,406,023 from C$423,298 in H1 2025. As of June 30, 2026, the company held C$6,396,555 in cash, C$6,568,067 in working capital, and C$6,855,513 in total equity. The book value stood at C$0.07 per share based on 99,704,126 shares outstanding. Management disclosed a material uncertainty regarding going concern.

GreenLight Metals Inc. listed on the TSXV in April 2025. In November 2025, the company raised C$11,511,500 in a bought deal at C$0.35 per share, issuing 32.89 million shares plus 1,544,622 broker warrants exercisable at C$0.35 until November 2027. Additionally, 487,581 deferred share units were granted to directors for Q2–Q4 2025 fees.