Andina Copper Intersects High-Grade, Near-Surface Copper in Step-Out Hole

Andina Copper Corporation (ANDC) released drill results on September 23, 2026, detailing step-out drilling at the Cobrasco porphyry Cu-Mo discovery in Chocó, Colombia. The release focuses on assay data rather than financial earnings.

Hole CDH013 was collared on a new pad, designated "Pad 15," located approximately 350 meters northwest of Pad 3. The hole was drilled with an azimuth of 45° and a dip of –50°, reaching a final depth of 554.40 meters. It reported an intercept of 322 meters at 0.51% Cu, 70 ppm Mo, and 1.6 g/t Ag from 74 meters downhole. Within this interval, the company identified 200 meters at 0.65% Cu and 84 ppm Mo from 82 meters, as well as 44 meters at 0.81% Cu and 110 ppm Mo from 204 meters. Individual 2-meter samples returned 2.14% Cu from 226 meters and 2.20% Cu from 274 meters. A separate interval of 6 meters at 0.63% Cu was intersected from 376 meters, associated with disseminated bornite in a sericite halo.

Hole CDH12, collared at the same pad and drilled southwest with an azimuth of 225° and a dip of –60°, reached a final depth of 604.60 meters. It returned only 12 meters at 0.41% Cu and 38 ppm Mo from 350 meters. The hole intersected an essentially unmineralized phreatomagmatic breccia between approximately 167 meters and 237 meters.

The drill-defined mineralized footprint is now stated as approximately 1,300 meters by 550–700 meters, an increase from the 1,200 meters by 550–700 meters reported in the August 11 and August 25, 2026 releases. Three further holes completed from Pad 15 have assays pending, and a fourth is in progress.

The cutoff grade is 0.2% Cu with a maximum internal dilution of 20 meters. Interval widths are expressly stated to be downhole lengths, not true widths. Quality assurance and quality control were managed by Qualified Person Gustavo Zulliger (CPG #11165). Samples were sent to ALS Medellín for preparation and ALS Lima for analysis, utilizing protocols Au-AA23, ME-MS61, ME-OG62, and Cu-OG62. The QA/QC program included CRM, coarse and fine blanks, coarse-reject, and pulp duplicates at a ~12.5% insertion rate.

Andina Copper Corporation (ANDC) is a pre-resource explorer with no mineral resource estimate, pre-feasibility study, or metallurgical work, and currently generates no revenue. The company is funded by equity, having raised approximately $27.5 million in March 2026 at $0.80 per share and $3.0 million in October 2025 at $0.40 per share.

The company recently announced results from a new drill pad located 350 meters northwest of Pad 3. Drilling across the trend confirmed a ~0.65% Cu grade core over 200 meters starting from 82 meters depth. This step-out confirms the presence of the mineralized body near-surface and at grade 350 meters from the previous platform.

The northwestern extension was previously claimed in releases CDH008 (May 13) and CDH009 (June 24), which described a northwest extension and a 350-meter northwest step-out, respectively. Release CDH013 largely replicates the grade and style already established. The footprint gain of +100 meters against a 1,200-meter strike is incremental, and the 550–700 meter lateral width remains unchanged.

Offsetting this, CDH012, from the same collar, was a near-miss with a barren breccia unit and essentially no economic grade until 350 meters downhole. Two of two assayed holes from the new pad bracket the mineralized margin, indicating the system is not uniformly mineralized at Pad 15.

The prior anchor result is CDH011 (August 25, 2026), which reported 400 meters @ 0.46% Cu including 206 meters @ 0.67% Cu. CDH013 reported 322 meters @ 0.51% Cu including 200 meters @ 0.65% Cu, which is comparable in grade, slightly shorter, and structurally similar. In terms of grade and length, the grade is the same or marginally better; the length is 80% of the anchor's headline interval and 97% of the anchor's high-grade sub-interval.

The stock moved from $1.18 on August 24 to $1.35 on August 27 following the CDH011 release, but fully round-tripped to $1.18 by September 1. The stock is currently trading at $1.20. The stock has risen from $0.30 on September 26, 2025, to $1.20 today, a four-fold move, sitting at approximately the 80th percentile of its 52-week range. This corresponds to a market capitalization of roughly C$323 million for a company with no resource estimate, no metallurgy, and no revenue. This price underwrites a large multi-kilometre porphyry at Cobrasco, a second discovery at Piuquenes North, and an undrilled target at Mantau.

The Piuquenes North discovery hole PIU13 (July 8, 2026) reported 468 meters @ 0.50% Cu plus 0.30 g/t Au, including 164 meters @ 0.70% Cu plus 0.44 g/t Au, roughly 1,235 meters deep. The stock was $1.17 on July 8 and $1.17 a week later.

Prior-period financial context not disclosed in this release includes a FY-2025 net loss of C$5.6 million and a Q1-2026 net loss of C$0.92 million. Cash stood at C$27.96 million at March 31, 2026, following the C$27.5 million raise. Q1-2026 operating cash outflow was C$0.74 million plus exploration capex of C$5.12 million. There are no Q2- or Q3-2026 financials in the provided materials, so current liquidity is unknown.

Andina Copper Corporation (TSX-V: ANDC, Frankfurt: FIR, OTCQB: PMMCF) is a pre-revenue, pre-resource copper explorer focused on the Andean porphyry belt. The company’s flagship asset is Cobrasco, located in the underexplored Chocó copper belt of Colombia. The property encompasses approximately 3,000 hectares and hosts a Cu-Mo porphyry discovery with a drill-defined footprint spanning approximately 1,300m by 550–700m across eleven-plus reported holes. Mineralization consists of hypogene chalcopyrite with local bornite and molybdenite, characterized by low reported arsenic levels. The mineralization is hosted in microdiorites and quartz-eye rhyolite porphyries with magmatic-hydrothermal breccias. Reported U-Pb ages of 57 Ma (quartz diorite, CDH002) and 41–43 Ma (rhyodacite porphyries, CDH001–CDH003) suggest at least two intrusive events. The terrain presents challenges including hard-rock ground, helicopter-supported logistics, and high rainfall, and there is currently no resource estimate or metallurgical data.

In San Juan, Argentina, the company holds the Piuquenes porphyry Cu-Au district, which features three recognized centres: Central, East, and North. Located immediately north of Aldebaran's Altar project, the district’s best results to date include PIU13 at Piuquenes North, which returned 468m @ 0.50% Cu, 0.30 g/t Au from 700m, including 164m @ 0.70% Cu, 0.44 g/t Au from 924m. Additionally, PIU09 at Piuquenes East returned 126m @ 0.46% Cu, 0.53 g/t Au from 529m. These discovery intervals are deep, ranging from 700–1,200m.

The company also holds Mantau, a 4,500-hectare undrilled IOCG/stratabound manto target in the Coastal Cordillera of Antofagasta, Chile, adjacent to the Atacama fault zone. Rock-chip sampling returned up to 9.43% Cu and 2.20 g/t Au, while historical work by Rugby Resources reportedly returned up to 28.6% Cu. These results are grab samples from a prospect with no drilling.

Andina Copper acquired Rugby Resources via a plan of arrangement in July 2025, issuing approximately 65.2M shares. The company listed on the TSX-V on November 24, 2025, and delisted from the CSE. It raised approximately C$11.76M in 2025, including C$3.0M at C$0.40 in October 2025, and approximately C$27.5M in February–March 2026 at C$0.80.

The management team includes President and CEO Joseph van den Elsen and Chairman Tony Manini. Daniel Earle serves as Strategic Advisor, bringing experience as CEO of Highlander Silver and former CEO of Solaris Resources. Jordan Webster serves as VP Technical Communications under a month-to-month consulting arrangement at C$8,333 per month. The company’s stated strategy involves rapid exploration toward defining Mineral Resource Estimates, with a conceptual ambition to build a mining project with a >50,000 tpa copper production profile, alongside an openness to acquiring further advanced Andean copper projects.