Hercules Extends Copper Porphyry Discovery at Southern Flats Zone, Hercules Project, Idaho

Hercules Metals Corp. (BIG) has released full assay results for drill hole HER-26-01, a 200-meter step-out west of the Southern Flats discovery hole HER-25-25. The hole encountered a main interval of 286.52 meters, extending from 862.58 meters to 1149.10 meters, grading 0.43% copper, 158 ppm molybdenum, 4.0 g/t silver, and 0.03 g/t gold, equivalent to 0.58% CuEq. Within this interval, a sub-interval of 65.54 meters from 862.58 meters to 928.12 meters graded 0.61% copper, 89 ppm molybdenum, 11.3 g/t silver, and 0.04 g/t gold, equivalent to 0.80% CuEq.

Geologically, the mineralization is hosted in transitional phyllic to outer potassic alteration, representing a unique style of porphyry copper mineralization. The porphyry intrusions in this area steeply dip to subvertical orientations, differing from the Leviathan deposit. The hole terminated at 1258.82 meters within a lower-grade late-stage porphyry intrusion, with mineralization interpreted on either side of this feature. While a high-grade hypogene enrichment, specifically the bornite-rich blanket that feeds the top of Leviathan, has not yet been located at Southern Flats, the company noted that bornite found below the leach cap suggests its potential presence.

On the corporate front, Hercules Metals completed its second C$2.0 million anniversary cash payment to Barrick under the Olympus option. Two of four payments have now been made, with full ownership of the more than 100,000-acre belt due in 2028. Looking forward, assays are pending for hole HER-26-04. Drilling is underway for HER-26-05 and HER-26-06, which aim to infill an approximately 1-kilometer drill gap between Leviathan and Southern Flats. Additionally, Pegasus has been flagged as a potentially shallower target to the south, while Hook, located 3 kilometers east, is identified as the highest-priority target outside of Leviathan.

Hercules Metals Corp. (BIG) released drill results that serve as a follow-up to the Southern Flats discovery announced on May 26, 2026. The company remains a pre-resource explorer with no revenue, mineral resource, reserves, preliminary economic assessment, or metallurgy. This latest hole confirms and modestly extends the new porphyry center with in-line-to-slightly-better grades, representing a small positive delta rather than a step change in the discovery itself.

The stock’s recent price action suggests the initial discovery was not durably embedded. After the May announcement, shares round-tripped from $0.67 to $0.76, falling back to $0.54 by July 20. The subsequent rise to $1.29–$1.57 was driven by corporate news rather than drilling, specifically the appointment of Arizona Sonoran management on July 30, which moved the price from $0.59 to $0.77, and a $4.5 million insider placement at $0.62 between August 5 and 31.

The current market capitalization of approximately C$450 million prices in the new development-oriented leadership and the broader district scale narrative, implicitly assuming that ongoing drilling validates the project. The system’s scale—defined by Leviathan’s 1.35 km strike, 750 m width, and approximately 500 m vertical depth—is already disclosed. This release confirms the grade and odds of the system without altering the perceived scale, grade, or probability of success.

The release is unlikely to trigger a standalone move of 15% or more and should be viewed as a modest positive-to-neutral event. In non-drill developments, the second C$2.0 million cash payment to Barrick advances full ownership of the 100,000-acre belt. This is an expected transaction resulting in a small cash outflow against the company’s working capital of roughly C$33 million following financings.

Hercules Metals Corp. (TSXV: BIG; OTCQB: BADEF; FRA: COX) is a pre-revenue mineral explorer focused on the 100%-owned Hercules Project in western Idaho, northwest of Cambridge, an area dubbed "America's newest porphyry copper district." The company’s flagship asset is the Leviathan copper porphyry system (Cu-Mo-Ag), which was discovered through blind drilling in 2023. The first discovery hole returned 185 m at 0.84% Cu, 111 ppm Mo, and 2.6 g/t Ag. Leviathan is currently traced over more than 1.35 km of strike, with a width of up to 750 m and a vertical extent of approximately 500 m, remaining open to the north, south, and at depth.

A second centre, Southern Flats, was discovered in 2026 through drill holes HER-25-25 and HER-26-01. Additional targets include Pegasus to the south, which may be shallower, and Hook, located 3 km east along a parallel structure; both are geophysically defined but largely untested. The company holds more than 100,000 acres across a 73 km belt known as the "Olympus Project," which is being acquired from Barrick via four C$2.0M payments. Two payments have been completed, with full ownership expected in 2028. Surface mining rights cover approximately 3,273 acres, including a 1,473-acre private lease or option.

Barrick Mining holds a strategic shareholding of approximately 10.6%, providing technical support and pro-rata participation rights. Management changed in 2026, with George Ogilvie, formerly of Arizona Sonoran (acquired by Hudbay for approximately C$2.0B), appointed as President and CEO effective September 1, 2026. Nicholas Nikolakakis serves as CFO, while founder Chris Paul moved to SVP Exploration and remains a director. Former CEO Keith Li resigned as CFO.

The capital structure consisted of approximately 289.4 million shares as of March 31, 2026. This increased to approximately 342.9 million shares following a C$31.5M placement in May 2026, and further rose to roughly 350 million shares after an August 2026 C$4.5M insider placement that added 7.26 million shares. This implies a market capitalization of approximately C$452M at a price of C$1.29, a figure derived rather than provided by the company. There is currently no mineral resource estimate, reserves, preliminary economic assessment (PEA), or metallurgical data. A maiden resource is considered aspirational, with an order-of-magnitude study referenced.