Copper Giant Expands Mocoa to 1.6 Billion Tonnes Inferred and Upgrades 290 Million Tonnes to Indicated

Copper Giant Resources Corp. (CGNT) released an updated NI 43-101 Mineral Resource Estimate (MRE) for its 100%-owned Mocoa copper-molybdenum project in Putumayo, Colombia, effective September 24, 2026. Prepared by APEX Geoscience, the update incorporates 8,546 meters of drilling completed since the previous 2025 estimate, though approximately 10,000 meters drilled after the data cut-off are not included.

The company reported its first-ever Indicated Mineral Resource of 290 Mt at 0.54% CuEq (0.33% Cu, 0.038% Mo), containing 2.13 Blbs Cu and 240 Mlbs Mo. This resource sits inside a conceptual pit shell at a 0.15% CuEq cut-off. The Inferred Mineral Resource expanded to 1.60 Bt at 0.40% CuEq (0.27% Cu, 0.025% Mo), containing 9.36 Blbs Cu and 0.89 Blbs Mo. This total is split between within-pit material (1.48 Bt) and below-pit material (0.12 Bt at a 0.40% CuEq cut-off), marking the first below-pit resource reported.

Total contained copper is now 11.49 Blbs combined, up approximately 50% since November 2025, when the prior total was 7.6 Blbs. This figure comprises 9.36 Blbs in the Inferred category and 2.13 Blbs in the Indicated category. The Preliminary Economic Assessment (PEA) is confirmed on plan for filing in Q4 2026 and is built on this MRE.

However, comparable figures at the common 0.25% CuEq cut-off used in November 2025 show a decline in Inferred copper to 7.29 Blbs (1.13 Bt at 0.45% CuEq) versus 7.6 Blbs (1.12 Bt at 0.51% CuEq) in 2025. On a like-for-like basis, Inferred contained copper fell approximately 4%, tonnage remained essentially flat, and Inferred CuEq grade dropped from 0.51% to 0.45%. Molybdenum grade also fell sharply at that common cut-off, with Inferred Mo grade at 0.030% versus 0.039% in 2025, a decrease of roughly 23%.

The methodology for the 2026 estimate differs from the previous year. The 2026 data is reported on a diluted basis from a 15 m block model, whereas the 2025 estimate was undiluted. Pit slopes were widened to 50° from 45°, and metal prices were raised to US$4.75/lb for copper and US$25/lb for molybdenum, compared to US$4.00 and US$20.00 respectively. The reporting cut-off was also lowered to 0.15% from 0.25%. These changes, along with dilution mechanics, explain most of the tonnage expansion and grade blend-down.

Only 290 Mt was upgraded to Indicated status, representing about 18% of the total resource. This figure is roughly at the low end of management’s earlier 2026 target to convert 30–50% of the Inferred resource to Indicated.

Copper Giant Resources Corp. (CGNT) released an update to its mineral resource estimate, a non-earnings disclosure that does not invite quality-of-earnings analysis. Prior to this release, the company reported a net loss of $11.5 million for the first quarter of 2026 (ending March 31, 2026), driven largely by $7.5 million in share-based compensation and increased exploration spending. The company remains pre-revenue and carries a going-concern qualification.

The update introduces the company’s first-ever Indicated Mineral Resource, marking a step toward reserve conversion and lower technical risk for lenders and preliminary economic assessments. The total resource envelope expanded to 1.6 billion tonnes, and the company identified its first below-pit underground-cave resource, totaling 120 million tonnes at 0.48% CuEq. Drilling progress is ahead of the estimate, with approximately 10,000 meters completed post cut-off, suggesting potential for further resource growth in future updates.

However, the reported 50% increase in contained copper is not an apples-to-apples comparison. The figure combines a reclassification of 2.13 billion pounds of Indicated material—previously counted in the prior Inferred pool—with the inclusion of marginal tonnes due to a lower cut-off. On a comparable basis using a 0.25% CuEq cut-off, Inferred copper actually shrank slightly and grade fell. The grade blend-down, moving from 0.51% to 0.45% CuEq at a constant cut-off, with molybdenum declining from 0.039% to 0.030%, reduces the quality of marginal tonnes and pressures future per-tonne economics.

The Indicated conversion remains modest relative to earlier ambitions, and the company’s resource base is still overwhelmingly Inferred, indicating that years of conversion drilling and capital expenditure remain before reserves can be defined. The update represents the anticipated next step on the previously disclosed roadmap, positioning resource conversion ahead of the preliminary economic assessment.

Copper Giant Resources Corp. (TSXV: CGNT; OTCQX: CGNRF; FRA: 29H0) is a pre-revenue junior explorer and part of the Fiore Group, focused on advancing its 100%-owned Mocoa copper-molybdenum porphyry project in the Putumayo Department of southern Colombia. The company controls more than ~128,300 Ha of district-scale tenure on the Jurassic porphyry belt, though figures of 132,499 and 1,360 km² appear in earlier releases.

The Mocoa project is a Middle Jurassic dacite/quartz-diorite porphyry system featuring classic potassic-core zonation, more than 1,100 m of vertical continuity, and a described "fertile magmatic window" of ~10 million years. Mineralization consists of disseminated chalcopyrite and molybdenite with breccias and stockwork veining. The deposit was first identified in 1973 by UN/Colombia, drilled by B2Gold in 2008 and 2012, and is now being advanced by Copper Giant.

Current flagship development status is in the exploration and development phase, specifically at the Mineral Resource Estimate (MRE) stage. The project is targeting an open-pit operation with a possible underground block-cave component. There are currently no reserves, no production, and no cost guidance. The Preliminary Economic Assessment (PEA) is scheduled for Q4 2026 and will serve as the first economic assessment.