Finlay Drill Hole Ends in Higher Grade Gold and Copper Mineralization on the PIL Property

Finlay Minerals Ltd. (FYL) has released the first assay results from its 2026 drill program at the PIL Property in the Toodoggone district of British Columbia. The results come from hole PIL26-002, the first hole ever drilled at the REEF target, which was collared 300 meters north of the Aurora/Freeport-Amare AuRORA discovery.

The company reported an intercept of 7.25 meters from 802.75 meters to 810.00 meters, marking the end of the hole, grading 4.37 g/t Au, 0.35% Cu, and 11.4 g/t Ag. Within that interval, a higher-grade section of 2.00 meters from 804.00 meters to 806.00 meters returned 13.3 g/t Au, 0.33% Cu, and 19.5 g/t Ag.

The hole was terminated in mineralization at 810.0 meters due to drill rig constraints, specifically a rig depth limitation rather than a geological contact. The mineralization is hosted in intensely epidote-quartz-magnetite-biotite altered Toodoggone Volcanic rocks, featuring chalcopyrite in quartz veins, fracture fill, and interstitial to quartz/epidote. Finlay characterizes this style as porphyry Cu-Au.

Mineralization was encountered slightly deeper than modeled because an east-trending fault dropped the north fault block. The company stated that more drilling is required to test continuity and scale. Five holes were completed across the REEF and PIL South targets; only PIL26-002 has assay results, while the other four are pending QA/QC.

The PIL and ATTY properties sit under separate six-year earn-in agreements with Freeport-McMoRan Mineral Properties Canada Inc. Under these terms, Freeport may earn an 80% interest by paying US$4.1 million in cash and funding US$35 million of exploration. Finlay remains the operator and collects an operator’s fee.

Finlay Minerals Ltd. (FYL) did not release new financial results, but prior-period filings provide context for the company’s current standing. For the first half of 2026, the company reported a net loss of C$305,592, compared to a full-year 2025 net loss of C$483,534. As of 30 June 2026, Finlay held C$3,073,477 in cash and C$2,258,739 in working capital, with no debt. The company has 169.9 million shares outstanding and a book value of approximately C$0.07 per share, resulting in an estimated enterprise value of roughly C$14 million.

As a pre-resource explorer with no established resource, preliminary economic assessment, metallurgical data, or revenue, Finlay’s exploration on the PIL/ATTY project is funded by Freeport. This arrangement means the current release costs Finlay nothing and causes no dilution. The key development is that the REEF zone, previously an IP/magnetic/geochemical anomaly with no assayed rock, now has a first-pass intercept with grades higher than adjacent AuRORA headline intervals. This discovery is on ground subject to an earn-in, raising the perceived odds of a high-grade center extending onto PIL.

However, the scale of the discovery remains limited. The intercept consists of seven meters at 800 meters depth, dominated by one two-meter sample. There is no true width, cutoff, or footwall definition, as the hole was cut off by the rig. Additionally, there is no confirmation hole within 1.5 km and no follow-up planned until 2027. Consequently, the results cannot be projected to tonnes, and metallurgy data is absent.

Structurally, on full earn-in, Freeport will hold 80% of PIL. Any discovery would accrue to Finlay at a 20% interest, plus an operator fee during the earn-in period. There is no embedded numeric anchor on Finlay’s own ground, as no prior assayed PIL intercept exists. The only benchmark is third-party data from JP25120.

Finlay’s stock is trading at C$0.10, one cent off its 52-week low of C$0.09 and 29% below the C$0.14 high. The share price round-tripped from C$0.13 in October to C$0.10 today. The current price assumes essentially nothing about this drilling. Historically, the market has demonstrated a tendency to briefly pay for geophysics before waiting for assays; a previous IP-anomaly release on 1 October produced a spike to C$0.13 between 9–13 October, followed by a full fade back to C$0.10 within three weeks.

The other four pending holes are not confirmation of this intercept, as they are located 1.5–2.2 km away. Disclosure of only one hole of five while the equity is priced on the program presents a pattern to watch.

Finlay Minerals Ltd. (TSXV: FYL, OTCQB: FYMNF) is a pre-revenue junior explorer operating in northern and central British Columbia. The company’s leadership team includes Executive Chairman Robert F. Brown, P.Eng. (retired), President, CEO & Director Ilona Lindsay, and VP Exploration and QP Wade Barnes, P.Geo.

On the PIL Property in the Toodoggone region, Finlay is targeting a Cu-Au porphyry system with prospects including REEF, PIL South, Gold, Copper Ridge, and Spruce. The company holds a six-year earn-in agreement with Freeport, under which it can earn an 80% interest by contributing US$4.1 million in cash and US$35 million in exploration expenditures. Finlay serves as the operator and earns a fee under this arrangement. Approximately 32% of the PIL property, covering 42.34 km², lies within the Freeport-Amare Area of Interest. The 2026 drilling programme, which is fully funded by Freeport, has been expanded from 2,800 m to 4,400 m.

The ATTY Property, also located in the Toodoggone region and contiguous with Centerra’s Kemess project, presents a separate Cu-Au porphyry target. This property is subject to a distinct Freeport earn-in on the same terms: an 80% interest for US$35 million in exploration and US$4.1 million in cash. Key targets on the ATTY Property include Wrich, Wrich Hill, Pyramid West/East, and Valley. A three-year permit extension for the property was granted on 7 May 2026.

In the Driftwood Corridor, Finlay owns the SAY and JJB properties, which are Cu-Ag prospects. The SAY property’s IFT target features a 1,700 m × 2,600 m multi-element soil anomaly and a 1,700 m × 1,000 m mineralized footprint. Rock sample highs at SAY include 15.3% Cu and 532 g/t Ag, based on grab samples rather than drill results. The JJB property is undergoing its inaugural 2026 field programme. These Driftwood Corridor activities are funded by the company’s 2025 flow-through raises. Additionally, the company plans modest prospecting on the Silver Hope Property near Houston, BC, a Cu-Mo prospect.

As of 30 June 2026, Finlay’s balance sheet reported C$3.07 million in cash, C$2.26 million in working capital, C$16.13 million in total assets, and C$12.74 million in total equity. The company held no debt and had no going-concern flag. Its marketable securities included stakes in Cascadia Minerals and Hecla Mining. The company raised C$3,382,560 gross through 2025 private placements.

Per the company’s investor material, there is no mineral resource estimate, reserve, PEA, NPV, IRR, or AISC, and no metallurgical testwork has been conducted on any property.