Cordoba Minerals Announces 2026 Exploration Program at the Perseverance Copper Project in Arizona

Executive Summary

• Cordoba Minerals and JV partner Bell Copper approved a 2026 exploration program to deepen three existing drill holes at the Perseverance Copper Project in Arizona, targeting potential supergene copper enrichment beneath existing leached caps.
• The earn-in period for Cordoba has expired, finalizing the project as a 51/49 joint venture, with Cordoba USA appointed as the day-to-day manager.
• Bell Copper completed a C$2.052M non-brokered convertible debenture financing, with Cordoba consenting on the condition that it can cure any default to acquire Bell Copper's remaining 49% interest in the project.

Key Details

• Drilling Program Scope & Budget: 1,700m of drilling planned for 2026 with a total budget of approximately US$1.7M; Bell Copper is responsible for funding 49% of the costs.
• Hole Deepening Targets:
• K-23: Deepen ~500m from current 590m to 1,100m total depth.
• K-19: Deepen ~700m from current 420m to 1,100m total depth.
• K-13: Deepen ~500m from current 424m to 900m total depth.
• Geological Targeting: Holes will deepen into hematite/goethite-rich "leached cap" rocks beneath a 20-million-year-old basalt flow, indicative of potential chalcocite replacing pyrite and chalcopyrite below the cap. Induced polarization surveys show strong chargeability immediately below the termination points of K-19 and K-13.
• Joint Venture Status: The earn-in period expired without Cordoba earning additional interest. The project remains a 51/49 joint venture (Cordoba/Bell Copper). Cordoba USA has been appointed as the manager of day-to-day operations.
• Partner Financing & Acquisition Trigger: Bell Copper raised C$2,052,000 via non-brokered convertible debentures secured by its interest in JV entity MMDEX LLC. Cordoba consented to the financing with a specific remedy clause: if Bell Copper defaults, Cordoba may cure the default and automatically acquire the remaining 49% interest in MMDEX LLC and the Perseverance Project.
• Additional Drilling: Bell Copper independently deepened a separate water test hole on a private parcel to test a broad magnetotelluric (MT) resistivity low (potentially indicative of conductive sulphides) originally identified in 2020.
• Timeline: Drilling is contingent on permit approvals and is not anticipated to commence until late Q3 2026.
• Qualified Person: Charles N. Forster, P.Geo., Senior Advisor to Cordoba and controlling shareholder Ivanhoe Electric Inc., reviewed and verified the technical information.

Notable Quotes

• Quentin Markin, Interim CEO, Cordoba Minerals: "With the successful closing of the Alacrán sale now behind us, we are turning our attention to identifying new opportunities for Cordoba while also moving forward with Perseverance. This year's program will deepen 3 existing drill holes that show the potential for supergene copper enrichment... Our goal is to identify the potential for a high-grade copper deposit at Perseverance that can be mined by similar underground mining methods to the Santa Cruz deposit that is currently being developed by Cordoba's majority shareholder, Ivanhoe Electric Inc., at Casa Grande south of Phoenix."