Arras Minerals restarts drilling at Elemes

Executive Summary

• Arras Minerals has recommenced diamond drilling at its Elemes project in Kazakhstan, expanding its 2026 exploration program from 20,000m to 30,000m with completion targeted by year-end.
• Four drill rigs are now active or en route, focusing on expanding the Berezski North, Berezski Central, Berezski East, and Novii targets to define a large-scale porphyry copper-gold system.
• Recent drilling has returned broad, near-surface copper-gold intervals, reinforcing the company's confidence in the project's scale, structural controls, and potential to host a significant, low-cost producing district.

Key Details

• Program Expansion & Schedule: 2026 program increased to 30,000m (from 20,000m); nearly 10,000m completed in 2025; paused late December for winter break; recommenced February; completion targeted end of 2026.
• Rig Mobilization: Two rigs on site immediately; two additional rigs scheduled to arrive in March.
• Berezski East Target: Initial focus on expanding zones from EL24004 (138.8m @ 0.77 g/t Au, 0.09% Cu from 1.2m) and EL25019 (457.5m @ 0.61 g/t Au, 0.10% Cu from surface); exploring prominent gravity anomaly ENE of EL25019.
• Berezski North Target: Rigs will move here (4.5 km NW) to follow up on EL25023 (246.2m @ 0.75 g/t Au, 0.24% Cu from 0.8m) and EL25014A (154.0m @ 0.72 g/t Au, 0.28% Cu from 130m); exploring continuation of porphyry-style bornite-chalcopyrite mineralization from EL25027 (results pending).
• Berezski Central Target: Two rigs arrive in March; nine holes completed defining ~600m x 500m x up to 550m depth zone; open to north/south; Dec 2025 KGK drilling identified continuation of Au/Cu under cover E/W.
• Metal Prices & Recoveries (Cu-Au Eq): Cu $3.75/lb, Au $3,000/oz, Ag $35/oz, Mo $30/lb. Recoveries updated to: Cu 90%, Au 85%, Ag 75%, Mo 80%.
• Project Location & Infrastructure: 531 sq km exploration licenses in NE Kazakhstan, 13 km SW of Ekibastuz, 20 km from operational base. Paved highway, 1,100 kVA power lines, heavy rail, and utilities within 15 km radius.
• Regional Context: Located in Bozshakol-Chingiz metallogenic belt; ~80 km E of Beskauga porphyry deposit; ~60 km NW of Kaz Minerals' Bozshakol mine (Q1 2025 mined grades: 0.37% Cu, 0.20 g/t Au).
• Geology & Targets: Underlain by interbedded volcanic/sedimentary rocks intruded by diorite/monzodiorite porphyry; mineralization in quartz-chalcopyrite veins; high-grade epithermal veins mapped as secondary target.
• Geochemistry: Phase 1 soil sampling defined Berezski and Aimandai Cu-Mo-As anomalies; Phase 1 drill program (late 2024) returned high-grade porphyry/epithermal results (Q1 2025 announcement).
• QA/QC & Laboratory: CIM Best Practices followed; samples split at Ekibastuz base; shipped to ALS Lab (Karaganda) for prep; splits sent to Ireland/Peru for ICP-MS (ME-MS61) and Cu-OG62; Au analyzed by fire assay AA (Au-AA23) or gravimetric (Au-GRA21); independent accredited lab with maintained chain of custody.
• Qualified Person: Matthew Booth, VP Exploration, reviewed and approved technical disclosure per NI 43-101.

Notable Quotes

• Tim Barry, CEO: "The 2026 program at Elemes is off to a very strong start. Two rigs have just mobilized to site, with a further two rigs scheduled to arrive in March as we materially accelerate activity across the project. With approximately 20,000 metres of drilling planned this year, this represents our most ambitious program to date and reflects our growing confidence in the scale potential emerging at Elemes."
• Tim Barry, CEO: "The final magnetotelluric and gravity survey results received in December have sharpened our targeting and provided greater conviction in the structural controls and scale of the system... We believe 2026 will be a transformative year for Arras as we continue to demonstrate the scale and continuity of this emerging copper-gold district."