Penbar Capital begins drilling at Matsitama

Executive Summary

• Eastport Ventures Inc. (formerly Penbar Capital Ltd.) has launched the first phase of a multi-asset diamond and RC drill campaign at its flagship Matsitama copper project in Botswana.
• The drilling program targets three specific areas: the NAK deposit (to delineate mineralization for future resource estimation), and the Copper-Cobra and Kopano South targets (reconnaissance drilling to test geology and structure).
• The initial drilling and reconnaissance campaigns are expected to be completed by the second half of December, with Phase 2 scheduled to commence in the new year, with updates and assay results expected throughout 2026.

Key Details

• Company Renaming: Penbar Capital Ltd. is to be renamed Eastport Ventures Inc. following the company's first day of dealings.
• Project Context: The launch marks the start of a multi-asset drill program grounded in six years of private development, transitioning the company from a private critical metal developer to a public reporting issuer.
• NAK Deposit:
  • Drilling has commenced with the objective of delineating mineralization for future resource estimation.
  • The deposit is described as an advanced project with extensive drilling over a 1.3-kilometre strike.
  • Historical data indicates a resource of over 100 million pounds of contained copper (note: this historical resource is not compliant with current CIM definition standards and is not treated as a current mineral resource by Eastport).
• Copper-Cobra Target:
  • Reconnaissance drilling has commenced.
  • Identified as an estimated 25 km copper-in-soil anomaly and a potential IOCG (Iron Oxide Copper Gold) target.
  • Features outcropping gossan and historic RC drilling results of up to 2.5 per cent copper.
• Kopano South Target:
  • Reconnaissance drilling has commenced.
  • Aims to test the southern extension of the Kopano mine along the Bushman fault.
  • Publicly available information cites the Kopano mine at 72 million tonnes at 0.94 per cent Cu, though this information has not been verified by the Qualified Person (QP).
• Timeline:
  • Initial drilling and reconnaissance campaigns expected to be complete by the second half of December.
  • Phase 2 drilling to commence in the new year.
  • Company will provide updates on drilling status and assay results throughout 2026.
• Qualified Person: Liz de Klerk, PriSciNat, FIMM, of Micon International, has reviewed and approved the technical information.

Notable Quotes

• "Although a new issuer, it is important to emphasize that Eastport has been pro-actively developing its critical metals projects for the past six years. Our listing is a continuation of many years of preparation rather than a 'commencement' of operational activity. This allows the company to seamlessly transition from private critical metal developer to a public reporting issuer with a well-planned active exploration programs." — Burns Singh Tennent-Bhohi, CEO
• "Eastport is well positioned to provide exposure to a copper project that is rich in data, development and opportunity." — Burns Singh Tennent-Bhohi, CEO