XXIX Metal thanks Chapais for Opemiska project input

Executive Summary

• XXIX Metal Corp. held public consultation meetings with residents and City Council of Chapais on October 21 and 22 to discuss the Opemiska copper project and present results from its Preliminary Economic Assessment (PEA).
• The PEA outlines a transformative project with estimated investments of over $3.5 billion over 20 years, featuring robust economics including a $505 million after-tax NPV (8%) and a 27.2% after-tax IRR at base case prices.
• The company committed to ongoing community engagement, including thematic workshops, a monitoring committee, and regular newsletters, while highlighting the project's potential for local economic impact and low-cost production.

Key Details

• Project Investment & Timeline: Estimated investments of over $3.5 billion over approximately 20 years; 17-year mine life with a processing plant located within Chapais municipal boundaries.
• Base Case Economics (8% discount rate):
  • After-tax NPV: $505 million.
  • After-tax IRR: 27.2%.
  • Payback Period: 2.3 years on $617 million initial capital.
• Spot Price Economics (8% discount rate):
  • After-tax NPV: $897 million.
  • After-tax IRR: 39.3%.
• Production Profile (First Six Years):
  • Average annual production: 59 million pounds of copper, 34,000 ounces of gold, and 174,000 ounces of silver.
  • C1 Cash Cost: $1.03 USD/lb (net of byproduct credits), placing the project in the lower quartile of the global cost curve.
• Financial Metrics:
  • Life-of-mine revenue estimate: $4.4 billion.
  • Base case metal price assumptions: $4.35/lb copper, $3,000/oz gold, $30/oz silver.
• Operational Scope:
  • 12,500-tonne-per-day open pit operation.
  • Project spans 21,333 hectares in Quebec's Chapais-Chibougamau region.
  • Identified resource expansion potential, particularly at the Cooke gold zone.
• Community Engagement & Next Steps:
  • Meetings held with Chapais citizens and City Council on Oct 21 and 22.
  • Future plans include a minimum of three thematic workshops over the next 12–18 months.
  • Creation of a monitoring committee and regular newsletters.
  • Topics discussed included waste management, environmental safeguards, local hiring (~450 employees), infrastructure improvements, and resident relocation.

Notable Quotes

• "The results of the PEA confirm that Opemiska has the potential to be a profitable, low-cost copper operation that brings long-term economic and social value to Chapais and the region," said Guy Le Bel, president and chief executive officer, XXIX Metal.