XXIX Receives Permit to Drill Thierry, Clearing the Way for Its First Large-Scale Program in Over 40 Years at Ontario's Largest Primary Copper Resource

XXIX Metal Corp. has secured an exploration permit from the Province of Ontario for its 100%-owned, royalty-free Thierry Copper Project near Pickle Lake. The permit authorizes a planned 20,000-metre, two-phase drill program at the K1 zone, marking the first systematic drilling on the property in over 40 years.

Drilling aims to validate a new geological interpretation of K1 as a near-surface, disseminated bulk-tonnage copper-PGE system and to support an updated mineral resource estimate. The company reports a cash position of over $19 million and working capital of approximately $24 million, confirming it is fully funded through 2026 following a $17.2 million financing.

Infrastructure includes all-season road access, power, water, an airport (~20 km), and provincial power grid (~8 km).

The permit marks a regulatory milestone that confirms the execution of the 2026 exploration plan previously announced in February 2026. It represents an expected, incremental step rather than a surprise catalyst. The permit itself does not trigger a change to XXIX Metal Corp.'s financial model or valuation, with market impact limited to confirming management's ability to advance the project timeline. The news aligns with historical expectations and does not materially alter the risk/reward profile. While it removes a potential permitting delay, it does not guarantee resource expansion or economic viability.

XXIX Metal Corp. holds three primary assets: the Opemiska Project in Quebec, the Thierry Project in Ontario, and the Pluto Property in Quebec. The Opemiska Project is a high-grade open-pit copper project with a completed Preliminary Economic Assessment (PEA) indicating a 17-year mine life, an after-tax net present value (NPV) of $505 million, and an internal rate of return (IRR) of 27.2%. The project includes the Cooke gold zone and Saddle zone, which are currently outside the defined resource but offer growth potential.

The Thierry Project in Ontario hosts the K1 and K2 zones. K1 is interpreted as a bulk-tonnage open-pit target, while K2 supports a higher-grade underground operation. The company has rebuilt 210,000 metres of historical drilling into a modern model, shifting from sub-parallel tabular veins to a disseminated bulk-tonnage system.

The Pluto Property in Quebec was recently optioned from Germanium Mining Corp. for $100,000. It provides low-cost regional exploration exposure near Opemiska.