Metal Energy Receives Multi-Year Drill Permit for District-Scale Highland Valley Copper Project, On Strike with Canada's Largest Copper Mine

Metal Energy Corp. (MERG) has secured a multi-year area-based (MYAB) Mines Act drill permit for its 100%-owned Highland Valley Copper Project in British Columbia. The permit authorizes up to 50 drill sites, 11.7 km of new exploration trail, and 80 line-km of geophysical surveying over a multi-year horizon.

Highland Valley becomes the company's second permitted, drill-ready copper asset, complementing the NIV project which commenced its maiden 6,000-metre drill program on July 6, 2026. The 240 km² project sits on the same geological trend as Teck's Highland Valley Copper mine, Canada's largest copper mine, and is underpinned by over 55,000 metres of historical drilling.

Two priority zones are identified: Zone 1 (Cu-Ag-Mo over 1,200m, open at depth) and Zone 2 (Au-enriched Cu-Au-Ag-Mo-Re). A 1,000-sample soil geochemical survey has been completed, with results expected in early August 2026. The company remains fully funded for 2026 exploration programs with approximately $9 million in cash, backed by strategic shareholders Centerra Gold and Teck Resources (each holding 9.9%).

Metal Energy Corp. (MERG) has secured a standard regulatory permit for exploration on its Highland Valley property, a necessary milestone that does not constitute a discovery or alter the company’s financial profile. The development aligns with the company’s strategy of building a multi-asset portfolio and validates the geological thesis, though exploration risk remains unmitigated until drill results are released.

The company holds $9.1 million in cash as of Q1 2026, a position sufficient to fund its 2026 programs. However, splitting focus and capital across two major projects, NIV and Highland Valley, increases operational complexity and potential burn rate. The announcement is consistent with previous guidance and represents a routine progression of the exploration calendar rather than unexpected, market-moving information.

Metal Energy Corp. (MERG) is a pre-revenue junior explorer focused on copper, gold, nickel, and battery metals in Canada. The company’s flagship asset is the NIV Copper-Gold-Molybdenum project in the Toodoggone District of British Columbia. The 12,500-hectare property is fully permitted and targets a large-scale, untested porphyry system, with a maiden 6,000-metre drill program currently underway.

Additional assets include the Highland Valley project, which targets copper, molybdenum, silver, gold, and rhenium in British Columbia, and the Manibridge project in Manitoba, which focuses on nickel, copper, cobalt, and platinum group elements. The company is led by CEO Charlie Greig, supported by technical advisors Alex Walcott and Dr. Roy Greig, a team with prior discovery experience at GT Gold and Amarc. The company is in the exploration stage, and no resources or reserves have been defined.