Ophir Metals Signs LOI for the BlackFyre Magmatic Copper Nickel-Cobalt Project in Quebec

Ophir Metals Corp. signed a non-binding Letter of Intent on August 10, 2026, to acquire a 100% interest in the BlackFyre magmatic copper-nickel-cobalt property in Quebec through an option agreement. The property is situated in the Cape Smith Belt, approximately 20 km northwest of Glencore's Raglan Mine, and features prospective zones for semi-massive and massive sulfide mineralization.

The financial consideration includes $125,000 CAD paid in five installments, the issuance of 6,000,000 shares, a 2.0% Net Smelter Royalty, and a potential bonus of 2,000,000 shares if specific drill targets are met. Historical sampling from the Quebec Geological Survey in 2018 identified magmatic Cu-Ni-Co mineralization at the Ouiche Showing, with grades up to 2.21% Cu, 1,980 ppm Ni, and 407 ppm Co.

Next steps involve rapid assessment using airborne geophysical techniques, pending due diligence, definitive agreement execution, and TSX Venture Exchange approval.

Ophir Metals Corp. (OPHR) has announced an acquisition that expands its portfolio into copper, nickel, and cobalt, following recent exploration updates at its Pilipas lithium-caesium-tantalum and Breccia gold-silver properties. The transaction structure involves minimal cash but includes significant equity dilution, with up to 8,000,000 shares representing approximately 8% of the current ~99.9M share float.

The property is located near Glencore’s Raglan Mine, offering a favorable geological analog, though the deal remains in the early option/letter of intent stage with no drilling or definitive agreements in place. The move aligns with management’s strategy to diversify across precious and base metals. The $125,000 cash outlay is spread over five years, meaning the company’s pre-revenue status and immediate cash burn profile remain materially unchanged. Due to the early stage of the project and the lack of immediate financial or operational catalysts, the market impact is considered incremental.

Ophir Metals Corp. is a pre-revenue mineral exploration company focused on developing a diversified portfolio of early-stage properties. Its Pilipas Project in Quebec is an LCT pegmatite system targeting lithium, cesium, and tantalum, with historical drilling returning 53.2m at 1.22% Li2O and high-grade cesium intercepts.

The company’s Breccia Project in Idaho is a low-sulphidation epithermal gold-silver system. Recent surface sampling returned up to 84.3 g/t Au, while CSAMT surveys have defined structural corridors for a 2026 exploration restart. Additionally, the BlackFyre Project in Quebec is a new magmatic Cu-Ni-Co property located in the Cape Smith Belt, which is prospective for layered mafic-ultramafic intrusions similar to Voisey's Bay and Thompson Nickel Belt.

All projects are in early exploration, surface sampling, or geophysical survey phases. No mineral resources or reserves have been defined.