XXIX Updates on Fully Funded 2026 Exploration Plan
Massive $24M War Chest Sets Stage for Aggressive 30,000-Metre Drill Campaign Across Two Flagship Copper Assets
The most recent news release (February 18, 2026) outlines the company’s fully funded exploration and development plan for 2026. Following the closure of a $17.3 million financing, XXIX Metal Corp. enters the year with approximately $20 million in cash and $24 million in working capital. The company intends to execute a 30,000-metre drilling program: 10,000 metres at the Cooke zone of the Opemiska Project (Quebec) and 20,000 metres at the K1 zone of the Thierry Project (Ontario). The primary goal is to advance the Opemiska Project toward a Preliminary Feasibility Study (PFS) while defining the scale of Thierry, which has not seen large-scale drilling in over 50 years.
The impact of this update is Material - Positive. For a junior resource company with a market capitalization under $50 million, securing $24 million in working capital is a significant de-risking event. - Operational De-risking: The company is now fully funded for its 2026 catalysts, removing immediate "going concern" or financing risk that often plagues explorers. - Scale of Activity: A 30,000-metre drill program is substantial. If successful, the 20,000 metres at Thierry could significantly expand the current inferred resource (53.6 Mt at 0.38% Cu), which is essential for project economics. - Pathway to Production: Moving Opemiska toward a PFS is a major milestone. The transition from a Preliminary Economic Assessment (PEA) to a PFS involves higher-level engineering and resource confidence, which typically leads to institutional re-rating.
XXIX Metal Corp. (formerly QC Copper and Gold) focuses on copper-gold-nickel assets in Canada. - Flagship Project: Opemiska (Quebec): A past-producing copper-gold complex. A Dec 2025 PEA showed an after-tax NPV8% of $505M and an IRR of 27.2%. It contains 1.4 billion lbs CuEq in the indicated category. - Secondary Project: Thierry (Ontario): Acquired via the acquisition of Cuprum Corp in late 2024. It is one of Ontario's largest undeveloped copper resources, featuring the K1 and K2 deposits with historical underground production.