(AFDG) Copper Intelligence announces Acquisition of the Kitungu Project - PR 15880 - in the Democratic Republic of Congo (DRC) copper belt

Copper Intelligence (AFDG) confirmed acquisition of the Kitungu Exploration Licence PR-15880 in the Democratic Republic of Congo copper belt on April 29, 2026.

Rhea-AI Summary

Copper Intelligence (AFDG) confirmed acquisition of the Kitungu Exploration Licence PR-15880 in the Democratic Republic of Congo copper belt on April 29, 2026. The licence covers 764.55 hectares, located ~73 km from Lubumbashi and accessible via national road N5.

Copper Intelligence cites historical work including nine RC holes, a reported combined 82m at 1.5% Cu intercept, a prior statement of 18.2 million tonnes at 1.74% Cu, and its remodelling estimating a conceptual in‑situ endowment of ~27 million tonnes at 1.54% Cu (1% cutoff: 24.8Mt at 1.62% Cu).

Positive

• Conceptual in-situ ~27 million tonnes at 1.54% Cu
• 1% cutoff: 24.8 million tonnes at 1.62% Cu
• Reported 82m combined intercept grading 1.5% Cu
• Licensed area covers 764.55 hectares near Lubumbashi
• Site accessible by national road N5

Negative

• Estimates are historical/conceptual and not JORC-compliant
• Only nine RC holes underpin existing drill coverage
• Drilled area covers ~700m along strike — limited coverage
• Key tonnages rely on remodelling and modelling parameter choices

Argus Apr 29 session

+11.00% close to close Open Argus

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News Market Reaction – AFDG

On Apr 29, the day this news came out, AFDG closed 11.00% above the previous close.

Data tracked by StockTitan Argus for the Apr 29 session.

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NEW YORK, April 29, 2026 /PRNewswire/ -- Copper Intelligence (CI) is pleased to confirm the acquisition of the Kitungu Exploration Licence PR-15880 in the Democratic Republic of Congo (DRC). The licence is located approximately 73 kilometres (straight–line distance) from Lubumbashi and covers an area of 764.55 hectares. The Kitungu project is located within the highly prospective DRC copper belt and is surrounded by other operating mines and projects, including the Kinsvere project, which holds an estimated 30 million tonnes at 3.65% copper operated by MinMetal Resources. The project area is accessible by road, using the national road N5 from Lubumbashi towards Minga.

Andrew Groves,Chairman of Copper Intelligence commented "The value of this acquisition is underlined by the fact that it is based on some preliminary drill results – one of which details 82m of combined ore grading at 1.5% copper. As detailed above the orebodies are open, both on strike and to depth – so in drilling this to JORC standards, we would expect to increase the documented tonnes"

The project has been subject to historical exploration, including nine (9) reverse circulation (RC) boreholes drilled by previous operators. The work was completed by experienced geologists using industry–standard practices. The previous operators provided CI with a statement indicating that they believed there to be 18.2 million tonnes of mineralized ore, grading at 1.74% copper. CI considers the historical dataset to be technically credible and to provide a sound foundation for further JORC–compliant evaluation. Copper Intelligence has reviewed, remodelled and reinterpreted the available historical drilling data, which indicates a conceptual insitu copper endowment of approximately 27 million tonnes at an average insitu grade of 1.54% Cu. This estimate is robust and has been confirmed by several re-iterations using differing modelling parameters. A 1% Cu cutoff grade suggests 24.8 million tonnes at a 1.62% copper grade.

Previous drill data anticipates that the orebody extends beyond the area of influence covered by the 9 reverse circulation holes – both on strike and down dip. The 'drilled area' covers only some 700m along strike – there is potential to double this coverage, suggesting that the anticipated tonnes will increase. The Copper Intelligence technical team has interrogated the early economic potential of the model using a version of the Lerch-Grossman optimizer –to confirm the project's viability and attractiveness.

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Rubenstein Public Relations
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View original content:https://www.prnewswire.com/news-releases/afdg-copper-intelligence-announces-acquisition-of-the-kitungu-project--pr-15880--in-the-democratic-republic-of-congo-drc-copper-belt-302757057.html

SOURCE African Discovery Group

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Copper Intelligence (AFDG) acquire on April 29, 2026?

Copper Intelligence acquired the Kitungu Exploration Licence PR-15880, covering 764.55 hectares about 73 km from Lubumbashi. According to Copper Intelligence, the licence sits inside the DRC copper belt with road access via national road N5.

What are the reported copper estimates for the Kitungu project (AFDG)?

Copper Intelligence reports a conceptual in-situ endowment of ~27 million tonnes at 1.54% Cu. According to Copper Intelligence, a 1% cutoff yields 24.8 million tonnes at 1.62% Cu, based on remodelling of historical data.

How strong is the historical drilling evidence cited by Copper Intelligence (AFDG)?

Historical work comprises nine reverse circulation holes with industry-standard practices and prior statements of 18.2 Mt at 1.74% Cu. According to Copper Intelligence, the dataset is considered technically credible but requires JORC-compliant confirmation.

What notable drill intercepts does Copper Intelligence cite for Kitungu (AFDG)?

The company cites a combined intercept of 82 metres grading 1.5% copper from preliminary drilling. According to Copper Intelligence, the orebodies remain open on strike and at depth, supporting further drilling to JORC standards.

Does the Kitungu acquisition change project accessibility or nearby activity (AFDG)?

The licence is accessible by road via national road N5 from Lubumbashi and lies near operating mines and projects. According to Copper Intelligence, proximity to active projects reinforces regional prospectivity but does not confirm commercial production.