Carolina Rush-OceanaGold Partnership to Commence Deep Drilling at Brewer in January 2026

Rhea-AI Summary

Carolina Rush (OTCQB: PUCCF) announced that its Earn-In Option Agreement with OceanaGold became active on November 26, 2025. A joint Technical Committee approved a Stage 1 exploration program that begins on January 5, 2026 and includes approximately 3,000 metres of deep drilling.

Key spending terms: OceanaGold must spend a minimum of US$1.5 million in Phase 1 and a total of US$8.0 million by end-2027 to earn a 50% interest in the Brewer project. Planned holes: DDH A-1 (~1,500 m), DDH A-2 (~1,500 m, contingent on A-1 results), and DDH B-1 (~1,000 m). Technical oversight by Qualified Person Patrick Quigley, MSc, CPG-12116.

Positive

• Agreement active on November 26, 2025
• Stage 1 drilling ~3,000 metres starting January 5, 2026
• OceanaGold committed to US$8.0M total earn-in by end-2027
• Phase 1 minimum spend of US$1.5M

Negative

• DDH A-2 contingent on A-1 results, limiting initial coverage

News Market Reaction

%

1 alert

% News Effect

On the day this news was published, PUCCF declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Planned drilling: 3,000 metres Phase 1 minimum spend: US$1.5 million Stage 1 earn-in spend: US$8 million +5 more

8 metrics

Planned drilling 3,000 metres Stage 1 deep drilling program starting January 5, 2026

Phase 1 minimum spend US$1.5 million Required OceanaGold spending during Phase 1 of Agreement

Stage 1 earn-in spend US$8 million Total OceanaGold spend required by end of 2027 for 50% interest

DDH A-1 length 1,500 meters Planned depth of DDH A-1 testing low-resistivity body

DDH A-2 length 1,500 meters Contingent hole testing southern margin of deep anomaly

DDH B-1 length 1,000 meters Hole targeting separate deep MT-IP anomaly to north-northwest

Agreement active date November 26, 2025 Date Earn-In Option Agreement conditions were satisfied

Program start date January 5, 2026 Scheduled start of Stage 1 deep drilling program

Market Reality Check

Price: $0.1027 Vol: Volume 37,540 is at 1.16x...

normal vol

$0.1027 Last Close

Volume Volume 37,540 is at 1.16x the 20-day average of 32,410 ahead of this news. normal

Technical Price 0.0865 is trading above the 200-day MA of 0.06 but is 51.43% below the 52-week high.

Peers on Argus

Gold peers show mixed moves: declines for AAUGF (-20%) and KSSRF (-15.29%), gain...

Gold peers show mixed moves: declines for AAUGF (-20%) and KSSRF (-15.29%), gains for BLTMF (+1.1%), while XXMMF is flat, suggesting stock-specific drivers for PUCCF.

Historical Context

5 past events · Latest: Dec 08 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 08	Partnership phase start	Positive	+0.0%	Earn-in agreement becomes active and Stage 1 deep drilling approved.
Oct 15	Meeting rescheduled	Positive	-8.0%	Special shareholder meeting rescheduled to approve OceanaGold transaction.
Oct 01	Meeting cancelled	Negative	+10.3%	Shareholder meeting cancelled due to Canada Post strike delaying materials.
Sep 16	OceanaGold partnership	Positive	+3.9%	Earn-In Option Agreement announced with up to 80% interest for OceanaGold.
Aug 08	Resource report refiled	Positive	+20.0%	Refiling of Brewer technical report with detailed gold and copper resources.

Pattern Detected

News tied to Brewer and the OceanaGold partnership has produced mixed reactions, with some positive operational updates met by flat or negative price moves.

Recent Company History

Over the last few months, Carolina Rush has advanced the Brewer Gold-Copper Project through an Earn-In Option Agreement with OceanaGold. The initial partnership on Sep 16, 2025 involved up to US$20 million in staged spending, followed by scheduling and logistics around a special shareholder meeting in October–November 2025. A refiled mineral resource report on Aug 08, 2025 detailed substantial indicated and inferred resources. Today’s announcement marks activation of the agreement on Nov 26, 2025 and approval of a 3,000 metre deep drilling program starting Jan 5, 2026.

Market Pulse Summary

This announcement confirms that the Earn-In Option Agreement with OceanaGold became active on Nov 26...

Analysis

This announcement confirms that the Earn-In Option Agreement with OceanaGold became active on Nov 26, 2025 and that a 3,000 metre deep drilling program will start on Jan 5, 2026. OceanaGold must spend at least US$1.5 million in Phase 1 and US$8 million by end-2027 to earn 50% of Brewer. Investors may focus on drill-meter completion, target refinement from MT-IP data, and any subsequent resource or technical report updates linked to these deep holes.

Key Terms

earn-in option agreement, porphyry copper-gold, mt-ip geophysical survey, quartz-sericite-pyrite, +4 more

8 terms

earn-in option agreement financial

"all required approvals having been received in connection with the Earn-In Option Agreement"

An earn-in option agreement is a contract where one party can gain an ownership stake in a project by meeting agreed milestones, such as spending a set amount of money, completing work, or securing approvals. For investors it signals how project risk and reward will shift—partner spending can validate the project and reduce funding needs, but it also changes future ownership and potential returns much like someone earning shared equity in a house by paying for renovations.

porphyry copper-gold medical

"Our aim is to test Brewer's porphyry copper-gold potential."

Porphyry copper-gold refers to large underground mineral deposits that contain significant amounts of copper and gold within volcanic rock formations. These deposits are important to investors because they often represent substantial sources of these metals, which are widely used in electronics, construction, and jewelry. Their size and richness can make them highly valuable assets for mining companies and the global supply of these essential commodities.

mt-ip geophysical survey technical

"targets defined through geologic mapping, geochemistry, and the MT-IP geophysical survey"

A MT‑IP geophysical survey combines magnetotelluric (MT) and induced polarization (IP) measurements to image underground rock properties by recording natural electromagnetic signals and responses to small, controlled electrical injections. It reveals contrasts in conductivity and chargeability that indicate different rock types, fluid content, or metal concentrations. For investors, MT‑IP surveys sharpen exploration targets and reduce drilling risk and cost by providing a clearer “map” of where valuable minerals or reservoirs are likely to be found, much like diagnostic imaging guides a surgeon.

quartz-sericite-pyrite medical

"collared in quartz-sericite-pyrite altered volcanic rocks exposed on surface."

A quartz-sericite-pyrite assemblage is a pattern of three minerals commonly formed when hot, metal-bearing fluids alter surrounding rock during underground mineral formation. Geologists treat this trio like a set of footprints leading toward potential copper, gold or other metal deposits; its presence on a property can raise the chance of a valuable deposit and influence exploration decisions and company valuation.

chalcopyrite-bornite medical

"trace chalcopyrite-bornite mineralization never previously drill-tested at depth."

Chalcopyrite-bornite describes an occurrence where two copper-bearing minerals—chalcopyrite and bornite—are found together in rock. To investors, this is a marker of potentially high copper content in a deposit: like finding a pocket of coins in a piggy bank, it can boost estimated metal value, influence how easily ore can be processed, and affect projected production costs and future revenue from a mining project.

high-sulfidation epithermal mineralization medical

"underlies the high-sulfidation epithermal mineralization historically mined at Brewer."

A type of near-surface mineral deposit formed when hot, acidic fluids alter host rock and concentrate metals such as gold, silver or copper; imagine mineral-rich steam cooking through rock and leaving concentrated streaks behind. It matters to investors because these deposits can be high-grade and economically attractive but often come with complex geology, higher extraction or environmental costs and permitting challenges that affect project value and risk.

ni 43-101 regulatory

"prepared in accordance with Canadian regulatory requirements as set out in NI 43-101"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

qualified person regulatory

"and a Qualified Person as defined by NI 43-101."

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. Not financial advice.

Toronto, Ontario--(Newsfile Corp. - December 8, 2025) - Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) ("Carolina Rush" or the "Company") is pleased to announce that, all required approvals having been received in connection with the Earn-In Option Agreement (the "Agreement") between Carolina Rush and OceanaGold Corporation ("OceanaGold"), all conditions were satisfied and the Agreement became active on November 26, 2025 (see news releases of September 16, 2025 and November 27, 2025 for more information).

The newly formed joint Technical Committee, comprised of two members of each of the companies, has held its first meeting and approved the Stage 1 exploration program and budget, which includes approximately 3,000 meters of drilling beginning January 5, 2026. This Stage 1 exploration program and budget formally commences Phase 1 of the Agreement, during which OceanaGold must spend a minimum of US$1.5 million. To earn a 50% interest in the Brewer Project, OceanaGold must spend a total US$8 million by the end of 2027.

President and CEO of Carolina Rush, Layton Croft, stated: "Our partnership with OceanaGold is off to a great start. Combined technical expertise and knowledge of the large, complex Brewer system helps us de-risk and plan our inaugural deep drill program in alignment together. Our aim is to test Brewer's porphyry copper-gold potential."

Stage 1 Program Overview
The initial deep-drilling campaign will test high-priority porphyry copper-gold targets defined through geologic mapping, geochemistry, and the MT-IP geophysical survey:

• DDH A-1 - approximately 1,500 meters planned: oriented to test the strongest portion of the low-resistivity body interpreted as a potential porphyritic intrusion beneath and west of the former Brewer Mine.
• DDH A-2 - approximately 1,500 meters planned: contingent on A-1 results, this hole will test the southern margin and core of the deep resistivity anomaly, collared in quartz-sericite-pyrite altered volcanic rocks exposed on surface.
• DDH B-1: approximately 1,000 meters planned: designed to evaluate a separate deep MT-IP anomaly to the north-northwest, in an area with anomalous molybdenum, topaz, and trace chalcopyrite-bornite mineralization never previously drill-tested at depth.

These holes collectively aim to determine whether a Cu-Au porphyry system underlies the high-sulfidation epithermal mineralization historically mined at Brewer.

Figure 1: Locations of Proposed Deep Drill Holes for the upcoming drill program at Brewer Gold-Copper Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5156/277206_eae8168844a06b48_003full.jpg

Qualified Person
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Patrick Quigley, MSc, CPG-12116, the Company's Senior Geologist and Exploration Manager and a Qualified Person as defined by NI 43-101.

About Carolina Rush
Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) is a Southeastern U.S.-focused exploration company advancing the Brewer Gold-Copper Project in South Carolina, which is now under an Earn-In Option Agreement with OceanaGold Corporation. Brewer is a large, underexplored system with demonstrated near-surface Au-Cu epithermal mineralization and potential for deeper porphyry-style mineralization. Brewer is located 13 km from OceanaGold's producing Haile Gold Mine, which has 2025 production guidance of 170,000-200,000 ounces of gold (source: www.oceanagold.com).

The information disclosed from nearby properties is not necessarily indicative to the mineralization at Brewer.

For further information, please contact:
Layton Croft, President and CEO
or
Jeanny So, Corporate Communications Manager
E: info@thecarolinarush.com
T: +1.647.202.0994

For additional information please visit our website at http://www.TheCarolinaRush.com/ and our X feed: https://twitter.com/TheCarolinaRush.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277206

FAQ

What did Carolina Rush announce about the OceanaGold earn-in and timeline for PUCCF?

The earn-in became active on November 26, 2025; OceanaGold must spend US$8.0M by end-2027 to earn 50%.

When does Carolina Rush plan to start deep drilling at Brewer (PUCCF)?

The Stage 1 deep-drilling campaign is scheduled to begin on January 5, 2026.

How much drilling is planned in the Stage 1 program for PUCCF?

Approximately 3,000 metres across planned holes: A-1 ~1,500 m, A-2 ~1,500 m (contingent), B-1 ~1,000 m.

What are the spending commitments OceanaGold must meet under the Agreement for PUCCF?

OceanaGold must spend a minimum of US$1.5M in Phase 1 and US$8.0M total by end-2027 to earn a 50% interest.

What targets will the January 2026 Brewer drill program test for PUCCF?

The program targets high-priority porphyry copper-gold anomalies defined by mapping, geochemistry, and MT-IP geophysics.