XXIX Appoints Eric Desaulniers to Board of Directors
Rhea-AI Summary
XXIX Metal Corp (TSXV: XXIX, OTCQB: QCCUF) appointed mining entrepreneur Éric Desaulniers to its Board of Directors, effective immediately, subject to final TSX Venture Exchange approval. Desaulniers is founder, president and CEO of Nouveau Monde Graphite and discovered the Matawinie graphite deposit in Quebec.
According to XXIX, he has overseen the discovery, development, financing and construction of an integrated graphite mining and battery materials business, securing over US$640 million in project financing and advancing the Matawinie Mine and Bécancour Battery Material Plant. The company plans to leverage his permitting, procurement, social license and First Nations engagement experience as it advances its Quebec and Ontario copper assets.
The Board granted Desaulniers 750,000 stock options, exercisable at CAD $0.11 per share for five years, vesting one year from grant, subject to regulatory approvals. XXIX highlights its Opemiska copper project, with an October 2025 PEA outlining a 12,500 tpd, 17‑year open pit operation, after‑tax NPV8% of $505M, 27.2% IRR and 2.3‑year payback, and its Thierry copper project with existing infrastructure in Ontario.
Positive
- Experienced mine builder joins Board with US$640M project financing track record
- 750,000 options granted at CAD $0.11 align director and shareholder interests
- Opemiska PEA shows after-tax NPV8% $505M and 27.2% IRR
- Opemiska PEA outlines 17-year, 12,500 tpd open pit with 2.3-year payback
Negative
- Grant of 750,000 stock options introduces incremental potential share dilution
News Market Reaction – QCCUF
In the Jul 21 session, QCCUF gained 1.04%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Highlights
- Mining entrepreneur and industry builder, Éric discovered the Matawinie graphite deposit and led Nouveau Monde from exploration through construction of a vertically integrated mining and battery materials business, securing more than US
$640 million in project financing. - Extensive experience advancing mining projects in Quebec, including permitting, procurement, social acceptability initiatives and collaborative engagement with First Nations communities.
- XXIX will leverage Éric's experience and connections in-province, locally and federally, as it advances its Quebec and Ontario copper assets.
Toronto, Ontario--(Newsfile Corp. - July 21, 2026) - XXIX Metal Corp. (TSXV: XXIX) (OTCQB: QCCUF) (FSE: 5LW0) ("XXIX" or the "Company") is pleased to announce the appointment of Éric Desaulniers, MSc, P.Geo., to its Board of Directors, effective immediately.
Mr. Desaulniers is the Founder, President and Chief Executive Officer of Nouveau Monde Graphite Inc., where he has led the discovery, development, financing and construction of one of North America's most advanced integrated graphite projects. A professional geologist and geophysicist, he discovered the Matawinie graphite deposit in Quebec and has guided Nouveau Monde's growth from exploration through construction of a vertically integrated graphite mining and battery materials business.
Over the course of his career, Mr. Desaulniers has led major exploration, permitting, engineering and financing initiatives, including the advancement of the Matawinie Mine and Bécancour Battery Material Plant. Under his leadership, Nouveau Monde has secured strategic partnerships, long-term offtake agreements and more than US
Of particular relevance to XXIX, Mr. Desaulniers brings extensive first-hand experience permitting, developing and procuring for mining projects in the Province of Quebec, including navigating social license considerations and building durable, collaborative relationships with First Nations communities. The Company intends to leverage his experience and his deep network of relationships in-province, locally and federally, as it advances its Quebec copper assets.
"Éric has demonstrated an uncommon ability to take a mineral discovery from concept through development, financing and construction," said Guy Le Bel, Chief Executive Officer of XXIX Metal Corp. "His technical expertise, capital markets experience and track record of advancing large-scale projects in Quebec - including his success in permitting, procurement, social license and First Nations engagement - will be extremely valuable as we continue to advance and unlock value from our copper assets. We are pleased to welcome him to the Board and look forward to drawing on his experience and connections at the provincial, local and federal levels."
Mr. Desaulniers commented, "XXIX has assembled a compelling portfolio of copper projects with significant exploration and development potential. I look forward to working with the Board and management team as the Company advances its projects and pursues opportunities to create long-term value for shareholders."
The appointment remains subject to final approval of the TSX Venture Exchange. The Company also announces that, subject to TSX Venture Exchange approval, the Board of Directors has granted stock options to Mr. Desaulniers in connection with his appointment to the Board of Directors allowing for the acquisition of up to 750,000 shares of the Company. The options are exercisable at a price of CAD
The grant of options to certain directors is a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party matters, as the Company is listed on the TSX Venture Exchange ("TSXV") and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related parties, exceeded
About XXIX Metal Corp.
XXIX is advancing its Opemiska and Thierry Copper projects, two significant Canadian copper assets. The Opemiska Project, one of Canada's highest-grade open pitable copper deposits, spans 21,333 hectares in Quebec's Chapais-Chibougamau region, with strong infrastructure and nearby access to the Horne Smelter. An October 2025 Preliminary Economic Assessment outlined a 12,500 tpd open pit operation over a 17-year mine life, generating an after-tax NPV8% of
For further information, please contact:
Guy Le Bel, Chief Executive Officer
Phone:514.654.8550
Email: glebel@oregroup.ca
www.xxix.ca
Cautionary Note Regarding Historical Estimates and Exploration Potential
The mineral resource estimates for the K1 and K2 zones referenced in this news release were prepared in 2021 and have not been updated to current standards in connection with this news release. The Company considers the earlier K1 estimate to be historical and incomplete and is advancing toward an updated mineral resource estimate; a qualified person has not done sufficient work to classify these estimates as current mineral resources, and XXIX is not treating them as current. The Company's new bulk-tonnage interpretation of the K1 zone is conceptual in nature. Statements regarding the potential to expand or grow the resource, possible mineralized continuity between K1 and K2, district-scale targets, and the effect of higher metal prices describe exploration potential only; there has been insufficient exploration to define a current mineral resource in these areas, and it is uncertain whether further exploration will result in any deposit being delineated as a mineral resource. Past production figures and other historical results have not been independently verified and are not necessarily indicative of future results.
Neither the 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 news release.
Forward-Looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws, including statements regarding the receipt and scope of the Thierry exploration permit; the timing, size and objectives of the Company's planned drill and exploration program at Thierry; the expected timing of mobilization; the potential to expand or grow mineral resources at K1, K2 and along the corridor between them; the Company's new geological interpretation of the K1 zone; the anticipated impact of metal prices on project economics; the Company's intention to complete an updated mineral resource estimate; and the Company's funding position. Wherever possible, words such as "may", "will", "expect", "plan", "intend", "anticipate", "believe", "estimate", "potential", or the negative of these terms have been used to identify forward-looking statements. These statements reflect management's current beliefs and are based on assumptions management considers reasonable as of the date hereof.
Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from those discussed or implied, including, among other things: risks related to the timely receipt, maintenance and conditions of permits and other governmental and regulatory approvals; risks related to community and Indigenous consultation and relations; uncertainties inherent in drill results and the estimation of mineral resources; risks that historical data, historical estimates and past production are not indicative of future results; commodity price volatility, including copper, nickel and precious metal prices; availability of financing on acceptable terms; and risks associated with executing the Company's plans and intentions. Readers are cautioned not to place undue reliance on forward-looking statements. Although the forward-looking statements are based on assumptions management believes to be reasonable, the Company cannot assure readers that actual results will be consistent with these statements. The forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them except as required by law. Additional risk factors are described in the Company's disclosure documents available on SEDAR+ at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/305864