XXIX Expands Drill Program at Cooke and Saddle Zones Following Encouraging Early Results at Opemiska

Rhea-AI Summary

XXIX Metal (OTCQB: QCCUF) expanded its 2025 Opemiska drill program after Cooke Zone results outperformed expectations and confidence grew in the Saddle Zone. The company doubled the Cooke budget and metres to fast-track resource growth and test a newly identified mineralized horizon. The total program is now 10,000 metres split between Cooke and Saddle. Cooke lies 2.5 km east of the planned Opemiska pit and historically produced 1.97 Mt at 5.04 g/t Au and 0.66% Cu. A second drill rig was mobilized end of November to accelerate assays and resource additions outside the current MRE/PEA.

Positive

• Total program increased to 10,000 metres
• Cooke drill budget and metres doubled
• Cooke historically produced 1.97 Mt at 5.04 g/t Au
• Second drill rig mobilized end of November 2025

Negative

• Cooke and Saddle lie outside the current MRE/PEA
• Saddle lacks sufficient drill density for resource inclusion
• No complete assay results available yet to confirm extents

Key Figures

Total drill program 10,000 metres 2025 Opemiska program across Cooke and Saddle

Historical production 1.97 Mt at 5.04 g/t Au and 0.66% Cu Former Cooke Gold Mine performance

Cooke distance 2.5 km east Location from envisioned Opemiska pit

Initial Cooke holes 2 of 6 with visible gold Early 2025 Cooke drilling

Mine life 17 years Opemiska PEA mine plan

After-tax NPV8% C$505M Opemiska PEA base-case economics

After-tax IRR 27.2% Opemiska PEA base-case economics

Payback period 2.3 years Opemiska PEA base-case economics

Market Reality Check

$0.0799 Last Close

Volume Volume 319,506 is about 1.85x the 20-day average of 172,709, indicating elevated interest ahead of and around this update. high

Technical Price at 0.092 is trading above the 200-day MA of 0.08, reflecting a pre-news uptrend into the drill expansion.

Peers on Argus

Copper peers showed mixed moves: one major gainer at +47.22% and another notable decliner at -7.77%, while others were flat to modestly positive. QCCUF’s +3.58% gain appears more company-specific than a broad sector rotation.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 08	Drill program expansion	Positive	-0.3%	Cooke outperformance and Saddle confidence drove drill budget and metres higher.
Dec 03	PEA technical report	Positive	-4.8%	Filed NI 43-101 PEA with strong NPV, IRR and payback metrics for Opemiska.
Nov 24	Cooke drill update	Positive	+5.2%	Wide copper intervals and visible gold from early Cooke drilling program.
Nov 10	Board appointment, PEA	Positive	+2.9%	New director plus reiteration of strong PEA economics for Opemiska.
Oct 24	Community consultations	Positive	-10.0%	Public PEA presentation in Chapais highlighting project economics and investment.

Pattern Detected

News has generally been positive, but price reactions are mixed. Strong technical/economic updates (PEA, consultations) have sometimes seen negative follow-through, while exploration updates have produced both rallies and sell-offs, suggesting intermittent “sell-the-news” behavior around key Opemiska milestones.

Recent Company History

This announcement expands the Opemiska drill program to 10,000 metres, building on a series of growth-focused updates. Recent months featured a robust PEA with an after-tax NPV8% C$505M and 17-year mine life, community consultations highlighting project economics, and prior Cooke drilling with visible gold and wide copper intervals. Market reactions have been mixed—some PEA-related news saw pullbacks, while earlier Cooke drill results produced gains—framing this expansion as the next step in advancing resource potential outside the current MRE/PEA.

Market Pulse Summary

This announcement expands Opemiska’s 2025 drill program to 10,000 metres, focusing on the Cooke and Saddle zones that sit outside the current MRE/PEA. Cooke’s early drilling, including visible gold in two of six holes and strong historical grades, underpins the decision to double its budget and metres. The update builds on a recent PEA with an after-tax NPV8% C$505M. Key factors to watch include future assay results, resource updates, and integration into the planned Pre-Feasibility Study.

Key Terms

mineralized horizon technical

"Drilling at Cooke has confirmed a more extensive mineralized horizon than modeled."

A mineralized horizon is a distinct underground layer of soil or rock that contains concentrations of valuable minerals or metals rather than being barren. For investors, finding a mineralized horizon is like discovering a treasure-bearing layer in a cake: it signals where drilling and mining can yield saleable ore, helps estimate how much resource might be recoverable, and influences project value, development cost and risk.

crown pillar technical

"targeting both the near-surface crown pillar of the former Cooke Gold Mine"

A crown pillar is a deliberate block of rock or ground left intact above an underground mine to support the surface and prevent collapse, like leaving a roof beam in place when taking out the floor below. It matters to investors because its size and condition affect how much ore can be recovered, the cost and timetable of mining, and the company’s safety and environmental liabilities—factors that influence future revenue, remediation costs, and regulatory risk.

preliminary economic assessment financial

"build on XXIX's recently announced robust PEA, which demonstrated compelling economics"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

pre-feasibility study financial

"and further improve the upcoming Pre-Feasibility Study."

A pre-feasibility study is an initial assessment that evaluates whether a proposed project or investment idea is worth exploring further. It involves examining basic factors like costs, potential benefits, and possible challenges, similar to conducting a preliminary check before deciding to invest more time and resources. This helps investors determine if pursuing the project further is practical and likely to be successful.

mineral resource estimate technical

"Both areas lie outside the current MRE/PEA, offering meaningful step-out growth"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

visible gold technical

"Cooke drilling to date includes visible gold in two of the initial six holes."

Visible gold means actual gold particles can be seen with the naked eye in rock, soil or drill core samples rather than only detected by lab instruments. For investors, it is a strong visual clue that a mineralized zone may be high-grade, much like seeing ripe fruit on a tree suggests good harvest potential, but it is not a substitute for measured assays and engineering studies that determine how much gold can be profitably recovered.

national instrument 43-101 regulatory

"as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects.""

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

qualified person regulatory

"a Qualified Person, as defined in "National Instrument 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.

Highlights:

• Cooke drilling outperforming expectations, with broader mineralization than the current model.
• Cooke budget and metres doubled to fast-track resource growth and test a new mineralized horizon.
• Expanded drilling at Saddle to connect and define the copper-gold zone.
• Both areas lie outside the current MRE/PEA, offering meaningful step-out growth for XXIX.
• Total program now 10,000 metres, split between Cooke and Saddle.

Toronto, Ontario--(Newsfile Corp. - December 8, 2025) - XXIX Metal Corp‎. (TSXV: XXIX) (OTCQB: QCCUF) (FSE: 5LW0) ("XXIX" or the "Company") announces an expansion of its 2025 drill program at the Opemiska Project, driven by stronger-than-expected results from the Cooke Zone and growing confidence in the Saddle Zone.

Cooke Zone: Outperforming Early Expectations

Drilling at Cooke has confirmed a more extensive mineralized horizon than modeled. Based on these encouraging results, XXIX is doubling the Cooke drill budget and metre count, targeting both the near-surface crown pillar of the former Cooke Gold Mine and step-outs along a newly identified horizon. Cooke is not included in the current MRE or PEA and represents a significant opportunity to add new, near-surface ounces to the project.

Saddle Zone: Advancing Toward Resource Definition

The Saddle Zone has delivered strong copper-gold intercepts in previous campaigns, but drill density has not yet been sufficient for resource inclusion. The expanded program will increase drilling aimed at connecting and upgrading known high-grade areas. Like Cooke, Saddle lies entirely outside the current MRE/PEA and offers substantial upside.

Driving Growth Beyond the October PEA

The expanded drill program is designed to build on XXIX's recently announced robust PEA, which demonstrated compelling economics and rapid payback. Resource additions from Cooke, Saddle, and other near-pit targets have the potential to strengthen project scale and further improve the upcoming Pre-Feasibility Study.

"Cooke continues to exceed expectations, and the identification of a new horizon adds another layer of potential," said Guy Le Bel, CEO of XXIX. "By expanding our work at Cooke and increasing metres at Saddle, we are positioning XXIX for meaningful near-term resource growth and long-term value creation."

XXIX will provide further updates as drilling progresses and assay results are received.

Figure 1) Location of Cooke Gold Zone & Chibougamau Copper Zone

• Cooke drilling to date includes visible gold in two of the initial six holes.
• Cooke lies 2.5 km east of the envisioned Opemiska pit and historically produced 1.97 Mt at 5.04 g/t gold and 0.66% copper.
• The Saddle Zone continues to deliver strong step-out potential within the broader open-pit environment.
• A second drill rig was mobilized end of November to accelerate progress across priority targets.

Figure 2) Collar locations of the Cooke Mine drilling program

QP Statement

The technical information contained in this news release has been reviewed and approved by Denis McNichols, P.Geo and géo., Vice President Exploration for XXIX Metal, a Qualified Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

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 $505M, IRR of 27.2%, and a 2.3-year payback period ($4.35/lb copper price, $3,000/oz gold price, $30/oz silver price). The Thierry Project hosts the K1 (near-surface) and the past-producing K2 (underground & surface) zones (see XXIX news release dated October 1, 2024 for details regarding resources). Thierry has significant infrastructure in place including an all-season road, an airport within 5km, a provincial power grid within 8km, and nearby rail. With these two high-potential projects, the Company has solidified its position as a key player in the Canadian copper sector and has established itself as one of Eastern Canada's largest copper developer.

For further information, please contact:

Guy Le Bel, Chief Executive Officer
Phone: 514.654.8550
Email: glebel@oregroup.ca
www.xxix.ca

Forward-Looking Statements

This news release contains certain forward-looking statements, including statements about the Company's belief that Opemiska has potential for continued growth, various cost, price and production assumptions used to inform the PEA, and outstanding risk factors, including Opemiska's proximity to the Town of Chapais, Historical Assay validation, Geotechnical considerations of open stopes in the eastern pit wall, the Venture sill, the Gwillim fault, host rock competency and Historical Stope Modeling. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company's plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

The reader is advised that the Preliminary Economic Assessment (PEA) summarized in this news release is intended to provide only an initial, high-level review of Opemiska's economic potential. The PEA mine plan and economic model include numerous assumptions and the use of inferred mineral resources. Inferred mineral resources are considered to be too speculative to be used in an economic analysis except as allowed for by NI 43-101 in PEA studies. There is no guarantee that inferred mineral resources can be converted to indicated or measured mineral resources, and as such, there is no guarantee Opemiska's economics described herein will be achieved. XXIX may be eligible for Clean Technology Manufacturing Investment Tax Credit (CTM-ITC). This legislation has been enacted on June 20, 2024. There is no guarantee the Company will be able to access the CTM-ITC.

Non-IFRS Financial Measures

XXIX has included certain non-IFRS financial measures in this news release, such as C1 Cash Cost which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277220

FAQ

What drilling expansion did XXIX (QCCUF) announce on December 8, 2025?

XXIX expanded its 2025 program to 10,000 metres, doubling Cooke metres and increasing drilling at Saddle.

How does the Cooke Zone change XXIX's resource potential (QCCUF)?

Cooke shows a broader mineralized horizon, prompting a doubled budget to target near-surface ounces outside the PEA.

What historic production figures did XXIX cite for Cooke on December 8, 2025?

Cooke historically produced 1.97 Mt at 5.04 g/t gold and 0.66% copper.

Will the expanded drilling at Saddle (QCCUF) affect resource inclusion?

The program increases drill density aimed at connecting high-grade areas so Saddle can be considered for resource inclusion.

When did XXIX mobilize a second drill rig to Opemiska?

A second drill rig was mobilized at the end of November 2025 to accelerate priority targeting and assays.

How are Cooke and Saddle related to XXIX's October PEA outcomes?

Both zones lie outside the October PEA; additions from these targets could strengthen project scale for the PFS.