XXIX Files Technical Report on Opemiska's Updated Resource Estimate

Rhea-AI Summary

XXIX Metal Corp (OTCQB: QCCUF) has filed an updated NI 43-101 technical report for its 100% owned Opemiska Project in Quebec's Chapais-Chibougamau District. The report reveals significant resource improvements, with a pit-constrained resource of 1.4 billion pounds CuEq (Indicated: 62,706 kt @ 1.04% CuEq) plus 709 million pounds CuEq (Inferred: 78,485 kt @ 0.41% CuEq).

The total resource now stands at 1.7 billion pounds CuEq (Indicated: 69,653 kt @ 1.12% CuEq) plus 746 million pounds CuEq (Inferred: 80,615 kt @ 0.42% CuEq). The update demonstrates a 12% increase in pit-constrained resources within a more compact pit shell, featuring a significantly reduced strip ratio due to the inclusion of lower-grade stockwork mineralization.

Positive

• 12% increase in pit-constrained resource within a more compact footprint
• Significant reduction in strip ratio by incorporating lower grade stockwork
• One of the highest-grade open pitable copper projects in Canada
• New gold potential identified in the Cooke zone with intact crown pillar
• Total Indicated resource of 1.7 billion pounds CuEq at 1.12% grade

Negative

• Large portion of resources (78,485 kt) remains in Inferred category at lower grade (0.41% CuEq)
• Economic viability not yet demonstrated as resources are not mineral reserves
• Further drilling required to upgrade Inferred resources to Indicated category

Highlights:

• Large, robust open pit resource optimized for high-quality PEA in the near-term. Opemiska is one of the highest-grade open pitable copper projects in Canada.

• Pit Constrained resource is now 1.4 billion pounds CuEq (Indicated resource of 62,706 kt @ 1.04% CuEq) + 709 million pounds CuEq (Inferred resource of 78,485 kt @ 0.41% CuEq), and within a reduced surface footprint.

• Total resource of 1.7 billion pounds CuEq (Indicated resource of 69,653 kt @ 1.12% CuEq), + 746 million pounds CuEq (Inferred resource of 80,615 kt @ 0.42% CuEq).

• Significantly lower strip ratio as a result of incorporating lower grade stockwork and drilling at the Saddle Zone. What was previously considered waste is now resource.

• New gold potential on Cooke zone, which is a past-producing gold mine with its crown pillar still intact, representing significant gold upside to the larger Opemiska copper project.

• Updated Technical Report can be found on XXIX's website and on SEDAR+.

Toronto, Ontario--(Newsfile Corp. - July 21, 2025) - XXIX Metal Corp‎. (TSXV: XXIX) (OTCQB: QCCUF) (FSE: 5LW0) ("XXIX" or the "Company") is pleased to announce that it has filed its updated technical report, prepared in accordance with the disclosure standards under National Instrument 43-101 ("NI 43-101") for its 100% owned Opemiska Project, located in Quebec's Chapais-Chibougamau District. The updated technical report marks an increase in total tonnage and contained metal within a shallower pit constrained resource, and within a reduced surface footprint, details of which were previously announced (see News Release dated June 3, 2025).

The detailed technical report is now available on XXIX's website at www.xxix.ca and on SEDAR+ under the Company's profile at www.sedarplus.ca.

LINK TO OPEMISKA'S 2025 TECHNICAL REPORT

This MRE marks a strategic shift toward improving project economics while maintaining conservative operational assumptions. The pit-constrained portion of the resource has increased by 12%, now captured within a shallower and more compact pit shell. This highlights the Company's commitment to delivering a high-quality PEA in the near term. Notably, the inclusion of lower-grade stockwork mineralization has significantly enhanced the overall resource profile, substantially reducing the anticipated strip ratio, and broadened the development pathways for Opemiska.

Table 1: Opemiska MRE Summary of Pit Constrained Mineral Resources, 0.15% CuEq cut-off and Out-of-Pit Mineral Resources, 1.00% CuEq cut-off (see Footnotes 1-5)
Pit Constrained	Tonnes	CuEq	Cu	Ag	Au	Cu	Ag	Au
0.15% CuEq Cut-Off	(k)	(%)	(%)	(g/t)	(g/t)	(M lbs)	(koz)	(koz)
Indicated	62,706	1.04	0.76	1.71	0.31	1,047	3,450	634
Inferred	78,485	0.41	0.26	0.61	0.17	457	1,530	419
Out of Pit	Tonnes	CuEq	Cu	Ag	Au	Cu	Ag	Au
1.00% CuEq Cut-Off	(k)	(%)	(%)	(g/t)	(g/t)	(M lbs)	(koz)	(koz)
Indicated	6,947	1.85	1.59	2.76	0.28	243	617	64
Inferred	2,130	0.88	0.69	1.20	0.21	33	82	15
Total	Tonnes	CuEq	Cu	Ag	Au	Cu	Ag	Au
0.15% & 1.00% CuEq Cut-Off	(k)	(%)	(%)	(g/t)	(g/t)	(M lbs)	(koz)	(koz)
Indicated	69,653	1.12	0.84	1.82	0.31	1,290	4,067	697
Inferred	80,615	0.42	0.28	0.62	0.17	490	1,613	433

 

1. The independent qualified persons for the MRE, as defined by National Instrument ("NI") 43-101 guidelines, is Pierre Luc Richard, P.Geo., of PLR Resources Inc. with contributions from Stephen Coates, P.Eng., of Evomine for value cut-off, open pit and optimization solids, and Christian Laroche, P.Eng., from Synectiq, for metallurgical parameters. The effective date of the MRE is May 30, 2025.
2. These Mineral Resources are not mineral reserves as they have no demonstrated economic viability. No economic evaluation of these Mineral Resource has been produced. The quantity and grade of reported Inferred Resources in this MRE are uncertain in nature and there has been insufficient drilling to define these Inferred Resources as Indicated. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated category with continued drilling.
3. The Qualified Persons are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issues that could materially affect the Mineral Resource Estimate. The Mineral Resource Estimate is within the limits of the Town of Chapais.
4. Calculations used metric units (metres, tonnes). Metal contents in the above table are presented in percent, pounds or tonnes. Metric tonnages and pounds were rounded, and any discrepancies in total amounts are due to rounding errors.
5. CIM definitions and guidelines for Mineral Resource Estimates have been followed. See Cautionary Note below for copper equivalency (CuEq) values.

Figure 1: Opemiska 3D Resource Model and Constraining Pit Shell

Figure 2: Plan View of Constraining Pit Shell

Figure 3) Section Comparison of 2024 Resource Pit vs 2025 MRE Pit

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. A June 2025 resource update reported a pit constrained resource of 62.7 million tonnes at 1.04% CuEq (Indicated) and 78.4 million tonnes at 0.41% CuEq (Inferred). The Thierry Project hosts two past-producing open pits that transitioned to underground mining. Historically, copper concentrate was shipped to the Horne Smelter in Rouyn-Noranda, QC. Significant infrastructure is already in place, with the Thierry property being accessible via 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.

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. The independent qualified persons for the MRE, as defined by National Instrument ("NI") 43-101 guidelines, is Pierre-Luc Richard, P.Geo., of PLR Resources Inc. with contributions from Stephen Coates, P.Eng., of Evomine for value cut-off, open pit and and optimization solids, and Christian Laroche, P.Eng., from Synectiq, for metallurgical parameters.

Cautionary Statement Regarding Copper Equivalent Grades

Copper Equivalent grades are expressed for purposes of simplicity and are calculated taking into account 1) metal grades; 2) long-term metal prices of: US$4.25/lb copper, US$2,500/oz gold and US$27.00/oz silver; 3) recoveries were calculated using a recovery modelled developed for the Opemiska project and were estimated at 95.0% for copper, 88.0% for gold and 86.0% for silver; 4) net smelter return value of metals as percentage of long-term metal prices, estimated at 89.2%, 95.8% and 88.3% for Cu, Au and Ag respectively. 5) The equation used to calculate CuEq % equals Cu % + 0.8531 Au g/t + 0.0083 Ag g/t.

Cautionary Statement Regarding Mineral Resources

The mineral resources disclosed in this press release conform to NI43-101 standards and guidelines and were prepared by independent qualified persons. The above-mentioned mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of continuity. An Inferred Mineral Resource has a lower level of confidence relative to a Measured or Indicated Mineral Resource and constitutes an insufficient level of confidence to allow conversion to a Mineral Reserve. It is reasonably expected, but not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resources with additional drilling. The National Instrument 43-101 Technical Report, including the mineral resources for the Opemiska Project contained in this news release, will be delivered and filed on SEDAR by XXIX within 45 days of the date of this news release.

For further information, please contact:

Guy Le Bel, Chief Executive Officer
Phone: 514.654.8550
Email: glebel@oregroup.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, any anticipated timelines for the completion of a Preliminary Economic Assessment at Opemiska, various cost, price and production assumptions used to inform the Mineral Resource Estimate cut-off grade, 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.

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/259418

FAQ

What is the new resource estimate for QCCUF's Opemiska Project?

The updated resource includes a pit-constrained resource of 1.4 billion pounds CuEq (Indicated) plus 709 million pounds CuEq (Inferred), with a total resource of 1.7 billion pounds CuEq (Indicated) plus 746 million pounds CuEq (Inferred).

How has the strip ratio changed in QCCUF's 2025 Opemiska resource update?

The strip ratio has been significantly reduced by incorporating lower grade stockwork mineralization, converting what was previously considered waste into resource material.

What is the grade of QCCUF's Opemiska copper project?

The Indicated pit-constrained resource grade is 1.04% CuEq, while the total Indicated resource grade is 1.12% CuEq, making it one of the highest-grade open pitable copper projects in Canada.

What is the new gold potential identified at QCCUF's Opemiska Project?

New gold potential has been identified in the Cooke zone, a past-producing gold mine with its crown pillar still intact, representing significant gold upside to the larger Opemiska copper project.

When will QCCUF complete the PEA for Opemiska?

While specific timing is not provided, the company states it is committed to delivering a high-quality PEA in the near term, with the resource update marking a strategic shift toward improving project economics.