XXIX Metal Publishes Opemiska's Preliminary Economic Assessment Technical Report

Rhea-AI Summary

XXIX Metal (OTQB: QCCUF) filed a NI 43-101 PEA technical report for its 100%‑owned Opemiska Project, effective October 17, 2025 and issued December 2, 2025. Key PEA metrics: 17-year mine life with 715M lb copper, 409k oz gold, 2.08M oz silver; after‑tax base case NPV8% C$505M (spot NPV C$897M) and after‑tax IRR 27.2% (39.3% spot); 2.3‑year payback on C$617M initial capex. First six years: ~59M lb Cu/yr, 34k oz Au/yr, 174k oz Ag/yr; C1 cash cost US$1.03/lb Cu (first six years), US$1.40/lb LOM. PEA uses 44.3 Mt inferred resource and notes upside including Cooke zone drilling.

Positive

• After‑tax NPV8% of C$505M
• After‑tax IRR of 27.2%
• Rapid 2.3‑year payback on C$617M initial capital
• First six‑year annual recovered Cu ~59M lb
• Low C1 cash cost US$1.03/lb (first six years)

Negative

• PEA based on 44.3 Mt inferred resources only
• Initial capital requirement of C$617M
• Life‑of‑mine C1 cash cost rises to US$1.40/lb

News Market Reaction

-4.85%

1 alert

-4.85% News Effect

On the day this news was published, QCCUF declined 4.85%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Life-of-mine revenue: $4.40 billion After-tax NPV8% base case: C$505M After-tax NPV8% spot case: C$897M +5 more

8 metrics

Life-of-mine revenue $4.40 billion Opemiska life of mine revenue per PEA

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

After-tax NPV8% spot case C$897M Opemiska PEA using spot pricing

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

After-tax IRR spot case 39.3% Opemiska PEA using spot pricing

Payback period 2.3 years Base case payback on initial capital

Initial capital C$617M Opemiska PEA upfront capital cost

C1 cash cost (first 6 years) US$1.03/lb Copper C1 cash cost net of by-product credits

Market Reality Check

Price: $0.0959 Vol: Volume 319,506 vs 20-day ...

high vol

$0.0959 Last Close

Volume Volume 319,506 vs 20-day average 172,709 (about 1.85x typical trading activity). high

Technical Price $0.092 is trading above the 200-day MA at $0.08 and 8.91% below the 52-week high.

Peers on Argus

QCCUF gained 3.58% with elevated volume while copper peers were mixed: VCUFF -7....

QCCUF gained 3.58% with elevated volume while copper peers were mixed: VCUFF -7.77%, CPCPF flat, ATCUF +3.48%, USCUF +1.92%, and WCUFF sharply higher at +47.22%. The move appears more stock-specific than sector-wide.

Historical Context

5 past events · Latest: Dec 08 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 08	Drill program expansion	Positive	-0.3%	Expanded Cooke and Saddle drilling after encouraging early results and added rig.
Dec 03	PEA technical report	Positive	-4.8%	Filed NI 43-101 PEA with strong NPV, IRR, payback and low cash costs.
Nov 24	Cooke drill update	Positive	+5.2%	Reported wide copper intersections, visible gold and mobilized second drill rig.
Nov 10	Board change & PEA	Positive	+2.9%	New director appointed and reiterated October 2025 PEA economics for Opemiska.
Oct 24	Community consultations	Positive	-10.0%	Thanked residents and presented PEA with robust economics and low cash costs.

Pattern Detected

Across recent largely positive Opemiska updates, QCCUF showed mixed reactions, with 3 divergences and 2 alignments between news tone and next-day price.

Recent Company History

Over the last few months, XXIX Metal focused on advancing the Opemiska project. Key PEA metrics were highlighted repeatedly, including an after-tax NPV8% of C$505M, IRR 27.2%, and a 2.3-year payback on C$617M initial capital for a 17-year mine plan. The company emphasized exploration upside at Cooke and Saddle, with drill programs expanding to 10,000 metres. Governance evolved with a new board appointment. Historically, some PEA-related announcements coincided with share price pullbacks, while exploration updates sometimes saw gains.

Market Pulse Summary

This announcement confirms the formal filing of the Opemiska PEA technical report, outlining a 17-ye...

Analysis

This announcement confirms the formal filing of the Opemiska PEA technical report, outlining a 17-year mine plan with after-tax NPV8% of C$505M, base case IRR 27.2%, a 2.3-year payback on C$617M initial capital, and projected life-of-mine revenue of $4.40 billion. It relies on 44.3 Mt of inferred resources and emphasizes low C1 cash costs. Investors may track follow-up drilling, resource upgrades, and future engineering studies as key next milestones.

Key Terms

preliminary economic assessment, ni 43-101, inferred mineral resources, c1 cash cost, +2 more

6 terms

preliminary economic assessment technical

"filed the independent Preliminary Economic Assessment ("PEA") technical report"

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.

ni 43-101 regulatory

"titled "NI 43-101 Preliminary Economic Assessment (PEA) Technical Report"

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.

inferred mineral resources technical

"The PEA incorporates 44.3 Mt of inferred mineral resources (0.32% Cu, 0.18 g/t Au"

An inferred mineral resource is an estimate of the quantity and grade of minerals in the ground based on limited sampling and geological information, where confidence is low and continuity is uncertain. For investors it signals potential value but also higher risk—like a rough sketch of a hidden treasure that requires much more exploration and testing before you can reliably judge its size or economic worth.

c1 cash cost financial

"with US$1.03/lb C1 cash cost net of by-product credits across the first six years"

C1 cash cost is a per-unit measure of the direct cash outlay required to produce a commodity, covering day-to-day expenses like extraction, processing and on-site labor but typically excluding long-term investments such as major equipment replacement or development projects. Investors use it like a baker watching the cost of ingredients per loaf: it shows operating efficiency and helps compare producers’ short-term profitability and cash generation before bigger capital needs are considered.

irr financial

"27.2% after-tax IRR (39.3% after-tax IRR using spot pricing)"

IRR (Internal Rate of Return) is the annualized percentage return an investment is expected to produce based on its projected series of cash outflows and inflows; mathematically, it’s the rate that makes the present value of those cash flows balance to zero. Investors use IRR to compare and rank projects or investments—similar to comparing the interest rates on savings accounts—to judge which offers the best return for the time and risk involved.

npv8% financial

"C$505M after-tax NPV8% (C$897 after-tax NPV8% using spot pricing)"

Net present value at an 8% discount (npv8%) is the sum of projected future cash flows from an investment, converted into today’s dollars using an 8% annual rate. It shows whether expected future money is worth more or less than the cost now — like comparing a stack of future paychecks to a single lump sum today after accounting for time and risk. Investors use it to decide if a project or asset is likely to create value at that assumed 8% required return.

AI-generated analysis. Not financial advice.

Toronto, Ontario--(Newsfile Corp. - December 3, 2025) - XXIX Metal Corp‎. (TSXV: XXIX) (OTQB: QCCUF) (FSE: 5LW0) ("XXIX" or the "Company") is pleased to report that it has filed the independent Preliminary Economic Assessment ("PEA") technical report for its 100%-owned Opemiska Project in Chapais, Quebec.

Highlights Include:

• Total payable copper across Opemiska 17 year mine life:
  • 715 million pounds of copper
  • 409 thousand ounces of gold
  • 2.08 million ounces of silver

• Robust after-tax base case economics:
  • C$505M after-tax NPV8% (C$897 after-tax NPV8% using spot pricing)
  • 27.2% after-tax IRR (39.3% after-tax IRR using spot pricing)

• Rapid payback: 2.3-year Base Case payback of C$617M initial capital resulting from upfront high-grading.

• Potential High-grade annual recovered payable production across the first six years:
  • 59 million pounds of copper per year
  • 34 thousand ounces of gold per year
  • 174 thousand ounces of silver per year

• Low Cost Producer: Opemiska is in the first quartile of the cost curve with US$1.03/lb C1 cash cost net of by-product credits across the first six years. US$1.40/lb net of by-product credits over the life of mine.

• Significant leverage to rising copper and gold prices, with $4.40 billion in life of mine revenue
  • 70.7% copper
  • 27.9% gold
  • 1.4% silver

• Plenty of Resource upside including Cooke gold zone with active drilling underway.
• Full PEA Technical Report is available on Sedar+ and XXIX's website

Technical Information and Technical Report Filing

The Technical Report, titled "NI 43-101 Preliminary Economic Assessment (PEA) Technical Report for the Opemiska Copper Project, Chapais, Quebec," is dated effective October 17, 2025, with an issue date of December 2, 2025.

The independent qualified persons for the PEA, as defined by National Instrument ("NI") 43-101, are

• Renee Barrette, ing., Principal Metallurgist for Ausenco Engineering Canada ULC for metallurgy and process plant design.
• Pierre-Luc Richard, P. Geo for PLR Resources Inc.
• Jean-François St-Laurent, ing. PEng (ON), M.Sc, Principal Consultant for SRK Consulting (Canada) inc. for the Tailings Management Facility.
• Charles Veilleux, ing, Senior Consultant for SRK Consulting (Canada) inc. for the Hydrology, Site Wide Water balancing and mine site surface water management facilities.
• Maude Lévesque Michaud, ing., from Geodoz conseil for environmental and social considerations.
• Stephen Coates, P. Eng. for Evomine Consulting for mining methods.
• Alexandre Burelle, P. Eng. for Evomine Consulting for cost estimation and financial analysis.

The Technical Report was prepared and compiled by Ausenco, with inputs from the independent qualified persons listed above.

The PEA incorporates 44.3 Mt of inferred mineral resources (0.32% Cu, 0.18 g/t Au, 0.77 g/t Ag). Inferred mineral resources can only be used for economic analysis within a PEA.

The Technical Report is available under the Company's issuer profile on SEDAR+ and on its website at www.xxix.ca. The PEA results were originally announced in the Company's October 21, 2025, news release, also available on our website.

View: Opemiska PEA Technical Report (NI 43-101)

Project Overview

The 100%-owned Opemiska spans 21,333 hectares in Quebec's Chapais-Chibougamau region, with significant infrastructure in place. Opemiska comprises four past-producing mines, two of which (Springer and Perry) underpin the current PEA. Cooke, a third past-producing mine located ~3km east of the proposed pit is currently being evaluated for its gold resource potential.

Location of the Opemiska Project

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.

About Ausenco Engineering Canada ULC

Ausenco is a global engineering, consulting and project delivery firm built for the minerals and metals industry. With three decades of global experience, we work alongside clients to navigate complex challenges from first study to final closure-across every phase, on five continents. Deeply rooted in the minerals and metals industry, our people combine technical depth, hands-on expertise, and hard-earned insight to deliver practical, forward-thinking solutions that reduce risk and unlock value (www.ausenco.com).

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, 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.

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/276735

FAQ

What did XXIX Metal (QCCUF) report in the Opemiska PEA filed December 2025?

The company filed a NI 43‑101 PEA (effective Oct 17, 2025; issued Dec 2, 2025) showing 715M lb Cu, C$505M after‑tax NPV8%, and 27.2% after‑tax IRR.

What are Opemiska's projected annual production rates for the first six years in the QCCUF PEA?

The PEA projects ~59M lb recovered copper, 34k oz gold, and 174k oz silver per year for the first six years.

How much initial capital does the Opemiska PEA require for XXIX Metal (QCCUF)?

The PEA shows an initial capital requirement of C$617M, with a 2.3‑year base case payback.

What cost position does Opemiska hold per the PEA for QCCUF shareholders?

Opemiska is reported in the first quartile with C1 cash cost of US$1.03/lb Cu (first six years) and US$1.40/lb LOM net of by‑product credits.

What resource base underpins the Opemiska PEA for XXIX (QCCUF)?

The PEA incorporates 44.3 Mt inferred mineral resources at 0.32% Cu, 0.18 g/t Au, 0.77 g/t Ag; inferred resources were used for the economic analysis.