XXIX METAL Stock Price, News & Analysis

XXIX Metal Corp (OTCQB: QCCUF), also trading on the TSX Venture Exchange under the symbol XXIX and on the Frankfurt Stock Exchange under 5LW0, is a basic materials company focused on copper. According to its public disclosures, the company is advancing two significant Canadian copper assets: the Opemiska Copper Project in Quebec and the Thierry Copper Project in Ontario.

Core Focus on Canadian Copper Projects

XXIX states that it is advancing the Opemiska Project, described in multiple news releases as one of Canada's highest-grade open pitable copper deposits. The project spans 21,333 hectares in the Chapais–Chibougamau region of Quebec and benefits from existing infrastructure and nearby access to the Horne Smelter. Company disclosures describe Opemiska as a 100%-owned copper project with a Preliminary Economic Assessment (PEA) evaluating an open pit mining and milling operation over a 17-year life of mine.

The PEA for Opemiska, as summarized in the company’s news releases, contemplates a 12,500 tonne-per-day processing plant, with copper, gold and silver as payable metals. The study evaluates the potential economic viability of pit-constrained indicated and inferred mineral resources and represents the first economic study on the historic Opemiska mining camp since underground operations ceased in 1991. The company emphasizes that the PEA is preliminary in nature and relies in part on inferred mineral resources, consistent with National Instrument 43-101 (NI 43-101) disclosure requirements.

Opemiska comprises four past-producing mines, with the Springer and Perry zones underpinning the current PEA. The company has also highlighted additional growth areas such as the Cooke Gold Zone and the Saddle Zone, which lie outside the current mineral resource estimate and PEA mine plan. XXIX reports that Cooke is a past-producing underground gold mine with copper by-product credits, while Saddle has returned copper-gold intercepts in earlier drilling campaigns.

Opemiska: Resource, PEA and Growth Areas

In its technical and news disclosures, XXIX notes that a June 2025 resource update for Opemiska 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 company also reports that an October 2025 PEA outlined a 12,500 tpd open pit operation over a 17-year mine life, with after-tax NPV8%, IRR and payback metrics based on copper, gold and silver price assumptions. These figures are presented as part of a high-level economic assessment and are subject to the limitations of inferred resources, as repeatedly cautioned in the company’s releases.

Beyond the core PEA pit, XXIX has described several exploration and resource growth targets at Opemiska:

• Cooke Gold Zone: A former Falconbridge underground gold mine that historically produced 1.97 million tonnes grading 5.04 g/t gold and 0.66% copper, with an intact crown pillar. XXIX has initiated and expanded drill programs focused on near-surface gold and copper mineralization in the crown pillar and surrounding horizons.
• Saddle Zone: A copper-gold area within the broader open pit environment that has returned high-grade copper-gold intercepts in previous drilling. The company indicates that Saddle is not yet included in the current mineral resource estimate or PEA and requires additional drilling before potential resource inclusion.
• Chibougamau Copper Zone: A target located north of Cooke where drilling has intersected copper mineralization, representing additional upside relative to the existing Opemiska resource base and PEA.

XXIX’s disclosures also reference potential underground resource opportunities below the contemplated open pit at the Springer and Perry zones, where mineralization has been drilled to significant depths. The company notes that these concepts require further evaluation before any underground development scenario could be defined.

Thierry Copper Project

The Thierry Copper Project is another key asset highlighted by XXIX. Company news releases describe Thierry as hosting the K1 (near-surface) and K2 (underground and surface) zones, with significant infrastructure in place. The property is reported to be accessible via all-season road, with an airport within 5 km, a provincial power grid within 8 km, and nearby rail.

XXIX has disclosed that K1 currently hosts an inferred resource characterized by copper, nickel, gold, platinum, palladium and silver, based on a modern geological model compiled and validated by the company. The model indicates that mineralization begins at surface, extends along strike for more than 1.4 km, reaches widths up to 260 metres and has been drilled to a depth of approximately 400 metres, with indications of increasing copper grades with depth. The company has outlined plans for a substantial drill program at K1 aimed at updating and expanding the resource.

In more recent disclosures, XXIX has also reported induced polarization (IP) survey results at Thierry, including 73.5 line kilometres of IP over multiple grids. The company states that these surveys have identified strong anomalies between the K1 and K2 areas, as well as conductive corridors east of K1 and west of K2, which it interprets as potential sulphide targets and broader district-scale exploration corridors. Thierry’s K2 zone is described as a past-producing operation, and the company is reinterpreting a substantial historical drilling database to refine its understanding of the deposit.

Exploration Strategy and Technical Approach

Across both Opemiska and Thierry, XXIX emphasizes its focus on systematic exploration and data-driven geological modelling. Public releases describe extensive database validation and reinterpretation work, including the integration of historical drilling, modern geophysics and NI 43-101 compliant resource modelling. At Opemiska, the company has highlighted the use of historical Falconbridge data, new drilling, and third-party engineering and metallurgical studies to support its PEA.

At Thierry, the company reports combining new IP survey data with historical geophysical work to generate project-scale interpretation maps and new drill targets. It also notes the use of large historical drilling databases—over 210,000 metres of drilling at Thierry—as a foundation for updated geological models and exploration targeting.

Community and Stakeholder Engagement

XXIX’s disclosures include information on community engagement, particularly around the Opemiska Project within the municipal boundaries of Chapais, Quebec. The company has described voluntary pre-consultation processes involving public information sessions, citizens’ cafés and meetings with the Chapais City Council. These engagements are framed as opportunities to present PEA results, discuss project concepts and gather feedback from residents.

Topics raised in these sessions, as summarized by XXIX, include management of mining waste and environmental safeguards, potential economic and demographic impacts, local hiring, relocation considerations, infrastructure improvements and transparency commitments. The company has indicated plans for thematic workshops, a monitoring committee and regular newsletters as part of ongoing dialogue with the community.

Corporate Positioning

In its own descriptions, XXIX characterizes itself as a key participant in the Canadian copper sector and one of Eastern Canada’s larger copper developers, based on the scale and potential of Opemiska and Thierry. The company also notes that Opemiska’s concentrates are described as clean and, in some disclosures, as not yet allocated, and that it may be eligible for certain Canadian tax incentives related to clean technology manufacturing, while cautioning that there is no guarantee such incentives will be realized.

Beyond its core projects, XXIX has reported transactions that provide exposure to other exploration assets, such as its acquisition of a 19.9% interest in Kintavar Exploration Inc. through the sale of the Roger Project. The company has described this as a way to retain exposure to a portfolio of Quebec gold and copper assets while potentially accessing non-dilutive capital through future monetization of its shareholdings.

Risk and Disclosure Considerations

XXIX’s news releases consistently include cautions that its PEA and resource statements are subject to the limitations of NI 43-101. In particular, inferred mineral resources are considered too speculative geologically to be used in economic analyses beyond the scope of a PEA, and there is no certainty that the PEA results will be realized or that inferred resources will be converted to indicated or measured categories. The company also notes that non-IFRS financial measures such as C1 cash cost may not be comparable to similar measures used by other issuers and should not be considered in isolation.

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