Copper Explorer Validates High-Grade 12.7B Pound Resource in Colombia

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Copper Giant Resources Corp. (CGNT:TSXV; LBCMF:OTCQB) announced assay results from the initial directional daughter holes drilled at the Mocoa copper-molybdenum porphyry project in Putumayo, Colombia, according to an April 14 release.

This drilling is part of the company's comprehensive 2026 exploration efforts at Mocoa, a Jurassic-age porphyry deposit known for its extensive copper and molybdenum mineralization, which extends from the surface down to depths surpassing 1,100 vertical meters.

"These are our first directional daughter holes at Mocoa, and they've delivered exactly what we interpreted," noted Vice President of Exploration Edwin Naranjo Sierra. "The resource model is validated, and in places exceeded, by what we're seeing in core. This precision drilling approach gives us more high-quality data at lower cost while confirming the continuity and predictability of the system. These results are a key step toward resource conversion and advancing Mocoa toward PEA."

The results from the daughter holes MD-059 and MD-060, which originated from mother hole MD-057, along with MD-058 from mother hole MD-056, have shown promising outcomes, the company said These results not only meet but in some areas exceed the current Mineral Resource Estimate (MRE) average grade of 0.51% copper equivalent (CuEq), affirming the accuracy and potential underestimation of the existing resource model. Notably, all three holes reached their target depths while still encountering mineralization.

Specifically, MD-058 has notably expanded the mineralization along the southern boundary of the project, extending into zones previously considered non-mineral bearing. This expansion not only confirms the presence of valuable minerals but also strengthens the direction towards the La Estrella target, where an additional drilling rig has been deployed to accelerate exploration.

These findings are instrumental in transitioning the resource classification from Inferred to Indicated, moving the Mocoa project closer to a Preliminary Economic Assessment (PEA), Copper Giant said in the release. With two drill rigs actively operating at the site, the company continues to advance its exploration capabilities and deepen its understanding of the project's potential.

Improving Geological Insight

Copper Giant Resources Corp. recently reported significant findings from its drilling activities at Mocoa. Hole MD-060 demonstrated impressive results, the company said, yielding 285 meters of 0.61% CuEq, which includes copper (Cu) at 0.47% and molybdenum (Mo) at 0.026%. Notably, within this stretch, a segment of 68 meters registered a higher grade of 0.97% CuEq, comprising 0.70% Cu and 0.051% Mo, starting at 249 meters and continuing to the end of the mineralization. The final 19 meters of this hole showed a grade of 0.67% CuEq, with 0.52% Cu and 0.027% Mo.

Similarly, the release noted that Hole MD-059 encountered 198 meters of 0.63% CuEq, with 0.40% Cu and 0.04% Mo. This included a particularly rich section of 141 meters grading 0.71% CuEq (0.47% Cu and 0.05% Mo), beginning at 355 meters and extending to the end of the mineralized zone. Additionally, MD-058 revealed mineralization in a zone previously considered non-mineralized, uncovering 92 meters of 0.39% CuEq (0.34% Cu and 0.01% Mo) within a span of 448 meters starting at 273 meters. This section passed through a newly discovered microdiorite porphyry phase, enhancing the trajectory toward the La Estrella target.

The directional daughter hole MD-058, drilled from mother hole MD-056, is part of Copper Giant's strategic expansion to the south of the current MRE footprint at the Mocoa project.

This initiative follows up on earlier drilling results from MD-054 and MD-056, which explored the southern margin of the deposit. Historically, this area was only superficially examined by shallow drilling efforts by Ingeominas and the United Nations, which did not fully reveal the depth and potential of the porphyry system. The company said the new data from MD-058 shows significant copper and molybdenum mineralization in regions previously considered low-grade or non-mineralized, thus extending the known mineral system both southward and deeper.

These findings align with earlier results from MD-054 and MD-056, enhancing the understanding of mineralization trends along the southern boundary of the project. This improved geological insight has led to the deployment of an additional drill rig, aimed at further exploring this promising area, particularly towards the La Estrella target situated just south of the current MRE zone.

Additionally, the company said it executed its infill drilling strategy by completing holes MD-059 and MD-060 from the established mother hole MD-057. This method allows for the exploration of multiple targets from a single location, which enhances drilling efficiency, increases the amount of geological data collected per meter, and minimizes environmental impact. These holes were strategically placed in areas with previously wide drill spacing to densify data and support the upgrade of certain inferred resources to the indicated category, in preparation for future PEA evaluations.

Both MD-059 and MD-060 intersected continuous mineralization typical of the Mocoa copper and molybdenum porphyry system, yielding high-grade intervals that meet or exceed the projections of the current MRE model, the release said. These results are crucial as they validate the company's geological and grade models, confirming the continuity and predictability of higher-grade mineral zones within the deposit. This ongoing success in drilling underscores the potential for further resource development and refinement at the Mocoa project.

'Lots of Avenues' Towards Resource Growth at Project

Copper Giant recently disclosed the results from two additional drill holes as part of their 2026 drilling initiative at Mocoa, wrote Red Cloud Analyst Taylor Combaluzier in an updated research note on March 17.

The results from the holes were promising, showing extensive intervals of copper and molybdenum mineralization, the analyst said. This drilling effort focused on areas within the MRE block model that had previously seen limited drilling, and it successfully identified significant high-grade mineralization deeper in the southern boundary of the MRE designated area. The company expressed optimism about these findings, stating, "We view these as encouraging results that reinforce our view that there are lots of avenues towards near-term resource growth at Mocoa."

The exploration at Mocoa has revealed that large areas of the pit shell, as defined in the latest MRE update, are still under-explored, particularly in the southern sector, Combaluzier said. Here, the drilling results suggest there might be a geological connection with the La Estrella target located further south. This underlines the potential for further mineral discoveries within the project area. The company believes that "further positive drill results should support conversion and expansion of the 12.7B lb CuEq resource at Mocoa."

In pursuit of more detailed and comprehensive data to enhance the project's feasibility, Copper Giant is continuing with additional infill drilling, the analyst said. This ongoing drilling campaign aims to prepare for a PEA-level study, indicating a strategic move towards advancing the project's development and understanding its economic potential.

"We maintain our BUY rating and target price of CA$1.40/share," Combaluzier wrote. "We use a sum-of-parts method to derive our target price for CGNT, which is largely based on Mocoa. We value Mocoa on an in-situ basis using US$0.03/lb CuEq. We currently apply a conservative 0.40x multiple to our NAVPS estimate of CA$3.49/sh, to account for the classification of resources as inferred and to reflect jurisdictional and development risk."

According to FactSet on March 16, 2026, Research Capital analyst Stuard McDougall also gave the company a Buy rating with a CA$1.75 target price.

The Catalyst: Stronger Future for the Red Metal?

Copper price forecasts used in mining studies, which influence investment choices, have risen by approximately 60% since 2020, indicating a fundamentally stronger future for the metal, according to a report by Mining.com on April 13.

Research conducted by the Chilean consultancy Plusmining, examining over 300 studies submitted between 2015 and 2026, revealed that base-case copper price predictions have increased from around US$3 per pound during 2015–2020 to an average of about US$4.80 per pound by early 2026. Even after accounting for inflation, long-term projections are still approximately 28% higher in real terms compared to 2020 levels. However, these projections generally remain below current spot prices and fall within historical ranges when compared to past averages.

"These patterns suggest companies are not materially over-optimistic, despite raising their long-term expectations," says Andrés González, head of Mining Industry Analysis and author of the study. "Assumptions remain anchored to observable market benchmarks rather than short-term price spikes."

This shift indicates a significant change in copper’s demand dynamics as the global transition to renewable energy gains momentum, the piece said. Electric vehicles require significantly more copper than conventional cars, and the expansion of renewable energy systems, power grids, and data centers is driving continuous growth in consumption. This has strengthened the belief that demand will surpass supply in the coming years, embedding a narrative of structural deficit within the industry. This outlook is further intensified by increasing supply challenges. Diminishing ore grades, more complex project development, and permitting processes that can take years are restricting new supply.

With an average lead time of 17 years from discovery to production, projects approved today are unlikely to yield significant output until the 2040s. Recent disruptions have highlighted the market's vulnerability. Operational challenges in 2025 at major mines such as Grasberg, Kamoa-Kakula, and El Teniente further tightened supply, driving London Metal Exchange copper prices above US$6 per pound in early 2026 — levels that remain historically high even after adjusting for inflation.

"The implications for supply are significant," González wrote. "Projects once considered uneconomic at lower price assumptions are being reassessed, and previously sidelined assets are returning to development pipelines. Capital is beginning to follow, as producers reposition portfolios to secure future copper exposure."

Major mining companies are accelerating this transition through consolidation and project integration, with notable merger attempts and asset combinations aimed at unlocking scale and synergies. "As capital flows increasingly toward both new and existing projects, owning copper resources is becoming a strategic priority that will shape the sector’s long-term direction," he said.

Price increases driven by the conflict in the Middle East have raised expenses for Codelco, the world's leading copper producer, reported Fabian Cambero for Reuters on April 13.

Despite this, the Chilean state-owned company remains on course to achieve its production target for 2026, according to Chairman Maximo Pacheco in an interview with Reuters. Codelco plans to produce 1.344 million metric tons of copper this year, following a decline to a 25-year low in 2022 and 2023. The company aims to further increase output to 1.7 million tons by 2030.

The ongoing conflict in the Middle East has increased Codelco's cash costs by at least 10 cents per pound, which Pacheco described as significant. He noted that "the biggest challenge for the industry is operational continuity," emphasizing the growing difficulty in copper production. However, Codelco has managed to mitigate some of the impact by securing enough sulfuric acid, essential for production, to last the entire year before prices began to rise. "We can weather the current situation with sulfuric acid with relative ease," Pacheco stated.

In the first quarter, Codelco produced 271,300 tons of copper, a decrease from the previous year due to planned maintenance, but still within expected levels, according to Pacheco.

Ownership and Share Structure¹

10.74% of Copper Giant is owned by management and insiders with Frank Giustra holding the most with 9.37%. The rest is retail.

Copper Giant has 207.66 million shares outstanding, a market cap of CA$149.52 million, and a 52-week range of CA$0.15 - CA$1.