Copper Explorer Advances Large Copper-Gold Porphyry Target in Southern BC

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1. Disclosure for the quote from the Stewart Thomson article published on August 20, 2026

1. Torr Metals Inc. has paid Street Smart (an affiliate of Streetwise Reports) a fee of US$3,000 for the preparation of an independent technical research report.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. Mr. Thomson is not an investment advisor. He does not know the financial situation or risk tolerance of any reader. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts. The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed. Mr. Thomson owns no securities in Torr Metals Inc., and he has no direct financial relationship with the company.

2. 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.

Torr Metals Inc. (TMET:TSX.V) released an interpretation and targeting update from its fully financed Phase 2 drill program at Bertha North, part of the 332-square-kilometer Kolos copper-gold project in southern British Columbia, according to a September 23 release.

Phase 2 drilling is increasingly defining Bertha North as a large copper-gold porphyry-style hydrothermal system, with holes 26-KO-01 through 26-KO-04 confirming copper-bearing breccias, mineralized structural corridors, and a pyrite-chalcopyrite-bearing intrusive phase in 26-KO-04. Integrating drilling with geophysics and surface geochemistry has sharpened targets south of the current drilling, where strong copper-in-soil anomalies and mineralized structures coincide with magnetic, resistive, and chargeable responses above a resistivity feature extending more than 1,000 meters vertically. Torr said it interprets the feature as a potential intrusive source and plans to test its upper margin through a program of up to 6,000 meters.

Holes 26-KO-01 through 26-KO-04 have outlined north-south and northeast-southwest structural corridors containing copper-bearing hydrothermal breccias. Copper-mineralized biotite-phase and potassium-feldspar-altered dikes provide increasingly proximal vectors toward the interpreted source. In 26-KO-04, a magnetite-bearing intrusive dike with disseminated pyrite and chalcopyrite occurs within a broader 40.6-meter interval of brecciated, hematized, and mineralized volcanic rocks, marking the closest drilling yet to the potential intrusive center.

Planned holes KP-7 and KP-8 will test farther south across the deep resistivity anomaly and structural convergence. Torr is restoring historical exploration roads to provide access, while assays from Phase 2 drilling remain pending, with initial results expected shortly for 26-KO-01 and 26-KO-02. About 3,500 meters of the planned 6,000-meter program has been completed.

"Phase 2 drilling is demonstrating the scale of the mineralized hydrothermal system at Bertha North and, importantly, giving us a clearer path toward its interpreted center," said President and Chief Executive Officer Malcolm Dorsey. "We began by identifying copper-bearing hydrothermal breccias and structural conduits that carried mineralizing fluids through the system, and we are now following those conduits inward through increasingly proximal intrusive phases and alteration. Hole 26-KO-04 represents an important step in that progression, intersecting a sulfide-bearing, magnetite-rich intrusive dike within a broad brecciated, hematized, and mineralized interval. The scale and intensity of alteration and pyritic hydrothermal activity encountered across our drilling are encouraging for the style of porphyry system we are exploring for, with the nearby New Afton-style providing an important regional analogue. Our next holes will follow this progression south, where copper geochemistry, mineralized structures, and multiple geophysical signatures converge above the interpreted deep intrusive source."

A Deeper Look at Bertha North

Torr Metals' Phase 2 drilling has also encountered extensive hydrothermal alteration, brecciation, hematization, and veining containing pyrite and magnetite, with localized chalcopyrite and chalcocite, the company said. The intensity of that alteration and associated fracturing has created challenging ground conditions and slowed drilling, though the company views the scale of alteration as itself a positive sign of substantial hydrothermal fluid flow through the system.

Within 26-KO-04's broader 40.6-meter interval, the intrusive dike sits specifically between 429.2 and 469.8 meters, with the disseminated pyrite-chalcopyrite mineralization occurring at about 460.5 meters — giving Torr a precise depth marker to guide follow-up drilling.

About 3,500 meters of the program is now complete, with assays outstanding due to longer laboratory turnaround times. Torr plans to combine those results with geological observations, geochemical data, and its 2026 geophysical inversion to refine subsequent drilling.

Separately, Torr has elected to shift to semi-annual financial reporting under Coordinated Blanket Order 51-933, which permits eligible venture issuers to move from quarterly to twice-yearly reporting. With its fiscal year ending April 30, the company will not file interim financial statements or related management discussion and analysis for the three months ended July 31, 2026, or for subsequent quarters ending July 31 and January 31, provided it continues to meet eligibility requirements.

Technical Analyst Bullish on Two-Metal Explorer

¹In a Streetwise Reports review published August 20, technical analyst Stewart Thomson said ongoing drilling at Kolos' Bertha North target, the first-ever drilling there, has confirmed a large porphyry-style hydrothermal system, with copper sulfides, brecciation, stockwork veining, and potassic alteration pointing toward a potential porphyry core. Bertha North is one of four large-scale porphyry targets at Kolos and the only one drilled so far. With roughly 4,000 meters remaining in Torr's fully funded 2026 program, the company plans to continue testing Bertha North, while the Sonic and Kirby-Lodi targets provide additional discovery opportunities. At Filion, Thomson highlighted trench results of up to 13.1 g/t gold as supporting the project's district-scale potential and the expanded land position along a prospective 60-kilometer trend.

Thomson cited structural demand from EVs, renewable energy, and AI data centers as potential long-term support for copper, which he called "Dr. Copper" because of its role as an economic indicator and potential inflation hedge. He also pointed to a multi-year copper uptrend and buy signals from stochastics and MACD on the weekly chart. Thomson described gold as a leading safe-haven asset and said central-bank buying and technical patterns could support prices above US$9,000 an ounce.

Among the fundamental catalysts, Thomson highlighted the August 18 discovery of potassic alteration and copper sulfides in hole 26-KO-03 as a potential vector toward the hotter magmatic-hydrothermal center of Bertha North. He said copper sulfides occur along the margins of the potassic-altered intrusive alongside a strengthening chargeability anomaly that remains open at depth, providing a stronger indication of a potential higher-grade core.

Stewart Thomson identified CA$0.19, CA$0.27, and CA$0.46 as short-, medium-, and long-term resistance levels and assigned the stock a Speculative Buy rating.¹

Thomson also cited Torr's highway-accessible projects, Kolos' location less than 30 kilometers from the Highland Valley and New Afton mines, and its portfolio of porphyry targets, including Bertha-Bertha North, the undrilled Sonic Zone, and drill-permitted Lodi-Kirby target.

He noted that exposure to BC copper-gold and Ontario gold provides commodity diversification, while the sub-CA$10 million market capitalization and fully funded 2026 program could provide exploration leverage without immediate financing-related dilution.

Technically, Thomson said Torr's weekly chart was approaching a potential breakout from the CA$0.08-to-CA$0.27 trading range, supported by rising volume and a new MACD buy signal, while stochastics was oversold and nearing a crossover. He also identified a bull-wedge breakout on the daily chart and a developing stochastic buy signal, with CA$0.27 as the next key level he highlighted.

Thomson identified exploration, financing, dilution, commodity prices, and permitting as key risks. He noted that neither project is guaranteed to establish an economic resource; geological interpretations can change as drilling advances, the pre-revenue company may require additional financing, copper and gold prices can weaken, and regulatory delays in BC or Ontario could affect exploration schedules and costs. He advised investors to consult licensed and qualified investment professionals and seek multiple opinions before making investment decisions.

"Torr Metals Corp. presents a compelling opportunity for investors seeking leveraged exposure to Tier-1 copper-gold discoveries," Thomson wrote. "The August 18, 2026, confirmation of potassic alteration and copper sulfides at Bertha North signals proximity to a high-grade porphyry core, significantly de-risking the district-scale potential of the Kolos Project. Combined with a fully funded drill program, highway-accessible infrastructure, and a secondary high-grade gold pipeline in Ontario, Torr is uniquely positioned for rapid value appreciation. With an experienced board, strongly bullish price charts, and a market cap under CA$10 million (at the time of writing), shareholders stand to benefit from continued drill success and potential major company consolidation in this premier jurisdiction."

Torr shares traded at CA$0.15 when the review was written on August 18, 2026. Thomson identified CA$0.19, CA$0.27, and CA$0.46 as short-, medium-, and long-term resistance levels and assigned the stock a Speculative Buy rating.

The Catalyst: Copper's Record Run Shows No Signs of Slowing

Copper is setting fresh records on a near-weekly basis this September. Comex futures touched an all-time high of US$6.83 per pound on September 22, while London Metal Exchange three-month copper reached US$14,833 per tonne the following day, according to Discovery Alert's September 24 market analysis. That puts the metal up roughly 18% year-to-date. The Comex record is driven substantially by U.S. tariff positioning rather than pure global tightness, with Comex now holding an estimated 69% of global exchange copper stocks after 18 months of tariff-driven metal flows into the U.S. That imbalance has left LME available inventory thin — somewhere between 90,000 and 133,725 tonnes — pushing the exchange's cash-to-three-month spread into its steepest backwardation since 2021.

Trading Economics data corroborates the move, showing Comex copper at an all-time high of US$6.83 per pound as of September 23, up 3.21% over the past four weeks and 48.7% over the past year. Sprott Asset Management has said global mined copper production could post its first annual decline since 2017,  after the first-half 2026 production fell 1.1% year-over year, citing supply disruptions, falling ore grades, and weak output from Chile, while outages in Indonesia and the Democratic Republic of Congo have trimmed expected annual global production by an estimated 600,000 tonnes. On the demand side, consumption has stayed strong across power grids, AI data centers, and the defense sector, with the recent rally in technology and AI stocks reinforcing the broader demand outlook.

Two near-term catalysts could determine whether the rally holds or unwinds quickly: a strike vote at Escondida — the world's largest copper mine — scheduled for September 28-30, and a pending White House decision on copper tariffs. The U.S. Commerce Department has already proposed a phased tariff structure of 15% starting January 2027 and 30% from 2028, still awaiting presidential sign-off. LME stocks have already risen roughly 20% since mid-August, showing that even modest inventory additions can cool the rally quickly — meaning the current policy-driven premium looks fragile near term, even as electrification, EV adoption, and AI data-center buildout continue supporting a structurally higher copper price regime over a multi-year horizon.

Ownership and Share Information²

Torr Metals Inc. has a market cap of CA$12.22 million, with 84.02 million shares outstanding. The company's 52-week range is CA$0.08-CA$0.27.

Strategic investors own 4.76% of shares, while management and insiders own 4.32%. The rest is retail.

Common Investor Questions

What did Torr Metals announce on September 23? An interpretation and targeting update from its fully financed Phase 2 drill program at Bertha North, part of the Kolos copper-gold project in southern British Columbia — not new assay results, which remain pending.

What has Phase 2 drilling shown so far? Holes 26-KO-01 through 26-KO-04 have confirmed copper-bearing breccias and mineralized structural corridors, with 26-KO-04 intersecting a magnetite-bearing intrusive dike containing disseminated pyrite-chalcopyrite mineralization within a broader 40.6-meter interval — the closest drilling yet to what the company interprets as a potential intrusive source.

What's next in the program? Planned holes KP-7 and KP-8 will test farther south, across a deep resistivity anomaly extending beyond 1,000 meters vertically. About 3,500 of the planned 6,000 meters have been drilled, with assays for 26-KO-01 and 26-KO-02 expected soon, pending longer-than-usual lab turnaround times.

What does technical analyst Stewart Thomson think of the stock? In an August 20 review, Thomson assigned a Speculative Buy rating, citing the discovery of potassic alteration and copper sulfides at Bertha North, Torr's highway-accessible, multi-target project pipeline (including the undrilled Sonic and drill-permitted Lodi-Kirby targets), and bullish technical signals across both weekly and daily charts. He identified CA$0.19, CA$0.27, and CA$0.46 as short-, medium-, and long-term resistance levels.¹

What's the broader copper market backdrop? Copper has repeatedly hit record highs this September — US$6.83 per pound on Comex and US$14,833 per tonne on the LME — driven substantially by U.S. tariff positioning, supply disruptions in Chile, Indonesia, and the DRC, and strong demand from power grids, AI data centers, and defense. A strike vote at the Escondida mine (September 28–30) and a pending White House tariff decision are flagged as near-term catalysts that could determine whether the rally holds.