They Went Looking for Gold. Now, Their BC Copper Target Is Expanding as Tungsten Potential Grows

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2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Adamera Minerals Corp. 
3. Katherine Del Buono wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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1. Disclosure for the quote from the Stewart Thomson article published on September 25, 2026

1. Adamera Minerals Corp. has paid Street Smart (an affiliate of Streetwise Reports) a fee of US$3,500 for the preparation of an independent technical research report, published on September 25, 2026.
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 Adamera Minerals Corp., 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.

Adamera Minerals Corp. (ADZ:TSX.V; DDNFF:OTCMKTS) is advancing a large-scale copper-gold porphyry target at its Max prospect on the South Hedley property in southern British Columbia, where recent induced polarization (IP) surveys have outlined a chargeability anomaly reaching three to four kilometers (km) in width and two to 2.5 km in length, with the eastern side still open, according to President, Director & CEO of Adamera, Mark Kolebaba.

The work positions the target in a prolific Quesnel Trough belt near established operations, including HudBay Minerals Inc. (HBM:TSX; HBM:NYSE), which operates the Copper Mountain mine 18 km to the west of the South Hedley property. 

Key Investor Takeaways

• Recent September 2026 IP results expanded the Max chargeability anomaly to 3-4 km by 2-2.5 km, according to Kolebaba, coincident with soil values up to 1,450 ppm copper and 1.34 g/t gold, remaining open to the east.
• CEO Mark Kolebaba emphasized the scale in an interview with Streetwise Reports, comparing dimensions to Mount Polley (3x3 km) and noting the target is "exactly what you want to see" in a district-scale setting near Copper Mountain.
• The South Hedley property has grown to over 24,000 hectares following the applications for the Bromley claims, extending along a 40 km structural corridor toward Hudbay Minerals' Copper Mountain mine 18 km away.
• Drill permits submitted in February 2026 remain pending, with additional sites incorporated from the latest IP data; 2,000 soil samples await assay results.
• Adamera maintains a low-cost exploration approach with recent financing providing runway, while the Max target offers exposure to copper-gold porphyry potential in the Quesnel Trough belt.
• Proximity to existing operations like Copper Mountain provides infrastructure advantages compared to greenfield peers in the same belt.

Searching for Gold. Finding Even More

Adamera first staked Hedley in 2021, when it was only four small claims. The company was initially searching for gold at a time when Kolebaba told the board gold was going to soar, but things didn't go as planned. 

In an exclusive interview with Streetwise Reports, Mark Kolebaba shared, "[Gold] didn't take off, but what did happen is all the surrounding claims around our four blocks were dropped because it was starting to get so dismal in the gold sector ...  we ended up staking a couple of thousand hectares to what became over 20,000 hectares, and that work was done in house."

Kolebaba noted that most of the work was done in-house with a small group of workers, including Kolebaba himself. "My children were even out collecting samples," he told Streetwise. 

At that time, "copper wasn't even on the menu," Kolebaba said. That's when Adamera found the Glix prospect, where they discovered 4.3 grams per tonne gold in the soil. There, they found zinc and copper as well. 

Technical analyst Stewart Thomson wrote, "Adamera Minerals is well-positioned at the inflection point between geophysical discovery and first drilling."

Kolebaba continued, "It wasn't until last year, when we were looking for gold, that we came across something that was 1.34 grams per tonne in soil, and we went a bit further over and ended up getting up to 1,500 ppm copper."

That ended up becoming a 2-km-long copper anomaly in the soil. It was then that Kolebaba noted that they were 18 km away from Copper Mountain. "We thought well, maybe it is a copper porphyry," Kolebaba said.

"Not many people gave us a second look," Kolebaba said. It wasn't until this year that they did the IP. "Now we're getting three or four kilometers of IP chargeability ... and that was in our first line. We went to the second line, and it keeps growing."

The property sits in the Quesnel Trough in British Columbia, where some of the best-known copper-gold projects are situated.

"And this wasn't just an IP anomaly; it's an IP anomaly with copper in the soil, and it wasn't continuous copper because we didn't have that kind of data. But where we had soils, and we had an IP chargeability, we could see a good coincidence with it," Kolebaba added.

The company plans to do further reconnaissance work this year, nearing the end of the season. Kolebaba noted that there are a lot of volcanic rocks in the area and that "volcanic cover has been what stopped other people from finding things because it's basically covering up anything underlying it. The volcanics are really not of importance; they're covering what lies beneath." Both Max and Glix confirm that case. 

What everyone saw as a slew of volcanic rock, Kolebaba found a mosaic of opportunity. 

Latest News: IP Survey Expands Anomaly with Strong Geochemistry

On September 16, 2026, the company reported completion of three additional IP lines at Max, with every line detecting the chargeability anomaly coincident with high copper and gold in soil, including peak values of 1,450 ppm copper and 1.34 g/t gold on line L2200. Kolebaba told Streetwise the anomaly now measures roughly three to four km by two to 2.5 km and is still growing, and an additional 2,000 soil samples from the 2026 program remain pending. The survey continues along 5 km north-south lines spaced 400 meters apart using a pole-dipole array.

Kolebaba highlighted the scale: "It's a really solid IP target that is offering scale, and people are seeing the scale, and that's what's driving most of the interest in what we're doing."

He added, discussing the dimensions, "Three or four kilometers, that's almost too good to be true, and that was in our first line." Kolebaba further noted, "So not only is it not too good to be true, but it's right in the ballpark. It's exactly what you want to see." The company has also applied for the Bromley claims, expanding the property to over 24,000 hectares along a 40 km corridor toward Copper Mountain.

"The moment you see copper in the soils, it really does light a fire under you because now it's real ... If you have copper in the soil, it's coming from somewhere," Kolebaba said. 

The location of Max is also beneficial when it comes to permitting. Kolebaba stated, "Many more of those targets could be tested from roadside, and that makes for much easier permitting when you're not having to put in your own roads."

Scale Comparable to Major Deposits Like Mount Polley and Copper Mountain

The Max target sits in the same Quesnel Trough porphyry belt that hosts major copper-gold operations. Kolebaba has drawn direct comparisons to the scale of known deposits, noting that the anomaly's dimensions align closely with those of Mount Polley, at roughly 3x3 km, and with Copper Mountain, at roughly 3x4 to 3x5 km. 

The IP chargeability and horseshoe-shaped copper-gold soil anomaly form a classic porphyry signature, with the target remaining open and drill permits pending since February 2026. This positions Adamera's exploration in a district with proven infrastructure and production history.

Project and Funding Position

South Hedley now covers more than 24,000 hectares following the September 2026 filing of applications for the Bromley claims.

The company closed a CA$815,000 private placement in August 2026 and remains focused on low-cost geophysics and sampling ahead of drilling.

Pending drill permits cover both the Max copper-gold porphyry and Glix gold skarn targets, with new sites added based on recent IP results.

Comparison to Majors

When asked about his comparison to the majors, Kolebaba said, "Teck and Fortescue's strategy is very similar to ours, going into covered land and trying to find a porphyry under covered rocks."

Teck Resources Ltd. (TECK:TSX; TECK:NYSE) considers itself a significant copper producer in the Americas, with four operating copper mines and a pipeline of projects across the continent. It currently holds a market cap of US$31.98 billion.

Fortescue Metals Group Ltd. (FMG:ASX) is the fourth-largest global iron ore producer. It currently owns the Cañariaco Copper Project in northern Peru. It currently holds a market cap of AU$50.03 billion. 

Like Teck Resources and Fortescue, Adamera Minerals is pursuing critical and strategic metals, but at a much earlier stage: while Teck and Fortescue operate large-scale producing mines, Adamera is focused on exploration, including copper-gold in British Columbia and a tungsten portfolio in Washington State.

Copper on a Run

Adamera is awaiting permits for projects in a time when copper is soaring. According to Mining.com, "Copper held steady on Wednesday [September 30, 2026] and was set to post its third monthly gain in a row." 

S&P Global also recently released a study showing that demand for copper was expected to increase from approximately 28 million metric tons in 2025 to 42 million metric tons by 2040, representing an increase of about 50%.

On September 30, 2026, Goldfix reported that JP Morgan released its copper price forecasts, showing that it expected copper to average US$14,800 per tonne in the fourth quarter of this year and US$13,800 in 2027. 

What Comes Next?

Adamera plans to extend the IP survey, process pending soil assays, and advance the drill permit application. The focus remains on testing the buried sulphide system implied by the growing geophysical and geochemical footprint in a proven copper-gold district. Kolebaba told Streetwise the company is hoping permits come within the next two months, with the possibility of it happening in early 2027.

Kolebaba highlighted that the governmental part of the permit review is finished; however, the consultation with First Nations has been stalled due to wildfires in the area. 

Now a Critical Minerals Story

Copper and silver have both been recognized as critical minerals by the United States government. Adamera has both, but there's also one more critical mineral that the company has held for more than a decade: tungsten.

Starting January 1, 2027, U.S. defense procurement rules will further restrict the acquisition of specified tungsten materials and products produced from tungsten ore or feedstock originating in North Korea, China, Russia, or Iran, subject to certain exceptions.

Currently, China accounts for around 80% of global tungsten production and holds over 50% of the world's tungsten reserves. According to the Junior Mining Network, "There has been no known commercial production of tungsten concentrates in either the U.S.A. or Canada since 2016."

"Copper might take a little bit of a hit for a short period, but tungsten, that is a must. The U.S. government absolutely must have tungsten, and there aren't many options," Kolebaba said. This has been a rapidly popularized mineral, as he pointed out, "Nobody cared about tungsten 10 years ago. Nobody."

Yet, it has shown massive growth. Mining Weekly recently estimated that the global tungsten market in 2025 was around US$5.14 billion, and forecasts it will reach US$5.56 billion by the end of the year and US$10.45 billion by 2034.

Thomson gave the company a Speculative Buy rating, with short-term, medium-term, and long-term targets of CA$0.80, CA$1.65, and CA$2.40. 

Enter Adamera's Talisman Historic Copper-Silver Mine. At Talisman, "all six of those elements are critical," Kolebaba said. These include: copper, zinc, lead, bismuth, tungsten, and silver. The mine is located approximately 95 km by highway from the Teck Trail Smelter. Mineralization at Talisman is stratabound and appears to be skarn-related.

The company first staked Talisman in 2012, officially reporting significant tungsten mineralization and rock samples in November of last year, before staking additional claims in April 2026. 

"We have successfully secured strategic ground around our Talisman and Tungsten Ridge projects," Kolebaba said at the time of the release. "As we launch our 2026 exploration campaign on these properties, our focus shifts to developing targets for drill permitting. The historic Talisman Mine is a former high-grade mine that delivered exceptional grades (up to 1.0% WO₃ (tungsten)), making it an obvious priority for ongoing work.  Equally compelling is our discovery of a new occurrence just 700 meters from the Talisman Mine. We are now preparing a comprehensive exploration program to define the intensity and distribution of tungsten mineralization."

Kolebaba continued in his conversation with Streetwise, "We're not just looking at a small little past producer ... Our data is suggesting we need to go deeper because this thing could keep going for another 200 meters or more."

'Underground Workings are Well Preserved' at Talisman

On October 2, 2026, Adamera reported that it had finished its underground inspection of Talisman. This was conducted by JDS Energy & Mining Inc. and incorporated a preliminary inspection of the portal, adit, and accessible workings of the former mine. The goal of the inspection was to assess the value of the workings for ongoing exploration and to outline potential risks, possibly preventing safe re-entry. No such concerns were identified.

The company reported that the mine is in competent rock and accessible through the portal. No water issues were found. Minor ground support is expected to re-establish safe working conditions.  

Kolebaba commented in the release, "The underground workings are well preserved. The mineralization seen in the adit is consistent with a potentially larger mineralized system ... We now can place these shallow underground observations in the context of our 3D magnetic inversion model, which indicates that the magnetic body extends to depths of more than 200 meters, well below the approximately 30 meters that was previously mined. Knowing that the old mine is open and can be rehabilitated is important, as underground access will provide geological information and potentially drilling access for the project."

'Well-Positioned at the Inflection Point Between Geophysical Discovery and First Drilling'

¹On September 25, 2026, technical analyst Stewart Thomson reviewed Adamera Minerals Corp. after it announced that it had continued to expand the Max Copper-Gold Target.

He wrote, "Adamera Minerals is well-positioned at the inflection point between geophysical discovery and first drilling, with the convergence of the large IP anomaly in Hedley, pending permits, pending assays, and a U.S. tungsten tailwind creating multiple overlapping catalysts over the coming months." 

Thomson continued, "Bullish charts, drill permit approvals, soil assay results, and Bromley claim approvals are the primary signals that the thesis is progressing on schedule. For investors willing to accept inherent volatility and discovery-stage risk, Adamera Minerals appears to offer one of the more asymmetric risk-reward profiles in the junior exploration space today."

He then gave the company a Speculative Buy rating, with short-term, medium-term, and long-term targets of CA$0.80, CA$1.65, and CA$2.40.

Ownership & Share Structure²

Adamera Minerals Corp. has a market cap of approximately CA$13.32 million and 66.6 million shares outstanding. The 52-week range is CA$0.05-CA$0.23.

Institutions hold 1.30% of shares, management and insiders hold 4.66%, and retail investors hold the remaining 94.04%. 

Common Questions from Investors

How does the Max target scale compare to nearby deposits?

The IP anomaly dimensions of 3-4 km by 2-2.5 km, as described by CEO Mark Kolebaba, align with the scale of Mount Polley at 3x3 km and sit in the same belt as Hudbay's Copper Mountain mine, which has a long production history in the Quesnel Trough.

What is the status of drilling at South Hedley?

Drill permit applications for Max and Glix targets were submitted in February 2026 and remain pending as of late September 2026, with new sites added based on expanded IP coverage.

What other assets does Adamera hold?

Beyond South Hedley, the company holds tungsten properties in Washington State, including the Talisman project, where the company is developing drill targets, providing diversification alongside the BC copper-gold focus.

Adamera continues geophysical work and awaits assay and permit updates that could further define the Max copper-gold system's potential in a district already hosting major production.

What did technical analyst Stewart Thomson say about Adamera?

Thomson gave the company a Speculative Buy rating, saying, "Adamera Minerals is well-positioned at the inflection point between geophysical discovery and first drilling, with the convergence of the large IP anomaly in Hedley, pending permits, pending assays, and a U.S. tungsten tailwind creating multiple overlapping catalysts over the coming months." ¹

Conclusion: Kolebaba Says The Work is 'Rewarding'

After years of grassroots exploration in a tough market, Mark Kolebaba is watching his vision come to life. Adamera is advancing two distinct critical mineral projects, as it expands its Max copper-gold target in British Columbia and its Washington tungsten portfolio. 

Adamera now has the land and the drill-ready targets it was looking for as commodity prices are rising. 

Next milestones include reviewing outstanding assay results, extending geophysical coverage, and advancing permitting in BC, while, in tandem, the company is further working to define its tungsten mineralization at Talisman. 

It took many years, but Adamera is finally getting the attention Kolebaba believes it deserves. "It's pretty darn rewarding," he said, adding that long-term holders "now see light at the end of the tunnel."