Adamera Minerals Corp. (ADZ:TSX.V; DDNFF:OTCMKTS) has expanded the Max chargeability anomaly at its South Hedley copper-gold project in British Columbia to approximately 3 km along strike, with the target remaining open to the east, according to its October 6, 2026, news release.
The development comes as the company continues IP surveying near Hudbay Minerals Inc.'s (HBM:TSX; HBM:NYSE) producing Copper Mountain mine.
Key Investor Takeaways
- Adamera extended the Max IP anomaly to 3 km along strike on October 6, 2026, remaining open eastward.
- Strong chargeability up to 59 mV/V on L3800 coincides with prior high copper-gold soil values at the target.
- The project sits 18 km from Hudbay Minerals Inc.'s Copper Mountain mine, which holds 345 Mt reserves grading 0.256% copper per Hudbay's March 27, 2026 disclosure.
- Pending soil assays, continued IP surveying, and drill permits represent near-term catalysts for the South Hedley copper-gold targets.
- Adamera maintains a tungsten portfolio in Washington state alongside its British Columbia exploration.
IP Survey Extends Anomaly
The ongoing induced polarization survey on lines L3400 and L3800 returned strong chargeability values, reaching up to 59 mV/V on L3800 near surface and 50 to 53 mV/V at depth. Preliminary readings on line L4200 show the anomaly continuing eastward. The chargeability is hosted in rocks of moderate resistivity, consistent with disseminated sulphides in competent host rocks. The survey uses a pole-dipole array on 5 km (kilometers) north-south lines spaced 400 m apart, with seven lines now completed.
CEO Mark Kolebaba stated that "new porphyry copper-gold targets are rare in Southern British Columbia; most of the region's porphyry deposits were found decades ago. Max has developed into a priority target. It combines a large, strong IP anomaly with copper and gold in the overlying soils, a magnetic anomaly, and copper-bearing intrusive rocks, all within the Quesnel Trough and 18 km from the Copper Mountain mine. The anomaly continues to grow to the east. Lines 3400 and 3800 returned some of the strongest chargeability of the survey, and preliminary readings near the start of Line 4200 are also anomalous. We will continue stepping east to close off the anomaly."
How It Stacks Up Against Hudbay's Copper Mountain Operation
Adamera's Max target lies 18 km east of Hudbay Minerals' Copper Mountain mine. Hudbay reports proven and probable mineral reserves of 345 million tonnes grading 0.256% copper, containing approximately 883,000 tonnes of copper and 1.3 million ounces of gold. Hudbay expects its British Columbia operations to average 48,000 tonnes of copper production per year over the next three years, with Copper Mountain's mineral reserves supporting a mine life to 2045.
Adamera's Max target features a growing IP anomaly up to 3-4 km wide along lines and 3 km along strike, coincident with soil values up to 1,450 ppm copper and 1.34 g/t gold, plus a magnetic anomaly and copper in intrusive rocks. This positions the early-stage exploration project in the same established porphyry district as the operating mine, though no direct relationship or comparable resources have been established.
South Hedley now covers over 24,000 hectares, including recent Bromley claim applications. Approximately 2,000 soil samples from the 2026 program remain pending. Drill permit applications for Max and Glix targets were submitted in February 2026. The company closed a CA$815,000 private placement in August 2026.
Copper and Tungsten Sectors Rising
Demand for copper is expected to increase as data-center construction, power-grid investment, electric vehicles, and defense applications expand. A 2026 study from S&P Global projected that global copper demand will rise from approximately 28 million metric tons in 2025 to 42 million metric tons by 2040, representing an increase of about 50%. The study identified core economic activity and energy source transitions as the largest reasons for additional demand, while AI data centers and defense represent emerging demand drivers.
Supply growth remains a consideration as demand expands. In a separate January 2026 report, S&P Global argued that, without significant additions to global supply, the copper market could face a shortfall of approximately 10 million metric tons by 2040. The study projects that mined copper production could peak around 2030 before declining as existing mines age, while recycled copper would cover only part of the additional demand. The International Energy Agency also continues to track copper as a critical mineral, with its 2026 Critical Minerals Data Explorer providing updated projections for copper demand under multiple energy and technology scenarios.
Technical analyst Stewart Thomson wrote that Adamera is "well-positioned at the inflection point between geophysical discovery and first drilling."1
U.S. trade policy has also affected copper markets and inventories. On April 2, 2026, the White House modified the Section 232 tariff regime for copper, among other metals, so that applicable duties would generally be assessed on the full customs value of covered products rather than only their metal content.
The proclamation established additional duties ranging from 10% to 50%, depending on the product, its origin, and its treatment under the applicable provisions.
The tariff changes have contributed to unusual flows of copper into the United States. Reuters reported in August 2026 that U.S. copper imports had reached 885,000 metric tons during the first half of 2026, while COMEX inventories had climbed to a record 675,185 tons as traders responded to the prospect of future tariffs on refined copper. At the same time, copper prices on the London Metal Exchange approached record levels, illustrating how U.S. tariff expectations have affected the distribution of available metal even as the broader global market remained sensitive to supply disruptions and demand growth.
U.S. copper supply remains an important consideration for the domestic market. The U.S. Geological Survey's 2026 Mineral Commodity Summaries estimated U.S. mine production at approximately 1 million metric tons in 2025, down from 1.05 million metric tons in 2024, while refined copper production was estimated at 850,000 metric tons. The USGS also added copper to the U.S. critical minerals list in 2025.
Adamera also explores for tungsten. Tungsten is a niche metal market, but its performance has rivaled larger markets.
"Project Blue estimates its value at about US$16 billion this year — roughly 5% of the copper market at current prices. It is also far more opaque and illiquid, as it does not trade on major exchanges. Even so, its gains over the past year have far outpaced those of commodities such as gold and oil," according to an article by Mining.com. As one of the strongest metals in the world, it is used in weaponry and is critical in a time of war.
Analyst Coverage Focuses on Adamera's Results
1Technical analyst Stewart Thomson reviewed Adamera on September 25, 2026, highlighting the company’s 1.6-kilometer Max copper-gold chargeability anomaly, pending drill permits, and upcoming soil assay results. Thomson wrote that Adamera is "well-positioned at the inflection point between geophysical discovery and first drilling," with several potential catalysts ahead. He rated the company a "Speculative Buy" and set short-, medium-, and long-term price targets of CA$0.80, CA$1.65, and CA$2.40, respectively.
Thomson also pointed to Adamera's technical chart, noting a bull wedge, rising relative strength index (RSI), and buy signals from the stochastic oscillator and MACD. He identified drill-permit approvals, soil assay results, additional IP surveying, and the Bromley claims as key potential catalysts.
Catalysts in the Near Term
At its Max target, Adamera's next catalysts include continued IP surveying east of the currently defined anomaly, with line L4200 now being surveyed, as well as interpretation of the latest geophysical data.
Finally, the company is continuing to advance the drill permit applications for both the Max and Glix targets
Streetwise Ownership Overview*
Adamera Minerals Corp. (ADZ:TSX.V;DDNFF:OTCMKTS)
| Strike Price | Number | Expiry Date |
|---|---|---|
| $0.5 | 500,000 | 10/24/26 |
| $0.12 | 1,950,000 | 12/30/27 |
| $0.4 | 1,041,666 | 06/29/28 |
| $0.4 | 1,066,333 | 07/28/28 |
| $0.12 | 18,200,000 | 01/30/29 |
| $0.2 | 3,391,024 | 10/02/29 |
| $0.2 | 4,650,253 | 11/21/29 |
| $0.2 | 240,000 | 12/09/29 |
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 07/11/24 | DDNFD:OTCMKTS | 10 | DDNFF:OTCMKTS | 1 |
| 06/13/24 | ADZ:TSXV | 10 | ADZ:TSXV | 1 |
| 06/13/24 | DDNFF:OTCMKTS | 1 | DDNFD:OTCMKTS | 1 |
Ownership & Share Information2
Adamera Minerals Corp. has approximately 66.6 million shares outstanding. Based on the October 7 share price of CA$0.115, the company has a market capitalization of approximately CA$7.66 million. The 52-week range is CA$0.05-CA$0.23.
Institutions hold 1.30% of shares, while Insiders & Management hold 4.66%. The remaining 94.04% of shares are Retail.
Frequently Asked Questions
Q: What does the latest IP expansion mean for scale at Max?
A: The anomaly now measures approximately 3-4 km wide along survey lines and 3 km along strike, closed in the south and west but open to the east, per the October 6 release.
Q: How does Adamera's location compare to Hudbay's Copper Mountain?
A: Adamera's Max target is 18 km from the mine in the Quesnel Trough porphyry belt; Hudbay reports current reserves and production guidance as noted above, while Adamera's work remains at the geophysical targeting stage.
Q: Are drill permits still pending?
A: Yes, applications submitted in February 2026 for Max and Glix remain pending.
Q: What funding supports ongoing work?
A: The company closed CA$815,000 in August 2026 and has accelerated warrants that could generate up to CA$2.4 million if exercised.
Important Disclosures:
- Adamera Minerals Corp. is a billboard sponsor of Streetwise Reports. The company pays a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship.
- 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.
- Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Disclosure for the quote from the Stewart Thomson article published on September 25, 2026
- 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.
- 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.
