Algo Grande Copper Finds Its Copper Rock Is Heavier, Plans Adelita Survey

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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 Algo Grande Copper Corp. and Pan American Silver Corp.
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1. Disclosure for the quote from the Stewart Thomson article published on February 17, 2026

1. For the quoted article (published on February 17, 2026), Algo Grande Copper Corp. has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
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. 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.

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.

Key Investor Takeaways

• Lab tests on 18 drill core samples show mineralized skarn at Adelita averages 3.76 grams per cubic centimeter in density, compared with 3.25 for unmineralized skarn and 2.92 or less for the host rocks.
• Mineralized skarn is also far more chargeable, at 74 to 128 milliseconds versus 3 to 8 milliseconds for unmineralized skarn.
• A ground gravity survey of approximately 1,296 stations begins on October 22 to test more than 10 conceptual targets along a 7-kilometer corridor and may identify additional targets. A final report, including a 3D density model, is expected about seven weeks after fieldwork ends.
• A gravity high points to skarn, not necessarily to copper, and the company's existing IP survey did not clearly detect the copper drilled so far. A calibration test is planned before more IP work.
• Hole AG-CG-PH2-003 intersected fault-hosted skarn with visible copper minerals at a target separate from Cerro Grande. Assays are pending, and the visual observations are preliminary.
• September brought Phase II assays of 30.23 meters at 1.5% copper equivalent, a five-year surface access agreement, and a CA$4.79 million private placement.
• Bob Moriarty of 321gold.com sees potential for a district-scale discovery, and technical analyst Stewart Thomson rates the stock a Speculative Buy.¹
• Copper is trading near its September record as AI and data centers add to electricity demand.

Heavier Rock, Sharper Targets: Gravity Survey Set for Adelita

At the Adelita project in Sonora, Mexico, the rock that carries the copper is heavier, on average, than the rock around it. Algo Grande Copper Corp. (ALGR:TSXV; ALGRF:OTCPK; KM00:FSE) plans to put that to work on October 22, when crews begin a ground gravity survey meant to find more of it along a 7-kilometer corridor, the company announced on October 7.

The decision rests on tests of 18 drill core samples from six holes at the Cerro Grande target, three samples for each rock type, measured by Zonge International in December 2025. Mineralized skarn averaged 3.76 grams per cubic centimeter (g/cm³) in dry density. Unmineralized skarn averaged 3.25 g/cm³, and the host rocks tested averaged 2.92 g/cm³ or less.

The gap was wider on chargeability, a measure of how well rock holds an electrical charge. Mineralized skarn returned 74 to 128 milliseconds (ms), compared with 3 to 8 ms for unmineralized skarn and less than 13 ms for the other rock types.

GEOTEM Ingeniería S.A. de C.V. will carry out the survey, taking readings at about 1,296 stations on a 150-meter grid across the Mezquital, Cerro Grande, Cerro Potrero, and Las Trancas areas. The company expects fieldwork to take 28 to 35 active days, with a final report, including a 3D density model, about seven weeks after crews finish.

"Magnetics finds the structure, gravity finds the weight, IP finds the charge," Chief Executive Officer Enrico Gay said in the release.

Gravity Finds the Skarn, Not Always the Copper

The targets sit along a 7-kilometer limestone corridor where north-south and northwest-southeast faults cross. More than 10 of those intersections show magnetic signatures similar to the skarn at Cerro Grande, the company said. It describes them as conceptual targets, not mineral resources.

Magnetics alone do not detect every type of skarn, which is why the company is adding gravity. But gravity has a limit of its own. The densities of mineralized and unmineralized skarn overlap, and one barren sample, at 3.53 g/cm³, was denser than the lightest mineralized sample, at 3.51 g/cm³. A gravity high points to skarn, the company said, not necessarily to copper.

Separating the two falls to induced polarization (IP) surveys and drilling. Here, the company flagged an open question. Its existing 3D IP survey did not show a clear chargeability response over the copper mineralization drilled so far. Algo Grande said it is reviewing whether the survey's design explains that, and it plans a calibration test over known skarn at Cerro Grande before extending IP to any gravity targets.

The company also noted that the lab results come from a small, selected set of samples and may not represent the whole project.

The release pointed to one early sign that the approach works. Hole AG-CG-PH2-003, drilled on a fault-controlled target separate from Cerro Grande, intersected fault-hosted skarn from 602.0 to 654.1 meters (m) downhole. Geologists logged visible chalcopyrite, covellite, and bornite, all copper minerals, from 624.45 to 634.50 m. Assays are pending, true widths are not known, and the company said the visual observations are preliminary.

Drill Hits, Land Access, and Fresh Cash: A Busy September

Algo Grande is advancing the 5,895-hectare Adelita project in Sonora. The gravity survey follows a run of Phase II drill results from Cerro Grande.

On September 30, Algo Grande announced it had signed a five-year surface access agreement with Ejido Palos Chinos covering about 1,796 hectares of the project. The company announced it had closed an oversubscribed private placement on September 1, raising about CA$4.79 million at CA$0.60 per share.

Experts See District-Scale Potential at Adelita

Outside commentary on Algo Grande has centered on the Phase II drilling that the gravity survey is meant to build on. Assays from that program were slow to arrive because high gold and silver prices had increased demand for lab testing, Bob Moriarty of 321gold.com suggested on September 14. The wait continues for Hole AG-CG-PH2-003, whose assays were still pending as of the company's October 7 release.

Moriarty was writing after the first Phase II assays, from Hole AG-CG-PH2-002, which returned 30.23 m grading 1.5% CuEq. Within that interval, 3.55 m averaged 5.26% copper, 311.8 grams per tonne (g/t) silver, and 2.22 g/t gold, he noted. The hole ended at 661.8 m in barren granodiorite.

Technical analyst Stewart Thomson rated Algo Grande a Speculative Buy, setting short- and long-term targets of CA$1 and CA$6.¹

Those assays, earlier Phase I results, and work by a previous operator led Moriarty to see potential for a district-scale discovery. The gravity survey is aimed at the same question, covering more than 10 targets along the 7-kilometer corridor.

"I have believed since I was first informed about the company that they had the potential for a giant discovery," Moriarty wrote. He said the results supported his view that the shares were significantly undervalued and that further assays could lift the price.

Moriarty also cited the experience of Peter Megaw, Algo Grande's technical team lead and senior adviser, an expert in northern Mexico's mineral systems. Megaw was among the founders of MAG Silver Corp., which Pan American Silver Corp. (PAAS:TSX; PAAS:NYSE) acquired in 2025.

Moriarty described Adelita as a skarn, a deposit formed where metal-bearing fluids react with limestone. Skarns can form around porphyry systems, and earlier drilling suggested a porphyry may lie deeper. Porphyries can contain large volumes of lower-grade material, while skarns may host narrower, higher-grade copper zones. Sonora accounts for about 80% of Mexico's copper production, he said.

"I'm in love with the story," Moriarty wrote in a June 16 Streetwise Reports article, also noting, "The world needs more copper. A great deal more."

Robert Sinn of Goldfinger Capital wrote on April 2 that Algo Grande has "tier-one technical backing." He cited Megaw and Algo Grande director Raymond Jannas, the former chief executive of ATEX Resources Inc. (ATX:TSX; ATXRF:OTCQX), both with track records in discovery, development, and mergers and acquisitions. He also pointed to the high-grade discovery, additional skarn zones along the corridor, the potential for a deeper porphyry, and room to expand.

¹Technical analyst Stewart Thomson rated Algo Grande a Speculative Buy on February 17, setting short- and long-term targets of CA$1 and CA$6. 

AI's Power Hunger Keeps Copper Near Record Highs

Copper is trading close to the record it set last month. Futures were about US$6.63 per pound on October 9, up roughly 38% from a year earlier and just below September's all-time high of US$6.85, according to Trading Economics. The data provider cited threats to mine supply, including a possible strike at the Centinela mine in Chile, along with demand from Asia for data centers, chip development, and battery storage tied to artificial intelligence (AI) and electric vehicles.

AI's pull on copper runs through electricity. Global power demand is forecast to grow an average of 3.6% a year from 2026 through 2030, and data centers account for about half of the expected increase in the United States, the International Energy Agency said in its Electricity 2026 report. Meeting that demand would require annual grid investment to rise by roughly 50% by 2030 from today's US$400 billion, the agency said.

S&P Global put numbers on the copper side of that buildout in a January study, "Copper in the Age of AI." It projected global copper demand rising 50%, from 28 million tonnes in 2025 to 42 million tonnes in 2040, with AI and data centers adding about 2 million tonnes of that growth. Without a meaningful new supply, the study projected a shortfall of about 10 million tonnes by 2040. Copper, its authors wrote, "is the enabler of electrification."

The market has not moved in a straight line. On the London Metal Exchange, copper closed at US$14,294.50 per tonne on October 8, down about 1%, Shanghai Metals Market reported. It cited signals of further U.S. interest rate increases and Chinese buyers' resistance to high prices.

Supply remains the longer-running concern. Forecasts for this year's refined copper deficit range from 150,000 tonnes at the International Copper Study Group to about 600,000 tonnes at Morgan Stanley (MS:NYSE), according to an October 2 market brief from the International Copper Association Australia. Chile's mine output fell to 369,500 tonnes in August from 403,400 tonnes in July, the brief noted.

Ownership and Share Structure²

The company's market cap was CA$29.69 million on October 9. It has 50.36 million shares outstanding, with a 52-week range of CA$0.35 to CA$1.00.

Institutions own 10.9% of shares, while management and insiders own 33.4%. The remainder is held by retail investors.

Common Questions from Investors

What do the core tests reveal about the skarn at Adelita? Mineralized skarn averaged 3.76 g/cm³ in dry density and returned a chargeability of 74 to 128 ms, according to the company's October 7 release. Unmineralized skarn averaged 3.25 g/cm³ and 3 to 8 ms, and the host rocks tested averaged 2.92 g/cm³ or less. The company noted the results come from a small, selected set of samples.

When does the gravity survey start, and when are results expected? GEOTEM begins the survey on October 22. The company expects fieldwork to take 28 to 35 active days, with a final report, including a 3D density model, about seven weeks after crews finish.

Does a gravity high mean copper? Not necessarily. The densities of mineralized and unmineralized skarn overlap, so a gravity high points to skarn, the company said. Telling the two apart falls to IP surveys and drilling.

What is the open question about the IP survey? The company's existing 3D IP survey did not show a clear chargeability response over the copper mineralization drilled so far. Algo Grande said it is reviewing whether the survey's design explains that, and it plans a calibration test over known skarn at Cerro Grande before extending IP to any gravity targets.

Is there evidence of additional skarn beyond Cerro Grande? Yes. Hole AG-CG-PH2-003 intersected fault-hosted skarn from 602.0 to 654.1 m at a separate fault-controlled target, with visible copper minerals logged from 624.45 to 634.50 m. Assays are pending, true widths are not known, and the visual observations are preliminary.

What has Phase II drilling returned so far? The first assays, reported September 11, returned 30.23 m grading 1.5% CuEq, including 3.55 m at 9.4% CuEq. On September 23, the company reported 68.43 m of copper-silver-gold mineralization across two zones in Hole AG-CG-PH2-002, including a new 38.20-m zone at 1.0% CuEq.

What are experts saying? Bob Moriarty of 321gold.com wrote on September 14 that he sees potential for a district-scale discovery and views the shares as significantly undervalued. Robert Sinn of Goldfinger Capital cited the company's "tier-one technical backing," and technical analyst Stewart Thomson rated Algo Grande a Speculative Buy on February 17.¹

How does AI affect the copper market? Data centers account for about half of the expected growth in U.S. electricity demand through 2030, according to the International Energy Agency. S&P Global projects global copper demand rising 50% by 2040, with AI and data centers adding about 2 million tonnes of that growth.