VR Resources Advances New Boston Drill Planning

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1. Disclosure for the quote from the Stewart Thomson article published on August 27, 2026

1. VR Resources Ltd. has paid Street Smart (an affiliate of Streetwise Reports) a fee of US$3,550 for the preparation of an independent technical research report, published on August 27, 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 VR Resources Ltd.,  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.

VR Resources Ltd. (VRR:TSXV; VRRCF:OTCQB; 5VR:FSE) is advancing exploration planning at its New Boston moly-copper-tungsten-silver porphyry project in Nevada after a recent CEO site visit focused on drill program preparation, with an NOI permit receipt following on October 20, 2026.

Key Investor Takeaways

• VR Resources received an NOI permit on October 20, 2026, to double drill sites at Jeep Mine for follow-up to NB26-003.
• The CEO site visit supports immediate exploration planning after the strategic financing, prioritizing permitting and logistics for fall drilling.
• Hole NB26-003 delivered 881 m (meters) of continuous veining with significant CuEq (copper equivalent) intervals based on copper, moly, tungsten, and silver mineralization starting from surface, validating the geophysical target.
• Proceeds from the CA$7.5 million placement are earmarked for follow-up drilling at New Boston, marketing, and general corporate and administrative expenses.
• The project benefits from proximity to Highway 95 and existing infrastructure in west-central Nevada.
• Follow-up drilling aims to test continuity along strike and at depth within the large-footprint system.
• Management anticipates staggered news flow from the upcoming program into early 2027.

New Boston Follow-Up Drilling Plan in the Works

In an October 18, 2026, newsletter update, VR Resources reported that CEO Dr. Michael H. Gunning recently visited its New Boston polymetallic porphyry project in Nevada to review planned drill sites and assess logistics for a follow-up drilling program. The program is intended to build on results from drill hole NB26-003, completed in June 2026, which intersected 2,892 ft (feet) of continuous stockwork veining containing molybdenum, tungsten, copper, and silver mineralization. During the site visit, Gunning reviewed proposed drill locations and logistical requirements as the company prepares for the next phase of exploration.

In an exclusive comment to Streetwise Reports, Gunning said, "Innovation and expertise are the foundation of VR's business model, built upon the track record of our team. Artisanal work at New Boston dates back to the early days of the last century, including expert surface work in the 1960s and 70's. After the property was more or less abandoned in 1981, some 45 years later, VR can apply new exploration technologies in geophysics and geochemistry, and new mineral deposit modeling for porphyry systems in western North America in order to advance New Boston from its historic roots. The drill hole intersection in NB26-003 in June of 2026 is the result of that approach, and is a potential turning point in this large footprint, polymetallic mineral system, at a time when domestic critical metals supply is in focus."

The update highlighted three features of the project: the application of modern exploration tech to a historically known mineral system, surface exposure of the mineralized system over a 2-kilometer strike length, and access to local infrastructure. The company also noted that mineralized outcrops are exposed at surface, with drill holes positioned near areas of visible veining. The newsletter update included three short videos filmed during the site visit to provide additional context on the project and its exploration plans, which are available on its New Boston project web page. It also highlighted drill site J10, located approximately 500 m east of NB26-003, where polyphase stockwork quartz veins occur in Triassic limestone that has recrystallized to marble, alongside garnet-rich skarn alteration and replacement. The site is among those being considered for planned follow-up drilling.

According to the update, the planned drilling program will be funded directly through proceeds from its recently completed CA$7.5 million strategic placement. A total of 18,750,000 units were sold under the offering at CA$0.40 each. Planning for a fall program is underway, with potential drilling of four to six holes.

An Industrial Metal That Demands More Supply

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 gave the stock a Speculative Buy rating and a short-term price target of CA$0.60, a medium-term target of CA$1.70, and a long-term target of CA$2.30.¹

U.S. trade policy has affected copper markets and inventories. On April 2, 2026, the White House modified Section 232 tariffs on copper articles and certain derivative products, including provisions requiring applicable duties to be assessed on the full customs value of covered products.

Separately, the possibility of future tariffs on refined copper has encouraged traders to ship metal to the United States ahead of a potential decision. As of October 14, Reuters reported that a possible 15% tariff on refined copper imports from January 2027, rising to 30% in 2028, had not yet been decided.

The prospect of future U.S. tariffs on refined copper has 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.

Experts Following 2026 Updates

In a September 16, 2026, opinion piece, Robert Sinn highlighted VR Resources as a "textbook example" of a bullish breakaway trading pattern following the company's August drill results from its New Boston project. Sinn noted that the stock had rallied above CA$0.50 per share before consolidating near CA$0.40, explaining that "it is the financing question mark that caused the VR rally to run out of steam."

However, VR subsequently closed a CA$7.5 million private placement, with proceeds intended to support follow-up drilling at New Boston. The financing addressed the funding uncertainty Sinn had identified, although the company's subsequent share-price performance and drilling progress will need to determine whether Sinn's bullish momentum will materialize.

¹In a separate August 27, 2026, analysis, technical analyst Stewart Thomson also highlighted VR Resources' technical indicators following the New Boston drill results, noting that the stock had "surged through key resistance at CA$0.15 and CA$0.26, a bullish event." He pointed to rising trading volume and positive momentum indicators, including the Moving Average Convergence Divergence (MACD) and the Chaikin money flow indicator, as further signs of potential strength.

Thomson gave the stock a Speculative Buy rating and a short-term price target of CA$0.60, a medium-term target of CA$1.70, and a long-term target of CA$2.30.

Ownership & Share information²

VR Resources Ltd. has a market cap of CA$25 million, with 61,039,179 shares outstanding. The company's 52-week range is CA$0.09-CA$0.63.

Institutions own 25% of shares, while Management & Insiders own 1% post consolidation. The remaining 74% of shares are held by Retail. 

Common Questions from Investors

What did the CEO site visit address?

The visit focused on drill program planning for follow-up to NB26-003, incorporating field observations to prioritize sites within the expanded permit area.

What were the key results from NB26-003?

The hole returned 317 m at 0.77% CuEq from surface and 419 m at 0.48% CuEq below, within 881 m of continuous polymetallic veining.

When is the next drilling expected?

Planning is underway for a fall 2026 program of four to six holes.

How does the permit amendment support the program?

It doubles permitted drill sites from eight to sixteen at Jeep Mine to provide more options for testing the mineralized system.

What is a Notice of Intent (NOI) permit in mineral exploration?

A Notice of Intent (NOI) is a regulatory filing used to notify the appropriate agency of planned exploration activities, such as drilling, on public land.

What is a drill hole intersection in mineral exploration?

A drill hole intersection is an interval of rock encountered during drilling that contains a particular mineral or metal of interest.