Copper Explorer Orders Updated NI 43-101 After Big First Year in Mexico

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1. 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.

• Algo Grande Copper Corp. has hired Addison Mining Services to update the NI 43-101 technical report on its 100%-owned Adelita copper project in Sonora, Mexico. The current report predates the company's ownership.
• The update will capture Phase I and ongoing Phase II drilling, prospecting, UAV magnetics, mapping, the Mezquital porphyry target, a five-year surface access agreement covering about 1,796 hectares, and a ground gravity survey.
• Independent Qualified Person James Hogg completed the required site visit from October 11 to 15. The report will be filed on SEDAR+ when complete; no date has been given.
• Phase II drilling at Cerro Grande returned two zones in Hole AG-CG-PH2-002 totaling 68.43 meters, averaging 1.2% copper equivalent, including 1.20 meters at 15.8% CuEq.
• Algo Grande closed an oversubscribed CA$4.79 million private placement on September 1 to fund exploration at Adelita.
• CEO Enrico Gay said the update is the first step toward being ready to start a mineral resource estimate on the Cerro Grande skarn by year-end, with results from seven more Phase II holes expected through the end of the year.

Algo Grande Copper Corp. (ALGR:TSXV; ALGRF:OTCPK; KM00:FSE) is currently working with an outside consultant to update its NI 43-101 Technical Report on the Adelita Copper Project located in Sonora, Mexico, according to an October 23 release.

This update is being prepared by Addison Mining Services, a London-based consulting firm that was established in 2014 and has completed more than 250 projects for more than 140 clients. Chief Executive Officer and Principal Geologist James Hogg will serve as the Independent Qualified Person (QP) for the report. Hogg has more than 20 years of experience in the mining industry, including preparing NI 43-101 reports for TSX-listed companies. He serves as a QP on porphyry-related deposits and has experience with copper and Mexico.

"Adelita has been materially advanced in less than a year of operations, and we are proud of what our team has delivered," Chief Executive Officer Enrico Gay said. "Updating the technical report ensures the record reflects where the project stands today."

Gay told Streetwise Reports that the company wanted an official, independent document that would provide a record of what it had accomplished during its first 12 months on the project. "We thought this should be done based on our level of activity and advancement on the project," he said. The update also provides a basis for the next milestone.

Algo Grande is planning to be ready to "pull the trigger on an MRE" (mineral resource estimate) on the Cerro Grande skarn by the end of the year, Gay said, "and we felt that updating the 43-101 was the first step."

The 5,895-hectare project lies in the Arizona-Sonora copper belt. Its anchor is the Cerro Grande copper-gold-silver skarn discovery, which shows geophysical continuity along a corridor of more than 7 kilometers. Reprocessed legacy data and mapping point to a possible porphyry system at depth.

On September 11, Algo Grande reported its first Phase II assays. Hole AG-CG-PH2-002 cut 30.23 meters grading 1.5% copper equivalent (CuEq) from 146.70 meters, including 3.55 meters at 9.4% CuEq and 1.20 meters at 15.8% CuEq. The intercept was about 100 meters closer to surface than the Phase I results.

Full results from the hole, released September 23, added a deeper zone of 38.20 meters at 1.0% CuEq from 243.80 meters, about 67 meters below the first. The two zones total 68.43 meters, averaging 1.2% CuEq, assuming 80% metallurgical recovery.

On September 1, Algo Grande closed an oversubscribed private placement of 7,977,497 shares at CA$0.60, raising CA$4,786,498 for exploration at Adelita and working capital.

On October 7, the company said lab tests on drill core showed its copper-bearing skarn is denser than the host rocks, the basis for the gravity survey.

Bob Moriarty of 321gold.com has covered Algo Grande since the early days. In a September 14 commentary, written before the deeper Hole 2 results came out, he highlighted the 3.55-meter high-grade core of the first reported Phase II hole. Along with the Phase I drilling and the prior operator's results, he said, it shows a system with district-scale potential.

"I have believed since I was first informed about the company that they had the potential for a giant discovery," Moriarty wrote. He added that he thinks the stock is "absurdly underpriced."

In the same piece, he noted that Sonora accounts for about 80% of Mexico's copper output.

"The world needs more copper. A great deal more," he wrote in a June 16 Streetwise Reports contributor opinion.

Copper was trading at nearly all-time high levels for most of 2026. The London Metal Exchange's 3-month contract was priced at US$14,635 per metric ton on October 14, which was approximately 2% below its all-time high and approximately 38% higher than it was one year ago.

Mine supply is what is limiting copper. On October 14, the International Copper Study Group (ICSG) reduced its estimate of 2026 mine production growth from 1.6% to 1.3%. This reduction was primarily due to reduced expectations for Chile, China, and Indonesia. The ICSG stated that data centers and artificial intelligence were among the areas that would support copper demand, along with the energy transition, urbanization, and new semiconductor plants.

UBS sees a widening shortfall. In an October 9 note, the bank predicted a copper deficit of 219,000 metric tons in 2026 and 379,000 metric tons in 2027, and said prices could reach US$15,500 per metric ton next year. It cited production issues, declining ore grades, and delayed mine projects on the supply side, and grid spending, electrification, and AI infrastructure on the demand side.

Not all forecasters agree on whether or not there will be a deficit. The ICSG continues to expect a refined copper surplus of approximately 104,000 metric tons this year and 368,000 metric tons in 2027 as new smelters open in Indonesia, India, and the European Union.

Algo Grande's market cap is CA$29.69 million. It has 50.44 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.

What did Algo Grande announce on October 23, 2026?

It hired Addison Mining Services to update the NI 43-101 technical report on Adelita. The current report has an effective date of August 15, 2025, before Algo Grande acquired the project in December 2025.

Why does the update matter for investors?

It will put the company's first year of work on the official technical record under an independent Qualified Person, giving investors a current picture of the project.

What work has been done at Adelita since the acquisition?

Phase I drilling of 1,998 meters, a 49-sample prospecting campaign, about 4,000 meters of Phase II drilling in nine holes so far, UAV magnetic surveys, mapping, definition of the Mezquital target, a five-year surface access agreement, and a ground gravity survey that began in October.

What have the latest drill results shown?

Hole AG-CG-PH2-002 cut 30.23 meters at 1.5% CuEq from 146.70 meters and a second zone of 38.20 meters at 1.0% CuEq about 67 meters deeper, for a combined 68.43 meters averaging 1.2% CuEq.

When will the updated report be available?

It will be filed on SEDAR+ when complete. The company has not given a date.

What is happening in the copper market?

Prices have traded near record highs in 2026. UBS forecasts a deficit of 219,000 metric tons this year, widening to 379,000 metric tons in 2027, citing supply problems and demand from grids, electrification, and AI infrastructure. The International Copper Study Group still projects a small refined surplus.

What comes after the technical report update?

CEO Enrico Gay said the company is preparing to be ready to begin a mineral resource estimate on the Cerro Grande skarn by year-end. Results from the remaining Phase II holes are expected to be released in order through the end of the year.