Mining Co. Reports First Drill Results from Alaska VMS project

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Alex Metals were compiled from the company's public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-10-28 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from 2026-04-28 through 2026-10-28 and excludes option exercises. These are public-source estimates and can differ from a later official register.

Alex Metals Corp. (ALX:TSXV; ALXMF:OTCQB) has reported its first drill results from the KSO VMS project in Southeast Alaska, intersecting multiple intervals of copper-gold-rich volcanogenic massive sulphide (VMS) mineralization near surface at the Khayyam target and announcing the discovery of the new Triple G VMS target 2 km (kilometers) to the west.

Key Investor Takeaways

• Alex Metals intersected multiple near-surface copper-gold VMS intervals in its inaugural drill program at the KSO project, with the headline 11.7 m (meters) of 1.71% Cu (copper) and 1.92 g/t Au (gold) in hole KY26-009.
• The company discovered the new Triple G VMS target 2 km west of Khayyam based on SkyTEM geophysics and surface mapping, with assays pending.
• Strong grades in first-pass holes at a previously untested target in an under-explored VMS belt in Southeast Alaska support the project's discovery potential.
• The 2026 program included over 6,000 m of drilling across KSO and Wodski projects, plus extensive geophysics and sampling; multiple assay batches remain outstanding.
• Shares trade on TSXV under ALX and OTCQB under ALXMF following recent go-public financings that raised more than CA$12 million.

Latest Drill Results & Discoveries

The October 27, 2026, news release details results from six of eight first-pass holes at Khayyam. Highlights include:

• Hole KY26-009 returning 11.7 m grading 1.71% Cu and 1.92 g/t Au, including 6.4 m grading 2.29% Cu, 2.95 g/t Au, and 1.03% Zn (zinc).
• Hole KY26-007 cut 24.2 m grading 1.05% Cu and 0.61 g/t Au, including 8.0 m grading 2.25% Cu and 0.96 g/t Au.
• Hole KY26-001 returned 5.4 m grading 2.27% Cu and 1.52 g/t Au.

"We staked the KSO project for its potential to host copper-gold-rich VMS mineralization and our first drill holes returned precisely that," said Gwen Preston, President and CEO of Alex Metals. "Striking multiple intervals of semimassive to massive sulphide with strong copper and gold grades in a first test of a new target is rare and promising. We are also very pleased to report the discovery of a promising new VMS target within the first few weeks at KSO."

A 2025 SkyTEM electromagnetic survey outlined a large new conductive anomaly 2 km west of Khayyam, named Triple G. There, surface work has identified massive sulphide and stringer outcrops plus the largest VMS-related alteration zone seen on the property. Four holes were drilled to test the target, and assay results are pending.

Alex Metals' VP Exploration Nathan Steeves said the rocks at KSO have a complex structural and metamorphic history typical of Proterozoic VMS belts. Because each deposit has unique characteristics, he noted that "exploration methods must be custom-tailored." The initial program tested surface mineralization while helping the company better understand the area's geological history and develop an exploration plan for the under-explored region, where Steeves sees "ample VMS discovery potential."

Steeves also highlighted the discovery of the Triple G VMS target, located 2 km west of Khayyam. "Outcropping massive sulphide with alteration of scale is exciting to find," Steeves said, adding that the company is excited to conduct further exploration at Triple G and throughout the surrounding region.

Copper and Gold Market Outlook

Copper traded at approximately US$6.63 per pound on October 28, 2026, according to Trading Economics, equivalent to roughly US$14,617 per tonne. That price is approximately 29% higher than a year earlier, although copper has fluctuated following a September record near US$6.85 per pound. The market has been influenced by demand expectations, potential U.S. import tariffs, and the movement of copper inventories between regions.

Demand growth is increasingly linked to electricity infrastructure. AI data centers require power-distribution equipment, cabling, transformers, and grid connections. Expanding the capacity needed to support those facilities adds to copper requirements, while electric vehicles, renewable energy, industrial electrification, and defense infrastructure create additional demand. A recent Financial Times report on China's data-center construction highlighted the international expansion of computing infrastructure, illustrating how investment in AI is becoming an increasingly important consideration for electricity demand and related materials.

Supply growth remains a key factor in the copper outlook, but forecasts point to a more nuanced market balance than a straightforward shortage. The International Copper Study Group's October 14, 2026, forecast projected a refined copper surplus of approximately 104,000 tonnes in 2026 and 368,000 tonnes in 2027. These projections reflect anticipated production and consumption levels and could change as economic conditions, mine disruptions, and trade policies evolve. It's important to note that developing new mines can take years.

Tariff uncertainty is another influence on regional copper markets. Reuters reported on October 14, 2026, that earlier U.S. tariff threats had caused American warehouses to stockpile copper, contributing to a buildup of regional inventories. Moves like this can affect availability and prices across different markets, meaning elevated U.S. prices do not necessarily indicate an equivalent shortage worldwide. The potential impact of future trade measures remains an important variable for copper producers, consumers, and investors.

At the same time, gold has also experienced significant volatility after reaching a record high in January 2026. On October 28, 2026, spot gold traded near US$4,030 per ounce. Rising oil prices and renewed inflation concerns contributed to the decline ahead of the Federal Reserve's policy announcement. Higher interest rates can weigh on gold by increasing the opportunity cost of holding a non-yielding asset, while a stronger U.S. dollar can create additional pressure. Longer-term demand drivers include central bank purchases, investment flows, geopolitical uncertainty, and concerns about government debt, although the balance between these factors and monetary policy will continue to influence prices.

Analyst Calls Stock "Significantly Undervalued"

According to an October 27 report by The Silver Stock Investor analyst Ted Butler, Alex Metals has gained attention due to its drilling at the Wodski and KSO projects. The report pointed to historical results at Wodski's Mad Dog prospect, including 5.4 m grading 437 g/t Ag (silver) and 22.24% combined Zn (zinc) and Pb (lead), as part of the rationale for watching the upcoming results. It also cited the company's management team's experience in Alaska and VMS exploration.

The article characterized Alex Metals as "significantly undervalued" and stated that a discovery could produce a potential 50%–100% share-price gain in short order, although it did not provide a formal price target or a specific time horizon. Butler's bullish outlook is due to the pending assays and the possibility that drilling could confirm a significant VMS discovery. 

Catalysts at Multiple Targets

According to the press release, Alex Metals completed a 3,058 m first-pass drill program at KSO focused on Khayyam, plus prospecting, mapping, UAV magnetic and photogrammetry surveys, ground and drillhole EM surveys, and soil and channel sampling. Results from Stumble-On and Triple G remain pending.

The company has also completed 3,138 m of drilling at the Wodski project, with results pending, and continues work at the Frenchie project ahead of a planned 2027 drill program.

Common Questions from Investors

What did the latest drill results show?

Six of eight holes at the Khayyam target returned copper- and gold-rich VMS mineralization, highlighted by 11.7 m grading 1.71% copper and 1.92 g/t gold near surface in KY26-009, plus broader intervals in other holes with copper equivalent grades up to 4.25%.

Where is the KSO project located?

The KSO project covers 1,413.6 ha in Southeast Alaska and hosts multiple VMS targets, including Khayyam, Stumble-On, and the newly discovered Triple G.

What is the next catalyst?

Pending assay results from the Triple G and Stumble-On targets at KSO, plus results from the Wodski project drilling, are expected to provide further updates on the 2026 exploration program.