Exploration Co. Confirms Copper Mineralization at La Grande Zone 32 in Québec

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Lux 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 2026-11-02 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 2026-05-04 through 2026-11-02 and excludes option exercises. These are public-source estimates and can differ from a later official register.

Lux Metals Corp (LXM:TSXV; BBBMF:OTCMKTS) has released copper assay results from its first 2026 drill hole at the La Grande gold project in Québec's James Bay region, confirming significant copper alongside previously reported high-grade gold at Zone 32.

Key Investor Takeaways

• Lux Metals' first 2026 drill hole at Zone 32 delivered 0.71% Cu (copper) over 19.50 m (meters), confirming copper as a meaningful by-product credit to the high-grade gold mineralization.
• Sub-intervals include 1.45% Cu and 39.08 g/t Au over 8 m, with individual 1 m samples returning up to 5.79% Cu and 165 g/t Au, respectively, highlighting high-grade copper-gold mineralization within the shear-hosted system.
• The three-hole 2026 program is complete; pending assays from two additional holes and the remainder of LG26-241 are due by the end of November 2026.
• A drone magnetic survey is underway to map controlling structures and prioritize targets for the next phase of drilling.
• The La Grande project benefits from historic data, infrastructure access, and potential for resource definition in a prospective Québec district.

Copper Results Strengthen Zone 32

On October 29, 2026, the company reported that hole LG26-241 intersected 0.71% Cu over 19.50 m from 220.5 m downhole, within the previously announced 17.57 g/t Au over the same interval. This included 1.45% Cu with 39.08 g/t Au over 8.00 m, plus individual 1 m samples returning up to 5.79% Cu and 165 g/t Au.

These results establish the gold-copper character of the system, with chalcopyrite occurring alongside pyrite and visible gold in sericite-altered shear zones and quartz veins. The 2026 diamond drill program of three holes totaling 1,416 m is now complete, with remaining assays expected by the end of November 2026.

"With the copper results in hand, LG26-241 shows significant copper alongside the high-grade gold across the Zone 32 interval, confirming the gold-copper character of the system," said Kim Quyên Nguyên, President and CEO of Lux Metals. "The drill program is now complete, and the magnetic survey will help us trace the structures that control the mineralization as we plan our next steps."

Lux Metals has initiated a high-resolution drone-borne magnetic survey over the Zone 32 area covering approximately 160 line km (kilometers). The survey aims to map structures controlling the gold-copper mineralization and refine targets for future drilling. While awaiting the remaining assay results and evaluating the magnetic survey findings, Lux Metals is targeting a maiden Mineral Resource Estimate (MRE) for La Grande by the end of 2027.

The La Grande gold project hosts the high-grade Zone 32 gold system with extensive historic drilling, year-round road access via the Trans-Taiga Road, and district-scale exploration potential. The project is located in the Eeyou Istchee James Bay region of Québec.

Copper Sector Affected by Tech Future

Copper traded at approximately US$6.49 per pound on November 2, 2026, according to Trading Economics, equivalent to approximately US$14,308 per metric tonne. This price shows an increase of approximately 29% from a year earlier, although prices have retreated from a September record near US$6.85 per pound. Recent price movements are due to changing demand expectations, uncertainty surrounding potential U.S. import tariffs, and shifts in copper inventories between major trading regions.

Demand is associated with electricity infrastructure and the expansion of AI use. The International Energy Agency's (IEA) Electricity 2026 report forecasts that global electricity demand will increase by an average of 3.6% annually between 2026 and 2030, supported by industrial activity, electric vehicles, air conditioning, and data centers. The agency also estimates that annual grid investment will need to increase by approximately 50% by 2030 from current levels to accommodate growing electricity requirements. 

Supply growth also remains an important consideration regarding the copper outlook, although recent forecasts suggest a more balanced near-term market than some longer-term supply-deficit projections imply. According to an October 14, 2026, report by Canadian Mining Journal, the International Copper Study Group (ICSG) projected a refined copper surplus of approximately 104,000 tonnes in 2026, widening to 368,000 tonnes in 2027. The projected increase reflects expectations that refined copper production will accelerate in 2027, outpacing forecast consumption growth as additional smelting and refining capacity comes online. However, longer-term supply constraints remain a consideration. According to S&P Global, developing a new copper mine takes an average of approximately 17 years from discovery to first production. Consequently, expanding mine supply to meet future demand can take considerable time, even if near-term markets remain in surplus.

Moriarty Says Project Is Not 'a Vacuum'

On November 2, 2026, Bob Moriarty of 321gold.com told Streetwise Reports, "Recently we learned the Lux Metals drilled a remarkable 17.57 g/t gold over 19.5 meters in their first drill hole in Zone 32 at the La Grande project in Québec. That's a 343 gram/meter hole. You do not drill those sorts of holes in a vacuum. Drilling has stopped for the year, with the remaining assays being released in the next couple of weeks."

Common Questions from Investors

What did the latest copper assays show at Lux Metals' La Grande project?

The October 29, 2026, results confirmed 0.71% Cu over 19.50 m within the gold interval from hole LG26-241, including higher-grade copper-gold subintervals, establishing the gold-copper nature of Zone 32.

When are the remaining 2026 drill results expected?

Assays for the remaining holes and portions of LG26-241 are expected by the end of November 2026.

What is the focus of the current geophysical work?

A drone-borne magnetic survey over Zone 32 is mapping structures to refine targets ahead of future drilling.

Where is the La Grande gold project located?

The project is in the Eeyou Istchee James Bay region of Québec, with year-round access via the Trans-Taiga Road.