Critical Minerals Co. Completes IP Survey Near Hudbay's Copper Mountain Project in British Columbia

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1. Disclosure for the quote from the Stewart Thomson article published on September 25, 2026

1. Adamera Minerals Corp. has paid Street Smart (an affiliate of Streetwise Reports) a fee of US$3,500 for the preparation of an independent technical research report, published on September 25, 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 Adamera Minerals Corp., and he has no direct financial relationship with the company.

2. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Adamera Minerals were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-05 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 the prior six months through 2026-11-05 and excludes option exercises. These are public-source estimates and can differ from a later official register.

Adamera Minerals Corp. (ADZ:TSX.V; DDNFF:OTCMKTS) has completed its induced polarization (IP) survey at the Max copper-gold target at the South Hedley Project in British Columbia, defining a large chargeability anomaly 18 km (kilometers) from Hudbay Minerals Inc.'s (HBM:TSX; HBM:NYSE) operating Copper Mountain mine, highlighting the exploration potential of the junior explorer's South Hedley property within the established Quesnel Trough copper-gold district.

Key Investor Takeaways

• Adamera's completed IP survey confirms a 3-4 km scale chargeability anomaly at Max, coincident with anomalous copper and gold in soil samples and magnetic features 18 km from Hudbay's producing Copper Mountain mine.
• Pending drill permits from February 2026 applications position Adamera for potential follow-up once approved, with interpretation ongoing.
• Recent financing provides additional funding for exploration across the company's tungsten, gold, and copper projects, alongside general working capital.

IP Survey Completion at Max

On November 4, 2026, Adamera announced the completion of the IP survey across ten lines at the Max prospect, with inversion results showing a continuous chargeability anomaly measuring 3 to 4 km along survey lines and approximately 4 km from line to line. The company also collected 2,597 soil samples over the grid. Work has now shifted to the Glix gold skarn target 12 km away within the same claim block.

"The results of this IP survey are far beyond what we expected," said Mark Kolebaba, President and CEO of Adamera. "Soil and magnetic data first defined this prospect. The IP survey has turned it into a copper-gold porphyry exploration target of significant scale. Our IP survey was designed with 3.5 km lines; however, the data continued to push us further north, extending the survey lines to more than 5 km. The data now give us the information we need to define priority drill targets. Needless to say, I am grateful to our field team for their efforts to complete the Max IP and sampling program in this very difficult terrain, through fire season and late into the year. We are now looking forward to what the IP data shows at the Glix target."

The company's Max copper-gold target sits 18 km east of Hudbay Minerals' Copper Mountain mine, an active open-pit copper-gold-silver operation in the same Quesnel Trough belt. The company's September 2026 Bromley claim applications subsequently extended its land position westward to the eastern claim boundary of Hudbay's Copper Mountain mine claims. Hudbay reported Q2 2026 production of 6,455 tonnes copper (Cu), 5,608 ounces gold (Au), and 71,178 ounces silver (Ag) from its BC operations, on track for full-year guidance of 25,000-35,000 tonnes of copper. The company recently broke ground on the New Ingerbelle expansion, which is expected to extend mine life beyond 2040 with lower strip ratios and higher precious-metal content.

While Adamera remains in early exploration with pending drill permit applications submitted in February 2026, its Max anomaly offers scale comparable to district porphyry systems, supported by coincident geochemistry and geophysics. Hudbay's established production and expansion provide a benchmark for district potential.

Metals by Popular Demand

Copper demand is expected to rise as investment in data centers, power grids, electric vehicles, and other electrification applications expands. A 2026 study by S&P Global projected that global copper demand would increase from 28 million metric tons in 2025 to 42 million metric tons by 2040, representing roughly 50% growth.

Meeting that demand could prove challenging. In its January 2026 report, The Copper Conundrum: Why Meeting AI-Era Electrification Demands Is a Race Against Time, S&P Global projected that mined copper production could peak at 25.8 million metric tons in 2030 before declining to 22 million metric tons by 2040. Recycled copper is expected to supply approximately 31% of total demand by 2040, but the study still identified a potential annual supply shortfall of 10.1 million metric tons. The lengthy development timelines associated with new mines add another challenge to expanding production.

Technical analyst Stewart Thomson assigned the company a "Speculative Buy" rating.¹

U.S. trade policy and domestic production have added further considerations to the copper market. On April 2, 2026, the White House revised Section 232 tariffs on copper, steel, and aluminum, establishing additional duties of 50% on covered metal products, 25% on certain derivative products, and a temporarily reduced 15% rate on specified industrial machinery and power equipment. A subsequent June 1, 2026, proclamation further adjusted the framework. 

Adamera also explores for tungsten, a specialty metal facing supply-chain challenges associated with concentrated production and export restrictions. Tungsten is used in cemented carbide cutting and wear-resistant components, specialty steels, alloys, and has various electrical, military, and industrial applications. According to the U.S. Geological Survey report, China remained the world's leading tungsten producer, importer, and consumer. Chinese export controls introduced in February 2025 contributed to sharply higher tungsten prices throughout the year. More recently, the Canadian Mining Journal reported on November 4, 2026, that Rotterdam ammonium paratungstate (APT) traded at US$278.22 per kilogram in October, compared with US$74.43 per kilogram for China ex-works APT. The publication attributed the price divergence to export restrictions, regional availability, and processing capacity. 

Technical Analyst Assigns 'Speculative Buy'

¹Technical analyst Stewart Thomson reviewed Adamera on September 25, 2026, drawing attention to the company's 1.6-kilometer Max copper-gold chargeability anomaly (now ~4x4 km), pending drill permits, and anticipated soil assay results. Thomson described Adamera as "well-positioned at the inflection point between geophysical discovery and first drilling" and noted several potential catalysts on the horizon. He assigned the company a "Speculative Buy" rating, with short-, medium-, and long-term price targets of CA$0.80, CA$1.65, and CA$2.40, respectively.

Thomson also highlighted technical indicators on Adamera's chart, including a bull wedge pattern, a rising relative strength index (RSI), and buy signals from the stochastic oscillator and moving average convergence divergence (MACD). He cited drill-permit approvals, soil assay results, further induced polarization (IP) surveying, and exploration of the Bromley claims as potential catalysts.

Project Update and Next Steps

Drill permits for Max and Glix remain pending. The company continues interpretation integrating IP, magnetics, and geochemistry ahead of potential drilling once approvals are received.

Earlier 2026 work expanded magnetic coverage at Glix to 85 line-km and advanced soil sampling.

Common Questions from Investors

What did the latest IP survey show at Adamera's Max target?

The survey defined a continuous high-chargeability anomaly measuring 3–4 km along survey lines and approximately 4 km from line to line.

How does Adamera compare to Hudbay Minerals' Copper Mountain operations?

Adamera is exploring undrilled targets 18 km away in the same belt; Hudbay operates the mine with Q2 2026 output of over 6,400 tonnes copper and is expanding for longer life.

When might drilling begin at South Hedley?

Applications for drill permits submitted in February 2026 are pending; the company is advancing target interpretation in the interim.

What is Adamera's current focus beyond Max?

Work has moved to the Glix gold skarn target with additional geophysics and sampling to refine drill targets. Glix was initially defined by soil samples with anomalous gold values ranging from 50 to 4,280 ppb associated with a magnetic low and a VLF-EM conductor. Adamera continues fieldwork at South Hedley while awaiting permit decisions, with the Max anomaly's scale providing a possible catalyst for investors monitoring district peers such as Hudbay.