A 1,615-Foot Drill Hole Offers New Clues at a Historic Nevada Copper Mine

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Copper One 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 2026-11-03 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 2026-11-03 and excludes option exercises. These are public-source estimates and can differ from a later official register.

Key Takeaways

• Copper One Resources identified possible porphyry-related veins in a 1,615-foot drill hole at its historic Majuba Hill copper project in Nevada.
• Previous drilling at Majuba Hill returned copper intercepts, including 10 feet grading 4.36% copper, providing context for the company's ongoing exploration.
• Copper One is advancing a drilling program of up to 10,000 feet as it works toward its first mineral resource estimate, with laboratory results from the latest drilling still needed.

The Clue in a 1,615-Foot Nevada Copper Drill Hole

More than a century after miners first began extracting copper from Nevada's Majuba Hill, geologists are still working to understand what lies beneath the historic mining district. The latest exploration results have provided another piece of that puzzle, with newly identified geological features potentially helping researchers determine where the copper-bearing system extends underground.

Copper One Resources Corp. (CEXY:CSE; CEXYF:OTCID; IW8:FSE) announced on November 6 that it had completed MHB-40, the second hole in its expanded 2026 Phase 2 drilling program at the company's 100%-owned Majuba Hill Copper-Silver-Gold Project in Pershing County, Nevada. The hole reached a depth of 1,615 feet (492 meters), with preliminary examination of the drill core revealing possible porphyry D-type veins associated with extensive quartz-sericite-pyrite alteration.

These geological features are significant because D-type veins can form within porphyry systems, which are associated with some of the world's large copper deposits. The alteration refers to changes in rock caused by heated mineral-bearing fluids circulating underground. While their presence does not establish copper grades or confirm an economically viable deposit, the observations could help Copper One better understand the structure of the mineralized system and identify areas for additional drilling.

The findings followed the completion of MHB-39, where geologists previously observed native copper and copper oxides. Together, the two holes account for 3,075 feet (937 meters) of diamond drilling during the current phase, providing additional geological information as Copper One evaluates the potential extent of the system.

David Greenway, Copper One's president and chief executive officer, said the observations are helping the company assess its next exploration targets.

"We're advancing copper exploration across our North American portfolio, with drilling at Majuba Hill in Nevada and Redonda in British Columbia," Greenway said. "New copper supply takes years to develop, and the work we do today helps us decide which targets warrant further drilling."

Greenway also noted that the company is evaluating whether the possible D-type veins represented an upper level of the porphyry system, potentially providing guidance for deeper drilling. The latest core observations included visually identified pyrite and chalcopyrite associated with stockwork veins, although the company emphasized that these preliminary findings were not substitutes for laboratory assays.

Copper One's expanded Phase 2 program calls for up to 10,000 feet (3,048 meters) of diamond core drilling, with an initial approximately 5,000 feet (1,524 meters) contracted to Evolve Exploration Nevada. The company plans continuous drilling operations using two shifts, supported by Evolve's EVX Connect technology, which provides real-time drilling information and photographs of recovered core.

The work builds on an extensive exploration history at Majuba Hill, where more than 95,000 feet (28,956 meters) of drilling have been completed across more than 100 holes. Covering approximately 9,684 acres (3,919 hectares), the property benefits from year-round road access and nearby infrastructure. Copper One is using the latest drilling to improve its geological understanding of the project as it works toward an inaugural mineral resource estimate under National Instrument 43-101, Canada's technical disclosure standard for mineral projects.

What Earlier Drilling Revealed About Majuba Hill

Although the latest drilling has generated new geological questions, Copper One already has a substantial body of exploration results to work with. Its October 2026 investor presentation outlined a history stretching back to the early 1900s, when underground mining operations began producing copper and other metals at Majuba Hill. Those operations continued into the 1950s, leaving behind historical workings that have since become part of a much larger exploration effort. The company cautioned that historical production figures had not been independently verified by a qualified person.

During its 2025 exploration program, Copper One, then operating as Giant Mining Corp., completed five diamond drill holes totaling approximately 5,484 feet (1,672 meters). Hole MHB-32 intersected 379.5 feet (115.7 meters) grading 0.33% copper and 16.97 grams per tonne silver, including 85 feet (25.9 meters) grading 0.64% copper and 50.89 grams per tonne silver. A separate interval of 169.5 feet (51.7 meters) graded 0.41% copper, including 40 feet (12.2 meters) grading 1.36% copper and a higher-grade section of 10 feet (3.0 meters) grading 4.36% copper. Reported intervals represent downhole lengths, and true widths have not been established.

Another hole, MHB-34, intersected 500 feet (152.4 meters) grading 0.21% copper, providing additional evidence of mineralization at depth. These earlier assay results help establish the geological context for the current drilling, although they should not be interpreted as indications of what laboratory testing will reveal from MHB-40.

Copper One has also incorporated artificial intelligence into its exploration process, working with ExploreTech to analyze geological and geophysical information alongside historical drilling data. Rather than relying exclusively on conventional target selection, the technology helps identify areas that may warrant additional investigation based on the available subsurface information.

One example involved MHB-36, a 2025 drill hole designed to test the Southern Resistivity Anomaly identified through ExploreTech's modeling. The hole encountered copper mineralization associated with chalcopyrite, including a 1.5-foot (0.5-meter) interval grading 1.21% copper. Copper One described the result as support for its AI-assisted targeting approach, which it intends to continue incorporating into exploration planning.

The broader strategy involves more than identifying individual copper-bearing intervals. Copper One is working to understand how mineralized zones connect, particularly within the property's breccia formations, where broken rock fragments have been cemented together through geological processes. Its exploration targets include the Southern Breccia Zone, Northern Breccia Zone, Bald Breccia, and 789 Target, each offering an opportunity to investigate different parts of the system.

Copper One completed 4,015 feet (1,224 meters) of drilling during its 2026 Phase 1 campaign, bringing its combined completed and planned drilling for the year to as much as 14,015 feet (4,272 meters) if Phase 2 is carried out in full. The company intends to integrate these results with geological mapping and geophysical surveys to refine its three-dimensional model of Majuba Hill.

Ultimately, that work is intended to support the company's first mineral resource estimate, which would provide a formal assessment of the quantity and grade of mineralization that can be estimated with sufficient geological confidence. Copper One's proposed pathway includes further drilling to evaluate mineralization continuity, followed by technical studies and resource modeling. No specific completion date for the initial estimate has been announced.

Financing Supports a Wider Copper Exploration Strategy

Copper One strengthened its balance sheet through a September 29, 2026 financing that raised approximately CA$7.96 million in gross proceeds from the issuance of 19,889,750 special warrants at CA$0.40 each. On November 4, 2026, the Company announced that the special warrants would automatically convert on November 6 into 19,889,750 common shares and 9,944,875 common share purchase warrants. Each purchase warrant is exercisable at CA$0.50 for two years from the financing closing date, subject to an accelerated expiry provision. The financing provides capital to support the Company's exploration activities and broader corporate objectives.

While Majuba Hill remains the flagship property, Copper One has been expanding its copper exploration portfolio beyond Nevada. Its Redonda Copper-Molybdenum Project in British Columbia covers approximately 6,786 acres (2,746 hectares), with more than 500 meters of drilling completed and up to 10 permitted drill sites. The company has identified porphyry copper and skarn mineralization targets at the property, where additional exploration is intended to evaluate the system's potential.

In Utah, Copper One's Sport Project encompasses approximately 1,902 acres (770 hectares) within the historic San Francisco Mining District. An initial 50-sample surface reconnaissance program returned copper assays as high as 1.155%, although the company noted that selective grab samples may not represent mineralization across the broader property. Copper One also holds the Redhill copper-focused property in British Columbia and announced an October agreement to acquire the Sword & Gossan nickel-copper-cobalt properties in Labrador.

For now, Majuba Hill remains central to Copper One's efforts to advance its copper exploration portfolio. The immediate questions concern what laboratory testing will reveal from the latest drilling and whether the geological features identified in MHB-40 can help guide subsequent exploration. With additional drilling planned and a substantial historical database available for interpretation, the company's next steps will focus on determining how far the mineralized system extends and what additional work is needed to define its potential.

Geological observations from drill holes MHB-39 and MHB-40 are preliminary. Visual identification of copper minerals, sulfides, and possible porphyry-related veins should not be considered a substitute for laboratory assay results. No mineral resource or mineral reserve has been established at the Majuba Hill Project. Additional drilling and technical studies will be required to evaluate the extent and economic potential of the mineralized system.

Copper's Long-Term Outlook Strengthens as China's Supply Tightens

Copper prices have faced some recent volatility, but tightening supplies in China and strong longer-term demand continue to provide support for the industrial metal. According to Trading Economics, copper was trading around US$6.21 per pound on November 10, down 1.93% for the day and 7.32% over the past month. Despite the pullback, prices remained approximately 22.88% higher than a year earlier, reflecting the strength of copper's broader annual performance.

Supply conditions in China, the world's largest copper consumer, have become a particularly important factor. Inventories monitored by the Shanghai Futures Exchange fell to 33,848 metric tons, their lowest level in nearly three years, while the Yangshan copper import premium reached a record US$230 per metric ton on November 9, according to Reuters. The premium reflects the additional amount Chinese buyers are willing to pay for imported copper, making its recent increase an indication of tight physical supplies. Copper prices subsequently found support as buyers responded to reduced inventories and constrained availability.

Looking ahead, copper's role in electrification, power infrastructure and expanding artificial intelligence data centers continues to underpin its longer-term demand outlook. These applications require substantial amounts of copper for electrical wiring, power transmission and related infrastructure, potentially supporting consumption as investment in these sectors grows. While near-term price fluctuations remain a concern, Trading Economics projected copper at approximately US$6.30 per pound by the end of the fourth quarter, modestly above its quoted level on November 10. The combination of tight Chinese inventories and sustained demand from power-intensive industries provides a constructive backdrop for the copper sector.