Exploration Co. Reports Copper Oxide Intercepts at Los Reyes Project in Mexico

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Centenario Gold 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 2026-11-12 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 2026-11-12 and excludes option exercises. These are public-source estimates and can differ from a later official register.

Centenario Gold Corp. (CTG:CSE) announced on November 12, 2026, an update on its initial drill program at the Los Reyes copper-gold skarn project in Chihuahua State, Mexico, highlighting copper oxide intercepts and vertical extensions of mineralization below the Jibosa and Tueda zones.

Key Investor Takeaways

• Centenario completed five holes totaling 1,140 m at Los Reyes, with core logging identifying copper oxides, sulphide-rich intervals, chalcopyrite, and molybdenite.

• Assay results from 344 samples shipped to ALS Labs in Chihuahua are pending and are expected to help establish the grade and economic potential of the skarn system.

• The project benefits from nearby infrastructure including Highway 49, power, and rail, with local landowner support.
• Recent trenching at Centenario's Cabot copper-gold-cobalt project in Newfoundland extended the exposed mineralized trend beyond 850 meters along strike.
• Management emphasizes responsible exploration in the Americas with a focus on copper and gold.

Update, Geology, and Location

Five holes have been completed for a total of 1,140 m drilled, with 344 core samples shipped to ALS Labs in Chihuahua. Core logging shows copper oxides approximately 75 m below surface in hole RYS26-01 and below the Jibosa shaft in RYS26-02. Hole RYS26-03 intersected more than 120 m of pyrite-dominant sulphides with chalcopyrite and quartz-pyrite-molybdenite veinlets in hornfels. Assays are still pending

Los Reyes is a prospective copper-moly-gold skarn system, possibly a carbonate-replacement deposit, along the eastern contact between a granodiorite intrusive and Lower Cretaceous limestones and shales. The project lies in a regional mineralized belt hosting historic mines such as Santa Eulalia and Naica. Surface and underground mapping in 2026 confirmed Cu (copper)-Mo (molybdenum)-Zn (zinc) mineralization at the Tueda and Jibosa zones.

Hole RYS26-01 tested the contact zone and a deep IP anomaly, intersecting skarn and oxidized quartz-calcite veinlets with sporadic copper oxides. RYS26-02 confirmed continuity of Cu-oxide mineralization below Jibosa. RYS26-03 extended mineralization below Tueda with sulphide-rich intervals. RYS26-04 tested lateral continuity south of Jibosa, intersecting iron-magnetite skarn. RYS26-05 is testing a northeast extension of Tueda.

The company has also recently advanced its Cabot copper-gold-cobalt project in Newfoundland with recent trenching that extended the mineralized trend beyond 850 meters, with a 1,500 m drill program planned before the end of November 2026. The Los Reyes update provides the newest catalyst for investors focused on the Mexico asset.

In an exclusive statement to Streetwise Reports, CEO Doug Fulcher said, "With 344 core samples from five holes at Los Reyes now at the lab, and more than 350 channel samples from Cabot’s 850-meter-plus trend awaiting assays, Centenario has a strong pipeline of results coming from both Mexico and Newfoundland. Initial drilling at Cabot will follow. We believe the coming months will be a defining period for the company."

Copper Markets Feeling Production Squeeze

Copper prices came under pressure in November as investors reassessed U.S. tariff expectations and demand from AI data center development. The International Copper Association Australia reported that the London Metal Exchange (LME) official cash price fell 3.9% between October 29 and November 10, to US$13,992 per tonne. The association attributed the decline partly to the U.S. midterm election results, which weakened expectations for proposed refined-copper tariffs and raised questions about the pace of planned data center construction. A stronger U.S. dollar and expectations for a possible Federal Reserve rate increase also contributed to selling pressure. 

Inventory trends are showing a divergence between the U.S. and China. LME warehouse inventories increased 16% over the fortnight through November 10, reaching 316,625 tonnes, with 70.1% held in U.S. warehouses. Meanwhile, Shanghai Futures Exchange inventories fell 24% in the week through November 6, to 33,848 tonnes, their lowest level since early January 2024. China's Yangshan copper import premium also reached a record US$230 per tonne on November 11, according to the International Copper Association Australia. Separately, Shanghai Metals Market reported that nationwide mainstream copper inventories in China fell to just above 50,000 tonnes on November 9, approximately 140,000 tonnes below the same period in 2025.

Supply constraints remain another consideration. The International Copper Association Australia stated that global mine output was declining 0.9% year over year during January through August 2026. Indonesian copper concentrate output fell 29%, while output in the Democratic Republic of the Congo declined 26%. At the processing level, S&P Global's October 2026 Copper Market Report reported that approximately 26.5 million tonnes of global smelting capacity were competing for roughly 18.7 million tonnes of copper concentrate production. This imbalance has contributed to historically low treatment and refining charges, putting pressure on smelter margins.

Longer term, electrification, power-grid expansion, digital infrastructure, and the energy transition are expected to support copper consumption. S&P Global projects that copper demand will increase by approximately 5.3 million tonnes through 2030. However, the report also warns that insufficient mining feedstock relative to processing capacity could lead to smelter closures, production curtailments, and industry consolidation. Near-term prices remain sensitive to U.S. trade policy, interest-rate expectations, inventory movements, and changes in industrial demand.

Technical Analyst Sets Price Targets

On October 15, 2026, technical analyst Stewart Thomson told Streetwise Reports that he has assigned the following price targets to Centenario:

• Short-term: CA$0.26
• Medium-term: CA$0.46
• Long-term: CA$1.30

At the time of writing, Centenario's stock was trading at CA$0.11 per share.

Charest Sees A 'Revived' Centenario

In an exclusive statement to Streetwise Reports, VP of Exploration at Centenario, Alain Charest, stated, "The Los Reyes drilling program is only the beginning. The newly revived and well-funded Centenario Gold Corp., although it intends to primarily focus on its two main projects in Mexico and Canada, will keep looking and evaluating other opportunities. A small, manageable market cap, good mineral projects, and a loyal shareholder base make funding an easy task."

Common Questions from Investors

What did the latest drilling at Los Reyes show?

Core logging revealed copper oxides in the upper portions of several holes and extensive sulphide mineralization with chalcopyrite and molybdenite at depth, extending known zones vertically and laterally.

When will assay results be available?

Samples are at ALS Labs; results will be released once received, with no specific timeline provided in the November 12 update.

What is the next step at Los Reyes?

The immediate next step is to receive and interpret the assays from the 344 samples. These results will help the company assess the grade and economic potential of the intrusion-related Cu-Mo system.

How does the Cabot project compare in timing?

Cabot trenching results are also pending, with drilling mobilization expected before November 30, 2026, offering a parallel near-term catalyst.