XXIX's Opemiska PEA Confirms Positive Development Potential
newsfilecorp.com
October 21, 2025 4:00 PM EDT | Source: XXIX Metal Corp.
Highlights:
- Total payable copper across Opemiska 17 year mine life:
- 715 million pounds of copper
- 409 thousand ounces of gold
- 2.08 million ounces of silver
- Robust after-tax base case economics:
- C$505M after-tax NPV8% (C$897 after-tax NPV8% using spot pricing)
- 27.2% after-tax IRR (39.3% after-tax IRR using spot pricing)
- Rapid payback: 2.3-year Base Case payback of C$617M initial capital resulting from upfront high-grading.
- Potential High-grade annual recovered payable production across the first six years:
- 59 million pounds of copper per year
- 34 thousand ounces of gold per year
- 174 thousand ounces of silver per year
- Low Cost Producer: Opemiska is in the lower quartile of the cost curve with US$1.03/lb C1 cash cost net of by-product credits across the first six years. US$1.40/lb net of by-product credits over the life of mine.
- Significant leverage to rising copper and gold prices, with $4.40 billion in life of mine revenue
- 70.7% copper
- 27.9% gold
- 1.4% silver
- Plenty of Resource upside including Cooke gold zone with active drilling underway.
Toronto, Ontario--(Newsfile Corp. - October 21, 2025) - XXIX Metal Corp?. (TSXV: XXIX) (OTCQB: QCCUF) (FSE: 5LW0) ("XXIX" or the "Company") is pleased to announce the completion of a Preliminary Economic Analysis ("PEA")[1] on its Opemiska copper project ("Opemiska"), located in Chapais, Québec. The PEA evaluates the potential economic viability of Opemiska's mineral resources and is the first economic study on Opemiska since Falconbridge closed its underground mining operations in 1991.
"This is a significant milestone for Opemiska and XXIX. The results clearly indicate Opemiska's potential as a profitable operation Furthermore, the high-grade early years of the mine has resulted in a low C1 cash cost of US$1.03/lb (net of by-product credits) over the first six years, and US$1.40/lb (net of by-product credits) over the 17-year life of mine, placing the project in the lower quartile of the cost curve," said Guy Le Bel, CEO of XXIX. "This project has the potential to bring in significant benefits to all stakeholders involved, including the town of Chapais and surrounding communities."
Project Overview
The 100%-owned Opemiska spans 21,333 hectares in Quebec's Chapais-Chibougamau region, with significant infrastructure in place. Opemiska comprises four past-producing mines, two of which (Springer and Perry) underpin the current PEA. Cooke, a third past-producing mine located ~3km east of the proposed pit is currently being evaluated for its gold resource potential.
Figure 1) Location of the Opemiska Project
The PEA envisions an open pit mining and milling operation with a processing capacity of 12,500 tonnes per day, over a 17-year life of mine ("LOM"). The project has been optimized by sequencing the open pit mining extraction schedule in four distinct phases and by segregating mineralized material to process higher value material upfront. The optimized processing schedule demonstrates an average annual production of 62 million lbs of copper, 38 thousand ounces of gold and 193 thousand ounces of silver over the first six years of production and 44 million lbs of copper, 27 thousand ounces of gold and 130 thousand ounces of silver over the entire LOM.
Table 1 presents a summary of operating and financial highlights from the PEA, using Base Case and Spot Pricing assumptions. A foreign exchange of C$1.35 to US$1.00 has been used for this economic analysis.
Table 1) Operating and Financial Summary (Base Case unless specified otherwise)
| Parameter | Units | Values | | General |
|
| Base Case | Spot Pricing | | Copper price | US$/lb | 4.35 | 4.75 | | Gold price | US$/oz | 3,000 | 4,300 | | Silver price | US$/oz | 30.00 | 54.00 | | Exchange rate | CAD:USD | 1.35 | 1.38 | | Mine life | years | 17 | | Total mill feed | million tonnes | 77.2 | | Strip ratio | Waste to mineralized material | 3.7 | | Economics (Pre-tax) |
|
| Base Case | Spot Pricing | | Net present value (NPV8%) | C$ millions | 793.0 | 1,442.1 | | Internal rate of return (IRR) | % | 32.1% | 48.5% | | Payback | years | 2.3 | 1.7 | | LOM Annual Cash Flow | C$ millions | 102.3 | 170.1 | | LOM Cumulative Cash Flow | C$ millions | 1,748 | 2,905.3 | | Economics (After-tax) |
|
| Base Case | Spot Pricing | | Net present value (NPV8%) | C$ millions | 505.2 | 897.2 | | Internal rate of return (IRR) | % | 27.2% | 39.3% | | Payback | years | 2.3 | 1.8 | | LOM Annual Cash Flow | C$ millions | 67.7 | 108.5 | | LOM Cumulative Cash Flow | C$ millions | 1,156.8 | 1,853.0 | | LOM Revenue | US$ millions | 4,398 | 5,264 | | % Copper | % | 70.7% | 64.5% | | % Gold | % | 27.9% | 33.4% | | % Silver | % | 1.4% | 2.1% | | Production | | Throughput | tpd | 12,500 |
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| Year 1 - 6 | LOM | | Copper equivalent grade | % | 1.01% | 0.70% | | Copper grade | % | 0.69% | 0.48% | | Gold grade | g/t | 0.33 | 0.23 | | Silver grade | g/t | 1.67 | 1.12 | | Copper equivalent production | Mlb | 545 | 1,098 | | Copper production | Mlb | 375 | 753 | | Gold production | koz | 229 | 464 | | Silver production | koz | 1,160 | 2,231 | | Copper Recovery | % |
| 92.0% | | Gold Recovery | % |
| 79.9% | | Silver Recovery | % |
| 80.3% | | Operating Costs |
|
| Year 1 - 6 | LOM | | Mining | C$/t mined | 4.02 | 4.39 | | Mining | C$/t milled | 29.07 | 20.66 | | Processing | C$/t milled | 10.62 | 10.62 | | Waste and water management | C$/t milled | 0.11 | 0.08 | | G&A | C$/t milled | 3.16 | 3.16 | | Total (before selling costs and royalty) | C$/t milled | 42.97 | 34.52 | | Selling costs | C$/t milled | 7.87 | 5.45 | | Royalty | C$/t milled | 1.03 | 0.71 | | Total (after selling costs and royalty) | C$/t milled | 51.86 | 40.69 |
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|
|
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| Year 1 - 6 | LOM | | C1 Cash Cost | US$/lb Cu (net of by-products) | 1.03 | 1.40 | | C3 Cash Cost | US$/lb Cu (net of by-products) | 1.96 | 2.50 | | Capital Costs | | Initial capital | C$ millions |
| 617.3 | | Initial Capex net of CTM-ITC (Net Initial Capex)[2] | C$ millions |
| 467.7 | | Sustaining capital | C$ millions |
| 390.9 | | Closure costs | C$ millions |
| 40.0 |
Sensitivities
A sensitivity analysis was completed to reflect Opemiska's economics under multiple copper and gold pricing scenarios.
Table 2) Sensitivity to Copper and Gold Pricing
| Copper Price Sensitivity |
| -15% | -10% | -5% | $4.35/lb | 5% | 10% | 15% | | NPV8% | 287.9 | 361.1 | 433.2 | 505.2 | 576.9 | 648.1 | 718.8 | | IRR | 19.7% | 22.3% | 24.8% | 27.2% | 29.6% | 31.8% | 34.0% | | Payback | 2.7 | 2.5 | 2.4 | 2.3 | 2.2 | 2.1 | 1.9 | | NPV to Net Initial CAPEX3 | 0.6 | 0.8 | 0.9 | 1.1 | 1.2 | 1.4 | 1.5 | | Profitability Index | 1.6 | 1.8 | 1.9 | 2.1 | 2.2 | 2.4 | 2.5 |
|
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|
|
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| Gold Price Sensitivity |
| -45% | -30% | -15% | $3,000/oz | 15% | 30% | 45% | | NPV8% | 252.4 | 337.2 | 421.4 | 505.2 | 588.8 | 671.9 | 754.5 | | IRR | 18.4% | 21.5% | 24.4% | 27.2% | 29.9% | 32.5% | 35.1% | | Payback | 2.8 | 2.6 | 2.4 | 2.3 | 2.2 | 2.0 | 1.9 | | NPV to Net Initial CAPEX3 | 0.5 | 0.7 | 0.9 | 1.1 | 1.3 | 1.4 | 1.6 | | Profitability Index | 1.5 | 1.7 | 1.9 | 2.1 | 2.3 | 2.4 | 2.6 |
Mineral Resources
Opemiska's production profile is contemplated as a 55% subset of the pit constrained indicated and inferred mineral resource estimate ("MRE") previously announced on June 3, 2025. As such, the PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Figure 2 compares the MRE resource constraining pit to the open pit envisioned in the PEA.
Figure 2) MRE Constraining Pit Shell vs. PEA Pit Shell
Mining - A Phased Approach
The PEA contemplates a conventional open pit truck-and-shovel operation with a 12,500 tpd (4.6 Mtpa) processing rate over 17-year LOM, with an average strip ratio of 3.7 to 1. The mine plan has been optimized across four phases for a rapid payback on initial capital supported by strong annual cash flow. The four mining phases are detailed as follows: starter pits in both Springer and Perry (Phase 1), an intermediate pushback in Springer (Phase 2), the depletion of Perry (Phase 3), and the depletion of Springer (Phase 4). The 17-year LOM incorporates 13 years of direct mill feed from open pit operations and 4 years of stockpile rehandling. The open pit operation has also been optimized to delay any impact to the neighbouring town of Chapais to the end of Phase 3 and beginning of Phase 4. Figure 3 outlines the 13-year mine production schedule. Figure 4 - 7 shows the pit outline for each the four phases.
Figure 3) Mineralized Material Mined (By Phase)
Figure 4) Phase 1 - Springer and Perry Starter Pits
Figure 5) Phase 2 - Springer Pushback
Figure 6) Phase 3 - Perry Depletion
Figure 7) Phase 4 - Springer Depletion
Processing & Metallurgy
The PEA envisions a typical flotation metallurgical flowsheet for the recovery of a copper concentrate with gold and silver, that is amenable to smelting. The flowsheet (Figure 8) incorporates 2 stage crushing, SAG/ball mill grinding, rougher flotation, concentrate regrind and cleaner flotation followed by concentrate thickening and filtration, resulting in a final concentrate with a copper grade of 20%. The tailings are thickened, filtered and trucked to the co-disposal facility where encapsulation with waste rock will be promoted.
The process plant will treat 4.6 Mt/y of mineralized material, at an average throughput of 12,500 t/d. The grinding and flotation design availability is 8,059 hours per year or 92%. The crushing design availability is 5,694 hours per year or 65%. The tailings and concentrate filtration design availability is 7,183 hours per year or 84%. Average life-of-mine recoveries, based on testwork, and supported by historical operations data[3], are estimated to be 92% for copper, 80% for gold and silver. Figure 9 outlines mill production schedule across the 17-year LOM.
Figure 8) Process Flow Sheet
Metallurgical testing was completed on a composite sample at SGS (Quebec City) in 2023. The composite was made up of core, sourced from intervals weighted proportionally to the deposit mineralized domains and intersecting all lithologies. The purpose of this testwork was to evaluate the metallurgical performance and environmental properties of mineralized material from the Opemiska deposit through conventional flotation processes and provide material inputs to inform the PEA design. The testwork results indicated copper recoveries to concentrate of approximately 92%.
Figure 9) Production Schedule
Capital & Operating Costs
Initial capital is estimated at C$617M over a 2-year construction period, and is based on the costs outlined in Table 3, below:
Table 3) Breakdown of Initial Capital
| Initial Capital Expenditure | Cost
(C$M) | | Infrastructure | 16.2 | | Electricity and Communications | 27.0 | | Tailings Management | 14.5 | | Water Management | 6.9 | | Mining Equipment | 45.6 | | Process Plant | 271.0 | | Indirects | 106.2 | | Contingency | 121.4 | | Capitalized Operating Costs | 8.4 | | Initial Capital | 617.3 | | Clean Technology Manufacturing Investment Tax Credit (CTM-ITC) | (149.6) | | Initial Capital (net of Clean Technology Manufacturing Investment Tax Credit) | 467.7 |
The Company may be eligible to receive the Clean Technology Manufacturing Investment Tax Credit (CTM-ITC). This legislation has been enacted on June 20, 2024. XXIX expects to receive ~$149.6M in CTM-ITC as 100% of revenue for Opemiska is generated from sale of copper concentrate, copper being one of six qualifying materials. There is no guarantee the Company will be able to access the CTM-ITC. If the CTM-ITC does not become available, the total capital cost including contingency will increase by the amounts shown in this row.
Sustaining capital over the LOM is estimated at $390.9M, while closure costs are estimated at $40.0M.
Operating costs are estimated at C$34.52/tonne processed, based on the costs outlined in Table 4, below. Costs pertaining to transportation, placement and compaction of the tailings have been included as part of the mining cost.
Table 4) LOM Unit Operating Costs
| Unit Cost | Unit | Cost | | Mining | C$/t mined | 4.39 | | Mining | C$/t processed | 20.66 | | Processing | C$/t processed | 10.62 | | Waste and water management | C$/t processed | 0.08 | | G&A | C$/t processed | 3.16 | | Total | C$/t processed | 34.52 |
C1 Cash costs over the LOM are estimated at US$1.40/lb Cu (net of by-product credits), with C1 cash cost during Years 1 - 6 being US$1.03/lb Cu. A breakdown of C1 cash cost is outlined in Table 5, below:
Table 5) C1 Cash Cost Breakdown (Base Case)
| C1 Cash Cost (US$/lb) | Year 1 - 6 | LOM | | Mining | 1.61 | 1.65 | | Processing | 0.59 | 0.85 | | Waste and Water Management | 0.01 | 0.01 | | G&A | 0.18 | 0.25 | | Transportation and Logistics | 0.30 | 0.30 | | TCs / RCs | 0.14 | 0.14 | | Gold by-product credit | -1.70 | -1.72 | | Silver by-product credit | -0.09 | -0.08 | | Total C1 Cash Cost | 1.03 | 1.40 |
Economic Analysis Results
The PEA highlights Base Case NPV8% of C$505M with a corresponding IRR of 27.2% and a 2.3-year payback period. Under Spot Pricing, NPV8% increases to C$897M, with a corresponding IRR of 39.3% and a 1.8-year payback. Assumptions, including commodity pricing and exchange rate used as part of the economic analysis is outlined in Table 6, below:
Table 6) Commodity Price & Exchange Rate Assumptions
| Assumption | Base Case | Spot Pricing | | Copper price (US$/lb) | 4.35 | 4.75 | | Gold price (US$/oz) | 3,000 | 4,300 | | Silver price (US$/oz) | 30 | 54 | | CAD : USD | 1.35 | 1.38 |
Opemiska On-site Infrastructure
Opemiska's site layout comprises the processing plant, power infrastructure, tailings management facility and administrative buildings. Figure 10 outlines Opemiska's envisioned site layout.
Figure 10) Opemiska Site Layout
Tailings Management
XXIX will utilize filtered tailings management, providing multiple advantages over conventional tailings management strategies. Filtered tailings management does not utilize tailings ponds, mitigating stakeholder risk exposure to catastrophic failure and flooding and/or uncontrolled leaks or seepage.
Filtered tailings management sees tailings treated through filters prior to being deposited in layers, stacked and compacted on specially designed platform lined with a geomembrane. As part of the filtration process, water is removed from the mixture resulting in drier material-similar to soil such as a fine sand. Using such technology and tailings management strategy assists in streamlining progressive reclamation activities.
Opportunities
Evaluate ore sorting as a mechanism to further improve processing head grades of lower grade stockpiled material. Mineral sorting can also lead to optimized costs by rejecting waste material earlier in the process, potentially increasing overall economics.
Evaluate potential mineralized material at the bottom of the envisioned pit as well as mineralized material outside of the envisioned pit to further boost project economics.
Future testwork programs will investigate the potential to further improve concentrate grades, which would reduce concentrate mass to be transported and improve payability. Mineralogical analysis also revealed the potential to recover coarse gold via gravity concentration; future testwork will be conducted to confirm.
Testwork to be performed on filtered tailings will investigate their compaction potential which could allow reducing the overall height and footprint of the co-disposal facility.
Next Steps and Upcoming Catalysts
Exploration of Cooke Gold Zone - Q4 2025 / Q1 2026
A 6,000-metre drill program has commenced at Cooke to determine potential for a near surface resource that could complement Opemiska's existing resource base. Cooke was a past producing underground mine with two parallel gold structures that have not been mined to surface. Historically, Cooke produced 1.97 million tonnes grading 5.04 g/t gold and 0.66% Copper[4]. Cooke has up to 200 metres of crown pillar intact, increasing potential for high-grade near surface gold mineralization.
Prefeasibility Study - 2026 - onwards
XXIX will continue to progress Opemiska towards a Pre-Feasibility Study ("PFS"). As such, the company will have to complete additional studies including:
- Environmental Baseline Studies: XXIX will commence environmental baseline studies in 2026 to assess potential impacts of Opemiska and potential future mining operations. Environmental baseline studies are critical paths of the mine permitting process, ensuring that companies are complying with the applicable environmental regulation and current practice recommendations.
- Metallurgical Studies: The company will pursue metallurgical testing to confirm/optimize the flowsheet design, characterize the tailings for filtration and acid generation potential, characterize waste for acid generation/neutralization potential and evaluate ore sorting for the low grade material.
- Geotechnical Studies: The purpose of these studies is to confirm assumptions on slope angles in the pit, and the stability of the co-disposition facility.
- Stakeholder Engagement: XXIX commits to constant transparent dialogue with the communities where we operate. In 2026, we will organize a number of meetings to discuss how the proposed project can be bonified to the benefits of the citizens.
- 3D Geological Model Upgrade: The Opemiska 3D geological model will be upgraded prior to commencing the PFS.
Outstanding Risk Factors
The XXIX technical team has identified several key risks that could impact the development of the Opemiska Project. These are being carefully evaluated and will be addressed in future engineering and economic studies:
- Proximity to the Town of Chapais: The conceptual pit in the current PEA partially overlaps with the town boundary. This could raise social acceptance issues and may require trade-off studies or additional capital for development solutions.
- Historical Assay Validation: Drill core from mining operations between 1953 and 1991 no longer exists, meaning historical mine assays cannot be directly verified. While limited twin-hole drilling supports their general reliability, a geostatistical validation study was done during the process of the 2025 MRE and the QP was able to validate historical assays using information coming from valid and QAQC-proof recent holes. Additional detailed validation programs will be needed as the project advances.
- Geotechnical Considerations: Known geotechnical challenges include:
- Rock:
a) Open stopes in the eastern pit wall
b) The Venture Sill, which dips toward the pit wall and may affect slope stability
c) The Gwillim Fault, which may pose a water inflow risk if it hosts an aquifer
Despite these concerns, the host rock is generally strong and well-suited to open-pit mining.
d) The host rock competency is confirmed, in part, by the stability of the glory hole sidewalls over the past 40 years.
- Tailings and foundation soils:
a) The feasibility of tailings filtration has not yet been demonstrated.
b) The geotechnical properties, characteristics, and behavior of filtered tailings have not yet been established.
c) The geotechnical properties, characteristics, and behavior of the foundation soils have not yet been established.
- Geochemical, Hydrogeological and Water Treatment and Management Consideration
- The mine waste environment has not yet been studied for environmental characteristics to confirm its potential for acid generation and metal leaching.
- The hydrogeological context is unknown and requires further study to assess the potential impacts of mining activities.
- The effects of mining activities on water quality (both groundwater and surface water) have not yet been evaluated, and the need for water treatment should be assessed.
- Comprehensive water balance yet to be completed
- Historical Stope Modeling: Digitized historical stopes from the Springer and Perry mines may not perfectly align with the current 3D models. Some mined-out areas may not fully match up with mineralized zones, introducing potential grade uncertainty. The Company considers this manageable for now but will re-digitize certain areas as development progresses.
- The sale terms for the concentrate are indicative and based on historical terms. The LOM concentrate offtake has not yet been negotiated.
?About XXIX Metal Corp?.
XXIX is advancing its Opemiska and Thierry Copper projects, two significant Canadian copper assets. The Opemiska Project, one of Canada's highest-grade open pitable copper deposits, spans 21,333 hectares in Quebec's Chapais-Chibougamau region, with strong infrastructure and nearby access to the Horne Smelter. An October 2025 Preliminary Economic Assessment outlined a 12,500 tpd open pit operation over a 17-year mine life, generating an after-tax NPV8% of $505M, IRR of 27.2%, and a 2.3-year payback period ($4.35/lb copper price, $3,000/oz gold price, $30/oz silver price). The Thierry Project hosts the K1 (near-surface) and the past-producing K2 (underground & surface) zones (see XXIX news release dated October 1, 2024 for details regarding resources). Thierry has significant infrastructure in place including an all-season road, an airport within 5km, a provincial power grid within 8km, and nearby rail. With these two high-potential projects, the Company has solidified its position as a key player in the Canadian copper sector and has established itself as one of Eastern Canada's largest copper developer.
QP Statement
The technical information contained in this news release has been reviewed and approved by Denis McNichols, P.Geo and géo., Vice President Exploration for XXIX Metal, a Qualified Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects.
The independent qualified persons for the PEA, as defined by National Instrument ("NI") 43-101, are
- Renee Barrette, ing., Principal Metallurgist for Ausenco Engineering Canada ULC for metallurgy and process plant design.
- Jean-François St-Laurent, ing. PEng (ON), M.Sc, Principal Consultant for SRK Consulting (Canada) inc. for the Tailings Management Facility.
- Charles Veilleux, ing, Senior Consultant for SRK Consulting (Canada) inc. for the Hydrology, Site Wide Water balancing and mine site surface water management facilities.
- Maude Lévesque Michaud, ing., from Geodoz conseil for environmental and social considerations.
- Stephen Coates, P. Eng. for Evomine Consulting for mining methods.
- Alexandre Burelle, P. Eng. for Evomine Consulting for cost estimation and financial analysis.
Non-IFRS Financial Measures
XXIX has included certain non-IFRS financial measures in this news release, such as Initial Capital Cost, Sustaining Capital, Closure Costs, C1 Cash Cost, C3 Cash Cost, NPV to Initial Capital, and Profitability Index, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.
For further information, please contact:
Guy Le Bel, Chief Executive Officer
Phone: 514.654.8550
Email: glebel@oregroup.ca
Forward Looking Statements
The reader is advised that the Preliminary Economic Assessment (PEA) summarized in this news release is intended to provide only an initial, high-level review of Opemiska's economic potential. The PEA mine plan and economic model include numerous assumptions and the use of inferred mineral resources. Inferred mineral resources are considered to be too speculative to be used in an economic analysis except as allowed for by NI 43-101 in PEA studies. There is no guarantee that inferred mineral resources can be converted to indicated or measured mineral resources, and as such, there is no guarantee Opemiska's economics described herein will be achieved. XXIX may be eligible for Clean Technology Manufacturing Investment Tax Credit (CTM-ITC). This legislation has been enacted on June 20, 2024. There is no guarantee the Company will be able to access the CTM-ITC.
This news release contains certain forward-looking statements, including statements about the Company's belief that Opemiska has potential for continued growth, various cost, price and production assumptions used to inform the PEA, and outstanding risk factors, including Opemiska's proximity to the Town of Chapais, Historical Assay validation, Geotechnical considerations of open stopes in the eastern pit wall, the Venture sill, the Gwillim fault, host rock competency and Historical Stope Modeling. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company's plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
[1] The PEA was prepared in accordance with National Instrument 43-101 ("NI 43-101") by Ausenco Engineering Canada, Evomine Consulting, SRK Consulting (Canada) and Geodoz conseil. The Company will file the PEA on SEDAR+ at www.sedarplus.ca in accordance with NI 43-101, and on its website within 45 days.
[2] XXIX may be eligible for CTM-ITC. This legislation has been enacted on June 20, 2024. XXIX expects to receive ~$149.6M in Clean Technology Manufacturing Investment Tax Credits (CTM-ITC) as 100% of revenue for Opemiska is generated from sale of copper concentrate, copper being one of six qualifying materials. There is no guarantee the Company will be able to access the CTM-ITC. If the CTM-ITC does not become available, the total capital cost including contingency will increase by the amount mentioned.
[3] Refer to XXIX's July 25, 2023 news release.
[4] Morin, R. DV90-01, Energie et Ressources Naturelle Québec, Edition L. Blais-Leroux, p. 75
 SOURCE: XXIX Metal Corp. |
