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Highlights:
- XXIX met with Chapais residents and Chapais Metropolis Council on October 21 and 22 as a part of its voluntary pre-consultation course of.
- Opemiska is a transformative mission for Chapais and the area, with estimated investments of over C$3.5 billion over ~20 years.
- XXIX to proceed with open dialogue and citizen engagement with upcoming thematic workshops, common newsletters, and the creation of a monitoring committee.
XXIX Steel Corp. (TSXV: XXIX,OTC:QCCUF) (OTCQB: QCCUF) (FSE: 5LW0) (“XXIX” or the “Firm”) needs to thank the residents of Chapais for his or her participation within the public info and dialogue night and residents’ café held on October 21 and 22. The Firm additionally met with Chapais Metropolis Council on October 21. These occasions marked an vital milestone in XXIX’s ongoing collaboration with the local people because the Firm offered the outcomes of its Preliminary Financial Evaluation (the “PEA”) for the Opemiska Copper Mission, positioned inside the municipal boundaries of Chapais.
These conferences had been a part of XXIX’s voluntary pre-consultation course of designed to advertise open dialogue, share info, and listen to immediately from residents because the Firm advances the redevelopment of this historic copper mine into a contemporary, sustainable operation.
A Mission with Robust Potential to Remodel the Area
The Opemiska Mission envisions the reactivation of a historic high-grade copper mining website, with estimated investments of greater than C$3.5 billion over ~20 years, and a processing plant positioned inside the municipal boundaries of Chapais to maximise native advantages.
Opemiska demonstrates robust financial potential and is amongst Canada’s most promising copper improvement tasks. Full Particulars for XXIX’s PEA can be found within the Firm’s information launch dated October 21, 2025, together with:
- Strong after-tax base case economics:
- C$505M after-tax NPV (8%)
- 27.2% after-tax IRR
- Utilizing spot metallic costs:
- C$897M after-tax NPV (8%)
- 39.3% after-tax IRR
- Fast payback: 2.3 years on C$617M preliminary capital
- Excessive-grade early years: common annual manufacturing of 59 million lbs of copper, 34,000 oz of gold, and 174,000 oz of silver over the primary six years
- Low-cost producer: US$1.03/lb C1 money price (internet of by-product credit) throughout the first six years, putting Opemiska within the decrease quartile of the worldwide price curve
The PEA additional highlights vital leverage to rising copper and gold costs, with an estimated C$4.4 billion in life-of-mine income, and identifies robust useful resource enlargement potential, significantly on the Cooke gold zone the place exploration drilling continues.
Open Dialogue and Citizen Engagement
The October 21 and 22 classes allowed residents to ask questions and share suggestions immediately with XXIX’s administration and technical group, together with Man Le Bel, Stephen Stewart, Denis McNichols, Marcelino Jobin, Ahcene Gaoui, André Bouchard, and Antoine Schwartzmann.
Citizen discussions centered on matters corresponding to:
- Administration of mining waste and environmental safeguards
- Optimistic financial and demographic impacts for Chapais
- Native hiring for about 450 staff and assist for brand spanking new households
- Relocation of residents and companies
- Infrastructure enhancements and the proposed bypass route
- Commitments to transparency and citizen participation
XXIX reaffirmed its dedication to sustaining an open, ongoing dialogue with residents because the mission advances.
Subsequent Steps
The Firm’s subsequent part of engagement consists of:
- A minimal of three thematic workshops over the following 12-18 months
- The creation of a monitoring committee
- Common newsletters and open communication channels for residents
The presentation used throughout the info night and assembly summaries will likely be made accessible on the XXIX web site devoted to Chapais neighborhood (hyperlink).
“The outcomes of the PEA affirm that Opemiska has the potential to be a worthwhile, low-cost copper operation that brings long-term financial and social worth to Chapais and the area,” mentioned Man Le Bel, President and CEO, XXIX Steel Corp.
About XXIX Steel Corp.
XXIX is advancing its Opemiska and Thierry Copper tasks, two vital Canadian copper belongings. The Opemiska Mission, one among Canada’s highest-grade open pitable copper deposits, spans 21,333 hectares in Quebec’s Chapais-Chibougamau area, with robust infrastructure and close by entry to the Horne Smelter. An October 2025 Preliminary Financial Evaluation outlined a 12,500 tpd open pit operation over a 17-year mine life, producing an after-tax NPV8% of $505M, IRR of 27.2%, and a 2.3-year payback interval ($4.35/lb copper value, $3,000/oz gold value, $30/oz silver value). The Thierry Mission hosts the K1 (near-surface) and the past-producing K2 (underground & floor) zones (see XXIX information launch dated October 1, 2024 for particulars concerning assets). Thierry has vital infrastructure in place together with an all-season street, an airport inside 5km, a provincial energy grid inside 8km, and close by rail. With these two high-potential tasks, the Firm has solidified its place as a key participant within the Canadian copper sector and has established itself as one among Japanese Canada’s largest copper developer.
Ahead-Wanting Statements
The reader is suggested that the Preliminary Financial Evaluation (PEA) summarized on this information launch is meant to offer solely an preliminary, high-level evaluate of Opemiska’s financial potential. The PEA mine plan and financial mannequin embody quite a few assumptions and using inferred mineral assets. Inferred mineral assets are thought-about to be too speculative for use in an financial evaluation besides as allowed for by NI 43-101 in PEA research. There is no such thing as a assure that inferred mineral assets might be transformed to indicated or measured mineral assets, and as such, there is no such thing as a assure Opemiska’s economics described herein will likely be achieved. XXIX could also be eligible for Clear Expertise Manufacturing Funding Tax Credit score (CTM-ITC). This laws has been enacted on June 20, 2024. There is no such thing as a assure the Firm will have the ability to entry the CTM-ITC.
This information launch comprises sure forward-looking statements, together with statements concerning the Firm’s perception that Opemiska has potential for continued development, numerous price, value and manufacturing assumptions used to tell the PEA, and excellent threat components, together with Opemiska’s proximity to the City of Chapais, Historic Assay validation, Geotechnical concerns of open stopes within the japanese pit wall, the Enterprise sill, the Gwillim fault, host rock competency and Historic Stope Modeling. Wherever doable, phrases corresponding to “could”, “will”, “ought to”, “might”, “count on”, “plan”, “intend”, “anticipate”, “consider”, “estimate”, “predict” or “potential” or the unfavorable or different variations of those phrases, or related phrases or phrases, have been used to establish these forward-looking statements. These statements mirror administration’s present beliefs and are primarily based on info at the moment accessible to administration as on the date hereof.
Ahead-looking statements contain vital threat, uncertainties and assumptions. Many components might trigger precise outcomes, efficiency or achievements to vary materially from the outcomes mentioned or implied within the forward-looking statements. Such components embody, amongst different issues: dangers associated to uncertainties inherent in drill outcomes and the estimation of mineral assets; and dangers related to executing the Firm’s plans and intentions. These components must be thought-about fastidiously, and readers shouldn’t place undue reliance on the forward-looking statements. Though the forward-looking statements contained on this information launch are primarily based upon what administration believes to be cheap assumptions, the Firm can’t guarantee readers that precise outcomes will likely be in step with these forward-looking statements. These forward-looking statements are made as of the date of this information launch, and the Firm assumes no obligation to replace or revise them to mirror new occasions or circumstances, besides as required by legislation.
Non-IFRS Monetary Measures
XXIX has included sure non-IFRS monetary measures on this information launch, corresponding to C1 Money Price which aren’t measures acknowledged below IFRS and wouldn’t have a standardized that means prescribed by IFRS. Because of this, these measures might not be corresponding to related measures reported by different firms. Every of those measures used are meant to offer extra info to the consumer and shouldn’t be thought-about in isolation or as an alternative to measures ready in accordance with IFRS.
Neither the TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this information launch.
To view the supply model of this press launch, please go to https://www.newsfilecorp.com/launch/271749
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