Mocoa / Putumayo
Mineral Resource Estimate
The 2025 Mocoa MRE comprises inferred Mineral Resources of 12.7 billion pounds (Blbs) copper-equivalent (CuEq*) at an average grade of 0.51% CuEq*, including 7.7 Blbs of copper at 0.31% Cu and 1.0 Blbs of molybdenum at 0.039% Mo, within a total of 1,120 million tonnes (Mt) Table 1 provides the complete 2025 Mocoa Mineral Resource Estimate (MRE) statement. A supporting Ni 43-101 Technical Report will be filed on Sedar at www.sedarplus.ca and will be available on the Company’s website within 45 days from the date of this press release.
Table 1 – 2025 Mocoa Inferred Mineral Resource Estimate effective November 18, 2025.
| Cut-Off | Tonnage | CuEq (%) | Cu (%) | Mo (%) | Contained CuEq | Contained Cu | Contained Mo |
|---|---|---|---|---|---|---|---|
| (% CuEq) | (Mt) | (%) | (%) | (%) | (Blbs) | (Blbs) | (Blbs) |
| 0.10 | 1,553 | 0.42 | 0.25 | 0.031 | 14.4 | 8.7 | 1.1 |
| 0.15 | 1,410 | 0.45 | 0.27 | 0.034 | 14.0 | 8.4 | 1.0 |
| 0.20 | 1,268 | 0.48 | 0.29 | 0.036 | 13.4 | 8.1 | 1.0 |
| 0.25 | 1,120 | 0.51 | 0.31 | 0.039 | 12.7 | 7.6 | 1.0 |
| 0.30 | 972 | 0.55 | 0.33 | 0.042 | 11.8 | 7.0 | 0.9 |
| 0.40 | 674 | 0.64 | 0.38 | 0.050 | 9.5 | 5.6 | 0.7 |
| 0.50 | 441 | 0.74 | 0.43 | 0.059 | 7.2 | 4.2 | 0.6 |
| 0.60 | 287 | 0.84 | 0.48 | 0.068 | 5.3 | 3.1 | 0.4 |
| 0.70 | 190 | 0.94 | 0.53 | 0.077 | 3.9 | 2.2 | 0.3 |
Notes
- The MRE was completed by Kevin Hon, B.Sc., P.Geo., Senior Resource Geologist, and Warren Black, M.Sc., P.Geo., Senior Consultant: Mineral Resources and Geostatistics, both of APEX. Mr. Hon and Mr. Black are independent Qualified Persons, as defined by NI 43-101, and are responsible for the completion of the Mineral Resource Estimate, with an effective date of November 18, 2025. Michael Dufresne, M.Sc., P.Geo., President & CEO of APEX, completed a peer review of the estimate.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
- The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
- Economic assumptions used include US$4.00/lb Cu, US$20.00/lb Mo, process recoveries of 90% for Cu and 95% for Mo, a US$10/t processing cost, G&A costs of US$1.00/t, and a 3% NSR royalty
- CuEq* values are calculated using a Cu-to-Mo value ratio of 1:5.278, incorporating both metal prices and metallurgical recoveries.
- The constraining pit optimization parameters include a US$2.5/t mining cost for both mineralized and waste material and a 45°slopes. Pit-constrained Mineral Resources are reported at a cutoff of 0.25% CuEq*.
For further information refer to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) Technical Report, entitled “Technical Report on the Mocoa Copper-Molybdenum Project, Colombia, dated January 17th 2022, prepared by Michel Rowland Brepsant, FAusIMM, Robert Sim, P.Geo, and Bruce Davis, FAusIMM. with effective date of November 01, 2021”.
Qualified Persons
The mineral resource estimate for the Mocoa Copper-Molybdenum Project in Colombia. was made by Michel Rowland (FAusIMM); Robert Sim (P.Geo) and Bruce Davis (FAusIMM), all independent to the company and qualified persons (QP) as defined by Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).
Resource Estimation Methodology and Parameters
Mineral Resource modeling was conducted i UTM Coordinate systeam relative to the World Geodetic Systeam 1984 ensemble / UTM zone 18N (EPSG:32618). The MRE utilized a block model with a size of 10 metres (X) by 10 metres (Y) by 10 metres (Z) to honour the mineralization wireframes for estimation. Copper (Cu) and molybdenum (Mo) grades were estimated for each block using Ordinary Kriging with locally varying anisotropy to ensure grade conrinuity in various directions is reproduce in the block model. The reported open-pit resources utilize a cutoff of 0.25% CuEq*. The resource block model underwent several pit optimization scenarios using Deswik’s Pseudoflow pit optimization. The resulting conceptual 0.65 revenue factor pit shell is used to constrain the reported open-pit resources. The MRE is reported as undiluted.
Quality Control and Quality Assurance
Copper Giant operates according to a rigorous Quality Assurance and Quality Control (QA/QC) protocol consistent with industry best practices. Core diameter is a mix of HQ and NQ depending on the depth of the drill hole. Diamond drill core boxes were photographed, sawed, sampled and tagged in maximum 2 – metre intervals, stopping in geological boundaries. Samples were bagged, tagged and packaged for shipment by truck from Copper Giant’s core logging facilities in Mocoa, Colombia to the actLabs certified sample preparation facility in Medellin, Colombia. ActLabs is an accredited laboratory independent of the Company. Samples are processed in the Medellin facilities where they are analyzed for copper, gold, silver, molybdenum, zinc and lead by 4-Acid digest Atomic Absorption (AA) Analysis. The sample pulps are air freighted from Medellin to the ActLabs certified laboratory in Guadalajara, Mexico, where they are analyzed for a suite of 57 elements using 4-Acid digest and ICP-MS. In order to monitor the ongoing quality of assay data and the database, Copper Giant has implemented QA/QC protocols which include standard sampling methodologies, the insertion of certified copper and molybdenum standard materials blanks, duplicates (field, preparation and analysis) randomly inserted into the sampling sequence. QA/QC program also includes ongoing of data entry, QA/QC reporting and data validation.
In the APEX QP’s opinion there were no material QA/QC issues with respect to sample collection, security and assaying.
Qualified Person
The MRE was completed by Kevin Hon, B.Sc., P.Geo., Senior Resource Geologist, and Warren Black, M.Sc., P.Geo., Senior Consultant: Mineral Resources and Geostatistics, both of APEX. Mr. Hon and Mr. Black are independent Qualified Persons, as defined by NI 43-101, and are responsible for the completion of the Mineral Resource Estimate, with an effective date of November 18, 2025. Michael Dufresne, M.Sc., P.Geo., President & CEO of APEX, completed a peer review of the estimate.