Black Canyon (BCA) RIU Explorers Conference 2026 summary

Project overview and resource details

• Mankayan copper-gold porphyry deposit in the Philippines holds 793 million tons at 0.65% copper equivalent, with 2.8 million tons copper, 9.7 million ounces gold, and 20 million ounces silver.

• High-grade zone of 170 million tons at nearly 1% copper equivalent, representing 15% of total tonnage.

• Extensive drilling completed (59,000 meters), with two recent 1,000-meter holes; deposit remains open at depth.

• Mineral Production Sharing Agreement renewed and valid until 2046; all permits in place.

• Market cap is AUD 77 million, with AUD 15 million cash and strong institutional backing.

Development plans and exploration

• Pre-feasibility study underway, with metallurgical work started and environmental studies progressing.

• Planned drilling of 8 holes to test geological anomalies and high-grade sections, pending lifting of a local stop order.

• Angled drilling planned to better define high-grade zones; regional exploration potential remains significant.

• Exploration upside exists, with potential for additional discoveries within the mineralized belt.

Regulatory, social, and operational context

• Philippines offers a pro-mining regulatory environment, strong mining history, and good infrastructure.

• Social license secured through agreements with Indigenous Peoples and local landowners, including a 1% gross royalty for Indigenous communities.

• Team of 30 local staff in the Philippines, with strong community relations and operational expertise.

• Project seen as undervalued, with expectations of increased interest as more companies enter the region.