Copper One Intersects Visually Identified Native Copper in First Phase 2 Hole at Majuba Hill

Copper One Resources Corp. has completed the first hole of the second drilling phase at Majuba Hill, the Nevada copper project it calls its flagship, a week after announcing that the phase had begun. Hole MHB-39 ran 210 feet deeper than planned as the technical team followed persistent alteration, and its core intersected native copper and copper oxides that the company's geologists identified by eye. The October 30, 2026 release on Copper One's website pictures both minerals in the core.

The hole adds to a busy autumn. With the first phase complete, Copper One announced on October 23, 2026 that drilling had begun on a second phase of up to 10,000 feet, and its October 2026 investor presentation puts working capital at C$19,118,762 as at October 14, 2026, an unaudited figure of its own. Chief executive David Greenway said completing the hole beyond its original depth "provides our technical team with additional geological information" as the program advances. Maple covered the start of the program on October 26, 2026.

The team drilled 210 feet deeper to follow the alteration

Copper One designed MHB-39 to reach as deep as 1,250 feet. Persistent silicification "prompted the technical team to extend the hole to further evaluate the alteration encountered at depth," the release says. The hole finished at 1,460 feet, inside the maximum of about 1,700 feet the company set for holes in the initial scope of the program.

Silicification is the flooding of rock with silica by hot fluids, which leaves it harder and glassier. Geologists treat it as one of the alteration signatures of a hydrothermal system, the underground circulation of hot water that carries metals and deposits them. Copper One describes Majuba Hill as "a large copper-silver-gold hydrothermal mineralized system" that it says remains open for expansion.

The hole bottomed in rhyolite, a silica-rich volcanic rock, cut by a stockwork, a dense mesh of small crosscutting veins, here filled with tourmaline. Pyrite, an iron sulphide, and sphalerite, a zinc sulphide, occur in trace amounts. The release says the observations will be folded into the geological model "to help guide subsequent drilling."

Native copper and copper oxides inside the company's oxide and enriched range

Native copper is copper as the bare metal, uncombined with sulphur or oxygen. Copper oxides are minerals such as malachite and cuprite that form when copper sulphides react with oxygen-bearing water. Greenway grouped both as "secondary copper minerals." The term means minerals formed after the original copper was deposited, when groundwater dissolved copper from primary sulphides and laid it down again. Geologists call that reworking supergene, and in porphyry systems it tends to build an oxidized zone near surface with an enriched zone beneath it.

The company calls Majuba Hill an exploration-stage porphyry copper project. The deposit type forms around a cooling body of magma whose fluids leave copper spread through a very large volume of rock, and it is the main source of the world's mined copper.

The depths fit the company's own description of the mineralized system. Copper One's Majuba Hill project page says oxide and enriched copper mineralization extends up to 1,600 feet below surface, and that known oxide mineralization reaches at least 1,000 feet down. The hole's depths are measured along its length, so the two minerals sit within 820 and 1,090 feet of surface, inside that range.

Native copper has turned up here before. The company's October 2026 investor presentation lists it among six copper minerals logged in MHB-34, a hole from the 2025 program, with chalcocite and chalcopyrite among the others. The deck says that hole intersected oxide and enriched copper as well as primary copper.

Primary, or hypogene, copper is the original sulphide mineralization laid down by the magmatic fluids. Phase 1 supplied an example of it: the October 23, 2026 release pictured chalcopyrite, the most common copper sulphide, in the breccia of hole MHB-37B at about 1,982 feet.

The project page says underground mines produced copper at Majuba Hill, with silver and tin, from the early 1900s into the 1950s, and it credits them with 2.8 million pounds of copper and 184,000 ounces of silver.

The company says visual identification is preliminary, does not establish metal grades or economic significance, and is no substitute for laboratory results, which it says are required to measure the metal concentrations in the core. Greenway said the secondary minerals and the silicification "warrant further evaluation through detailed logging, sampling and analysis," which is the work the company has set for the hole.

Up to about 8,540 feet of Phase 2 ahead

At 1,460 feet, the first hole used about 15 per cent of a program of up to 10,000 feet. The program drills HQ and PQ core, two of the larger standard core diameters, which give geologists a wide cylinder of rock to log and sample.

Evolve Exploration Nevada, LLC holds the contract for the first approximately 5,000 feet (1,524 metres), using one portable core rig, with continuous two-shift drilling planned 24 hours a day, seven days a week. The first hole took nearly 30 per cent of that contracted scope. Where later holes start, and at what angle and depth, is left to the technical team, according to the release. Through Evolve's EVX Connect platform, Copper One expects to receive live drilling metrics and digital daily drilling reports, along with photographs of the core viewable on the web or a phone, according to the release.

Copper One's August 28, 2026 release counted about 89,395 feet drilled at Majuba Hill before this year, and about 93,410 feet once Phase 1 added its 4,015. Adding MHB-39 gives about 94,870 feet, close to the approximately 95,000 feet across more than 100 holes that the October 30 release cites.

Run in full, the two 2026 phases together would add about 14,000 feet of new core to that database, on a past-producing mine.

Copper above US$14,400 a tonne, and a mine approved in Arizona

The London Metal Exchange cash settlement for copper was US$14,449 a tonne on October 30, 2026, the day of the release, or about US$6.55 a pound, according to Westmetall's daily table of LME prices.

Larger companies are committing capital to copper in the American Southwest. Hudbay Minerals and Mitsubishi Corporation approved the construction of the Copper World mine in Arizona on October 21, 2026, according to Hudbay's release. It puts initial growth capital at US$2.07 billion, targets first production in the second half of 2029, and expects about 102,000 tonnes of copper a year on average over the first ten years. Copper World has a feasibility study behind it and Majuba Hill is at the exploration stage, so the comparison speaks to the price and demand backdrop for the metal.

Drilling toward a maiden resource estimate

Copper One's stated objective at Majuba Hill is a maiden mineral resource estimate prepared under National Instrument 43-101, the Canadian standard for disclosing technical information on mineral projects. Such an estimate puts tonnes and grade to mineralized rock that a qualified person judges to have reasonable prospects of eventual economic extraction, and the maiden one would be the project's first.

Its October 2026 investor presentation sets out the route. Drilling is combined with geophysics and soil sampling, along with structural mapping, to refine a three-dimensional model. Infill and step-out holes follow at resource spacing. Metallurgical and density studies start alongside them, and the first estimate comes after. Infill holes close the gaps between earlier holes, while step-out holes test how far the mineralization runs.

In findings the company announced on February 23, 2026, as Giant Mining, the consulting firm RESPEC identified tourmaline breccia pipes "as a key control of copper mineralization" at Majuba Hill, which that release described as providing a refined exploration model.

Copper One has said it will announce the assays from the completed Phase 1 program once they are validated, and the MHB-39 core moves into the evaluation Greenway described.

The company went into the new phase after a September financing. Copper One, which trades on the Canadian Securities Exchange as CEXY, closed a non-brokered offering of 19,889,750 special warrants at C$0.40 each (12,383,000 non-flow-through and 7,506,750 flow-through) for gross proceeds of C$7,955,900 on September 29, 2026, for general working capital and its exploration programs, according to its release that day, which says the offering remains subject to any required final regulatory approvals, including final CSE approval.

Majuba Hill is the flagship of a portfolio that, according to the October 30 release, also includes the 100 per cent owned Redonda copper-molybdenum project and an option to earn up to 100 per cent of the Redhill property, both in British Columbia, and the 100 per cent owned Sport project in Utah, held through Rooinek Mining Corp., whose acquisition for 14,000,000 shares the audited statements record as completed on September 28, 2026. The same statements record a proposed purchase of the Sword & Gossan properties in Labrador, agreed on October 6, 2026 for cash consideration of C$3,650,000 and subject to due diligence, board and CSE approval.

Its audited consolidated financial statements for the year ended June 30, 2026, filed on SEDAR+ on October 28, 2026, show cash of C$7,612,240 and working capital of C$10,891,584 (current assets of C$11,900,017 less current liabilities of C$1,008,433), both at June 30, 2026 and before the September 29, 2026 financing closed, which the statements record as a subsequent event.

The auditor's report on those statements draws attention to note 1, which describes a material uncertainty about the company's ability to continue as a going concern, noting that it has not generated revenue and that its continuation depends on obtaining financing; in the note, management says it intends to finance operating costs over the next twelve months with cash on hand, loans from directors and companies they control, and private placements, and the September 29 financing closed after the year end.

Note 14 of the same statements records a proposed class action filed in the Supreme Court of British Columbia on July 11, 2019, alleging misrepresentations in the company's public disclosure; the plaintiffs were granted leave to proceed on November 22, 2021, a decision affirmed on September 13, 2022, the certification hearing was held in December 2023, and the company reports that settlement negotiation is ongoing.

The technical content of the October 30 release was reviewed and approved by Larry Segerstrom, M.Sc. (Geology), CPG, a non-independent consulting geologist to the company and its qualified person.

Questions on MHB-39 and Majuba Hill

What did Copper One find in MHB-39?

Copper oxides at 820 feet and native copper at 1,090 feet along the hole, both identified by eye in the core, and silicified rhyolite cut by tourmaline veinlets at the final depth of 1,460 feet, according to the October 30 release.

Where is Majuba Hill?

In Pershing County, Nevada, about 113 road kilometres southwest of Winnemucca. The company describes it as a 100 per cent owned, past-producing copper mine of about 3,919 hectares, with year-round road access and nearby power and water.

Who is drilling Phase 2?

Evolve Exploration Nevada, LLC, with one portable HQ/PQ core rig under an initial scope of about 5,000 feet, on a planned round-the-clock schedule.

What comes next at Majuba Hill?

Copper One has said it will report the first-phase assays once they are validated and that what the new hole showed will help guide the holes that follow. With up to about 8,540 feet left in the program, the company is advancing Phase 2 toward its objective of a maiden NI 43-101 resource at Majuba Hill.