600 Metres Out, Copper One Logs Copper Sulphides at Redonda

Copper One's latest drilling has opened up another area to investigate at Redonda. The company observed copper sulphides near the bottom of a step-out hole about 600 metres northeast of the main mineralized zone on West Redonda Island, roughly 40 kilometres northeast of Campbell River. It is an encouraging exploration step, with laboratory assays still needed to confirm the copper content.

That hole is RED-26-04. Copper One Resources said on 16 October 2026, and retransmitted the same release on 19 October, that chalcopyrite and magnetite were observed near the bottom of the hole, roughly 600 metres northeast of the main mineralized zone at its Redonda copper-molybdenum project. Chalcopyrite is a copper-iron sulphide and the mineral that supplies most of the world's mined copper. The term the release uses for it means the sulphide forms a large part of the rock at that depth, rather than appearing as scattered grains. The two releases carry the same text, so this is one zone, reported once. Chief executive David Greenway called the result in the step-out hole "particularly encouraging" in the 16 October release.

A step-out broadens the exploration picture

The value of a step-out hole lies in the distance. A hole drilled 600 metres from known mineralization that meets copper sulphides tells a geologist the system may be larger than the area already tested, or that a second centre sits beside the first.

Redonda is a porphyry target. A porphyry deposit forms when a body of magma cools beneath a volcano and the fluids it sheds leave copper and molybdenum spread through a large volume of rock; they are low in grade and very large, which is why most of the world's copper comes from them. The project covers nine mineral claims and about 2,746 hectares in the Vancouver Mining Division, according to the company. Teck Resources, then Teck Corp., drilled nine holes totalling 1,681 metres there in 1979. A technical report on the property by W.B. Lennan, P.Geo., was filed on SEDAR+ in March 2026, the company states.

The 2026 campaign is a 2,400-metre diamond drilling program that the company describes as fully funded. Three holes have been reported so far:

Molybdenite is the sulphide that carries molybdenum, the second metal in the project's name. The 2 October release had planned RED-26-03 to about 470 metres; the 16 October release reports it completed at 234.69 metres and does not give a reason for the shorter depth.

The company has also flagged ground for a fourth idea. An exposure along a historic logging road east of the main trend "may represent a previously unrecognized mineralized zone", the 16 October release says, and it will be mapped and sampled before any decision to drill it.

Assays are the next milestone

Every copper observation at Redonda this year is visual. The company says so in each release, and the 16 October text states that the presence and grade of copper depend on laboratory confirmation. Assays for RED-26-04 are pending, and the release gives no date for them.

Assays will give the grade and the width of the interval at 171.30 metres. The only historical interval on the company's project page is 142.6 metres grading 0.279 per cent copper and 0.0281 per cent molybdenum, given without the hole or the year. No mineral resource has been estimated at Redonda, and none exists on the new zone; a resource requires drilling dense enough for a qualified person to estimate tonnes and grade under National Instrument 43-101.

For scale, copper settled at US$14,595 a tonne in the London Metal Exchange cash market on 16 October 2026, the latest settlement in Westmetall's table of LME prices when read on 19 October.

The technical content of the release was reviewed by Larry Segerstrom, M.Sc., CPG, whom the company describes as a non-independent consulting geologist.

Four projects, and the money raised in September

Redonda is one of four properties. Copper One calls Majuba Hill in Nevada its flagship, a copper, silver and gold project. Redhill, in British Columbia, is the second BC project. The portfolio has grown twice since the end of September.

On 28 September the company completed its acquisition of Rooinek Mining Corp., which holds the Sport project of 108 lode claims in Utah. The 28 September 2026 release records 14,000,000 shares issued at a deemed C$0.55 each, with no cash paid.

On 7 October it announced an agreement to buy the Sword & Gossan nickel-copper-cobalt properties in west-central Labrador, held under ten mineral licences. Under the agreement dated 6 October 2026 the price is C$3.65 million in cash, paid in two instalments, the larger of C$2.5 million due within six months of signing, plus two advance royalty payments of C$200,000 each. Under the same 6 October 2026 agreement the property keeps a 2 per cent net smelter returns royalty, a share of future revenue owed to the previous owner, and Copper One may buy back half of it for C$2 million.

Completion depends on due diligence, third-party consents and acceptance by the Canadian Securities Exchange, and the 7 October release describes the agreement as signed and not yet completed.

The financing that pays for this year's work closed on 29 September. Copper One sold 19,889,750 special warrants at C$0.40 each for gross proceeds of C$7,955,900, of which 7,506,750 were flow-through. A special warrant is a security bought for cash today that converts into shares later at no extra cost, which lets a company raise money before a prospectus is in place. A flow-through share passes the company's Canadian exploration tax deduction to the buyer.

Each special warrant converts into one share and half a warrant, on the earlier of three business days after a prospectus supplement is filed or four months and a day after closing, which falls at the end of January 2027. Each whole warrant buys a share at C$0.50 for two years. At the 29 September 2026 closing the company paid finders C$403,072 in cash, plus broker warrants on the same terms. It states the proceeds will go to general working capital and its exploration programs.

September funding and the share count

Copper One had 46,368,949 shares issued and outstanding on 29 September 2026, per its exchange Form 9 notice of that date, filed the day after the 14,000,000 Rooinek shares were issued; the CSE listing page showed the same number on 19 October.

The September financing brings fresh capital for exploration and working capital, alongside a larger share base. The special warrants are not yet shares; on conversion they will add 19,889,750, taking the count to 66,258,699, about 43 per cent higher. Existing holders will own a smaller percentage of the company unless they also add to their holdings. Further shares could come from the financing warrants shown below if exercised, while the 7 October release also records 3,450,000 restricted share units granted to officers, directors and consultants.

The 29 September 2026 gross proceeds less the cash finder's fee come to about C$7.55 million, by our subtraction, against a Sword & Gossan cash price of C$3.65 million. The 16 October release also reports an extension of its market awareness agreement with Gold Standard Media, LLC to 19 June 2027, raising the maximum compensation by US$500,000 to US$1,500,000, with no securities issued for the services.

The latest filed balance sheet is at 31 March 2026, in interim statements approved on 1 June 2026: cash of C$4,971,381 and working capital of about C$6.92 million, current assets less current liabilities by our subtraction. Those statements note a material uncertainty about the company's ability to continue as a going concern.

None of the money raised since then is in that balance sheet: shares sold after 31 March, the C$2.5 million offering of 24 June under the listed issuer financing exemption and the special warrants of 29 September. The company's prospectus amendment dated 9 October 2026 records the first C$1,150,000 Sword & Gossan payment as paid. The audited statements for the year to 30 June 2026 are the next dated balance sheet.

Where the shares trade

Copper One trades on the CSE as CEXY, in the United States as CEXYF, and in Frankfurt under the symbol IW8, WKN A42AGR, according to the boilerplate of its 16 October release; Deutsche Börse lists the ISIN as CA21751T1030.

The shares closed at C$0.485 on the CSE on 19 October, down 3.00 per cent on 66,475 shares, per the exchange's quote page read after the close. At that close the 46,368,949 listed shares come to about C$22.5 million, and the September special warrants were priced about 18 per cent below it.

Building on the Redonda step-out

Copper One has spent the autumn adding ground and money. It closed C$7.96 million in September, completed the Rooinek purchase and signed for Labrador. It drilled three holes at Redonda, the third of which logged copper sulphides about 600 metres northeast of the main mineralized zone.

Next, per the 16 October release, RED-26-04 is to be drilled to its planned depth of about 200 metres and its core assayed, and the logging-road exposure is to be mapped and sampled as a possible drill target. The special warrants convert by the end of January 2027 at the latest, and the second Sword & Gossan payment of C$2.5 million falls due within six months of the 6 October 2026 agreement. The assays will show how wide the copper is and how much of it there is, which is what a 600-metre step-out was drilled to find out.