Nine Miles Metals (CSE:NINE) - Record Copper-Gold Grades Drive 2026 Expansion Drilling

9M Metals: 2026 Exploration & Development Update – Detailed Summary

Key Concepts:

• VMS (Volcanogenic Massive Sulfide) Deposits: Mineral deposits formed from hydrothermal vents on the seafloor, common in the Bathurst Mining Camp.
• Bathurst Mining Camp: A prolific mining region in New Brunswick, Canada, known for its VMS deposits.
• Lens Deposits: Broken-up, brick-like formations of high-grade mineralization resulting from thrust faulting and folding of original VMS deposits.
• Geophysics (Magnetics, IP, TDEM): Techniques used to map subsurface geological structures and identify potential mineralization.
• UAV (Unmanned Aerial Vehicle) / Drone Technology: Used for high-resolution magnetic surveys and data collection.
• Bulk Sample Analysis: Testing a representative sample of ore to determine processing characteristics and economic viability.
• Critical Minerals: Minerals essential for modern technologies and national security, often facing supply chain vulnerabilities.
• Toll Milling: Processing ore at an existing mill owned by another company.

1. Company Overview & Asset Acquisition

9M Metals (N on the Canadian Stock Exchange) is a Canadian public exploration company focused on critical mineral exploration within the world-renowned Bathurst Mining Camp in New Brunswick, Canada. CEO Patrick Krookshank highlighted the recently assembled board with strong technical and corporate mining experience. The company’s portfolio comprises four key projects: 9M Brook, Canoe Landing (East & West), California Lake, and Wedge Mine, collectively covering approximately 140 square kilometers of continuous footprint within the mineralized formation. These projects were acquired over six to seven years, initially through private operations and later through acquisition of projects from Stevens Gold via Fiddlehead Mining Corporation. The New Brunswick Department of Energy and Mines estimates that only 30% of the deposits within the Bathurst Camp have been discovered, with the remaining 70% remaining hidden due to limited surface exposure (only 1% outcrop).

2. Project Details & Historical Context

• 9M Brook: This project hosts the highest-grade lens ever recorded in the Bathurst Camp, assaying 12% copper, 38% lead-zinc, 1,200 g/t silver, and 2.4 g/t gold over a 15-meter solid interval. The strategy is to locate additional lenses connected to this initial high-grade discovery, mirroring the structure of larger deposits like Brunswick 12 and Caribou (typically composed of 5-6 lenses).
• Wedge Mine: A past-producing deposit (1950s-60s) previously operated by Kaminko and later Tech Resources. Mining ceased due to low commodity prices and focused solely on lead and zinc. 9M Metals acquired the property and, using drone technology (magnetometer, borehole EM, TDEM surface grids), discovered a significant eastern extension to the known mineralization, confirmed by drilling with up to 134 meters of copper, lead, zinc, silver, and gold. Current efforts focus on proving the economic viability of the deposit, aiming for a resource of 7-10 million tons, capitalizing on high-grade copper content. Approximately two-thirds of the original deposit remains intact beneath the collapsed head pillar.
• California Lake: Recent drilling, guided by new geophysical data, yielded positive results with eight out of ten holes intersecting mineralization, demonstrating the effectiveness of the company’s targeting methodology. A government grant supports ongoing work at this project.
• Canoe Landing: Part of the initial portfolio, this project is being explored using the company’s advanced targeting techniques.

3. Exploration Methodology & Technological Advancements

9M Metals employs a multi-faceted exploration strategy leveraging new technologies. This includes:

• UAV Magnetics: 1,400 line kilometers of drone-based magnetic surveys to identify conductive responses and potential targets.
• Geophysical Surveys (IP, TDEM): Surface Induced Polarization (IP) and Time-Domain Electromagnetic (TDEM) surveys to refine targets and assess gold and copper potential.
• AI-Powered Data Interpretation: Utilizing Artificial Intelligence (AI) and reprocessed public data, combined with proprietary data and algorithms, to identify anomalies and prioritize exploration targets.
• 3D Geological Modeling: Integrating geophysical data with geological information to create detailed 3D models for precise drill targeting.
• Geophysical Breakthroughs: Krookshank emphasized that advancements in geophysical technology occur roughly every 20 years, leading to new deposit discoveries. He believes the company is currently positioned to benefit from such a breakthrough.

4. Financial Strategy & Capital Allocation

9M Metals recently completed a capital raise of over $5.5 million CAD. The company is financially stable, having reduced payables and streamlined operations by relocating its Vancouver office to New Brunswick, saving $300,000 annually. The focus is on maximizing exploration expenditure ("putting money in the ground"). The company deliberately avoided raising additional capital at current share prices, believing the stock is undervalued. The current funding is projected to support operations for at least two years.

5. 2026 Plans & Future Outlook

The primary objectives for 2026 include:

• Wedge Mine Expansion: Continue drilling to prove up the deposit and achieve a 7-10 million ton resource.
• 9M Brook Lens Discovery: Locate additional lenses connected to the high-grade initial discovery.
• California Lake Exploration: Follow up on positive drilling results and further explore identified anomalies.
• Bulk Sample Analysis Update: Release results of the ongoing bulk sample analysis, demonstrating the economic viability of processing the unique high-grade mineralization.
• Target Generation: Test the 11 identified exploration trends across the portfolio.
• Strategic Partnerships: Engage with major and mid-sized mining companies for potential joint ventures or acquisitions.

6. Processing Challenges & Potential Solutions

A significant challenge lies in processing the unique, high-grade mineralization (12% copper, 38% lead-zinc) due to the lack of suitable mills in the region capable of handling such a complex ore. The Caribou mill is currently inactive, and existing mills primarily process lead and zinc, offering only credits for silver. 9M Metals is actively working with Glencore and exploring alternative milling options in Montreal, Quebec, and Kid Creek. They are developing a potential solution to address the processing complexities, with an update expected shortly. The high grade of the mineralization, close proximity to the vent, and presence of black chlorite in drill core suggest a unique and potentially valuable deposit.

7. Bathurst Mining Camp Advantages

Krookshank highlighted the advantages of operating in the Bathurst Mining Camp:

• Established Infrastructure: The region boasts well-developed infrastructure.
• Mining History: A long history of successful mining operations.
• Permitting Efficiency: Permits are typically granted within 30 days.
• Low Exploration Costs: Exploration costs are approximately $85-$100 CAD per meter.
• Government Support: The New Brunswick government is a supportive partner, offering grants and assistance.
• Year-Round Access: Many areas offer year-round access for exploration activities.

8. Market Conditions & Strategic Positioning

Krookshank believes the company is positioned to benefit from a “super cycle” in commodities and critical minerals, driven by geopolitical issues and sovereign concerns. He emphasized the importance of size and scale to attract major mining companies seeking to reinvest in the Bathurst Camp. The company’s strategy is to build a regional-scale exploration portfolio, aligning with the needs of potential partners seeking to establish or expand milling operations in the area.

Notable Quote:

“We believe we’re on the cusp of proving out our existing [deposits] but also enhancing the portfolio…size and scale is what the majors are looking for to come back to the Bathurst Mining Camp.” – Patrick Krookshank, CEO of 9M Metals.