2026 Exploration Program Drilling Confirms and Expands Broad, Near-Surface Nickel-Copper Mineralization with By-Product Precious Metals

Sama and Ivanhoe Electric report strong new nickel-copper drill results at Yepleu, Côte d'Ivoire.

What the company is saying

Sama Resources Inc. and Ivanhoe Electric Inc. present detailed assay results from their 2026 drilling campaign at the Samapleu-Grata Nickel-Copper Project in Côte d'Ivoire, emphasizing the project's potential as a larger mineralized system than previously assessed. The company highlights broad, near-surface nickel-copper intersections at Yepleu, 25 km south of the current resource, and frames these as evidence of a scalable, bulk-tonnage opportunity. The narrative stresses ongoing resource delineation and systematic geophysical targeting, with BBA International Inc. engaged to deliver an initial resource estimate for Yepleu and updated project-wide figures. Management, led by Dr. Marc-Antoine Audet (President and CEO), asserts that these results could significantly expand the project's global resource base, but acknowledges that further drilling and modeling are required. The announcement is confident in tone, but explicitly notes that the 2024 PEA is preliminary and that mineral resources are not yet reserves. Commodity price and recovery assumptions are disclosed to support transparency in future resource estimates.

What the data suggests

The 2026 exploration program completed 4,510 meters of drilling in 32 holes, with 2,071 meters in 26 holes at Yepleu. Fourteen of these holes have returned assays, including standout intersections such as S-371 (36.15 m at 1.04% CuEq or 0.88% NiEq, with a higher-grade interval of 2.10 m at 2.92% CuEq or 2.48% NiEq) and S-361 (56.60 m at 0.57% CuEq or 0.48% NiEq, including 1.45 m at 1.98% CuEq or 1.68% NiEq). Other holes, such as S-369 and S-370, show broad mineralized zones with grades in the 0.54% CuEq or 0.46% NiEq range. The reported grades are calculated using long-term consensus prices: $8.41/lb Ni, $4.98/lb Cu, $19.87/lb Co, $1,228/oz Pd, $1,530.00/oz Pt, and $3,568/oz Au, with recoveries from the 2024 PEA (60% Ni, 86% Cu, 45% Co, 50% Pd, 54% Pt, 51% Au). Drill intervals are reported as downhole lengths, not true widths. The program is designed to support an initial resource estimate at Yepleu, with BBA International Inc. preparing updated figures. Results from the remaining 12 holes are pending. No financial results, cash balances, or expenditure figures are disclosed. The technical data is robust for an exploration-stage update, with specific hole IDs, grades, and widths provided.

Analysis

The announcement provides detailed and specific technical results from the 2026 exploration program, including drill hole IDs, grades, widths, and depths, which are all realised and measurable facts. The tone is positive but proportionate to the evidence, focusing on the completion of drilling, receipt of partial assay results, and the engagement of a third party to prepare a resource estimate. Forward-looking statements are present but clearly separated from realised results, and the company explicitly notes the preliminary nature of the PEA and the need for further work to convert resources. There is no evidence of exaggerated claims about imminent production or economic impact, and no large capital outlay is paired with promises of near-term returns. The benefits of the program (resource estimate, potential project development) are long-term and contingent on further work, but the language does not overstate the current status. The technical disclosure is robust and appropriate for an exploration-stage update.

Risk flags

• ●Resource conversion risk is high: the current results are from widely spaced drill holes and represent only partial assays, with true widths unknown and further drilling required to establish continuity and economic significance.
• ●Economic viability is unproven: the 2024 PEA is preliminary, includes only Inferred Mineral Resources, and the company discloses that these are too speculative geologically to be considered reserves or to support development decisions.
• ●Execution risk remains: the timeline to a compliant resource estimate and any potential development is long, with multiple technical and permitting steps outstanding and no guarantee that further work will yield economically viable resources.
• ●Commodity price and recovery assumptions may not be realized: the resource and equivalency calculations rely on consensus long-term prices and recoveries, which may differ from future market conditions or actual metallurgical performance.
• ●Operational concentration: Sama Resources is highly dependent on the success of the Samapleu-Grata project, and negative results or delays here would have a material impact on the company's prospects.

Bottom line

This update confirms that Sama Resources and Ivanhoe Electric are making tangible technical progress at the Samapleu-Grata Nickel-Copper Project, with broad, near-surface mineralized intersections at Yepleu that could underpin a future resource estimate. The disclosed grades and widths are promising for a bulk-tonnage system, but only 14 of 26 holes have reported assays, and true widths are not yet known. No economic assessment or reserve estimate is available, and the company is clear that the 2024 PEA is preliminary and not a basis for development. Investors should recognize that the timeline to value is long, with a resource update not expected until 2027 and substantial technical, economic, and permitting hurdles ahead. The most important takeaway is that while the technical results are encouraging, the project remains at an early stage, and there is no guarantee of economic viability or near-term development.

Announcement summary

(TSXV:SME, OTCID:SAMMF) Sama Resources Inc., together with joint venture partner Ivanhoe Electric Inc. (TSX:IE), announced further assay results from the 2026 Exploration Program at the Samapleu-Grata Nickel-Copper Project in Côte d'Ivoire, West Africa. The Project is a 60/40 joint venture between Ivanhoe Electric and Sama, with Sama as operator. Ivanhoe Electric also owns 22.7% of Sama's common shares. The 2026 Exploration Program included 4,510 m of drilling in 32 holes: 26 at the Yepleu Prospect, five regional exploration holes, and one at Samapleu Extension (results pending). A ground gravity survey was also completed over priority electromagnetic targets. Initial assay results from the Zoupleu Prospect were announced on July 13, 2026. At Yepleu, 2,071 m were drilled in 26 holes to support an initial mineral resource estimate focused on near-surface, polymetallic, bulk-tonnage-type mineralization. Assay results for 14 of the 26 holes are presented, with results from the remaining holes pending. Highlighted 2026 Yepleu drill intersections include: S-371 intersected 36.15 m grading 1.04% CuEq or 0.88% NiEq (0.40% Ni, 0.24% Cu, 0.02% Co, 0.43 g/t Pd, 0.21 g/t Pt, 0.23 g/t Au) from 11.00 m depth, including 2.10 m grading 2.92% CuEq or 2.48% NiEq (1.44% Ni, 0.99% Cu, 0.06% Co, 0.23 g/t Pd, 0.04 g/t Pt, 0.08 g/t Au) from 36.85 m; S-361 intersected 56.60 m grading 0.57% CuEq or 0.48% NiEq (0.25% Ni, 0.14% Cu, 0.01% Co, 0.19 g/t Pd, 0.09 g/t Pt, 0.08 g/t Au) from 11.15 m depth, including 1.45 m grading 1.98% CuEq or 1.68% NiEq (1.02% Ni, 0.53% Cu, 0.05% Co, 0.53 g/t Pd, 0.04 g/t Pt, 0.04 g/t Au) from 36.40 m; S-369 intersected 39.50 m grading 0.54% CuEq or 0.46% NiEq (0.29% Ni, 0.12% Cu, 0.01% Co, 0.12 g/t Pd, 0.06 g/t Pt, 0.02 g/t Au) from 15.00 m depth, including 3.65 m grading 0.95% CuEq or 0.81% NiEq (0.51% Ni, 0.21% Cu, 0.02% Co, 0.26 g/t Pd, 0.12 g/t Pt, 0.02 g/t Au) from 15.00 m; S-370 intersected 38.70 m grading 0.54% CuEq or 0.46% NiEq (0.28% Ni, 0.14% Cu, 0.01% Co, 0.06 g/t Pd, 0.02 g/t Pt, 0.03 g/t Au) from 12.50 m depth. The 26-hole program was designed to improve drill coverage in the southeastern portion of Yepleu and test a mineralized trend extending more than 500 m toward the southeast. BBA International Inc. has been engaged to prepare an initial mineral resource estimate for Yepleu and updated estimates for the existing mineral resources underpinning the 2024 PEA, expected to incorporate additional drilling and revised commodity-price assumptions. Long-term consensus commodity US$ pricing as of October 2026 is: Ni Price of $8.41/lb, Cu Price of $4.98/lb, Co Price of $19.87/lb, Pd Price of $1,228/oz, Pt Price of $1,530.00/oz, and Au Price of $3,568/oz. Metal recoveries from the 2024 PEA are: Ni Recovery of 60%, Cu Recovery of 86%, Co Recovery of 45%, Pd Recovery of 50%, Pt Recovery of 54%, and Au Recovery of 51%. The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, President and CEO of Sama Resources. The 2024 PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Additional trenching and/or drilling will be required to convert Inferred Mineral Resources to Indicated or Measured Mineral Resources. Ivanhoe Electric also operates a 50/50 joint venture with Saudi Arabian Mining Company (Maaden) to explore for minerals on approximately 50,000 km2 of the Arabian Shield in Saudi Arabia. In 2026, Ivanhoe Electric entered into a Typhoon™ driven Mineral Exploration and Collaboration Agreement with Sociedad Química y Minera de Chile (SQM) in Chile to explore 2,002 km2 of mining concessions for new copper deposits.

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