Althea Copper Corp. Completes Acquisition of 100% Interest in the Mink Narrows Copper-Zinc Property, Manitoba

Althea now owns 100% of Mink Narrows after issuing $150,000 in shares and granting a 2% royalty.

What the company is saying

Althea Copper Corp. is announcing the completion of its acquisition of a 100% interest in the Mink Narrows property, located 25 km southeast of Flin Flon, Manitoba. The company frames this as a key milestone, highlighting the transition from CSE listing to full ownership of a historically significant copper-zinc system. The release details the final option payment—1,250,000 shares at $0.12 per share, totaling $150,000—issued to Evolve Royalties Ltd., with a statutory hold period until February 2, 2027. Althea emphasizes the property's scale (6,984 hectares) and historical Copper Reef deposit, referencing a 1969 estimate of 503,434 tons at 1.50% Cu and 0.50% Zn, but clarifies these are not current resources. The company stresses its technical team's focus on validating historical data, building a 3-D geological model, and planning future drilling. CEO Lowell Kamin's quoted remarks reinforce the narrative of disciplined, data-driven exploration and openness to further value-creation opportunities.

What the data suggests

Althea has completed the acquisition by issuing 1,250,000 shares at $0.12 each, for a total of $150,000, and now has 22,249,999 shares outstanding. Evolve Royalties Ltd. receives a 2% net smelter return royalty, with Althea retaining the right to buy back 1% for $1,000,000. The property spans 6,984 hectares and hosts the historical Copper Reef deposit, with a 1969 estimate of 120,345 tons at 1.54% Cu and 0.60% Zn (inferred) and 383,089 tons at 1.49% Cu and 0.47% Zn (indicated), totaling 503,434 tons at 1.50% Cu and 0.50% Zn, using a 1% Cu cut-off. Since 2000, 26 holes totaling over 4,000m have been drilled, with mineralization intersected to 500m depth. A 2024 geophysical survey covered 1,200 line-km, identifying a 15 km conductive trend with multiple untested targets. The company is currently digitizing historical data and preparing for resource delineation drilling, but no new resource estimate or recent drill results are disclosed. All current resource figures are historical and not NI 43-101 compliant.

Analysis

The announcement is proportionate in tone, focusing on the completion of a concrete milestone: the exercise of an option to acquire 100% of the Mink Narrows property. All payment terms, share issuance, and royalty structure are clearly disclosed and supported by specific numbers. Forward-looking statements are present but appropriately caveated, describing the intent to validate historical data, plan future drilling, and potentially define a compliant resource estimate. No exaggerated claims are made about imminent production or value creation; the company acknowledges that further technical work and drilling are required before any resource can be declared. The only capital intensity signal is a contingent royalty buyback, not an immediate outlay. The gap between narrative and evidence is minimal, with the company avoiding promotional language and clearly distinguishing between realised milestones and future plans.

Risk flags

• ●Resource risk is high because the only resource estimate is historical (1969), not NI 43-101 compliant, and has not been verified by a Qualified Person. Investors cannot rely on these figures for economic assessment.
• ●Execution risk exists as the technical team is still validating and digitizing historical data and has not yet begun new drilling or released a modern resource estimate. The timeline for tangible exploration results is undefined.
• ●Dilution risk is present, as the company has issued 1,250,000 new shares for the acquisition, bringing the total to 22,249,999, and may require further capital raises to fund exploration.
• ●Royalty burden risk is embedded in the 2% net smelter return royalty granted to Evolve, which could impact future project economics unless Althea exercises its $1,000,000 buyback right for 1%.

Bottom line

Althea Copper Corp. now holds full ownership of the Mink Narrows property after issuing $150,000 in shares and granting a 2% net smelter return royalty, with a $1,000,000 buyback option for half the royalty. The property is large and hosts a historical copper-zinc deposit, but all resource figures are from 1969 and not compliant with modern standards. The technical team is in the early stages of data validation and planning, with no new drilling or resource estimate yet available. Investors should recognize that any value from this asset is contingent on future exploration success, and the timeline for a compliant resource or economic study is likely to be measured in years, not months. The most important takeaway is that this is a foundational milestone, not a catalyst for near-term revaluation. The next actionable update will be a detailed exploration plan with budget and timeline.

Announcement summary

(CSE:ALTH) Althea Copper Corp. has exercised its option to acquire a 100% interest in the Mink Narrows property, located approximately 25 km southeast of Flin Flon, Manitoba, under a mineral property option agreement dated October 1, 2024, with Voyageur Mineral Explorers Corp. (now Evolve Royalties Ltd.). To complete the final option payment due on the second anniversary of the Option Agreement, Althea issued 1,250,000 common shares to Evolve at a deemed price of $0.12 per share, representing $150,000, with the shares subject to a statutory hold period expiring February 2, 2027. Upon exercise of the option, Althea granted Evolve a 2% net smelter return royalty on the property, with the right to purchase one-half of the royalty (1%) for $1,000,000. Althea will now file the claim transfer documents with the Province of Manitoba. Following this issuance, Althea has 22,249,999 common shares issued and outstanding. Lowell Kamin, President and CEO, stated that securing 100% ownership of Mink Narrows is an important milestone for the company. The Mink Narrows property covers approximately 6,984 hectares within the Flin Flon-Snow Lake greenstone belt and hosts the historical Copper Reef deposit, a volcanogenic massive sulphide (VMS) copper-zinc system. A 1969 historical estimate at Copper Reef outlined approximately 500,000 tons grading approximately 1.5% Cu and 0.5% Zn. The historical estimate, reported by Falconbridge Nickel Mines Ltd., included 120,345 tons at 1.54% Cu and 0.60% Zn (inferred) and 383,089 tons at 1.49% Cu and 0.47% Zn (indicated), totaling 503,434 tons at 1.50% Cu and 0.50% Zn, using a 1% Cu cut-off and a 6 ft minimum true width. Since 2000, approximately 26 holes totaling more than 4,000m have been reported at Copper Reef, with mineralization intersected at up to 500 metres vertical depth. In 2024, a property-wide Xcite™ TDEM and magnetic survey totaling more than 1,200 line-km at 100 m line spacing identified a conductive trend more than 15 km long with multiple untested targets, with Copper Reef occupying a small (<500 m) portion of that trend. The technical team, including Doug Engdahl (Chairman), Leo Horn (Technical Director), and Ryan Versloot, P.Geo. (Qualified Person), is currently validating and digitizing the historical drill database, building an integrated 3-D geological and geophysical model, planning drill holes for resource delineation at Copper Reef, and ranking exploration targets along the conductive trend and broader land package. The program is designed to confirm and extend known mineralization and, with sufficient drilling, support a future NI 43-101 compliant mineral resource estimate. The company expects to announce the scope, budget, and timing of its next exploration program once this work is complete. The scientific and technical information in this news release has been reviewed and approved by Ryan Versloot, P.Geo., Exploration Manager at Axiom Exploration Group Ltd. and a Qualified Person as defined in National Instrument 43-101.

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