Carolina Rush Retains 100% Interest in Brewer Gold-Copper Project Following OceanaGold Withdrawal from Earn-In Agreement

Carolina Rush regains 100% of Brewer after OceanaGold exits, retaining all recent exploration data.

What the company is saying

Carolina Rush emphasizes its regained 100% ownership and operational control of the Brewer Gold-Copper Project following OceanaGold’s termination of the earn-in agreement. The company highlights that it retains all exploration data, analysis, and drill core generated through approximately US$2 million of OceanaGold-funded work. Management frames this as a positive, stating the technical understanding of the Brewer system has improved, with new priority drill targets identified and a de-risked target profile. President and CEO Layton Croft thanks OceanaGold for its technical and financial contributions and stresses that Carolina Rush is now fully exposed to any future upside. The company asserts it is funded for the next phase of drilling, specifically the first of two deep porphyry holes recommended by Dr. Richard Sillitoe, whose independent review is cited as validation of the exploration model. The tone is confident, focusing on execution and near-term drilling, while also noting improved commercial terms on the Brewer option agreement. The company does not disclose specific current cash figures but claims sufficient working capital for the immediate program.

What the data suggests

Carolina Rush now owns 100% of the Brewer Gold-Copper Project and retains all data and drill core from approximately US$2 million of recent exploration funded by OceanaGold. OceanaGold’s exit was triggered by the project’s early-stage status, as it would have needed to invest an additional US$6 million (for a total of US$8 million) to earn a 50% stake. The 2026 program delivered three deep drill holes totaling over 2,500 meters, with Hole 38 intersecting 60 meters at 681 ppm Cu and 0.24 g/t Au from 1,027 meters, and 68 meters at 470 ppm Cu and 0.15 g/t Au from 936 meters. Hole 39 returned 51.15 meters at 0.62 g/t Au and 0.22% Cu from 214 meters, including 12.12 meters at 1.04 g/t Au and 0.60% Cu. The 2025 maiden resource estimate reports 6.2 million tonnes indicated at 0.97 g/t Au and 0.12% Cu (192,000 oz Au, 16.7M lbs Cu), 8.8 million tonnes inferred at 0.74 g/t Au and 0.04% Cu (210,000 oz Au, 8.3M lbs Cu), and 11.9 million tonnes inferred backfill at 0.36 g/t Au and 0.03% Cu (139,000 oz Au, 9.7M lbs Cu). The contiguous Brewer-Jefferson land position now totals approximately 3,480 acres. The company claims to have the capital for the next phase of drilling but provides no detailed budget or cash position. No timeline is given for resource expansion or development, and the deeper porphyry target remains unquantified with no defined resource.

Analysis

The announcement is positive in tone, emphasizing Carolina Rush's 100% ownership and operational control of the Brewer Gold-Copper Project after OceanaGold's exit. The release provides credible technical data, including specific drill results and a maiden mineral resource estimate, which are appropriate for an exploration-stage company. However, the narrative inflates the significance of retaining full exposure to future upside and the 'material advancement' of geological understanding, despite OceanaGold's withdrawal due to the project's early stage. Most forward-looking claims (e.g., intentions to drill, potential for resource growth, and future redevelopment scenarios) are aspirational and lack concrete timelines or committed funding beyond the next drill phase. The capital intensity flag is triggered because future exploration and any potential development will require substantial funding, with benefits likely years away. The gap between narrative and evidence is moderate: while technical progress is real, the framing overstates near-term value creation and underplays the uncertainty and long timeline to any commercial outcome.

Risk flags

• ●OceanaGold’s withdrawal signals that the project is still at an early and high-risk exploration stage, with insufficient evidence to justify further major partner investment. This raises questions about the project's near-term attractiveness to other potential partners or acquirers.
• ●Carolina Rush must now fund all future exploration and development at Brewer, increasing financial risk. The company claims to have sufficient working capital for the next drill phase but does not disclose its cash position or burn rate, and future phases will require significant new capital.
• ●The deeper porphyry copper-gold target remains unproven, with no resource estimate and only initial drill intersections. There is no certainty that further drilling will delineate an economic deposit, and true widths for reported intervals are not yet determined.
• ●Execution risk is high: the company’s next steps depend on successful drilling, technical interpretation, and subsequent funding. Any delays or poor results from the next drill holes could stall progress or further erode market confidence.
• ●The amended Brewer option agreement defers cash payments until new mining operations are permitted, but this provides no near-term financial relief if exploration is unsuccessful or permitting is delayed.

Bottom line

Carolina Rush’s 100% ownership of Brewer gives it full control and upside, but also full responsibility for funding and execution, following OceanaGold’s exit after US$2 million of partner-funded exploration. The technical results from 2026 drilling are specific and credible, with notable gold and copper intersections, but the deeper porphyry target is still conceptual and lacks a resource estimate. The company is funded for the next priority drill hole, but any real value creation depends on future drilling success and the ability to secure additional capital. The narrative is optimistic and supported by detailed technical disclosure, yet the path to commercialisation is long and uncertain. Investors should focus on the results of the upcoming deep drill holes and monitor for new funding or partnership developments. The key takeaway is that Brewer remains a high-risk, high-reward exploration story, now fully owned but with all associated financial and operational risks squarely on Carolina Rush.

Announcement summary

(TSXV:RUSH) (OTCQB:PUCCF) Carolina Rush Corporation announced that OceanaGold Corporation has terminated the Earn-In to Joint Venture Agreement relating to the Brewer Gold-Copper Project in South Carolina, USA. As a result, Carolina Rush retains 100% interest and operational control of Brewer, along with all exploration data, analysis, and drill core generated through approximately US$2 million of exploration funded by OceanaGold. OceanaGold's decision was based on Brewer's porphyry opportunity remaining at an earlier stage of exploration. Carolina Rush now holds full exposure to the upside from future exploration success at Brewer. The 2026 exploration program, funded by OceanaGold, materially advanced the understanding of the Brewer hydrothermal system and led to the identification of priority targets for follow-up drilling. The Brewer and adjacent Jefferson Project together form an approximately 3,480-acre contiguous exploration position. In 2026, OceanaGold funded a three-hole deep-drilling program at Brewer, comprising Holes 37, 38, and 39, and producing more than 2,500 meters of core. Hole 38 intersected 60 meters grading 681 ppm Cu and 0.24 g/t Au from 1,027 meters downhole, and 68 meters grading 470 ppm Cu and 0.15 g/t Au from 936 meters. Hole 39 intersected 51.15 meters grading 0.62 g/t Au and 0.22% Cu from 214.0 meters, including 12.12 meters grading 1.04 g/t Au and 0.60% Cu. The Brewer Gold-Copper Project consists of two land parcels totaling 912 acres in Chesterfield County, South Carolina, and was historically operated as an open-pit oxide gold mine, producing approximately 178,000 ounces of gold before mining ended in the mid-1990s. The 2025 maiden Mineral Resource Estimate for Brewer includes an Indicated mineral resource of 6.2 million tonnes grading 0.97 g/t gold and 0.12% copper, containing 192,000 ounces of gold and 16.7 million pounds of copper; an Inferred mineral resource of 8.8 million tonnes grading 0.74 g/t gold and 0.04% copper, containing 210,000 ounces of gold and 8.3 million pounds of copper; and an additional Inferred backfill mineral resource of 11.9 million tonnes grading 0.36 g/t gold and 0.03% copper, containing 139,000 ounces of gold and 9.7 million pounds of copper. The amended Brewer option agreement removes the cash payment at closing and spreads payments over ten years beginning once new mining operations are permitted. Dr. Richard H. Sillitoe, an independent consulting geologist, visited Brewer in June 2026 and recommended two additional deep drill holes farther northwest and west-northwest to test the copper-gold potential of the system. Carolina Rush intends to drill the first of these two priority deep holes and use the results to refine the location and orientation of the second hole. The company believes it has sufficient current working capital to undertake the Phase II porphyry program, with final scope, timing, and budget being determined. The Brewer-Jefferson land position was expanded to approximately 3,480 acres as of August 11, 2026, with the Jefferson Project covering approximately 2,568 acres across ten mineral leases. The scientific and technical information in this news release was reviewed and approved by Patrick Quigley, MSc, CPG, Vice President of Exploration for Carolina Rush.

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