Centauri Minerals Mobilizes for First Drilling Program at Rio Grande Gold-Copper Project Since 2013

Centauri is launching 12,000 m of drilling at Rio Grande after defining new gold-copper targets.

What the company is saying

Centauri Minerals Inc. is emphasizing the operational restart and technical progress at its Rio Grande gold-copper project in Salta, Argentina. The company highlights the completion of a 3D Magneto-Telluric survey covering 56 km², which has identified both shallow and deep drill targets for resource expansion and new mineralization. Management, led by CEO Sam Leung, frames this as the first drilling campaign since 2013, with a Phase 1 program targeting 12,000 m of diamond drilling using two rigs mobilizing this month. The narrative stresses immediate execution, with the camp fully refurbished and infrastructure upgrades underway to support drilling and future expansion. The company also notes a 100% interest in a 40,000-hectare portfolio and references historical drill intercepts at Cerro Cori, including 297 m at 0.36 g/t Au and 19 m at 0.59 g/t Au. The tone is confident, projecting readiness for a steady pace of results-driven catalysts and funded optionality for a potential Phase 2 program extending drilling to 24,000 m.

What the data suggests

The company has completed all preparatory geophysical work at Rio Grande, including a 56 km² 3D MT survey and integration of historical geophysics, geochemistry, and mapping. Three main exploration areas are defined for the 12,000 m Phase 1 drill program: the ring-shaped deposit (shallow), Area A (deep beneath the ring), and Area B (northeast, shallow and deep). Historical drilling at Cerro Cori (1,200 m, four holes) returned 297 m at 0.36 g/t Au and 19 m at 0.59 g/t Au, but these results are from 2012–2013 and have not been followed up. The MT survey identified a low-resistivity target over 1.3 by 2.0 km beneath known mineralization, with resistivity imaging to 3–4 km depth. The company holds 100% of approximately 40,000 hectares across Salta, Jujuy, and Catamarca. No new assay results, resource updates, or economic studies are disclosed; all value hinges on the outcomes of the imminent drill program. Infrastructure upgrades are substantial, including new accommodation, core logging, power, and safety systems, but no cost figures are provided.

Analysis

The announcement is generally positive in tone, highlighting the completion of a geophysical program, the definition of new drill targets, and the imminent start of a 12,000 m Phase 1 drilling campaign. These are concrete operational steps for an exploration-stage company, and the disclosure includes specific technical and logistical details. However, the majority of the value proposition remains forward-looking: no new assay results, resource updates, or economic studies are presented, and the main benefits (potential resource expansion, future drilling, and possible Phase 2 ramp-up) are contingent on the outcomes of the upcoming drill program. The refurbishment of the camp and infrastructure upgrades signal significant capital outlay, but there is no disclosure of costs, funding sources, or financial impact. The language around 'funded optionality' and future ramp-up is promotional relative to the current stage, as no new mineralization or resource growth is yet demonstrated. The gap between narrative and evidence is moderate: operational progress is real, but the investment case is still speculative and dependent on future results.

Risk flags

• ●Exploration risk is high: the main value proposition depends on the success of a 12,000 m drill program targeting both shallow and deep mineralization, but no new assay results or resource expansions are yet available.
• ●Capital intensity risk is present: the company is investing in significant camp and infrastructure upgrades, including accommodation, core logging, power, and safety systems, without disclosing cost or funding details.
• ●Execution risk exists: the Phase 1 program is the first drilling at Rio Grande since 2013, and the operational ramp-up involves new team members and logistics in a remote region, increasing the chance of delays or unforeseen issues.
• ●Disclosure risk: while technical and operational details are strong, the absence of financial data (costs, funding, or cash position) limits assessment of financial resilience if exploration results disappoint.

Bottom line

Centauri Minerals is moving from technical groundwork to active drilling at its flagship Rio Grande gold-copper project, targeting 12,000 m with two rigs and aiming to expand known resources and test new deep porphyry targets. The technical case is supported by recent geophysical work and historical intercepts, but no new mineralization or resource growth is yet demonstrated. The company is making substantial infrastructure investments and holds 100% of a 40,000-hectare portfolio, but has not disclosed costs or funding sources. The investment case is entirely contingent on the success of the upcoming drill program, with results and any potential resource expansion several months away. Investors should focus on the delivery of initial drill results and any updates to resource estimates as the next material catalysts. The key takeaway: operational momentum is real, but the value proposition remains speculative until new drilling delivers concrete results.

Announcement summary

(TSXV:CENT) Centauri Minerals Inc. provided an update on exploration activities at its Rio Grande gold-copper project in Salta province, Northern Argentina. The company has completed a geophysical program at Rio Grande, identifying new drill targets for both near-surface resource expansion and potential mineralization sources at depth. Centauri is refurbishing its historical camp at Rio Grande to support the first new drilling programs since 2013. The Phase 1 program targets 12,000 m of diamond drilling, with two drill rigs from a local provider being mobilized to site this month. The first rig will focus on near-surface exploration to expand understanding of known resources and collect new samples for future engineering/metallurgical test work, while the second rig will target deeper zones identified from integrated historical and recent geophysics. The Phase 1 program is expected to take approximately 6 months (into Q2 2027), after which Centauri will evaluate findings and has funded optionality to continue towards 24,000 m with two rigs or further ramp up activities as part of a Phase 2 program. Recent additions to the exploration team are supporting the ramp-up of drilling at Rio Grande, which is Centauri’s immediate priority, while new fieldwork initiatives have also commenced at other portfolio projects: Aguas Calientes, Catua, and Frontera. In Q3 2026, Centauri completed a 3D Magneto-Telluric (MT) survey covering approximately 56 km2 at Rio Grande, combined with a review of historical geophysics, geochemistry, and geological mapping to define drill targets for shallow resource expansion and high-priority porphyry targets at depth. The shallow Phase 1 drilling program will evaluate infill areas to expand the existing Mineral Resource Estimate (MRE) and improve understanding of current pit shell models. A large low-resistivity target area measuring over 1.3 by 2.0 km is located beneath the known ring-shaped mineralization at Rio Grande. The 3D inversion modelling presents a central domain of moderate-high resistivity (>100 Ωm) open to the east, partially ringed by moderate-low resistivity (<50 Ωm), with an anomalous body of low resistivity (<30 Ωm) buried in the central zone. The MT data allowed imaging of resistivity distribution down to a depth of 3 to 4 km. Three main exploration areas have been defined for Phase 1 drilling: the ring-shaped deposit (shallow drilling), Area A (deep targets beneath the ring), and Area B (northeast – shallow and deep targets). In 2012-2013, Regulus Resources Inc. completed a four-hole, 1,200 m drill program at the Cerro Cori target, approximately 1,000 m east-northeast of the Sofia zone, with best intercepts including 297 m at 0.36 g/t Au from surface (hole RGR-12-118) and 19.0 m at 0.59 g/t Au (hole RGR-13-126). Deep targets in Area B are untested and may be contiguous with the deep conductive zone in Area A. Centauri is completing and upgrading its camp at Arita, approximately 9 km east of the Rio Grande deposit, with new accommodation, core logging, power generation, fuel and waste storage, wastewater treatment, and health and safety services to support drilling. The camp is expected to receive the first drill rigs later this month. Centauri holds a 100% interest in a portfolio of exploration projects spanning approximately 40,000 hectares in Salta, Jujuy, and Catamarca, Argentina. Sam Leung is Chief Executive Officer and Director of Centauri Minerals Inc. Dr. Kevin B. Heather, Technical Advisor, is the qualified person for the technical data.

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