DLP Resources Commences First-Ever Drill Program at Esperanza; Drilling Underway on Near-Surface Copper Oxide Zone and Main Porphyry Copper-Gold-Molybdenum Target

DLP Resources begins first-ever drilling at its large-scale Esperanza copper project in Peru.

What the company is saying

DLP Resources Inc. is announcing the start of diamond drilling at its 100%-owned Esperanza copper-gold-molybdenum project in southern Peru, emphasizing that this is the first drilling campaign ever conducted on the 22,500-hectare property. The company frames this as a major milestone, highlighting the comprehensive groundwork—mapping, trenching, geochemistry, geophysics, and permitting—completed prior to drilling. The program targets both a near-surface copper oxide zone and a deeper porphyry copper-gold-molybdenum system, with explicit details on the number, depth, and sequence of drill holes. Management, led by President and CEO Ian Gendall, stresses the project's strategic location near major producing mines and the robust infrastructure in the region. The announcement also references the Aurora project, providing resource and economic assessment figures to underscore the company's broader asset base. The tone is confident and data-driven, with forward-looking statements limited to the timing of assay results and ongoing updates.

What the data suggests

The company has mobilized drill rigs and commenced a 3,000-metre, seven-hole diamond drill program at Esperanza as of September 20, 2026, following receipt of all permits. Four shallow holes (up to 150 metres each) will test a copper oxide zone defined by trenching results such as 54 m of 1.53% Cu (including 10 m of 2.29% Cu), 86 m of 0.73% Cu (including 48 m of 1.03% Cu), 96 m of 0.54% Cu (including 58 m of 0.75% Cu), 66 m of 0.66% Cu (including 18 m of 0.98% Cu), and 82 m of 0.62% Cu (including 28 m of 1.33% Cu). Three deeper holes (800 metres each) will target the main porphyry system beneath a 5.0 km x 2.5 km magnetic anomaly, supported by 503 rock chip samples with results up to 4.558% Cu, 550 g/t Ag, 7.795 g/t Au, and 151.97 ppm Mo. No drill assays are yet available; all mineralization evidence is from surface sampling and trenching. The Aurora project, also 100%-owned, has an indicated resource of 614.84 million tonnes at 0.19% Cu, 0.06% Mo, and 2.09 g/t Ag, and an inferred resource of 1,118.80 million tonnes at 0.18% Cu, 0.07% Mo, and 1.95 g/t Ag. Aurora's September 2026 PEA reports an after-tax NPV8% of US$2,703 million and an IRR of 18.5% over a 17.5-year mine life, with projected annual production of 90.5 million pounds copper, 37.4 million pounds molybdenum, and 1.21 million ounces silver. The disclosure is detailed and specific for both projects, but Esperanza remains at a pre-discovery stage with no drill results yet.

Analysis

The announcement is proportionate in tone, focusing on the factual commencement of maiden drilling at the Esperanza project and providing detailed, specific technical data from trenching, channel sampling, and rock chip assays. The majority of claims are realised and supported by disclosed evidence, such as the start of drilling, sample results, and resource estimates. Forward-looking statements are limited to updates on future assay results and the production profile from the Aurora PEA, which is clearly identified as a projection. There is no exaggerated language or overstatement of imminent value creation; the technical milestones are described factually. The Aurora PEA is referenced with specific NPV and IRR figures, but these are standard for a project at this stage and not presented as guaranteed outcomes. No large capital outlay is announced for Esperanza, and the benefits of the Aurora project are appropriately caveated as long-term and contingent on future development.

Risk flags

• ●Esperanza is at a very early stage, with all mineralization evidence based on surface trenching and rock chip samples; there is no guarantee that drilling will confirm continuity, grade, or economic potential at depth. This is a fundamental exploration risk that could result in no discovery.
• ●Laboratory turnaround times for assays are outside the company's control and may introduce delays in news flow and project advancement, which can impact investor sentiment and project momentum.
• ●The Aurora project, while advanced to a PEA with an after-tax NPV8% of US$2,703 million and IRR of 18.5%, still faces significant execution risk, including the need for permitting, financing, and successful construction before any cash flow is realized. The PEA is not a guarantee of future economic viability.
• ●No metallurgical test work has been completed on the Esperanza copper oxide zone, so there is uncertainty regarding potential recoveries and economic extraction, which is critical for oxide copper projects.
• ●The company is operating in southern Peru, a region with established mining infrastructure but also potential for regulatory, community, or permitting challenges that could affect project timelines or viability.

Bottom line

DLP Resources has begun its first-ever drill program at the large, untested Esperanza copper-gold-molybdenum project in Peru, targeting both shallow oxide and deeper porphyry mineralization with a 3,000-metre, seven-hole campaign. The technical groundwork is strong, with trenching and sampling showing high copper grades over broad intervals, but all current evidence is from surface work—no drill assays are yet available. The Aurora project adds scale and credibility, with a recent PEA showing an after-tax NPV8% of US$2,703 million and an IRR of 18.5%, but this value is long-dated and subject to major development hurdles. Near-term catalysts will be the release of drill results from Esperanza, which will determine whether the project can advance beyond the exploration stage. The most important takeaway is that while the technical potential is significant, investors are still awaiting the first drill confirmation of a discovery at Esperanza.

Announcement summary

(TSXV:DLP, OTCQB:DLPRF, FSE:J8C) DLP Resources Inc. has commenced diamond drilling at its 100%-owned Esperanza copper-gold-molybdenum project in southern Peru. The first drill hole was collared on September 20, 2026, following receipt of all necessary permits and mobilization of drill rigs and equipment. This is the first drilling ever undertaken at Esperanza. The maiden program consists of approximately 3,000 metres of diamond drilling in seven holes, targeting both a near-surface copper oxide zone and a deeper porphyry copper-gold-molybdenum system beneath a 5.0 km x 2.5 km magnetic anomaly. Drilling is being conducted sequentially, with four shallow oxide holes (maximum 150 metres each) to be completed first, followed by three 800-metre porphyry holes. The Esperanza project covers a 22,500-hectare land package. The near-surface copper oxide zone, defined by trenching and channel sampling, returned intervals including: 54 m of 1.53% Cu (including 10 m of 2.29% Cu), 86 m of 0.73% Cu (including 48 m of 1.03% Cu), 96 m of 0.54% Cu (including 58 m of 0.75% Cu), 66 m of 0.66% Cu (including 18 m of 0.98% Cu), and 82 m of 0.62% Cu (including 28 m of 1.33% Cu). The porphyry target is supported by 503 rock chip samples, with results including 550 g/t Ag with 4.548% Cu and 141.43 ppm Mo from a single vein, 7.795 g/t Au with 27.7 g/t Ag and 0.780% Cu, and copper values up to 4.558% Cu, with 21 of 55 select samples exceeding 1% Cu and 12 exceeding 2% Cu, and molybdenum values up to 151.97 ppm Mo. Esperanza is located approximately 35 km southwest of Freeport-McMoRan's Cerro Verde mine and near other major copper operations in southern Peru. DLP Resources also owns the Aurora project in southern Peru, which has an indicated resource of 614.84 million tonnes at 0.19% Cu, 0.06% Mo, and 2.09 g/t Ag, and an inferred resource of 1,118.80 million tonnes at 0.18% Cu, 0.07% Mo, and 1.95 g/t Ag. A Preliminary Economic Assessment for Aurora completed in September 2026 established an after-tax NPV8% of US$2,703 million and an IRR of 18.5%, based on a 17.5-year mine life. Aurora's production profile contemplates 90.5 million pounds per year of copper, 37.4 million pounds per year of molybdenum, and 1.21 million ounces per year of silver. Ian Gendall is President and CEO of DLP Resources Inc. and is the qualified person for the technical content of the release.

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