GreenLight Metals Intersects 1.20% Copper and 1.33 g/t Gold over 30.62 Metres at the Bend Project

GreenLight reports strong copper-gold drill results and changes its market-making provider.

What the company is saying

GreenLight Metals Inc. (TSXV:GRL, OTCQB:GRLMF) is highlighting a broad copper-gold intersection from drill hole B26-016 at its Bend VMS Project in Wisconsin, with 30.62 metres averaging 1.20% copper, 1.33 g/t gold, and 16.77 g/t silver (2.67% CuEq) from 468.12 metres downhole. The company emphasizes two higher-grade intervals within this: 6.51 metres at 2.15% copper, 1.71 g/t gold, and 32.83 g/t silver (4.11% CuEq), and 11.20 metres at 1.28% copper, 1.56 g/t gold, and 17.78 g/t silver (3.00% CuEq). Management frames these results as strengthening the interpretation of the eastern copper-gold zone and providing a clearer basis for targeting future drill holes. The release is explicit about the technical assumptions used in copper equivalent calculations: US$4.50/lb copper, US$3,600/oz gold, US$40/oz silver, and 90% recovery for each metal. The company also discloses the termination of its agreement with ICP Securities Inc. effective November 29, 2026, and the re-engagement of DS Market Solutions Inc. as its new market-making provider, with a month-to-month contract at C$5,000 per month plus taxes, subject to TSXV acceptance. The tone is confident and technical, with detailed QA/QC procedures and named personnel including President and CEO Matt Filgate and Exploration Director Thomas Quigley.

What the data suggests

The reported B26-016 drill hole intersected 30.62 metres averaging 1.20% copper, 1.33 g/t gold, and 16.77 g/t silver, with copper equivalent of 2.67%, from 468.12 metres downhole. Higher-grade sub-intervals include 6.51 metres at 2.15% copper, 1.71 g/t gold, and 32.83 g/t silver (4.11% CuEq) and 11.20 metres at 1.28% copper, 1.56 g/t gold, and 17.78 g/t silver (3.00% CuEq). True thickness is estimated at 70–75% of drilled length. Copper equivalent grades are calculated using US$4.50/lb copper, US$3,600/oz gold, US$40/oz silver, and 90% recovery. As of October 20, 2026, total drilling at Bend is approximately 30,440 metres in 70 primary holes and two wedge branches, with 8,630 metres drilled in 2025–2026. The project has a 1992 historical estimate of 4.0 million tonnes grading 1.74% copper, 2.44 g/t gold, and 11.56 g/t silver, but this is not a current resource. The company is also changing its market-making provider, with the new DSMS agreement costing C$5,000 per month plus taxes, payable monthly, and subject to TSXV acceptance. No performance-based or equity compensation is included. The technical data is detailed and QA/QC procedures are described, but no current mineral resource or economic assessment is provided.

Analysis

The announcement is factual and proportionate, focusing on realised assay results from drill hole B26-016 at the Bend copper-gold VMS Project. The technical data is specific, with interval grades, widths, and copper equivalent calculations clearly disclosed. There is no exaggerated language or overstatement of future potential; forward-looking statements are minimal and limited to procedural next steps (e.g., pending TSXV acceptance for a market-making agreement). The release does not claim a current mineral resource, explicitly noting the historical estimate is not current. The disclosed capital outlay (C$5,000/month for DSMS) is modest and operational, not a large speculative investment. The benefits of the drilling (assay results) are already realised and reported, with no claims of imminent production or economic impact. Overall, the narrative closely matches the evidence, with no hype or inflation.

Risk flags

• ●There is no current NI 43-101-compliant mineral resource for the Bend Project; the only resource figure is a 1992 historical estimate, which is explicitly not treated as current. This limits the ability to assess the project's economic potential and makes the investment case dependent on future drilling and resource work.
• ●The copper equivalent grades rely on assumed metal prices (US$4.50/lb copper, US$3,600/oz gold, US$40/oz silver) and 90% recovery rates, which may not reflect actual future recoveries or market conditions. If actual recoveries or prices are lower, the economic significance of the intercepts could be reduced.
• ●The new market-making agreement with DS Market Solutions Inc. is subject to TSXV acceptance, and there is no guarantee this will be granted. If not accepted, the company may face reduced liquidity or trading support.
• ●Assays for drill hole B26-017 remain pending, so the continuity and scale of the mineralized zone are not yet fully defined. This introduces uncertainty about the consistency and extent of mineralization.

Bottom line

GreenLight Metals has delivered a strong copper-gold-silver intersection in drill hole B26-016 at its Bend Project, with multiple higher-grade intervals and detailed technical disclosure. The absence of a current mineral resource means investors cannot yet quantify the project's scale or economic potential, making this an early-stage exploration result rather than a development milestone. The company is also switching market-making providers, with a clear contract structure and no equity or performance-based compensation, but this is operational rather than strategic. The most important takeaway is that while the technical results are promising, the investment case hinges on future drilling, pending assays, and the eventual delivery of a compliant resource estimate. Investors should watch for upcoming assay results and any move toward a formal resource statement.

Announcement summary

(TSXV:GRL, OTCQB:GRLMF) GreenLight Metals Inc. announced assay results from drill hole B26-016 at its Bend copper-gold VMS Project in Taylor County, Wisconsin. Drill hole B26-016 intersected a broad copper-gold interval approximately 55 metres down-dip of B26-015, testing the eastern continuation of the copper-gold zone. The main intersection in B26-016 was 30.62 metres averaging 1.20% copper, 1.33 g/t gold, and 16.77 g/t silver (2.67% copper equivalent) from 468.12 metres downhole. Two higher-grade intervals were included: 6.51 metres at 2.15% copper, 1.71 g/t gold, and 32.83 g/t silver (4.11% CuEq) from 468.12 metres, and 11.20 metres at 1.28% copper, 1.56 g/t gold, and 17.78 g/t silver (3.00% CuEq) from 487.54 metres. The true thickness of intervals is estimated at approximately 70–75% of drilled length. Copper equivalent (CuEq) grades were calculated using assumed metal prices of US$4.50/lb copper, US$3,600/oz gold, US$40/oz silver, and 90% recovery for each metal. B26-016 undercuts B26-015, which previously returned 25.17 metres at 1.30% copper and 1.30 g/t gold. Collar and orientation data for B26-016 are: Easting 688648 m, Northing 5018508 m, Elevation 410 masl, Azimuth 344°, Dip 69°, Total depth 596.80 m. As of October 20, 2026, historical and GreenLight drilling at Bend totals approximately 30,440 metres in 70 primary drill holes and two wedge branches, including B26-018 in progress. GreenLight's 2025–2026 drilling accounts for approximately 8,630 metres in 18 primary holes and one wedge branch. A 1992 historical estimate outlined approximately 4.0 million tonnes grading 1.74% copper, 2.44 g/t gold, and 11.56 g/t silver, but this is not a current mineral resource. The Bend Project includes the leased forty-acre Soo Line mineral parcel and a pending prospecting permit application over approximately 519 acres of adjacent federal mineral estate. The company has delivered 30 days' written notice terminating its market-making agreement with ICP Securities Inc., effective November 29, 2026. GreenLight will re-engage DS Market Solutions Inc. (DSMS) as an arm's-length equity trading adviser and liquidity provider, with the agreement to be executed on November 10, 2026, and submitted to the TSX Venture Exchange for acceptance. The DSMS engagement will be month to month at C$5,000 per month plus applicable taxes, payable monthly from working capital, and may be terminated by either party on 30 days' written notice. No performance-based or equity compensation will be paid to DSMS, and DSMS will use its own trading capital. The engagement is subject to TSXV acceptance. The technical information in this release was prepared under the supervision of Thomas Quigley, MSc, CPG-11962, Exploration Director of the Company.

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