Kodiak Commences Additional Metallurgical Testing Focused on Flowsheet Development & Optimization

Kodiak launches metallurgical testwork at MPD; results expected Q1 2027.

What the company is saying

Kodiak Copper Corp. is announcing the start of a new metallurgical testwork program at its 100% owned MPD copper-gold porphyry project in southern British Columbia. The company frames this as a key step to de-risking the project and supporting future economic studies, emphasizing that the work builds on encouraging results received earlier in 2026. The release highlights that all seven deposits in the current Mineral Resource Estimate—Gate, Ketchan, Man, Dillard, West, Adit, and South—will be represented in the testwork, with four composite samples selected for comprehensive analysis. Claudia Tornquist, President and CEO, positions the program as focused on optimizing metal recoveries, especially for gold, and gathering data on rock properties and hardness. The company stresses its systematic approach, referencing ongoing exploration and a planned resource update in early 2027. Technical oversight is underscored by naming Fuse Advisors Inc., advisor Mike Westendorf, and independent Qualified Person Renee Goold, P.Eng, as responsible for the program's design and execution. The announcement also mentions Kodiak's Mohave project in Arizona and its association with Discovery Group, led by John Robins, and founder Chris Taylor.

What the data suggests

Kodiak owns 100% of the MPD project, which comprises seven deposits included in a Mineral Resource Estimate. The new metallurgical testwork program will test four composite samples representing different areas of the project, with the stated goal of optimizing flowsheet design and metal recoveries. The program covers mineralogy, comminution, gravity gold testwork, flotation optimization, locked cycle testing, and concentrate quality assessment. Results are expected in Q1 2027, indicating that any impact on project economics or resource confidence is at least several months away. The announcement provides no new assay results, recovery rates, or economic metrics, and does not update the resource estimate. The technical team includes Fuse Advisors Inc., advisor Mike Westendorf, and Blue Coast Research Ltd., with oversight by independent Qualified Person Renee Goold, P.Eng. The company also holds the Mohave copper-molybdenum-silver project in Arizona, USA. All operational facts disclosed are consistent with a methodical, early-stage de-risking process for a large porphyry system.

Analysis

The announcement is generally factual, describing the commencement of a metallurgical testwork program at the MPD project and specifying the deposits and technical partners involved. However, much of the positive tone is forward-looking, emphasizing future benefits such as de-risking the project, optimizing recoveries, and 'unlocking value' for shareholders. No new assay results, resource upgrades, or economic studies are disclosed, and the only timeline given is for testwork results expected in Q1 2027—over a year away. The language inflates the significance of the current milestone by linking it to future economic studies and shareholder value, but the actual progress is limited to the start of a technical testwork phase. There is no mention of large capital outlay at this stage, and the update is typical for an exploration-stage company. The gap between narrative and evidence is moderate: operational steps are real, but the benefits are distant and not yet quantified.

Risk flags

• ●The primary risk is execution: metallurgical testwork may reveal challenges with metal recoveries, concentrate quality, or process complexity that could negatively impact future economic studies. The company acknowledges this by focusing on flowsheet optimization and recovery improvement.
• ●Timeline risk is present, as the next meaningful data point—testwork results—is not expected until Q1 2027, leaving a multi-month period with limited new information for investors. Delays or inconclusive results could push back subsequent milestones such as a resource update or economic assessment.
• ●Disclosure risk exists because the announcement does not provide quantitative recovery targets, process flowsheet details, or prior testwork outcomes, making it difficult for investors to gauge the likelihood of success or the magnitude of potential improvements.

Bottom line

Kodiak Copper Corp. (TSXV:KDK, OTCQX:KDKCF, FSE:5DD1) is advancing its MPD project in British Columbia by initiating a metallurgical testwork program covering all seven deposits in its current Mineral Resource Estimate. This work is a necessary technical step before any economic study or project development decision, but no new resource figures, recovery rates, or economic data are disclosed in this update. The company’s narrative is methodical and names experienced technical partners, but the only concrete milestone is the expectation of testwork results in Q1 2027. Investors should recognize that the path to value creation remains long and contingent on positive technical outcomes. The announcement is credible as an operational update, but does not change the investment thesis until results or a resource update are delivered. The most important takeaway is that MPD remains in the de-risking and data-gathering phase, with actionable catalysts still months away.

Announcement summary

(TSXV:KDK) (OTCQX:KDKCF) (FSE:5DD1) Kodiak Copper Corp. has commenced an additional metallurgical testwork program for its 100% owned MPD copper-gold porphyry project in southern British Columbia. The program will focus on flowsheet development and optimization, building on test results received earlier in the year. Samples from all seven deposits that comprise the Mineral Resource Estimate at MPD—Gate, Ketchan, Man, Dillard, West, Adit, and South—will be included. Four composite samples representing the Southern Area (South, West, and Adit), Northern Area (Man and Dillard), Ketchan, and Gate will be tested. The testing will cover mineralogy, comminution, gravity testwork for gold, flotation rougher and cleaner optimization, locked cycle testing, and concentrate quality assessment. Results from the program are expected in Q1 2027. Claudia Tornquist, President and CEO of Kodiak, stated that the company is advancing metallurgical testwork to de-risk the project and strengthen the foundation for future economic studies, with a focus on optimizing metal recoveries, particularly for gold, and gathering information on rock properties and hardness. The metallurgical testwork program is being designed and managed by Fuse Advisors Inc., part of SLR, with technical guidance from Kodiak advisor Mike Westendorf. Laboratory work will be conducted at Blue Coast Research Ltd in Parksville under the supervision of Fuse Metallurgist Renee Goold, P.Eng, an independent Qualified Person as defined by National Instrument 43-101. Ms. Goold has reviewed and approved the technical information pertaining to the metallurgical work in this release. Dave Skelton, P.Geol, Vice President Exploration and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release. Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, USA, near the Bagdad mine. Kodiak's founder and Chairman is Chris Taylor, and the company is part of Discovery Group led by John Robins.

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