Kodiak Extends Ketchan Mineralization by over 450 Metres with 0.41% CuEq over 122.5 Metres from Surface

Kodiak's new drill results extend Ketchan's mineralized zone by at least 450 metres.

What the company is saying

Kodiak Copper Corp. is highlighting the expansion of the Ketchan deposit at its 100% owned MPD copper-gold porphyry project in southern British Columbia, with seven new drill holes totaling 1,583 metres. The company emphasizes that drilling southeast of Ketchan has expanded the mineralized envelope by at least 450 metres beyond the previously defined 1.4 kilometre strike. The announcement details specific assay results, including AG-26-034 intersecting 0.31% Cu, 0.10 g/t Au, and 1.70 g/t Ag (0.41% CuEq) over 122.5 metres, and AG-26-015 intersecting a gold-rich zone with 0.19% Cu, 0.15 g/t Au, and 0.58 g/t Ag (0.31% CuEq) over 207.3 metres. Claudia Tornquist, President & CEO, frames the results as evidence of the scale and open-ended potential of the deposit, suggesting further expansion is possible. The company states that 12,712 metres in 60 holes have been drilled in 2026 so far, with a total of 16,500 metres planned, and that these results will feed into an updated Mineral Resource Estimate in Q1 2027. Kodiak underscores its QA/QC protocols and the use of reputable laboratories, seeking to build confidence in the technical data. The tone is confident and forward-looking, with a focus on resource growth and the potential for new discoveries.

What the data suggests

The disclosed assay results show that AG-26-034 intersected 0.31% copper, 0.10 g/t gold, and 1.70 g/t silver (0.41% CuEq) over 122.5 metres from near surface, while AG-26-015 returned 0.19% copper, 0.15 g/t gold, and 0.58 g/t silver (0.31% CuEq) over 207.3 metres. AG-26-021 intersected 0.12% copper, 0.09 g/t gold, and 0.76 g/t silver (0.20% CuEq) over 202.5 metres. Lower-grade but broad mineralization was also encountered in AG-26-007 and AG-26-011. The mineralized envelope at Ketchan has been extended by at least 450 metres, with the deposit remaining open for further expansion. To date, 12,712 metres in 60 holes have been drilled in 2026, with a total of 16,500 metres planned, indicating a substantial ongoing exploration effort. Metallurgical recoveries are assumed at 82% for copper, 60% for gold, and 54% for silver, with copper equivalent calculations based on US$4.75/lb copper, US$3,500/oz gold, and US$40/oz silver. All results are reported as downhole intervals, with true widths not yet determined. The technical disclosure is detailed, and QA/QC procedures are described, but no new resource tonnage or economic assessment is provided. The data supports the company's claim of a growing mineralized system, but the ultimate impact on resource size and economics will depend on future drilling and the planned Q1 2027 resource update.

Analysis

The announcement provides detailed and credible technical results from the 2026 drilling program at the Ketchan deposit, including specific assay intervals and grades, which are realised and well-supported. However, a significant portion of the narrative is forward-looking, emphasizing the potential for further resource expansion, a planned 16,500-metre drill program, and an updated Mineral Resource Estimate (MRE) in Q1 2027. These benefits are long-term and contingent on future drilling and analysis. The tone is optimistic, with phrases like 'continues to deliver excellent results' and 'opportunities to further expand,' but the actual realised progress is limited to the reported drill holes and envelope expansion. The capital intensity is flagged due to the large ongoing drill program with no immediate economic or production impact disclosed. While the technical disclosure is strong for an exploration-stage company, the narrative somewhat overstates the immediacy and certainty of future resource growth.

Risk flags

• ●Resource expansion is not yet quantified in terms of tonnage or grade, so the actual impact on project economics remains uncertain until the updated Mineral Resource Estimate is released in Q1 2027. This creates a gap between current technical results and actionable investment value.
• ●The reported intervals are downhole lengths, and true widths are not determined, which may overstate the apparent size of mineralized zones if the geometry is not favorable. This introduces uncertainty about the continuity and mineability of the mineralization.
• ●The company's forward-looking statements about further expansion and new discoveries depend on the success of the remaining 3,788 metres of planned drilling and subsequent resource modeling. Delays, lower-than-expected grades, or unfavorable metallurgical results could reduce the project's attractiveness.
• ●No cost, budget, or economic figures are disclosed for the 2026 drill program, leaving investors without visibility on capital efficiency or potential funding needs. This financial opacity increases the risk of unexpected dilution or capital shortfalls.
• ●Metallurgical recoveries and metal prices used for copper equivalent calculations are based on assumptions (82% for copper, 60% for gold, 54% for silver, US$4.75/lb copper, US$3,500/oz gold, US$40/oz silver). If actual recoveries or market prices are lower, the project's economics could be negatively affected.

Bottom line

Kodiak Copper Corp.'s latest drill results from the Ketchan deposit demonstrate a clear expansion of the mineralized zone, with strong copper and gold intercepts over broad intervals and a minimum 450-metre extension beyond the previous resource footprint. The technical disclosure is robust, with detailed assay data and QA/QC protocols, but the announcement does not provide new resource tonnage or economic figures. The company's narrative is credible in terms of geological potential, but the investment case remains contingent on the outcome of the remaining 2026 drilling and the planned Q1 2027 Mineral Resource Estimate update. Investors should focus on the scale of the ongoing drill program—16,500 metres planned for 2026—and the long timeline to resource conversion. The most important takeaway is that while the system appears to be growing, the value proposition will only become clear once the updated resource and economic studies are delivered next year.

Announcement summary

(TSXV:KDK) (OTCQX:KDKCF) (FSE:5DD1) Kodiak Copper Corp. announced additional drill results from its 100% owned MPD copper-gold porphyry project in southern British Columbia. The company reported results from seven holes totaling 1,583 metres drilled on the Ketchan deposit. Drilling southeast of the Ketchan deposit expanded the mineralized envelope by a minimum of 450 metres beyond the deposit's currently defined 1.4 kilometre strike extent. Notable drill results include AG-26-034, which intersected 0.31% Cu, 0.10 g/t Au, and 1.70 g/t Ag (0.41% CuEq) over 122.5 metres from 5.5 metres to 128 metres, and AG-26-021, which intersected 0.12% Cu, 0.09 g/t Au, and 0.76 g/t Ag (0.20% CuEq) over 202.5 metres from 39.5 metres to 242 metres. AG-26-015 intersected a gold-rich zone with 0.19% Cu, 0.15 g/t Au, and 0.58 g/t Ag (0.31% CuEq) over 207.3 metres from 22.7 metres to 230 metres. AG-26-020 intersected 0.15% Cu, 0.06 g/t Au, and 1.00 g/t Ag (0.21% CuEq) over 37.5 metres from 115.5 metres to 153 metres. AG-26-007 intersected 0.06% Cu, 0.06 g/t Au, and 0.35 g/t Ag (0.12% CuEq) over 90 metres from 246 metres to 336 metres. AG-26-011 intersected 0.03% Cu, 0.02 g/t Au, and 0.27 g/t Ag (0.05% CuEq) over 40.5 metres from 45.5 metres to 86 metres. Historic hole K15-08 returned 0.21% Cu, 0.12 g/t Au, and 0.97 g/t Ag (0.31% CuEq) over 92 metres from 15 metres to 107 metres. Metallurgical recovery is assumed as 82% for copper, 60% for gold, and 54% for silver. Metal prices used in copper equivalent calculations are US$4.75/lb copper, US$3,500/oz gold, and US$40/oz silver. To date, 12,712 metres in 60 holes have been drilled in 2026 at the Ketchan, West, and South deposits. A total of 16,500 metres of drilling is planned for 2026. All seven deposits in the current Mineral Resource Estimate (MRE) are open to expansion, and results from the 2026 drill program will contribute to an updated MRE planned in Q1 2027. Claudia Tornquist, President & CEO of Kodiak Copper, stated that the recent drilling at the Ketchan deposit continues to deliver excellent results and suggests near-surface mineralization goes well beyond the current resource footprint. Dave Skelton, P.Geo., Vice President Exploration, approved and verified the technical information in the news release. All core samples are delivered to Activation Laboratories Ltd. (Actlabs) in Kamloops, BC, for preparation and fire assay, then shipped to their Ancaster, Ontario laboratory for multi-element analysis. The company implements an internal QA/QC program that includes the insertion of sample blanks, duplicates, and certified reference materials at a rate of one per ten samples.

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