T2 Metals Advances Its Sherridon Copper-Zinc-Gold-Silver Project in Manitoba, Canada, with Robust Historical Metallurgical Test Results

T2 Metals reports strong historical copper and zinc recoveries at Sherridon, but value remains long-term.

What the company is saying

T2 Metals Corp. is highlighting historical metallurgical test results from its 100%-owned Sherridon Copper-Zinc-Gold-Silver Project in Manitoba. The company emphasizes that locked-cycle flotation tests on Lost Lake material achieved 97.4% copper recovery to a 28.3% copper concentrate and 90.1% zinc recovery to a 55.7% zinc concentrate at head grades of 1.70% Cu and 5.08% Zn. Management frames these results as exceeding expected performance at Hudbay's Flin Flon concentrator, attributing the outcome to lower pyrite/pyrrhotite content and favorable sulphide liberation. The narrative stresses Sherridon's infrastructure advantages, including road and rail access to the Flin Flon concentrator, and notes ongoing mineralogical studies across all four deposits. Mark Saxon, President & CEO, is presented as the technical authority, having reviewed and approved the release. The company also points to over $500,000 in funding from the Manitoba Mineral Development Fund and a partnership with the Kiciwapa Cree Nation as evidence of project and community support.

What the data suggests

The disclosed test results from 2011 show a copper recovery of 97.4% to a 28.3% Cu concentrate and a zinc recovery of 90.1% to a 55.7% Zn concentrate from a Lost Lake composite grading 1.70% Cu and 5.08% Zn. The copper concentrate represented 6.1% of the feed by weight, while the zinc concentrate was 8.1%. Bulk mineral analysis indicated chalcopyrite liberation just over 60% and sphalerite just under 80% at a 69 µm grind. These results are based on a single composite and a single locked-cycle test, with the company acknowledging that they may not be representative of the entire resource. The Sherridon project covers approximately 5,866 hectares and includes four deposits with current NI 43-101 resource estimates. T2 Metals has received more than $500,000 in provincial funding, and all seven known deposits were discovered at surface, with limited drilling below 250 metres. The company is currently conducting new mineralogical studies and planning further metallurgical test work, but no new resource, reserve, or economic figures are disclosed. The results support ongoing evaluation of processing options, including toll milling at the idle Flin Flon concentrator.

Analysis

The announcement is a technical update focused on historical metallurgical test results and outlines next steps for further metallurgical studies at the Sherridon Project. The majority of claims are realised and supported by specific numerical data (e.g., copper and zinc recoveries, concentrate grades, sample sizes), with only a minority of statements being forward-looking (plans for confirmatory test work and future economic studies). There is no exaggerated language or overstatement of imminent value creation; the tone is proportionate to the stage of work. The only financial disclosure is a $500,000 grant, which is modest and does not signal a large capital outlay or near-term earnings impact. The benefits of the project remain long-term, as the next milestones are further technical studies and eventual economic analysis. The gap between narrative and evidence is minimal, with the company appropriately framing historical results as a basis for future work rather than as immediate value creation.

Risk flags

• ●The metallurgical results are historical, derived from a single composite and a single locked-cycle test conducted in 2011, which may not be representative of the broader Sherridon resource. This introduces uncertainty about the consistency and scalability of the reported recoveries.
• ●No new resource, reserve, or economic assessment accompanies the metallurgical data, so the project's economic viability remains untested. Investors lack visibility on whether these technical results translate into a viable mining operation.
• ●The Flin Flon concentrator, a potential processing option, has been on care and maintenance since 2022, and its future availability or suitability for toll milling is not guaranteed. This creates execution risk for any development scenario relying on third-party infrastructure.
• ●The company is dependent on ongoing technical studies and confirmatory work to validate historical results, and any negative findings from new test work could materially alter the project's outlook.

Bottom line

T2 Metals' announcement provides detailed historical metallurgical results showing high copper and zinc recoveries from the Lost Lake deposit at Sherridon, but these are based on a single composite sample tested in 2011 and may not reflect the broader resource. The company is transparent about the need for confirmatory test work and is currently conducting mineralogical studies across all four deposits. While the project benefits from over $500,000 in government funding and strong infrastructure connectivity, no new resource or economic data is provided, and the Flin Flon concentrator's future availability is uncertain. The update is a positive technical step, but value realization depends on successful new test results and future economic studies. The most important takeaway is that investors should treat these results as an encouraging starting point, not as evidence of imminent project value.

Announcement summary

(TSXV:TWO) (OTCQB:TWOSF) (FSE:WJ6) T2 Metals Corp. has reported historical metallurgical test results from its Sherridon Copper-Zinc-Gold-Silver Project in Manitoba, Canada. Locked-cycle flotation testing of a blended Lost Lake composite with a grade of 1.70% Cu and 5.08% Zn achieved 97.4% copper recovery to a 28.3% Cu concentrate and 90.1% zinc recovery to a 55.7% Zn concentrate. These results exceeded expected performance at Hudbay Minerals' Flin Flon copper-zinc concentrator at an equivalent head grade, attributed to lower pyrite/pyrrhotite content and favorable sulphide liberation in the Sherridon composite. The results support T2 Metals' evaluation of processing options for Sherridon mineralization, including toll milling, as the company advances the project following its NI 43-101 Mineral Resource Estimate announced on May 7, 2026. T2 Metals geologists have collected semi-representative samples from the four deposits (Bob, Cold Lake, Lost Lake, and Jungle) comprising the Sherridon resource, which have been dispatched for mineralogical characterization to guide further metallurgical test work. The Sherridon Project is located within the Flin Flon–Snow Lake Greenstone Belt, a globally significant VMS region, and is approximately 65 kilometres northeast of Flin Flon, with rail and road access to the Flin Flon concentrator, which has been on care and maintenance since 2022. Historical metallurgical drilling was completed at Cold Lake and Lost Lake by Hudbay, with 166 kg of drill core from Lost Lake tested by G&T Metallurgical Services in 2011 using a flowsheet replicating the Flin Flon concentrator circuit. The locked-cycle test produced a copper concentrate with 28.3% Cu and 3.14% Zn at 97.4% copper recovery, and a zinc concentrate with 0.27% Cu and 55.7% Zn at 90.1% zinc recovery. Bulk mineral analysis indicated chalcopyrite liberation of just over 60% and sphalerite liberation of just under 80% at the 69 µm K80 test grind. The flotation response of the Lost Lake composite compared favorably with Flin Flon concentrator performance, supporting evaluation of processing options including toll milling and standalone development. T2 Metals plans to use this historical dataset to design a confirmatory metallurgical program on recent drill core from across the project's deposits. The company has received more than $500,000 in funding from the Manitoba Mineral Development Fund to support resource discovery and development at Sherridon. Sherridon is a 100%-owned, district-scale, polymetallic resource-stage project covering approximately 5,866 hectares in Manitoba, with four deposits having current NI 43-101 Mineral Resource Estimates and one deposit with a historical resource. All seven deposits were discovered at surface in outcrop, with limited drilling below 250 metres. T2 Metals and the Kiciwapa Cree Nation signed an Exploration Agreement in 2022 establishing a framework for cooperation, employment, community training, and local economic participation in exploration activities at Sherridon. Mark Saxon, President & CEO of T2 Metals, is the Qualified Person for the company's projects and has reviewed and approved the contents of this news release.

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