XXIX Thanks the Town of Chapais for its Ongoing Support and Welcomes its Public Call to Advance Opemiska
Highlights:
Chapais reiterates support for responsible development with XXIX's Opemiska Copper Project.
Chapais calls for coordinated action across Plan Nord, the Province of Quebec and its public partners.
Chapais notes that local benefits strengthened: jobs, training, procurement, long-term growth that Oepmiska will bring.
XXIX is committed to moving forward responsibly with structured engagement and phased plans.
Toronto, Ontario--(Newsfile Corp. - February 23, 2026) - XXIX Metal Corp. (TSXV: XXIX) (OTCQB: QCCUF) (FSE: 5LW0) ("XXIX" or the "Company") wishes to express its sincere appreciation to the Town of Chapais ("Chapais") for its ongoing support and constructive partnership, and welcomed the Chapais' Feb 10, 2026 public call for coordinated action to accelerate economic development in Northern Québec (see French news release here).
The Town of Chapais has outlined a clear vision to strengthen the region's economic future and has encouraged collaboration among relevant public partners, including those responsible for Plan Nord and related development initiatives, to help advance priority projects like Opemiska, through practical measures, programs, and infrastructure support. The Company views this as an important signal of alignment at the local level and a strong foundation for continued, responsible project advancement.
Responsible development for our Communities and Nations.
XXIX believes durable resource development is most achievable where communities are engaged, priorities are aligned, and project planning is approached with transparency and rigour. The Company is encouraged by Chapais' emphasis on pragmatic solutions and its willingness to work with stakeholders to unlock regional benefits.
"Chapais is demonstrating real leadership, vision for the future and a solutions-oriented approach," said Guy Le Bel, CEO of of XXIX. "We're grateful for the Town's and Mayor Fortin's and this teams ongoing engagement and we share the view that coordinated action, across the appropriate agencies and programs, can help Northern Québec advance priority initiatives in a way that is responsible, timely, and beneficial to local and regional stakeholders."
A Call for Coordination Across Programs and Processes.
While XXIX recognizes that all projects must progress through established technical, environmental, social, and regulatory processes, the Company supports Chapais' call for improved coordination and clear sequencing across existing government tools, particularly those designed to promote northern development, infrastructure readiness, and economic participation.
The Company believes a coordinated, well-structured approach can reduce duplication, clarify timelines, and apply the right programs at the right stage, without compromising standards or oversight.
XXIX intends to:
Continue structured engagement with the Town of Chapais, the Province of Quebec and other stakeholders, including neighbouring Cree Communities, to align priorities and workplans;
Advance near-term studies and planning through a disciplined, phased process; and
Support a coordinated use of applicable northern development programs and infrastructure planning initiatives, as appropriate.
QP Statement
The technical information contained in this news release has been reviewed and approved by Denis McNichols, P.Geo and géo., Vice President Exploration for XXIX Metal, a Qualified Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About XXIX Metal Corp.
XXIX is advancing its Opemiska and Thierry Copper projects, two significant Canadian copper assets. The Opemiska Project, one of Canada's highest-grade open pitable copper deposits, spans 21,333 hectares in Quebec's Chapais-Chibougamau region, with strong infrastructure and nearby access to the Horne Smelter. An October 2025 Preliminary Economic Assessment outlined a 12,500 tpd open pit operation over a 17-year mine life, generating an after-tax NPV8% of $505M, IRR of 27.2%, and a 2.3-year payback period ($4.35/lb copper price, $3,000/oz gold price, $30/oz silver price). The Thierry Project hosts the K1 (near-surface) and the past-producing K2 (underground & surface) zones (see XXIX news release dated October 1, 2024 for details regarding resources). Thierry has significant infrastructure in place including an all-season road, an airport within 5km, a provincial power grid within 8km, and nearby rail. With these two high-potential projects, the Company has solidified its position as a key player in the Canadian copper sector and has established itself as one of Eastern Canada's largest copper developer.
Forward Looking Statements
This news release contains certain forward-looking statements, including statements about the Company's belief that Opemiska has potential for continued growth, various cost, price and production assumptions used to inform the PEA, and outstanding risk factors, including Opemiska's proximity to the Town of Chapais, Historical Assay validation, Geotechnical considerations of open stopes in the eastern pit wall, the Venture sill, the Gwillim fault, host rock competency and Historical Stope Modeling. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company's plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
The reader is advised that the Preliminary Economic Assessment (PEA) summarized in this news release is intended to provide only an initial, high-level review of Opemiska's economic potential. The PEA mine plan and economic model include numerous assumptions and the use of inferred mineral resources. Inferred mineral resources are considered to be too speculative to be used in an economic analysis except as allowed for by NI 43-101 in PEA studies. There is no guarantee that inferred mineral resources can be converted to indicated or measured mineral resources, and as such, there is no guarantee Opemiska's economics described herein will be achieved. XXIX may be eligible for Clean Technology Manufacturing Investment Tax Credit (CTM-ITC). This legislation has been enacted on June 20, 2024. There is no guarantee the Company will be able to access the CTM-ITC.
Non-IFRS Financial Measures
XXIX has included certain non-IFRS financial measures in this news release, such as C1 Cash Cost which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284818
Source: XXIX Metal Corp.
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