Categories: Precious Metals / Mining Stocks
Topics: Gold Stocks / Copper Stocks

GreenLight Metals (TSX-V: GRL)(OTC: GRLMF) CEO Matt Filgate on Positive Drill Results at Flagship Bend Copper-Gold Project in Wisconsin and What's Next

 

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president and CEO of GreenLight Metals (TSX-V: GRL)(OTC: GRLMF) — Mr. Matt Filgate. Matt, great to have you on. How are you today, sir?

Matt Filgate: I'm doing great, Gerardo. Thanks for having me. I appreciate you taking some time to chat about some exciting drill results we put out this morning.

Gerardo Del Real: No, listen, I cover the company. You're in the U.S. You have what appears to be, what's getting to be a more predictable geological model on the copper and gold side. You just hit 1.30% copper and 1.30 grams per tonne gold over 25.17 meters.

This was on a pretty significant step-out to the east. I would love for you to provide some context on why the results that you reported this morning are important for the thesis moving forward.

Matt Filgate: Yeah, absolutely. So, when we started drilling Bend about a year ago, the whole focus of the project was stepping out from the historic four-million-tonne resource that was there at the project. No real significant work had been done at the Bend project in almost 20 years.

And so, we rebuilt the geological model. It was clear that the mineralization was plunging down at about 30 to 40 degrees, and some historical holes were drilled too high and missed the massive sulfide. We put that theory to the test.

Our first real significant hit was hole four. We put that out about a year ago. Just a reminder, that was over 20 meters of 3 grams per tonne gold and 2% copper. That was what we needed to see. It was very similar to the grades we see in the main orebody. Now the goal is to keep stepping out east and see how far we can chase this mineralization.

The hole that we just put out, hole 15, was a very important hole. It was the furthest eastern hole that we've drilled, and we intersected a thick package of massive sulfide. We undercut that with hole 16, which should come out here in the next couple of weeks. And that intersected over 30 meters of massive sulfide. We're not only seeing good grades and good thickness out to the east, but we're actually undercutting it, and we're seeing it get thicker. That's super exciting.

We finished hole 17, which is a further step-out to the east. We hit some good-looking stuff in that hole as well, and the pieces hold together really well. Moving forward, we’re working toward securing our prospecting permit through the FAST-41 program. Anyone listening can actually follow the progress of that permit in real time. We expect it in early to mid-January. That'll be a 20,000-meter drill program. And that's where this thing really takes off.

That 20,000 meters will feed into an MRE, so a maiden resource, sometime later in 2027. And that's a real catalyst for us. It's a chance to get a strong resource out to market, put this project on the map, and potentially see a significant re-rate up to where our peers are trading, which is anywhere from five to seven times our current market cap.

We're thrilled with the drill results. We continue to step out, we continue to hit mineralization. This is coming together very nicely, Gerardo.

Gerardo Del Real: You have assays pending. I know those holes, obviously, you probably have an indication of whether they're mineralized or not, but it doesn't count until you get the numbers, right?

Matt Filgate: Yeah, absolutely. The lab is the truth-teller.

Gerardo Del Real: You explained really well what comes next in regard to the assays pending and the MRE. You also explained why you're trading at a significant discount to your peers. What do you base that on?

Matt Filgate: We don't have a compliant resource out, so we don't have something underpinning the value of the company. We're certainly showing through these drill results that this project is growing significantly and there's a lot of material here. I think once we get that resource out, it'll give the market something to really pinpoint our valuation on.

And we can talk about some other companies, like Errington Metals or Abitibi Metals up in Canada, two VMS explorers that are trading at 7 to 10 times multiples to what GRL is trading at, with resources in that 15- to 25-million-tonne range.

We can benchmark where the company's going relative to how some of these other companies are trading. And that's really the re-rate opportunity here. We still have to do the work. We need to finish this 20,000-meter program and get that resource together, but we have an internal target of 15 to 20 million tonnes on that resource.

There’s an exciting investment opportunity here. If you're looking for U.S. copper, you're looking for these types of projects, which are typically high-grade. The Bend project is very unique in the fact that it's copper and gold, and they're very consistent. Those are very good grades when it comes to the gold side. Historically, the average of that four-million-tonne resource was 2.5 grams per tonne, and we're seeing consistent gold grades across the entire deposit.

We don't have lead and zinc like a traditional VMS deposit. This is a copper- and gold-specific deposit.

Gerardo Del Real: Not a bad time to have a copper- and gold-specific deposit.

Matt Filgate: I agree.

Gerardo Del Real: Matt, looking forward to having you back on. Excited to get the final assays out and really excited for the rest of the year and 2027. Thank you so much for your time.

Matt Filgate: Thank you as well, Gerardo.

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FOOTNOTES

  1. Source (primary): E.K. Lehmann and Associates, Inc., 1992, “Report of the geology and ore reserves of the Bend copper-gold deposit, Taylor County, Wisconsin” (Bureau of Land Management Preference Right Lease Application, prepared for the Jump River Joint Venture (“JRJV”)); reproduced in Section 6.2.1 and Table 4 of the Bend Project NI 43-101 Technical Report with an effective date of January 1, 2025 (the “2025 Bend Technical Report”). The 1992 JRJV historical estimate is reported as: Cu Zone — 2.8 Mt at 2.41% Cu, 1.43 g/t Au and 13.70 g/t Ag; Au Zone — 1.2 Mt at 0.31% Cu, 4.73 g/t Au and 2.79 g/t Ag; Total — 4.0 Mt at 1.74% Cu, 2.44 g/t Au and 11.56 g/t Ag. Methods and parameters known from the source report: based on 33 diamond drillholes plus 1 wedge (approximately 13,713 metres drilled between 1986 and 1992); polygonal and cross-sectional methods were both used and the results averaged; at the time, the estimate was categorized as a “geologic resource” under U.S. Geological Survey Circular 831 (1980); no cut-off grade was stated in the source report and no metal prices, metallurgical recoveries or other economic parameters were stated. Reliability and relevance: the 1992 JRJV historical estimate is pre-CIM, was prepared by a previous owner using legacy classification terminology that does not correspond to the current CIM Definition Standards or to NI 43-101 resource categories (Measured, Indicated or Inferred), and has not been independently verified by GreenLight Metals or its Qualified Person; it is referenced in this report for geological context only. More recent estimates: Section 14 of the 2025 Bend Technical Report confirms that no current Mineral Resource is defined on the Bend property and that no more recent estimate of mineral resources or mineral reserves has been completed. Significant data compilation, re-drilling, re-sampling and data verification will be required by a Qualified Person before the historical estimate can be classified as a current Mineral Resource. A Qualified Person has not done sufficient work to classify the historical estimate as a current Mineral Resource. The Company is not treating the historical estimate as a current Mineral Resource or Mineral Reserve, and the historical estimate should not be relied upon.
  2. Copper equivalent (“CuEq”) is reported to express the aggregate in-situ value of copper, gold and silver as a percentage copper grade. CuEq incorporates assumed metallurgical recoveries and is not a proxy for, nor evidence of, economic value. Tellurium (Te) is reported separately and is not included in CuEq. CuEq (%) = ((Cu grade (%) / 100 × 0.9 (recovery) × 2204.6 × US$4.50) + (Au grade (g/t) × 0.9 (recovery) / 31.1035 × US$3,600) + (Ag grade (g/t) × 0.9 (recovery) / 31.1035 × US$40)) / (2204.6 × 0.01 × US$4.50). Assumptions: metal prices of US$4.50/lb Cu, US$3,600/oz Au and US$40/oz Ag; recoveries of 90% for Cu, Au and Ag based on the Company’s preliminary assessment of analogous VMS deposits. No allowances have been made for smelting/refining charges, penalties or deleterious elements, or payability factors. No metallurgical test work has been completed at Bend; actual recoveries and payabilities are unknown and may differ materially. Readers are cautioned that visible gold occurrences are not necessarily indicative of the gold grade of any mineralized interval; assay results determine actual grade. Tellurium values referenced (including the “significant tellurium values encountered” statement) are individual assay results from selected samples and are not necessarily representative of the mineralization on the property as a whole.
  3. There is no assurance that exploration results from Phase-2 or any subsequent program will be sufficient to support a Mineral Resource Estimate, that any such Mineral Resource Estimate will be completed, or that the timing or content of any future Mineral Resource Estimate will be as the Company currently contemplates.
  4. Historic drilling at Reef was most recently conducted by Aquila Resources in 2011–2012; representative historic intercepts include hole R12-38: 65.2 metres grading 2.80 g/t Au and 0.17% Cu from 80.5 m to 145.73 m, including 8.9 metres at 13.14 g/t Au and 0.44% Cu; and hole R11-11: 14.8 metres grading 14.41 g/t Au and 0.30% Cu from 40.6 m to 55.4 m, including 9.3 metres at 21.3 g/t Au and 0.33% Cu (source: GreenLight Metals news release dated May 28, 2025; results reproduced in the Reef Project NI 43-101 Technical Report effective January 1, 2025). The historic results referenced have been reviewed by the Qualified Person but the Company has not independently verified the historic sampling, assay or QA/QC procedures and historic results are not necessarily indicative of mineralization that may be encountered on the property by GreenLight.
  5. The Crandon deposit is held by a third party, is not located on any property held by GreenLight Metals, and mineralization at the Crandon deposit is not necessarily indicative of mineralization on the Lobo or Lobo East projects.
  6. Historic drilling at Lobo was conducted by Noranda in the 1970s and by Can-America in 2020; the representative historic intercept referenced is Noranda hole LB-3: 9.4 metres grading 22.89% Zn, 1.41% Cu, 1.84% Pb and 1.14 g/t Au (246–255 m); confirmation drilling by Can-America (hole LB-20-01) returned 1.55 metres of 17.46% Zn, 0.47% Cu, 1.61% Pb, 0.14 g/t Au and 51 g/t Ag (81.8–83.4 m). Drillhole LB-3 is archived at the Wisconsin Geological and Natural History Survey Core Repository (Mt. Horeb, WI); quarter core samples of the entire mineralized interval were re-assayed by Can-America in 2019. The Company has not independently verified the original Noranda sampling, assay or QA/QC procedures and historic results are not necessarily indicative of future results.
  7. References to “define an economic deposit” and “the next high-grade copper-dominant mine in the United States” are forward-looking. Mine development is contingent on (i) completion of an NI 43-101-compliant Mineral Resource Estimate, (ii) Mineral Reserve estimation, (iii) feasibility studies, (iv) financing, (v) permitting and construction, and (vi) a positive production decision. The Bend Project does not currently host a Mineral Resource or Mineral Reserve under NI 43-101, and there is no certainty that any of the foregoing will occur.

QUALIFIED PERSON
The technical information contained in this report has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Thomas Quigley, MSc, CPG-11962, Exploration Director of GreenLight Metals Inc., a Qualified Person as defined by NI 43-101.

CAUTIONARY NOTE REGARDING HISTORICAL ESTIMATES
The 1992 JRJV historical estimate of approximately 4.0 million tonnes referenced in this report (originally documented in E.K. Lehmann and Associates, Inc., 1992, “Report of the geology and ore reserves of the Bend copper-gold deposit, Taylor County, Wisconsin”, prepared for the Jump River Joint Venture, and reproduced in Section 6.2.1 of the Bend Project NI 43-101 Technical Report effective January 1, 2025) is not compliant with the current CIM Definition Standards or NI 43-101, and the categorization used in the source (USGS Circular 831 (1980) “geologic resource”) does not correspond to current CIM categories. Section 14 of the 2025 Bend Technical Report confirms that no current Mineral Resource is defined on the Bend property and that no more recent estimate exists. A Qualified Person has not done sufficient work to classify the historical estimate as a current Mineral Resource. The Company is not treating the historical estimate as a current Mineral Resource or Mineral Reserve, and the historical estimate should not be relied upon. To upgrade or verify the historical estimate as a current Mineral Resource, the Company would need to complete confirmation drilling, data validation, QA/QC verification, and an independent Qualified Person review under NI 43-101.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This report contains forward-looking information within the meaning of applicable Canadian securities legislation, including but not limited to statements regarding: planned exploration programs, drilling and assay timing; the potential for additional or extended mineralization at the Bend, Reef, Lobo, Lobo East and Kalium Canyon projects; the expected negotiation, execution, timing and terms of a long-form ownership earn-in agreement and any long-form joint venture documentation with Barrick; the binding nature and anticipated implementation of the Kalium Canyon term sheet; Barrick’s ability or decision to complete cash payments, qualifying exploration expenditures, drilling, work programs, studies and other obligations contemplated by the term sheet; Barrick’s ability or decision to terminate or discontinue the arrangement, or to earn a 60%, 70% or 80% equity interest in Kalium Canyon; the potential to define a NI 43-101-compliant Mineral Resource Estimate at any of the Company’s projects; references to Bend becoming “the next high-grade copper-dominant mine in the United States”, “economic deposit”, or similar prospective characterizations; and any references to conceptual tonnage, grade or scale potential. Forward-looking information is based on the Company’s current expectations and assumptions and involves known and unknown risks and uncertainties, including but not limited to: exploration risk and the inherent uncertainty of mineral exploration; commodity price volatility (including copper, gold, silver, zinc and tellurium); permitting, regulatory and First Nations consultation risk; access to financing; the risk that historical estimates and historical drill results are not necessarily indicative of future results; and the risks that the long-form agreement will not be entered into, that required third-party notices, consents or waivers will not be obtained, that Barrick will not earn any interest in Kalium Canyon, that a joint venture will not be formed or operated as contemplated, or that expected payments, expenditures, studies or other benefits will not be realized. There is no certainty that any Mineral Resource or Mineral Reserve will be defined on any of the Company’s projects, that any mine will be developed, or that any conceptual tonnage range will be realized. Readers are cautioned not to place undue reliance on forward-looking information. The Company disclaims any obligation to update forward-looking information except as required by applicable law.

CAUTIONARY NOTE REGARDING ADJACENT PROPERTIES
References in this report to the past-producing Flambeau Mine, the Crandon deposit, and the Abitibi and Flin Flon belts are provided for general geological and historical context only. Those properties and belts are held by parties other than GreenLight Metals and are not part of the Bend, Reef, Lobo or Lobo East projects. Mineralization on those properties or belts is not necessarily indicative of mineralization on, and readers are cautioned not to draw conclusions about the prospectivity of, GreenLight’s projects.

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