Canterbury Resources Advances Briggs Copper Project Drilling Ahead of 2027 Pre-Feasibility Study Completion

Briggs Copper Project: Prime Location and Substantial Resource in Queensland

The Briggs Copper Project consists of six tenements situated in central Queensland, approximately 60 kilometres west of the deep-water port of Gladstone. The project benefits from proximity to tier-one infrastructure including excellent road and rail access, high-voltage power, and multiple gas pipelines, offering significant logistical and operational advantages for future mine development within Australia’s copper sector.

Canterbury Resources holds a 49% stake in the Briggs joint venture, with Alma Metals Ltd owning 51% and Rio Tinto retaining a 1.5% net smelter royalty. Alma Metals is currently the sole funder of Briggs activities under an Earn-In Agreement, enabling Canterbury to maintain its interest while Alma progresses the project toward feasibility. This partnership demonstrates confidence from a major mining company and helps reduce Canterbury’s immediate funding obligations during the critical study and drilling phases.

Robust 2.0 Million Tonne Copper Resource Supports Pre-Feasibility Study

The updated 2025 Briggs Mineral Resource Estimate defines one of Australia’s largest undeveloped copper deposits. At a 0.15% copper cut-off grade, the resource contains 2.0 million tonnes of copper, 73 million pounds of molybdenum, and 16.5 million ounces of silver within 932 million tonnes of ore. The resource comprises 137 million tonnes of Indicated Resources and 793 million tonnes of Inferred Resources, indicating significant exploration potential.

Canterbury and its joint venture partner have committed to a Pre-Feasibility Study based on a conceptual 30 million tonne per annum (Mtpa) operation. The company emphasizes this is an aspirational figure, not a production target, and cautions investors that there are currently no reasonable grounds to believe this throughput rate will be achieved. The PFS, scheduled for completion in late 2027, will evaluate the feasibility of a large-scale, long-life open-cut mine utilizing conventional crushing, grinding, and flotation processing to produce copper concentrate for sale.

Extensive Drilling Campaign: Up to 80 Holes Over 15 Months to Upgrade Resource Classification

Launched in late April 2026, the major diamond core drilling program is planned to span approximately 15 months and include up to 80 holes totaling 30,000 metres. As of the 21 July 2026 update, six holes totaling 2,082.6 metres have been completed, with assay results pending. Initial core observations align with pre-drilling expectations, providing early confidence in deposit continuity and characteristics. Phase 1 involves roughly 12,500 metres across about 40 holes, initially on dayshift, with night shifts added from mid-May 2026.

The primary goal is to convert a majority of Inferred Resources into the Indicated category, enhancing geological confidence to support the Pre-Feasibility Study. The drilling will also supply material for detailed metallurgical testing and assist in mine planning and scheduling. A second drill rig has been mobilized and is preparing to commence shortly. Additionally, Canterbury has established a 16-person onsite camp to support the extended drilling campaign, improving logistics and operational efficiency.

Monto Project Acquisition: John Hill Deposit Offers Significant Potential

Canterbury finalized the acquisition of six tenements comprising the Monto Project, located 80 kilometres south of Briggs. These tenements cover a 20-kilometre corridor of porphyry copper-molybdenum mineralization with several notable discoveries. The immediate focus is the John Hill deposit, whose grade, scale, and mineralization style are comparable to Briggs, indicating substantial development potential within the same geological province.

The John Hill deposit currently holds a Mineral Resource Estimate of 254 million tonnes at 0.21% copper, 100 ppm molybdenum, and 1.1 g/t silver at a 0.15% copper cut-off. It has been sparsely drilled and remains open laterally and at depth, presenting considerable upside for resource expansion through systematic drilling. A 2,000-metre diamond core drilling program is slated to begin in mid-August 2026, targeting the 'NE target' at John Hill. A drill contractor has been selected and is preparing mobilization, while the Monto storage facility is being refurbished to process core samples during the program.

Comprehensive Pre-Feasibility Study: Metallurgical Testing and Process Optimization

The Pre-Feasibility Study includes multiple workstreams beyond drilling, such as detailed metallurgical test work to define domaining and optimize recoveries of copper, molybdenum, silver, and gold. The joint venture is evaluating the addition of a molybdenum recovery circuit to enhance by-product economics. Coarse particle flotation technologies are also under review to potentially reduce operating and capital costs, aligning with efforts to improve project economics and competitiveness.

Baseline environmental surveys are underway to support future permitting, a vital step toward feasibility and development approvals. These surveys establish environmental baselines for ongoing monitoring and impact assessment, facilitating engagement with regulators and stakeholders. The extensive PFS program reflects the scale and complexity of the proposed operation and the joint venture partners’ commitment to a thorough development assessment.

Papua New Guinea Exploration: Early-Stage Work at Idzan Creek and Wamum Creek

Canterbury is advancing exploration in Papua New Guinea, engaging with landowners around the Idzan Creek and Wamum Creek deposits. The company plans a reconnaissance field program to evaluate logistics for potential drilling and conduct additional mapping and sampling around a nearby quartz stockwork zone. These early-stage efforts aim to assess mineral potential and accessibility in the PNG jurisdiction.

Community and stakeholder engagement is critical in Papua New Guinea, where customary land tenure and local approval are essential. The reconnaissance approach allows Canterbury to gather data on economic and logistical feasibility prior to committing significant exploration capital in this more remote region relative to its Queensland assets.

Resource Update and Production Guidance Expected in Late 2026

Canterbury plans to update the Briggs Mineral Resource Estimate in late 2026, incorporating results from the ongoing drilling program. This update will underpin the release of key production and financial data from the Pre-Feasibility Study. The company notes that a higher proportion of Indicated Resources is necessary before publishing production targets, cost estimates, and project returns from the 2025 Scoping Study, emphasizing the link between resource classification upgrades and the ability to provide robust feasibility-level guidance.

Canterbury confirmed no new information materially affects the current Mineral Resource Estimate and affirmed that all material assumptions and technical parameters remain valid. This stability supports ongoing exploration and development within existing technical frameworks.

Investor Cautions on Inferred Resources and Production Targets

Canterbury issued explicit caution regarding the high proportion of Inferred Resources in the current Mineral Resource Estimate—793 million tonnes out of 932 million tonnes total—and the production targets disclosed in the 2025 Scoping Study. Investors are advised of the low geological confidence in Inferred Resources, with ongoing infill drilling and evaluation aimed at upgrading resource categories.

The company emphasized that "there is no certainty that further drilling will result in the determination of further Indicated or new Measured Resources." Regarding the aspirational 30 Mtpa production rate referenced in the PFS framework, Canterbury stated: "This is an aspirational statement and not a production target. The Company does not yet have reasonable grounds to believe this statement can be achieved and cautions that no forecasts of the production profile should be inferred by investors." These statements highlight the early-stage nature of the project’s feasibility assessment.

Strong Positioning in Australia’s Copper Development Landscape

The Briggs Project ranks among Australia’s largest and best-located undeveloped copper assets, benefiting from proximity to Gladstone’s tier-one port and established logistics networks. With 2.0 million tonnes of contained copper, it stands out amid rising copper demand driven by energy transition and electrification trends. The joint venture with Alma Metals, a well-capitalized copper explorer, validates the project’s quality and provides funding support for the multi-year feasibility program.

The Pre-Feasibility Study’s late 2027 completion aligns with typical development timelines for major Australian copper projects. The focus on conventional flotation processing to produce copper concentrate for third-party smelters represents a proven, low-technical-risk development path, contrasting with higher-risk novel processing methods. Exploration upside at the Monto Project’s John Hill deposit, with mineralization similar to Briggs, offers potential for portfolio expansion within the same region.