XXIX Advances Opemiska Development with Launch of Environmental and Social Baseline Studies

12:00 Uhr  |  Newsfile

Highlights:

• GCM Enviro Synergies engaged to initiate baseline environmental and social assessment work at Opemiska

• Program designed to support future permitting, engineering, and project development activities

• Baseline work includes water, soil, wildlife, vegetation, land use, and socio-economic studies

• Field programs expected to commence in the coming weeks as XXIX advances Opemiska towards a Prefesibility Study.

Toronto, June 2, 2026 - XXIX Metal Corp.‎. (TSXV: XXIX) (OTCQB: QCCUF) (FSE: 5LW0) ("XXIX" or the "Company") is pleased to announce that it has engaged GCM Enviro Synergies to initiate baseline environmental and social studies at the Company's Opemiska Project, located near Chapais, Québec. The work marks an important step in advancing the Project along its development and permitting timeline.

The baseline assessment program is intended to establish the environmental and social datasets required to support future regulatory submissions, engineering studies, and project planning activities. The work will include water and soil characterization, wildlife and vegetation surveys, land use and traditional use mapping, as well as socio-economic baseline studies.

The information gathered through these programs will help guide responsible project development, support environmental management planning, and inform future technical and permitting milestones as the Company continues to advance Opemiska.

"Advancing Opemiska responsibly requires a strong understanding of both the environmental setting and the communities connected to the region," said Guy Le Bel, CEO of XXIX Metal Corp. "Initiating these baseline studies is an important step in de-risking the project and establishing the foundation needed to support future engineering, permitting, and development activities."

Fieldwork is expected to commence in the coming weeks and continue throughout the upcoming field season. The Company anticipates that the data collected will support future environmental studies, permitting processes, and ongoing project optimization efforts.

The Opemiska Project remains one of the Company's core development assets and benefits from strong regional infrastructure, including road access, hydroelectric power, rail access, and proximity to the Horne Smelter. XXIX continues to advance the Project following the completion of the Preliminary Economic Assessment announced in October 2025.

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 developers.

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".

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/299747