Scientists Recover 99.9% Pure Copper Directly From Ore in Breakthrough Lab Tests

1. Metallic Minerals Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. In addition, Metallic Minerals Corp. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Metallic Minerals Corp.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTC) reported initial results from its research collaboration with Columbia University under its Mines of the Future initiative, demonstrating the successful electrochemical recovery of high-purity copper metal directly from sulphide mineralized material at its La Plata copper-silver-gold-PGE critical minerals project in southwestern Colorado.

According to the company, researchers at Columbia University's Gadikota Research Group established proof-of-concept for an ambient-temperature electrochemical oxidative leaching process applied directly to whole La Plata chalcopyrite-dominant sulphide material without prior flotation concentration. Chalcopyrite is described as the most abundant copper sulphide mineral and one of the more refractory primary copper sulphide phases.

In initial laboratory-scale testing, approximately 70% of the copper contained in sulphide from drill samples was selectively solubilized within four hours at ambient temperature without prior flotation, roasting, or pressure oxidation. The dissolved copper was subsequently recovered through controlled electrodeposition, producing 99.9% pure metallic copper as confirmed by X-ray diffraction analysis. The company reported that near-complete recovery of copper from solution was achieved during the electrodeposition step.

The company stated that, under the leaching conditions employed, silver, rare earth elements, platinum group elements, and gold did not report to the copper solution. Instead, these metals partitioned into an iron-rich solid residue formed during the process. The company said this partitioning enabled high-purity copper recovery in a two-stage process consisting of leaching followed by electrodeposition, while generating a separate iron-REE-PGE-enriched residue for subsequent downstream recovery.

The tests were conducted on mineralized drill core material without prior concentration as an initial feasibility step. The company noted that achieving approximately 70% leach recovery of copper under ambient conditions and short reaction times was notable, given the chalcopyrite-dominant sulphide mineralization tested.

The electrochemical system utilizes in situ generation of hydrogen peroxide to promote oxidation of less soluble Cu⁺ species to soluble Cu²⁺, enabling selective dissolution. Following copper electrodeposition, the leaching reagents are regenerated in situ without additional pre-treatment, supporting a closed-loop system design.

Greg Johnson, CEO and Chairman, stated in the news release, "These results demonstrate that copper can be selectively dissolved from La Plata's chalcopyrite-dominant sulphide mineralization and recovered directly as 99.9% pure metal in a streamlined two-stage electrochemical process. Importantly, silver, rare earth elements, platinum group metals, and gold remain in an iron-rich residue, creating a natural partitioning of metals that simplifies downstream recovery pathways."

He added, "As we continue to optimize and expand this work, our objective is to evaluate whether this technology can enhance overall metal recoveries while supporting a regenerative, lower-energy processing pathway. If successfully advanced, this approach may enable value-added metal production closer to the source, helping to retain more economic benefits locally, reduce reliance on high-temperature smelting, and support a more circular and responsible model of resource development."

The company stated that the laboratory-scale results represent an early-stage technical evaluation and do not constitute a mineral processing study, economic assessment, or development plan, and that further engineering and economic analysis will be required to assess scalability and commercial viability relative to conventional flotation and smelting routes.

Copper Prices, Supply Pressures, and Valuations Shape Sector Outlook

Leede Financial wrote on February 24 that copper equity valuations reflected an implied copper price of US$6.48 per pound, which it described as a new record high. The firm stated that "the average premium of 12% to spot of US$5.78/lb appears very reasonable compared with historical levels." It also noted that the premium had strengthened from 7% at the beginning of the month and from 3% at the start of the year, while remaining below the three-year average of 19% but slightly above the long-term average of 10% since 2018.

According to a February 27 article by Morgan Sherburne in Ahed of the Herd, research led by a University of Michigan geologist found that future supply challenges remained tied to pricing and regulatory factors. The study concluded that "the price of copper must at least double in order to spur the development of new copper mines to meet the world's growing demand for the metal." Researchers also determined that meeting basic copper demand would require higher prices and reforms to permitting processes to encourage mining.

In a February 27 market commentary, Excelsior Prosperity's Shad Marquitz discussed recent price movements across metals and highlighted copper's broader role within resource markets. He stated that "copper, like gold, is making new all-time highs on the weekly chart," adding that it remained "an important critical mineral, energy metal, and it often occurs in gold and silver deposits getting mined right along with the PMs."

Marquitz also observed that despite strong price performance, sector sentiment had remained muted. He wrote that "one would expect there to be more cheers... considering the price breakouts," while noting that the market environment had shifted toward what he described as "a quiet stealth rally" that generated limited mainstream attention.

Analyst Reports Progress Across La Plata and Keno Projects

In a January 29 research update, the Couloir Capital stated that Metallic Minerals has achieved multiple exploration milestones at its La Plata Copper-Silver-Gold and Platinum-Group Elements Project as well as at its Keno Silver Project. The analysts also noted that the company is generating royalty income from alluvial gold claims at its Australia Creek property near Dawson City, Yukon, in the historic Klondike gold district.

According to Couloir, the updated 2026 La Plata mineral resource estimate showed a 23% increase in inferred tonnage compared to the 2023 estimate. The increase was supported by 4,350 meters of drilling. The revised estimate outlines 181.4 million tonnes in the inferred category, containing 1.3 billion pounds of copper at 0.33% and 17 million ounces of silver at 2.9 g/t.

The updated resource also includes a subset of 45.4 million tonnes containing 91,000 ounces of platinum, 121,000 ounces of palladium, and 60,000 ounces of gold, totaling 272,000 ounces of platinum group elements and gold at 0.18 g/t.

Couloir stated in its note, "We see meaningful upside for additional increases in copper-equivalent grade and precious-metal content across the broader Allard deposit with further drilling, given limited historic assaying for gold, platinum, and palladium. The resource remains open both along strike and at depth, with 16 untested porphyries identified across the La Plata project. Management plans a 2026 drill program to test these targets and further evaluate expansion potential."

The firm maintained its Buy rating and increased its fair value estimate to CA$1.24 per share from CA$0.80. Couloir said the adjustment reflects the expanded resource base and higher peer group multiples.

In a separate January 27 update, Red Cloud analyst Taylor Combaluzier described the La Plata resource update as a "positive update" and stated that Allard is one of the few development-stage projects in the United States with platinum group elements.

Combaluzier wrote, "Besides adding economic value, PGEs and rare earth elements enhance the project's critical minerals profile. We believe that further drilling success and ongoing support from strategic investors like Newmont should boost the attractiveness of this bulk-tonnage porphyry deposit as the U.S. seeks to develop its domestic critical mineral resources."

Development Milestones and Ongoing Work

Company materials stated that ongoing work is directed toward optimization of copper recovery through sulphide pre-concentration and refinement of leach parameters. Additional efforts include quantification of energy intensity and reagent regeneration efficiency.

The company also stated that it is conducting detailed characterization and mass balance tracking of silver, gold, platinum group elements, rare earth elements, and other co-products within the iron-rich residue. Further work includes the development of selective recovery pathways for rare earth elements, platinum group elements, and other critical minerals from the residue. 

In addition, the company indicated that advancement toward pilot-scale validation forms part of the next phase of work.

Ownership and Share Structure¹

Ownership of the company breaks down this way: management and associates own 15%, Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX) holds 9.5%, Eric Sprott has 10.5% and high net worth individuals own 15%.

Institutional ownership totals 20%. The remainder, 30%, is in retail.

Metallic Minerals Corp. had approximately 212.82 million issued and outstanding shares. Its market capitalization was about CA$87.26 million based on the current share price. The company's 52‑week trading range was about CA$0.17 to CA$0.45 per share. This reflects the most recent share count and price data available from multiple market sources.