Copper Jr.'s Colombia Copper Project Turns Corner With Approved Mining Titles

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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.

Copper Giant Resources Corp. (CGNT:TSXV; LBCMF:OTCQB) announced significant advancements at its Mocoa copper-molybdenum project in Colombia, according to an April 28 release.

The National Mining Agency (ANM) of Colombia has approved the consolidation of mining titles FJT-131 and FJT-141 into a single unified concession, simplifying the project’s administration and resetting the concession term to a new exploration stage, providing a fresh start and a clearer path forward for development.

The unified concession is notably free of any overlap with forestry reserves or protected areas, ensuring that environmental concerns are minimized, Copper Giant said. The update follows a previous clarification of forestry reserve boundaries in November 2024 and underscores Copper Giant's ongoing positive engagement with Colombian regulatory bodies. Importantly, the current Mineral Resource Estimate remains fully intact and unaffected within the boundaries of the new concession.

"This secures the long-term framework to develop Mocoa at the scale this system deserves," Chief Executive Officer Ian Harris said. "A clean unified title, no forestry reserve overlap, and three rigs now drilling — we've built the foundation to advance toward a PEA (Preliminary Economic Assessment) and beyond. This outcome reflects a collaborative process with Colombian institutions and our confidence in the regulatory environment."

In addition to these developments, Copper Giant said it has successfully increased its operational capacity by mobilizing a third drill rig as of April 8. This expansion brings the total active fleet to three rigs, all part of the company’s fully funded exploration program for 2026. The additional rig will enhance the company's ability to conduct infill drilling aimed at resource conversion and expansion, particularly towards the La Estrella and Piedralisa areas.

A Significant Milestone for the Co.

The release said integrating the mining titles is a significant milestone for Copper Giant. Approved by Colombia's National Mining Agency (ANM), it is a pivotal step that simplifies the project's legal, technical, and environmental frameworks under one unified title. Notably, this move makes Copper Giant one of the first companies in Colombia to successfully integrate titles without any overlap with forestry reserves or protected areas, following a boundary clarification in November 2024. This development reflects a well-coordinated process with Colombian authorities and underscores strong institutional support to advance the project.

The integration resets the Mocoa project to a new exploration stage, streamlining permitting processes and reducing administrative complexities, the company said. It aligns the land package directly with the core resource and areas targeted for expansion. The current Mineral Resource Estimate remains intact and fully contained within the new concession boundaries, with only minor impacts on peripheral exploration targets due to boundary rationalization.

In addition to the title integration, Copper Giant has ramped up its operational capacity at Mocoa by mobilizing a third drill rig, bringing the total active rigs to three as part of its fully funded 2026 exploration program. This increase in drilling capacity is intended to accelerate drilling activities, enhance resource conversion, expand the current Mineral Resource Estimate (MRE) footprint, and allow for the exploration of high-priority targets within the broader district.

Analyst: Recent Results Promising

Copper Giant Resources Corp. recently announced promising results from two additional drill holes as part of their 2026 drilling campaign at Mocoa, according to Red Cloud Analyst Taylor Combaluzier in a research note dated March 17. These holes revealed extensive intervals of copper and molybdenum mineralization, particularly in previously under-drilled sections within the Mineral Resource Estimate (MRE) block model. Notably, significant high-grade mineralization was discovered deeper in the southern boundary of the designated MRE area.

The company is optimistic about these findings, suggesting that they bolster the potential for near-term resource growth at Mocoa. Combaluzier highlighted that large portions of the pit shell, as outlined in the latest MRE update, remain under-explored, especially in the southern sector. The recent drilling results hint at a possible geological connection with the La Estrella target located further south, underscoring the prospect of additional mineral discoveries within the project area.

In response to these encouraging results, Copper Giant plans to continue with further infill drilling to gather more detailed and comprehensive data to enhance the project's feasibility. This ongoing effort is aimed at preparing for a PEA-level study, marking a strategic step towards advancing the project's development and understanding its economic viability.

Combaluzier reaffirmed a "BUY" rating and a target price of CA$1.40/share for Copper Giant, employing a sum-of-parts valuation method primarily based on the Mocoa project. The valuation of Mocoa is calculated on an in-situ basis at US$0.03/lb CuEq, applying a conservative 0.40x multiple to the Net Asset Value Per Share (NAVPS) estimate of CA$3.49/share. This multiple accounts for the inferred classification of resources and reflects both jurisdictional and development risks associated with the project.

Additionally, Research Capital analyst Stuart McDougall also issued a "BUY" rating for Copper Giant, with a target price of CA$1.75, as reported by FactSet on March 16, 2026.

The Catalyst: Goldman Sachs Adjusts Its Forecast

The Lisbon-based International Copper Study Group (ICSG) has recently published its Copper Market Forecast for 2026 and 2027, providing insights into future trends in the copper industry, according to a report by Brian Taylor for Recycling Today on April 28.

Recycled-content copper, also known as secondary refined copper, is expected to see a significant increase in production, outpacing that of primary copper next year, the forecast said. Specifically, the ICSG projects a 2.3% increase in primary refined copper production and a more substantial 5.7% rise in secondary refined production for 2027.

This focus on secondary refined production follows a trend identified in last year's forecast, which anticipated a 0.9% growth in overall refined copper production and a 6% increase in secondary production due to new and expanded capacities in various countries.

On the demand side, the ICSG has adjusted its expectations due to ongoing uncertainties, such as the conflict in the Middle East and disruptions in trade flows, Taylor wrote. The revised forecast predicts a growth in global refined copper usage of 1.6% in 2026, down from the previously forecasted 2.1%. For 2027, the organization expects a 2% growth in world refined copper usage.

In terms of supply and demand balances, which are crucial for determining copper prices, the ICSG forecasts a shift in market dynamics. According to Taylor, for 2026, the group anticipates a surplus of approximately 96,000 metric tons, a notable change from the 150,000 metric ton deficit predicted in October 2025. This projected surplus is attributed to lower-than-expected copper usage and an increase in secondary refined production. Looking further ahead, the ICSG expects an even larger surplus of about 377,000 metric tons in 2027, indicating potential impacts on copper pricing and market conditions.

Goldman Sachs has recently adjusted its copper price forecast for 2026, reducing the average expected price to US$12,650 per tonne from the previously projected US$12,850, wrote Vahid Karaahmetovic for Investing.com on April 7. This revision is primarily due to anticipated softer demand, which the bank attributes to a slowing global economy. Despite this near-term adjustment, Goldman Sachs remains optimistic about the long-term prospects for copper, particularly due to the metal's crucial role in electrification processes.

The bank has also revised its expectations for the global copper market balance, predicting a surplus of 490,000 tonnes for the year, an increase from the earlier forecast of 380,000 tonnes. This adjustment comes after Goldman Sachs reduced its growth forecast for global refined copper demand from 2% to 1.6% year-on-year. This decision aligns with the bank's economists projecting a 0.4 percentage point impact on global GDP growth due to the energy price shock caused by recent disruptions in the Middle East.

Goldman Sachs notes that the reduction in copper demand growth is less severe than that for aluminum. This difference is attributed to copper's increasingly strategic and structural role in the global economy, which makes its demand less susceptible to global economic fluctuations.

"This is a smaller demand revision than aluminum because of the increasingly strategic and structural nature of copper demand, making it less sensitive to global economic cycles," explained analysts led by Aurelia Waltham, according to the Investing.com piece.

Ownership and Share Structure¹

About 10.66% of Copper Giant is owned by management and insiders, with Frank Giustra holding the most with 9.33%. The rest is retail.

Copper Giant has 208.46 million shares outstanding, a market cap of CA$135.5 million, and a 52-week range of CA$0.15 - CA$1.