XXIX.V · 2025-06-03 12:00:00

XXIX Increases Opemiska's Copper Resource

Resource Estimates

Highlights:

Large, robust open pit resource optimized for high-quality PEA in the near-term. Opemiska is one

of the highest-grade open pitable copper projects in Canada.

Pit Constrained resource is now 1,438 Mlbs CuEq (Indicated resource of 62,706 kt @ 1.04%

CuEq) + 709 Mlbs CuEq (Inferred resource of 78,485 kt @ 0.26% CuEq), and within a reduced

surface footprint.

Significantly lower strip ratio as a result of incorporating lower grade stockwork and drilling at the

Saddle Zone.

What was previously considered waste is now resource.

New gold potential on Cooke zone, which is a past-producing gold mine with its crown pillar still

intact, representing significant gold upside to the larger Opemiska copper project.

Toronto, Ontario--(Newsfile Corp. - June 3, 2025) - XXIX Metal Corp. (TSXV: XXIX) (OTCQB: QCCUF)

(FSE: 5LW0) ("

XXIX

" or the "

Company

") is pleased to announce an updated Mineral Resource

Estimate (MRE) for its 100% owned Opemiska Project, in Quebec's Chapais-Chibougamau District.

This new estimate marks an increase in total tonnage and contained metal within a shallower pit

constrained resource, and within a reduced surface footprint.

"This resource update was designed to increase contained copper, lower the strip ratio, reduce the

open-pit footprint, and apply conservative cost assumptions to support a realistic and robust Preliminary

Economic Assessment (PEA) scenario," said Guy Le Bel, CEO of XXIX. "Thanks to our successful

stockwork modeling and drilling at the Saddle Zone, we've optimized our resource model within a more

compact pit shell. More importantly, what was once considered waste is now recognized as lower-grade

mineralization, which meaningfully reduces the projected strip ratio, enhances the economic potential of

the project and reinforces our commitment to present a socially acceptable project to our stakeholders."

This MRE marks a strategic shift toward improving project economics while maintaining conservative

operational assumptions. The pit-constrained portion of the resource has increased by 12%, now

captured within a shallower and more compact pit shell. This highlights the Company's commitment to

delivering a high-quality PEA in the near term. Notably, the inclusion of lower-grade stockwork

mineralization has significantly enhanced the overall resource profile, substantially reducing the

anticipated strip ratio, and broadened the development pathways for Opemiska.

Table 1: Opemiska MRE Summary of Pit Constrained Mineral Resources, 0.15% CuEq cut-off and Out-of-Pit Mineral Resources, 1.00% CuEq cut-off (see

Footnotes 1-5)

Pit Constrained

Tonnes

CuEq

0.15% CuEq

Cut-Off

(k)

(%)

(g/t)

(M lbs)

(koz)

Indicated

62,706

1.04

0.76

1.71

0.31

1,047

3,450

634

Inferred

78,485

0.41

0.26

0.61

0.17

457

1,530

419

Out of Pit

Tonnes

CuEq

1.00% CuEq

Cut-Off

(k)

(%)

(g/t)

(M lbs)

(koz)

Indicated

6,947

1.85

1.59

2.76

0.28

243

617

Inferred

2,130

0.88

0.69

1.20

0.21

Total

Tonnes

CuEq

0.15% & 1.00% CuEq

Cut-Off

(k)

(%)

(g/t)

(M lbs)

(koz)

Indicated

69,653

1.12

0.84

1.82

0.31

1,290

4,067

697

Inferred

80,615

0.42

0.28

0.62

0.17

490

1,613

433

The independent qualified persons for the MRE, as defined by National Instrument ("NI") 43-101 guidelines, is Pierre Luc Richard, P.Geo., of

PLR Resources Inc. with contributions from Stephen Coates, P.Eng., of Evomine for value cut-off, open pit and optimization solids, and Christian

Laroche, P.Eng., from Synectiq, for metallurgical parameters. The effective date of the MRE is May 30, 2025.

These Mineral Resources are not mineral reserves as they have no demonstrated economic viability.

No economic evaluation of these Mineral

Resource has been produced. The quantity and grade of reported Inferred Resources in this MRE are uncertain in nature and there has been

insufficient drilling to define these Inferred Resources as Indicated. However, it is reasonably expected that the majority of Inferred Mineral

Resources could be upgraded to Indicated category with continued drilling.

The Qualified Persons are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other

relevant issues that could materially affect the Mineral Resource Estimate. The Mineral Resource Estimate is within the limits of the Town of

Chapais.

Calculations used metric units (metres, tonnes). Metal contents in the above table are presented in percent, pounds or tonnes. Metric tonnages

and pounds were rounded, and any discrepancies in total amounts are due to rounding errors.

CIM definitions and guidelines for Mineral Resource Estimates have been followed.

See Cautionary Note below for copper equivalency (CuEq)

values.

Figure 1:

Opemiska 3D Resource Model and Constraining Pit Shell

Figure 2:

Plan View of Constraining Pit Shell

Figure 3)

Section Comparison of 2024 Resource Pit vs 2025 MRE Pit

New Sources of In Pit Mineralization: Stockwork and Saddle Zone

Stockwork

In 2024, XXIX launched a stockwork study to evaluate the resource potential beyond Opemiska's known

high-grade veins. The previous resource model primarily included these high-grade zones without fully

accounting for the surrounding material. The study confirmed the resource potential of additional lower-

grade mineralized stockwork and smaller veinlets outside the main veins, and at times, showed higher

values than expected. This lower-grade mineralized stockwork has now been considered as part of

Opemiska's resource estimate and is within the contemplated pit shell.

Saddle Zone

The Saddle Zone sits between the Springer and Perry zones at Opemiska. While previous resource

models included high-grade veins from Springer and Perry, the Saddle Zone was not well understood

and had limited data.

In 2024, XXIX's technical team identified a new structural interpretation-suggesting mineralized veins

dipping south, unlike other known veins. A three-hole scout drill program on the Saddle Zone intersected

5.3% copper and 1.20 g/t gold over 11 metres (core length) from a depth of 81 metres (see XXIX news

release dated

January 6, 2025

Encouraged by these strong results, XXIX followed up with a 15-hole drill program, outlining a 140-

metres long structure, to a depth of 190 metres. The Company also defined another robust zone of

mineralization extending over 80-metres at the intersection of two key northwest-trending structures (see

XXIX news release dated

May 22, 2025

High-Grade Starter Zone

This updated MRE model includes a higher grade, near surface volume that will aim to optimize

development scenarios as it allows for a potentially short payback period or a staged development

scenario, which could result in a marked uplift in project economics.

High-Quality PEA Coming Soon

The updated MRE is a key step toward completing a high-quality, robust Preliminary Economic

Assessment (PEA) for the Opemiska Project. The updated MRE preserves the high-grade veins which

are expected to drive a strong early payback.

This will be the first economic study on Opemiska since Falconbridge ended underground mining in

1991. The PEA will be designed to maximize the economic potential of high-grade tonnes as early as

possible in a proposed mine plan to enhance project IRR.

The Company continues to engage closely with local communities, whose support reflects a shared

commitment to responsible development, local values, and economic opportunity. With the updated

resource and strong community backing, XXIX is well positioned to advance toward a sound and

compelling PEA.

Additional Upside: More In Pit Stockwork Mineralization and Cooke Gold Project

There is significant potential to add additional stockwork mineralization within the Opemiska property

that could further increase Opemiska's resource base. The Company will continue to evaluate stockwork

mineralization at the property given its importance and potential impact on any future economics.

Additionally, the Company will look to evaluate potential at the Cooke gold project, 2.5km east of

Opemiska's proposed open pit. The Cooke gold project historically produced 1.97 million tonnes

grading 5.04 g/t gold, 0.66% copper

. The Cooke gold project represents a past-producing underground

operation with a high-grade crown pillar still intact. XXIX is evaluating the bulk mineable, open pit

potential of the Cooke gold project, that could further boost Opemiska's future project economics.

Out of Pit Resources

The updated MRE also defines an underground resource including 6.9 million tonnes in the indicated

category, at a 1.85% copper equivalent grade (243 million pounds of copper, 617 Koz of silver, and 64

Koz of gold), and 2.1 million tonnes in the inferred category, at a 0.88% copper equivalent grade (33

million pounds of copper, 82 Koz of silver, and 15 Koz of gold). This high-grade underground inventory

underscores the long-term development potential of Opemiska beyond the open pit potential. With

significant tonnage averaging 1.59% copper and 2.76 g/t silver in the Indicated category, this resource

represents the legacy of Falconbridge's past-producing underground operations and provides optionality

for future phases of development.

Strategic Advantages of the Opemiska Project: Infrastructure, Accessibility, and Brownfield

Setting

The Opemiska Project benefits from a unique combination of strategic advantages that significantly

enhance its development potential. These include ease of access, a brownfield environment, and

existing infrastructure, all of which contribute to reduced development risk, lower capital requirements,

and a more efficient project timeline.

Support from Chapais Leadership

XXIX and the City of Chapais implemented an official working group in 2024, to ensure the exploration

and development of the Opemiska project within the city limits of Chapais are conducted according to he

highest industry standards, and according to the values and expectations of Chapais citizens while

maximizing economic benefits. Refer to the Company's

July 24, 2024

news release for additional

information.

Ease of Access

The Project is located immediately adjacent to the Town of Chapais, Quebec, with direct access via

paved highways and year-round roads. Unlike remote or fly-in-only projects, Opemiska can support

continuous operations in all seasons in an urban environment, reducing logistical complexity and cost.

Brownfield Environment

Opemiska is a past-producing copper-gold mine with a long history of underground production by

Falconbridge from 1953 to 1991. This brownfield setting offers a well-understood geologic model, a

substantial historical database, and a significantly de-risked exploration and development profile. The

use of previously disturbed ground may also streamline the permitting process.

Existing Infrastructure

The Project is connected to Quebec's hydroelectric power grid, providing access to clean, low-cost, and

reliable power. Additional infrastructure advantages include proximity to rail, airport, and local service

centers. The availability of a local workforce and accommodations further reduces the need for costly

remote infrastructure, such as fly-in camps.

Taken together, these advantages position Opemiska as a lower-cost, lower-risk development project

with a clear path toward a high-quality Preliminary Economic Assessment and long-term value creation.

Reasonable Prospects for Eventual Economic Extraction

A Mineral Resource is a concentration of solid material of economic interest near the surface of the

Earth in such form, grade or quality and quantity that there are reasonable prospects for eventual

economic extraction (RPEEE). To satisfy the requirement of RPEEE by open pit mining, a reporting pit

shell was determined based on conceptual parameters and costs (Table 2). Copper and gold recovery

will be achieved using conventional crushing, grinding, gravity, and flotation to produce a copper

concentrate that could be shipped to a smelter for processing.

Outstanding Risk Factors

The XXIX technical team has identified several key risks that could impact the development of the

Opemiska Project. These are being carefully evaluated and will be addressed in future engineering and

economic studies:

Proximity to the Town of Chapais: The conceptual pit in the current MRE partially overlaps with the

town boundary. This could raise social acceptance issues and may require trade-off studies or

additional capital for development solutions.

Historical Assay Validation: Drill core from mining operations between 1953 and 1991 no longer

exists, meaning historical mine assays cannot be directly verified. While limited twin-hole drilling

supports their general reliability, a geostatistical validation study was done during the process of

the current MRE and the QP was able to validate historical assays using information coming from

valide and QAQC-proof recent holes. Additional detailed validation programs will be needed as

the project advances.

Geotechnical Considerations: Known geotechnical challenges include:

Open stopes in the eastern pit wall

The Venture Sill, which dips toward the pit wall and may affect slope stability

The Gwillim Fault, which may pose a water inflow risk if it hosts an aquifer

Despite these concerns, the host rock is generally strong and well-suited to open-pit mining.

The host rock competency is confirmed, in part, by the stability of the glory hole sidewalls

over the past 40 years.

Historical Stope Modeling: Digitized historical stopes from the Springer and Perry mines may not

perfectly align with the current 3D models. Some mined-out areas may not fully match up with

mineralized zones, introducing potential grade uncertainty. The Company considers this

manageable for now but will re-digitize certain areas as development progresses.

These risk factors will be fully detailed in the upcoming PEA and other Technical Reports and are being

integrated into the ongoing development strategy.

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. A June 2025 resource update reported a pit constrained resource of 62.7 million tonnes

at 1.04% CuEq (Indicated) and 78.4 million tonnes at 0.41% CuEq (Inferred).

The Thierry Project hosts

two past-producing open pits that transitioned to underground mining. Historically, copper concentrate

was shipped to the Horne Smelter in Rouyn-Noranda, QC. Significant infrastructure is already in place,

with the Thierry property being accessible via 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 developer.

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. The independent qualified

persons for the MRE, as defined by National Instrument ("NI") 43-101 guidelines, is Pierre-Luc Richard,

P.Geo., of PLR Resources Inc. with contributions from Stephen Coates, P.Eng., of Evomine for value

cut-off, open pit and and optimization solids, and Christian Laroche, P.Eng., from Synectiq, for

metallurgical parameters.

QAQC Statement

All drilling performed by XXIX was done mainly using NQ sized drill rods and were stabilized to minimize

deviations. When old open or backfilled stopes were expected to be intersected in drilling the holes, they

were started in NQ and telescoped to BQ after the stope, or started in HQ and reduced to NQ and then

BQ, when a second stope was encountered to ensure completion of the drill hole. All drill core is stored

in Chapais under constant video surveillance. All pulps and mineralized rejects have been preserved.

For the exploration undertaken by XXIX, all assay batches are accompanied by rigorous Quality

Assurance procedures, including the insertion of certified reference materials and blanks and duplicate

verification assays in a secondary laboratory. Quality Control results, including the laboratory's control

samples, are evaluated immediately upon reception of batch results and corrections are implemented

immediately if necessary. All drill collars since 2019 were positioned in UTM coordinates and post-

drilling surveyed using differential GPS instrumentation. The historical mine drill holes were surveyed on

surface and underground at the time of drilling by mine personnel using conventional surveying methods.

The drill hole collars for 2019 were oriented by compass but since 2021 accurate non-magnetic

orientation of collars was achieved using the gyroscopic Azimuth Aligner by Minnovare. Downhole

deviation surveys were done initially with Flex-it instrument by Reflex instrument at 30m intervals and

from 2021 with the Champ Gyro instrument manufactured by Axis Mining Technology. All erroneous

azimuths caused by excessive magnetism or other causes were purged from the database. A

systematic bulk density measurement program using the water displacement method was implemented

to measure the bulk density of all rock types. A total of 1,178 bulk density measurements were done

since the start of drilling in 2019 drilling program.

Parameters and Criteria Used for Mineral Resource Estimate (MRE)

Table 2:

General pit and stope optimization parameters used for the Mineral Resource Estimate include:

Parameter

Unit

Open Pit

Underground

Revenue

Royalty

1.00

Operating costs

Mining cost

USD/t mined

3.00

70.00

Process cost

USD/t milled

9.00

General & administration cost

USD/t milled

2.25

Mineralized material based costs

USD/t milled

11.25

81.25

Mining

Block size

5x5x5

Sub-blocked

Slope angle - rock

Slope angle - overburden

Minimum mining width

2.0

Stope height

25.0

Cut-off grade

NSR cut-off

USD/t milled

11.36

82.07

CuEq cut-off (rounded)

0.15

1.03

Resources are presented as undiluted and in situ for the open-pit scenario and include internal

dilution for the underground scenario and are considered to have reasonable prospects for

economic extraction. The constraining pit shell was developed using overall pit slopes of 55

degrees in bedrock and 30 degrees in overburden. The pit optimization to develop the resource-

constraining pit shells was done using Deswik Pseudoflow 2024.2.

The MRE wireframe was prepared using Leapfrog Edge v.2024.1.3 and is based on 21,918 drill

holes and 479,242 samples. The drill hole database includes recent drilling (2002 to 2025) of

9,359 metres in 387 drill holes (Ex-In, PowerOre, QC Copper & Gold, XXIX) and also incorporates

historical drill holes (1930 to 1990) of 1,451,470 metres in 21,531 drill holes (Opemiska Copper

Mines, Falconbridge, Minnova). The cut-off date for the drill hole database was May 16, 2025.

Composites of 1.5 metres were created inside the high grade zones and 3.0 meters inside the

stockwork zones. High-grade capping was done on the composited assay data; composites were

capped at variable grades ranging from 1.00 to 25.00% for Cu, 0.50 to 35.00 g/t for Au, and 10.00

to 120.00 g/t for Ag.

Mineral Resources are reported at a cut-off grade of 0.15 %

CuEq for open-pit resources and 1.00

% CuEq for underground resources. All material within the underground stopes is being reported,

including internal dilution. The cut-off grades will be re-evaluated in light of future prevailing market

conditions and costs.

Specific gravity values were estimated using data available in the drill hole database. Values

assigned per zone and per host rock. Surrounding barren lithologies were assigned the average

specific gravity value from all measured samples available.

Grade model resource estimation was calculated from drill hole data using an Ordinary Kriging

interpolation method in a sub-blocked model using blocks measuring 5 m x 5 m x 5 m in size and

sub-blocks down to 0.625m x 0.625m x 0.625m. Both ordinary kriging (OK) and inverse square

distance (ID2) interpolation methods were tested, resulting in no material difference in the Mineral

Resource Estimates.

The Indicated and Inferred Mineral Resource categories are constrained to areas where drill

spacing is less than 50m and 120 metres respectively and show reasonable geological and grade

continuity.

Cautionary Statement Regarding Copper Equivalent Grades

Copper Equivalent grades are expressed for purposes of simplicity and are calculated taking into

account 1) metal grades; 2) long-term metal prices of: US$4.25/lb copper, US$2,500/oz gold and

US$27.00/oz silver; 3) recoveries were calculated using a recovery modelled developed for the

Opemiska project and were estimated at 95.0% for copper, 88.0% for gold and 86.0% for silver; 4) net

smelter return value of metals as percentage of long-term metal prices, estimated at 89.2%, 95.8% and

88.3% for Cu, Au and Ag respectively.

5) The equation used to calculate CuEq % equals Cu % + 0.8531

Au g/t + 0.0083 Ag g/t.

Cautionary Statement Regarding Mineral Resources

The mineral resources disclosed in this press release conform to NI43-101 standards and guidelines

and were prepared by independent qualified persons. The above-mentioned mineral resources are not

mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the

reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited

geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological

grade and/or quality of continuity. An Inferred Mineral Resource has a lower level of confidence relative to

a Measured or Indicated Mineral Resource and constitutes an insufficient level of confidence to allow

conversion to a Mineral Reserve. It is reasonably expected, but not guaranteed, that the majority of

Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resources with

additional drilling. The National Instrument 43-101 Technical Report, including the mineral resources for

the Opemiska Project contained in this news release, will be delivered and filed on SEDAR by XXIX

within 45 days of the date of this news release.

For further information, please contact:

Guy Le Bel, Chief Executive Officer

Phone: 514.654.8550

Email:

[email protected]

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, any anticipated timelines for the

completion of a Preliminary Economic Assessment at Opemiska, various cost, price and production

assumptions used to inform the Mineral Resource Estimate cut-off grade, 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.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the

adequacy or accuracy of this release.

________________________

Morin, R. DV90-01, Energie et Ressources Naturelle Québec, Edition L. Blais-Leroux, p. 75

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/254248

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