Valhalla Metals (TSXV:VMXX) - Major Backed Bid to Double Alaska Copper-Zinc Resource

Interview with Sorin Posescu, President & CEO of Valhalla Metals

Recording date: 6th October 2026

Valhalla Metals Inc. (TSXV:VMXX, OTCQB:VMXXF) is a copper-focused explorer with two polymetallic VMS projects in Alaska's Ambler Mining District. The district hosts Arctic, the Ambler Metals deposit owned 50/50 by Trilogy Metals and South32, which carries probable reserves of 46.7 million tonnes at 3.7% CuEq. Valhalla's chairman, Rick Van Nieuwenhuyse, founded Trilogy. Several team members worked on Arctic before joining Valhalla.

The flagship Sun Project hosts an NI 43-101 resource with an effective date of October 1, 2021. Indicated resources total 1.71 million tonnes at 1.48% copper, 4.32% zinc, 1.11% lead, 60 g/T silver and 0.21 g/T gold. Inferred resources total 9.02 million tonnes at 1.21% copper, 4.18% zinc, 1.46% lead, 81.7 g/T silver and 0.25 g/T gold. Both categories grade 4.2% CuEq at the company's price assumptions. Copper and zinc contribute similar shares of value.

The resource has only been drilled to about 200 metres. Historical helicopter-supported rigs could not go deeper. A 2019 VTEM survey models a possible down-dip extension of more than 900 metres vertical extent. Two further conductors, Targets B and C, remain untested. Valhalla's 2023 programme returned 21.4 metres at 6.84% CuEq in hole Sun23-004, within a broader 52.4 metres at 3.30% CuEq. Management's stated goal is to double the Sun resource.

In June 2026, Valhalla completed the acquisition of the Smucker Project from Teck for 44.8 million shares, or 35% of the company at closing. Teck received an up to 2.0% NSR royalty under certain conditions. It also received a priority purchase right and right of last offer on concentrate from Smucker, Sun and other properties, plus board and top-up rights. Smucker holds a 1981 Anaconda historical estimate of 11.8 million short tons at 6.6% CuEq. This is not current, and the historical core has yet to be located. Valhalla aims to deliver an NI 43-101 resource by the end of 2027.

A concurrent C$15 million equity financing, upsized from a C$5 million target, included C$1.75 million from Teck and C$1.7 million from Marubeni. No warrants were issued. The company has 151.1 million shares outstanding. Management and the board hold about 36%, Teck 31% and Marubeni 13%, leaving a free float of roughly 20%. The market capitalisation was C$106 million at C$0.70 on August 7, 2026.

The 2026 drill programme at Sun has finished, and assays are expected before year end. A driller shortage led Valhalla to buy its rigs and hire crews directly, which management believes will lower costs.

The main external dependency is the Ambler Road. The federal approval was rescinded under the Biden administration and reinstated by the Trump administration in October 2025. AIDEA, the state-owned proponent, is conducting engineering studies, and funding discussions with the federal government are under way. Constructio