Sulphide Potential Opens New Chapter for Norfolk Metals Amid Funding Boost

Phase #1 Drilling Confirms Robust Copper Sulphide Mineralisation

Norfolk Metals Ltd has announced the successful completion of Phase #1 of its maiden reverse circulation (RC) drilling campaign at the Carmen Copper Project, located in Chile's prolific Atacama Region. The campaign comprised 37 RC holes totaling 3,401 metres, with the final six holes delivering assays that confirm the presence of higher-grade primary copper sulphide mineralisation within the Carmen Main area. Notably, these mineralised zones remain open at depth, highlighting the potential for resource expansion beyond the existing footprint.

Key intercepts include a standout 32-metre interval grading 1.3% copper from 97 metres depth, featuring multiple higher-grade zones exceeding 1.8% copper. These results validate historical drilling data and reinforce the continuity of copper mineralisation along the Carmen Tobaco Thrust, a major structural feature controlling mineralisation.

Historical Data Validated and Sulphide Potential Highlighted

The recent drilling has successfully twinned several historical holes, confirming the reliability of previous data that underpins a foreign NI 43-101 copper oxide resource estimate of 5.6 million tonnes at 0.6% copper. While this resource estimate is not yet compliant with the JORC Code, Norfolk Metals aims to upgrade it through ongoing exploration and resource modelling.

Importantly, the campaign has highlighted significant sulphide mineralisation beneath the oxide zone, a component that was previously underexplored. This sulphide potential is a critical development, as it could substantially increase the project's overall resource base and add value through higher-grade ore zones.

Phase #2 Drilling and Regional Exploration Plans

Building on these encouraging results, Norfolk Metals plans to commence Phase #2 diamond drilling, which will include step-out drilling at untested regional targets such as the Higueritas Belt. This belt, extending 7.5 kilometres and subparallel to the Carmen-Tabaco Belt, has returned surface rock chip assays up to 1.4% copper and hosts strong geophysical anomalies that remain untested at depth.

Additional field mapping, rock chip sampling, and potential trenching are underway to refine structural controls on mineralisation and prioritise drill targets. The company is also progressing permitting and preliminary water supply studies to support future project development.

Capital Raising to Accelerate Exploration

To fund ongoing exploration and development activities, Norfolk Metals has secured firm commitments for a $2.1 million placement at $0.10 per share, including participation from sophisticated resource investors acting as cornerstone backers. The placement represents approximately 25% of the company's existing shares and includes free attaching options exercisable at $0.15 within three years. Directors have also committed to participate, subject to shareholder approval expected in late February 2026.

The proceeds will primarily support the upcoming Phase #2 drilling program and general working capital, positioning Norfolk Metals to advance the Carmen Copper Project towards a JORC-compliant resource estimate and eventual development.

Strategic Location and Market Context

The Carmen Copper Project benefits from its location in Chile’s Huasco Province, a region renowned for copper production and home to major operations such as the Nueva Unión joint venture between Teck and Newmont. Norfolk Metals aims to develop Carmen as a low-cost, high-margin copper heap leach operation producing copper cathode at the mine gate, leveraging the project's extensive oxide and sulphide mineralisation.

With global copper demand driven by electric vehicles, renewable energy, and infrastructure growth, the confirmation of robust sulphide mineralisation and the secured funding mark important milestones for Norfolk Metals as it seeks to unlock value in this emerging copper asset.