How does the reported 0.25% Cu grade and 1117.5 m intercept compare to our current resource model and target grade for the Gaspé project?

The 1,117‑metre core returning a 0.25 % Cu intersect is roughly in line with the baseline grade we have been modelling for the Gaspé block‑‑which was built around a ≈0.30 % Cu “target” zone to justify a bulk‑tonnage, low‑cut‑off resource. The length of the shoot adds a meaningful amount of tonnage that can be shoe‑horned into the current pit‑shell, but the grade itself sits 5‑6 pts below the benchmark we used for cash‑flow and NPV calculations. In short, the drill result confirms the geological continuity of the system but does not deliver the upside in grade that would instantly lift the resource estimate.

From a market‑viewpoint, the modest grade keeps the upside narrative intact—particularly if subsequent assays (or tighter‑spacing follow‑ups) uncover higher‑grade pockets that could push the average above the 0.30 % threshold. Until those data arrive, the trade‑bias remains neutral to mildly bullish: the stock has already priced in early‑stage bulk‑tonnage potential, but there is still room for a catalyst‑driven rally if the next underground drill set or NI 43‑101 update shows a grade uplift. In the meantime, watch the price action around the upcoming technical release (e.g., assay verification, updated resource estimate) and consider a small‑position entry on a pull‑back if the price deviates sharply from the “resource‑validation” floor.