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Tocvan: Initial Pilot Trench Samples Point to Grades Well Above Planning Assumptions
Copper Joins the Gold at Zone 32: 0.71% Copper Across the 17.57 g/t Gold Interval

Copper Joins the Gold at Zone 32: 0.71% Copper Across the 17.57 g/t Gold Interval

From Footnote to Feature

Yesterday, Lux Metals Corp. reported that the high-grade gold interval in LG26-241, its first hole at Zone 32, also carries 0.71% copper over the full 19.5 m, including 1.45% copper alongside 39.08 g/t gold over 8 m. Within that core, 2 single metres returned 3.58% and 5.79% copper. The 2026 drill program is now complete, assays for 2 more holes are expected by the end of November and a drone-borne magnetic survey is already flying over Zone 32.

Just 2 weeks ago, when Rockstone published Report #4 on the first hole at La Grande, a detail sat quietly at the end of the story. The drill core was full of brassy chalcopyrite, a copper mineral, yet the copper had not been counted. Multi-element results take longer at the lab, so investors had to wait 2 more weeks for the answer. In our closing paragraph we wrote that the copper sulphides were still sitting in the lab, waiting their turn, and that copper had so far played no role in the discussion at all.

The lab has now done its counting. The answer is that copper is not a side character at Zone 32. It sits in the same veins, in the same metres and very likely arrived with the same hot fluids that brought the gold. Copper runs through the entire 19.5 m and is strongest exactly where the gold is strongest, in the very quartz veins where geologists logged visible gold.

Hole LG26-241 is no longer only a high-grade gold hole. It is a high-grade gold-copper hole. For shareholders, that changes the conversation in a subtle but important way. Gold is still the headline. But every tonne of rock in this interval now carries a second metal at a time when copper trades at historically high prices, and that second metal may also turn out to be a useful compass for finding more gold at La Grande in Québec’s James Bay region.

Gold and copper assays for the Zone 32 interval in hole LG26-241. Gold was first reported on October 14, 2026; copper is reported here for the first time. Lengths are core lengths; Lux estimates true width at ~75% of the intercept, or roughly 14.6 m for the full interval and 6 m for the high-grade core. Capped values limit any single 1 m sample to 50 g/t gold. Collar: UTM NAD83 Zone 18, 396583 E / 5932335 N, 231 m elevation, azimuth 165°, dip -50°, 297 m length. (Source: Lux news-releases of October 14 and October 29, 2026)

READING THE NEW NUMBERS

Table 1 of yesterday‘s release repeats the gold values first reported on October 14 and adds copper for the first time.

Copper here comes from a separate multi-element analysis, which takes longer than the gold fire assay. That is why it arrives 2 weeks later.

What does 0.71% copper mean?

A grade of 1% copper means 10 kg of copper in every tonne of rock. So 0.71% is about 7.1 kg per tonne across 19.5 m of core, and 1.45% is about 14.5 kg per tonne across 8 m. Note the different units: Gold is measured in grams per tonne because it is rare, while copper is measured in percent because it occurs in far larger amounts. Since 1% equals 10,000 g/t, the 19.5 m interval holds roughly 400 times more copper than gold by weight. For comparison, many of the world‘s large open-pit copper mines process ore grading well below 1% copper. The copper grades Lux reported in LG26-241 are respectable in their own right, and they sit inside an interval that is already exceptional for gold.

Where is the copper?

Lux‘s reported figures show copper rising in step with gold. Across the full 19.5 m, copper averages 0.71%. In the 8 m high-grade core, where gold climbs to 39.08 g/t, copper roughly doubles to 1.45%. And the 2 standout gold samples, with 165 g/t and 45.4 g/t, carry 3.58% and 5.79% copper. In plain words: copper follows gold. Where the gold is richest, the copper is richest, too.

The 2 standout metres

Sample G240715 (232-233 m) returned 165 g/t gold with 3.58% copper. The next metre, G240717 (233-234 m), returned 45.4 g/t gold with 5.79% copper. These are exactly the metres where geologists logged quartz veins with up to 20% chalcopyrite and specks of visible gold, between 232.41 m and 233.62 m. Visible gold in drill core is uncommon in deposits of this type, where most gold is too fine to see. Our Report #4 showed the core photos from this stretch. The lab has now confirmed what the eye saw: The brassy mineral in those veins is real copper, and lots of it.

Drill core from hole LG26-241, 229.5-234.8 m, inside the 8 m core grading 39.08 g/t gold and 1.45% copper. The grey rock is strongly deformed tonalite with sericite alteration. The brassy patches are chalcopyrite, the copper mineral, in quartz veins carrying up to 20% chalcopyrite and visible gold between 232.41 m and 233.62 m. The 2 metres from 232-234 m returned 3.58% and 5.79% copper, alongside 165 g/t and 45.4 g/t gold. (Source: Lux news-releases of October 14 and October 29, 2026)
Close-up of a quartz-chalcopyrite vein at 232.9 m in LG26-241. The pencil tip and red circle mark specks of visible gold. The larger brassy patches around them are chalcopyrite, not gold. This metre (232-233 m) returned 165 g/t gold and 3.58% copper, showing both metals side by side in the same vein. (Source: Lux news-releases of October 14 and October 29, 2026)

Why “same mineralizing event“ matters

Lux states that chalcopyrite occurs with pyrite and visible gold in the same sericite-altered shear zones and quartz veins. That points to gold and copper having been delivered together, by a pulse of fluid moving up the shear zone some 2.7 billion years ago. It also helps explain why the best grades cluster so tightly: Where those fluids left the most sulphides, they also tended to leave the most gold. For explorers, this is useful. When gold and copper travel together, each metal can help geologists track the other. Copper is easy to spot in core and can be measured quickly with handheld instruments, so chalcopyrite-rich zones may help guide where to look for the highest gold grades. Over time, this could make drilling more efficient, with each new hole guided partly by what the copper reveals.

A rough sense of value

Copper is not free money until a study proves it can be recovered. With that caveat, a simple in-situ comparison helps. At about 6.73 USD per pound copper and 4,097 USD per ounce gold, 0.71% copper is worth roughly the same as 0.8 g/t gold per tonne, and 1.45% copper roughly 1.6 g/t gold. That is a meaningful bonus on top of 11.67 g/t capped gold. Copper also trades independently of gold, so a copper credit could help cushion a future project if gold prices weaken. It is not a game changer for this interval on its own, but if copper proves consistent across the system, it could add value to every tonne of a future resource.

Rockstone‘s calculations are approximations for illustration only, have not been reviewed by a Qualified Person, assume 100% recovery and exclude costs.

A GUIDED LOOK AT THE FIGURES

Lux published 2 figures with yesterday‘s release. They are updated versions of the maps from October 14, now labelled with both gold and copper. Read together, they show where the drill went, what it hit and where the next answers will come from.

Figure 1: Zone 32 from above, a corridor open at both ends. Pink is the La Grande-Sud tonalite, green the volcanic rocks and the hatched band where they meet is the shear corridor that hosts the gold-copper mineralization (red). Black dots mark historical holes, black lines the 2026 holes. The blue bar is the line of the cross-section A–B in Figure 2. LG26-241 returned 17.57 g/t gold and 0.71% copper over 19.5 m, including 39.08 g/t gold and 1.45% copper over 8 m. Assays for LG26-242 (beside it) and LG26-243 (to the east) are pending. The arrows marked „OPEN“ show that the corridor has not been closed off in either direction. (Source: Lux news-release of October 29, 2026)

The most telling feature of Figure 1:

  • The length of the shear corridor compared with the drilled area.
  • The black dots of more than 40,000 m of historical drilling crowd around a short red stretch, while the hatched corridor runs off both edges of the map.
  • LG26-243, the hole stepping east, is Lux‘s first test of that eastern direction.
  • This is also the area the new drone-magnetic survey is designed to map in detail.
Figure 2: A slice through the deposit along line A–B. Green is basalt, pink is tonalite, purple a mafic-intermediate intrusion and red the steeply dipping Zone 32 system. Yellow marks historical samples above 1 g/t gold, blue samples at or below 1 g/t. LG26-241 enters from the upper right and crosses the red lenses where it returned 17.57 g/t gold and 0.71% copper over 19.5 m. LG26-242 was drilled deeper on the same section. The “Assays Pending“ labels point to LG26-242 and to the rest of LG26-241 outside the reported interval. The arrow at the bottom marks the system as open at depth. (Source: Lux news-release of October 29, 2026)

In Figure 2, there are 2 things worth noticing:

  • First, Zone 32 is not a single vein but a stack of steep, parallel lenses, and the yellow dots thin out quickly below about 300 m. That is not because the gold stops, but because few historical holes went that deep. LG26-242 is the first modern hole to probe that depth.
  • Second, the remainder of LG26-241 is still at the lab. The hole continues past the reported interval toward other red lenses, so there is more news to come even from the hole that has already delivered.

WHAT THE CEO IS SAYING TO SHAREHOLDERS

Kim Quyên Nguyên, President and CEO of Lux, commented in yesterday‘s news-release:

“With the copper results in hand, LG26-241 shows significant copper alongside the high-grade gold across the Zone 32 interval, confirming the gold-copper character of the system. The drill program is now complete, and the magnetic survey will help us trace the structures that control the mineralization as we plan our next steps.“

It is a short statement with 3 clear messages:

  1. “Significant copper alongside the high-grade gold across the Zone 32 interval.“ The key word is across. Copper is not confined to a single lucky sample. It runs through the full 19.5 m, and it is strongest exactly where the gold is strongest.
  2. “Confirming the gold-copper character of the system.“ This links back to everything Lux has said since the summer. In August, Ms. Nguyên said the June field program had confirmed at surface the gold-copper signature the exploration model is built on. Surface grab samples had shown gold travelling with copper, silver and tellurium. Now the drill has shown the same pairing well below surface. The model is holding up from top to depth.
  3. “The magnetic survey will help us trace the structures that control the mineralization as we plan our next steps.“ This is the forward-looking part. Lux is informing investors that the next phase is about understanding geometry: Where the shear structures go, where they bend or intersect and where the next holes should be placed. That is a disciplined, model-first approach rather than drilling blind.

In Report #4, we noted that Ms. Nguyên‘s first comment on LG26-241 was notably restrained for a release featuring a 165 g/t sample. Her tone this time is similar. She does not oversell the copper. She calls it significant, explains what it confirms and moves on to the work ahead.

THE VALUE OF A SECOND METAL

When previous operators drilled Zone 32 in the late 1990s, gold traded near 300 USD per ounce and copper below 1 USD per pound. Copper was treated as a secondary asset, little more than a footnote.

COMEX gold futures (GC1!) on a weekly chart since 1989, in USD per troy ounce. Gold spent much of the late 1990s near or below 300 USD per ounce, when most of Zone 32 was drilled. After earlier peaks in 2011 and 2020, it broke out in 2024 and set a record above 5,500 USD in early 2026 before pulling back. On October 29, 2026, the contract stood at about 4,097 USD per ounce, more than 13 times its late-1990s lows. (Source: TradingView)

Today, both metals sit at very different levels. On October 29, 2026, COMEX copper futures traded at about 6.73 USD per pound, close to the all-time high set earlier this year and roughly 10 times the lows of the late 1990s.

COMEX copper futures (HG1!) on a weekly chart since 1989, in USD per pound. For much of the 1990s, when most of Zone 32 was drilled, copper traded below 1 USD per pound. Since 2003, the price has moved through several cycles, with peaks in 2006, 2008, 2011 and 2022, before breaking out to record levels in 2025 and 2026. On October 29, 2026, the contract stood at about 6.73 USD per pound. (Source: TradingView)

Demand from power grids, electric vehicles and now data centres is a big part of that story. At this month’s LME Week, Trafigura’s head of metals analysis Graeme Train said copper demand from data centres has grown from almost nothing to about 1 million tonnes, and could rise by another 1 to 2 million tonnes over the next 5 years, as Fastmarkets reported.

For Lux, copper matters in 4 ways:

  1. A potential by-product credit: If a future study shows copper can be recovered, every tonne mined for gold could also produce copper revenue. Chalcopyrite is a common, well-understood copper mineral that is typically recovered by flotation into a saleable concentrate. Encouragingly, a historical 1999 flotation test on Zone 32 material grading 2.4 g/t gold and 0.37% copper recovered 90.3% of the gold and 96.8% of the copper, according to the 2026 NI 43-101 technical report. That result is historical and has not been verified by Lux, so modern metallurgical testing will be needed to confirm it.
  2. A tool for finding gold: Because gold and copper arrived together, copper (and the chalcopyrite that carries it) can act as a pathfinder pointing toward the richest gold zones. Logging chalcopyrite in fresh core could help geologists decide quickly where to sample closely and where to drill next.
  3. Support for the historical record: In 1999, an independent review by Strathcona Mineral Services confirmed a continuous, shear-hosted gold-copper system at Zone 32, and SGS Geostat later checked historical gold and copper assays with quarter-core samples. The new results confirm that description in modern assays with a full quality-control program, adding to confidence in the historical database Lux plans to validate.
  4. A broader investor audience: A gold-copper story can attract interest from both gold-focused and base-metal-focused investors, especially in a market where copper exposure is in demand.

DRILLING DONE, A DRONE IN THE AIR AND A ROADMAP TO 2027

The 2026 drill program is complete. Drilling wrapped up on October 20 with 3 holes totalling 1,416 m. Besides LG26-241, the program tested the eastern extension of Zone 32 and the deep zone first hit in 2012 by historical hole LGS12-224, which returned 37 m @ 1.93 g/t gold about 400 m down-plunge from the main zone. The remaining assay results are expected at the end of November.

Readers of Report #3 will remember that Lux had designed 8,800 m of drilling and planned to put roughly 4,500 m in the ground this year. That plan has its roots in the period before the current CEO. The 2026 program was first outlined in May and June as a 5,000 m campaign under former CEO Carl Ginn. Kim Quyên Nguyên took over as President and CEO on July 27, 2026, less than a month before the rig started turning, and the August release with the 4,500 m figure came only 3 weeks into her tenure. The completed program is smaller. With time to work through the project and its data, the new management has chosen not to drill out the full plan. Instead, Lux has chosen to confirm the core of Zone 32 first, then use geophysics and a validated database to sharpen the targets before a larger campaign in 2027. That is a more measured path, and investors should weigh it both ways: Fewer holes this year means fewer near-term catalysts, but each future metre should be better aimed.

A drone is mapping the structures

Lux has started a high-resolution drone-borne magnetic survey over Zone 32, covering about 160 line-km at 35 m line spacing, which works out to roughly 5.6 km² of tightly spaced coverage. Completion is expected shortly. Different rocks carry different amounts of magnetic minerals, so a magnetic map can trace the contact between the La Grande-Sud tonalite and the Yasinski Group volcanic rocks even under soil and swamp. In many Archean gold systems, the hot fluids that bring in gold also destroy magnetic minerals, leaving subtle magnetic “scars“ along shear zones. Mapping those features at 35 m spacing should help Lux follow the gold-copper structures along strike and spot cross-cutting structures, which are often where gold concentrates.

The October 15 roadmap

The day after the first assays, Lux published a corporate update setting out where all of this is meant to lead.

Ms. Nguyên said in that release:

“We are pleased to be back in the ground at Zone 32. Our immediate priority is to confirm and build on the historical drilling at Zone 32, while the planned geophysical survey and database validation help us refine targets along the broader corridor. Each step in our program is designed to advance the Project toward our objective of a first mineral resource estimate.“

The message is that every activity now has a destination: A first NI 43-101 mineral resource estimate, targeted for the end of 2027.

The path there runs through 4 steps: A ground geophysical survey (the drone-magnetic survey now underway is an early, faster start), validation of the historical drill database, re-modelling of Zone 32 and nearby mineralized structures, and a follow-up drill program in 2027 on the refined targets.

The re-modelling step deserves emphasis: As Ms. Nguyên told The Northern Miner this month, and as we quoted in Report #4, lower-grade tonalite-hosted gold around the rich core simply fell out of earlier models because the cut-off was not the same as today. With gold above 4,000 USD and copper now confirmed in the system, rock once left uncounted may look very different in a modern model. To fund this work, Lux said in the same update that it is evaluating a potential financing of up to about 7 million CAD, as early as Q4 2026. No financing has been approved by the board, and no terms have been set.

BOTTOM LINE

Just 2 weeks ago, LG26-241 showed that the old Zone 32 data could be trusted for gold. Now it adds a second sentence: The copper is real, runs through the whole interval and travels with the richest gold, down to the same veins.

The 2 holes at the lab and the drilling to come will show whether Zone 32 extends east, at depth and toward LGS12-224. But the picture is getting clearer: A gold-copper system, confirmed in modern core, open in several directions and now mapped from the air.

What to watch next:

  • Results from the drone-magnetic survey over Zone 32, expected shortly. These should show how the gold-copper structures continue along strike and where they may intersect.
  • Assays for LG26-242, LG26-243 and the rest of LG26-241, expected at the end of November 2026. LG26-242 tests Zone 32 at depth, while LG26-243 is the first modern step east.
  • Any decision on the potential financing of up to 7 million CAD, which will shape how much work Lux can fund in 2027.
  • The first steps of the database validation and re-modelling work that leads toward the 2027 drill program. This is where the lower-grade tonalite-hosted gold and the new copper data may begin to change the picture.

In a 1999 lab test, technicians floated a small batch of Zone 32 sulphides and recovered almost all of the copper. With copper below 1 USD per pound, the result drew little attention. More than 25 years later, copper trades near 7 USD, and the drill has brought that overlooked metal back into the spotlight. This time, copper may finally get the attention it deserves at La Grande.

Company Details

Lux Metals Corp.
1055 West Georgia Street, 1500 Royal Centre
Vancouver, BC V6E 4N7 Canada
Phone: +1 604 678 5308
Email: info@lux-metals.com
www.lux-metals.com

ISIN: CA55067G1081 / CUSIP: 55067G108

Shares Issued & Outstanding: 77,155,216

Canada Symbol (TSX.V): LXM
Current Price: 0.18 CAD (10/29/2026)
Market Capitalization: 14 Million CAD

Germany Symbol / WKN: GP80 / A41JQW
Current Price: 0.101 EUR (10/29/2026)
Market Capitalization: 8 Million EUR

Contact

Rockstone News & Research
Stephan Bogner (Dipl. Kfm., FH)
Müligässli 1, 8598 Bottighofen
Switzerland
Phone: +41-71-5896911
Email: info@rockstone-news.com

Disclaimer and Information on Forward Looking Statements: Rockstone, Lux Metals Corp. (“Lux“; “the Company“) and Zimtu Capital Corp. caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to Lux’s public filings for a more complete discussion of such risk factors and their potential effects, which may be accessed through its documents filed on SEDAR+ at www.sedarplus.ca. All statements in this report, other than statements of historical fact, should be considered forward-looking statements. Much of this report is comprised of statements of projection. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements in this report include statements, interpretations, conclusions and expectations regarding Lux Metals Corp.’s exploration strategy and the advancement of the La Grande Gold Project in Québec’s James Bay region. Such statements include expectations regarding the receipt and timing of pending assay results for drill holes LG26-242 and LG26-243 and for the remainder of LG26-241, currently expected by the end of November 2026, the completion, scope and interpretation of the drone-borne magnetic survey over Zone 32, the planned ground geophysical survey, the validation of the historical drill database, the re-modelling of Zone 32 and nearby mineralized structures, including lower-grade tonalite-hosted mineralization under current cut-off grade assumptions, the planned 2027 drill program and the Company’s objective of completing a first mineral resource estimate by the end of 2027. Forward-looking statements also include interpretations regarding the geological significance of the copper results in drill hole LG26-241, including statements that gold and copper were introduced by the same mineralizing event, that copper and chalcopyrite may serve as a pathfinder toward high-grade gold, that the results confirm the gold-copper character of the Zone 32 system and support the historical description of the deposit, and statements regarding the potential significance of copper as a by-product, its potential recoverability and its potential contribution to the value of a future mineral resource. Forward-looking statements further include statements regarding the potential financing of up to ~7 million CAD described in the Company’s news release dated October 15, 2026, including its size, structure, timing and completion, as well as statements regarding the size and focus of the completed 2026 drill program relative to previously announced plans. Forward-looking statements further include Rockstone’s own calculations and interpretations, including in-situ copper-to-gold value comparisons, copper-to-gold weight ratios, conversions between units and price references derived from the Company’s published figures and from COMEX gold and copper futures prices as displayed on TradingView, as well as interpretations of metal price history, copper market fundamentals and third-party demand estimates. These calculations have not been reviewed by a Qualified Person, assume 100% metallurgical recovery, exclude all costs and are approximations for illustration only. Forward-looking statements are based on current expectations, estimates, interpretations and assumptions and are subject to significant geological, technical, operational, regulatory, financial and market uncertainties. Such risks and uncertainties include, but are not limited to: Exploration & Geological Interpretation Risks: The results of a single drill hole may not be representative of the broader Zone 32 system. The association of gold and copper observed in LG26-241 may not persist elsewhere in Zone 32 or along the broader corridor, and copper grades may vary significantly between samples, intervals and holes. Geological models, structural interpretations, cross-sections and the use of copper or chalcopyrite as a pathfinder may not accurately predict the grade, width, continuity, location or economic significance of mineralization encountered in pending or future drill holes. Geophysical Survey Risks: The drone-borne magnetic survey may not be completed as scheduled and its results may not clearly identify the lithological contacts, shear zones or cross-cutting structures that control mineralization. Magnetic features are indirect indicators and may not correspond to gold or copper mineralization when tested by drilling. Historical Data & Verification Risks: A substantial portion of the technical information referenced in this report is based on exploration work and historical estimates completed by previous operators, including historical estimates that included copper. Historical drill results and historical estimates have not been independently verified by Lux Metals Corp., were prepared before current CIM standards and should not be relied upon. Confirmation of gold and copper in 1 drill hole does not verify the historical database as a whole. Drilling & Assay Risks: Pending assays may differ materially from expectations. Zone 32 exhibits a strong nugget effect and individual high-grade gold or copper results may not be reproduced in other samples or holes. Visible gold, chalcopyrite and drill core photos are not necessarily representative of grades across the reported interval. Metallurgical & Mineral Resource Risks: No modern metallurgical testing has been completed by Lux on the copper mineralization reported in this report. Historical metallurgical results from 1999 referenced in this report were obtained by a previous operator, have not been verified and should not be relied upon.There can be no assurance that copper can be recovered economically, that a saleable copper concentrate can be produced or that copper would contribute by-product revenue. The La Grande Project does not currently host a mineral resource estimate compliant with NI 43-101 standards. Statements regarding potential scale, future resource delineation, the timing of a first mineral resource estimate, metallurgical recovery or development potential are speculative and there can be no assurance that future exploration will define an economically recoverable mineral resource. Drill Program Execution Risks: The completed 2026 drill program was smaller than previously announced plans and the timing, scope, meterage and target selection of future programs, including the planned 2027 drill program, are subject to change. Programs may be delayed, modified, reduced or cancelled due to weather, wildfire conditions, contractor or equipment availability, logistical constraints, permitting matters, technical challenges, financing limitations or other unforeseen circumstances. Financing & Market Risks: Mineral exploration is capital intensive and Lux will require additional financing to advance its planned work programs. The Company’s board of directors has not approved any financing and no terms, structure or timing have been determined. Any financing would be subject to board and TSX Venture Exchange approval, may not be completed on the terms described or at all and may result in dilution to existing shareholders. Capital market conditions and investor sentiment toward junior exploration companies may affect the Company’s ability to finance operations or maintain market valuation. Commodity Price Risks: Gold and copper prices are volatile and may decline materially from the levels referenced in this report. Gold futures referenced in this report traded well below their early-2026 record at the time of writing. Price levels, historical price comparisons, copper demand estimates by third parties and in-situ value comparisons may not reflect future market conditions and should not be relied upon as an indication of future project economics. Regulatory & External Risks: Exploration activities are subject to permitting, environmental, Indigenous consultation and regulatory requirements in Québec and Canada. Operations may also be affected by weather, wildfires, logistics, labor availability, supply-chain disruptions, regulatory changes or broader economic and market conditions. Accordingly, readers should not place undue reliance on forward-looking information. Actual results may differ materially from those expressed or implied in the forward-looking statements contained in this report. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report except as required by law. Past performance, comparisons to other companies, projects, deposits, jurisdictions, historical drill holes, exploration results, geological analogies, commodities, market events, price charts or industry trends are provided for illustrative purposes only and should not be considered indicative of future results.

Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that is not well known. The author of this report, Stephan Bogner, is paid by Zimtu Capital Corp. (“Zimtu”), a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. Accordingly, while the author of this report is not paid directly by Lux Metals Corp. (“Lux” or the “Company”), the author’s employer Zimtu Capital Corp. may benefit from volume and appreciation of Lux’s stock price. Zimtu currently holds securities of Lux Metals Corp., including common shares and share purchase warrants. According to Lux’s news-release dated March 9, 2026, Zimtu currently holds 2,750,000 common shares of Lux and 2,750,000 warrants comprised of: (i) 1,000,000 warrants exercisable at 0.05 CAD per share until February 14, 2027; and (ii) 1,750,000 warrants exercisable at 0.40 CAD per share until January 26, 2028. The author of this report also owns equity of Lux Metals Corp. and equity of Zimtu Capital Corp., and therefore may benefit from volume and price appreciation of these securities. This represents a significant conflict of interest that may affect the objectivity of this report. The author may buy or sell securities of Lux Metals Corp., Zimtu Capital Corp. or comparable companies at any time without notice, which may create additional conflicts of interest. Lux Metals Corp. has engaged Zimtu Capital Corp. to provide advertising, marketing and investor awareness services pursuant to a consulting agreement announced by Lux on February 13, 2026 and updated on March 9, 2026. Under the agreement, Zimtu is to provide services including investor presentations, online publications, digital marketing, newsletters, social media content, video news releases and related investor awareness activities. The agreement is for a term of 12 months at a rate of 16,666.67 CAD per month plus applicable GST, representing aggregate annual cash compensation of approximately 200,000 CAD plus GST. All payments under the agreement are payable in cash. Lux Metals Corp. has stated that no securities are proposed to be issued to Zimtu as compensation for the services provided under the agreement. The agreement remains subject to approval of the TSX Venture Exchange. Zimtu Capital Corp. is located at Suite 1450 – 789 West Pender Street, Vancouver, BC V6C 1H2 Canada and may be contacted at 604-681-1568 or info@zimtu.com. Overall, multiple conflicts of interest exist. Therefore, the information provided in this report should not be construed as independent financial analysis or investment advice, but rather as paid promotional commentary and market awareness material. This report does not constitute a recommendation to buy or sell securities and does not replace independent investment advice or independent due diligence. Rockstone’s and the author’s views and opinions regarding Lux Metals Corp. are the author’s own views and are based upon information believed to be reliable, including publicly available information, company disclosures and third-party sources. Rockstone and the author have not independently verified all technical, financial or corporate information referenced in this report. Rockstone and the author do not guarantee the accuracy, completeness or usefulness of any content contained in this report, nor its fitness for any particular purpose. Furthermore, Rockstone and the author do not guarantee that Lux Metals Corp. will perform as anticipated or that any comparisons made to other companies, projects or geological systems will prove to be accurate or applicable. For the avoidance of doubt, this report is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution, publication or use would be contrary to local law or regulation. Readers are solely responsible for ensuring that their review and use of this report complies with applicable laws in their jurisdiction. Neither Rockstone nor the author accepts liability for any direct or indirect loss arising from the use of this report or from any investment decision made in reliance upon it. Please read the entire Disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have accepted it. Information provided is educational and general in nature and should not be interpreted as personalized investment, financial, legal, tax or professional advice. Data, tables, figures and pictures, if not labeled or hyperlinked otherwise, have been obtained from Stockwatch.com, Tradingview.com, Lux Metals Corp. and the public domain.

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