MPD Project: Kodiak Copper focusing on resource expansion in '26 - Richard Mills

Core Viewpoint - Kodiak Copper has made significant progress in 2025, achieving a maiden mineral resource estimate for its MPD property, resulting in a 205% increase in share price over the past year [3][32]. Company Developments - The company is currently focused on resource expansion for 2026, utilizing data from previous drilling campaigns and planning future exploration [4][12]. - Kodiak Copper reported a total of seven deposits in its resource estimate, with four announced in June and three in December [5]. - The maiden mineral resource estimate (MRE) includes 82.9 million tonnes of Indicated resources grading 0.39% Cu Eq and 356.3 million tonnes of Inferred resources grading 0.32% Cu Eq, totaling 2.408 billion pounds of copper and 1.67 million ounces of gold [8][9]. Resource Potential - The MPD Project features deposits with shallow mineralization and favorable geometry, which are expected to support low strip ratios in future evaluations [7]. - All deposits remain open for expansion, with ongoing exploration aimed at both expanding known zones and discovering new targets [12][14]. - The company has identified approximately 20 targets on the property, indicating strong potential for further discoveries [14]. Market Context - The copper market is experiencing significant demand, driven by electrification and decarbonization trends, with copper prices rising 42% and gold prices increasing 64% in 2025 [22][21]. - Supply constraints are evident, with a projected copper market deficit of 590,000 tons in 2026, highlighting the importance of new copper projects [30][25]. - Recent mine disruptions have underscored the volatility of the copper market, further emphasizing the need for new discoveries [26]. Financial Position - Kodiak Copper has maintained a low share count of 95.1 million shares, resulting in a market capitalization of approximately CAD$91.9 million [19][34]. - The conservative estimates used in the MRE could lead to an increase in resource value as commodity prices rise, with current market prices for gold and copper significantly higher than those used in the estimates [16][17].