Raptor Metals

Investor Insight

Raptor Metals is an emerging copper explorer with a JORC-compliant resource base and clear near-term catalysts in Canada's world-class Bathurst Mining Camp. The company is delivering results through a disciplined exploration strategy, highlighted by the recent completion of its flagship diamond drilling campaign at the Chester Project, with assay results expected imminently.

Overview

Raptor Metals (ASX:RAP) is a junior explorer advancing copper and polymetallic assets in Canada's renowned Bathurst Mining Camp and gold in Western Australia's Eastern Goldfields. Capitalising on surging global demand for critical metals, the company is executing a focused strategy of resource validation, expansion, and discovery.

The flagship Chester Project (100 percent interest) sits within the Bathurst Mining Camp, a Tier-1 VMS district that has historically produced over 475 Mt of base metals from more than 46 deposits, including the world-renowned Brunswick No. 12 mine. Chester already hosts a robust JORC 2012 MRE of 6.685 Mt @ 1.07 percent copper from surface, with high-confidence Indicated resources and strong polymetallic credits. The deposit remains open along strike and at depth, offering immediate upside.

Complementing Chester is the nearby Turgeon Project, which hosts high-grade copper-base metal mineralisation and provides a clear early pathway to a maiden JORC resource. In Western Australia, the Emu Lake Gold Project provides portfolio diversification in a proven gold province 75 km northeast of Kalgoorlie.

With excellent infrastructure, year-round access, a supportive mining jurisdiction, and assay results imminent from the completed Chester drilling program, Raptor Metals is well positioned to unlock value in the copper supercycle.

Company Highlights

• Established JORC Resource Base: Chester hosts a JORC 2012 Mineral Resource Estimate of 6.685 Mt @ 1.07 percent copper — Indicated: 4.87 Mt @ 1.13 percent copper; Inferred: 1.82 Mt @ 1.01 percent copper — with polymetallic credits in lead, zinc, and silver.
• Active Drilling Program, Assays Imminent: A 2,200m diamond drill program at Chester is nearing completion — 12 of 15 HQ holes completed, plus 3 metallurgical (PQ) holes planned. Assay results expected within 6–8 weeks.
• Strategic Tier-1 Location: Both Canadian projects sit within the prolific Bathurst Mining Camp, New Brunswick — a globally recognised VMS district with over 475 Mt of historical production from 46+ deposits.
• Near-Term Resource Growth Catalysts: Pathway to resource expansion at Chester and conversion of high-grade historical drilling to a maiden JORC MRE at the Turgeon Project.
• Diversified Critical Minerals Portfolio: Advancing copper, zinc, lead, gold, and silver assets across two countries, with exploration upside at the Emu Lake Gold Project in Western Australia's Eastern Goldfields.

Key Projects

Chester Project - New Brunswick, Canada

The Chester Project is a cornerstone, high-tonnage copper VMS asset in North Central New Brunswick's Bathurst Mining Camp, located 70 km southwest of Bathurst and 50 km west-northwest of Miramichi. Chester's position in the Clearwater Stream Formation shares the same geological setting that produced the historic Brunswick No. 6 and No. 12 mines, directly supporting its significant resource expansion potential.

The project hosts a JORC 2012 MRE of 6.685 Mt @ 1.07 percent copper across three mineralised zones, the Stringer (West), Central, and East Zones, comprising massive, disseminated, and stringer sulphide mineralisation. The Indicated resource of 4.87 Mt @ 1.13 percent copper contains 120.28 Mlbs copper, 13.66 Mlbs lead, 10.52 Mlbs zinc, and 69,000 oz silver. The Inferred resource of 1.82 Mt @ 1.01 percent copper contains a further 38.35 Mlbs copper.

A 2,200m diamond drill program is currently underway across 15 HQ holes plus 3 metallurgical (PQ) holes. The program is designed to validate historical assay data, collect metallurgical test samples, gather structural geology data, and test infill and eastward extension of massive sulphide mineralisation, with assay results expected within 6 - 8 weeks. The project benefits from contiguous tenure of 281 mineral claims covering 6,176 hectares, with year-round access to roads, rail, power, and port infrastructure.

Turgeon Project - New Brunswick, Canada

The Turgeon Project is a high-impact, copper-rich Mafic-type VMS deposit strategically located 3 km southwest of Belledune and 30 km northwest of Bathurst. Similar to high-grade deposits at Tilt Cove and Betts Cove in Newfoundland, Turgeon is characterised by copper-rich, lead-poor mineralisation hosted within predominantly mafic rock, with six distinct sulphide zones, including two stockwork zones and two massive sulphide lenses.

Historical drilling has demonstrated exceptional high-grade potential, including intercepts of 5.69% Cu over 12.49 m, 4.75% Cu over 15.2 m, 4.08% Cu over 8.7 m, and 3.53% Cu over 15 m. The immediate goal is to convert this historical dataset into a maiden JORC 2012-compliant resource, representing a clear near-term resource growth driver for the company.

Emu Lake Gold Project — Western Australia

The Emu Lake Gold Project is strategically located 75 km northeast of Kalgoorlie in Western Australia's Eastern Goldfields, within a highly prospective and underexplored greenstone belt. The project provides Raptor Metals with portfolio diversification into Australia's premier gold province and early-stage exploration upside complementary to its Canadian copper focus.

Copper Market Context

Global copper demand is being driven by the energy transition, EV adoption, and AI/data centre infrastructure build-out. Supply constraints, including declining ore grades and geopolitical disruptions, are tightening available supply, with Bloomberg NEF forecasting a potential 21 million tonne annual supply gap by 2050. Copper prices are forecast to rise 20 - 30% by 2030.

Raptor Metals' low-capital, near-term development profile in stable jurisdictions, combined with its polymetallic credits (Ag, Zn, Pb), positions the company to capitalise on this structural tailwind.

Management Team

Adam Sierakowski - Non-Executive Chairman

Adam Sierakowski is a lawyer and founder of Palisade Corporate (formerly Price Sierakowski) and the founder and managing director of corporate advisory firm Trident Capital. He brings over 25 years of expertise across mergers and acquisitions, reverse takeovers, IPOs, resources, energy, technology, corporate financing, and regulator engagement for local and international companies. He currently serves as a director of Kinetiko Energy (ASX: KKO) and Connected Minerals (ASX:CML).

Brett Wallace - Managing Director

Brett Wallace is a geoscientist, lawyer, and corporate executive with over 20 years of expertise in exploration, mining operations, and corporate law, with a focus on copper, gold, and nickel. Wallace has advised on major oil, gas, and mining projects, including roles at DLA Piper and as in-house counsel for ASX-listed companies. He holds directorships in public resource companies and is a member of both the Australian Institute of Geoscientists (AIG) and the Australian Institute of Mining and Metallurgy (AusIMM).

Ian White - Non-Executive Director

Ian White brings 45 years of corporate experience, including over 23 years as a director and company secretary across more than 20 boards, many ASX-listed. He currently serves as company secretary for Ark Mines and Lucknow Gold, and as a director of Professional Edge Pty Ltd. Ian specialises in corporate management, financial reporting, and ASX governance compliance, and was a key advisor in the $320 million sale of WPG Resources Ltd's Peculiar Knob project.

Gary Powell - Technical Consultant

Gary Powell is an exploration geologist and mining executive with over 40 years of experience in exploration, project development, and gold mining across Australia and Asia. He recently served as Business Development Consultant for Red 5 Limited (ASX: RED) and is a member of both the AIG and AusIMM.

Amanda Wilton-Heald - Company Secretary

Amanda Wilton-Heald is a chartered accountant with over 15 years of experience in Australia and the UK, including seven years auditing ASX- and LSE-listed company financial statements and six years in accounting for a UK AIM-listed company. She has supported the ASX listing of junior exploration companies and provides expertise in corporate advisory and company secretarial services.