Investor Insight
Ni-Co Energy (TSXV: NICE) is now in the drill-test phase of the investment thesis at its 100%-owned Kremer nickel-copper-cobalt project in southern Quebec. Drilling began at Kremer-2 on September 8, 2026, marking the first subsurface test of the Company's highest-priority previously untested exploration target. The approximately 7,500-metre program is funded, the required permits have been obtained, and borehole electromagnetic surveys are planned on the majority of holes.
Kremer-1 has already established that the system can generate Ni-Cu-Co-bearing sulfides: nine of 22 holes drilled in 2023 intersected semi-massive to massive sulfides. But the 2023 holes were mostly drilled subparallel to the interpreted dip, so true widths and continuity remain unresolved. The current program therefore moves the project from proving that mineralization exists toward testing the questions that matter most for scale.
Kremer-2 is the principal current test. It combines assay-confirmed Ni-Cu-Co-bearing sulfides at multiple surface sites with a more extensive and complex TDEM conductor distribution than Kremer-1 and associated magnetic and gravity responses. In July 2026, the Company reported that 11 of 33 selected Kremer-2 grab samples returned more than 0.5% Ni, including 1.21% Ni, 0.14% Cu and 0.10% Co and 1.03% Ni, 0.30% Cu and 0.18% Co. Grab samples are selective by nature and do not establish continuity, width or subsurface extent.
The current campaign will test only part of an approximately 8 km prospective geological and geophysical corridor. Follow-up work at Kremer-1 is intended to better constrain true widths, geometry and continuity, while several conductors, extensions and areas, including Kremer-3, will remain to be evaluated after the program. Kremer remains an early-stage exploration project with no mineral resource or economic study.
Investment Highlights
- Drilling Underway: Kremer-2 was drill tested for the first time beginning September 8, 2026. The approximately 7,500 m program is funded and the required permits have been obtained.
- 100% Owned Flagship: Kremer comprises 229 map-designated exclusive exploration rights covering 12,608.56 hectares in the Lanaudière region, approximately 90 km north of downtown Montreal.
- Mineralized System Confirmed at Kremer-1: Nine of 22 holes drilled in 2023 intersected semi-massive to massive Ni-Cu-Co-bearing sulfides; several additional holes intersected disseminated sulfides.
- Kremer-2 Surface Confirmation: Eleven of 33 selected Kremer-2 grab samples reported in July 2026 returned more than 0.5% Ni. The samples were collected at multiple sites, most along an approximately 2 km geophysical corridor.
- Converging Targeting Data: Kremer-2 combines surface mineralization with TDEM, magnetic and gravity responses. These datasets prioritize the target but do not establish subsurface continuity, thickness, grade or economic potential.
- Designed to Resolve Geometry: New holes are designed to cut the interpreted southwest-dipping targets at a high angle rather than repeat the predominantly down-dip geometry of 2023; borehole EM is planned on most holes.
- Exploration Runway: The current program will test only part of the approximately 8 km prospective corridor. Several conductors, extensions and Kremer-3 remain for subsequent evaluation.
- Capital and Alignment: As of September 25, 2026, 71,235,303 common shares were outstanding and the Founder, President and CEO indirectly held 38,315,450 shares, or 53.8%.As of July 31, 2026, the Company reported C$4.6 million of cash on hand and a C$2.4 million 2026 program budget.
- Technical Depth: Robert Wares, P.Geo., joined as Technical Advisor in July 2026 and subscribed for C$100,000 in the IPO. A C$388,666 two-year NSERC Alliance-Advantage collaboration with the University of Ottawa is also studying the controls on the mineralization.
Why 2026 Matters to Investors
The current drill program is designed to answer the specific geological questions that can materially change how Kremer is assessed as an exploration project. The key readouts are not simply metres drilled; they are whether drilling and borehole EM begin to demonstrate subsurface mineralization, meaningful true width and repeatability.
Program design and target status: Ni-Co Energy news release dated September 8, 2026. Grab-sample results: news release dated July 22, 2026.
Current Exploration Runway
Kremer-1, Kremer-2 and Kremer-3 should be viewed as different stages of the same broader exploration story. Kremer-1 is the drilled calibration area; Kremer-2 is the principal current scale test; Kremer-3 and other conductors provide follow-up optionality that is not being exhausted by the present campaign.
- Kremer-1 - calibration and geometry: The 2023 program confirmed Ni-Cu-Co-bearing sulfides. Follow-up drilling is intended to better establish true width, geometry and continuity.
- Kremer-2 - principal current test: The target is being drilled for the first time in 2026 after surface assays and geophysics prioritized it for subsurface testing.
- Kremer-3 and other conductors - follow-up runway: Several conductors, extensions and areas will remain to be evaluated after the current program; mineralized continuity between the named areas has not been demonstrated.
Figure 1. Overview of the prospective corridor showing Kremer-1, Kremer-2 and Kremer-3, TDEM conductor axes, selected 2023 drilling results and surface sampling sites. Conductor axes are interpreted targets and do not demonstrate continuous mineralization. Source: Ni-Co Energy news release, September 8, 2026. Drill intervals are apparent widths; grab samples are selective.
Capital Structure and Shareholder Alignment
As of September 25, 2026, Ni-Co Energy reported 71,235,303 common shares outstanding, 338,723 Agent's Warrants and 3,500,000 options, for 75,074,026 shares on a fully diluted basis.The Founder, President and CEO indirectly held 38,315,450 common shares, representing 53.8% of the outstanding shares. The founder block is subject to staged NI 46-201 escrow releases through 2029.
As of July 31, 2026, the Company reported C$4.6 million of cash on hand against a C$2.4 million 2026 exploration-program budget. The September 8 drill-start release describes the approximately 7,500 m program as funded and states that the required permits have been obtained.
Technical Foundation - Kept Concise
The Kremer project targets Ni-Cu-Co sulfide mineralization hosted within the Morin Anorthosite near its contact with Grenvillian metasedimentary rocks. The best current interpretation is a structurally modified anorthosite-margin Ni-Cu-Co sulfide system with magmatic affinity. Mineralization and the principal conductors are interpreted to follow a northwest-southeast trend dipping moderately to the southwest. The relative roles of primary magmatic accumulation, structural remobilization, and original versus reworked contacts remain under study.
Kremer-2 had never been drill tested before drilling began on September 8, 2026. The 2024 TDEM survey defined a more extensive and complex distribution of conductors than at Kremer-1, while gravity responses are stronger and the magnetic feature associated with the southwestern conductor is more extensive. Geophysical interpretation indicates a dense and magnetic geological body in the target area; it may be mafic to ultramafic, but its lithology and relationship to mineralization have not been confirmed.
Selected 2023 drilling results include a length-weighted 2.95 m apparent interval in DDH-20 grading 1.73% Ni, 0.85% Cu and 0.16% Co (2.95% NiEq), including 0.70 m at 1.62% Ni, 2.84% Cu and 0.19% Co. All reported drill intervals are apparent widths and do not establish true width, continuity or a mineral resource.
In July 2026, the Company reported certified assays from 36 selected surface grab samples collected in October 2025: 33 from Kremer-2 and three from Kremer-3. At Kremer-2, 11 of 33 samples returned more than 0.5% Ni. Grab samples are selective by nature and are not necessarily representative of mineralization across the property.
Ni-Co Energy is also advancing Kremer through a two-year NSERC Alliance-Advantage collaboration with the University of Ottawa, with a total program value of C$388,666. The research examines petrology, mineral chemistry, sulfur source, metamorphism, metal distribution and structural controls. Early work confirms pentlandite, including cobalt-bearing pentlandite; project-specific metallurgical recovery testing has not yet been completed.
For Investors Who Want the Technical Detail
The INN profile is intended as an investor overview. Detailed geological and geophysical discussion, maps, drilling data and technical context are available through the Kremer Project webpage and Ni-Co Energy's corporate presentation.
Technical Note
Where shown, nickel-equivalent values use July 23, 2026 prices (Ni US$7.84/lb; Cu US$6.29/lb; Co US$25.53/lb), assume 100% recovery and exclude treatment, transport, refining, sales and payability; they are comparative only. Drill intervals are apparent widths. Grab samples are selective. Geophysical anomalies are exploration targets and may have non-sulfide sources. Kremer has no mineral resource or economic study, and project-specific recoveries are unknown.
Qualified Person and Technical Disclosure
The scientific and technical information contained in this profile has been reviewed and approved by Marc Boivin, P.Geo., Vice President, Exploration of Ni-Co Energy Inc., and a 'Qualified Person' as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Boivin is not independent of the Company.
For information regarding data verification, analytical procedures, laboratories and quality assurance/quality control applicable to the exploration results referenced in this profile, readers should refer to Ni-Co Energy Inc.'s Final Prospectus dated May 29, 2026, the Company's July 22, 2026 news release concerning Kremer-2 and Kremer-3 surface grab-sample results, and the Company's September 8, 2026 news release concerning the commencement of the 2026 drill program, available under Ni-Co Energy Inc.'s profile on SEDAR+.
Management Team
Alain Tremblay - Founder, President & CEO
An entrepreneur and mineral-exploration executive with 30 years of experience as a professional pilot. Founder of Prospectair Geosurveys, which has provided airborne geophysical surveying services to the mineral-exploration industry for more than 20 years. Through a wholly owned company, Mr. Tremblay held the original claims that led to the Matawinie graphite discovery.
Isabelle Gauthier - CFO
Isabelle Gauthier is a CPA with more than 25 years of experience in accounting, auditing and financial management, including work with public mining companies.
Nicolas Tremblay - VP, IR & Corporate Development
A retired IT manager and seasoned investor with a strong background in business and technology. A graduate of the University of Ottawa (Business Administration) and Université du Québec à Hull (IT), he spent 31 years in the public sector, leading an IT group at Environment and Climate Change Canada. He served as a director of a TSX Venture-listed company during the discovery of the Matawinie graphite deposit and worked with the company in an executive capacity, including one year full-time and several years part-time.
Marc Boivin - VP Exploration
Marc Boivin, P.Geo., is a professional geologist and geophysicist with more than 40 years of experience, including 14 years as Chief Geophysicist at SOQUEM. He has extensive expertise in the Grenville Geological Province and applied geophysics. He is the Company's Qualified Person under NI 43-101.
Robert Wares - Technical Advisor
Robert Wares is a professional geologist with more than 35 years of experience in mineral exploration and development and was responsible for the discovery of the Canadian Malartic gold deposit. He is CEO and a director of Osisko Metals Incorporated (TSX: OM) and Chair of Brunswick Exploration Inc. Mr. Wares joined Ni-Co Energy as Technical Advisor in July 2026 and subscribed for C$100,000 of common shares in the Company's IPO.