New Risk • May 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$4.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.6m free cash flow). Earnings have declined by 63% per year over the past 5 years. Shareholders have been substantially diluted in the past year (46% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (CA$23.5m market cap, or US$17.3m). Announcement • May 02
Cupani Metals Corporation Reports Winter Drilling Results At Blue Lake Project Cupani Metals Corporation has announced some early success in its exploration campaign being conducted on its 100%-owned Blue Lake project. The main objective of the program was to test the interpreted extension of the Blue Lake mineralisation to the South-East within the High-Potential Corridor. The new geological interpretation was confirmed by the intersection of massive sulphides at the base of a sub-horizontal ultramafic unit. Cupani has drilled 6 holes for a total of 1,344 meters. The drilling program commenced on March 18th and was paused last week for goose hunting season until June, as agreed in advance with the Naskapi Nation of Kawawachikamach. A total of 803 core samples, including 10% QA/QC samples, has been sent to the ALS Global in Val D'Or for processing. Four holes were drilled in the Blue Lake South-east sector. These holes all targeted combined magnetic and electromagnetic anomalies. At the base of the ultramafic units, massive sulphides with sharp contacts to lithologies were identified over lengths of up to two meters. Above the massive sulphides, the ultramafic rocks usually contain 5 to 20% disseminated, net textured and blebby sulphides over thicknesses of up to 70 meters. The furthest hole to date is 1.4 kilometres from the southern edge of historical deposit /lens named Blue Lake #2. This extends the footprint of known mineralization to the southeast. Analytical results are expected within the next few weeks and will be communicated in a further Press Release. The first 2 holes of the campaign were drilled close to Retty Lake camp and was testing weakly mineralised peridotite at surface associated with magnetic and gravity anomalies (from the 2024 survey conducted for Cupani). Announcement • Mar 20
Cupani Metals Corporation Commences Drilling At Blue Lake Cupani Metals Corporation announced the winter 2026 drill program has begun. Cupani's 2026 winter drill program ranges from 15 to 25 holes for a total of between 3,000 and 4,000 meters. The program is designed to test the interpreted extension of the Blue lake mineralisation to the South-East along the High-Potential Corridor. Drill locations were chosen based on confluence of surface geology that includes the presence of mineralised ultramafics and geophysics including aeromagnetic anomalies, electromagnetic responses and gravity anomalies. The proposed depth for each drill hole is planned as sufficient to reach the ultramafic /sediment contact. Cupani may choose to keep the drill rig onsite beyond April for use later in 2026. Cupani's 100% owned Blue Lake copper nickel PGE project in Quebec covers 682 square kilometres of exploration claims. During the 1980s certain sections of Blue Lake project were explored by La Fosse Platinum. They drilled hundreds of exploration holes, excavated a 350 metre (1,000 foot) adit, conducted geochemical, geophysical and geologic surveys and metallurgy testing. The surface projection of discovered mineralization as well as historical drill locations are shown and comprise an area less than 10 square kilometers. The above figure's copper equivalence estimates were made using CAD for the copper equivalent calculation with metal prices as of September 8th, 2025 of $6.20/lb Cu, $9.52/lb Ni, $1,921.60/oz Pt, $1,566.82/oz Pd. Equation used: Copper Equivalent = Cu (%) + (Ni (%) x 1.54) + (Pt (g/t) x 0.45) + (Pd (g/t) x 0.37). There is a reasonable assumption that recoveries will be 80% or more for all commodities, consistent with comparable peers, and all Cu equivalent numbers were multiplied by this factor. A search for metal recoveries was conducted for the main Ni-Cu deposits and recoveries are usually higher than 80% for Ni and Cu. Only copper equivalence values calculated above 0.4% are shown on the figure. 
