This article is based on the interview with Guy Le Bel. This is a paid/sponsored content!

In a mining sector increasingly dominated by energy-transition narratives, few commodities command attention like copper. With global electrification, data centers, and renewable infrastructure driving insatiable demand, copper's supply-demand imbalance has propelled prices to multi-decade highs. Against this backdrop, XXIX Metal Corp. (TSX.V: XXIX) emerges as a compelling junior developer with two advanced brownfield copper projects in mining-friendly Canadian jurisdictions.

XXIX CEO Guy Le Bel—a 40-year mining veteran—shared his bullish outlook on copper, detailed the robust economics of the Opemiska project's recent Preliminary Economic Assessment (PEA), and outlined an aggressive 50,000-meter drill program at the recently acquired Thierry project.

Copper Market Dynamics: A Structural Bull Case Echoing 2002

Le Bel, who has been involved in copper since the 1990s, draws parallels between today's market and the early-2000s Chinese infrastructure boom. "It's probably the best market right now, other than the equivalent we had in 2002 when the Chinese build-up or electrifying was going on," he said. "Now it's a different type of driver, but the demand is still there."

The new driver? Electrification on steroids—electric vehicles (EVs), grid upgrades, AI-driven data centers, and renewable energy storage. Global copper demand is projected to surge by 50% by 2040, according to the International Energy Agency, while new mine supply lags due to underinvestment, permitting delays, and declining ore grades.

Critically, Le Bel emphasized the mismatch: "The amount of new copper coming to the market is not matching the actual wave of expected demand." He noted that current levels of price around $5 per pound are "very high" and sustainable for XXIX. "The price will be higher than what they are now, but it could be anywhere," he added, underscoring a structural deficit that could persist into 2026, 2027, and beyond.

This optimism aligns with analyst consensus. Banks like Goldman Sachs forecast copper averaging $10,000 per tonne in 2025, with potential spikes to $15,000 in supply-crunch scenarios. For XXIX, operating in low-risk Quebec and Ontario, this macro tailwind positions the company to capitalize on rising margins.

Guy Le Bel: The Right Leader for XXIX's Revival

Le Bel's credentials are impeccable. A mining engineer with a degree from Laval University, a master's in rock mechanics, and an MBA, he brings four decades of experience. His copper-focused tenure includes stints at Rio Algom, Quadra FNX, and Capstone Mining.

Post-majors, Le Bel transitioned to CEO roles at junior explorers. His personal connection to Opemiska sealed the deal: "I was a student at Chapais, Opemiska, many, many years ago. I remember how good the town was, how good the people were... I wanted to go back there and revitalize the mine."

This blend of technical expertise, operational history, and local ties makes Le Bel ideally suited to advance XXIX's portfolio.

Opemiska Project: A Brownfield Gem with Stellar PEA Economics

Opemiska, located in Quebec's Chapais region, is a former Falconbridge Copper operation with four underground mines and a central mill. XXIX is repurposing two as open pits, leveraging 140 million tonnes of resources at 0.7% copper equivalent (CuEq), including significant gold credits.

Opemiska PEA Confirms Positive Development Potential

Highlights:

• Total payable copper across Opemiska 17 year mine life:
  • 715 million pounds of copper
  • 409 thousand ounces of gold
  • 2.08 million ounces of silver
• Robust after-tax base case economics:
  • C$505M after-tax NPV8% (C$897 after-tax NPV8% using spot pricing)
  • 27.2% after-tax IRR (39.3% after-tax IRR using spot pricing)
• Rapid payback: 2.3-year Base Case payback of C$617M initial capital resulting from upfront high-grading.
• Potential High-grade annual recovered payable production across the first six years:
  • 59 million pounds of copper per year
  • 34 thousand ounces of gold per year
  • 174 thousand ounces of silver per year
• Low Cost Producer: Opemiska is in the lower quartile of the cost curve with US$1.03/lb C1 cash cost net of by-product credits across the first six years. US$1.40/lb net of by-product credits over the life of mine.
• Significant leverage to rising copper and gold prices, with $4.40 billion in life of mine revenue
  • 70.7% copper
  • 27.9% gold
  • 1.4% silver
• Plenty of Resource upside including Cooke gold zone with active drilling underway.

The mill will be sited 3 km north of Chapais, within city limits for tax benefits but buffered to minimize noise and dust. Infrastructure is excellent: highway access, 15 km to airport, and a former rail right-of-way to the property.

Next Milestones: PFS Prep, Permitting, and Community Buy-In

Post-PEA, XXIX initiates baseline studies in early 2026: environmental, waste/tailings characterization, hydrogeology, and geomechanics. These feed a Pre-Feasibility Study (PFS).

Permitting leverages Quebec's streamlined process for brownfields. Community engagement is proactive—Le Bel announced the PEA in Chapais' town hall to avoid media leaks. Late-stage mining encroaches on ~100 homes, requiring relocation in years 11-17.

"The people took it very well," Le Bel reported. "They are pleased with the development and the economic growth." The mayor's asks—a generational project with the mill in taxable limits—were met. "They knew from the beginning there was a risk of encroachment," but backing remains strong.

Timeline and Financing: Production by Late 2032?

In a "perfect world," first production in late 2032 or early 2033; conservatively, 2034. Le Bel's mantra: "Under-promise and over-deliver."

Financing the $630 million CapEx is manageable for a junior:

· Government Support: Canada's Critical Mineral Investment Tax Credit refunds 30% (~$140-150 million in year 1) for milling and potential electric haul trucks. Effective build cost: ~$460-480 million.

· Debt/Equity Mix: 50% leverage feasible (~$230 million debt). Remaining via equity, gold loans, or minor royalty sales (current 1% NSR).

· Off-Takes: Pursued during final financing. Life-of-mine deals could provide upfront payments, akin to Quadra's model. No rush—smelters may buy 10% equity for priority.

Le Bel avoids precious metal streaming to preserve low costs: "If we stream the gold, I'll reduce CapEx but become an average-cost producer."

Thierry Project: A High-Upside Copper Play Lagging Opemiska by 18-24 Months

Acquired months ago, Thierry in Ontario mirrors Opemiska as a brownfield with 250,000 meters of historical drilling. A 2011 resource (five sub-parallel zones) is being reinterpreted as a single, cohesive structure ideal for open-pit mining: 200-300 meters wide, no internal waste, 55-degree dip.

Without new drilling, XXIX estimates 3x the prior tonnage. A 50,000-meter program starts Q1 2026, targeting depth extensions to 600 meters where grades reportedly increase.

Goal: Define a larger resource than Opemiska's. Infrastructure mirrors Opemiska—19 km from Pickle Lake, near airport and rail.

Synergies are knowledge-based: Geological learnings from Opemiska accelerate Thierry; no operational overlap (1,000+ km apart).

Exploration Momentum: Drilling Underway with Flow-Through Funding

XXIX raised $6 million in flow-through shares:

· $3 million Opemiska: Includes 6,000 meters on the "Cooke" zone (third historical mine)—a high-grade gold target (historical 5 g/t Au underground with copper byproduct). Testing crown pillar for open-pit potential.

· $3 million Thierry: ~$2 million initial on deep holes; follow-up if concept proves.

Hard cash (~$2 million) covers G&A (~$1 million/year), marketing, and early PFS studies.

Marketing pivots to amplify Opemiska: Broad awareness campaigns plus targeted investor meetings. "Our stock is trading at the lowest value relative to peers... The story's probably not well known."

Skin in the Game and News Flow

Le Bel owns 200,000 shares (bought in recent financing) plus options. The Ore Group (led by Stephen Stewart) holds ~10%.

News flow is robust:

· Ongoing Cooke drilling results through Christmas 2025.

· Thierry drilling Q1-Q2 2026, with assays into mid-2026.

Conclusion: XXIX Positioned for Copper's Supercycle

With a veteran CEO, low-cost PEA economics, government-backed financing, and dual-project upside, XXIX Metal Corp. offers leveraged exposure to copper's multi-year bull market. Opemiska's path to production could deliver transformational value, while Thierry's drill bit holds discovery potential.

As Le Bel concluded: Investors can expect consistent catalysts. In a sector starved for developable ounces, XXIX is drilling, de-risking, and delivering.

Watch the interview here:

Disclaimer: This interview is not a recommendation to buy any shares, products, or services. Always conduct your due diligence and consult with a financial advisor.