BeMetals Corp: Mining Veterans Target Next Major Copper Discovery in Zambia

• BeMetals is a 6-year old base and precious metals exploration company focused on copper projects in Zambia and gold projects in Japan
• Leadership team has extensive mining experience, especially with B2Gold; CEO John Wilton discovered the 2M oz Otjikoto gold deposit in Namibia
• Main focus is the Pangeni Copper Project in Zambia, located near major copper mines operated by First Quantum and Barrick
• Recent drill results at the D Prospect hit copper grades averaging 0.35-0.74% Cu over 10-30m intervals; more results expected in early 2025
• Backed by B2Gold (24% shareholder) and JOGMEC (funding 28% of Zambian exploration costs); potential to attract major partner if exploration success continues

Copper is a critical metal with rising demand driven by global economic development, the green energy transition, and limited supply growth. Against this backdrop, BeMetals Corp (TSXV:BMET) has assembled a portfolio of prospective copper exploration projects in Zambia, a highly favorable jurisdiction for mining.

The High-Potential Pangeni Copper Project 

BeMetals' flagship asset is the Pangeni Copper Project, spanning 575 km2 in the western extension of the Central African Copperbelt in Zambia. This district is home to some of the world's largest copper mines including First Quantum's Sentinel and Kansanshi and Barrick's Lumwana.

At Pangeni, BeMetals is targeting large scale, sediment-hosted copper deposits under the Kalahari sand cover. The exploration approach uses airborne magnetics to identify prospective structures, followed by shallow aircore drilling to define geochemical anomalies. These are then tested with core drilling to confirm the presence of economic copper mineralization.

Drilling Success at the D Prospect 

BeMetals made its initial discovery at the D Prospect towards the end of 2023, with what the company considers their discovery hole - intersecting approximately 17 meters of 0.7% copper. Since this discovery, the company has continued their exploration efforts, completing nearly 10 additional holes in the area.

The mineralization encountered to date has shown consistent copper grades, typically averaging between 0.35% to 0.74% copper, with an overall average of about 0.5% copper. This is comparable to global copper mining averages. Describing the process, VP of Investor Relations and Corporate Development Derek Iwanaka comments:

"This is undercover exploration so it's all covered by the Kalahari desert, basically covers all the bedrock geology. So what you do here is we flew aeromagnetics, we then got some targets. From those targets we then did air core drilling, which is kind of like cheap, almost like RC drilling but cheaper, that gets us to the bedrock geology. And then from there we can kind of hone in to wherever there's copper anomalies, and then do further drilling which is core drilling."

The company is currently awaiting results from their latest drilling program, with assays expected in January. This program is part of their strategy to test extensions of the mineralization to both the Southwest and Northeast of the D Prospect area.

The exploration has been conducted on relatively modest budgets of around $3 million per phase, allowing for fewer than 10 holes per program. While the results have been encouraging enough to attract attention from major mining companies in the region, the company continues to work on demonstrating the full potential of the system through step-out drilling.

Interview with VP Investor Relations & Corporate Development, Derek Iwanaka

Experienced Management Team

BeMetals has assembled a leadership team with an exceptional track record of discoveries and mine development success. CEO John Wilton, a professional geologist based in Cornwall, UK, is known for discovering the 2-million-ounce Otjikoto gold deposit in Namibia and brings valuable copper expertise from his time with Antofagasta. 

The board includes several mining industry veterans: Director Tom Garagan, known for discovering the 7-million-ounce Kupol deposit in Russia; Director Clive Johnson, current CEO of B2Gold who has built it into a globally significant gold producer; and Mark Conley, former managing director of Papillon Resources who led the development of the Fekola deposit, now B2Gold's largest producing asset at 600,000 ounces annually. 

Upcoming Catalysts 

BeMetals' current market capitalization is under C$12M. This reflects the challenging environment for junior mining stocks but presents an opportunity ahead of upcoming catalysts:

• Assays from 5 holes recently completed at the D Prospect (Q1 2025)
• Next phase of step-out drilling to expand the mineralization (~3,000m planned) and potentially define an initial mineral Resource in H2 2025
• Ongoing funding support and backing from major shareholders B2Gold and Japanese state agency JOGMEC
• Potential for a major mining company to partner at Pangeni as drilling confirms the scale of the opportunity

Japanese Gold Portfolio: Strategic Optionality

While BeMetals' primary focus is the Pangeni Copper Project, the company maintains 100% ownership of five gold projects in Japan, providing shareholders with exposure to one of the world's most underexplored high-grade gold jurisdictions. Japan, though not widely recognized as a gold mining destination, actually hosts the world's highest-grade operating gold mine, producing approximately 200,000 ounces annually at grades around 20 grams per ton.

BeMetals has already invested several million dollars into these assets, including drilling programs on two projects, one of which is a past-producing mine. With minimal holding costs, these projects offer strategic optionality in the current strong gold price environment. As Derek Iwanaka notes:

"Japan has hosted many high-grade gold mines... it's kind of flying under the radar."

With limited Western companies operating in Japan and the potential for high-grade discoveries, these assets could provide significant future value through either joint venture partnerships or outright sale.

The Investment Thesis for BeMetals

• BeMetals offers exposure to rising copper demand and prices through its prospective exploration projects in Zambia
• Experienced leadership team with track record of exploration success and value creation, including former B2Gold executives
• Pangeni Project located in highly prospective and productive Zambian Copperbelt near major operating mines
• Drilling at D Prospect has outlined a large shallow copper system open in all directions; potential for a significant discovery with scale
• Attractive valuation under C$12M market cap with strong upcoming catalysts - drill results and expanded exploration program

Macro Thematic Analysis

While global copper demand is set to surge from the green energy transition, all copper deposits are not created equal. The world-class Central African Copperbelt spanning Zambia and the Democratic Republic of Congo boasts an endowment of over 5 billion tonnes of copper and hosts many of the largest and lowest-cost copper mines. It's in this enviable geological address that BeMetals has staked a sizeable land position with its Pangeni Copper Project.

As Derek Iwanaka explains:

"Zambia is one of the best places. It's often confused with Zimbabwe which is not quite as easy to do business with at the moment. Zambia is one of the oldest Democratic countries in Africa - it is one of the safest countries to operate in.

This combination of exceptional mineral prospectivity and a favorable jurisdiction positions BeMetals to potentially make that rare but rewarding prize in mining: a major new copper discovery. Nearby mines like First Quantum's Sentinel and Kansanshi and Barrick's Lumwana demonstrate the potential for large, long-life operations in the region.

As major miners scour the globe for new copper assets to feed surging demand, discoveries in a prime jurisdiction like the Central African Copperbelt will be prized. If BeMetals can advance Pangeni up the value chain towards development, they're likely to attract a growing audience in an industry hungry for new copper supply.