GreenLight Metals: Wisconsin's Lone Copper Explorer Capitalizes on US Critical Minerals Supply Urgency

• GreenLight Metals is the only company actively exploring in Wisconsin, focused on VMS copper deposits with significant growth potential in a US market facing supply constraints.
• The Bend Project features a 4.5 million ton historic resource at 2% copper and 2.3 g/t gold, with drilling underway to expand beyond the original 330-meter strike length on newly acquired private land.
• Strategic positioning benefits from Trump's announced 50% tariffs on imports, Wisconsin's mining-friendly legislation since 2017, and strong local relationships through experienced board members.
• Multiple discovery opportunities include the high-grade Lobo project (9 meters at 23% zinc) and several untested EM anomalies across the Penokean volcanic belt.
• Well-funded operations with $2.8 million remaining from a $4.3 million raise, targeting 15-20 million ton resource potential at world-class VMS grades.

The resurgence of mining interest in Wisconsin represents one of the most compelling untold stories in North American mineral exploration. After a 20-year mining moratorium that ended in 2017, the state has quietly reopened its doors to responsible mineral development, creating a unique opportunity for companies willing to navigate this emerging landscape. GreenLight Metals (TSXV:GRL), under the leadership of President and CEO Matt Filgate, has positioned itself as the sole active explorer in Wisconsin's mineral-rich Penokean volcanic belt, targeting high-grade copper deposits at a time when domestic supply security has become a national priority.

Executive Leadership & Strategic Vision

Matt Filgate brings 15 years of exploration geology experience to GreenLight Metals, with a background spanning early-stage greenfield exploration and corporate development. His transition from technical roles to the corporate side over the past four to five years included a position as VP of Corporate Development at Talisker Resources, where he focused on project acquisition, capital raising, and marketing. 

"My background is technical but really the last four or five years of my career has been focused on the corporate side, the M&A side and capital raising." 

It highlights the dual expertise that positions him to execute both the technical and business aspects of GreenLight's strategy.

The company's board composition reflects a deliberate strategy to build local relationships and navigate Wisconsin's unique political landscape. Steve Donohue, a 30-year mining veteran with extensive permitting and community engagement experience across the upper Midwest, serves as a key board member. Notably, Donohue was one of the authors of the Wisconsin Mining for America Act, which overhauled the state's permitting regime and created pathways to fast-track projects into production. Additional board members bring connections to infrastructure, government, and forestry, including Bill Johnson, who runs one of the state's largest timber companies and maintains relationships with various tribes and government officials.

The Bend Project: Core Asset with Expansion Potential

GreenLight's flagship Bend Project centers on a 4.5 million ton historic resource grading 2% copper and 2.3 grams per ton gold, equivalent to just under 4% copper equivalent. The deposit was previously drilled within a constrained 330-meter area, but GreenLight has since acquired the adjacent private land package that was unavailable to previous operators. This acquisition, completed for approximately $250,000, has unlocked significant expansion potential along strike.

The current drilling program represents the first modern exploration effort on the expanded land package. Filgate describes the geology:

"The thickness ranges from 25 meters up to anywhere up to 60, 70 meters in thickness. So it's a thick massive sulfide body. It comes right to surface but then it plunges down to the east. Unlike some of these large VMS camps in Canada where everything's been faulted and juxtaposed, this is what we're seeing is it's fairly continuous and very little faulting and very little deformation."

The company has initiated a 3,000-meter Phase 1 drilling program, with approximately 700 meters completed and first assay results expected within a month. This will be followed by a larger 6,000-meter Phase 2 program beginning in October, designed to continue stepout drilling and begin building a resource estimate. Management's target is to define a 15-20 million ton resource while maintaining current grades, which would constitute a world-class VMS deposit.

Exploration Methodology

Wisconsin's flat topography, covered by 30 to 100 meters of glacial till, necessitates geophysical exploration methods. All known deposits in the state were discovered using electromagnetic (EM) surveys, making this the primary exploration tool for GreenLight. The company has reprocessed VTEM data from a 2011-2012 survey, identifying three additional anomalies in the belt around Bend that are currently being acquired.

Filgate's team is employing modern techniques including oriented core drilling and downhole geophysics. 

"We are doing an oriented core so we'll get a better understanding of the limb that's coming down and the makeup.”

Borehole EM surveys are planned for the furthest stepout holes to understand anomaly strength down-dip and along strike.

The exploration approach is informed by the understanding that VMS deposits typically form in clusters. Located six kilometers from Bend is another VTEM anomaly with characteristics similar to Bend before it was drill-tested, supporting the potential for multiple deposits within a centralized area spanning 6-10 kilometers.

Interview with President & CEO, Matt Filgate

Operational Realities

Wisconsin's regulatory framework reflects the state's cautious approach to mining following the controversial Crandon project, which led to the 1997 mining moratorium. The current permitting process, while more stringent than jurisdictions like British Columbia or Ontario, remains workable for exploration activities. Drill permits require approximately four months to obtain, with extensive water monitoring and reporting requirements.

"We work very closely with the DNR, the Department of Natural Resources for the state. They come out to site once a week." 

The state's limited recent mining experience means that knowledge transfer is occurring in both directions, with GreenLight demonstrating modern exploration practices while regulators rebuild institutional expertise.

This regulatory evolution occurs against the backdrop of changing political sentiment toward mining in the United States. Filgate observes: 

"We're seeing a real shift in the mentality of people in the United States right now. When you talk about mining back in the 70s and 80s, there was environmental concern. It was a dirty business. With everybody transitioning to the green side now, we're talking about infrastructural build, national security, electrification."

Market Dynamics

The announcement of 50% tariffs on imports by the Trump administration has created urgency around domestic copper supply development. 

"With what's going on with Trump announcing these new 50% tariffs that are coming in on imports, they got to backfill that with domestic supply." 

While existing US projects may satisfy short-term demand, the long-term outlook requires new discoveries and development of high-grade, quick-to-market projects.

Wisconsin's historical significance in VMS exploration during the 1960s through early 1990s demonstrates the belt's potential. Major companies including Rio Tinto, BHP, and Exxon conducted extensive exploration programs, making numerous discoveries before the political climate shifted. The only mine to reach production was Rio Tinto's Flambeau operation, which processed just under 3 million tons at exceptional grades of 6% copper and 5 grams per ton gold.

Additional Project Portfolio

Beyond Bend, GreenLight has assembled a portfolio of high-potential targets across the Penokean volcanic belt. The Lobo project represents a particularly compelling opportunity, featuring a historic discovery by Noranda in the late 1970s that yielded 9 meters at 23% zinc, 1.5% copper, 2% lead, and over 1 gram per ton gold. This discovery was made during Noranda's exploration campaign that also discovered the 60-million-ton Crandon deposit, but Lobo was never followed up as the company focused resources on Crandon's development.

Lobo East presents another untested VTEM anomaly located four miles from Lobo that has never been drill-tested. The company is currently permitting Lobo for drilling planned for October-November 2025.

The Reef Project, while not a current focus, adds diversity to the portfolio as an orogenic vein system with a 100,000-ounce historic resource at over 9 grams per ton gold. However, management has chosen to concentrate resources on VMS discovery and the development of Bend.

Capital Strategy

GreenLight completed its transition to public markets with a capital raise of approximately $3.8 million, combined with $400,000 in existing funds to begin operations with $4.3 million. Current cash position stands at approximately $2.8 million following drilling expenditures, property payments, and public company costs.

The company's shareholder structure reflects management's commitment and strategic relationships. Management owns approximately 9% of the company, with Filgate having taken only stock compensation in his first year and making personal investments in the company. Institutional ownership accounts for 22% of shares, with Vestcor and Delbrook being the largest funds at just under 10% each.

Over 70% of the shareholder base consists of high net worth individuals and retail investors, with 50% of this group comprised of four major supporters. This includes Alex Gubbins from Peru and several Vancouver-based high net worth investors who continue to provide market support. With only 162 shareholders at the time of going public and a current market capitalization of approximately $14 million on 65 million shares outstanding, the company maintains a tight shareholder registry.

The Investment Thesis for GreenLight Metals

• Unique market position as the only active explorer in Wisconsin's mineral-rich Penokean volcanic belt, providing first-mover advantage in an underexplored jurisdiction
• High-grade resource expansion potential at Bend Project, targeting growth from 4.5 million tons to 15-20 million tons at world-class VMS grades of 2% copper and 2.3 g/t gold
• Strategic timing aligned with US domestic supply priorities, enhanced by Trump administration's 50% import tariffs creating urgency for domestic copper development
• Experienced management team with proven track record in exploration, permitting, and corporate development, supported by Wisconsin-connected board members
• Multiple discovery opportunities including the high-grade Lobo project (23% zinc, 1.5% copper) and several untested VTEM anomalies across the belt
• Favorable regulatory environment following Wisconsin's 2017 mining moratorium repeal and implementation of mining-friendly legislation
• Low-cost asset acquisition strategy, having secured key projects for minimal upfront investment while benefiting from decades of historic exploration data
• Tight shareholder structure with strong institutional and high net worth backing, management ownership alignment, and limited share count providing leverage to success
• Near-term catalysts including imminent assay results from current drilling, Phase 2 drilling program expansion, and potential resource estimate updates
• Commodity leverage to copper price appreciation driven by electrification trends, infrastructure development, and supply constraints in traditional mining jurisdictions

The convergence of aggressive trade policies, electrification demands, and supply chain vulnerabilities has created an unprecedented opportunity for domestic US copper development. President Trump's announced 50% tariffs on imports represent a fundamental shift in trade policy that directly impacts commodity supply chains, while the ongoing transition to renewable energy and electric vehicle infrastructure dramatically increases copper demand projections.

Wisconsin's emergence from a 20-year mining moratorium coincides perfectly with this macro environment. The state's Penokean volcanic belt contains proven VMS deposits that were extensively explored by major mining companies during the 1960s-1990s, creating a database of historic targets that can be re-evaluated using modern techniques. The political rehabilitation of mining in Wisconsin, evidenced by the 2017 repeal of the mining moratorium and implementation of the Mining for America Act, reflects broader recognition that domestic mineral security requires state-level cooperation.

The unique aspects of Wisconsin's opportunity include minimal modern competition, extensive historic data available for reinterpretation, and proximity to existing infrastructure and processing facilities. Unlike many domestic copper projects that require massive capital investments and lengthy permitting processes, Wisconsin's VMS deposits offer the potential for smaller, higher-grade operations that can reach production more quickly. This aligns with Trump administration priorities for rapid development of strategic mineral resources and reduced dependence on potentially unreliable international suppliers.