Group Eleven Puts Copper First at Ireland’s Ballywire Discovery

• Group Eleven now treats Ballywire’s copper-silver system as the main source of value.
• The copper-silver structures have been intersected over 1,700 meters and appear to run for most of the zinc discovery’s length.
• About 30,000 meters across roughly 91 holes has largely tested only 1 of 4 gravity anomalies on a 6 kilometer trend.
• The company held C$16.2 million in cash as of June 2026 and is targeting about 70,000 meters of drilling mostly in 2027.
• Glencore and Michael Gentile hold 12.8% and 13.6% of basic shares, and copper and germanium are classed as critical in the European Union.

Europe wants more of its copper and germanium mined at home, and Ireland has a 60-year history of putting base metal discoveries into production. Group Eleven Resources Corp. (TSXV: ZNG) is drilling a discovery in Ireland that now contains both metals, along with zinc, lead, silver and some antimony.

The Ballywire discovery started as a zinc-lead-silver find. It now includes a distinct copper-silver system that management regards as the bigger prize. Speaking with Crux Investor in London ahead of Michael Gentile’s roadshow, co-founder Bart Jaworski explained why copper now leads the investment case, how the company’s 2 largest shareholders came on board, and what next year’s heavier drill program is designed to test.

Why Ireland & Why This Camp

Ireland’s appeal for a base metal explorer starts with its record. Group Eleven’s October 2026 presentation lists 6 mines permitted in Ireland over the last 60 years, with Boliden, Glencore and South32 among the operators. In the Fraser Institute’s 2025 mining survey, Ireland ranked third in Europe on the Policy Perception Index and fifth in Europe for investment attractiveness. Jaworski cited low expropriation and corruption risk, a stable democracy and good visibility with communities as reasons for those rankings.

Infrastructure is the second draw. The presentation lists roads, rail, power and tidewater access, plus proximity to European smelters. Jaworski said billions have already been spent on that infrastructure, and he described it as a deciding factor for base metal projects.

Ballywire borders Glencore’s ground. Jaworski put Glencore’s Pallas Green deposit at 45 million tonnes grading 8.4% zinc-lead, still undeveloped and still being drilled. He called that a middle grade by Irish standards, where the most recent mines ran at 10% to 15%. In his view, a higher-grade source nearby would add a sweetener to the camp.

Backing From Glencore & Michael Gentile

Group Eleven’s share register includes 2 strategic holders. Glencore invested in 2019 and joined the board in 2020. Michael Gentile began investing personally in 2020, about 2 years before the discovery hole. Jaworski said Gentile saw Glencore’s large discovery next door and early exploration signals on Group Eleven’s licenses, and concluded the company would not need to find much to light up the camp.

According to the latest company presentation, Gentile held 13.6% of basic shares and Glencore held 12.8%. Jaworski said Gentile’s following has lowered the company’s cost of capital and introduced it to investors who did not know it existed.

Interview with Bart Jaworski, CEO of Group Eleven Resources Corp.

Ballywire: 2 Systems on Shared Plumbing

The September 2022 discovery hole cut 10.8 meters (m) grading 10.0% combined zinc and lead and 109 grams per tonne (g/t) silver. Drilling since then has outlined 2 linked systems. The first is a zinc-lead-silver system that typically grades about 10% zinc and lead with 50 to 150 g/t silver, which is higher silver than is usual in Ireland. The second is a set of near-vertical copper-silver structures that dip steeply to the south, each 2 to 3 m thick.

Jaworski said the copper-silver structures have now been intersected over 1,700 m and appear to continue for most of the length of the zinc discovery. The remaining work there is mostly infill to confirm the zones connect. Germanium comes with the zinc because it occurs inside the crystal structure of sphalerite, the zinc mineral. Jaworski said recovering the sphalerite should recover the germanium, but noted that metallurgical testwork has not yet been done to prove it.

Ballywire lies on a 6 kilometer (km) gravity trend with 4 gravity anomalies, and only 1 has been largely drilled off. Chief Executive Officer of Group Eleven, Bart Jaworski, said the drilling so far covers a small part of that trend:

“We’ve probably drilled about 30,000 meters into Ballywire so far. We’re at 91 holes, but we’re still only a quarter of the way through the trend.”

Copper Moves to the Front of the Investment Case

The copper-silver system has changed how the company allocates its people. Jaworski said Group Eleven is now steering its technical team toward copper, which he sees as the larger opportunity by market size and investor audience.

Jaworski described how the discovery reset the company’s priorities:

“The prize used to be the zinc, but now that we know there’s a copper system, it’s really more about that than it is about the zinc.”

The two metals remain tied together. Whether the copper arrived with the zinc or in a later phase is still debated. Jaworski said the copper appears to have used the same plumbing as the zinc either way, so finding one should lead the company to the other.

Funding & the Drill Program Ahead

Group Eleven held C$16.2 million in cash at June 30, 2026, including a C$12.0 million bought deal. Its market capitalization was C$224.1 million at September 24, 2026. Drilling has stepped up from 1 rig to 2 and now 4, and Jaworski said a fifth may join later this year.

The company is targeting about 70,000 m of drilling, with roughly 35% to 40% falling this year and most of it in 2027. Jaworski said that includes finishing about 50,000 m at Ballywire and about 15,000 m on a target he described as a mirror image of Pallas Green, a few km south of Glencore’s deposit on the south side of the Limerick volcanic complex. The presentation lists approximately 67,000 m funded, and up to 75,000 m subject to detailed planning.

Jaworski said the market gives that target no value today after a decade without capital to explore it. He also pointed to Stonepark, a high-grade satellite on the edge of Pallas Green. If Ballywire, Stonepark and a Pallas Green look-alike all prove up, this would really light up the camp.

The Investment Thesis for Group Eleven Resources

• Group Eleven’s Ballywire discovery hosts a zinc-lead-silver system and a separate copper-silver system that the company has intersected over 1,700 meters.
• Management now treats copper as the main source of value at Ballywire, and copper and germanium are both classed as critical under the European Union’s Critical Raw Materials Act.
• Only 1 of 4 gravity anomalies on the 6 kilometer trend has been largely drilled, so most of the trend remains untested.
• The company held C$16.2 million in cash at June 30, 2026 and is targeting about 70,000 meters of drilling, most of it in 2027.
• Glencore and Michael Gentile hold 12.8% and 13.6% of basic shares respectively, giving the company 2 strategic holders.
• The next tests are drilling on the 3 untested anomalies, the first holes into the Pallas Green look-alike target and metallurgical testwork on germanium recovery.

The case depends on drilling results through 2027. Mineralization that extends across more of the trend would change the scale of the camp, while weak step-outs would confine the story to a single deposit.

Macro Thematic Analysis

The European Union’s Critical Raw Materials Act gives Ballywire’s metal mix a policy angle that a zinc discovery alone would not have. Jaworski explained how European policy shapes the company’s focus:

"Copper is the metal of the future. So we need to be going after that and I think from a European perspective with the Critical Raw Materials Act. It's not zinc that's critical, copper is, silver is, germanmanium is. So that's what we have to focus on."

Germanium adds to that case. Jaworski said the metal occurs mainly in certain coal deposits and certain zinc deposits, and Ballywire is one of those zinc deposits. A European source of germanium hosted in zinc ore would add to local supply without a separate mine.

Ireland is also building its own funding channel. Jaworski said the Irish Minerals Fund was set up to fast-track metals production in the country and is seeking further external investment. He said its early money has gone to the Galmoy mine restart and to a nearby explorer, and that it will likely need to move upstream into exploration because few Irish projects are close to production, and hopes Group Eleven can draw on that support over time.

TL;DR

‍Group Eleven Resources (TSXV: ZNG) now treats copper, not zinc, as the main prize at its Ballywire discovery in Ireland. Co-founder Bart Jaworski said a copper-silver system has been intersected over 1,700 meters (m) alongside a zinc-lead-silver system that also hosts germanium. About 30,000 m and 91 holes have largely tested 1 of 4 gravity anomalies on a 6 kilometer trend. Glencore and Michael Gentile hold 12.8% and 13.6% of basic shares. Germanium recovery has not yet been tested. With C$16.2 million in cash at June 30, 2026 and 4 rigs on site, the company is targeting about 70,000 m of drilling, mostly in 2027, including a Pallas Green look-alike target.

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