Kodiak Copper Corp. Confirms Copper and Gold Recoveries from MPD Metallurgical Testwork

• Rougher flotation testwork at a coarser grind size (150 µm) achieved copper, gold and silver recoveries of up to 91.1%, 81.4% and 80.4% respectively, compared with 89.9%, 74.1% and 76.0% at the finer 75 µm grind used in 2025.
• A coarser grind size requires less energy for crushing and grinding, which may reduce operating and capital costs.
• The company completed its first locked cycle test, which simulates continuous flotation conditions at a steady state, similar to a production-scale plant.
• The locked cycle test produced a cleaner concentrate grading 18.3% copper, 8.2 grams per tonne gold and 73 grams per tonne silver, with recoveries of 78.7% copper, 60% gold and 49.3% silver.
• Diagnostic leach testing found that a portion of gold at MPD occurs as free gold rather than bound to sulphide minerals, indicating gravity recovery methods may offer an additional avenue to improve gold recovery.

Kodiak Copper Corp. (TSX-V: KDK, OTCQB: KDKCF, Frankfurt: 5DD1) is a Vancouver-based mineral exploration company advancing copper porphyry projects in Canada and the United States. Its principal asset is the wholly owned MPD copper-gold porphyry project in the Quesnel Terrane of south-central British Columbia. An initial mineral resource estimate completed in 2025 identified seven deposits at MPD. The company also holds the Mohave copper-molybdenum-silver project in Arizona, located near the Bagdad mine. Kodiak was founded by Chris Taylor, previously associated with the Great Bear Resources gold discovery, and is part of the Discovery Group, led by John Robins.

Optimised Rougher Flotation at Coarser Grind Size Confirms Robust Copper, Gold and Silver Recoveries

The testwork programme evaluated whether MPD's copper-gold mineralisation could be processed at a coarser grind size than that used in the 2025 programme. Increasing the grind size from 75 micrometres to 150 micrometres reduces the energy required to crush and grind ore to the size needed to release valuable minerals.

Results showed that the coarser grind size produced rougher recoveries comparable to, and in some test batches higher than, those achieved at the finer grind in 2025. Copper recoveries reached up to 91.1%, while gold and silver recoveries reached 81.4% and 80.4% respectively, compared with 74.1% and 76.0% at the finer grind.

According to the company, operating at the coarser grind size could reduce comminution energy requirements, with potential reductions in capital and operating costs. The testwork showed these results without a reduction in concentrate quality or recovery performance.

First Locked Cycle Test Achieves a Significant Milestone Demonstrating Stable Production-Scale Performance

Kodiak completed its first locked cycle test on MPD samples. This test method simulates a full flotation flowsheet operating at steady state, reflecting conditions in a process plant rather than a single isolated batch.

The test was conducted on the optimised rougher concentrate and produced a cleaner concentrate grading 18.3% copper, 8.2 grams per tonne gold and 73 grams per tonne silver. Corresponding recoveries were 78.7% copper, 60% gold and 49.3% silver.

During cleaner variation testwork, non-sulphide gangue, waste material that does not contain valuable sulphide minerals, was identified as a source of dilution in the final concentrate. Kodiak plans follow-up testwork to evaluate whether alternative equipment could remove this material.

President and CEO Claudia Tornquist stated:

"The completion of the first locked cycle test was also an important step forward since this work more closely reflects performance in a production-scale plant. We look forward to continue building our knowledge and de-risking the project through further metallurgical testing."

Gold Deportment Findings Open the Door to Further Recovery Improvements Through Gravity Processing

Gold recovery improved in both the rougher testwork and the locked cycle test compared with the 2025 programme. To investigate further, Kodiak conducted diagnostic leach testing to determine whether gold in the samples is bound to sulphide minerals or present as free gold.

The testing confirmed that a portion of the gold is not associated with sulphide minerals. The company stated that flotation alone may not maximise gold recovery in this case, and that gravity recovery processes, which separate minerals by density, may provide an opportunity to improve gold recovery. This has been identified as a focus area for follow-up testwork.

Milestones and Next Steps

The completion of the first locked cycle test represents a technical milestone for the MPD project, providing data on flotation performance under simulated production-scale conditions. Kodiak stated it will continue metallurgical studies, including variability testing and process optimisation, with planned follow-up work on managing non-sulphide gangue dilution and evaluating gravity recovery methods for gold.

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