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TL;DR
XXIX Metal Corp., under CEO Stephen Stewart, faces a stagnant stock price amid broader market challenges, but remains focused on unlocking the potential of its flagship copper projects, Opemiska and Thierry. With nearly 5 billion pounds of copper already identified, the company is targeting growth through exploration and capital management. Despite financing and permitting hurdles, Stewart emphasizes long-term value creation, community trust, and strategic planning as key to delivering on the company’s vision of building high-quality, mineable assets.
- XXIX’s share price has remained stagnant for two years due to limited buying interest, broader market conditions, and the natural challenges of the pre-revenue phase in mining.
- The company is prioritizing exploration at Opemiska’s Saddle Zone and Thierry’s K1 and K2 zones, aiming to expand resources and refine project economics through targeted drilling.
- XXIX requires $30 million to advance its projects to pre-feasibility, balancing strategic equity raises and potential partnerships while carefully managing shareholder dilution.
- Permitting remains a significant and ongoing challenge, requiring careful navigation of regulatory frameworks and continuous engagement with local communities to maintain trust.
- CEO Stephen Stewart emphasizes patience and disciplined execution, focusing on creating long-term value through high-quality assets rather than short-term market movements.
Why Has XXIX Metal Corp.’s Stock Price Stagnated for Two Years?
In my recent interview with Stephen Stewart, CEO of XXIX Metal Corp., we examined the company’s financials, operations, and broader market context. Listed on the TSX Venture Exchange (symbol XXIX), the stock’s 52-week range is $0.185 to $0.11, but it has remained stagnant around $0.125 for the past two years. Investor frustration is evident, and I asked Stewart to address the issue.
“For the last two years, we’ve been pretty range-bound between 12 and 13 cents,” Stewart said. “It’s frustrating but not unique. Most companies out there are in the same boat, except the top 10% with standout results.”
Stewart attributed the stagnant stock price to broader market conditions, where only companies with exceptional drill results or transformative news attract investor interest. He noted that XXIX’s focus is on long-term value creation rather than short-term stock performance.
The “boring phase” of the Lassonde Curve, a stage often marked by limited share price movement despite active work programs, appears to describe XXIX’s current position. According to Stewart, this phase is a natural challenge for pre-revenue companies in the mining sector.
Are Larger Sellers or a Lack of Buyers Impacting the Stock?
When asked whether larger sellers were exiting or if the issue was a lack of buyers, Stewart suggested the latter.
“I don’t think we’ve seen sustained selling pressure,” he said. “It’s more about short-term traders getting in and out. What we really need are catalysts and renewed macro interest in the sector.”
Stewart added that retail investors and institutions have largely retreated from the junior resource sector, reflecting broader market trends.
Why Hasn’t XXIX Attracted Major Buyers?
Despite holding nearly 5 billion pounds of copper resources across its flagship projects, Opemiska and Thierry, XXIX has yet to secure major investment from mining companies.
“These things take time,” Stewart explained. “We’ve hosted site visits from multiple strategic players, including major mining companies and unconventional investors, but these processes are lengthy.”
Stewart noted that strategic interest spans both traditional operators and less conventional groups, though he emphasized that XXIX’s priority remains advancing its projects to a stage where their value is undeniable.
How Important Is XXIX to Stephen Stewart?
When asked how important this company is to the CEO’s life, Stewart told me that his involvement in XXIX represents a significant portion of his professional and personal focus as part of the Ore Group, which oversees seven mining companies.
“Success for me means delivering an asset that can become a mine,” he said. “If I can achieve that with XXIX, the financial rewards will follow.”
Stewart confirmed plans to continue buying shares of XXIX in 2025, stating, “Every share I own has been bought with cash. I’m in it for the long haul.”
What Does the Future Hold for Opemiska and Thierry?
Recent Saddle Zone drill results at Opemiska could mark a turning point. Historically underexplored, the Saddle Zone lies between the Springer and Perry deposits. Drill data suggests a new vein orientation, which may allow the conversion of waste into mill feed.
“We’re still early in understanding the Saddle Zone,” Stewart said. “But if we can convert waste material, it would significantly enhance project economics.”
Planned follow-up drilling, estimated at $500,000 to $750,000, will aim to refine the resource model and integrate findings into the scoping study and subsequent PEA.
At Thierry, the focus is on resource expansion and addressing geological questions. The two main zones, K1 and K2, offer opportunities for growth, with 54 million tons at 0.4% copper in K2 and 25 million tons at 1.6% copper in K1. However, questions about grade differentials and zone connectivity remain unresolved.
Stewart described Thierry as representing “growth through the drill bit” and anticipates a robust exploration program to be announced soon. The program will aim to connect zones, uncover new resources, and better understand grade controls.
How Will XXIX Bridge Its Financing Gap?
XXIX faces a $30 million financing gap to advance Opemiska and Thierry to pre-feasibility study (PFS) stage. Stewart acknowledged that funding will likely come from a mix of equity and strategic investments.
“It’s about timing and managing dilution,” he said. “We’re always raising money, but you have to be strategic and patient.”
While XXIX is in relatively good financial shape compared to peers, Stewart emphasized the need for capital discipline.
Is Permitting a Bottleneck?
Permitting remains a challenge for resource projects in Canada. While XXIX is permitted for its planned work, Stewart described the process as ongoing and complex.
“Permitting is never-ending,” he said. “In Quebec, for example, you need hyperspecific permits for each drill collar, which complicates dynamic exploration programs.”
He also stressed the importance of building trust with stakeholders, noting that permits do not guarantee local community approval.
Why Keep Spending on Marketing?
XXIX continues to invest in marketing despite the lack of immediate stock price impact. Stewart described marketing as essential for communicating the company’s story to investors.
“There’s no perfect way to measure marketing effectiveness,” he said. “We leverage platforms and create in-house content to maintain visibility.”
What Are the Risks for XXIX in 2025?
Stewart identified financing, resource definition, and permitting as the primary risks for XXIX, and discussed some of them more in-depth in the interview below.
XXIX Metal CEO Interview
Please note that Resource Talks has received monetary compensation from XXIX Metal Corp for the production of this content. Antonio owns shares of XXIX Metal, which makes this content biased. Furthermore, Stephen Stewart has a related party with a financial interest in the company that owns and operates Resource Talks, including its affiliates or subsidiaries. This relationship constitutes a further potential conflict of interest. Viewers are encouraged to conduct their own due diligence and consider the potential implications of this relationship when assessing the information contained in this video. This website is a business that charges for the creation and publication of content. This means there will always be a potential conflict of interest which means you can never rely on anything said herein.
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