⚠️ PAID-FOR CONTENT

Pecoy Copper is advancing the Pecoy copper-gold-molybdenum-silver project in the Arequipa region of southern Peru, with an inferred resource of 865 million tonnes at 0.34% Cu, sitting at roughly 1,650 metres elevation, about 80 km from the Pacific coast. They also hold the Tororume project, a separate copper-porphyry target about 8 km away. This interview was a deep technical dive into the deposit geology, current drilling results, the case for a higher-grade internal core, and an update on money and near-term plans.

TL;DR

Two back-to-back kilometre-scale drill holes in the South Breccia (PEC-25-065 was 1,014m at 0.37% Cu and PEC-25-066 was 1,020.5m at 0.43% Cu) confirm lateral and vertical grade continuity in what management believes could be a meaningful higher-grade domain within the broader deposit, not just a starter pit. The company had about C$40 million in the bank at interview time, guided to a roughly C$25 million all-in program cost for 2026, and said they don’t plan to raise capital this year. They’re scaling from 2 to 4 rigs at Pecoy, plus one rig going to Tororume in May. Future drill releases will be batched at 3 to 5 holes per news release. Resource update timing is not yet set, as management wants more resolution first.

What have they done for shareholders lately?

The company drilled the first two holes at the Pecoy project since 2016 and both came back with over a kilometre of continuous copper-gold-molybdenum-silver mineralization: PEC-25-065 returned 1,014m at 0.37% Cu and 0.13 g/t Au from 17m depth, published in February 2026 and PEC-25-066 came back with 1,020.5m at 0.43% Cu and 0.09 g/t Au from 48m depth, about 195m west of the first hole, published April 8, 2026. CGO Cardin-Tremblay told me that both holes extend mineralization below the current resource pit shell and that a new molybdenum zone was identified in the South Breccia that wasn’t in the historical record. They also started a geotechnical and metallurgical review program in parallel with drilling, with work being done on improving gold recoveries (currently sitting at around 45%, which Cardin-Tremblay said has room to move higher). An MT electromagnetic survey was nearly complete at the time of the interview, aimed at mapping deeper conductivity targets.

How much money do they have and what are they spending it on?

CEO Metcalfe said they had approximately C$40 million at interview time. He guided total 2026 program spending at roughly C$25 million all-in, including G&A, which, at the current share price, leaves them with comfortable runway. Burn was running about C$1 million per month with two drill rigs operating and will climb as they ramp to five total (four at Pecoy, one at Tororume). Metcalfe called them “basically fully funded for 18 to 24 months” and said no capital raise is planned for 2026. Officers and key principals together hold approximately 36 million shares, representing about 17% of the company, so Vincent says that will make them think twice before raising dilutive capital.

Upcoming catalysts

On the technical side, they told me the next few press releases will batch 3 to 5 drill holes per release rather than single holes, which means the next news package from Pecoy could come fairly soon given the ramp to four rigs. The MT survey results are expected imminently as the survey was nearly complete. Metallurgical test work is ongoing and could produce updates during the year. A drill hole spacing study is planned for 2026 to set the foundation for an eventual resource upgrade.

On the operational side, a third drill rig was due on site within about a week of the interview, with a fourth to follow. Drilling at Tororume is planned to start in May or June 2026, with results from that program expected toward late summer or early fall 2026.

On the corporate side, Metcalfe mentioned coverage has been initiated by Canaccord, Scotiabank, and NBF, with at least two more brokers reportedly close to initiating. He also floated early June as a potential timing for a more comprehensive investor update, by which point he said several catalysts should either be delivered or close to being delivered.

Risks

Both Vincents identified community relations as the primary risk. They were clear that the project only works with continued buy-in from local communities, and that maintaining those relationships is their number one operating priority. Metcalfe also flagged geopolitical and macroeconomic volatility explicitly, noting that the global market turbulence of the six to seven weeks prior to the interview had put that risk back on his radar for longer-term planning, even if it doesn’t change their near-term program. On the geology side, Cardin-Tremblay said his main concern is locating the actual porphyry centres because if the vectoring work and the MT survey don’t identify them cleanly, the higher-grade thesis becomes harder to execute on.

Pecoy Copper Interview

VERY IMPORTANT WARNING

Please note that this company has paid Resource Talks for the creation of this content. 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.

By consuming this content, you acknowledge that Resource Talks and/or its affiliates and/or their personnel may own, have owned, or will own interests in and/or may have a business relationship with some or all companies/entities mentioned/featured in this publication. You further acknowledge that entities which may be referenced or featured in this publication or their related parties may hold an interest in Resource Talks or its affiliates, which may create further conflict of interest.

The information provided herein is general & impersonal in nature and meant for entertainment purposes only. The reader acknowledges and agrees that the information does not constitute a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. The author is not a licensed investment advisor. He is just another talking head on the internet. He might own shares of companies mentioned in this publication. Always assume he doesn’t know much more than a potato does. The mining & exploration space is among the riskiest sectors to invest in. The risk of anything mentioned in this publication is 100% loss of capital. If you don’t read the official documents provided by the company on http://www.SedarPlus.ca, you will lose all of your money.