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Pecoy Copper is advancing a large copper-gold-molybdenum-silver porphyry system in southern Peru. In this interview, CEO Vincent Metcalfe and I discussed their strategy (drill-led derisking with an eventual sale to a larger operator rather than building), the 2026 drilling plan, permitting/EIA path, and how the company is positioned financially after its reverse takeover.
TL;DR
Management’s plan is to spend the next 18-24 months drilling aggressively while advancing permitting and environmental work, aiming to present a “turnkey” derisked project to a major rather than build a mine themselves. Vincent brought up the ~50,000 m of historical drilling, an existing resource of 865 million tonnes at 0.34% copper (with by-products), and a 2026 plan to drill ~40,000 m (roughly 35 to 45 holes, typically ~1,000 m per hole). Funding-wise, CEO Metcalfe said the RTO financing raised C$63 million at C$0.60 and the company started trading with about C$48 million in the bank, and approx C$45 million remaining at the time of the interview (no near-term need to raise capital was stated).
- What have they done for shareholders lately?
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Vincent told me they consolidated the fragmented ownership across multiple claim blocks, which he said was the key historical problem preventing development. They also cleaned up inherited liabilities using the RTO proceeds, restarted drilling after roughly a decade without drilling (two rigs running with additional rigs planned), and put the project on a more formal permitting track (existing drill permits in place on key areas and additional permitting underway for the southern portion). CEO Metcalfe also highlighted improved market access steps (an OTCQB listing and DTC clearing in progress) and new/expected broker research coverage (one named as Canaccord, with others expected).
– - How much money do they have and what are they spending it on?
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The company raised C$63 million at C$0.60 in the RTO and, after debt repayment, transaction costs, and cash payments to at least one counterparty, began trading (in September) with ~C$48 million and currently has ~C$45 million. For 2026, he guided to ~US$20 million for drilling (noting all-in drill costs of roughly US$400 per metre) plus non-exploration overhead of ~US$5 million per year. He also mentioned an all-in annual budget around ~US$25 million and said they do not expect to raise additional capital this year or into early next year.
– - Upcoming catalysts
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First assays are expected around early February, with the first two holes focused on South Breccia (including step-outs/depth tests) before moving into the Center of the Pit target and then other targets like West Pampa, with a broader 2026 plan laid out as up to ~40,000 metres and a ramp toward as many as five rigs at peak activity. Permitting work was described as already in place for a large amount of drilling on key areas, with the southern portion expected to be drill-ready within the next few months once the remaining permitting work lands, and parallel workstreams include metallurgy follow-up (including improving gold recovery and separating a molybdenum concentrate) and early-stage environmental baseline work tied to the EIA path.
– - Risks
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Near-term risks include execution risk from scaling up drilling (people/process/safety as activity increases), seasonal weather constraints that may slow certain drill pads in late February or early March, and social/license risk tied to maintaining agreements with local communities as drilling restarts after a long pause. Peru is entering an election year, which may bring country-level uncertainty, and there is potential share overhang from staged vendor share releases (Vincent noted an initial release of ~30 million shares in early January and future releases over two years). Commercial/structural complexities we talked about include existing royalties on part of the resource footprint and a Trafigura copper concentrate offtake right on one claim block, though management said they are discussing restructuring.
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Pecoy Copper CEO Interview With Vincent Metcalfe
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