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Arras Minerals’ flagship project is the Elemes copper-gold project in the Pavlodar region of northeastern Kazakhstan. The project sits on the Berezski trend, a roughly 10 km corridor with three known porphyry centres (Berezski North, Berezski Central, Berezski East) plus high-grade breccias at surface, on a belt parallel to the operating Bozshakol copper-gold mine. This conversation covered the expanded drill program, the 936 metre hole at Berezski North, assay lab delays, the recent financing, and Teck walking away from its earn-in.

TL;DR

Arras just raised about C$25 million at C$1.36 with no warrants, sit on roughly C$30 million, and doubled this year’s program from 20,000 to 40,000 metres with four rigs running, targeting completion by year end. They have reported 33 holes and have more than 20 sitting at or on the way to the ALS lab in Karaganda, where turnaround has slowed badly because Kazakhstan sample volumes roughly doubled to about a million this year. The headline 936 metre intercept from surface at about 0.71% CuEq was drilled at 80 degrees straight down a breccia pipe, and Barry thinks it is on the edge of the system, not the middle, with the porphyry centre more likely to the southwest. No resource timing was committed to, they are still in exploration mode, and about 60 to 65 percent of the in-situ value so far is gold rather than copper.

What have they done for shareholders lately?

Since the January interview they went from two rigs to four, doubled the 2026 program to 40,000 metres, finished a 6,000 metre top-of-bedrock program in May, and reported the 936 metre hole from surface that got the market’s attention and brought Rick Rule into the financing. They also raised capital without warrants, and management pointed out they held up better than the peer group when precious metals names sold off. On the technical side, the key new information from that deep hole is that mineralization continued below the breccia pipe out to about 350 metres, alteration changed from argillic and phyllic into true potassic at depth, and the strongest copper grades came in the last 100 metres or so of the hole. That opens up depth potential under a breccia body whose edges they say they have not yet defined.

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

They closed roughly C$25 million about three or four weeks before the interview, issuing about 18 million shares at C$1.36 with no warrants attached, and Klinck says there are no warrants outstanding from prior financings either, with only around 3.7 million options, RSUs and DSUs combined. Cash is just under C$30 million against roughly 145 million shares out and a market cap just under C$215 million at a C$1.59 share price. Nearly all of it goes into drilling at Elemes. Barry gave the arithmetic directly: drilling has gone from about $85 per metre when they entered the country to over $100 now, call it $110 on average, plus about $40 per assay sample, so roughly $150 per metre all in. The rest goes to regional geophysics on the ex-Teck ground, some geophysics at Aimandai, and a modest marketing budget of maybe three or four conferences a year including Beaver Creek and PDAC.

Upcoming catalysts

Technical: six more holes pending from Berezski North, with the first expected to start coming out roughly two to three weeks after the interview, plus holes from Berezski Central, Berezski East and the Novii target; assays from the completed top-of-bedrock program over the corridor between Berezski Central and Berezski North expected over about the next month; geophysics results at Aimandai with a decision around October on whether a rig moves there for a few preliminary holes; a mineral resource estimate at some point, though timing was left open and the specific year Barry gave was cut off in the recording, so treat it as unconfirmed. Operational: the remainder of the 40,000 metre program targeted for completion by year end, all of it on the Berezski trend including undrilled targets in between the known centres; potential move to on-site sample prep so pulps go to the lab and jump the queue; possible addition of more rigs, which Barry says depends on winter infrastructure and finding people. Corporate: Beaver Creek in September and PDAC, plus the possibility of a new regional partner on the ground Teck dropped.

Risks

The obvious near-term one is news flow, since the lab backlog is outside their control and they said themselves they live and die by it, though CEO Tim Barry expects the dam to break and results to come every couple of weeks once ALS catches up. Geologically, they named the main risk as the age of the rocks, roughly 460 million years, which gives plenty of time for faulting to chop up and displace the system, and he used Arizona as the example of large porphyry systems where nobody can find the core. They also have not hit the porphyry centre yet, so the vectoring thesis toward the southwest is still untested. Add the usual exploration reality that not every hole looks like hole 32, no metallurgical work exists yet behind the copper equivalent numbers, Teck’s remaining 8.5 percent stake is a potential overhang even if management expects it to be placed responsibly, and a shortage of skilled people in a booming Kazakh drilling market could cap how fast they scale.

Arras Minerals Interview

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