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This was an interview with Arras Minerals’ Darren Klinck and Tim Barry about their copper-gold exploration in northeastern Kazakhstan, centered on their Elemes project. The main things we talked about were 2025 drilling progress, why they walked away from Beskauga, how much cash they have, and what the 2026 drill plan and news flow are supposed to look like.

TL;DR

Darren and Tim said they have about C$13M in the bank and plan to spend it mainly on drilling, with rigs ramping from two in early February to four in March, and drilling continuing through year-end. They framed 2025 as the year they proved the target has enough “all-grade mineralization” over a meaningful footprint to justify follow-up, and they’re now trying to define size, geometry, and whether they’re seeing multiple porphyry centers along a roughly 9 km trend. They also said they walked away from the optioned project because it would have required a US$15M option payment plus more time and spend, and they’d rather put that capital into discovery drilling on their main focus area.

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1. What have they done for shareholders lately?
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   Director Darren Klinck told me that the first meaningful turning point was releasing initial results about 12 months ago from an early drill program, which he said included “genuine new discoveries.” Since then, they completed a Phase 2 program that included “another 10,000 metres” of drilling and put them roughly 30 holes into the broader effort, with results continuing to “surprise to the upside” across targets they call Berezski North, Central, and East. They also described completing a gravity MT survey in 2025 that highlighted deeper targets they may test.
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2. How much money do they have and what are they spending it on?
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   They said they’re sitting at about C$13M cash and that the plan is to fund the expanded Phase 2 drill program, mainly on the main project area. They described deploying two rigs in early February and adding two more rigs in March, focusing most drilling (roughly 80%) on defining and expanding mineralization at the main two targets (North and Central), with the remainder used for step-outs and testing areas between them and other regional targets. They also said marketing spend is expected to run around 25% of G&A, and they suggested they are not planning a near-term raise because last year’s financing was intended to cover 2025/2026 and into early next year, with no warrants outstanding.
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3. Upcoming catalysts
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   Continuous drilling from early February through the end of the year, more work on geometry and the core they believe they have not yet found in the Central area, and doing metallurgy this year as rock comes out of the ground are going to be the main technical focus for the company. Operationally, the key change is the ramp to four rigs by March and a shift to higher-tempo news flow. They said they expect news flow to pick up in the back end of Q1 and early Q2 as the additional rigs translate into more results. In terms of corporate catalysts, at the time of recording, Teck was still a partner, but that has now changed. They also talked about the possibility of dropping and picking up ground within Kazakhstan as they refine the land package.
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4. Risks
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   They pointed to market risk from a black swan macro event that could hit risk capital and commodities, and plain-old technical risk. It’s exploration, not every hole works, and they need the drill bit to keep confirming continuity, geometry, and scale. Expectation risk might be a thing here, too. In the conversation, both Tim and Darren emphasized it’s still early days (only ~12 months from first results) and that impatience, both internal and from shareholders, is a real pressure point while the picture is still being built from incremental data.

Arras Minerals CEO Interview With Tim Barry

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