Decoding Arras Minerals’ Expanding Copper-Gold Footprint in Kazakhstan

VANCOUVER, BC – November 10, 2026 — In the high-stakes arena of mineral exploration, the difference between a geological curiosity and an economic powerhouse often comes down to scale. For Vancouver-based Arras Minerals Corp. (TSXV: ARK), the latest drill results from its Elemes copper-gold project in northeastern Kazakhstan suggest the company is firmly tracking the latter.

Today, Arras reported sweeping intercepts from its Berezski Central target, most notably a staggering 705-meter continuous run of copper-gold mineralization from the surface. In an industry where results are often heavily manicured, a near-kilometer-long core of continuous mineralization demands analytical attention. But beyond the immediate headline numbers, these results offer a window into the evolving geopolitics of copper supply, the realities of junior exploration funding, and the nuanced math behind mineral equivalency reporting.

A Tier-One System in the Making?

The technical data released today paints a picture of a rapidly expanding porphyry system. Drill hole EL26046 intersected 338 meters grading 0.44% copper equivalent (CuEq) starting from a depth of 415 meters. Embedded within that broad zone is a higher-grade core of 184 meters grading 0.52% CuEq.

Perhaps more critical for potential open-pit economics is drill hole EL26045, which cut 705 meters of continuous mineralization from surface grading 0.23% CuEq. This included a 366-meter interval grading 0.36% CuEq from 339 meters down.

The footprint of Berezski Central has now ballooned to 1,000 meters in length by 600 meters in width, extending to depths greater than 700 meters. To understand the significance of these dimensions, one must look roughly 60 kilometers to the northwest, to KAZ Minerals’ Bozshakol mine. Bozshakol is a tier-one behemoth, boasting reserves of over a billion tonnes grading 0.36% copper. While Arras is still in the exploration phase, the volumetric scale and grade profile emerging at Berezski Central are beginning to echo the geological signatures of its mega-mine neighbor.

"These latest results from Berezski Central are demonstrating the growing scale and continuity of the copper-gold mineralization we are discovering," noted Tim Barry, CEO of Arras Minerals. "Importantly, the KGK drilling results suggest that the system could extend considerably beyond these dimensions. We believe Berezski Central has the potential to develop into a much larger copper-gold discovery."

The mineralization, characterized by disseminated chalcopyrite and quartz-chalcopyrite-molybdenite veining, is classic for large-scale porphyry systems. These deposits are the backbone of global copper production—low grade, but massive in tonnage, capable of sustaining operations for decades.

The Math Behind the Metrics: Decoding CuEq

While the lengths of the intercepts are undeniably impressive, a critical eye must be applied to the "copper equivalent" (CuEq) calculations used to report the grades. In polymetallic deposits, companies aggregate the value of all extracted metals into a single, easy-to-digest number, pegged to the primary commodity.

Arras Minerals calculated its CuEq using assumed metal prices of US$3.75 per pound for copper, US$3,000 per ounce for gold, US$35 per ounce for silver, and US$30 per pound for molybdenum.

The copper assumption of $3.75/lb is relatively standard and aligns with conservative consensus forecasts driven by the global energy transition and electrification demands. However, the gold assumption of $3,000/oz is notably bullish. While gold has enjoyed historic highs in recent years, a $3,000/oz long-term assumption significantly amplifies the gold contribution to the final CuEq number.

For instance, in hole EL26045's headline intercept (338 meters @ 0.44% CuEq), the raw grades are 0.17% copper and 0.24 g/t gold. Because the equivalency formula weights gold at a premium $3,000/oz, the final CuEq appears much higher than the base copper grade alone. If a more traditional long-term gold price of $2,000 to $2,300/oz were applied, the CuEq would contract.

This is not to diminish the discovery—0.17% copper and 0.24 g/t gold over massive widths from surface is highly compelling for a bulk-tonnage target. However, it underscores the necessity for investors and analysts to deconstruct the math behind the metrics. The true economic viability will ultimately depend on metallurgical recoveries—which Arras estimates at 90% for copper and 85% for gold—and the final feasibility engineering.

Kazakhstan’s Modern Copper Rush

The Elemes project's success is also a testament to the shifting geographic realities of modern mining. For decades, Western exploration capital was heavily concentrated in the Americas and Australia. Today, as traditional jurisdictions face declining ore grades, stringent permitting bottlenecks, and rising resource nationalism, the industry is looking eastward.

Kazakhstan, with its rich Soviet-era geological databases and vast, underexplored steppes, is emerging as a premier destination for the modern copper rush. The Bozshakol-Chingiz metallogenic belt, where Elemes is situated, is proving to be a world-class host for porphyry systems.

For junior explorers like Arras, operating in the Pavlodar region offers distinct structural advantages that mitigate traditional frontier risks. The Elemes project is not stranded in a remote, inaccessible jungle. It sits 13 kilometers from the industrial hub of Ekibastuz, bisected by a paved highway, with immediate access to heavy rail and existing power grids. In the capital-intensive world of mine building, having established infrastructure at the property line can shave hundreds of millions of dollars off initial capital expenditures and years off the development timeline.

The Kazakh government has actively reformed its mining code to mirror Western standards, aiming to attract foreign direct investment. Arras Minerals’ ability to secure and systematically explore a 531-square-kilometer land package speaks to the operational viability of this modernized regulatory framework.

The Capital Engine Driving the Drills

Proving out a tier-one porphyry system requires an immense amount of capital. Arras currently has four diamond drill rigs turning at Elemes, having completed roughly 39,000 meters of drilling in 2026 alone. The company expects to push that total to 44,000 meters by early December.

At an estimated industry average of $150 to $200 per meter for diamond drilling, a 44,000-meter program represents a multi-million-dollar annual burn rate—a substantial financial commitment for any junior exploration company. This aggressive drilling pace is a calculated risk, driven by the need to rapidly define the limits of the Berezski Central deposit and maintain momentum in the equity markets.

The strategy appears to be yielding tangible results. Beyond the deep diamond drill holes, Arras has utilized top-of-bedrock (KGK) drilling to map the broader geochemical anomalies. These shallower tests indicate that the mineralized zone could potentially expand by an additional 50% to 100% beyond the current 1,000-by-600-meter footprint. Furthermore, visual observations of stockwork veining to the east and northeast suggest the presence of multiple porphyry and epithermal systems along the broader Berezski Trend.

As laboratory turnaround times begin to improve, a steady flow of assay results is expected over the next five weeks and into the first quarter of 2027. For Arras Minerals, the challenge will transition from making the initial discovery to defining its ultimate boundaries and securing the institutional capital required to advance it. In a global market hungry for new copper supply, the drills at Elemes are doing exactly what they are supposed to do: turning geological theory into undeniable, measurable reality.