Hercules Metals Corp · TSXV:BIG
Hercules Metals — Investor Presentation (October 2026)
45 slides from Hercules Metals's investor presentation, Oct 27, 2026
Slide 1: Advancing America's Newest Copper Porphyry District
Advancing America’s Newest Copper Porphyry District Analyst Presentation OCTOBER TSX-V: BIG | OTCQB: BADEF 2026 1 TSX-V: BIG | OTCQB: BADEF www.HerculesMetals.com
Slide 2: Forward-Looking Information and Cautionary Statements
Forward-Looking Information Cautionary Statements This presentation contains certain information that may be deemed "forward-looking information" with respect to Adjacent Properties: This presentation contains information about adjacent or other third-party properties on which Hercules Metals Corp.
Slide 3: Attendees
Attendees Chris Paul, SVP Exploration Dillon Hume, VP Exploration George Ogilvie, President, CEO and Director Nick Nikolakakis, SVP Finance and CFO Nick Hayduk, SVP Corporate Development and CLO Kevin Canario, VP Finance Alison Dwoskin, VP Investor Relations 3 TSX-V: BIG | OTCQB: BADEF www.HerculesM
Slide 4: Hercules is a first mover in a new copper porphyry frontier in Idaho
COPPER SILVER DRILL ANALYZE BUILD Early-stage critical Hercules is a first mover minerals in a new copper exploration in porphyry frontier in America, with Idaho a methodical builder’s approach 4 TSX-V: BIG | OTCQB: BADEF www.HerculesMetals.com
Slide 5: Right Location in the Americas
Right Location in the Americas Porphyry Belt Tier 1 Copper Development Projects Contained Development Project Company Metals Stage Country Copper (k tonnes) Los Bronces U/G Anglo American plc Cu, Mo, Ag Prefeas/Scoping Chile 49,653,000 La Granja First Quantum Minerals Cu, Au, Ag, Zn, Mo Prefeas/Scop
Slide 6: North America's Large or Giant Porphyry Copper Projects
North America’s Large or Giant Porphyry Copper Projects – “The best place to find a mine…” • Major porphyry belt extends from Alaska down to Chile, with grades improving as you move south • Hercules exists within the belt between Butte and Bingham, near CuMo • Lack of projects in the 40–44-degree la
Slide 7: Idaho Permitting Advantage
Idaho Permitting Advantage Low Geopolitical Risk Pro-resource State with low geopolitical risk. Streamlined State permitting. Idaho was the First State to Adopt Fast Track 41 Revisions New federal permitting rules significantly fast track exploration and mine permitting in the United States, particu
Slide 8: Responsible Exploration
Responsible Exploration Hercules Metals seeks to build a positive legacy by delivering value to the community both during and after its operating life in Idaho and by building close ties with the community, government and all its stakeholders. Engagement Hercules hosts town hall meetings to educate
Slide 9: Hercules Property
Hercules Property Well-Positioned to Operate LOCATION Cambridge, Idaho • 100% owned OWNERSHIP • NSR buyable down to 0.25-1% MINERAL • ~100,000 acres of private, state and RIGHTS federal mineral rights SURFACE • ~3,300 acres of surface rights + ~ MINING private land lease option (black RIGHTS outline
Slide 10: Leviathan Discovery
Leviathan Discovery Near Surface copper porphyry with high-grade secondary enrichment LIGHTENING STRUCK TWICE 10TSX-V: BIG TSX-V: BIG| |OTCQB: BADEFwww.HerculesMetals.com OTCQB: BADEF
Slide 11: Textbook Schematic Cross Section of Leviathan Porphyry and Mineralization Styles
Textbook Schematic Cross Section of Leviathan Porphyry and Mineralization Styles NW SE Topography Triassic Jurassic Weatherby Formation Causative Quartz Porphyry Intrusion Triassic Volcanics 500m Leviathan Mineralisation Styles Porphyry Ore Shell Mineralisation (Cu-Mo) – ~0.4% Cu (Provides the tonne
Slide 12: Stratigraphy of Leviathan Porphyry
Stratigraphy of Leviathan Porphyry Plan view of Leviathan Geology Leviathan Stratigraphy of Minerology 1 JURASSIC 1. Epithermal Silver at Surface 2 2. Hypogene enrichment TRIASSIC blanket hosts >1% copper grades (~50 m 3 thickness 3. Copper porphyry 4. Evidence of skarn at 4 depth Source: Geological
Slide 13: 2023 Leviathan Discovery
HER-23-05 cross-section with interpreted geology, grade bars for 2023 Leviathan Discovery copper (orange), molybdenum (blue), and silver (grey) A Rare New Porphyry Copper Discovery in the U.S.A. • Overlying epithermal silver system with intersected holes including 139 g/t Ag over 42m (HER 23-07). •
Slide 14: 2023 Drilling – Leviathan Porphyry
2023 Drilling – Leviathan Porphyry NE HER-23-08 437.5m @ 0.32% Cu, 86ppm Mo, 0.5ppm Ag Incl. 88.6m @ 0.5% Cu, 48ppm Mo, 0.9ppm Ag HER-23-05 – Discovery Hole 185.3m @ 0.84% Cu, 111ppm Mo, 2.6ppm Ag (to EOH) Incl. 45.3m @ 1.94% Cu, 104ppm Mo, 8.2ppm Ag HER-23-21 758.7m @ 0.22% Cu, 80ppm Mo, 1.3ppm Ag
Slide 15: 2023-2024 Drilling – Leviathan Porphyry
2023-2024 Drilling – Leviathan Porphyry NE HER-24-12 HER-24-21 337.9m @ 0.47% Cu, 71ppm Mo, 1.6ppm Ag 353.6m @ 0.40% Cu, 91ppm Mo, 1ppm Ag Incl. 39.9m @ 0.79% Cu, 65ppm Mo, 1ppm Ag Incl. 44.2m @ 0.81% Cu, 97ppm Mo, 2ppm Ag HER-24-20 300.2m @ 0.55% Cu, 182ppm Mo, 4ppm Ag Incl. 137.6m @ 0.85% Cu, 172p
Slide 16: 2023-2025 Drilling – Leviathan Porphyry
2023-2025 Drilling – Leviathan Porphyry NE HER-25-02 345.9m @ 0.66% Cu, 78ppm Mo, 3.2ppm Ag Incl. 80.8m @ 1.49% Cu, 41ppm Mo, 8.9ppm Ag HER-25-17 585.2m @ 0.39% Cu, 49ppm Mo, 2.1ppm Ag Incl. 46.3m @ 2.17% Cu, 44ppm Mo, 16ppm Ag HER-25-05 379.5m @ 0.5% Cu, 75ppm Mo, 1.5ppm Ag Incl. 34.8m @ 1.01% Cu,
Slide 17: Leviathan Drilling
Leviathan Drilling 2025 Highlights Include: • Overlying cover hosts a younger epithermal silver system NEAR SURFACE SILVER ZONE • HER-25-02: o 81m of 1.49% Cu, 8.9 g/t Ag, o Within 127 m of 1.10% Cu, 7.0 g/t Ag o Within 346 m of 0.66% Cu, 3.2 g/t Ag, 78 ppm Mo • HER-25-05: o 35 m of 1.01% Cu, 6.2 g/
Slide 18: Leviathan Hypogene Enrichment
Leviathan Hypogene Enrichment Highlights Include: • High-grade intersects at the top of the system: • HER-25-18 - 57.4 m of 1.18% CuEq, beginning at NEAR SURFACE SILVER ZONE 188 m downhole (158 m true depth below surface) • HER-25-21 - 21.3 m of 2.00% CuEq, beginning at 224 m downhole (214 m true de
Slide 19: High Grade Hypogene Enrichment
High Grade Hypogene Enrichment HER-25-15 – 350 m HER-25-15 – 373 m Bn Cov Cp+/-Py Cp HER-25-15 – 349 m HER-25-15 – 370 m Bn Cp Bn For applicable technical notes, cautionary statements and other additional information, see PR dated Feb 4, 2026, available on the Company’s website (www.herculesmetals.c
Slide 20: Metallurgical Work
Metallurgical Work Table 1: SILVER - Cyanide Leach Test Results After Sulfurous Acid Leading Preliminary (2024) Extraction Residue Head Reagent Consumption kg/t Sample % Ag g/t Ag g/t Ag NaCN Lime Oxide 86.2 28.0 202.5 1.738 6.5 Sulfide 82.1 17.0 94.8 1.124 2.0 Highlights Table 2: Cu-Mo - Rougher Fl
Slide 21: Leviathan History
Leviathan History DISCOVERY OF Planning COPPER PORPHYRY Phase 6 Drilling BELOW SILVER Program for 2027 Historical 2022 2023 2024 2025 2026 308 drill holes into Hercules begins Barrick – 10% Geological MT Surveys IP Survey on 4 the surface silver greenfield silver holder Mapping targets mineralizatio
Slide 22: Porphyry Expansion Potential
Porphyry Expansion Potential 20% of target tested to date 22TSX-V: BIG TSX-V: BIG| |OTCQB: BADEFwww.HerculesMetals.com OTCQB: BADEF
Slide 23: 4 Porphyry Centers with Overlapping IP / MT Anomalies
4 Porphyry Centers with Overlapping IP / MT Anomalies Leviathan Hook Southern Flats Pegasus Size* 1.35 km x 750 m x 1.8 km chargeability 1.8 km conductivity n/a 500 m depth, drilled* anomaly* anomaly* Open in all directions Open in all directions IP Strength Strong Very Strong Below depth Moderate (
Slide 24: Magnetotelluric (MT) Surveys: 3D Inversion
Magnetotelluric (MT) Surveys Modelling Beginning to Show ~6 km System OPEN 2D Section OPEN 3D Inversion For applicable technical notes, cautionary statements and other additional information, see PRs dated Feb 4, 2026 and Sept 30, 2026, available on the Company’s website (www.herculesmetals.com) and
Slide 25: New Southern Flats Zone Discovery
New Southern Flats Zone Discovery Porphyry Center - 1 km South of Leviathan • Iron-rich volcanics – host rock for high grade Copper HER 26-01 HER 25-25 • HER-26-01 - 0.58% CuEq over 287 m (0.43% Cu, 158 ppm Mo, 4.0 g/t Ag, 0.03 g/t Au) • incl. 66 m of 0.80% CuEq (0.61% Cu, 89 ppm Mo, 11.3 g/t Ag, 0.
Slide 26: High-Priority Target at Hook
High-Priority Target at Hook IP Survey Overlaps MT Highs LINE 5N Leviathan Hook IP/MT surveys show Leviathan open to the north east, and a sizeable drill target at Hook LINE 4N Leviathan Hook For applicable technical notes, cautionary statements and other additional information, see PR dated June 16
Slide 27: 2026 Drill Follow-up Hook Porphyry Target
2026 Drill Follow-up Hook Porphyry Target High Chargeability Target Successful Proof of Concept Drilling • Reconnaissance Drill Hole HER-26-03 Intersects Intense Phyllic Alteration, Consistent with the September Drill Margins of a New Porphyry System, at the Edge Hole of a 1.8-Kilometer Chargeabilit
Slide 28: Mineral Project
Mineral Project LOCATION Washington County, Idaho SIZE ~2,800 acres <2.5 hours from Boise ACCESS 14 miles south-southwest of Hercules Property, along trend Lease to own 100% with no royalty OWNERSHIP obligation Copper-gold porphyry overlain by GEOLOGY rhyolite-hosted silver – an identical geological
Slide 29: High Chargeability Anomalies in Gold and Moly at Mineral Project
High Chargeability Anomalies in Gold and Moly at Mineral Project For applicable technical notes, cautionary statements and other additional information, see PR dated Oct 2, 2023, available on the Company’s website (www.herculesmetals.com) and under its issuer profile at www.sedarplus.ca. 29 TSX-V: B
Slide 30: Epithermal Silver Cover
Epithermal Silver Cover Focus on Leviathan 30TSX-V: BIG TSX-V: BIG| |OTCQB: BADEFwww.HerculesMetals.com OTCQB: BADEF
Slide 31: Leviathan's Precious Silver Optionality
Leviathan’s Precious Silver Optionality AT SURFACE SILVER ZONE Explored • Large epithermal silver system overlays Leviathan, and is believed to extend over Southern Flats • 308 historic holes into the shallow silver zone • Mined in the 1800’s for silver NEAR SURFACE COPPER ZONE • Explored in the 198
Slide 32: Silver
Silver Soil Sampling 01 Soil sampling returned 02 Silver-in-soil values range anomalous silver > 5 g/t over up to 604 ppm (17.6 oz/t) at 3.5 kilometers and open the Belmont Zone under cover in both directions 03 Largest and highest-grade 04 Large regions of anomalous soil/coincident IP anomaly at rh
Slide 33: Epithermal Silver Deposits Overlying Porphyry Copper Systems
Epithermal Silver Deposits Overlying Porphyry Copper Systems Hercules Filo del Sol* Valeriano* East Tintic* Company Hercules Metals BHP / Lundin ATEX Osisko Gold $450 M market cap Sold for $4,000 M $840 M market cap $1,200 M market cap Location Idaho Chile/Argentina Chile Utah (among other projects)
Slide 34: Setting the Groundwork for 2027
Setting the Groundwork for 2027 • Definition of the Leviathan Phase 6 Drilling Program: • Better define the Leviathan deposit to an eventual MRE, including fence drill at 200 m drill spacings • Broader exploration activities: • Preliminary assessment of the Hook target beyond the geophysics. • Regio
Slide 35: A Generational Opportunity in the Making
A Generational Opportunity in the Making 73km belt has potential to Advancing 2026 drill campaign deliver a significant testing stronger discovery value through geophysical anomalies further brownfields America’s than initial discovery. exploration. Newest Definition drilling has Year-round drilling
Slide 36: Contact us
Contact us Herculesmetals.com George Ogilvie, President and CEO TSX-V: BIG | OTCQB: BADEF Gogilvie@herculesmetals.com Dillon Hume, VP Geology dhume@herculesmetals.com Alison Dwoskin, VP Investor Relations Adwoskin@herculesmetals.com 647-233-4348 36 TSX-V: BIG | OTCQB: BADEF www.HerculesMetals.com
Slide 37: Appendix Slides
Appendix Slides 37TSX-V: BIG TSX-V: BIG| |OTCQB: BADEFwww.HerculesMetals.com OTCQB: BADEF
Slide 38: TSX-V: BIG | OTCQB: BADEF
38 TSX-V: BIG | OTCQB: BADEF www.HerculesMetals.com
Slide 39: Snapshot
Share Price Performance Snapshot $2.00 10,000 8,000 Volume (000’s) $1.50 Capital Structure Share Price 6,000 $1.00 BIG executive team 4,000 Issued and Outstanding Shares1 350.4 M bolstered by $0.50 Options 14.0 M 2,000 former ASCU team $- 0 that also RSUs 2.67 M invested $4.5 Fully Diluted 367.1 M M
Slide 40: Our Management Team with a Track Record of Building Shareholder Value
Our Management Team with a Track Record of Building Shareholder Value The former Arizona Sonoran Executive Team developed Cactus from private entity to a US$1.5 Bn sale to Hudbay Minerals PRESIDENT, CEO AND DIRECTOR CFO AND SVP FINANCE SVP CORPORATE DEVELOPMENT & CHIEF LEGAL OFFICER GEORGE OGILVIE N
Slide 41: Our Geological Team
Our Geological Team Strong porphyry copper experience with multiple high-impact discoveries SVP EXPLORATION AND DIRECTOR VP EXPLORATION SENIOR RESOURCE GEOLOGIST CHRIS PAUL DILLON HUME ANTHONY BOTTRILL BSc. Geology BSc. Geology, MSc Economic Geology, P. Geo 27 years of resource geology and modelling
Slide 42: Our Board of Directors
Our Board of Directors CHAIR (INDEPENDENT) DIRECTOR (INDEPENDENT) DIRECTOR MATTHIEU BOS KELLY MALCOM GEORGE OGILVIE BSc Mine Engineering MSc, Metallurgy BSc. Geology, BA Economics P.Eng. Former Executive Vice President at Ivanhoe President and CEO of Borealis Mining. Previously President and CEO of
Slide 43: Majority of Larger Copper Projects in the Americas are at Higher Elevations
Majority of Larger Copper Project in the Americas are at Higher Elevations Elevation vs. Resource (masl | kt Cu) Bubble size = Market Cap (US$M) Primary Open Pit mine Primary Underground mine 5,000 $1,000 $500 $250 Los Helados NGEx Valeriano 4,000 Atex Cotabambas Los Azules Panoro Altar Elevation (m
Slide 44: Large Copper Systems Peer Benchmarking
Large Copper Systems Peer Benchmarking Grade vs. Resource (% Cu | kt Cu) Bubble size = Market Cap Primary Open Pit mine Primary Underground mine (US$M) 1.00% $1,000 $500 $250 Santa Cruz Ivanhoe Electric 0.80% 0.60% Cu Grade (%) Valeriano Atex 0.40% Costa Fuego Los Helados Altar Hot Chili Santo Tomas
Slide 45: Select Copper Porphyry Transactions in the U.S. – Since 2010
Select Copper Porphyry Transactions in the U.S. – Since 2010 Very few M&A opportunities in tier 1 jurisdictions involving porphyry copper assets, due to significant lack of new discoveries. A select few transactions since 2010 are shown below. Robinson – US$1.7B Morenci – US$1.0B for 13% ‐ Date: 201
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