Hercules Metals Corp · TSXV:BIG
Hercules Metals — Investor Presentation (April 2026)
50 slides from Hercules Metals's investor presentation, Apr 4, 2026
Slide 1: Advancing America's Newest Major Copper Discovery
Advancing America’s Newest Major Copper Discovery APRIL TSX-V: BIG | OTCQB: BADEF | FRA: C0X 2026
Slide 2: Forward-Looking Information and Cautionary Notes
Forward-Looking Information Cautionary Notes This presentation contains certain information that may be deemed "forward-looking information" with respect to Qualified Person: Under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), Dillon Hercules Metals Corp. (
Slide 3: Advancing America's Newest Major Copper Discovery
Advancing One of the largest new America’s copper discoveries in the U.S. Newest Major Major copper discovery in first drill program (2023) Discovery hole intersected 185m of 0.84% Cu, 111 ppm Copper Mo, and 2.6 g/t Ag. Ended in mineralization. Discovery Grown to significant scale with only 30k mete
Slide 4: Hercules Evolution
Hercules Evolution NOW 2022: HERCULES AQUIRES PROJECT THEN • Identifies presence of large IP geophysical anomaly 2023: MAIDEN DRILLING PROGRAM 1880-1920: Historical silver mining • First drill program in 2023 tests new IP anomaly, leading to: • Historical production from old silver mines at surface
Slide 5: Snapshot
Snapshot Capital Structure Issued and Outstanding Shares1 289.3 M Options 3.6 M RSUs 2.8 M Fully Diluted 295.7 M Share Price2 $0.80 Market Capitalization2 ~$225M Average Volume ~500 K Significant Shareholders Working Capital ~$10 M 11.6% Short Term Investments ~$2 M 1. As of November 12, 2025 (open)
Slide 6: Our Technical Team
Our Technical Team Strong porphyry copper experience with multiple high-impact discoveries VP/EXPLORATION PRINCIPAL GEOLOGIST CHIEF GEOLOGIST DILLON HUME JOANNA LIPSKE MIKE SEPP BSc. Geology, MSc Economic Geology, P. Geo BSc Geology, MSc Geological Engineering MSc Geology, PhD Geology Expertise Expe
Slide 7: Our Management Team
Our Management Team Strong porphyry copper experience with multiple high-impact discoveries CEO & DIRECTOR CHAIRMAN OF THE BOARD CHIEF FINANCIAL OFFICER CHRIS PAUL MATTHIEU BOS KEITH LI BSc. Geology BSc Mine Engineering MSc, Metallurgy B Comm, CPA, CA Expertise Expertise Expertise Discovered William
Slide 8: Idaho Advantage
Idaho Advantage Low Geopolitical Risk Pro-resource state with low geopolitical risk. Streamlined state permitting. Trump Administration Overhauled Federal Permitting New federal permitting rules significantly fast track exploration and mine permitting in the United States, particular for copper proj
Slide 9: Hercules Property
Hercules Property 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 surface rights + private MINING land lease option (black outline) RIGHTS • 2 hour
Slide 10: Leviathan Discovery
Leviathan Discovery Porphyry copper with high-grade secondary enrichment Only 20% of target tested to date TSX-V: BIG | OTCQB: BADEF | FRA: C0X
Slide 11: Modern Technology Generates Large Porphyry Copper Discovery
Modern Technology Generates Large Porphyry Copper Discovery 2022 Reconnaissance IP survey reveals larger anomaly at depth, below 308 shallow historical holes drilled from 1965-1988 • Historical drilling (308 holes) focused on a large epithermal silver system at surface. • In 2022, modern geophysics
Slide 12: 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. • 2023: First deep hole not only discovers a porphyry beneath near surface silver system, but with excell
Slide 13: 2025: Definition Drilling
2025: Definition Drilling 2025 Highlights Include: • 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/t Ag o Within 273 m of 0.60% Cu, 1.8 g/t Ag, o Within 379 m of 0.50% Cu, 1.8
Slide 14: 2025 Drilling
2025 Drilling Systematic Fence Drilling • Most recent 2025 campaign represents most successful drill program to date. 1. Definition drilling on ~200 m centers toward future MRE. 2. Expanded Leviathan copper porphyry to 1 km strike, up to 750 m wide, and 500 m vertical extent 3. Remains open in both
Slide 15: 2026 Drilling Campaign
2026 Drilling Campaign The Hunt For Additional Porphyry Centers • 2026 drilling campaign underway (March 2026) • Two objectives: 1. Extend Leviathan further along strike 2. Test 4 major new conductive anomalies: Southern Flats (UG target) – Highest conductivity Pegasus – High conductivity, moder
Slide 16: 2025 Phase I MT Geophysics
2025 Phase I MT Geophysics Leviathan May Not be Alone With a greatly expanded >100,000-acre land position, the Company is targeting more new discoveries with more advanced geophysics. Fig 2: Cross-section looking NE at conductivity model over • Recipe for Success: Applying proven geophysical systems
Slide 17: 2025 Phase II MT Geophysics
2025 Phase II MT Geophysics Larger, More Conductive Centers Being Tested in 2026 New Footwall MT Anomaly: A new high conductivity (<100 ohm-m) anomaly extends below the deepest parts of Leviathans broad and continuous Footwall Zone. 3 holes drilled in proximity to the Footwall Anomaly all ended in i
Slide 18: 73 km Olympus Belt
73 km Olympus Belt Control of the Largest New Copper Belt in the United States • Partnered with Barrick to consolidate over 100,000 acres of America’s newest porphyry copper belt, spanning 73 km. • Project Olympus provides a generational opportunity for shareholders and potential acquirors to benefi
Slide 19: A Generational Opportunity in the Making
A Generational Opportunity in the Making Upcoming Catalysts 2026 drill campaign will 73km belt has potential test stronger targets than to deliver massive • 2026 Mineral Resource initial discovery, with 80% discovery value Estimate. Followed by of targets still to be tested. through further brownfie
Slide 20: Head Office
Head Office Herculesmetals.com Suite 1600 100 King St. W TSX-V: BIG | OTCQB: BADEF | FRA: C0X 1 First Canadian Place Toronto, Ontario M5X 1G5
Slide 21: Appendix Slides
Appendix Slides TSX-V: BIG | OTCQB: BADEF | FRA: C0X
Slide 22: 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 23: Shallow Near-Surface Hanging Wall to Leviathan Porphyry
Shallow Near-Surface • Hanging wall to Leviathan Porphyry Open Pit Target • High-grade enrichment zone closest to surface in the east, representing HER-24-20 – potential open pit target. Shallowest high-grade intercept to date ~70 meters true depth below surface Copper Molybdenum 23 Shallow Chargeab
Slide 24: Southern Extension: Southern Flats
Phase III: Exploration Southern Extension: Southern Flats Host Rock Favourability Increases to the South • 2024 mapping reveals increasingly favourable host rocks to the south, providing an additional mechanism for the formation of high-grade hypogene copper mineralization. • Increasing concentratio
Slide 25: Southern Flats
Southern Flats Scandium/Aluminum – Proxy for Original Iron Level of Host Rock Iron-rich Volcanics – Better Host Rock for High Grade Copper • The ratio of Scandium:Aluminum in the host rock provides a proxy for how much iron was originally present in the host rock, before it was chemically altered by
Slide 26: Southern Flats
Southern Flats Calcium carbonate (aka limestone) reacts even more strongly with acidic porphyry fluids than iron, and is capable of producing the highest possible grades in porphyry systems. The closer to the intrusion, the more the limestone is replaced by chalcopyrite (copper) mineralization. Lime
Slide 27: Southern Flats Alteration Zonation
• Alteration patterns mapped at Hercules are consistent with the classic porphyry model, tilted to the northwest. Southern Flats • Potential for potassic center below propylitic alteration Alteration Zonation in the Southern Flats zone. • Intersection with iron and limestone rich host rock represent
Slide 28: Epithermal Silver Cover
Epithermal Silver Cover TSX-V: BIG | OTCQB: BADEF | FRA: C0X
Slide 29: Epithermal Silver Mineralization
Overview Hole ID Year From (m) To (m) Interval (m) Ag (g/t) Pb (%) Zn (%) Hercules Historical Drilling 80-1 1980 73.15 103.63 30.48 335.6 0.17 0.54 including 1980 82.3 91.44 9.14 828.2 0.24 0.8 Epithermal Silver including 1980 96.01 99.06 3.05 317.8 0.04 0.22 80-12 1980 7.62 22.86 15.24 56 No Assay
Slide 30: Historical Silver Mineralization
Historical Silver Mineralization 3D Block Model Generated in 2022 Historical drilling information was collected prior to the enactment of NI 43-101, has not been verified by the Company’s Qualified Person, and should not be relied upon. 30 TSX-V: BIG | OTCQB: BADEF | FRA: C0X
Slide 31: 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 32: Rock Chip Sampling
Exploration Rock Chip Sampling Plan View Showing Silver and Copper Grades of Rock Chip Samples 32 32
Slide 33: Silver and the Green Revolution
Silver and the 01 Solar Panels Green Revolution 02 Automotive Applications 03 5G Cellular Networks 33 TSX-V: BIG | OTCQB: BADEF | FRA: C0X 33
Slide 34: The Mineral Property
The Mineral Property (14 Miles South of Hercules) TSX-V: BIG | OTCQB: BADEF | FRA: C0X
Slide 35: Mineral Project
Mineral Project LOCATION Washington County, Idaho SIZE 2,843 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 36: Comps
Comps TSX-V: BIG | OTCQB: BADEF | FRA: C0X
Slide 37: Large Porphyry Lasonde Curve Values
LARGE PORPHYRY LASONDE CURVE VALUES Operating Mine Resource Stage Discovery Morenci Mine (Arizona) US $7.5 billion (2016) Hercules Metals Oyu Tolgoi (Mongolia) Filo Del Sol (Argentina) US $7.5 billion (2022) US $0.14 billion US $3 billion (2024) Resolution Copper (Arizona)* US $10 billion Greenfield
Slide 38: Porphyry Copper Transactions in the U.S. – Since 2010
Porphyry Copper 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. The select few that have transacted since 2010 are shown below. Robinson – US$1.7B Morenci – US$1.0B for 13% stake ‐
Slide 39: U.S. Copper Production Landscape
OVERVIEW U.S. Copper Production Landscape 1. Morenci Mine (Arizona): This mine is owned by Freeport-McMoRan. Morenci is the largest copper mine in the US, producing 700 million pounds of copper metal in 2024. • Ore Availability: Long-term production; still significant reserves. 2. Bingham Canyon Min
Slide 40: Copper Deposits
Notable porphyry copper deposits in the United States: Active Mines: • Morenci Mine – Arizona • Bingham Canyon Mine (Kennecott) – Utah • Bagdad Mine – Arizona • Sierrita Mine – Arizona • Chino Mine (Santa Rita) – New Mexico • Ray Mine – Arizona US Porphyry Development Projects: Copper Deposits • Res
Slide 41: Producing Porphyry Copper Deposits
Producing Porphyry Copper Deposits Mine Name Morenci Bagdad Safford Sierrita Ray Bingham Canyon Location Arizona Arizona Arizona Arizona Arizona Utah Freeport (72%), ASARCO (Grupo Rio Tinto Owner Sumitomo (15%) Freeport Freeport Freeport México) (Kennecott) Annual Production ~900M lbs Cu ~200M lbs C
Slide 42: Development-Stage Porphyry Copper Deposits
Development-Stage Porphyry Copper Deposits PROJECT NAME Pebble Project Resolution Copper Rosemont Santa Cruz Copper Creek LOCATION Alaska Arizona Arizona Arizona Arizona Rio Tinto (55%) Arizona Sonoran OWNER Northern Dynasty Hudbay Minerals Faraday Copper BHP (45%) Copper RESOURCE (CU) 6.5Bt 1.8Bt 1
Slide 43: Exploration-Stage Porphyry Copper Deposits
Exploration-Stage Porphyry Copper Deposits Project Name Gunnison Copper Project Leviathan Butte Valley Copper Creek Location Arizona Idaho Nevada Arizona Owner Gunnison Copper Hercules Metals Freeport-McMoRan Faraday Copper Potential Size 500Mt target +1Bt Target TBD ~500Mt Resource Exploration Stat
Slide 44: U.S. Porphyry Copper Mines/Projects
U.S. Porphyry Copper Mines/Projects 11 U.S. Copper Project Landscape Dominated by Low-Grade Producers and Stalled Giants — Hercules Targets the Sweet Spot Ray Resolution Cactus Copper Creek Pebble Rosemont Sierrita Project Bagdad Morenci TSX-V: BIG | OTCQB: BADEF | FRA: C0X
Slide 45: Why US Copper?
Why US Copper? TSX-V: BIG | OTCQB: BADEF | FRA: C0X
Slide 46: Why Copper is a Critical Mineral
Why Copper is a Critical Mineral An Emerging Powerhouse Increasing Demand Energy Supply Copper is now considered the "new oil" due to its role in electric vehicle (EV) batteries and green energy technologies like solar panels and wind turbines and in turn, could see a similar upside in the next thre
Slide 47: Key Federal Policy Initiatives On Copper
OVERVIEW Key Federal Policy Initiatives On Copper 11 • National Security Designation: Copper has been officially recognized as critical to national security. The administration initiated a Section 232 investigation under the Trade Expansion Act to assess whether copper imports threaten national secu
Slide 48: U.S. Copper Import Reliance & Widening Import/Consumption Gap
U.S. Copper Import Reliance & Widening 11 Import/Consumption Gap Imports US copper consumption 3.5 • In 2024, the US consumed ~1.6 million metric tons of refined 3 copper. Domestic US mine production was estimated at 1.1 million metric tons of recoverable copper content. However, 2.5 due to limited
Slide 49: U.S. Copper Imports
U.S. Copper Imports 11 U.S. imports approximately 50% of its domestic copper consumption. US copper imports by producing China’s state-controlled copper industry controls over 50% of global smelting capacity and operates four of the top five largest country (2024) refining facilities. Other Japan 13
Slide 50: Head Office
Head Office Herculesmetals.com Suite 1600 100 King St. W TSX-V: BIG | OTCQB: BADEF | FRA: C0X 1 First Canadian Place Toronto, Ontario M5X 1G5