Nine Mile Metals Ltd.
High-Grades + Glencore Collaboration + A Speculative M&A Play – Initiating Coverage
Published: April 22, 2026
Author: FRC Analysts
Disclosure: Nine Mile Metals Ltd. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Company Details
Sector – Basic Materials
Industry – Gold
Trading Information
Trading information – NINE.CN : CSE
Report Highlights
- Proven Mining District: NINE controls four critical mineral projects in New Brunswick’s Bathurst Mining Camp (BMC), one of the world’s richest volcanogenic massive sulfide (VMS) districts, known for long-life operations producing copper, silver, zinc, lead, and gold. Projects are located near the historic Brunswick No.12 mine, formerly operated by Glencore (LSE: GLEN), one of the world’s largest underground zinc mines, highlighting the district’s proven geology, and high probability of additional discoveries.
- Existing Processing Infrastructure: Several nearby inactive mills could enable faster development, and lower capital costs, by avoiding the need to build a new processing plant.
- Favorable Copper Outlook: We like the company’s focus on copper as we maintain a favorable market outlook on it driven by US$ weakness, slow production growth, and supply disruptions. We estimate the copper market will shift from a surplus in 2025, to a deficit in 2026.
- Regulatory Support: The Government of New Brunswick has committed to accelerating critical mineral production through streamlined permitting, strategic planning, and collaboration with industry and Indigenous communities. We believe this is a major advantage for NINE, as it can shorten development timelines, and reduce regulatory uncertainty.
- Early-Stage Portfolio: All projects remain in early exploration stages, with no independently verified NI 43-101 compliant resources. The company is currently focused on advancing two key projects: Nine Mile Brook and Wedge.
- Exceptional Copper Grades: Recent drilling at the Nine Mile Brook project returned 13.71% CuEq over 15.10 m, the highest-grade copper results ever reported in the BMC. Surface sampling has returned up to 14.05% copper. For context, most global copper mines operate at 0.5–1% grades, making high-grade discoveries particularly valuable due to higher margins and lower costs.
- Glencore Collaboration: NINE is working with Glencore to evaluate whether its material could be processed at Glencore’s Horne Smelter in Rouyn-Noranda, Quebec. Successful tests could open the door to a partnership, or potential M&A interest.
- Past-Producing Asset: The Wedge project includes a former copper-lead-zinc producer that historically produced ~100 Mlbs CuEq, lowering exploration risk vs greenfield assets. Drilling suggests >60% of the deposit may remain unmined at depth, implying potential for an additional ~300 Mlbs CuEq within the historic mine area. The property also hosts several untested targets, with further drilling planned.
- Upcoming Catalysts: Key catalysts include drilling at both Nine Mile Brook and Wedge, Glencore sampling test results, and follow-up drilling programs.
Risks
- Commodity prices
- Although the company has sufficient cash for two years, longer-term capital access and share dilution are potential risks for exploration/development-stage companies
- No independently verified NI 43-101 compliant resource
- Exploration and development
Price and Volume (1-year)
* Qualified Person: Gary Lohman, B.Sc., P.Geo., VP Exploration of Nine Mile Metals. Nine Mile Metals Ltd. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in C$ except unless otherwise specified.
Four critical mineral projects in the Bathurst mining camp, spanning 137 sq. km, underscoring strong management conviction in the region
Portfolio Summary
Excellent infrastructure: roads, rail, water, power grid, and a deep-water port
The region hosts several inactive mills, potentially enabling NINE to reach production faster, and at lower cost, without building an on-site processing facility
Multiple juniors are actively exploring in the region
Glencore was a major operator in the region; its processing facilities in Quebec could potentially handle materials from NINE and other regional players
Larger players often wait for discoveries by juniors before pursuing acquisitions or joint ventures
The Bathurst Mining Camp (BMC), covering 3,800 km², is the world’s third-largest volcanogenic massive sulfide (VMS) district. VMS deposits are known for their high-grade metals (zinc, copper, and lead), often occurring in clusters, that combine to form large mining camps. BMC hosts more than 45 deposits, and over 95 mineralized zones (targets), with 11–12 having been mined since the 1950s. Its most notable mine, Brunswick No.12 (operated by Glencore), produced over 13 7 Mt of high-grade ore over 49 years before closing in 2013.
BMC is one of the world’s richest zinc-copper-lead regions, with potential for hosting long-lasting mining operations
The following sections summarize NINE’s flagship assets.
The Wedge Project Ownership and Location (Option to Acquire a 100% Interest)
The 36.24 km² property lies about 20 km southwest of the Brunswick No.12 mine. Being close to established operations lowers exploration risk , and allows NINE to leverage existing infrastructure, including roads, power, and processing facilities.
NINE gained control of the project in 2023
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