Exploration and development company QC Copper and Gold announced on Tuesday its acquisition of Cuprum – a move that will position the company as one of Canada’s biggest copper resource developers with two multibillion-pound copper deposits in Quebec and Ontario.

Through the all-share acquisition, QC would acquire the Thierry copper project, which spans 7 907 ha in Pickle Lake, Ontario.

Similar to QC Copper’s Opemiska project, Thierry is a brownfield asset in a well-established, mining-friendly jurisdiction. Historically, the Thierry project has produced 5.8-million tonnes of ore, grading 1.13% copper and 0.14% nickel.

Thierry currently hosts two resource-stage deposits—Thierry underground, known as K2 and the K1 openpit.  QC Copper plans to priortise the K1 Zone, a large, well-modelled surface bulk-tonnage target. It remains open along strike, and recent drilling suggests it is both wider and higher grade at depth.

“With the addition of the Thierry copper project, we would have two cornerstone assets in Canada’s top mining regions, significantly expanding our resource base and infrastructure. Both Thierry and Opemiska are in mining-friendly areas with access to critical infrastructure such as all-season roads, power and rail, and both have historically sent copper concentrates to the Horne smelter,” said QC Copper CEO Stephen Stewart.

“These geographic advantages reduce capital expenditure and operational risks while optimising supply chain efficiency—crucial as the global copper market faces constraints. Securing copper supply is more important than ever, with exploration and development at record lows. Canada’s mining sector is at a critical juncture, facing challenges like regulatory bottlenecks and underinvestment,” he added.

Stewart is a principal shareholder of Cuprum.

Pursuant to the terms of the share purchase agreement with the principal shareholders of Cuprum (which collectively own 41.3% of Cuprum) and the offer to purchase that was issued to all of the other shareholders of Cuprum‎, QC Copper will issue 1.1538 common shares for every Cuprum common share, based on QC Copper’s share price of $0.13. QC Copper will issue an aggregate of 82.76-million QC Copper shares, securing full ownership of Cuprum’s assets, including the multibillion-pound Thierry copper project.

Following the completion of the acquisition and subject to regulatory and TSX-V approvals, QC Copper intends to change its name to XXIX Metal, signalling a new era for the company. XXIX represents copper’s atomic number, 29, indicating commitment and focus on becoming a dominant player in the copper development space.

With the acquisition of Cuprum, XXIX will be one of Canada’s largest resource portfolios, and will establish itself as Eastern Canada’s largest copper developer.