TG1: Moonshot copper drilling to start any day now... into some massive blobs

Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 21,553,500 TG1 Shares and 10,743,844 TG1 Options at the time of publishing this article. The Company has been engaged by TG1 to share our commentary on the progress of our Investment in TG1 over time. This information is general in nature about a speculative investment and does not constitute personal advice. It does not consider your objectives, financial situation, or needs. Any forward-looking statements are uncertain and not a guaranteed outcome.

Just look at these massive, glorious blobs:

(source)

TechGen Metals (ASX:TG1)’s moonshot copper exploration drilling is about to start any day now....

After two years of preparation and permitting.

We are Invested in microcap TG1 to see it try to make a large new copper discovery, which could re-rate the company multiple times over from its current ~$13.7M market cap.

Of course this is high risk small cap exploration - TG1 might not find any economic mineralisation in the upcoming drilling.

Copper is used to transport electricity - plus it is critical in electricity hungry technologies like AI datacentres, robots, advanced weapons, power grids and now even in solar panels.

Trillions of dollars have been raised to fund the global buildouts of these rapidly emerging advanced technologies.

Now all of that money can be spent on building... which means buying materials to build with.

This is expected to spike copper demand.

Billionaire mining superstar Robert Friedland reckons the world is going to need SIX new Tier 1 copper mines PER YEAR, every year, to 2050.

(right now about ONE gets built per year - the world clearly needs more new copper discoveries)

In the coming weeks we should find out if TG1 can deliver a brand new tier 1 copper discovery, and contribute to one of these urgently needed copper mines.

(or announce a couple of dusters - ie drill but no copper found, that is where the risk-reward tradeoff is)

Remember those two giant blobs we showed you at the start of this note?

Those blobs represent electrical and magnetic signals shot into the ground, and the colours are where the signals bounced back showing potential conductive metals in the rocks...

(we call the results of these tests “colourful blobs”, because they look like blobs, and are colorful)

2 years of prep work, permitting and now TG1 is days away from drilling them...

36 days ago TG1 received all of the outstanding permits to drill its two copper targets. (source)

And since we last wrote about our two favourite targets 4 weeks ago, the targets got a lot more interesting.

But before we get into the details for now, here they are one more time - the two giant, colourful blobs - TG1 will be drilling in the next few weeks:

(source)

$13.6M capped TG1 (post recent raise completion) is going to drill these blobs in a few weeks.

Target #1 “Blue Devil”

The blob in the left image is TG1’s “Blue Devil”:

• 2.75km across sitting on top of another giant geophysical anomaly - combined, it's one of the biggest targets we have ever seen.
  
• The yellow/red shows where rock conducts electricity (possible copper sulphides)
  
• The pink/purple shows a big magnetic intrusion underneath (the potential heat engine that made the metals).
• The colourful specks at surface are the rock chips from surface grading 50.5% copper and 18.5g/t gold.

So we have:

• Electromagnetics ✅
• Magnetics ✅
• Soil sampling ✅
• Rock chip sampling ✅

All pointing in the same direction.

TG1 has two holes planned on this target AND 8 days ago TG1 completed all of the access tracks/drill pad construction work - meaning all that’s left to do is get a rig on site and get drilling.

(source)

Here is Blue Devil in one image:

(source)

Target #2 - “Red Devil”

The blob in the right image from above is “Red Devil”:

• Rock chips grading up to 52.3% copper and 5.35g/t gold (across ~1.8km)
  
  
• This target sits ~3km away from the Blue Devil target.
  
• The target extends ~300m vertically and is ~175-225m below surface.
• This target is based on IP surveys (a type of geophysics that's delivered plenty of discoveries across Australia) with the target sitting directly below those rock chips.

On this target we have:

• IP (geophysics) ✅
• Soil sampling ✅
• Rock chip sampling ✅

All pointing in the same direction again.

Just yesterday, TG1 announced results from new rock chip samples which returned peak grades of 42.6% copper and 4.56g/t gold.

Nine of the fourteen samples from outcrop graded more than 1% copper - now extending across ~ 1.8km at surface.

So this target (at least at the surface level) got a lot bigger too:

(source)

Here is Red Devil in one image:

(source)

In the next few weeks TG1 is drilling these two mega blobs to try and make a brand new major copper discovery.

Success here could see a big valuation jump from TG1’s current $13.7M market cap (post raise).

Of course, no guarantees here - these are greenfield targets and there is also a strong chance that TG1 finds nothing economically viable - even with the best looking targets and pre-drill work, greenfields exploration is very risky.

IF the near term drilling doesn't come in, TG1 has other copper & gold projects across WA and NSW.

IF the drilling DOES come in, we get a brand new copper (and maybe gold/silver) discovery and we think the current entry point leaves plenty of room for TG1 to re-rate into.

Especially with what copper is doing right now.

Why is copper running?

Even when everything else is going down (fear selling from the US-Iran war kicking off again) - copper is running.

Is copper the new safe haven asset?

(source)

Jokes aside... copper is one of the best-performing major commodities for 2026 and just a few weeks ago it hit a new all time high:

And it looks like it wants to really break out of those highs and go on a run:

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

We think fundamentally, the setup for copper is as good as it gets - both in the short/medium and long term.

(no guarantees it will keep going up of course, commodity prices are hard to forecast with certainty)

Some might remember the “copper is the new oil” stuff from back in 2021 when copper was the backbone of the electrification/energy transition.

Since then, AI data centres and robots entered the chat - in a big way - and the copper demand story is seriously strong now on a 5, 10 and 20 year outlook.

It turns out hyperscale data centres use a massive amount of copper (sometimes ~50,000 tonnes of copper in a single data centre).

(source)

Then breaking news for copper - it's now being used in solar panels:

(as silver bulls, this one was a kick from solar panel makers while we are already down)

(source)

One of the most well known tech investors - billionaire venture capitalist, Chamath Palihapitiya - called copper his best trade idea for 2026. (source)

And here is his elevator pitch:

"I will pick copper. We are still completely underestimating how short we are in terms of the global demand-supply dynamics of a handful of critical elements that we need. Again, in the Trump doctrine view of the world, that is no longer as multilateral as it was, and we need to have unilateral national security. If you look through that lens, the asset that is set up to go absolutely parabolic is copper.

The reason is that it is, at least as it stands today, the most useful, cheap, amenable, conductive material that we have. That material manifests in everything from our data centers to our chips to our weapon systems. It's just everywhere. And right now, we are on a path by 2040 where we will be short about 70% of global supply at current course and speed. And I will pick copper." (source)

IF even half of the AI/robotics/energy transition build out happens that is a big increase in demand in a very mature market - where supply can't just be brought online overnight.

(source)

Copper is one of those commodities - because of how mature the market is - the easy pickings have been discovered and developed.

Nowadays the average copper mine takes ~17 years to bring online - most of that time spent scratching around for a new discovery.

Which means there is a pretty big window of opportunity for the junior explorers to take a crack at making new copper discoveries and be rewarded for it (IF successful).

Cool story - but why does the macro thematic matter for a pre-discovery explorer?

Because macro sentiment usually has the biggest influence on how much a good drill result gets re-rated.

We think that one of the biggest factors into whether or not a market rewards drilling success is whether or not that particular commodity is in favour or not.

🎓 We have written about this in the past here: Why do Small Cap Share Prices go up?

Some might remember when lithium rock chips were enough to get a company’s market cap to $50-100M during the 2021 bull run.

Good drilling results then were enough to re-rate lithium explorers to $500M+.

For any drilling event - even a successful one - to get a big on-market reaction, the macro setup has to be in its favour.

We think TG1 has been pretty lucky on that front.

Copper is up from ~US$4.30/lb to ~US$6.40/lb since it first started talking about these mega targets:

(source)

The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.

We think that the copper macro is so strong that TG1’s share price could run just in the lead up to drilling.

(but yep, it might not)

Now for TG1 to achieve our Big Bet we just need the drilling to come in.

Our TG1 Big Bet

"TG1 re-rates by 10x after discovering and defining a significant enough deposit to move into development studies for one of its projects."

NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is no guarantee that our Big Bet will ever come true. There is a lot of work to be done, many risks involved, including technology risk, scale up risk, regulatory risk and development risk - just some of which we list in our TG1 Investment Memo.

Success will require a significant amount of luck. Past performance is not an indicator of future performance.

What we want to see next from TG1

Drill WA copper-gold targets (Blue and Red Devil)

In the short term it's all attention on TG1’s next drill program across Blue and Red Devil.

Here are the milestones we are tracking:

• ✅ Drilling permits approved
• 🔲 Rig mobilises to site
• 🔲 Drilling starts at Blue Devil
• 🔲 Drilling starts at Red Devil
• 🔲 Assay results from maiden drilling

What could go wrong?

The key risk in the short term for TG1 will be “exploration risk”.

There is no guarantee TG1 makes an economic discovery.

TG1’s targets are undrilled, greenfield targets and there is also a decent chance that TG1 finds nothing economically viable - greenfields exploration is very risky.

IF that were to happen, TG1’s share price could re-rate lower.

Exploration risk

This is the big one. Most drill programs on never-tested targets fail to deliver an economic discovery. Strong rock chips and geophysical anomalies do not guarantee a discovery at depth. Drilling could return little to no meaningful mineralisation.

Source: “What could go wrong?” - TG1 Investment Memo 16 June 2026

Other risks

Like any early-stage exploration company, TG1 carries significant risk, here we aim to identify a few more risks.

The current share price is influenced by the copper macro story and prices being at all time highs. If global copper prices suddenly cool down or enter a downturn, the stock price could suffer regardless of the company's operational progress.

While the geophysical "blobs" look highly promising on paper, underground geology is notoriously unpredictable.

There is a distinct possibility that these conductive anomalies turn out to be caused by barren sulphides or non-economic materials rather than a commercial copper discovery.

Investors should consider these risks carefully and seek professional advice tailored to their personal circumstances before investing.

Our TG1 Investment Memo

Our Investment Memo provides a short, high-level summary of our reasons for Investing.

We use this memo to track the progress of all our Investments over time.

Click here to read our TG1 Investment Memo where you will find:

• What does TG1 do?
• The macro theme for TG1
• Our TG1 Big Bet
• What we want to see TG1 achieve
• Why we are Invested in TG1
• The key risks to our Investment Thesis
• Our Investment Plan