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Kodiak Copper (TSXV:KDK, OTCQB:KDKCF, Frankfurt:5DD1) had a phenomenal 2025, releasing a maiden mineral resource
estimate on its MPD property in south-central British Columbia, and
the share price up 205% over the last year.
Kodiak Copper doesn’t feel the need to drill in the dead of
winter. But that doesn’t mean it’s sitting idle, far from
it. In it’s ‘off-season’, the company has been
assembling its drill data and other information from last summer and
planning its 2026 program.
While the nitty gritty details are still being worked out the
overarching broad-brush strategy is to expand the existing
resource.
The Vancouver-based junior reported on Dec. 9 that the resource estimate for MPD includes seven deposits in
total, with four deposits reported in June and three reported in
December.
Kodiak Copper has successfully highlighted a large, open-pit initial
mineral resource estimate (MRE), which shows the scale and potential
of MPD and lays the foundation for future resource growth and
development.
MPD Project – Location map of mineral resources
The West, Adit and South deposits all feature shallow
mineralization and favorable geometry, characteristics that are
expected to support low strip ratios in future economic
evaluations. West and Adit host high-grade mineralization from
surface, while South is a large bulk tonnage deposit over 1 km in
length that is still underexplored.
The new resource on the MPD Project is based on decades of historical
exploration and Kodiak’s drilling from 2019 to 2025, totaling
approximately 90,000 meters.
An MRE is a major milestone for any company, Kodiak’s MRE is
broken into two parts: the total Indicated mineral resource and the
total Inferred mineral resource.
The Indicated is 82.9
million tonnes grading 0.39% Cu Eq for 519 million pounds of copper
and 390,000 ounces of gold.
The Inferred is 356.3 million tonnes grading 0.32% Cu Eq for 1.889
billion pounds of copper and 1.28 million ounces of gold.
Between the Indicated and Inferred categories, the resource amounts to
2.408 billion pounds of copper and 1.67 million ounces of gold.
Kodiak Copper publishes sizeable maiden resource with lots of room
to grow — Richard Mills
For an initial maiden resource those are great numbers and the team is
to be congratulated for running an extremely successful project so
far. But now, as the team moves the company forward, the most
important aspect of the MPD story is the potential copper and gold
upside on the known resource plus the very real potential upside from
further exploration, not only on existing known mineralization but new
discoveries as well.
While the company has identified multiple mineralization zones, it
remains committing to continued exploration to further grow the
project, both through zone expansion and the testing of new targets.
All deposits at MPD remain open for expansion within and beyond
the MRE pit shells, most in multiple directions and at depth.
“This year’s exploration program will prioritize resource
expansion and test multiple target areas with the potential to add
meaningful tonnage to our existing deposits,” said
Kodiak’s Chairman Chris Taylor.
“We also plan to drill several promising copper and gold targets
on the property, some supported by encouraging historic drill results,
others defined using VRIFY AI-supported targeting. The large number of
targets on the property, approximately 20 at current count,
underscores MPD’s remarkable prospectivity and the exciting
opportunity for yet another major discovery.”
Kodiak’s VP, Corporate Development Nancy Curry tells me,
“the key thing about what we did last year, in putting out that
maiden resource, is that it’s a baseline, a floor to the value
while we’re de-risking the project.”
“The seven deposits are open to expansion,” she added.
“We have lots of exploration targets and that will be the focus
this year. The company is very confident that the size of the resource
is going to increase materially, plus having 20-plus targets, with a
brand-new discovery I think you would get the discovery kick, right?
So, you have multiple ways this year of adding more value. On top of
that, you have got a market.”
Importantly, Curry noted an updated resource will likely get a boost
from higher commodity prices because Kodiak was so conservative in
their MRE commodity price estimates, using just $2,600 per ounce gold,
$30 silver, and $4.20 per pound copper. The gold price as of this
writing is $4,586/oz, silver is $86.93 and copper is trading at
$5.95/lb, those won’t be the prices used but mentioning them
does show an increase is needed to reflect market reality. So, just by
bumping the numbers used you have a built-in value rise on that.
The increase in copper and gold prices does three things. First, as
mentioned, the in-situ value of the metal goes up, second it also
affects the cut-off grade, which will be lowered, allowing more
potentially economic copper pounds and gold ounces to be added to an
updated MRE.
Third, a longer mine life (LOM) because higher metal prices add newly
added economic ounces and pounds and lower the economic cut-off for
the future preliminary economic assessment (PEA).
Minimized dilution
KDK has only issued 95.1 million shares, with a market capitalization
of just $91.9 million.
Remember, Chris Taylor, Kodiak’s founder and chairman, never
built a mine out of his last project, he developed the project, and
sold it. This monster sized success story was the 2022 sale of Great
Bear Resources and its Dixie Project in Ontario to Kinross Gold
(TSX:K) for CAD$1.8 billion.
Do Chairman Taylor and CEO Tornquist want to sell Kodiak Copper? I
don’t know, but if that is an option, the share count is
critical if it comes to a buyout.
Just for an example, if a company has 100 million shares out-standing
fully diluted (osfd) and is bought for $500 million, that implies $5 a
share, but a company whose osfd share count is 200 million gives
shareholders $2.50/sh. It’s that simple.
Copper market
Curry says, “we’ve got a market”. Well, do we ever.
2025 was historic in that copper and gold rose significantly at the
same time.
Copper, the electrification metal, jumped
42%, gold jumped 64%.
Along with all the usual applications for copper — in
construction, transportation and telecommunications — demand is
being driven by on-going electrification and decarbonization of the
transportation system, AI/data centers, and the exponential growth in
battery storage.
This all boils down to everything driving
the world’s economies needs more copper, in the face of
persistent constraints on mine supply.
Mine
disruptions like the recent Grasberg mine mud intrusion in Indonesia,
and the flooding at Ivanhoe Mines’ (TSX:IVN) Kakula mine in the
Congo not only strip copper supply from the global market and drive up
the price but they also highlight just how volatile the copper market
is when one mine closure and then another leaves it vulnerable to
price spikes from any supply disruption or demand surge.
There
has been a dearth of new copper discoveries in recent years, and the
grades of existing copper mines are dropping, which, when added to
operational misses, are making the current, and future, supply problem
worse.
The copper market is expected to face its most severe deficit in 22
years in 2026 —590,000 tons — according to Morgan Stanley.
This is what makes the need for new copper projects so important.
“Copper is either the enabler of the modern world and this
age of electrification, or it’s an obstacle to it.” Daniel Yergin
Industrial demand is driving copper prices to record highs, but a
shortfall and economic trouble loom
Conclusion
Kodiak Copper’s share price has surged 205%, year on year,
confirming its position as a top AOTH junior copper company pick.
Kodiak
has come a long way since making the Gate Zone discovery at its MPD
Project in 2019.
2025 was an important year for KDK as it put out its maiden resource
based on 90,000 meters of its own drilling, plus historical
drilling.
The company has respected retail by keeping its share count low,
compared to other companies at this stage, Kodiak Copper has kept
share dilution to an absolute minimum.
2026 drilling will focus on resource expansion, with details
forthcoming.
Metallurgical test results should be coming out in the next few weeks
along with much more detailed plans for 2026.
Kodiak Copper
TSXV:KDK, OTCQB:KDKCF,
Frankfurt:5DD1
Cdn$1.05 2026.01.13
Shares Outstanding
95.1m
Market Cap Cdn$91.8m
KDK website
Richard (Rick) Mills
aheadoftheherd.com
Subscribe to AOTH’s free newsletter
Richard does not own shares of Kodiak
Copper (TSXV:KDK). KDK is a paid advertiser on
his site aheadoftheherd.com This article is issued on behalf of KDK
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