VANCOUVER, British Columbia, May 19, 2026 (GLOBE NEWSWIRE) -- Maxus Mining Inc. (“Maxus” or the “Company”) (CSE: MAXM | OTCQB: MXMGF | FRA: R7V) is pleased to announce that it has earned a one hundred percent (100%) legal and beneficial interest in the Penny Copper Project (the “Penny Project”, “Penny”, or the “Project”), located near Kimberley, British Columbia (Please see Figure 1).¹
The Company has fulfilled all obligations under its Purchase Agreement (the “Option Agreement”), resulting in Maxus securing full ownership of the Penny Project.
Penny Copper Project Overview
The Penny Project consists of approximately 3,123 hectares situated within a prolific mining region of southeastern British Columbia near the historic Sullivan Mine at Kimberley, British Columbia.¹ The Project hosts numerous historical mineral occurrences and benefits from over a century of recorded exploration activity.
Historical and recent exploration work at Penny has included geological mapping, prospecting, and rock sampling programs targeting copper-rich mineralization associated with favourable regional structures and alteration systems. Prior to Maxus, recent work programs completed on the Project included geological mapping and rock sampling, with the 2017 sampling program returning copper values of 1046 ppm Cu (TK17-149c), 1808 ppm Cu (TK17-28), and 2388 ppm Cu (TK17-12).¹ Since being involved on the Project, Maxus has completed a high-resolution MobileMT survey followed by geological mapping and rock sampling that included samples returning copper values up to 0.34% Cu.2
The Project is strategically positioned within an active mining district that continues to attract significant exploration and development funding.
Transaction Highlights
- 100% Ownership Achieved: All requirements under the Option Agreement have been satisfied, securing full legal and beneficial ownership of the Penny Project.
- Strategic Copper Exposure: Penny strengthens Maxus’ growing portfolio of critical mineral and polymetallic assets in British Columbia.
- District-Scale Potential: The Project covers a large prospective land package within a well-established mining jurisdiction with extensive historical exploration.
- Operational Flexibility: Full ownership provides Maxus with the flexibility to advance exploration, target generation, and future development initiatives across the Project in line with the Company’s strategy.
Currently, Maxus is continuing to advance exploration planning across the Project through historical data compilation, geological interpretation, and target generation.
“We are very pleased to have completed the acquisition of a 100% interest in the Penny Copper Project,” commented Scott Walters, CEO of Maxus. “Copper remains a critically important metal supporting global electrification and infrastructure growth, and Penny provides Maxus with exposure to a highly prospective copper project within a prolific mining district. Securing full ownership gives the Company the flexibility to continue advancing exploration and evaluating the Project’s broader potential.”
Figure 1: Penny Project Map with 2025 Exploration Program Highlights.
Next Steps
With full ownership now established, the Company will focus on:
- Advancing geological and geophysical interpretation to streamline drill target refinement;
- Integrating available datasets into evolving 2D and 3D geological models; and
- Evaluating future exploration programs across the Project.
Option Agreement Details
On May 17, 2024, the Company entered into the Agreement to acquire the option from Andrew Molnar (the “Optionor”) to earn a hundred percent (100%) interest in the Project through a combination of cash payments and common share issuance, as follows:
| (1) | paying the Optionor an aggregate of $65,000 in cash as follows: |
| | a. $15,000 on or before June 16, 2024 (completed); |
| | b. $25,000 on or before the date that is ten days after May 8, 2025 (the “Listing Date”) (completed); and |
| | c. $25,000 on or before the date that is ten days after the first anniversary of the Listing Date (completed); and |
| | |
| (2) | issuing to the Optionor an aggregate of 200,000 common shares in the capital of the Company on or before the date that is ten days after the Listing Date (completed). |
No finders' fees were paid on this arm's length Agreement.
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed, verified, and approved by Morgan Verge, P.Geo., VP Exploration of the Company and a “qualified person” as defined in NI 43-101 – Standards of Disclosure for Mineral Projects. Ms. Verge has examined information regarding the historical exploration at the Project, which includes a review of the historical sampling, analytical, and procedures underlying the information and opinions contained herein.
Management cautions that historical results collected and reported by operators unrelated to Maxus have not been verified nor confirmed by its Qualified Person; however, the historical results create a scientific basis for ongoing work at the Project. Management further cautions that historical results, discoveries and published resource estimates on adjacent or nearby mineral properties, whether in stated current resource estimates or historical resource estimates, are not necessarily indicative of the results that may be achieved on the Project.
About Maxus Mining Inc.
Maxus Mining Inc. (CSE: MAXM | OTCQB: MXMGF | FRA: R7V) is a mineral exploration company focused on locating, acquiring, and, if warranted, advancing economic mineral properties in premier jurisdictions. The Company is actively progressing its diversified portfolio totaling approximately 15,098 hectares of prospective terrain across British Columbia, Canada.
The Portfolio includes 8,920 hectares across three antimony projects, anchored by the Flagship Alturas Antimony Project, where a recent discovery returned high-grade naturally occurring antimony up to 69.98% Sb¶. The Hurley Antimony Project, located adjacent to Endurance Gold Corp.’s Reliance Gold Project, where 2024 drilling reported 19.2% Sb and 2.16 g/t Au over 0.5 m‖, and the Quarry Antimony Project, which hosts historical polymetallic samples grading 0.89 g/t Au, 3.8% Cu, 0.34% Zn, 42.5% Pb, 0.65 g/t Ag, and 20% Sb‡.
Maxus’ portfolio further includes the 3,054-hectare Lotto Tungsten Project, where a selected 1980 grab sample from a scheelite-bearing quartz vein assayed 10.97% WO₃§, and the 3,123-hectare Penny Copper Project, which has over 100 years of recorded exploration. Recent work programs at Penny included rock sampling and geological mapping†, with 2017 sampling returning copper values of 1046 ppm Cu (TK17-149c), 1808 ppm Cu (TK17-28), and 2388 ppm Cu (TK17-12)†. The Project is strategically located near the historic Sullivan Mine at Kimberley, British Columbia, an area that continues to attract significant exploration activity.
Maxus Mining is committed to advancing its British Columbia projects through targeted exploration programs designed to unlock value across multiple critical mineral systems.
References
1 NI 43-101 – Technical Report on the Penny Property British Columbia, NTS 82G/12, Derrick Strickland, P.Geo., August 14, 2024.
2 Maxus Mining News Release, December 9, 2025. Link
¶ Equinox Resources – November 8, 2024, ‘Ultra High Grade Naturally Occurring Antimony at Alturas Project with Assays up to 69.98% Sb’ – Link
‖ Endurance Summarizes Antimony Results From The Reliance Gold Project, BC – Best Intervals Include 19.2% Antimony And 2.16 ppm Au Over 0.5 m In 2024 Drilling – February 24, 2025 – Link
‡ Open File 1992-11, Map Number 10.
§ MILFILE No: 082FSW228 – Loto 3, 1980 Grab Sample – Link
† NI 43-101 – Technical Report on the Penny Property British Columbia, NTS 82G/12 49° 55° North Latitude -115° 90° West Longitude, Derrick Strickland P.Geo., August 14, 2024.
On Behalf of the Board of Directors
Scott Walters
Chief Executive Officer, Director
+1 (778) 374-9699
info@maxusmining.com
Disclaimer for Forward-Looking Information
This news release includes certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “would”, “could”, “schedule” and similar words or expressions, identify forward-looking statements or information.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Maxus’, future growth potential for Maxus and its business, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of copper, gold, tungsten, antimony and other metals; costs of exploration and development; the estimated costs of development of exploration projects; Maxus’ ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
This news release contains “forward-looking information” within the meaning of the Canadian securities laws. Statements, other than statements of historical fact, may constitute forward looking information and include, without limitation, statements with respect to the Project and its mineralization potential; the Company’s objectives, goals, or future plans with respect to the Project; further exploration work on the Project in the future; the benefits of completing the Option Agreement. With respect to the forward-looking information contained in this news release, the Company has made numerous assumptions regarding, among other things, the geological, metallurgical, engineering, financial and economic advice that the Company has received is reliable and are based upon practices and methodologies which are consistent with industry standards. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of well results and the geology, continuity and grade of copper, gold, tungsten, antimony and other metal deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; increased costs and restrictions on operations due to compliance with environmental and other requirements; increased costs affecting the metals industry and increased competition in the metals industry for properties, qualified personnel, and management. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy or accuracy of this release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/feb453a5-dba1-4060-883d-de75cec61f54.
Figure 1
Penny Project Map with 2025 Exploration Program Highlights.
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