Aldebaran Reports 1,728.9 m of 0.45% CuEq (0.41% Cu, 0.03 g/t Au & 1.34 g/t Ag), including 756 m of 0.68% CuEq (0.61% Cu, 0.03 g/t Au & 2.12 g/t Ag) at the Altar Copper-Gold Project in San Juan, Argentina

Aldebaran reported final results from its 2025–2026 Altar drilling program in Argentina, including 1,728.9 m grading 0.45% CuEq in hole ALD-26-260 and 918.8 m grading 0.62% CuEq in ALD-26-266. The company plans to incorporate more than 40,000 m of drilling at the main deposit and approximately 30,000 m at the adjacent Radio Porphyry target into a 2026 resource update; a pre-feasibility study is scheduled for 2027.

Analysis

The market-relevant step is conversion of geological scale into resource confidence and then an investable mine plan—not another batch of long intercepts. The 2026 resource update is the next valuation gate: conversion to Measured/Indicated could reduce geological uncertainty, but may add little value if the mineable inventory, recoveries, capex, or project economics fail to improve. Radio Porphyry is upside optionality, not yet a resource contribution; do not capitalize management’s growth language before an estimate supports it.

The CuEq figures rely on specified metal prices and assumed recoveries for by-products. Copper dominates the reported grades, so the thesis remains exposed to copper price and eventual recovery/capex assumptions; headline CuEq is not a substitute for metallurgical results or a PFS. Long intervals strengthen continuity, but do not by themselves establish strip ratio, throughput, or payable production. Geotechnical-purpose holes with weak or absent mineralization should not be read as evidence of a deposit boundary.

Near term, expect a potentially sentiment-driven, volatile response in ALDE; the 1–3 month catalyst is the resource update, while the 2027 PFS is the more consequential 6–18 month test. Argentina execution, permitting, infrastructure, and financing requirements can overwhelm incremental resource growth. Nearby large projects may support regional mining infrastructure over time, but are not evidence of Altar economics. The contrarian risk is that investors overpay for scale before economic conversion; the upside case is that resource confidence and Radio inclusion expand mine-plan optionality. Falsify the constructive view if the update does not materially improve confidence or mineable inventory, or the PFS shows weak economics under reasonable copper and recovery assumptions.

Key Decisions for Investors

• Treat ALDE as a catalyst-driven exploration/development exposure, not a producing-copper proxy. Avoid chasing a headline gap; consider only a staged position after checking current valuation, liquidity, and the resource-update timing.
• Make the resource update the next decision point: verify category conversion, resource boundaries, treatment of Radio, and sensitivity to cut-off grade and metal-price assumptions. If Radio is not incorporated or confidence conversion is limited, reduce the value assigned to growth optionality.
• Keep any ALDE exposure sized for binary project risk. Reassess after the PFS for capex, recovery, throughput, infrastructure, permitting, and financing requirements; stronger geology without credible economics is not a thesis confirmation.
• No direct trade in REG or GLEN is supported by these results: the release provides no quantified financial or operating impact for either company. Monitor regional infrastructure and permitting developments as longer-term spillovers, not near-term earnings catalysts.