Interview with Claudia Tornquist, President & CEO, and Christopher Taylor, Chairman, of Kodiak Copper Corp.
Our previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-proposed-alliance-with-teck-to-launch-new-us-copper-explorer-10100
Recording date: 23rd September 2026
Kodiak Copper Corp. (TSXV:KDK) is an exploration company built around the MPD copper-gold porphyry project in southern British Columbia. The property covers 357 square kilometres in an established mining district where Copper Mountain lies about 20 kilometres to the south, and Highland Valley sits 30 to 40 kilometres to the north. Kodiak's chairman, Chris Taylor, founded the company and CEO Claudia Tornquist joined Taylor for this interview at Beaver Creek.
The investment question is whether a large, lower-grade porphyry can grow into a project with economics. Tornquist said the maiden resource is already sizeable and that its grades align with regional mines and North American porphyry peers. She said Kodiak's task is to grow the resource and then show economic potential.
The December 2025 maiden resource holds about 439 million tonnes across seven deposits. Indicated resources are 82.9 million tonnes at 0.39% CuEq. Inferred resources are 356.3 million tonnes at 0.32% CuEq. Copper content is 519 million pounds indicated and 1,889 million pounds inferred. Gold content is 0.39 million ounces indicated and 1.28 million ounces inferred.
This year's 16,500-metre programme is the main lever. It is entirely shallow. More than 7,000 metres have gone into Ketchan, where Kodiak reported its best hole to date. Hole AG-26-019 returned 283.5 metres at 0.70% CuEq from 37.5 metres downhole. Management says each deposit contains higher-grade zones and that all remain open. It has also identified a new anomaly beside the South zone.
Management expects each round of drill results to build market confidence, and it links near-surface drilling to economics. A starter pit needs enough higher-grade material close to surface to repay initial capital. West and Adit fit that description today. Management did not commit to a date for an economic study.
Management said the market should understand the project far better once this year's results are incorporated. Valuation is the central argument. Kodiak is valuated at C$84 million as at 31 August 2026. NorthIsle Copper and Gold, Faraday Copper and Osisko Metals are each above C$1.5 billion. Tornquist described NorthIsle's path from a modest valuation to a PEA as the model. Cash was C$18 million. Management says 2026 is fully funded.
Kay Copper is a separate source of potential value. Kodiak is combining its Mohave project with Teck Resources' Copper Hill project in Arizona. Kodiak expects to hold 26.4%. Initial funding is just over $5 million, and the pro forma valuation is C$18 million. The deal has not closed.
The catalysts are a steady flow of drill results, Kay Copper completion and the first-quarter 2027 resource update. Investors should also weigh the risks. About 81% of tonnes are inferred. No economic study is scheduled. Drilling may not deliver the growth management expects. Kay Copper may not close on the expected terms.
View Kodiak Copper's company profile: https://www.cruxinvestor.com/companies/kodiak-copper-corp
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