ACCESS Newswire
08 Aug 2026, 02:46 GMT+10
VANCOUVER, BC / ACCESS Newswire / August 7, 2026 / Faraday Copper Corp. ("Faraday" or the "Company") (TSX:FDY) announces its financial results for the three and six months ended June 30, 2026.
Highlights Year to Date
Announced the signing of a definitive purchase and sale agreement to acquire 100% of the San Manuel Property in Arizona (the "San Manuel Transaction") from a wholly-owned subsidiary of BHP Group Limited ("BHP") on July 2, 2026 (see news release dated July 2, 2026).
Reported near-surface copper mineralization from drill holes in the American Eagle Area on June 24, 2026.
Announced the appointment of Jeff Cornoyer as Vice President & General Manager and Cynthia Salas as Director, Human Resources on June 1, 2026
Reported near-surface copper mineralization from drill holes in the Globe, Copper Giant, and Marsha breccias on May 12, 2026.
Reported additional copper mineralization from drill holes at the American Eagle and Keel areas on March 24, 2026.
Closed a non-brokered private placement with participation by Trusts settled by the late Adolf H. Lundin and BHP, involving the issuance of 23,810,000 common shares at a price of $4.20 per share for aggregate gross proceeds of $100,002,000 on March 11, 2026.
Reported near-surface copper mineralization from drill holes in the American Eagle Area on January 22, 2026.
Upcoming Milestones
Drill results from the ongoing Phase IV drill program at the Copper Creek Project.
Closing the San Manuel Transaction with BHP expected by the end of the third quarter of 2026.
Copper Creek Project Update
The project is a 100% owned, large copper deposit, located ~80 road kilometres ("km") northeast of Tucson, Arizona, and ~19 km northeast of San Manuel, Arizona. The resource area is ~3 km in length and is open in all directions. The property consists of ~80 square km of private land, patented and unpatented mining claims, and state prospecting permits. In addition, the Company controls ~26,000 acres of grazing leases which partially overlap with the claims and permits. The property is located within a historical mining district and a politically stable jurisdiction with extensive infrastructure including power, rail, roads, and access to skilled personnel.
The property is in the heart of the prolific southwestern porphyry copper region of North America at the projected intersection of a major northwest trending belt of copper deposits (Ray, Miami/Globe, Superior/Resolution, Johnson Camp) and a major east-northeast trending belt of deposits (San Manuel/Kalamazoo, Silver Bell, Lakeshore, Safford, Morenci).
The property hosts an early halo vein style porphyry copper deposit with high-grade, near-surface, breccia-hosted mineralization. Both mineralization types form the basis of the current Mineral Resource Estimate ("MRE") prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum standards. Copper is the primary commodity, with molybdenum, silver and gold present in varying amounts associated with both types of mineralization.
On May 3, 2023, the Company announced an updated MRE and Preliminary Economic Assessment ("PEA") for the project, with a technical report titled "Copper Creek Project NI 43-101 Technical Report and Preliminary Economic Assessment" filed on SEDAR+ on June 13, 2023.
With a total of over 260,000 m of recent and historical drilling and modest past production, significant exploration upside remains. There are over 320 known breccia occurrences mapped at the surface, of which less than 15% have been drill tested and only 17 are included in the 2023 MRE.
In the Phase II drill program, assay results confirmed the potential for gold to occur in economic concentrations in certain phases of the mineralization. Gold is not currently included in the 2023 MRE. A sampling program for potential gold inclusion in future technical studies was undertaken. The results from the Childs Aldwinkle and Copper Prince breccias, as well as the Keel underground zone, have been returned and released. The Company continues to evaluate other areas for potential inclusion of gold in future mineral resource updates.
Phase III drilling was completed in mid-April 2025 with 79 drill holes and 30,071 m of drilling. All results from the Phase III drilling have been released. The program's framework was based on historical work, knowledge from the geological and recently updated structural model, the results from the Phase I and Phase II drill programs, geophysical and airborne spectral data sets, and economic criteria defined in the 2023 PEA base case. The focus of drilling was on the near-surface mineralization in the American Eagle, Area 51 and Rum areas.
On June 30, 2025, the Company received approval of its Exploration Plan of Operations ("EPO") by the BLM. The BLM published the final environmental assessment, and finding of no significant impact and issued a related decision record approving the EPO. The EPO includes up to 67 drill pads located on Federal land:
48 drill pads in or near the American Eagle area and the southern portion of the Mammoth resource area;
10 drill pads in or near other existing resource areas at Old Reliable, Globe, Copper Prince and Copper Giant; and
9 drill pads that enable reconnaissance drilling on previously untested targets.
Phase IV drilling commenced in September 2025 with the primary objective of open pit resource definition, which was completed. With the proposed acquisition of the San Manuel Property, drilling was paused on June 20, 2026, with 88 drill holes and 22,510 m of drilling having been completed. To date, the Company has released results from 15,050 m drilled in 53 holes. The assay results for additional completed drill holes will be released as they are received, analyzed and confirmed by the Company.
The Company has reported results from metallurgical programs focused on grind size optimization that demonstrated the viability of coarse particle flotation, gold recoveries in concentrate and test work on near surface oxide mineralization.
The Company is focusing on resource expansion at the property while continuing to advance technical studies, environmental data gathering, and stakeholder outreach.
Financial Results
Note: The financial information in this table was selected from the Company's condensed interim consolidated financial statements for the three and six months ended June 30, 2026 and 2025 (the "Financial Statements"), which are available on SEDAR+ at www.sedarplus.ca and the Company's website www.faradaycopper.com.
Selected Financial Information
Note: The financial information in this table was selected from the Financial Statements, which are available on SEDAR+ at www.sedarplus.ca and the Company's website www.faradaycopper.com.
Cash Flow, Liquidity and Capital Resources
The Company is a resource exploration-stage company and does not generate any revenue and has been mainly relying on equity-based financing to fund its operations. As at June 30, 2026, the Company had cash and cash equivalents of $94,219,204 (December 31, 2025 - $37,880,822) and current assets less current liabilities of $119,707,612 (December 31, 2025 - $35,424,377).
While the Company has sufficient capital resources to fund its operations for the next 12 months, it is an exploration-stage company and does not anticipate achieving positive cash flow from operations for the foreseeable future. Accordingly, the Company anticipates needing to raise additional capital to fund its long-term business objectives.
During the six months ended June 30, 2026, cash used in operating activities was $22,364,851 (2025 - cash used in operating activities of $14,422,428), cash used in investing activities was $30,419,022 (2025 - $259,507), and cash provided by financing activities was $106,734,208 (2025 - $35,200). The Company continues to incur operating costs primarily related to exploration and evaluation expenses. During the six months ended J