Fox Tungsten Reports Initial Assay Results from 2026 Drill Program, Including High-Grade Intervals at RC South

Fox Tungsten Ltd. (FOXT) has released initial assay results from the first 18 holes of its fully funded 20,000-meter 2026 drilling program. Approximately 52 holes have been completed, with more than 30 still pending assay results, and a fourth rig is being mobilized to the Silverboss project.

The reported drilling constitutes resource-expansion work at RC South, targeting the southern extension of the RC Zone toward the BN Zone, alongside exploration holes at Fox North, August Showing, and RC Deep.

At RC South, hole F26-003 returned 2.1 meters at 1.43% WO3 from 34.6 meters, and 1.4 meters at 0.30% from 44.0 meters. F26-005 intersected 8.8 meters at 0.33% from 43.6 meters, including 1.0 meter at 1.94%, and 0.9 meters at 0.15%. F26-006 returned 1.2 meters at 1.97% from 18.4 meters. F26-012 intersected 7.9 meters at 0.48% from 84.0 meters, including 0.4 meters at 0.66% and 0.4 meters at 9.63%. F26-014 returned 0.5 meters at 0.25%. F26-020 contained five intervals: 0.5 meters at 0.28%, 0.5 meters at 0.58%, 0.5 meters at 0.14%, 1.4 meters at 0.11%, and 3.1 meters at 0.51%, including 0.6 meters at 2.35%.

In exploration, F26-007 at Fox North returned 1.0 meter at 0.11%, 1.5 meters at 0.13%, and 1.8 meters at 0.28%. All other reported exploration holes—F26-001 (August Showing), F26-002 and F26-010 (Fox North), and F26-013 and F26-017 (RC Deep)—returned No Significant Results.

No cutoff grade or true widths were disclosed. Tungsten grades are reported as WO3, calculated by multiplying elemental W by 1.261.

Fox Tungsten Ltd. (FOXT) is a late-stage explorer and pre-Pre-Feasibility Study entity with a market capitalization of approximately C$44 million. The company generates no revenue and relies entirely on equity financing, having closed a C$12.7 million raise in April 2026 at C$0.165 per unit and C$0.24 per FT unit. For a company in this stage, a drill release is significant primarily if it expands the mineral system or de-risks the resource, rather than meeting the reserve-change benchmarks typical of producers.

The recent announcement marks the first hard assay results from the 2026 program, replacing the visual scheelite-only releases issued on October 28, 2025, and July 28, 2026. This shift converts previous visual observations into quantifiable data.

Prior to this release, the stock’s price action was anchored by the July 28, 2026, drill result, which featured visual scheelite at Fox North. This price is near the low end of the $0.12 to $0.23 52-week range, having round-tripped from the April high of $0.23. The current share price assumes little about the new assays.

The RC South assays are broadly in-line to slightly confirmatory of resource grade over narrow widths, representing a modest positive. However, the Fox North assay result represents a downgrade from the visual hype generated in July, constituting a negative. The net effect of these opposing factors is largely offsetting.

The release is unlikely to move the stock by 15% or more on its own. It does not add a new district-scale dimension, such as a new intrusive centre, a thick high-grade zone, or a vertical kilometre, nor does it invalidate the resource thesis. With more than 30 holes still pending, the market is likely to wait for the remainder of the program and the 2027 resource update or Pre-Feasibility Study. The materiality of this update is incremental and mixed, without changing the investment thesis in either direction.

Fox Tungsten Ltd. (TSXV: FOXT; OTC: FOXF) is a Canadian critical-minerals explorer with a 100%-owned portfolio in south-central British Columbia. Its flagship asset is the Fox Tungsten Project, located approximately 75 km northeast of 100 Mile House on a ~370 km² property. The project hosts one of the higher-grade tungsten resources in the Western world. A 2018 NI 43-101 resource statement by John Sims P.Geo defined 582,400 tonnes at 0.826% WO3 in the Indicated category and 565,400 tonnes at 1.231% WO3 in the Inferred category. This totals approximately 1.15 million tonnes at roughly 1% WO3, though no reserves have been established.

The deposit type consists of skarn, calc-silicate, and quartz-biotite schist with granitic and alaskite intrusions, featuring coarse scheelite and multiple stacked horizons over a 12 × 5 km mineralized system. The company also holds the Silverboss molybdenum-copper-gold-silver project, adjacent to Glencore’s former Boss Mountain mine, targeting the 10 Mile Creek and Gus Zone areas, as well as the Hen Art DL gold project. Additionally, Fox Tungsten divested its Highland Valley interest to Metal Energy, retaining remaining equity payments of C$1.5M in 2028 and C$2.5M in 2029, plus a 2.5% NSR.

The company has outlined a 20,000 m drill programme for 2026, allocated as 60% for resource growth, 30% for Fox exploration, and 10% for Silverboss. An updated resource estimate and preliminary economic assessment are targeted for Q2 2027. As of the presentation, the capital structure included 274.9 million basic shares and 357.9 million fully diluted shares, alongside 72.6 million warrants with an average exercise price of ~C$0.14 and 10.5 million options with an average exercise price of ~C$0.07. Infrastructure includes a road and power line through the property, with helicopter reliance being reduced by a new permitted access trail that includes a caribou monitoring commitment of ~C$300k over five years.