ArcWest Provides Exploration Update

ArcWest Exploration’s May 14, 2026 operations update reveals a pivotal setback: Freeport‑McMoRan has relinquished its option on the flagship Todd Creek copper‑gold project, leaving ArcWest to seek new funding partners for the property. The company still holds $3.1 million in cash with no warrants and a low burn rate, while active drilling is underway at the Rip project (2,000 m fully funded by Copper Quest). Multi‑year drill permits have been secured for the Lemare Lake and Teeta Creek projects, and other properties (Sparrowhawk, Oweegee Dome, Eagle) remain optionable or ready for drilling. However, the loss of the Freeport earn‑in—after a 4,614 m Phase 1 program that intersected encouraging copper‑gold mineralization—dominates the release.

• Todd Creek abandonment is material and negative. Freeport’s relinquishment comes suddenly, just two months after the company touted “success” in refining targets and planning follow‑up work. The March 2026 drill results (e.g., 3.27 m @ 1.65% Cu, 0.48 g/t Au at Orange Mountain) were not strong enough to retain a major partner that had committed up to $20 million. This signals that the project may not hold the scale or grade Freeport requires, severely denting its near‑term value.
• Market already shows stress. The stock collapsed from $0.14 in February to $0.09 by mid‑March (the day of the last Todd Creek release) and has stagnated there. The May 14 news does not introduce a fresh price shock but confirms why the market repriced the shares—a lack of confidence in the core asset.
• Cash and low burn provide some cushion. $3.1 million and no warrants mean the company faces no immediate financing crisis, but without a partner, Todd Creek exploration will stall. The other projects (Rip, Lemare, Teeta Creek) are early‑stage and largely funded by partners, but they lack the same weight.
• No offsetting positive catalyst. While the update lists permits and active drilling elsewhere, none of these are advanced enough to replace the lost potential of a Tier‑1 partner like Freeport. The stock is likely to remain under pressure until a new partner or a major discovery elsewhere materializes.

ArcWest Exploration is a copper‑gold project generator focused on British Columbia’s prolific porphyry belts. Its portfolio includes seven wholly‑owned or jointly‑owned properties. Todd Creek (Golden Triangle) was the flagship, backed by Freeport‑McMoRan’s earn‑in agreement. Other assets include Oweegee Dome (40% interest), Rip (earn‑in by Copper Quest), Eagle, Sparrowhawk, Lemare Lake, and Teeta Creek. The company relies on partner funding to advance projects while maintaining a low share count and minimal dilution.