Fox Tungsten Commences Preliminary Economic Assessment

Fox Tungsten Ltd. has officially commenced the Preliminary Economic Assessment (PEA) for its 100%-owned Fox Tungsten Project, appointing Ausenco Engineering Canada ULC as the lead engineering consultant to execute the study. The company’s fully funded 20,000-metre diamond drilling program is 92.5% complete, with approximately 18,500 metres drilled to date. Remaining drilling activity will focus on exploration targets at the Silverboss Project.

The updated Mineral Resource Estimate is targeted for completion in Q1 2027, with the PEA completion targeted for Q2 2027. The current NI 43-101 resource estimate stands at 582,400 tonnes grading 0.826% WO₃ (Indicated) and 565,400 tonnes grading 1.231% WO₃ (Inferred).

Fox Tungsten Ltd. (FOXT) has confirmed the execution of its previously announced 20,000-metre drill program, a move that validates the management timeline for the Preliminary Economic Assessment (PEA) and resource update. This development represents an expected operational milestone following the drilling mobilization in June 2026, with initial assay releases anticipated in July and August 2026, and permitting updates scheduled for September 2026.

The announcement carries no new financial data, surprise catalysts, or changes to the capital structure, serving instead as a progress update confirming that the project is advancing from resource definition toward economic evaluation as planned. While the release does not disclose prior-period context, the company’s balance sheet as of Q2 2026 (for the six months ended July 31, 2026) shows C$12.8M in cash and C$15.3M in total current assets, providing sufficient liquidity to cover the PEA and remaining exploration costs without immediate dilution.

Fox Tungsten Ltd. (FOXT) is an exploration-stage critical minerals company focused on tungsten, a strategically important metal with zero operating mines in North America and approximately 80% of global production sourced from China. The company’s flagship asset is the Fox Tungsten Project, located in the South Cariboo region of British Columbia, approximately 75 km northeast of 100 Mile House.

The company holds a land package of more than 370 km², which includes the Fox Tungsten Project, the Silverboss Project focused on molybdenum-copper, and the Hen Art DL Gold Project. The Fox Project is hosted in skarn/calc-silicate and quartz-biotite schist environments and is situated in direct proximity to existing roads and power infrastructure. In October 2024, the company divested its Highland Valley Project to Metal Energy Corp. to concentrate capital on high-grade tungsten exploration.