Faraday Copper Reports Third Quarter 2026 Financial Results and Announces Changes to the Board of Directors
Faraday completes the San Manuel acquisition and resumes drilling at its Arizona complex.
Faraday Copper Corp. (FDY) reported financial results for the nine months ended September 30, 2026, posting a net loss of $32.1 million and holding cash and cash equivalents of $94.0 million. The company confirmed the closing of the San Manuel project acquisition from BHP Group Limited on October 15, 2026. Consideration consisted of 131,593,046 common shares valued at an aggregate of $657.9 million, representing a 30% interest on a fully diluted basis.
Initial drilling has commenced at the San Manuel project with three active rigs, targeting a 24,000-meter program to confirm historical resource estimates. Drilling is expected to expand to seven rigs. Copper Creek Phase IV drilling was paused on June 20, 2026, due to the acquisition. Updated Mineral Resource Estimates (MREs) for both projects are expected by mid-2027.
The Board of Directors underwent changes: Russell Ball stepped down as Chair, replaced by Ashley Heppenstall. BHP appointed Elaina Ware and Dominic Perrottet to the board. A Phase I Pre-Feasibility Study (PFS) focusing on copper cathode and open-pit sulphide production is targeted for 2028.
Faraday Copper Corp. (FDY) has closed its acquisition of San Manuel, a move that transforms the company from a single-asset explorer into a multi-asset developer with the Redhawk Copper Complex. This transaction represents the definitive execution of the company's previously announced strategy.
Financial results for the nine-month period reflect the expected cost profile of a company transitioning to development-stage operations, with exploration and evaluation expenses rising to $28.9 million. The company holds a $94.0 million cash position, which provides sufficient runway to fund the immediate San Manuel drill program, corporate development costs, and early-stage studies without requiring near-term equity raises.
Board changes and the appointment of BHP executives align governance with the new strategic partnership, providing technical oversight and validating the asset's potential. The news confirms that operational milestones were met on schedule. The market has already priced in the acquisition and the associated share issuance, making the execution itself a routine validation rather than a surprise catalyst.
Faraday Copper Corp. (FDY) is a Lundin Group-backed company focused on copper development in Pinal County, Arizona. Its flagship asset is the Redhawk Copper Complex, which combines the 100%-owned Copper Creek project with the newly acquired San Manuel project.
Copper Creek hosts a porphyry copper deposit characterized by high-grade, near-surface, breccia-hosted mineralization. A 2023 NI 43-101 MRE reported approximately 4.2 billion pounds of contained copper in the Measured and Indicated category. Over 320 known breccia occurrences have been mapped, with less than 15% drill tested.
San Manuel is a past-producing mine that operated from 1955 to 1999, generating over 4.2 million tonnes of copper. Historical estimates for the property pre-date NI 43-101 standards. The site includes the San Manuel and Kalamazoo deposits, a legacy processing site, and extensive private land tenure.
The company’s development strategy follows a phased approach. This plan prioritizes near-surface oxide copper cathode production, followed by open-pit sulphide concentrate, and eventually underground operations.