Happy Creek Intercepts 1.18 m of 6.83% WO3 from 31.2 m DH Depth at the Fox Tungsten Project in British Columbia

The most recent news, dated December 17, 2025, reports the first assay results from the 2025 diamond drill program at the company's flagship Fox Tungsten Project in British Columbia. The program consisted of 18 holes totaling 2,176 metres. The highlight intercept was in hole F25-13, which returned 1.18 metres of 6.83% tungsten trioxide (WO3). Other significant results included 1.0 metre of 2.22% WO3 in hole F25-01. The majority of the other reported intercepts showed lower-grade but widespread tungsten mineralization. The release also contains corporate updates, noting the appointment of Stephen Gray as the new President and CEO effective November 6, 2025, and a social media management agreement effective November 1, 2025.

The drill results are materially positive and represent a successful first step in the company's renewed exploration efforts. After being severely capital constrained, with only C$24,191 in cash as of July 31, 2025, the company closed an oversubscribed C$3.75 million financing on August 18, 2025. This financing was critical and its primary purpose was to fund a 10,000-metre drill program at the Fox project.

The market has been anticipating these results since the company announced the completion of this first phase of drilling on October 28, stating that scheelite (tungsten ore) mineralization was "observed in every hole." The assays deliver on that expectation, and the headline result of 1.18m of 6.83% WO3 is a bonanza-grade intercept that significantly exceeds the project's 2018 NI 43-101 resource grades of 0.83% WO3 (Indicated) and 1.23% WO3 (Inferred).

This news is the first tangible validation of the exploration thesis since the recapitalization. It confirms the high-grade nature of the deposit, provides a strong proof-of-concept for the ongoing drill program aimed at resource expansion, and sets a positive tone for the new CEO, Stephen Gray, who joined on November 6. The results should be well-received as they demonstrate effective use of the newly raised capital.

However, viewing this in the context of historical news reveals some concerns. The October 10 corporate update showed the company extinguishing a valuable right to buy down 1% of the Net Smelter Return (NSR) royalty on its core properties for a mere C$25,000. This suggests a history of capital desperation and raises questions about past management's strategic decisions. The same release also detailed an extension of milestone payments from Metal Energy Corp., indicating potential weakness in that counterparty and casting doubt on the future value of those share-based payments.

While the drill results are a clear win, they must be weighed against a capital structure burdened by a significant warrant overhang and a history of transactions that have not maximized shareholder value.

Happy Creek Minerals Ltd. is a Canadian-based junior mineral exploration company. Its flagship asset is the 100%-owned Fox Tungsten Project, located approximately 70 kilometres northeast of 100 Mile House in British Columbia. The project is considered one of the highest-grade undeveloped tungsten deposits globally and has an NI 43-101 compliant mineral resource estimate from 2018. The company is currently focused on expanding this resource through a 10,000-metre drill program.