Fox Tungsten Announces Start of 20,000m Drill Program

Fox Tungsten Ltd. (FOXT) has launched a fully funded 20,000-meter diamond drill program at its Fox Project in south-central British Columbia, marking the company's largest exploration campaign to date. The initiative is strategically allocated, with 60% of the effort directed toward resource growth by expanding the BN, RC, and BK zones, testing continuity, and targeting down-dip extensions. An additional 30% is dedicated to exploring new high-priority tungsten zones, specifically Fox North and the August Showing, while the remaining 10% focuses on evaluating copper and molybdenum targets at the nearby Silverboss property.

Operations will continue through October 2026 using two drill rigs, supported by a newly constructed exploration camp. Assay results will be released periodically as they become available. The primary objective of the program is to build the data foundation required for an updated mineral resource estimate and a Preliminary Economic Assessment (PEA) scheduled for the first half of 2027.

The company’s recent corporate and operational timeline includes the following key developments:

• March 24, 2026: Fox Tungsten announced a C$11M bought-deal private placement.
• April 23, 2026: Financing closed at C$12.7M following the exercise of the over-allotment option, providing explicit capital for the 2026 exploration season.
• May 4, 2026: The company announced the passing of former CEO Mike Cathro, noting his technical contributions.
• June 25, 2026: The drill program officially began, executing the previously announced capital raise and exploration mandate.

Fox Tungsten Ltd. (FOXT) has launched a 20,000m drill program, representing the expected execution of capital raised in April 2026 and aligning with management's stated roadmap to advance toward a Preliminary Economic Assessment (PEA) in 2027. The company states there is no new market-moving information, noting that the market had already priced in the exploration budget following the April financing. The drill program is described as a standard operational step for a pre-revenue explorer.

The transition from financing to field operations demonstrates management execution, but the company remains pre-revenue and dependent on future equity markets to fund the PEA and potential subsequent development.

Fox Tungsten Ltd. (TSX.V: FOXT) is a junior exploration company focused on the Fox Tungsten Project in the Cariboo Region of Central British Columbia. The company’s primary commodity is tungsten (WO3), a sector highlighted by a strategic market context in which China controls approximately 80% of global tungsten production and there are currently no operating tungsten mines in North America. Tungsten prices have reportedly increased nearly 10 times since the start of 2025.

The company’s flagship asset is the Fox Project, which features infrastructure including road access and a power line running directly on-site. Drilling has historically targeted the Ridley Creek, BN, RC, and BK zones, with all holes intersecting calc silicate with scheelite mineralization.

Fox Tungsten also holds other assets, including the Silverboss Project, which features copper, molybdenum, gold, and silver targets near the decommissioned Boss Mountain mine, and the Hen Art DL Gold Project, which contains drill-ready historic adit grades up to 40g/t Au. Additionally, the company divested its Highland Valley Project to Metal Energy (TSX.V: MERG) in October 2024.