Copper Fox Announces 2026 Q2 Financial Results and Project and Corporate Updates
Copper Fox Metals Inc. (CUU) has filed its unaudited interim consolidated financial statements for the quarter ended April 30, 2026, reporting a net loss of $639,670, or $0.00 loss per share. The company also announced significant operational progress across its portfolio, including the commencement of the 2026 Preliminary Economic Assessment (PEA) at Van Dyke, positive maiden drilling results at Mineral Mountain confirming a large Laramide age porphyry copper system, and a $9.1 million 2026 work program for the Schaft Creek Joint Venture.
Financially, expenditures for the six months ended April 30, 2026, totaled $2,894,499 for the Van Dyke, Eaglehead, Sombrero Butte, and Mineral Mountain projects. Cash position as of April 30, 2026, was reported at $629,849, with a current cash position reported as $145,220. To support these operations, the company completed a $3.0 million non-brokered private placement raising $3,000,000 in gross proceeds by issuing 4,615,384 common shares at a price of $0.65 per share.
At Mineral Mountain, a maiden drilling program consisting of two holes totaling 2,558.11m confirmed the presence of a large Laramide age porphyry copper system. Drill hole DDH MM-01-2025 (860.76m) intersected the outer propylitic zone and six significant Cu-Mo intervals. DDH MM-02-2025 intersected a classic porphyry alteration/mineralization sequence, indicating vectoring toward a higher-grade potassic core at depth. The hole has been placed on care and maintenance, pending analytical results for the 1,394m to 1,697m interval to plan follow-up drilling.
Historical drill core sampling results from Van Dyke were also detailed. DDH OXY-42 intersected a 100.59m interval (336.19 to 436.78m) averaging 0.250% TCu and 0.163% TSCu. This included a 22.86m interval (337.72 to 360.58m) averaging 0.481% TCu and 0.409% TSCu. Fifteen of 18 drillholes returned intervals exceeding the 0.025% TSCu cutoff used in the 2020 MRE.
The company has commenced the 2026 PEA at Van Dyke, which includes an updated MRE, underground access/wellfield design, copper recovery predictions, infrastructure layout, water treatment, and economic analysis. Hydrogeological monitoring and quarterly water quality sampling are ongoing, and preliminary meetings have been held with the Town of Miami for future drill permits. A critical focus remains on demonstrating safe, environmentally friendly leaching operations to regulatory bodies.
In British Columbia, Teck Resources announced a $9.1 million 2026 program for the Schaft Creek Joint Venture. This work focuses on completing in-depth assessments of geological, metallurgical, geotechnical, infrastructure, environmental, and archaeological studies to determine readiness for a Preliminary Feasibility Study (PFS). Planned activities include a System Impact Study with BC Hydro, environmental/hydrogeological data collection, and camp upgrades.
At the Eaglehead Project, Copper Fox is advancing the permitting process, having completed a Wildlife Management Plan and investigating Ore Sorting technology for coarse grind size processing. The MYAB permit is under review, though drilling is unlikely in the short season due to high exploration demand in northern BC. At Sombrero Butte, the company is conducting ground truthing, mapping, and modeling of 2025 chargeability/resistivity data. It is also preparing a Geologic Field Operations Plan (GFOP) supported by cultural and native plant species studies to secure Arizona State land permits for future drilling.
Elmer B. Stewart, President and CEO, commented on the quarter's activities: "It has been a very exciting and busy Quarter, the work being completed by the various contractors on the 2026 Preliminary Economic Assessment (PEA) at Van Dyke continues and will include an updated mineral resource estimate (MRE) to support the 2026 PEA. The maiden drilling program at Mineral Mountain has confirmed the discovery of a large Laramide age porphyry copper system with six additional mineral claims being added to cover the possible extension of the large target."
Stewart added, "Our current focus is completion of the 2026 MRE and PEA for the Van Dyke project. Compilation and assessment of a drilling program for Mineral Mountain is planned contingent on receipt of the analytical results for the bottom 300 meters of drillhole DDH MM-02-2025. The Eaglehead and Sombrero Butte projects are at various stages of the permitting process to obtain the permits required to conduct future exploration programs."