Barksdale Begins Phase II Earn-In Drill Program at Sunnyside

The most recent news (February 23, 2026) confirms the commencement of the Phase II earn-in drill program at the Sunnyside property in Arizona. This follows the successful closing of a $5 million private placement on February 20, 2026. The program consists of 25,000 feet (7,620 meters) of drilling designed to test near-surface chalcocite (copper) occurrences, polymetallic anomalies, and geophysical targets. Completion of this program, along with a $550,000 payment and the issuance of 4.9 million shares, will increase Barksdale’s ownership from 51% to 67.5%.

The news is Routine - Positive. While the commencement of drilling is a necessary operational step, it was fully expected following the financing announcement in January. - Strategic Progress: The company is methodically executing its earn-in agreement. Moving to 67.5% ownership is a critical milestone to de-risk the project for potential M&A, especially given the proximity to South32’s Hermosa project. - Financial Stability: The recent $5M raise at $0.09 (with warrants at $0.15) provides the necessary runway to complete this phase. However, the heavy reliance on "shares-for-debt" transactions to settle interest with Delbrook Capital indicates a tight cash management environment. - Exploration Potential: The program targets areas identified by ASARCO in the 1990s and more recent geophysical surveys. Previous results (SUN25-003) showed 0.78% Cu over 4.6m, suggesting the system has grade, but continuity remains the primary question.

Barksdale Resources is a base metal exploration company focused on the Sunnyside Project in the Patagonia mining district of Arizona. The project is a large-scale porphyry copper-zinc-lead-silver system. It is strategically located adjacent to South32’s world-class Hermosa-Taylor deposit. Barksdale also holds the San Javier oxide copper-gold project in Mexico, which has a post-tax NPV of $61.5M USD.